10 Z.1, September 16, 2011

F.1 Total Credit Market Borrowing and Lending (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Credit market borrowing 4040.9 4482.3 2580.9 -606.9 553.0 50.5 212.9 793.0 1155.7 722.7 -17.8 1

 2 Domestic nonfinancial sectors 2412.0 2513.2 1905.2 1025.5 1451.1 1226.9 1375.7 1383.6 1818.2 674.0 1098.7 2

 3 Household sector 1179.3 863.2 30.1 -225.5 -275.6 -425.4 -287.6 -278.3 -110.8 -263.2 -82.9 3

 4 Nonfinancial corporate business 472.8 752.5 257.6 3.0 227.9 301.1 69.8 293.4 247.2 403.1 438.2 4

 5 Nonfarm noncorporate business 408.6 454.8 321.8 -299.3 -199.4 -359.0 -253.0 -160.8 -24.8 -73.0 -6.4 5

 6 Farm business 14.2 14.6 5.1 -6.3 11.1 -0.5 4.1 23.3 17.5 -30.9 2.5 6

 7 State and local governments 153.7 191.0 51.5 109.7 106.9 105.6 -7.3 115.2 214.0 -103.5 -79.1 7

 8 Federal government 183.4 237.1 1239.2 1443.9 1580.2 1605.1 1849.8 1390.9 1475.1 741.5 826.4 8

 9 Rest of the world 332.6 170.3 -226.2 211.7 88.2 119.1 -43.5 132.0 145.1 221.4 -17.4 9

10 Financial sectors 1296.4 1798.9 902.0 -1844.1 -986.3 -1295.6 -1119.4 -722.6 -807.6 -172.7 -1099.0 10

11 U.S.-chartered commercial banks 107.5 131.8 79.1 -152.6 -133.5 -118.7 -127.7 -175.6 -111.9 -15.6 -67.3 11

12 Foreign banking offices in U.S. -0.3 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Bank holding companies 68.7 129.4 84.0 -10.3 -42.6 -75.4 -118.4 204.4 -180.9 44.3 -186.6 13

14 Savings institutions -108.2 104.1 -67.1 -169.6 -29.0 -60.2 -41.6 -61.9 47.9 -39.9 -33.2 14

15 Credit unions 4.2 13.4 8.3 -14.1 -0.4 -4.4 -1.6 0.8 3.6 -9.6 -3.5 15

16 Life insurance companies 2.7 14.5 26.2 -6.6 -3.2 -10.8 0.0 -1.2 -0.8 1.8 2.4 16

17 Government-sponsored enterprises 35.6 282.4 271.7 -475.3 -233.8 -60.1 -248.6 -372.1 -254.3 11.1 -479.9 17

18 Agency- and GSE-backed mortgage pools 292.6 623.3 497.0 415.3 186.9 169.7 228.6 159.7 189.6 263.7 146.5 18

19 ABS issuers 807.6 344.3 -408.0 -740.1 -533.0 -671.1 -562.8 -484.8 -413.5 -371.0 -346.4 19

20 Finance companies 34.8 34.9 -79.4 -156.2 -173.9 -309.9 -176.2 -143.0 -66.5 -9.7 -170.8 20

21 REITs 15.5 10.2 -53.8 -50.0 4.6 4.6 -8.6 35.7 -13.4 25.3 76.1 21

22 Brokers and dealers 6.4 -4.0 77.7 -49.7 36.9 -2.4 34.6 -19.2 134.4 -5.9 -72.7 22

23 Funding corporations 29.1 114.5 466.4 -434.8 -65.3 -156.9 -97.1 134.5 -141.8 -67.1 36.3 23

24 Credit market lending 4040.9 4482.3 2580.9 -606.9 553.0 50.5 212.9 793.0 1155.7 722.7 -17.8 24

25 Domestic nonfinancial sectors 213.3 482.8 -124.9 92.3 312.8 -117.7 551.0 -288.2 1106.0 -698.3 -994.2 25

26 Household sector 90.3 518.1 -43.1 -171.8 220.7 -262.6 622.0 -531.4 1054.9 -709.1 -782.5 26

27 Nonfinancial corporate business -11.6 -79.1 -32.2 6.4 14.1 70.2 -5.1 58.2 -66.8 18.1 8.8 27

28 Nonfarm noncorporate business -0.1 10.0 -10.9 -7.5 -4.3 -5.6 -4.9 -4.6 -2.1 -1.6 -0.9 28

29 State and local governments 128.5 27.2 -125.4 -30.8 -3.0 20.6 -82.0 8.4 40.9 -127.7 -146.2 29

30 Federal government 6.1 6.6 86.5 296.1 85.3 59.8 21.1 181.3 79.0 121.9 -73.4 30

31 Rest of the world 973.6 943.8 357.7 143.9 520.2 455.2 545.9 843.9 235.6 14.4 68.7 31

32 Financial sectors 2854.0 3055.7 2348.1 -843.2 -279.9 -287.1 -884.1 237.3 -185.8 1406.6 907.7 32

33 Monetary authority 34.7 -38.3 245.4 1001.6 271.5 803.3 106.9 -221.5 397.3 1043.0 842.0 33

34 U.S.-chartered commercial banks 660.0 535.7 531.1 -116.8 -184.3 -316.6 -480.2 107.7 -48.1 -180.9 -128.7 34

35 Foreign banking offices in U.S. 103.7 201.7 100.7 -281.0 -29.5 -37.6 6.6 480.7 -567.8 49.2 97.4 35

36 Bank holding companies 3.3 23.2 13.9 -16.0 22.1 13.2 -64.2 180.3 -40.7 30.8 -1.4 36

37 Banks in U.S.-affiliated areas -1.7 -6.4 -1.9 -2.8 -19.3 -17.4 -46.2 -11.7 -1.7 -5.1 -10.4 37

38 Savings institutions -78.0 63.0 -276.1 -249.6 6.6 -118.9 -15.9 -23.7 184.8 -187.2 -30.2 38

39 Credit unions 30.1 35.3 40.0 33.1 13.3 36.8 26.2 -41.0 31.3 49.7 0.4 39

40 Property-casualty insurance companies 44.8 5.3 -15.9 33.3 3.9 0.4 1.7 19.7 -6.3 20.4 -19.3 40

41 Life insurance companies 67.5 84.8 11.6 139.8 151.6 84.4 158.2 202.8 161.1 150.6 86.2 41

42 Private pension funds 58.4 102.5 90.6 111.6 108.0 108.2 97.0 97.5 129.5 80.3 86.9 42

43 State and local govt. retirement funds 114.6 12.3 13.3 -8.8 -8.2 -3.9 -17.7 -14.0 2.8 34.2 -31.0 43

44 Federal government retirement funds 8.4 11.7 24.2 7.4 11.0 6.5 17.0 18.9 1.6 13.9 15.7 44

45 Money market mutual funds 220.0 375.6 738.6 -644.0 -410.0 -630.6 -344.8 -330.8 -334.0 58.5 -109.8 45

46 Mutual funds 184.9 271.1 73.3 380.7 374.3 517.4 163.6 565.3 250.8 527.5 385.1 46

47 Closed-end funds 6.0 -0.9 -41.1 9.4 4.2 10.0 -8.2 9.2 6.0 8.3 -2.6 47

48 Exchange-traded funds 5.7 13.3 23.0 46.0 29.7 41.2 45.4 35.2 -3.2 29.7 43.6 48

49 Government-sponsored enterprises 46.6 239.0 242.9 -337.8 -328.2 -290.0 -334.1 -493.2 -195.6 -56.5 -277.3 49

50 Agency- and GSE-backed mortgage pools 292.6 623.3 497.0 415.3 186.9 169.7 228.6 159.7 189.6 263.7 146.5 50

51 ABS issuers 799.6 341.4 -391.4 -705.5 -523.3 -646.1 -558.3 -484.9 -403.7 -377.7 -336.3 51

52 Finance companies 71.0 16.6 -72.3 -223.3 -141.7 -241.2 -116.1 -159.2 -50.4 -53.3 -111.9 52

53 REITs 26.0 -19.9 -68.9 -8.7 37.1 16.8 19.1 59.3 53.4 196.8 176.0 53

54 Brokers and dealers 106.2 219.7 -85.7 -192.1 32.2 135.6 11.5 76.2 -94.3 69.3 44.2 54

55 Funding corporations 49.5 -54.3 656.0 -234.9 112.2 71.9 219.9 5.1 152.1 -358.4 42.6 55

(1) Excludes corporate equities and mutual fund shares.
Z.1, September 16, 2011 11

F.2 Credit Market Borrowing by Nonfinancial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Domestic 2412.0 2513.2 1905.2 1025.5 1451.1 1226.9 1375.7 1383.6 1818.2 674.0 1098.7 1

 2 By instrument 2412.0 2513.2 1905.2 1025.5 1451.1 1226.9 1375.7 1383.6 1818.2 674.0 1098.7 2

 3 Commercial paper 22.4 11.3 7.7 -73.1 24.5 50.3 62.7 43.8 -58.7 31.7 55.4 3

 4 Treasury securities 183.7 237.5 1239.0 1443.7 1579.6 1604.8 1848.7 1390.4 1474.4 740.4 826.2 4

 5 Agency- and GSE-backed securities -0.3 -0.4 0.2 0.1 0.7 0.3 1.1 0.5 0.8 1.2 0.2 5

 6 Municipal securities 177.4 215.6 61.4 129.3 118.5 121.0 -9.5 129.9 232.6 -98.8 -86.9 6

 7 Corporate bonds 215.6 311.2 204.6 377.2 420.6 432.4 231.6 510.6 507.7 392.0 447.1 7

 8 Bank loans n.e.c. 175.3 240.2 192.5 -296.0 -33.0 -54.7 -55.0 -84.3 62.0 98.5 211.2 8

 9 Other loans and advances 159.8 311.0 74.9 -153.8 -99.4 -122.1 -114.3 -84.2 -77.0 -109.6 -86.1 9

10 Mortgages 1382.6 1047.4 86.1 -286.8 -516.1 -703.6 -513.8 -475.9 -371.3 -433.9 -352.5 10

11 Home 1071.5 711.3 -109.7 -200.5 -342.5 -563.8 -312.0 -290.0 -204.3 -307.6 -268.4 11

12 Multifamily residential 40.4 81.7 46.6 7.3 -10.9 -25.2 -13.9 1.8 -6.3 0.4 3.8 12

13 Commercial 267.4 249.9 127.2 -90.1 -167.7 -119.5 -192.9 -192.7 -165.7 -122.0 -83.2 13

14 Farm 3.3 4.6 22.0 -3.4 4.9 4.9 4.9 5.0 5.0 -4.7 -4.8 14

15 Consumer credit 95.4 139.3 38.8 -115.3 -44.2 -101.5 -75.7 -47.1 47.6 52.5 84.2 15

16 By sector 2412.0 2513.2 1905.2 1025.5 1451.1 1226.9 1375.7 1383.6 1818.2 674.0 1098.7 16

17 Household sector 1179.3 863.2 30.1 -225.5 -275.6 -425.4 -287.6 -278.3 -110.8 -263.2 -82.9 17

18 Nonfinancial business 895.6 1221.8 584.4 -302.6 39.6 -58.4 -179.1 155.9 239.9 299.1 434.4 18

19 Corporate 472.8 752.5 257.6 3.0 227.9 301.1 69.8 293.4 247.2 403.1 438.2 19

20 Nonfarm noncorporate 408.6 454.8 321.8 -299.3 -199.4 -359.0 -253.0 -160.8 -24.8 -73.0 -6.4 20

21 Farm 14.2 14.6 5.1 -6.3 11.1 -0.5 4.1 23.3 17.5 -30.9 2.5 21

22 State and local governments 153.7 191.0 51.5 109.7 106.9 105.6 -7.3 115.2 214.0 -103.5 -79.1 22

23 Federal government 183.4 237.1 1239.2 1443.9 1580.2 1605.1 1849.8 1390.9 1475.1 741.5 826.4 23

24 Foreign borrowing in U.S. 332.6 170.3 -226.2 211.7 88.2 119.1 -43.5 132.0 145.1 221.4 -17.4 24

25 Commercial paper 98.4 -69.3 -71.0 59.4 -2.7 -24.9 -55.6 13.9 55.8 128.9 -43.2 25

26 Bonds 227.8 218.7 -158.8 163.2 72.8 143.0 -0.6 89.8 58.9 44.2 13.4 26

27 Bank loans n.e.c. 13.8 24.1 5.1 -11.2 17.9 -0.5 13.8 28.2 29.9 47.9 13.7 27

28 Other loans and advances -7.4 -3.2 -1.5 0.3 0.2 1.5 -1.1 0.1 0.5 0.5 -1.4 28

29 Domestic and foreign 2744.6 2683.5 1678.9 1237.2 1539.3 1346.1 1332.3 1515.6 1963.3 895.4 1081.3 29

F.3 Credit Market Borrowing by Financial Sectors

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 By instrument 1296.4 1798.9 902.0 -1844.1 -986.3 -1295.6 -1119.4 -722.6 -807.6 -172.7 -1099.0 1

 2 Open market paper 196.3 -111.4 -125.6 -448.2 -101.7 -201.7 -189.0 189.6 -206.0 92.2 -99.8 2

 3 GSE issues 35.6 282.4 271.7 -475.3 -233.8 -60.1 -248.6 -372.1 -254.3 11.1 -479.9 3

 4 Agency- and GSE-backed mortgage pool sec. 292.6 623.3 497.0 415.3 186.9 169.7 228.6 159.7 189.6 263.7 146.5 4

 5 Corporate bonds 806.4 703.2 -277.3 -589.1 -609.6 -971.1 -652.5 -355.6 -459.3 -476.3 -471.6 5

 6 Bank loans n.e.c. -62.3 70.9 496.1 -467.5 -90.2 -86.6 -108.8 -103.4 -62.1 -34.3 -115.3 6

 7 Other loans and advances 21.2 225.8 33.3 -282.6 -144.7 -146.6 -151.1 -244.0 -37.3 -40.4 -97.4 7

 8 Mortgages 6.6 4.7 6.8 3.4 6.9 0.8 1.9 3.1 21.8 11.3 18.5 8

 9 By sector 1296.4 1798.9 902.0 -1844.1 -986.3 -1295.6 -1119.4 -722.6 -807.6 -172.7 -1099.0 9

10 U.S.-chartered commercial banks 107.5 131.8 79.1 -152.6 -133.5 -118.7 -127.7 -175.6 -111.9 -15.6 -67.3 10

11 Foreign banking offices in U.S. -0.3 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Bank holding companies 68.7 129.4 84.0 -10.3 -42.6 -75.4 -118.4 204.4 -180.9 44.3 -186.6 12

13 Savings institutions -108.2 104.1 -67.1 -169.6 -29.0 -60.2 -41.6 -61.9 47.9 -39.9 -33.2 13

14 Credit unions 4.2 13.4 8.3 -14.1 -0.4 -4.4 -1.6 0.8 3.6 -9.6 -3.5 14

15 Life insurance companies 2.7 14.5 26.2 -6.6 -3.2 -10.8 0.0 -1.2 -0.8 1.8 2.4 15

16 Government-sponsored enterprises 35.6 282.4 271.7 -475.3 -233.8 -60.1 -248.6 -372.1 -254.3 11.1 -479.9 16

17 Agency- and GSE-backed mortgage pools 292.6 623.3 497.0 415.3 186.9 169.7 228.6 159.7 189.6 263.7 146.5 17

18 ABS issuers 807.6 344.3 -408.0 -740.1 -533.0 -671.1 -562.8 -484.8 -413.5 -371.0 -346.4 18

19 Finance companies 34.8 34.9 -79.4 -156.2 -173.9 -309.9 -176.2 -143.0 -66.5 -9.7 -170.8 19

20 REITs 15.5 10.2 -53.8 -50.0 4.6 4.6 -8.6 35.7 -13.4 25.3 76.1 20

21 Brokers and dealers 6.4 -4.0 77.7 -49.7 36.9 -2.4 34.6 -19.2 134.4 -5.9 -72.7 21

22 Funding corporations 29.1 114.5 466.4 -434.8 -65.3 -156.9 -97.1 134.5 -141.8 -67.1 36.3 22
12 Z.1, September 16, 2011

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total 4040.9 4482.3 2580.9 -606.9 553.0 50.5 212.9 793.0 1155.7 722.7 -17.8 1

 2 Open market paper 317.1 -169.4 -189.0 -461.9 -79.9 -176.3 -181.9 247.3 -208.8 252.7 -87.5 2

 3 Treasury securities 183.7 237.5 1239.0 1443.7 1579.6 1604.8 1848.7 1390.4 1474.4 740.4 826.2 3

 4 Agency- and GSE-backed securities 327.9 905.3 768.9 -59.9 -46.2 109.9 -18.9 -211.8 -64.0 276.0 -333.3 4

 5 Municipal securities 177.4 215.6 61.4 129.3 118.5 121.0 -9.5 129.9 232.6 -98.8 -86.9 5

 6 Corporate and foreign bonds 1249.7 1233.1 -231.5 -48.6 -116.3 -395.7 -421.4 244.7 107.4 -40.1 -11.1 6

 7 Bank loans n.e.c. 126.9 335.1 693.7 -774.6 -105.4 -141.8 -150.1 -159.5 29.8 112.1 109.5 7

 8 Other loans and advances 173.6 533.6 106.7 -436.1 -243.9 -267.2 -266.5 -328.1 -113.8 -149.5 -184.9 8

 9 Mortgages 1389.2 1052.1 92.8 -283.4 -509.2 -702.7 -511.9 -472.8 -349.5 -422.6 -334.0 9

10 Consumer credit 95.4 139.3 38.8 -115.3 -44.2 -101.5 -75.7 -47.1 47.6 52.5 84.2 10

 Memo:

 Funds raised through corporate equities and mutual fund shares

11 Total net issues -32.1 -95.8 294.0 803.4 376.9 440.6 241.9 503.3 321.7 965.4 206.3 11

12 Corporate equities -368.9 -460.5 263.1 312.9 -8.7 -118.0 219.1 -59.9 -76.0 -39.2 -175.3 12

13 Nonfinancial -565.7 -786.8 -336.0 -64.6 -277.9 -200.2 -214.3 -336.5 -360.7 -326.9 -475.2 13

 Foreign shares purchased by

14 U.S. residents 137.3 147.8 -38.5 63.6 79.1 45.1 89.0 67.6 114.8 188.5 106.8 14

15 Financial 59.5 178.6 637.6 313.9 190.1 37.1 344.4 209.1 169.9 99.2 193.1 15

16 Mutual fund shares 336.8 364.7 31.0 490.5 385.5 558.6 22.7 563.1 397.7 1004.6 381.7 16

F.5 Net Increase in Liabilities and Its Relation to Net Acquisition of Financial Assets

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 Net flows through credit markets

 1 (from table F.4, line 1) 4040.9 4482.3 2580.9 -606.9 553.0 50.5 212.9 793.0 1155.7 722.7 -17.8 1

 2 U.S. official reserve assets -2.4 0.1 4.8 99.9 1.8 3.1 0.7 4.4 -0.8 14.5 25.1 2

 3 SDR certificates 0.0 0.0 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Treasury currency 0.6 -0.7 -0.8 -0.4 -0.3 0.0 -0.0 -1.1 0.0 0.0 0.0 4

 5 Foreign deposits 87.2 256.0 -394.3 -106.1 71.7 4.4 151.2 33.6 97.4 181.8 -32.2 5

 6 Net interbank transactions -11.3 -97.5 1801.9 -609.1 -185.7 -192.4 -520.1 -305.2 274.7 2801.6 147.9 6

 7 Checkable deposits and currency -19.9 36.7 568.4 -7.9 266.3 36.6 439.9 112.0 476.9 -511.1 509.5 7

 8 Small time and savings deposits 347.0 316.4 524.8 517.2 298.4 177.4 199.0 453.7 363.6 99.1 916.2 8

 9 Large time deposits 261.2 283.4 -190.6 -141.8 -182.3 -307.4 -366.3 94.2 -149.7 116.2 2.5 9

10 Money market fund shares 305.3 720.9 724.2 -499.0 -502.9 -1109.4 -576.6 -130.6 -195.1 -92.6 -60.3 10

11 Security RPs 403.2 8.1 -889.5 207.8 -201.3 107.9 -542.6 -340.8 -29.8 104.9 -228.3 11

12 Corporate equities -368.9 -460.5 263.1 312.9 -8.7 -118.0 219.1 -59.9 -76.0 -39.2 -175.3 12

13 Mutual fund shares 336.8 364.7 31.0 490.5 385.5 558.6 22.7 563.1 397.7 1004.6 381.7 13

14 Trade payables 189.1 202.0 -176.5 -64.0 223.1 308.4 192.4 286.7 104.9 320.4 175.7 14

15 Security credit 211.5 276.5 -397.9 -95.9 123.6 25.4 160.1 105.2 203.7 128.2 298.9 15

16 Life insurance reserves 65.6 34.2 67.0 26.5 17.2 0.9 13.8 49.0 5.3 34.8 61.4 16

17 Pension fund reserves 250.9 201.1 125.7 135.4 224.9 192.2 165.2 219.9 322.3 131.6 -103.4 17

18 Taxes payable 22.5 -69.3 -123.8 -5.0 12.1 -2.8 -9.5 29.5 31.4 60.9 -34.0 18

19 Noncorporate proprietors’ equity 11.7 -7.5 -288.2 -68.2 -18.2 -9.6 -3.6 -18.2 -41.3 -25.8 -23.3 19

20 Miscellaneous 1787.3 2525.6 2128.7 -396.7 1141.6 1364.2 1648.1 1469.6 84.6 1711.3 1236.2 20

21 Total financial sources 7918.4 9072.6 6359.0 -807.5 2219.9 1089.9 1406.1 3358.1 3025.5 6764.0 3080.4 21

 - Liabilities not identified as assets:

22 Treasury currency -1.1 -1.2 -0.8 -4.4 -1.1 -0.2 -1.8 -1.9 -0.5 -1.0 -0.8 22

23 Foreign deposits 106.8 196.5 -347.1 -74.5 18.1 -5.5 98.8 -56.0 35.0 136.4 -69.2 23

24 Net interbank liabilities -1.9 1.8 30.6 34.4 -20.2 -98.4 -180.0 61.0 136.6 54.0 -215.0 24

25 Security RPs 304.5 -225.0 -588.2 403.1 -83.1 248.4 -220.9 -394.0 34.1 -384.3 -214.6 25

26 Taxes payable 17.3 -34.6 -57.7 -29.8 -33.3 -59.2 -27.8 -18.3 -28.0 10.0 -35.4 26

27 Miscellaneous -652.2 -20.8 1966.1 -388.0 199.0 -1.4 891.5 266.6 -360.9 169.1 156.3 27

 - Floats not included in assets:

28 Checkable deposits: State and local govt. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

29 Federal govt. -3.0 1.2 -3.3 0.7 0.0 -51.6 46.9 1.1 3.7 -62.7 62.6 29

30 Private domestic -0.0 -0.1 -2.0 -1.0 -1.1 -2.4 -0.2 1.4 -3.0 1.3 0.2 30

31 Trade credit 145.9 -46.4 5.4 -13.2 92.0 305.6 -1.2 107.5 -44.0 121.0 -28.3 31

 Totals identified to sectors

32 as assets 8001.9 9201.3 5355.9 -734.9 2049.6 754.6 800.9 3390.8 3252.3 6720.1 3424.6 32
Z.1, September 16, 2011 13

F.6 Distribution of Gross Domestic Product (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross Domestic Product (GDP) 13377.2 14028.7 14291.5 13938.9 14526.6 14277.9 14467.8 14605.5 14755.0 14867.8 14996.8 1

 2 Personal consumption expenditures (2) 9301.0 9772.3 10035.5 9866.1 10245.5 10103.7 10184.8 10276.6 10417.1 10571.7 10667.0 2

 3 Durable goods 1155.0 1188.4 1108.9 1029.6 1085.5 1058.0 1071.7 1087.5 1124.7 1154.5 1144.3 3

 4 Nondurable goods 2069.8 2175.5 2272.8 2167.8 2301.5 2280.1 2268.3 2299.0 2358.7 2437.8 2480.0 4

 5 Services 6076.3 6408.3 6653.8 6668.7 6858.5 6765.6 6844.7 6890.1 6933.7 6979.4 7042.6 5

 6 Gross private domestic investment 2327.1 2295.2 2087.6 1546.8 1795.1 1702.3 1809.7 1850.5 1818.0 1853.1 1895.7 6

 7 Fixed investment 2267.2 2266.1 2128.7 1707.6 1728.2 1658.0 1731.6 1743.8 1779.3 1791.1 1840.0 7

 8 Nonresidential 1505.3 1637.5 1656.3 1353.0 1390.1 1318.7 1377.1 1416.5 1447.9 1460.5 1504.9 8

 9 Household sector (nonprofit organizations) 107.5 120.2 132.0 123.6 118.8 118.1 118.3 119.4 119.3 117.3 119.7 9

10 Nonfinancial corporate business 1014.9 1092.4 1116.1 890.3 912.4 861.1 902.0 930.9 955.5 962.6 992.4 10

11 Nonfarm noncorporate business 188.2 204.3 173.7 134.6 134.9 126.8 134.7 137.8 140.3 145.4 153.6 11

12 Farm business 32.0 33.1 39.5 36.3 42.3 38.9 41.5 43.6 45.3 46.0 47.2 12

13 Financial institutions 162.7 187.5 195.0 168.1 181.7 173.9 180.7 184.9 187.5 189.2 192.1 13

14 Residential 761.9 628.7 472.4 354.7 338.1 339.3 354.5 327.3 331.3 330.6 335.1 14

15 Household sector 670.1 541.7 397.2 296.0 287.7 288.9 302.1 278.3 281.6 281.0 284.7 15

16 Nonfinancial corporate business 3.1 15.7 5.5 4.4 -2.1 -3.5 -0.1 -5.5 0.8 0.7 -1.3 16

17 Nonfarm noncorporate business 85.0 80.5 69.6 54.4 47.8 47.7 49.5 46.8 47.3 47.2 47.8 17

18 REITs 3.5 -9.3 0.1 -0.1 4.7 6.2 3.0 7.7 1.7 1.6 3.9 18

19 Change in private inventories 60.0 29.1 -41.1 -160.8 66.9 44.3 78.1 106.7 38.7 62.0 55.6 19

20 Nonfinancial corporate business 60.6 28.3 -40.6 -151.1 65.2 37.0 73.2 107.4 43.1 68.1 62.1 20

21 Nonfarm noncorporate business 2.9 1.5 -2.1 -7.9 3.4 2.0 3.9 5.5 2.1 3.3 3.0 21

22 Farm business -3.6 -0.7 1.6 -1.8 -1.6 5.3 1.0 -6.2 -6.5 -9.4 -9.5 22

23 Net U.S. exports of goods and services -769.3 -713.1 -709.7 -391.5 -516.9 -495.8 -531.2 -540.3 -500.2 -571.3 -604.2 23

24 Exports 1471.0 1661.7 1846.8 1583.0 1839.8 1749.5 1813.8 1860.6 1935.3 2024.1 2082.2 24

25 - Imports 2240.3 2374.8 2556.5 1974.6 2356.7 2245.3 2345.0 2400.9 2435.5 2595.4 2686.4 25

 Government consumption expenditures and

26 gross investment 2518.4 2674.2 2878.1 2917.5 3002.8 2967.7 3004.6 3018.7 3020.2 3014.4 3038.3 26

27 Consumption expenditures (3) 2093.3 2217.8 2381.0 2412.2 2497.5 2477.0 2497.7 2505.6 2509.7 2530.7 2560.1 27

28 Federal 811.0 848.9 931.7 986.6 1054.0 1033.9 1056.0 1066.6 1059.6 1059.1 1077.1 28

29 State and local 1282.3 1368.9 1449.2 1425.5 1443.5 1443.1 1441.8 1438.9 1450.1 1471.7 1483.1 29

30 Gross investment (3) 425.1 456.5 497.2 505.4 505.3 490.8 506.9 513.1 510.5 483.6 478.2 30

31 Federal 120.7 127.4 148.4 156.1 168.8 161.3 168.5 170.8 174.7 160.9 160.0 31

32 State and local 304.4 329.0 348.8 349.3 336.5 329.5 338.3 342.3 335.9 322.8 318.1 32

 Memo:

33 Net U.S. income receipts from rest of the world 72.4 123.3 169.2 152.3 189.4 169.5 196.2 207.4 184.4 227.1 257.0 33

34 U.S. income receipts 721.1 871.0 856.1 639.8 702.9 674.0 699.0 708.9 729.4 752.1 791.2 34

35 - U.S. income payments 648.6 747.7 686.9 487.5 513.5 504.6 502.8 501.6 545.0 525.0 534.2 35

 Gross National Product (GNP) =

36 GDP + net U.S. income receipts 13449.6 14151.9 14460.7 14091.2 14715.9 14447.4 14664.0 14812.8 14939.4 15094.9 15253.8 36

 Acquisition of nonproduced nonfinancial assets (net)

37 Household sector -10.2 -11.3 -11.2 -11.2 -11.3 -11.2 -11.2 -11.4 -11.6 -11.8 -12.1 37

38 Nonfinancial corporate business 12.5 -1.7 16.3 3.9 -3.4 -3.0 -2.4 -5.0 -3.4 -3.6 -3.2 38

39 State and local governments 11.1 13.8 14.1 14.4 14.5 14.4 14.4 14.6 14.8 15.2 15.5 39

40 Federal governments -13.3 -1.3 -19.2 -7.1 0.2 -0.2 -0.8 1.8 0.1 0.3 -0.2 40

41 Rest of the world -0.1 0.5 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 41

(1) This table is based on NIPA table 1.1.5 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov).

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

(3) Government inventory investment is included in consumption expenditures.
14 Z.1, September 16, 2011

F.7 Distribution of National Income (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 National Income 12031.2 12396.4 12609.1 12147.6 12840.1 12595.9 12803.7 12942.1 13018.8 13232.6 13387.1 1

 2 Compensation of employees 7477.0 7855.9 8068.3 7806.4 7971.4 7852.5 7960.0 8022.2 8050.8 8172.5 8264.0 2

 3 Wages and other labor income 7029.0 7402.2 7603.2 7343.4 7498.2 7385.0 7487.4 7546.5 7573.9 7681.1 7767.1 3

 4 Employer social insurance contributions 446.7 459.9 470.1 458.0 473.2 467.5 472.6 475.7 476.9 491.4 496.9 4

 5 Wage accruals less disbursements 1.3 -6.3 -5.0 5.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 Proprietors’ income with inventory

 6 valuation and capital consumption adjustments 1133.0 1090.4 1097.9 941.2 1036.4 981.7 1025.6 1057.0 1081.5 1095.6 1105.4 6

 7 Nonfarm 1103.6 1052.6 1046.1 902.0 984.2 937.1 979.7 998.7 1021.4 1029.5 1038.0 7

 8 Farm 29.3 37.8 51.8 39.2 52.2 44.6 45.8 58.3 60.1 66.1 67.3 8

 Rental income of persons (with capital

 9 consumption adjustment) 146.5 143.7 231.6 305.9 350.2 344.1 349.1 352.8 354.8 385.0 397.0 9

 Corporate profits with inventory

10 valuation and capital consumption adjustments 1608.3 1510.6 1248.4 1362.0 1800.1 1724.2 1785.8 1833.1 1857.4 1876.4 1933.7 10

 Corporate profits with inventory

11 valuation adjustment 1784.7 1691.1 1315.5 1456.3 1780.4 1797.0 1859.9 1812.6 1652.2 1761.1 1826.4 11

12 Profits before tax 1822.7 1738.4 1359.9 1455.7 1819.5 1825.3 1865.5 1844.5 1742.5 1877.1 1885.8 12

13 Domestic nonfinancial 1115.1 1037.6 830.3 692.5 941.8 975.8 983.4 960.3 847.5 973.5 1007.7 13

14 Farm 2.8 4.4 0.9 0.9 1.1 0.8 0.9 1.2 1.4 1.2 1.3 14

15 Rest of the world 256.8 350.9 406.6 360.4 381.9 368.9 390.6 395.3 372.9 410.8 437.9 15

16 Domestic financial 448.0 345.5 122.2 401.8 494.7 479.8 490.6 487.8 520.8 491.5 438.9 16

 Less:

17 Taxes on corporate income 473.3 445.5 309.0 272.4 411.1 409.7 399.6 430.3 404.7 422.3 419.3 17

18 Domestic nonfinancial 306.9 293.0 227.0 174.6 228.7 232.8 231.4 238.9 211.8 237.9 251.1 18

19 Farm 0.7 0.8 0.3 0.4 0.6 0.5 0.5 0.6 0.5 0.6 0.6 19

20 Domestic financial 165.6 151.7 81.6 97.4 181.8 176.3 167.6 190.9 192.3 183.8 167.6 20

 Equals:

21 Profits after tax 1349.5 1292.9 1050.9 1183.3 1408.4 1415.6 1465.9 1414.2 1337.8 1454.8 1466.5 21

22 Net dividends 704.8 794.5 786.9 620.0 737.3 684.8 729.3 760.5 774.8 793.8 807.4 22

23 Domestic nonfinancial 465.8 480.4 470.6 346.5 396.8 378.7 374.2 403.9 430.2 419.9 458.2 23

24 Farm 5.3 4.2 3.5 2.5 2.0 1.9 2.0 2.1 2.1 2.2 2.2 24

25 Rest of the world 77.9 144.8 180.5 103.6 122.0 103.1 138.9 131.2 115.0 149.6 147.1 25

26 Domestic financial 155.7 165.2 132.2 167.4 216.5 201.1 214.2 223.3 227.5 222.2 199.9 26

27 Undistributed profits 644.7 498.4 264.0 563.3 671.1 730.8 736.6 653.7 563.0 660.9 659.1 27

28 Domestic nonfinancial 342.3 264.2 132.7 171.5 316.2 364.3 377.7 317.5 205.4 315.7 298.4 28

29 Farm -3.2 -0.5 -3.0 -2.0 -1.5 -1.6 -1.6 -1.5 -1.3 -1.5 -1.5 29

30 Rest of the world 178.9 206.1 226.1 256.8 259.9 265.8 251.7 264.1 257.9 261.1 290.8 30

31 Domestic financial 126.6 28.7 -91.7 137.0 96.4 102.4 108.8 73.6 100.9 85.5 71.4 31

32 Inventory valuation adjustment -38.0 -47.2 -44.5 0.6 -39.1 -28.4 -5.6 -32.0 -90.3 -116.0 -59.3 32

33 Capital consumption adjustment -176.4 -180.5 -67.1 -94.3 19.7 -72.7 -74.1 20.5 205.2 115.4 107.2 33

34 Domestic nonfinancial -156.0 -158.8 -31.7 -52.0 47.8 -34.9 -36.2 48.3 214.1 133.6 127.0 34

35 Farm 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

36 Domestic financial -20.4 -21.7 -35.4 -42.3 -28.1 -37.9 -37.9 -27.8 -8.8 -18.2 -19.8 36

37 Net interest and miscellaneous payments 652.2 731.6 870.1 656.7 564.3 589.1 569.2 550.1 548.7 556.6 527.8 37

38 Taxes on production and imports 986.8 1027.2 1038.6 1017.9 1054.0 1040.9 1050.6 1059.0 1065.5 1087.4 1101.9 38

39 Less: Subsidies 51.4 54.6 52.9 59.7 57.3 56.4 56.8 57.0 59.1 60.0 62.9 39

40 Business current transfer payments (net) 83.0 103.3 123.0 132.0 136.7 134.6 135.7 140.9 135.7 134.7 134.8 40

41 Current surplus of government enterprises -4.2 -11.8 -16.0 -14.9 -15.7 -14.7 -15.5 -16.0 -16.5 -15.6 -14.5 41

 Memo:

 Calculation of Gross Domestic Product

 from National Income: (2)

42 National Income, from line 1 above 12031.2 12396.4 12609.1 12147.6 12840.1 12595.9 12803.7 12942.1 13018.8 13232.6 13387.1 42

 Plus:

43 Private consumption of fixed capital 1391.4 1476.2 1542.9 1542.4 1540.9 1529.6 1534.4 1542.6 1557.0 1570.5 1590.5 43

44 Government consumption of fixed capital 269.3 291.3 311.2 323.7 334.0 329.0 332.5 335.5 339.1 343.8 349.4 44

45 Statistical discrepancy -242.3 -12.0 -2.4 77.4 0.8 -7.2 -6.6 -7.4 24.5 -52.0 -73.2 45

 Less:

46 Net U.S. income receipts from rest of the world 72.4 123.3 169.2 152.3 189.4 169.5 196.2 207.4 184.4 227.1 257.0 46

 Equals:

47 Gross Domestic Product 13377.2 14028.7 14291.5 13938.9 14526.6 14277.9 14467.8 14605.5 14755.0 14867.8 14996.8 47

(1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov).

(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Bureau of Economic Analysis.
Z.1, September 16, 2011 15

F.8 Saving and Investment by Sector (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 2196.1 2047.7 1908.2 1597.3 1820.4 1718.4 1840.9 1883.2 1839.3 1895.2 1941.7 1

 2 Net saving 535.4 280.2 54.1 -268.8 -54.5 -140.2 -25.9 5.0 -56.8 -19.1 1.8 2

 3 Net private saving 688.1 513.2 739.8 1027.1 1244.5 1163.9 1280.3 1267.9 1266.0 1239.2 1314.8 3

 4 Domestic business 430.3 270.7 152.5 469.6 651.7 629.7 657.0 642.3 677.9 660.3 707.0 4

 5 Nonfinancial corporate business 295.4 226.3 237.5 325.6 533.7 489.2 522.3 547.4 575.8 564.3 611.6 5

 6 Financial business 134.8 44.3 -85.0 143.9 118.0 140.5 134.7 94.9 102.1 96.0 95.4 6

 7 Households and institutions 257.9 242.5 587.3 557.6 592.8 534.1 623.3 625.6 588.1 578.9 607.8 7

 8 Net government saving -152.7 -233.0 -685.7 -1296.0 -1299.0 -1304.0 -1306.2 -1262.9 -1322.8 -1258.3 -1313.0 8

 9 Federal -203.8 -245.2 -613.5 -1217.9 -1273.7 -1271.8 -1278.0 -1257.7 -1287.3 -1201.1 -1264.4 9

10 State and local 51.0 12.2 -72.2 -78.1 -25.3 -32.3 -28.2 -5.2 -35.5 -57.2 -48.6 10

11 Consumption of fixed capital 1660.7 1767.5 1854.1 1866.2 1874.9 1858.6 1866.9 1878.2 1896.1 1914.3 1939.9 11

12 Private 1391.4 1476.2 1542.9 1542.4 1540.9 1529.6 1534.4 1542.6 1557.0 1570.5 1590.5 12

13 Domestic business 1123.3 1190.7 1248.3 1249.9 1245.7 1235.6 1241.2 1247.2 1258.7 1270.1 1288.0 13

14 Nonfinancial corporate business (2) 800.9 840.1 864.3 862.2 856.8 850.3 853.9 857.7 865.4 873.4 885.7 14

15 Nonfinancial noncorporate business (3) 189.6 210.1 211.3 210.8 209.7 209.4 209.0 209.7 210.8 212.4 214.7 15

16 Financial business 132.8 140.6 172.7 176.9 179.1 175.9 178.2 179.8 182.5 184.3 187.6 16

17 Households and institutions 268.1 285.5 294.6 292.5 295.2 294.0 293.2 295.4 298.4 300.4 302.5 17

18 Government 269.3 291.3 311.2 323.7 334.0 329.0 332.5 335.5 339.1 343.8 349.4 18

19 Federal 106.6 112.6 120.0 124.7 130.0 127.9 129.4 130.5 132.3 134.6 136.8 19

20 State and local 162.7 178.7 191.2 199.0 204.0 201.1 203.1 205.0 206.8 209.2 212.6 20

 Gross domestic investment, capital account

21 transactions, and net lending, NIPAs 1953.8 2035.7 1905.8 1674.8 1821.3 1711.2 1834.3 1875.7 1863.8 1843.2 1868.4 21

22 Gross domestic investment 2752.2 2751.7 2584.8 2052.2 2300.4 2193.1 2316.5 2363.6 2328.5 2336.7 2373.9 22

23 Gross private domestic investment 2327.1 2295.2 2087.6 1546.8 1795.1 1702.3 1809.7 1850.5 1818.0 1853.1 1895.7 23

24 Domestic business 1549.5 1633.3 1558.4 1127.2 1388.6 1295.4 1389.3 1452.8 1417.1 1454.7 1491.3 24

25 Nonfinancial corporate business (2) 1139.1 1162.2 1096.2 756.7 995.5 914.7 994.6 1055.0 1017.7 1052.1 1084.8 25

26 Nonfinancial noncorporate business (3) 247.7 283.7 267.2 202.4 211.4 206.8 214.0 212.9 212.0 213.4 214.4 26

27 Financial business 162.7 187.5 195.0 168.1 181.7 173.9 180.7 184.9 187.5 189.2 192.1 27

28 Households and institutions 777.7 661.9 529.2 419.6 406.5 407.0 420.4 397.7 400.9 398.4 404.4 28

29 Gross government investment 425.1 456.5 497.2 505.4 505.3 490.8 506.9 513.1 510.5 483.6 478.2 29

30 Federal 120.7 127.4 148.4 156.1 168.8 161.3 168.5 170.8 174.7 160.9 160.0 30

31 State and local 304.4 329.0 348.8 349.3 336.5 329.5 338.3 342.3 335.9 322.8 318.1 31

32 Capital account transactions (net) (4) 2.1 -0.1 -5.4 0.6 0.7 0.5 0.5 1.2 0.5 0.5 0.5 32

33 Private 19.0 -10.0 -71.0 -143.5 -85.3 -95.1 -128.0 -58.2 -60.1 -67.8 -87.0 33

34 Domestic business 12.5 -1.7 -51.2 -85.7 -31.4 -11.5 -88.5 -31.0 5.3 -23.8 -46.0 34

35 Nonfinancial corporate business (2) 12.5 -1.7 12.6 42.2 17.8 56.0 4.8 -8.2 18.7 -8.8 -8.3 35

36 Nonfinancial noncorporate business (3) 0.0 0.0 -3.3 -6.0 -7.8 -4.4 -16.1 -8.0 -2.6 -2.5 -3.4 36

37 Financial business 0.0 0.0 -60.5 -121.9 -41.5 -63.0 -77.2 -14.9 -10.8 -12.5 -34.3 37

38 Households and institutions 6.5 -8.3 -19.8 -57.8 -53.9 -83.6 -39.5 -27.1 -65.4 -44.0 -41.0 38

39 Government -17.0 10.0 65.6 144.1 86.0 95.5 128.6 59.4 60.7 68.4 87.5 39

40 Federal 29.3 55.0 114.3 197.0 149.8 144.9 192.1 132.8 129.6 125.5 148.0 40

41 State and local -46.3 -45.1 -48.7 -52.9 -63.8 -49.3 -63.6 -73.4 -68.9 -57.1 -60.5 41

42 Net lending (+) or net borrowing (-), NIPAs (5) -800.5 -715.9 -673.6 -378.0 -479.9 -482.4 -482.7 -489.1 -465.3 -494.0 -506.0 42

43 Private -508.9 -307.8 263.7 1243.7 1076.4 1079.0 1126.4 1010.8 1089.6 972.5 1023.3 43

44 Domestic business -250.7 -182.2 -108.8 755.4 541.0 574.3 590.8 460.3 538.6 447.5 476.5 44

45 Nonfinancial corporate business (2) (5) -297.5 -106.0 -9.5 466.3 378.0 361.7 370.3 350.8 429.2 342.4 347.5 45

46 Nonfinancial noncorporate business (3) -58.2 -73.6 -52.6 14.5 6.1 7.0 11.1 4.8 1.5 1.5 3.7 46

47 Financial business 104.9 -2.6 -46.7 274.6 156.9 205.6 209.4 104.7 107.9 103.5 125.2 47

48 Households and institutions -258.2 -125.7 372.6 488.3 535.4 504.7 535.6 550.5 551.0 525.0 546.9 48

49 Government -291.6 -408.1 -937.3 -1621.7 -1556.3 -1561.4 -1609.1 -1499.8 -1554.9 -1466.5 -1529.3 49

50 Federal -247.2 -315.0 -756.2 -1446.3 -1462.3 -1450.0 -1509.2 -1430.8 -1459.2 -1352.8 -1435.6 50

51 State and local -44.3 -93.1 -181.1 -175.4 -94.0 -111.4 -99.9 -69.0 -95.7 -113.7 -93.7 51

52 Statistical discrepancy (line 21 less line 1) -242.3 -12.0 -2.4 77.4 0.8 -7.2 -6.6 -7.4 24.5 -52.0 -73.2 52

 Addenda:

53 Disaster losses 0.0 0.0 19.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53

54 Private 0.0 0.0 19.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54

55 Domestic business 0.0 0.0 10.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 55

56 Households and institutions 0.0 0.0 8.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 56

57 Government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 57

58 Federal 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 58

59 State and local 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 59

(1) This table is based on NIPA table 5.1 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). It is consistent with the Integrated Macroeconomic Accounts of the

 United States jointly compiled by the Federal Reserve Board and the Bureau of Economic Analysis.

(2) Includes corporate farms.

(3) Includes noncorporate farms.

(4) Consists of net capital transfers shown on table F.9 and the acquisition of nonproduced nonfinancial assets (net) shown on table F.6.

(5) Differs from net lending or net borrowing (capital account) in the Integrated Macroeconomic Accounts of the United States by the statistical discrepancy (line 52).
16 Z.1, September 16, 2011

F.9 Net Capital Transfers (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Capital transfers paid, by sector 103.6 114.5 209.6 290.1 209.9 254.3 248.9 167.0 169.3 133.0 164.6 1

 2 By private business 0.0 0.0 7.6 40.4 25.8 62.2 15.3 0.5 25.3 0.0 0.0 2

 3 Financial corporations 0.0 0.0 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Disaster-related insurance benefits 0.0 0.0 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Nonfinancial corporations 0.0 0.0 0.0 40.4 25.8 62.2 15.3 0.5 25.3 0.0 0.0 6

 7 Noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 By government 70.5 82.8 161.8 224.7 164.6 166.4 211.0 146.4 134.4 126.7 153.8 8

 9 Federal 70.5 82.8 161.8 224.7 164.6 166.4 211.0 146.4 134.4 126.7 153.8 9

10 Investment grants to state and local govts. 52.1 53.7 57.1 62.8 73.6 59.3 73.3 82.9 79.0 67.5 70.9 10

11 Disaster-related insurance benefits 0.0 0.0 2.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Financial stabilization payments 0.0 0.0 67.7 121.9 41.5 63.0 77.2 14.9 10.8 12.5 34.3 12

13 Other capital transfers paid to business 0.0 0.0 0.1 8.1 12.3 7.7 24.2 11.6 5.8 7.7 8.6 13

14 Other capital transfers paid to persons 16.4 28.7 33.3 31.3 36.4 35.8 35.8 35.8 38.3 38.5 39.6 14

15 Capital transfers paid to the rest of the world (net) 2.0 0.4 0.8 0.6 0.7 0.5 0.5 1.2 0.5 0.5 0.5 15

16 State and local 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Disaster-related insurance benefits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 By persons 33.1 31.7 34.0 25.1 19.5 25.7 22.6 20.0 9.6 6.3 10.7 18

19 Estate and gift taxes, federal 27.8 26.5 28.3 20.6 15.0 21.3 18.1 15.5 5.0 1.5 5.7 19

20 Estate and gift taxes, state and local 5.3 5.3 5.8 4.5 4.5 4.4 4.5 4.6 4.6 4.8 5.1 20

21 By the rest of the world 0.0 0.0 6.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21

22 Disaster-related insurance benefits 0.0 0.0 6.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

23 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Capital transfers received, by sector 103.6 114.5 209.6 290.1 209.9 254.3 248.9 167.0 169.3 133.0 164.6 24

25 By private business 0.0 0.0 75.0 130.0 53.8 70.8 101.4 26.5 16.6 20.2 42.8 25

26 Financial corporations 0.0 0.0 68.1 121.9 41.5 63.0 77.2 14.9 10.8 12.5 34.3 26

27 Disaster-related insurance benefits 0.0 0.0 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

28 Other 0.0 0.0 67.7 121.9 41.5 63.0 77.2 14.9 10.8 12.5 34.3 28

29 Nonfinancial corporations 0.0 0.0 3.7 2.1 4.6 3.3 8.1 3.6 3.2 5.2 5.1 29

30 Disaster-related insurance benefits 0.0 0.0 3.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30

31 Other 0.0 0.0 0.1 2.1 4.6 3.3 8.1 3.6 3.2 5.2 5.1 31

32 Noncorporate business 0.0 0.0 3.3 6.0 7.8 4.4 16.1 8.0 2.6 2.5 3.4 32

33 Disaster-related insurance benefits 0.0 0.0 3.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33

34 Other 0.0 0.0 0.0 6.0 7.8 4.4 16.1 8.0 2.6 2.5 3.4 34

35 By government 85.2 85.4 91.1 87.9 93.3 85.0 96.1 103.5 88.7 73.8 81.6 35

36 Federal 27.8 26.5 28.3 20.6 15.0 21.3 18.1 15.5 5.0 1.5 5.7 36

37 Estate and gift taxes paid by persons 27.8 26.5 28.3 20.6 15.0 21.3 18.1 15.5 5.0 1.5 5.7 37

38 State and local 57.4 58.9 62.8 67.3 78.3 63.7 78.0 88.0 83.7 72.3 75.9 38

39 Disaster-related insurance benefits 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39

40 Estate and gift taxes paid by persons 5.3 5.3 5.8 4.5 4.5 4.4 4.5 4.6 4.6 4.8 5.1 40

41 Investment grants paid by federal government 52.1 53.7 57.1 62.8 73.6 59.3 73.3 82.9 79.0 67.5 70.9 41

42 Other 0.0 0.0 0.0 0.0 0.2 0.0 0.2 0.5 0.1 0.0 0.0 42

43 By persons 16.4 28.7 42.6 71.7 62.0 98.1 50.9 35.8 63.5 38.5 39.6 43

44 Disaster-related insurance benefits 0.0 0.0 9.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 44

45 Other 16.4 28.7 33.3 71.7 62.0 98.1 50.9 35.8 63.5 38.5 39.6 45

46 By the rest of the world 2.0 0.4 0.8 0.6 0.7 0.5 0.5 1.2 0.5 0.5 0.5 46

47 Capital transfers paid by U.S. government 2.0 0.4 0.8 0.6 0.7 0.5 0.5 1.2 0.5 0.5 0.5 47

48 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 48

 Addenda: Net capital transfers paid by sector

49 By private business (lines 2-25) -0.0 -0.0 -67.5 -89.6 -28.0 -8.5 -86.1 -26.0 8.7 -20.2 -42.8 49

50 Financial corporations (lines 3-26) 0.0 0.0 -60.5 -121.9 -41.5 -63.0 -77.2 -14.9 -10.8 -12.5 -34.3 50

51 Property-casualty insurance companies (line 4) 0.0 0.0 7.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 51

52 U.S.-chartered commercial banks 0.0 0.0 -29.7 -18.2 2.4 6.9 -1.2 4.3 -0.4 13.5 -0.3 52

53 Financial stabilization payments (2) 0.0 0.0 -29.3 -18.2 2.4 6.9 -1.2 4.3 -0.4 13.5 -0.3 53

54 Other (lines 5-27) 0.0 0.0 -0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54

55 Bank holding companies (GMAC) (2) 0.0 0.0 -3.2 -11.3 -1.5 0.0 0.0 -6.0 0.0 0.0 0.0 55

56 Government-sponsored enterprises (2) 0.0 0.0 -6.9 -87.1 -40.2 -61.2 -76.0 -13.2 -10.4 -12.4 -34.0 56

57 Funding corporations (AIG) (2) 0.0 0.0 -28.3 -5.3 -2.2 -8.7 0.0 0.0 0.0 -13.6 0.0 57

58 Nonfinancial corporations (lines 6-29) -0.0 -0.0 -3.7 38.3 21.3 58.9 7.2 -3.2 22.1 -5.2 -5.1 58

59 Noncorporate business (lines 7-32) 0.0 0.0 -3.3 -6.0 -7.8 -4.4 -16.1 -8.0 -2.6 -2.5 -3.4 59

60 By government (lines 8-35) -14.7 -2.6 70.6 136.8 71.2 81.4 114.9 43.0 45.7 52.9 72.3 60

61 Federal (lines 9-36) 42.7 56.3 133.5 204.1 149.6 145.1 192.9 131.0 129.4 125.2 148.2 61

62 State and local (lines 16-38) -57.4 -58.9 -62.8 -67.3 -78.3 -63.7 -78.0 -88.0 -83.7 -72.3 -75.9 62

63 By persons (lines 18-43) 16.8 3.0 -8.6 -46.6 -42.6 -72.4 -28.2 -15.8 -53.8 -32.2 -28.9 63

64 By the rest of the world (lines 21-46) -2.0 -0.4 5.4 -0.6 -0.7 -0.5 -0.5 -1.2 -0.5 -0.5 -0.5 64

(1) This table is based on NIPA table 5.10 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov).

(2) Sum of lines 53, 55, 56, and 57 equals the negative of line 12. Series treated as capital losses rather than as capital transfers in the Flow of Funds Accounts.
Z.1, September 16, 2011 17

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net acquisition of financial assets 1231.3 1525.6 720.0 -19.1 467.6 -116.7 578.1 178.2 1230.7 416.3 189.6 1

 2 Foreign deposits 5.2 15.4 -23.7 -6.4 4.3 0.3 9.1 2.0 5.8 10.9 -1.9 2

 3 Checkable deposits and currency 30.9 -5.0 240.5 49.5 -129.0 -292.6 -140.5 -85.7 2.7 80.2 87.7 3

 4 Time and savings deposits 506.8 492.1 193.0 100.1 229.5 322.6 189.2 251.4 154.9 -21.8 723.2 4

 5 Money market fund shares 168.4 234.4 236.2 -274.6 -186.8 -261.3 -133.7 -133.7 -218.6 85.3 79.4 5

 6 Securities -310.9 -114.9 -176.7 227.4 366.9 30.1 552.1 -75.4 960.6 114.5 -840.8 6

 7 Open market paper 19.0 -10.2 -101.3 28.7 28.8 39.8 38.5 35.4 1.7 17.7 -11.9 7

 8 U.S. savings bonds -2.7 -6.0 -2.4 -2.8 -3.3 -4.0 -3.1 -2.6 -3.5 -4.6 -3.9 8

 9 Other Treasury securities -90.2 -34.5 150.3 418.2 364.2 148.4 994.2 -50.7 364.8 -917.3 -435.8 9

10 Agency- and GSE-backed securities -66.3 333.3 96.4 -569.5 102.5 -12.8 112.1 4.5 306.1 439.4 -122.6 10

11 Municipal securities 52.1 23.5 7.4 106.0 79.9 124.2 0.0 19.2 176.0 -28.3 -91.8 11

12 Corporate and foreign bonds 196.8 218.3 -214.9 -142.0 -342.7 -555.2 -509.2 -527.8 221.5 -202.8 -100.3 12

13 Corporate equities (2) -585.0 -847.9 -112.3 50.7 -147.4 -142.7 30.8 -72.6 -404.9 -49.3 -333.1 13

14 Mutual fund shares 165.4 208.5 0.2 338.1 284.9 432.5 -111.1 519.1 298.9 859.5 258.7 14

15 Life insurance reserves 65.6 34.2 67.0 26.5 17.2 0.9 13.8 49.0 5.3 34.8 61.4 15

16 Pension fund reserves 250.9 201.1 125.7 135.4 224.9 192.2 165.2 219.9 322.3 131.6 -103.4 16

17 Miscellaneous and other assets 514.3 668.5 57.9 -277.0 -59.4 -108.8 -77.1 -49.3 -2.4 -19.3 184.1 17

18 Gross investment in nonfinancial assets 2090.8 2041.1 1826.5 1576.1 1622.8 1593.0 1626.5 1617.4 1654.2 1680.7 1678.0 18

19 Residential fixed investment 755.2 622.2 466.8 350.3 335.5 336.6 351.6 325.1 328.8 328.3 332.6 19

20 Nonresidential fixed investment 270.2 322.4 330.4 281.0 280.2 271.2 278.2 284.7 286.7 287.2 290.3 20

21 Consumer durables 1075.7 1106.8 1041.3 965.3 1016.2 990.5 1003.3 1018.1 1052.9 1080.8 1071.3 21

22 Nonproduced nonfinancial assets -10.2 -11.3 -11.2 -11.2 -11.3 -11.2 -11.2 -11.4 -11.6 -11.8 -12.1 22

23 Inventories 0.0 0.9 -0.9 -9.3 2.2 6.0 4.6 0.9 -2.7 -3.7 -4.1 23

24 Consumption of fixed capital 1272.3 1346.1 1412.4 1420.5 1420.3 1415.8 1416.5 1421.3 1427.7 1401.5 1415.2 24

25 Residential fixed investment 258.9 269.8 272.2 266.0 266.7 264.8 265.6 267.0 269.5 271.8 275.3 25

26 Nonresidential fixed investment 176.6 202.2 233.7 237.3 238.3 238.1 236.5 238.2 240.3 241.6 242.6 26

27 Consumer durables 836.9 874.0 906.5 917.2 915.3 912.9 914.5 916.1 917.9 888.1 897.3 27

28 Net investment in nonfinancial assets (3) 818.5 695.0 414.0 155.6 202.5 177.3 209.9 196.1 226.5 279.2 262.8 28

29 Residential fixed investment 496.3 352.4 194.7 84.3 68.8 71.8 86.0 58.1 59.3 56.4 57.3 29

30 Nonresidential fixed investment 93.6 120.2 96.7 43.6 41.9 33.0 41.7 46.5 46.4 45.6 47.7 30

31 Consumer durables 238.8 232.8 134.8 48.1 100.9 77.6 88.8 102.0 135.0 192.7 174.0 31

32 Nonproduced nonfinancial assets -10.2 -11.3 -11.2 -11.2 -11.3 -11.2 -11.2 -11.4 -11.6 -11.8 -12.1 32

33 Inventories 0.0 0.9 -0.9 -9.3 2.2 6.0 4.6 0.9 -2.7 -3.7 -4.1 33

34 Net increase in liabilities 1839.8 1501.0 337.7 -413.5 -329.3 -629.1 -368.5 -377.2 57.6 -138.2 -94.4 34

35 Mortgage debt on nonfarm homes 1063.3 708.4 -99.4 -188.1 -335.8 -556.0 -302.2 -285.4 -199.4 -302.9 -264.3 35

36 Other mortgage debt 230.2 288.9 245.5 -67.8 -99.2 -98.7 -123.1 -102.9 -72.0 -44.4 -40.0 36

37 Consumer credit 95.4 139.3 38.8 -115.3 -44.2 -101.5 -75.7 -47.1 47.6 52.5 84.2 37

38 Policy loans 3.3 3.6 5.9 0.7 3.4 2.5 2.8 4.6 3.8 1.2 2.8 38

39 Security credit 59.7 33.4 -160.7 38.1 75.2 -26.4 82.5 66.7 178.0 150.2 -11.5 39

40 Other liabilities 387.9 327.4 307.6 -81.2 71.2 151.1 47.1 -13.0 99.5 5.1 134.4 40

41 Net capital transfers paid (4) 16.8 3.0 -11.9 -52.6 -50.3 -76.8 -44.3 -23.8 -56.4 -34.7 -32.3 41

42 Personal saving, FOF concept (FOF) 226.8 722.6 784.5 497.3 949.0 612.9 1112.1 727.7 1343.2 799.0 514.4 42

43 - Net investment in consumer durables 238.8 232.8 134.8 48.1 100.9 77.6 88.8 102.0 135.0 192.7 174.0 43

44 - Government insurance and pension fund reserves (5) 0.1 0.1 -0.6 0.5 -1.7 -3.4 -1.0 -2.1 -0.4 -2.1 -0.1 44

45 = Personal saving, NIPA concept (FOF) (6) -12.2 489.7 650.4 448.7 849.8 538.7 1024.3 627.8 1208.6 608.4 340.4 45

46 Personal saving, NIPA concept (NIPA) 256.6 248.7 592.3 552.6 592.8 534.1 623.3 625.6 588.1 578.9 607.8 46

47 Difference -268.8 241.0 58.0 -103.8 257.1 4.5 401.0 2.1 620.5 29.5 -267.3 47

 Memo:

48 Disposable personal income 9915.7 10423.6 11024.5 10788.8 11179.7 10991.3 11150.2 11240.4 11336.7 11481.0 11600.4 48

 Personal saving as a percentage of disposable personal income:

49 FOF concept (FOF data) (line 42) 2.3 6.9 7.1 4.6 8.5 5.6 10.0 6.5 11.8 7.0 4.4 49

50 NIPA concept (FOF data) (line 45) -0.1 4.7 5.9 4.2 7.6 4.9 9.2 5.6 10.7 5.3 2.9 50

51 NIPA concept (NIPA data) (line 46) 2.6 2.4 5.4 5.1 5.3 4.9 5.6 5.6 5.2 5.0 5.2 51

52 Difference (line 47) -2.7 2.3 0.5 -1.0 2.3 0.0 3.6 0.0 5.5 0.3 -2.3 52

(1) Consolidated statement for households and nonprofit organizations, nonfarm nonfinancial noncorporate business, and noncorporate farm business.

(2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 14) and life insurance and pension reserves (lines 15 and 16)).

(3) Line 18 less line 24.

(4) Table F.9, line 59 plus line 63.

(5) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves.

(6) Line 45 and 46 are conceptually equivalent but measure saving using different data. Line 45 is net acquisition of financial assets net of government insurance and pension fund reserves (line 1 less line 44) plus

 net investment in nonfinancial assets net of consumer durables (line 28 less line 43) less net increase in liabilities (line 34) plus net capital transfers paid (line 41). Line 46 is disposable personal income (line 48) less

 personal outlays (table F.100, line 4).
18 Z.1, September 16, 2011

F.100 Households and Nonprofit Organizations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Personal income 11268.1 11912.3 12460.2 11930.2 12373.5 12137.7 12325.6 12453.2 12577.6 12846.9 12994.9 1

 2 - Personal current taxes 1352.4 1488.7 1435.7 1141.4 1193.9 1146.4 1175.4 1212.8 1240.9 1365.9 1394.5 2

 3 = Disposable personal income 9915.7 10423.6 11024.5 10788.8 11179.7 10991.3 11150.2 11240.4 11336.7 11481.0 11600.4 3

 4 - Personal outlays 9659.1 10174.9 10432.2 10236.3 10586.9 10457.2 10527.0 10614.8 10748.6 10902.1 10992.6 4

 5 = Personal saving, NIPA (2) 256.6 248.7 592.3 552.6 592.8 534.1 623.3 625.6 588.1 578.9 607.8 5

 6 + Government insurance and pension reserves (3) 0.1 0.1 -0.6 0.5 -1.7 -3.4 -1.0 -2.1 -0.4 -2.1 -0.1 6

 7 + Net investment in consumer durables 238.8 232.8 134.8 48.1 100.9 77.6 88.8 102.0 135.0 192.7 174.0 7

 8 + Consumption of fixed capital 1110.0 1161.8 1201.2 1209.7 1210.6 1206.9 1207.7 1211.5 1216.3 1188.5 1199.8 8

 9 - Net capital transfers paid (4) 16.8 3.0 -8.6 -46.6 -42.6 -72.4 -28.2 -15.8 -53.8 -32.2 -28.9 9

10 = Gross saving less net capital transfers paid 1588.8 1640.4 1936.2 1857.4 1945.0 1887.6 1947.0 1952.8 1992.8 1990.2 2010.4 10

11 Gross investment 1320.0 1881.4 1994.2 1753.6 2202.1 1892.1 2348.1 1954.9 2613.3 2019.7 1743.1 11

12 Capital expenditures 1843.1 1757.4 1559.3 1373.7 1411.3 1386.3 1412.4 1404.5 1442.2 1467.3 1463.6 12

13 Residential 670.1 541.7 397.2 296.0 287.7 288.9 302.1 278.3 281.6 281.0 284.7 13

14 Consumer durable goods 1075.7 1106.8 1041.3 965.3 1016.2 990.5 1003.3 1018.1 1052.9 1080.8 1071.3 14

15 Nonprofit nonresidential 107.5 120.2 132.0 123.6 118.8 118.1 118.3 119.4 119.3 117.3 119.7 15

16 Nonproduced nonfinancial assets -10.2 -11.3 -11.2 -11.2 -11.3 -11.2 -11.2 -11.4 -11.6 -11.8 -12.1 16

17 Net lending (+) or net borrowing (-) -523.1 124.0 434.9 379.9 790.8 505.9 935.6 550.5 1171.1 552.4 279.5 17

18 Net acquisition of financial assets 730.0 1036.3 323.2 198.6 611.1 84.5 754.1 341.4 1264.6 453.9 200.6 18

19 Foreign deposits 5.2 15.4 -23.7 -6.4 4.3 0.3 9.1 2.0 5.8 10.9 -1.9 19

20 Checkable deposits and currency -43.8 -71.8 236.8 88.0 -107.0 -263.8 -115.2 -62.2 13.2 86.8 90.6 20

21 Time and savings deposits 486.5 477.2 194.3 128.0 245.6 343.6 207.6 268.5 162.8 -16.0 726.5 21

22 Money market fund shares 165.2 232.2 235.1 -268.7 -183.4 -256.9 -129.9 -130.1 -216.9 86.5 80.1 22

23 Credit market instruments 90.3 518.1 -43.1 -171.8 220.7 -262.6 622.0 -531.4 1054.9 -709.1 -782.5 23

24 Open market paper 19.0 -10.2 -101.3 28.7 28.8 39.8 38.5 35.4 1.7 17.7 -11.9 24

25 Treasury securities -93.1 -43.5 155.4 419.4 363.2 147.5 993.7 -50.8 362.5 -921.0 -439.2 25

26 Savings bonds -2.7 -6.0 -2.4 -2.8 -3.3 -4.0 -3.1 -2.6 -3.5 -4.6 -3.9 26

27 Other -90.3 -37.5 157.8 422.2 366.5 151.4 996.8 -48.2 366.0 -916.4 -435.4 27

28 Agency- and GSE-backed securities -66.3 333.3 96.4 -569.5 102.5 -12.8 112.1 4.5 306.1 439.4 -122.6 28

29 Municipal securities 50.8 24.0 7.8 106.4 80.1 124.5 0.3 19.5 176.1 -28.2 -91.8 29

30 Corporate and foreign bonds 196.8 218.3 -214.9 -142.0 -342.7 -555.2 -509.2 -527.8 221.5 -202.8 -100.3 30

31 Other loans and advances (5) 0.4 8.5 12.2 -5.3 0.1 0.1 0.1 0.1 0.1 -3.8 -3.3 31

32 Mortgages -17.3 -12.3 1.4 -9.6 -11.3 -6.5 -13.5 -12.3 -13.0 -10.4 -13.3 32

33 Corporate equities (6) -585.0 -847.9 -112.3 50.7 -147.4 -142.7 30.8 -72.6 -404.9 -49.3 -333.1 33

34 Mutual fund shares 165.4 208.5 0.2 338.1 284.9 432.5 -111.1 519.1 298.9 859.5 258.7 34

35 Security credit 80.4 210.8 -123.8 -74.1 25.7 45.7 23.9 43.2 -10.1 36.2 217.5 35

36 Life insurance reserves 65.6 34.2 67.0 26.5 17.2 0.9 13.8 49.0 5.3 34.8 61.4 36

37 Pension fund reserves 250.9 201.1 125.7 135.4 224.9 192.2 165.2 219.9 322.3 131.6 -103.4 37

38 Equity in noncorporate business 11.7 -7.5 -288.2 -68.2 -18.2 -9.6 -3.6 -18.2 -41.3 -25.8 -23.3 38

39 Miscellaneous assets 37.4 66.1 55.1 21.1 43.8 5.2 41.6 54.2 74.5 7.6 10.0 39

40 Net increase in liabilities 1253.1 912.3 -111.8 -181.3 -179.6 -421.4 -181.5 -209.1 93.5 -98.5 -78.9 40

41 Credit market instruments 1179.3 863.2 30.1 -225.5 -275.6 -425.4 -287.6 -278.3 -110.8 -263.2 -82.9 41

42 Home mortgages (7) 989.1 674.5 -52.5 -146.7 -298.3 -504.2 -252.9 -255.3 -181.0 -275.8 -239.8 42

43 Consumer credit 95.4 139.3 38.8 -115.3 -44.2 -101.5 -75.7 -47.1 47.6 52.5 84.2 43

44 Municipal securities 18.9 17.1 8.1 14.9 3.9 10.8 -3.6 4.0 4.6 3.5 -4.8 44

45 Bank loans n.e.c. (8) 49.9 13.4 18.0 30.1 76.5 180.2 61.1 32.5 32.2 -38.3 81.0 45

46 Other loans and advances 4.8 3.2 6.2 0.5 2.4 2.2 1.7 4.5 1.3 0.9 2.1 46

47 Commercial mortgages 21.2 15.8 11.5 -9.1 -15.9 -13.0 -18.3 -17.0 -15.6 -6.0 -5.7 47

48 Security credit 59.7 33.4 -160.7 38.1 75.2 -26.4 82.5 66.7 178.0 150.2 -11.5 48

49 Trade payables 13.6 14.6 15.7 10.9 18.1 20.4 20.0 14.4 17.6 12.8 13.7 49

 Deferred and unpaid

50 life insurance premiums 0.5 1.0 3.2 -4.9 2.7 10.1 3.6 -11.8 8.7 1.7 1.9 50

51 Discrepancy 268.8 -241.0 -58.0 103.8 -257.1 -4.5 -401.0 -2.1 -620.5 -29.5 267.3 51

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

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

(3) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves.

(4) Table F.9, line 63.

(5) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds.

(6) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 34) and life insurance and pension reserves (lines 36 and 37).

(7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 24.

(8) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), shown on table F.109, line 17.
Z.1, September 16, 2011 19

F.101 Nonfinancial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Income before taxes 2311.2 2203.6 2029.8 1747.8 2098.4 2075.6 2128.8 2138.3 2050.7 2201.3 2249.3 1

 2 Gross saving less net capital transfers paid 1256.1 1251.0 1318.9 1365.0 1585.8 1518.2 1608.8 1623.9 1592.2 1636.3 1711.6 2

 3 Gross investment 1171.9 1147.8 383.6 1680.1 1518.7 1421.5 1649.8 1569.5 1434.1 1523.9 1602.7 3

 4 Capital expenditures 1395.8 1453.4 1379.6 963.2 1198.8 1112.3 1203.2 1255.2 1224.6 1260.3 1292.2 4

 5 Fixed investment 1323.3 1426.0 1404.4 1120.0 1135.3 1070.9 1127.6 1153.5 1189.2 1201.9 1239.7 5

 6 Residential 88.2 96.2 75.1 58.8 45.7 44.1 49.4 41.3 48.1 48.0 46.5 6

 7 Nonresidential 1235.1 1329.8 1329.3 1061.2 1089.6 1026.8 1078.2 1112.3 1141.2 1153.9 1193.2 7

 8 Change in inventories 60.0 29.1 -41.1 -160.8 66.9 44.3 78.1 106.7 38.7 62.0 55.6 8

 9 Nonproduced nonfinancial assets 12.5 -1.7 16.3 3.9 -3.4 -3.0 -2.4 -5.0 -3.4 -3.6 -3.2 9

10 Net lending (+) or net borrowing (-) -223.8 -305.6 -996.0 717.0 319.9 309.2 446.6 314.3 209.6 263.6 310.5 10

11 Net acquisition of financial assets 1220.7 1554.3 -506.7 286.8 691.0 653.4 546.2 871.0 693.4 1051.7 921.2 11

12 Foreign deposits -14.2 0.9 -25.5 6.9 40.5 28.3 43.0 42.0 48.8 27.8 20.2 12

13 Checkable deposits and currency -41.6 58.4 -104.9 98.1 219.8 278.8 137.0 209.0 254.5 195.5 160.5 13

14 Time and savings deposits 66.9 -40.7 -60.7 81.4 -33.4 -144.8 -98.4 115.7 -6.2 195.1 198.1 14

15 Money market fund shares 71.3 130.2 159.3 -62.4 -132.0 -315.8 -179.6 -13.9 -18.7 -81.7 -71.4 15

16 Security RPs 1.0 -7.5 -0.9 0.8 4.4 4.7 1.0 -11.0 22.9 2.6 -2.9 16

17 Credit market instruments -11.7 -69.1 -43.0 -1.1 9.8 64.6 -10.0 53.6 -68.9 16.6 7.9 17

18 Commercial paper 11.7 -53.2 -12.2 -0.4 15.7 28.6 2.2 42.3 -10.2 39.6 -25.9 18

19 Treasury securities -6.5 -4.1 -15.4 4.6 -2.0 21.5 6.4 1.8 -37.5 -3.1 28.0 19

20 Agency- and GSE-backed securities -2.2 -2.4 -2.6 2.9 0.1 8.2 3.0 1.4 -12.1 -0.7 9.5 20

21 Municipal securities -2.7 0.6 -3.4 0.7 -6.5 -16.2 -12.5 4.6 -2.1 -2.5 -2.3 21

22 Mortgages -10.0 -11.0 -10.7 -6.4 -5.1 -5.6 -5.3 -5.2 -4.2 -4.0 -3.7 22

23 Consumer credit -2.0 1.0 1.2 -2.6 7.5 28.1 -3.9 8.7 -2.8 -12.7 2.3 23

24 Mutual fund shares 24.9 0.2 -6.1 40.4 16.7 16.7 16.7 16.7 16.7 16.7 16.7 24

25 Trade receivables 21.7 217.8 -174.9 -7.2 111.5 -22.5 184.7 162.5 121.5 191.9 188.9 25

26 Miscellaneous assets 1102.5 1264.1 -250.0 129.9 453.6 743.4 451.7 296.3 322.9 487.2 403.2 26

27 Net increase in liabilities 1444.5 1859.9 489.2 -430.2 371.1 344.2 99.6 556.7 483.9 788.1 610.7 27

28 Credit market instruments 895.6 1221.8 584.4 -302.6 39.6 -58.4 -179.1 155.9 239.9 299.1 434.4 28

29 Commercial paper 22.4 11.3 7.7 -73.1 24.5 50.3 62.7 43.8 -58.7 31.7 55.4 29

30 Municipal securities 5.4 8.1 2.7 5.5 8.6 5.1 1.8 11.3 16.1 1.7 -2.3 30

31 Corporate bonds 215.6 311.2 204.6 377.2 420.6 432.4 231.6 510.6 507.7 392.0 447.1 31

32 Bank loans n.e.c. 125.4 226.8 174.6 -326.1 -109.5 -234.9 -116.2 -116.8 29.8 136.8 130.2 32

33 Other loans and advances 154.5 307.2 67.9 -155.2 -102.7 -124.9 -116.4 -89.3 -80.3 -110.9 -89.0 33

34 Mortgages 372.3 357.2 127.1 -131.0 -201.9 -186.4 -242.7 -203.6 -174.7 -152.1 -107.1 34

35 Corporate equities -565.7 -786.8 -336.0 -64.6 -277.9 -200.2 -214.3 -336.5 -360.7 -326.9 -475.2 35

36 Trade payables 123.4 111.1 -219.4 -117.4 168.3 217.8 162.3 172.6 120.3 223.0 193.7 36

37 Taxes payable 8.2 -45.8 9.8 -11.1 -0.9 7.8 -15.2 -3.1 7.1 27.7 -27.5 37

38 Miscellaneous liabilities 964.6 1369.5 750.0 129.9 460.6 387.3 355.3 577.6 522.3 581.9 502.9 38

39 Proprietors’ net investment 18.5 -9.9 -299.7 -64.5 -18.6 -10.1 -9.5 -9.7 -45.0 -16.8 -17.6 39

40 Discrepancy 135.2 128.2 937.0 -311.6 74.2 102.5 -32.9 60.1 167.2 123.9 130.3 40

(1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.
20 Z.1, September 16, 2011

F.102 Nonfarm Nonfinancial Corporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Profits before tax (book) 1115.1 1037.6 830.3 692.5 941.8 975.8 983.4 960.3 847.5 973.5 1007.7 1

 2 - Taxes on corporate income 306.9 293.0 227.0 174.6 228.7 232.8 231.4 238.9 211.8 237.9 251.1 2

 3 - Net dividends 465.8 480.4 470.6 346.5 396.8 378.7 374.2 403.9 430.2 419.9 458.2 3

 4 + Capital consumption allowance (1) 636.0 673.4 822.4 798.9 892.1 803.2 805.2 893.0 1067.1 994.3 1001.9 4

 5 = U.S. internal funds, book 978.3 937.6 955.0 970.3 1208.4 1167.5 1182.9 1210.5 1272.5 1310.1 1300.3 5

 6 + Foreign earnings retained abroad 148.9 168.5 183.9 207.7 211.4 216.3 205.1 215.5 208.7 212.3 237.3 6

 7 + Inventory valuation adjustment (IVA) -38.0 -47.2 -44.5 0.6 -39.1 -28.4 -5.6 -32.0 -90.3 -116.0 -59.3 7

 8 - Net capital transfers paid (2) -0.0 -0.0 -3.7 38.3 21.3 58.9 7.2 -3.2 22.1 -5.2 -5.1 8

 9 = Total internal funds + IVA 1089.2 1058.9 1098.2 1140.3 1359.4 1296.5 1375.3 1397.2 1368.8 1411.6 1483.4 9

10 Gross investment 953.9 930.7 161.2 1451.8 1285.2 1194.0 1408.2 1337.1 1201.6 1287.7 1353.1 10

11 Capital expenditures 1091.2 1134.7 1097.3 747.6 972.0 891.6 972.6 1027.8 996.0 1027.8 1050.0 11

12 Fixed investment (3) 1018.1 1108.0 1121.7 894.8 910.3 857.6 901.8 925.4 956.3 963.3 991.1 12

13 Inventory change + IVA 60.6 28.3 -40.6 -151.1 65.2 37.0 73.2 107.4 43.1 68.1 62.1 13

14 Nonproduced nonfinancial assets 12.5 -1.7 16.3 3.9 -3.4 -3.0 -2.4 -5.0 -3.4 -3.6 -3.2 14

15 Net lending (+) or net borrowing (-) -137.3 -204.0 -936.2 704.2 313.2 302.3 435.5 309.3 205.6 259.9 303.1 15

16 Net acquisition of financial assets 699.2 1073.3 -605.5 567.6 852.6 864.1 730.9 1043.1 772.3 1105.9 950.3 16

17 Foreign deposits -14.2 0.9 -25.5 6.9 40.5 28.3 43.0 42.0 48.8 27.8 20.2 17

18 Checkable deposits and currency -116.9 -9.0 -109.2 136.0 241.7 307.4 162.0 232.3 265.0 202.0 163.5 18

19 Time and savings deposits 46.6 -55.7 -59.4 109.3 -17.3 -123.9 -80.0 132.9 1.7 200.9 201.4 19

20 Money market fund shares 68.1 128.1 158.2 -56.5 -128.6 -311.4 -175.7 -10.3 -17.0 -80.5 -70.7 20

21 Security RPs 1.0 -7.5 -0.9 0.8 4.4 4.7 1.0 -11.0 22.9 2.6 -2.9 21

22 Credit market instruments -11.6 -79.1 -32.2 6.4 14.1 70.2 -5.1 58.2 -66.8 18.1 8.8 22

23 Commercial paper 11.7 -53.2 -12.2 -0.4 15.7 28.6 2.2 42.3 -10.2 39.6 -25.9 23

24 Treasury securities -6.7 -7.1 -7.9 8.7 0.4 24.5 9.1 4.3 -36.4 -2.2 28.5 24

25 Agency- and GSE-backed securities -2.2 -2.4 -2.6 2.9 0.1 8.2 3.0 1.4 -12.1 -0.7 9.5 25

26 Municipal securities -4.0 1.1 -3.0 1.1 -6.3 -15.9 -12.3 4.8 -2.0 -2.4 -2.3 26

27 Mortgages -8.4 -18.4 -7.7 -3.3 -3.3 -3.3 -3.3 -3.3 -3.3 -3.3 -3.3 27

28 Consumer credit -2.0 1.0 1.2 -2.6 7.5 28.1 -3.9 8.7 -2.8 -12.7 2.3 28

29 Mutual fund shares 24.9 0.2 -6.1 40.4 16.7 16.7 16.7 16.7 16.7 16.7 16.7 29

30 Trade receivables -18.3 163.1 -172.0 33.6 135.1 8.1 211.5 187.6 133.1 200.4 193.7 30

31 Miscellaneous assets 719.5 932.3 -358.4 290.6 546.0 863.9 557.5 394.8 367.9 517.9 419.5 31

32 U.S. direct investment abroad (4) 219.2 307.0 262.6 279.8 322.1 417.5 238.3 267.5 365.0 348.0 483.3 32

33 Insurance receivables 6.6 7.4 9.9 -1.8 2.5 -1.4 10.5 7.0 -6.1 -0.8 20.9 33

34 Equity in GSEs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 34

35 Investment in finance co. subs. 22.9 -54.8 -1.1 -9.3 20.3 98.8 -5.3 -1.4 -10.9 -5.3 14.7 35

36 Other 470.9 672.7 -629.9 21.9 201.2 349.1 313.9 121.7 20.0 176.0 -99.4 36

37 Net increase in liabilities 836.5 1277.3 330.7 -136.7 539.4 561.7 295.4 733.9 566.7 846.0 647.2 37

38 Net funds raised in markets -92.9 -34.4 -78.4 -61.6 -50.1 100.9 -144.5 -43.2 -113.5 76.2 -37.0 38

39 Net new equity issues -565.7 -786.8 -336.0 -64.6 -277.9 -200.2 -214.3 -336.5 -360.7 -326.9 -475.2 39

40 Credit market instruments 472.8 752.5 257.6 3.0 227.9 301.1 69.8 293.4 247.2 403.1 438.2 40

41 Commercial paper 22.4 11.3 7.7 -73.1 24.5 50.3 62.7 43.8 -58.7 31.7 55.4 41

42 Municipal securities (5) 5.4 8.1 2.7 5.5 8.6 5.1 1.8 11.3 16.1 1.7 -2.3 42

43 Corporate bonds (4) 215.6 311.2 204.6 377.2 420.6 432.4 231.6 510.6 507.7 392.0 447.1 43

44 Bank loans n.e.c. 9.2 85.1 53.7 -130.6 -32.1 -30.6 -19.7 -54.9 -23.2 104.3 75.5 44

45 Other loans and advances (6) 132.5 288.5 54.8 -143.7 -112.4 -107.0 -117.6 -129.3 -95.5 -40.5 -90.8 45

46 Mortgages 87.7 48.3 -65.8 -32.5 -81.3 -49.1 -89.1 -88.0 -99.1 -86.1 -46.6 46

47 Trade payables 110.3 85.9 -229.9 -89.9 194.0 237.2 183.2 211.9 143.5 203.0 204.2 47

48 Taxes payable -0.8 -49.6 3.1 -3.3 3.6 13.7 -10.1 1.6 9.3 29.4 -26.5 48

49 Miscellaneous liabilities 819.8 1275.3 635.9 18.1 391.9 210.0 266.8 563.5 527.3 537.5 506.5 49

50 Foreign direct investment in U.S. 191.0 211.6 189.5 112.0 186.2 185.0 105.9 250.4 203.3 100.2 156.4 50

51 Pension fund contributions payable -2.0 4.4 0.7 2.5 -1.2 -2.2 -1.3 -0.8 -0.6 -0.4 -0.4 51

52 Other 630.8 1059.3 445.6 -96.4 207.0 27.2 162.2 313.9 324.6 437.8 350.4 52

53 Discrepancy 135.2 128.2 937.0 -311.6 74.2 102.5 -32.9 60.1 167.2 123.9 130.3 53

 Memo:

54 Financing gap (7) 150.9 244.3 186.7 -223.3 -197.3 -247.5 -204.7 -150.7 -186.2 -166.3 -190.9 54

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

(2) Table F.9, line 58.

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

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

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

(6) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table F.216.

(7) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).
Z.1, September 16, 2011 21

F.103 Nonfarm Nonfinancial Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving = consumption of fixed capital 140.7 161.9 187.9 187.1 185.8 185.2 185.1 185.8 187.3 188.6 190.8 1

 2 Gross saving less net capital transfers paid (1) 140.7 161.9 191.2 193.1 193.6 189.6 201.1 193.8 189.9 191.1 194.2 2

 3 Gross investment 140.7 161.9 191.2 193.1 193.6 189.6 201.1 193.8 189.9 191.1 194.2 3

 4 Capital expenditures 276.2 286.3 241.1 181.0 186.1 176.5 188.1 190.0 189.7 195.9 204.5 4

 5 Fixed investment (2) 273.3 284.8 243.3 189.0 182.7 174.5 184.2 184.5 187.6 192.6 201.4 5

 6 Change in inventories 2.9 1.5 -2.1 -7.9 3.4 2.0 3.9 5.5 2.1 3.3 3.0 6

 7 Net lending (+) or net borrowing (-) -135.5 -124.4 -49.9 12.1 7.5 13.1 13.1 3.8 0.1 -4.8 -10.3 7

 8 Net acquisition of financial assets 515.3 475.9 95.9 -283.3 -163.2 -212.3 -186.4 -173.8 -80.5 -58.8 -33.7 8

 9 Checkable deposits and currency 73.1 65.7 3.3 -38.8 -22.4 -29.1 -25.6 -23.8 -11.0 -8.1 -4.6 9

10 Time and savings deposits 20.3 14.9 -1.2 -28.0 -16.1 -20.9 -18.4 -17.1 -7.9 -5.8 -3.3 10

11 Money market mutual funds 3.2 2.2 1.0 -5.9 -3.4 -4.4 -3.9 -3.6 -1.7 -1.2 -0.7 11

12 Treasury securities 0.2 3.0 -7.5 -4.0 -2.3 -3.0 -2.7 -2.5 -1.1 -0.8 -0.5 12

13 Municipal securities 1.3 -0.5 -0.4 -0.4 -0.2 -0.3 -0.3 -0.2 -0.1 -0.1 -0.0 13

14 Mortgages -1.5 7.4 -3.0 -3.1 -1.8 -2.3 -2.0 -1.9 -0.9 -0.6 -0.4 14

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

16 Trade receivables 40.0 54.7 -3.0 -40.8 -23.5 -30.6 -26.8 -25.0 -11.6 -8.5 -4.8 16

17 Miscellaneous assets 378.9 328.4 106.6 -162.3 -93.5 -121.6 -106.8 -99.6 -46.1 -33.7 -19.3 17

18 Insurance receivables 1.6 1.7 2.1 0.2 0.6 -0.3 2.5 1.7 -1.5 -0.2 5.0 18

19 Equity investment in GSEs (3) 0.1 0.3 1.6 0.0 0.0 -0.1 0.8 0.2 -0.8 -0.3 0.5 19

20 Other 377.2 326.4 102.9 -162.6 -94.2 -121.2 -110.1 -101.5 -43.8 -33.2 -24.7 20

21 Net increase in liabilities 650.8 600.3 145.9 -295.4 -170.8 -225.3 -199.5 -177.6 -80.6 -54.0 -23.3 21

22 Credit market instruments 408.6 454.8 321.8 -299.3 -199.4 -359.0 -253.0 -160.8 -24.8 -73.0 -6.4 22

23 Bank loans n.e.c. 113.0 139.4 117.7 -195.4 -77.1 -202.6 -96.2 -62.1 52.3 35.9 55.6 23

24 Other loans and advances 14.4 11.1 33.2 -8.7 3.2 -14.2 1.7 21.9 3.5 -47.7 -6.3 24

25 Mortgages 281.3 304.3 170.9 -95.2 -125.5 -142.1 -158.6 -120.7 -80.6 -61.3 -55.6 25

26 Trade payables 20.0 29.3 -11.9 -34.0 -19.6 -25.5 -22.4 -20.9 -9.7 -7.1 -4.0 26

27 Taxes payable 9.0 3.8 6.7 -7.8 -4.5 -5.8 -5.1 -4.8 -2.2 -1.6 -0.9 27

28 Miscellaneous liabilities 144.8 94.2 114.1 111.8 68.7 177.4 88.6 14.0 -5.1 44.4 -3.5 28

29 Proprietors’ net investment 68.4 18.2 -284.8 -66.1 -16.0 -12.4 -7.5 -5.2 -38.9 -16.6 -8.5 29

(1) Net capital transfers paid from table F.9, line 59.

(2) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 11 and 17 respectively.

(3) Equity in the Farm Credit System.

F.104 Farm Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 26.2 30.2 29.5 31.6 32.7 32.2 32.4 32.9 33.5 33.6 34.0 1

 2 Corporate 4.6 7.8 6.2 7.9 8.8 8.4 8.6 8.9 9.4 9.2 9.3 2

 3 Noncorporate = consumption of fixed capital 21.6 22.3 23.3 23.8 23.9 23.7 23.8 23.9 24.2 24.4 24.7 3

 4 Gross investment 77.3 55.2 31.2 35.2 39.9 37.9 40.5 38.6 42.7 45.1 55.4 4

 5 Capital expenditures 28.4 32.4 41.1 34.5 40.7 44.2 42.5 37.4 38.8 36.5 37.7 5

 6 Fixed investment (2) 32.0 33.1 39.5 36.3 42.3 38.9 41.5 43.6 45.3 46.0 47.2 6

 7 Change in inventories -3.6 -0.7 1.6 -1.8 -1.6 5.3 1.0 -6.2 -6.5 -9.4 -9.5 7

 8 Net lending (+) or net borrowing (-) 48.9 22.8 -9.9 0.7 -0.8 -6.2 -2.0 1.3 3.8 8.6 17.7 8

 9 Net acquisition of financial assets 6.2 5.2 2.8 2.5 1.6 1.6 1.6 1.7 1.7 4.6 4.6 9

10 Checkable deposits and currency 2.1 1.8 0.9 0.9 0.6 0.6 0.6 0.6 0.6 1.6 1.6 10

11 Miscellaneous assets 4.1 3.4 1.8 1.7 1.1 1.1 1.1 1.1 1.1 3.0 3.0 11

12 Insurance receivables 3.9 2.9 2.4 1.7 0.6 0.9 1.7 -0.2 0.1 2.6 3.3 12

13 Equity investment in GSEs (3) 0.2 0.5 -0.6 0.0 0.5 0.2 -0.6 1.3 1.0 0.4 -0.2 13

14 Net increase in liabilities -42.7 -17.6 12.7 1.9 2.4 7.8 3.6 0.4 -2.2 -4.0 -13.1 14

15 Credit market instruments 14.2 14.6 5.1 -6.3 11.1 -0.5 4.1 23.3 17.5 -30.9 2.5 15

16 Bank loans n.e.c. 3.3 2.3 3.2 -0.1 -0.3 -1.7 -0.3 0.2 0.7 -3.4 -0.9 16

17 Other loans and advances 7.6 7.6 -20.1 -2.8 6.4 -3.7 -0.5 18.1 11.7 -22.8 8.1 17

18 Mortgages 3.3 4.6 22.0 -3.4 4.9 4.9 4.9 5.0 5.0 -4.7 -4.8 18

19 Trade payables -7.0 -4.1 22.5 6.6 -6.1 6.1 1.5 -18.4 -13.6 27.1 -6.5 19

20 Proprietors’ net investment (noncorporate) -49.9 -28.1 -14.9 1.6 -2.6 2.3 -2.0 -4.5 -6.1 -0.2 -9.1 20

21 Discrepancy (corporate) -51.1 -25.0 -1.7 -3.6 -7.2 -5.8 -8.2 -5.7 -9.1 -11.5 -21.4 21

(1) Corporate and noncorporate farms.

(2) Nonresidential fixed investment, shown in table F.6, line 12.

(3) Equity in the Farm Credit System.
22 Z.1, September 16, 2011

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

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Current receipts, NIPA basis 1829.7 1923.1 1944.8 1953.6 2064.7 2034.0 2043.3 2082.1 2099.3 2092.5 2120.0 1

 2 Personal current taxes 302.5 323.1 334.4 284.8 297.5 289.9 286.6 300.5 313.1 319.0 323.6 2

 3 Taxes on production and imports 887.4 932.7 944.6 920.6 952.6 942.6 948.6 955.4 963.6 980.7 989.2 3

 4 Taxes on corporate income 59.2 57.8 47.4 47.4 57.9 64.2 58.2 57.9 51.1 51.7 53.4 4

 5 Contributions for govt. social insurance 21.8 18.9 19.0 20.2 20.8 20.6 20.7 20.9 21.1 21.3 21.6 5

 6 Income receipts on assets 103.5 114.5 106.8 93.3 90.9 91.4 91.5 90.5 90.3 90.6 89.1 6

 7 Current transfer receipts 456.7 485.1 505.0 597.8 655.9 635.4 648.3 668.1 671.8 642.1 656.4 7

 8 Current surplus of government enterprises -1.3 -9.1 -12.3 -10.5 -10.8 -10.0 -10.6 -11.1 -11.6 -12.9 -13.3 8

 9 Current expenditures, NIPA basis 1778.6 1910.8 2017.0 2031.7 2090.0 2066.2 2071.6 2087.4 2134.8 2149.7 2168.6 9

10 Consumption expenditures 1282.3 1368.9 1449.2 1425.5 1443.5 1443.1 1441.8 1438.9 1450.1 1471.7 1483.1 10

11 Govt. social benefit payments to persons 402.9 433.7 456.7 498.1 534.6 513.9 518.5 535.5 570.6 563.6 570.6 11

12 Interest payments 93.0 101.1 108.1 106.7 110.4 107.6 109.2 111.4 113.2 113.7 114.5 12

13 Subsidies 0.4 7.1 3.0 1.4 1.6 1.6 2.1 1.6 1.0 0.9 0.4 13

14 - Wage accruals less disbursements 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Net state and local govt. saving, NIPA basis 51.0 12.2 -72.2 -78.1 -25.3 -32.3 -28.2 -5.2 -35.5 -57.2 -48.6 15

16 + Consumption of fixed capital 162.7 178.7 191.2 199.0 204.0 201.1 203.1 205.0 206.8 209.2 212.6 16

17 - Net capital transfers paid (2) -57.4 -58.9 -62.8 -67.3 -78.3 -63.7 -78.0 -88.0 -83.7 -72.3 -75.9 17

18 = Gross saving less net capital transfers paid 271.2 249.8 181.8 188.3 257.0 232.5 252.9 287.8 255.0 224.3 239.9 18

19 Gross investment 323.4 268.9 226.0 278.8 306.2 334.4 284.2 334.5 271.7 275.5 275.9 19

20 Fixed investment 304.4 329.0 348.8 349.3 336.5 329.5 338.3 342.3 335.9 322.8 318.1 20

21 Nonproduced nonfinancial assets 11.1 13.8 14.1 14.4 14.5 14.4 14.4 14.6 14.8 15.2 15.5 21

22 Net lending (+) or net borrowing (-) 7.9 -74.0 -137.0 -84.9 -44.8 -9.4 -68.5 -22.3 -79.0 -62.4 -57.7 22

23 Net acq. of financial assets 196.1 154.1 -46.3 62.5 100.4 134.2 -37.5 131.5 173.7 -126.8 -97.4 23

24 Checkable deposits and currency 5.4 -4.8 8.5 19.2 6.7 2.7 10.7 10.2 3.0 14.1 27.6 24

25 Time and savings deposits 26.2 36.4 19.1 10.8 -0.4 20.1 -32.3 6.8 3.6 5.4 19.6 25

26 Money market fund shares 6.8 3.4 -1.4 4.5 4.7 7.2 -2.9 6.2 8.2 -1.3 -1.1 26

27 Security RPs 13.5 6.6 -2.7 8.8 9.2 14.1 -5.7 12.2 16.2 -2.5 -2.2 27

28 Credit market instruments 128.5 27.2 -125.4 -30.8 -3.0 20.6 -82.0 8.4 40.9 -127.7 -146.2 28

29 Open market paper 17.6 -11.3 -63.5 -53.5 -28.0 -21.5 -47.5 -24.0 -18.8 -43.3 -42.9 29

30 Treasury securities 45.5 7.1 -48.6 20.1 7.3 -6.4 13.3 4.3 18.1 -57.4 -72.7 30

31 Agency- and GSE-backed securities 38.3 18.8 -7.6 -15.0 6.2 20.2 -36.3 14.8 26.1 -27.2 -26.3 31

32 Municipal securities 0.5 0.2 -0.1 0.3 0.3 0.5 -0.2 0.4 0.6 -0.1 -0.1 32

33 Corporate and foreign bonds 12.1 6.0 -2.4 7.9 8.3 12.7 -5.2 11.0 14.6 -2.3 -2.0 33

34 Mortgages 14.5 6.4 -3.2 9.4 2.8 15.1 -6.1 1.8 0.4 2.5 -2.3 34

35 Corporate equities -4.4 2.7 22.9 17.6 -26.4 -48.5 20.5 -38.7 -38.7 -27.2 0.7 35

36 Mutual fund shares -1.3 0.5 14.3 -7.2 -7.7 -5.1 -4.6 -10.6 -10.6 -7.7 0.2 36

37 Trade receivables 13.8 6.8 -2.7 9.0 9.4 14.5 -5.9 12.5 16.6 -2.6 -2.3 37

38 Taxes receivable 11.5 0.8 -4.1 -18.2 -17.1 -8.4 -16.5 -18.8 -24.8 -27.8 -27.7 38

39 Miscellaneous assets -3.9 74.5 25.2 48.9 125.2 117.0 81.2 143.2 159.3 50.4 34.0 39

40 Net increase in liabilities 188.1 228.1 90.7 147.4 145.3 143.6 31.1 153.8 252.7 -64.4 -39.7 40

41 Credit market instruments 153.7 191.0 51.5 109.7 106.9 105.6 -7.3 115.2 214.0 -103.5 -79.1 41

42 Municipal securities 153.1 190.4 50.6 108.9 106.0 105.1 -7.7 114.7 211.9 -104.0 -79.9 42

43 Short-term -3.1 17.3 12.5 2.9 14.5 -2.7 -15.7 27.0 49.2 -8.4 -35.4 43

44 Other 156.2 173.1 38.1 105.9 91.5 107.8 8.0 87.7 162.8 -95.6 -44.4 44

45 U.S. government loans 0.6 0.7 0.8 0.8 0.9 0.6 0.4 0.5 2.0 0.4 0.8 45

46 Trade payables 34.4 37.0 39.2 37.7 38.4 38.0 38.4 38.6 38.7 39.1 39.4 46

47 Discrepancy -52.3 -19.1 -44.2 -90.5 -49.2 -101.9 -31.3 -46.7 -16.7 -51.3 -36.0 47

(1) Data for retirement funds are shown in table F.119.

(2) Table F.9, line 62.
Z.1, September 16, 2011 23

F.106 Federal Government

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Current receipts, NIPA basis 2524.5 2654.7 2502.2 2232.5 2429.6 2364.8 2407.8 2475.4 2470.5 2527.9 2564.8 1

 2 Personal current taxes 1049.9 1165.6 1101.3 856.6 896.4 856.5 888.7 912.3 927.8 1046.8 1070.9 2

 3 Taxes on production and imports 99.4 94.5 94.0 97.3 101.5 98.3 102.0 103.6 101.9 106.7 112.7 3

 4 Taxes on corporate income 395.0 362.8 233.7 201.7 329.6 322.3 318.1 348.9 329.1 345.4 339.8 4

 5 Taxes from the rest of the world 14.0 14.7 18.8 14.7 13.3 13.2 13.2 13.0 13.9 14.3 14.9 5

 6 Contributions for govt. social insurance 904.6 945.3 973.1 948.9 970.9 960.3 969.9 975.5 977.9 894.6 905.9 6

 7 Income receipts on assets 26.1 29.8 30.7 48.1 53.1 49.8 52.3 55.3 55.0 54.6 54.4 7

 8 Current transfer receipts 38.3 44.8 54.4 69.8 69.7 69.1 68.6 71.6 69.7 68.1 67.4 8

 9 Current surplus of government enterprises -2.9 -2.7 -3.7 -4.4 -4.8 -4.7 -4.9 -4.8 -4.9 -2.7 -1.2 9

10 Current expenditures, NIPA basis 2728.3 2900.0 3115.7 3450.4 3703.3 3636.6 3685.8 3733.1 3757.8 3729.0 3829.1 10

11 Consumption expenditures 811.0 848.9 931.7 986.6 1054.0 1033.9 1056.0 1066.6 1059.6 1059.1 1077.1 11

12 Government social benefits 1193.1 1267.5 1401.2 1617.9 1724.9 1706.5 1712.2 1733.0 1747.7 1741.5 1754.8 12

13 Other current transfer payments 394.0 423.0 440.7 535.7 588.8 576.5 576.8 598.9 602.9 571.2 592.0 13

14 Interest payments 279.2 313.2 292.1 251.9 279.9 264.9 286.2 279.1 289.4 298.0 342.8 14

15 Subsidies 51.0 47.4 49.9 58.3 55.8 54.8 54.7 55.4 58.2 59.2 62.4 15

16 - 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 16

17 Net federal government saving, NIPA basis -203.8 -245.2 -613.5 -1217.9 -1273.7 -1271.8 -1278.0 -1257.7 -1287.3 -1201.1 -1264.4 17

18 + Consumption of fixed capital 106.6 112.6 120.0 124.7 130.0 127.9 129.4 130.5 132.3 134.6 136.8 18

19 - Insurance and pension reserves (1) 0.1 0.1 -0.6 0.5 -1.7 -3.4 -1.0 -2.1 -0.4 -2.1 -0.1 19

20 - Contr. for govt. soc. insur., U.S.-affiliated areas 4.6 4.7 4.8 4.9 4.9 4.8 4.9 4.9 4.9 4.4 4.4 20

21 - Net capital transfers paid (2) 42.7 56.3 65.8 82.2 108.1 82.1 115.7 116.1 118.6 112.7 113.9 21

22 = Gross saving less net capital transfers paid -144.6 -193.8 -563.5 -1180.8 -1254.9 -1227.3 -1268.1 -1246.1 -1278.0 -1181.5 -1245.8 22

23 Gross investment -157.7 -217.2 -649.0 -1144.1 -1215.6 -1235.5 -1519.5 -944.5 -1163.0 -1256.5 -318.7 23

24 Fixed investment 120.7 127.4 148.4 156.1 168.8 161.3 168.5 170.8 174.7 160.9 160.0 24

25 Nonproduced nonfinancial assets -13.3 -1.3 -19.2 -7.1 0.2 -0.2 -0.8 1.8 0.1 0.3 -0.2 25

26 Net lending (+) or net borrowing (-) -265.0 -343.3 -778.2 -1293.1 -1384.7 -1396.6 -1687.2 -1117.1 -1337.8 -1417.7 -478.6 26

27 Net acq. of financial assets -14.0 0.2 573.2 232.0 309.2 266.3 239.2 361.3 370.2 -568.7 30.9 27

28 U.S. official reserve assets -2.7 -0.4 4.2 51.9 1.6 2.7 0.5 4.1 -1.0 16.3 24.8 28

29 Checkable deposits and currency -2.7 25.1 313.1 -174.2 148.9 151.4 197.3 71.7 175.2 -846.0 -14.9 29

30 Time and savings deposits 0.2 1.2 -1.3 0.3 0.1 0.4 -0.7 -0.2 0.8 -1.8 0.5 30

31 Credit market instruments 6.1 6.6 86.5 296.1 85.3 59.8 21.1 181.3 79.0 121.9 -73.4 31

32 Agency- and GSE-backed securities 0.0 0.0 54.4 142.0 -47.2 -40.0 -44.3 -43.7 -60.7 -43.1 -139.1 32

33 Corporate and foreign bonds 0.0 0.0 0.0 0.6 0.3 0.1 0.3 0.4 0.5 -0.0 0.0 33

34 Other loans and advances 0.6 -2.2 6.0 66.0 3.5 14.4 -1.7 3.7 -2.2 8.6 -11.6 34

35 Mortgages 3.7 2.1 13.5 12.6 -1.8 -5.2 5.2 -7.2 0.0 4.9 6.2 35

36 Consumer credit (3) 1.9 6.7 12.6 75.0 130.4 90.6 61.5 228.1 141.4 151.5 71.1 36

37 Corporate equities (4) 0.0 0.0 256.3 0.6 15.1 -14.4 65.7 10.7 -1.7 68.7 54.5 37

38 Trade receivables -11.6 1.2 4.2 -21.1 -0.7 -5.7 -13.6 1.3 15.1 -5.1 3.1 38

39 Taxes receivable -6.3 -35.5 -61.9 43.0 62.5 64.8 34.8 66.5 84.2 78.7 29.0 39

40 Miscellaneous assets 3.1 1.9 -28.0 35.4 -3.5 7.3 -65.8 26.0 18.6 -1.3 7.3 40

41 Net increase in liabilities 251.1 343.5 1351.4 1525.1 1693.9 1662.9 1926.4 1478.4 1708.1 849.0 509.5 41

42 SDR allocations 0.0 0.0 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 42

43 SDR certificates 0.0 0.0 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43

44 Treasury currency 0.6 -0.7 -0.8 -0.4 -0.3 0.0 -0.0 -1.1 0.0 0.0 0.0 44

45 Credit market instruments 183.4 237.1 1239.2 1443.9 1580.2 1605.1 1849.8 1390.9 1475.1 741.5 826.4 45

46 Savings bonds -2.7 -6.0 -2.4 -2.8 -3.3 -4.0 -3.1 -2.6 -3.5 -4.6 -3.9 46

47 Other Treasury securities 186.4 243.4 1241.4 1446.5 1582.9 1608.7 1851.8 1393.0 1477.9 744.9 830.1 47

48 Budget agency securities -0.3 -0.4 0.2 0.1 0.7 0.3 1.1 0.5 0.8 1.2 0.2 48

49 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 49

50 Trade payables 6.2 29.3 22.6 -51.6 22.5 27.2 -4.8 14.4 53.4 49.9 -12.1 50

51 Insurance reserves 1.5 1.2 1.0 1.1 0.9 -0.3 0.7 0.7 2.5 0.3 1.7 51

52 Miscellaneous liabilities (5) 59.4 76.6 89.5 81.4 90.6 30.9 80.7 73.5 177.1 57.2 -306.5 52

53 Nonmarketable securities held by pension plans 35.8 33.3 63.3 61.9 65.7 52.0 55.4 63.3 92.1 66.6 -305.9 53

54 Other 23.6 43.3 26.2 19.5 24.9 -21.1 25.3 10.3 85.0 -9.4 -0.6 54

55 Discrepancy 13.1 23.4 85.5 -36.7 -39.3 8.2 251.3 -301.6 -115.0 75.0 -927.1 55

 Memo:

56 Change in cash balance (6) -5.5 27.5 308.6 -173.2 148.9 100.1 243.4 72.5 179.8 -910.5 48.2 56

(1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves.

(2) Table F.9, line 61 less line 12.

(3) Student loans.

(4) Corporate equities purchased from financial businesses under the Troubled Asset Relief Program (TARP) and from GSEs at issuance price.

(5) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military

 retirement fund, and foreign service retirement and disability fund.

(6) Time and savings deposits (line 30) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 8).
24 Z.1, September 16, 2011

F.107 Rest of the World

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Foreign income from U.S. 2990.5 3248.7 3381.9 2600.3 3021.8 2905.4 2995.0 3057.4 3129.4 3269.7 3378.8 1

 2 U.S. imports 2240.3 2374.8 2556.5 1974.6 2356.7 2245.3 2345.0 2400.9 2435.5 2595.4 2686.4 2

 3 U.S. income payments to rest of world 648.6 747.7 686.9 487.5 513.5 504.6 502.8 501.6 545.0 525.0 534.2 3

 4 Current taxes and trans. payments to rest of world 101.5 126.2 138.4 138.2 151.6 155.5 147.2 155.0 148.9 149.3 158.2 4

 5 Foreign outlays to U.S. 2192.1 2532.6 2702.9 2222.8 2542.7 2423.5 2512.9 2569.5 2664.7 2776.2 2873.4 5

 6 U.S. exports 1471.0 1661.7 1846.8 1583.0 1839.8 1749.5 1813.8 1860.6 1935.3 2024.1 2082.2 6

 7 U.S. income receipts from rest of world 721.1 871.0 856.1 639.8 702.9 674.0 699.0 708.9 729.4 752.1 791.2 7

 8 - Net capital transfers paid (1) -2.0 -0.4 5.4 -0.6 -0.7 -0.5 -0.5 -1.2 -0.5 -0.5 -0.5 8

 9 Gross saving less net capital transfers paid (2) 800.4 716.4 673.6 378.0 479.9 482.4 482.7 489.1 465.3 494.0 505.9 9

10 Gross investment 807.3 618.1 736.6 245.8 254.1 129.9 112.3 657.0 117.4 624.1 99.5 10

11 Nonproduced nonfinancial assets -0.1 0.5 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 11

12 Net lending (+) or net borrowing (-) 807.4 617.6 736.6 245.8 254.1 129.9 112.3 657.0 117.4 624.1 99.6 12

13 Net acquisition of financial assets 1835.4 1692.8 501.4 181.8 1082.5 802.8 1093.5 1185.7 1247.9 1659.5 705.6 13

14 Monetary gold (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 SDR allocations 0.0 0.0 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Net interbank assets -9.4 -153.6 419.8 -294.0 -58.7 -87.9 20.8 -199.5 31.9 953.1 -402.2 16

17 U.S. checkable deposits and currency 11.4 -5.4 64.0 -9.2 29.5 11.6 12.4 33.0 61.0 77.9 63.6 17

18 U.S. time deposits 11.5 40.3 65.5 -43.1 4.5 -33.5 14.9 23.6 12.9 71.8 -3.4 18

19 Money market fund shares 4.1 19.0 23.7 10.6 2.4 2.4 2.4 2.4 2.4 2.4 2.4 19

20 Security RPs (net) 2.4 -35.2 -231.5 -83.9 -129.6 -249.7 -366.6 17.7 80.3 231.5 -66.1 20

21 Credit market instruments 973.6 943.8 357.7 143.9 520.2 455.2 545.9 843.9 235.6 14.4 68.7 21

22 Open market paper 46.7 -8.3 -45.1 -41.4 0.8 10.2 -26.8 20.6 -0.8 32.9 -24.9 22

23 Treasury securities 150.3 165.3 711.6 555.0 654.2 633.2 608.7 1030.6 344.4 47.2 222.3 23

24 Official 208.6 98.4 548.7 569.9 397.8 363.3 216.0 785.8 226.1 110.0 412.1 24

25 Private -58.2 66.8 162.9 -14.9 256.4 269.8 392.7 244.8 118.4 -62.7 -189.8 25

26 Agency- and GSE-backed securities 224.0 248.8 -228.6 -226.0 -89.1 -153.3 45.9 -127.8 -121.0 -91.1 -100.0 26

27 Official 203.6 236.1 -31.3 -169.5 -88.1 -61.5 86.7 -261.0 -116.7 44.5 -8.3 27

28 Private 20.4 12.7 -197.3 -56.5 -0.9 -91.8 -40.8 133.2 -4.3 -135.6 -91.7 28

29 Municipal securities 5.4 10.7 5.4 6.5 16.0 16.0 16.0 16.0 16.0 8.8 8.0 29

30 U.S. corporate bonds (4) 541.0 424.6 -21.4 -125.7 -39.4 -100.4 -104.6 30.4 16.9 -30.3 -71.5 30

31 Loans to U.S. corporate business 6.2 102.7 -64.1 -24.5 -22.4 49.5 6.7 -125.9 -20.0 46.8 34.9 31

32 U.S. corporate equities 96.2 218.5 105.1 192.6 152.1 230.5 131.5 123.5 123.1 91.2 99.3 32

33 Mutual fund shares 45.2 38.2 -2.0 17.7 17.8 28.7 5.6 22.6 14.4 49.0 22.7 33

34 Trade receivables 5.9 20.8 6.5 6.6 19.4 33.7 24.9 1.1 18.1 5.7 8.9 34

35 Security credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 35

36 Miscellaneous assets 694.5 606.5 -307.4 192.9 524.8 411.9 701.7 317.6 668.1 162.6 911.7 36

37 Foreign direct investment in U.S. (5) 243.2 221.2 310.1 158.6 236.2 208.3 135.7 318.6 282.2 114.0 190.9 37

38 Other 451.4 385.4 -617.5 34.3 288.6 203.5 566.0 -1.1 385.9 48.6 720.8 38

39 Net increase in liabilities 1028.0 1075.2 -235.2 -64.0 828.3 672.9 981.2 528.7 1130.5 1035.4 606.1 39

40 U.S. official reserve assets -2.4 0.1 4.8 52.3 1.8 3.1 0.7 4.4 -0.8 14.5 25.1 40

41 U.S. private deposits 87.2 256.0 -394.3 -106.1 71.7 4.4 151.2 33.6 97.4 181.8 -32.2 41

42 Credit market instruments 332.6 170.3 -226.2 211.7 88.2 119.1 -43.5 132.0 145.1 221.4 -17.4 42

43 Commercial paper 98.4 -69.3 -71.0 59.4 -2.7 -24.9 -55.6 13.9 55.8 128.9 -43.2 43

44 Bonds 227.8 218.7 -158.8 163.2 72.8 143.0 -0.6 89.8 58.9 44.2 13.4 44

45 Bank loans n.e.c. 13.8 24.1 5.1 -11.2 17.9 -0.5 13.8 28.2 29.9 47.9 13.7 45

46 Official -0.7 -0.0 0.7 0.6 1.1 -0.7 1.1 1.0 3.0 -0.1 -4.2 46

47 Banks 3.8 8.3 2.8 -5.1 11.8 10.2 10.7 4.1 22.3 24.2 13.7 47

48 Other 10.7 15.8 1.6 -6.6 4.9 -9.9 2.0 23.1 4.6 23.8 4.1 48

49 U.S. government loans -7.4 -3.3 -1.5 0.3 0.2 1.5 -1.1 0.1 0.5 0.5 -1.4 49

50 Acceptance liabilities to banks -0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50

51 Foreign corporate equities (6) 137.3 147.8 -38.5 63.6 79.1 45.1 89.0 67.6 114.8 188.5 106.8 51

52 Trade payables 6.2 12.4 -9.9 7.4 27.8 36.4 17.3 34.5 22.9 -6.0 -62.0 52

53 Security debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 53

54 Miscellaneous liabilities 467.0 488.6 428.9 -292.9 559.8 464.8 766.4 256.7 751.1 435.2 585.8 54

55 U.S. equity in IBRD, etc. 2.0 1.7 1.4 1.7 2.3 1.9 5.3 1.3 0.8 2.3 5.8 55

56 Nonofficial foreign currencies -0.0 23.9 529.8 -543.3 -10.1 -41.1 5.6 -4.5 -0.3 -0.6 1.2 56

57 U.S. direct investment abroad (4,5) 244.9 414.0 329.1 303.6 351.4 440.6 277.9 314.9 372.0 356.8 536.3 57

58 Other 220.1 49.0 -431.3 -54.8 216.2 63.4 477.6 -55.0 378.7 76.7 42.4 58

59 Discrepancy (FOF basis) (7) -6.9 98.3 -63.0 132.2 225.7 352.4 370.4 -167.9 347.9 -130.1 406.4 59

 Memo:

60 Net U.S. exports, NIPA basis -769.3 -713.1 -709.7 -391.5 -516.9 -495.8 -531.2 -540.3 -500.2 -571.3 -604.2 60

61 + Net U.S. income receipts (8) 72.4 123.3 169.2 152.3 189.4 169.5 196.2 207.4 184.4 227.1 257.0 61

62 - Current taxes and trans. payments to rest of world 101.5 126.2 138.4 138.2 151.6 155.5 147.2 155.0 148.9 149.3 158.2 62

63 = Balance on current account, NIPAs -798.4 -716.0 -679.0 -377.4 -479.2 -481.9 -482.2 -487.9 -464.7 -493.5 -505.4 63

(1) Table F.9, line 64.

(2) Line 1 minus line 5 minus line 8; equals net lending or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 63 with the sign reversed minus line 8.

(3) U.S. net sales, sign reversed.

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

(5) Direct investment is valued on a current-cost basis. Excludes capital gains and losses.

(6) Includes American Depositary Receipts (ADRs).

(7) Balance of payments discrepancy adjusted to NIPA concepts.

(8) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.
Z.1, September 16, 2011 25

F.108 Financial Business (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving less net capital transfers paid 292.5 208.1 81.7 322.2 298.1 292.6 298.2 276.8 324.9 301.7 292.0 1

 2 Gross investment 446.5 288.1 -68.4 275.9 80.8 305.9 -160.4 -157.1 334.9 186.9 386.9 2

 3 Capital expenditures 166.2 178.2 195.1 168.0 186.4 180.1 183.7 192.6 189.2 190.8 196.0 3

 4 Fixed residential investment 3.5 -9.3 0.1 -0.1 4.7 6.2 3.0 7.7 1.7 1.6 3.9 4

 5 Fixed nonresidential investment 162.7 187.5 195.0 168.1 181.7 173.9 180.7 184.9 187.5 189.2 192.1 5

 6 Net lending (+) or net borrowing (-) 280.3 109.9 -263.4 107.9 -105.6 125.8 -344.0 -349.6 145.7 -3.9 191.0 6

 7 Net acqisition of financial assets 4033.8 4763.5 4511.2 -1696.6 -744.7 -1186.6 -1794.6 500.0 -497.5 4250.5 1663.6 7

 8 U.S. official reserve assets 0.3 0.5 0.6 0.3 0.3 0.4 0.2 0.3 0.2 -1.8 0.3 8

 9 SDR certificates 0.0 0.0 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Treasury currency 1.7 0.5 -0.0 4.0 0.9 0.2 1.8 0.8 0.5 1.0 0.8 10

11 Foreign deposits -10.6 43.2 2.0 -32.2 8.7 -18.7 0.3 45.6 7.7 6.6 18.8 11

12 Net interbank assets 0.1 54.2 1351.5 -349.5 -106.9 -6.0 -360.8 -166.6 106.1 1794.6 765.0 12

13 Checkable deposits and currency 54.3 34.2 56.1 -29.4 -30.5 -90.0 151.0 -152.2 -30.6 22.0 119.3 13

14 Time and savings deposits 16.8 85.6 117.3 198.0 -100.1 -315.7 -258.3 133.5 40.0 -39.3 -22.7 14

15 Money market fund shares 57.9 336.2 307.5 -182.9 -194.6 -546.3 -266.7 4.8 29.9 -98.5 -70.3 15

16 Federal funds and security RPs 81.9 269.2 -66.2 -121.0 -2.3 90.4 49.6 34.4 -183.4 257.7 57.6 16

17 Credit market instruments 2854.0 3055.7 2348.1 -843.2 -279.9 -287.1 -884.1 237.3 -185.8 1406.6 907.7 17

18 Open market paper 222.1 -86.4 33.2 -395.3 -97.4 -233.4 -148.3 173.0 -180.7 205.9 18.1 18

19 Treasury securities 87.4 112.7 435.9 444.6 556.8 809.0 226.5 404.5 786.9 1674.5 1087.9 19

20 Agency- and GSE-backed securities 134.2 306.8 857.0 605.7 -18.7 287.7 -99.3 -61.1 -202.2 -1.4 45.3 20

21 Municipal securities 123.4 180.1 51.7 15.3 28.6 -3.8 -13.0 89.4 42.0 -76.7 -0.8 21

22 Corporate and foreign bonds 499.8 584.3 7.1 210.5 257.2 247.0 197.3 730.6 -146.1 195.2 162.7 22

23 Bank loans n.e.c. 126.9 335.1 693.7 -774.6 -105.4 -141.8 -150.1 -159.5 29.8 112.1 109.5 23

24 Other loans and advances 166.4 424.7 152.6 -472.4 -225.1 -331.2 -271.6 -205.9 -91.7 -201.2 -204.8 24

25 Mortgages 1398.3 1066.9 91.9 -289.3 -493.8 -700.4 -492.2 -449.9 -332.8 -415.6 -321.0 25

26 Consumer credit 95.6 131.6 25.0 -187.6 -182.1 -220.2 -133.3 -283.9 -90.9 -86.2 10.8 26

27 Corporate equities 124.3 166.3 -8.9 51.4 -2.1 -142.8 -29.3 -82.7 246.3 -122.5 3.2 27

28 Mutual fund shares 102.6 117.2 24.7 101.4 73.9 85.8 116.1 15.4 78.3 87.0 83.4 28

29 Trade receivables 13.4 1.8 -14.9 -38.0 -8.6 -17.2 3.5 1.7 -22.5 9.5 5.4 29

30 Security credit 131.1 65.7 -274.2 -21.8 97.9 -20.4 136.2 61.9 213.9 92.0 81.4 30

31 Miscellaneous assets 605.9 533.3 667.6 -436.8 -201.4 80.8 -454.0 365.7 -798.0 835.6 -286.2 31

32 Net increase in liabilities 3753.5 4653.6 4774.6 -1804.5 -639.1 -1312.4 -1450.5 849.6 -643.1 4254.4 1472.7 32

33 Net interbank liabilities -11.3 -97.5 1801.9 -609.1 -185.7 -192.4 -520.1 -305.2 274.7 2801.6 147.9 33

34 Checkable deposits and currency -19.9 36.7 568.4 -7.9 266.3 36.6 439.9 112.0 476.9 -511.1 509.5 34

35 Time and savings deposits 608.2 599.9 334.2 375.4 116.1 -130.0 -167.3 547.9 213.9 215.3 918.7 35

36 Money market fund shares 305.3 720.9 724.2 -499.0 -502.9 -1109.4 -576.6 -130.6 -195.1 -92.6 -60.3 36

37 Federal funds and security RPs 403.2 8.1 -889.5 207.8 -201.3 107.9 -542.6 -340.8 -29.8 104.9 -228.3 37

38 Credit market instruments 1296.4 1798.9 902.0 -1844.1 -986.3 -1295.6 -1119.4 -722.6 -807.6 -172.7 -1099.0 38

39 Open market paper 196.3 -111.4 -125.6 -448.2 -101.7 -201.7 -189.0 189.6 -206.0 92.2 -99.8 39

40 Agency- and GSE-backed securities 328.2 905.7 768.7 -60.1 -46.9 109.5 -20.0 -212.3 -64.7 274.8 -333.4 40

41 Corporate and foreign bonds 806.4 703.2 -277.3 -589.1 -609.6 -971.1 -652.5 -355.6 -459.3 -476.3 -471.6 41

42 Bank loans n.e.c. -62.3 70.9 496.1 -467.5 -90.2 -86.6 -108.8 -103.4 -62.1 -34.3 -115.3 42

43 Other loans and advances 21.2 225.8 33.3 -282.6 -144.7 -146.6 -151.1 -244.0 -37.3 -40.4 -97.4 43

44 Mortgages 6.6 4.7 6.8 3.4 6.9 0.8 1.9 3.1 21.8 11.3 18.5 44

45 Corporate equities 59.5 178.6 637.6 313.9 190.1 37.1 344.4 209.1 169.9 99.2 193.1 45

46 Mutual fund shares 336.8 364.7 31.0 490.5 385.5 558.6 22.7 563.1 397.7 1004.6 381.7 46

47 Trade payables 5.2 -2.4 -24.7 48.9 -52.0 -31.4 -40.9 12.3 -148.0 1.6 2.9 47

48 Security credit 151.8 243.0 -237.3 -134.0 48.4 51.8 77.6 38.5 25.7 -22.0 310.4 48

49 Life insurance reserves 64.1 33.0 66.0 25.4 16.4 1.2 13.1 48.3 2.9 34.5 59.6 49

50 Pension fund reserves 250.9 201.1 125.7 135.4 224.9 192.2 165.2 219.9 322.3 131.6 -103.4 50

51 Taxes payable 14.3 -23.5 -133.6 6.1 13.0 -10.6 5.7 32.6 24.3 33.2 -6.5 51

52 Equity in noncorporate business -6.8 2.4 11.5 -3.6 0.4 0.5 5.8 -8.5 3.7 -9.0 -5.7 52

53 Miscellaneous liabilities 295.8 589.9 857.2 -310.2 28.0 471.1 442.1 573.5 -1374.7 635.3 452.2 53

54 Discrepancy -154.0 -80.0 150.0 46.3 217.3 -13.3 458.6 433.8 -10.0 114.9 -94.9 54

(1) Sum of financial sectors shown on tables F.109 through F.130.
26 Z.1, September 16, 2011

F.109 Monetary Authority (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 4.7 1.2 3.0 -0.7 -8.5 -4.6 3.0 -13.6 -18.8 -0.1 0.0 1

 2 Fixed nonresidential investment 0.7 0.8 0.6 0.7 0.7 0.6 0.7 0.7 0.7 0.7 0.7 2

 3 Net acquisition of financial assets 29.6 43.1 1319.3 -3.4 186.0 432.5 63.9 -216.3 463.6 977.3 896.7 3

 4 U.S. official reserve assets 0.3 0.5 0.6 0.3 0.3 0.4 0.2 0.3 0.2 -1.8 0.3 4

 5 SDR certificates 0.0 0.0 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Treasury currency 1.7 0.5 -0.0 4.0 0.9 0.2 1.8 0.8 0.5 1.0 0.8 6

 7 Federal Reserve float -1.2 0.3 -1.5 -0.6 0.7 1.9 -1.3 1.5 0.6 0.2 1.9 7

 8 Federal Reserve loans to domestic banks -0.0 48.6 511.1 -463.1 -96.4 -340.4 -43.4 -1.5 -0.3 -0.7 0.2 8

 9 Discount window (2) -0.0 48.6 495.4 -447.4 -96.4 -340.4 -43.4 -1.5 -0.3 -0.7 0.2 9

10 AMLF (3) 0.0 0.0 15.7 -15.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Security RPs -6.0 5.8 33.5 -80.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11

12 Credit market instruments 34.7 -38.3 245.4 1001.6 271.5 803.3 106.9 -221.5 397.3 1043.0 842.0 12

13 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Treasury securities 34.7 -38.3 -264.7 300.7 244.9 147.2 -34.0 65.3 801.2 1438.6 1073.8 14

15 Agency- and GSE-backed securities 0.0 0.0 19.7 1048.5 71.4 677.7 180.8 -201.0 -372.2 -279.8 -176.4 15

16 Bank loans n.e.c. 0.0 0.0 490.4 -347.6 -44.8 -21.6 -39.9 -85.8 -31.8 -115.7 -55.4 16

17 Households (TALF) (4) 0.0 0.0 0.0 47.5 -22.8 -1.2 -19.0 -51.1 -20.0 -22.0 -25.8 17

18 Rest of world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 Brokers and dealers (5) 0.0 0.0 45.5 -45.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Funding corporations (Maiden Lane) (6) 0.0 0.0 29.1 0.1 -3.4 0.2 0.2 -4.5 -9.4 -6.8 -10.1 20

21 Funding corporations (AIG) 0.0 0.0 38.9 -16.7 -2.2 12.8 -2.8 -23.1 4.2 -79.8 0.0 21

22 Funding corporations (Maiden Lane II) (7) 0.0 0.0 19.5 -3.5 -2.5 -2.9 -2.4 -2.4 -2.3 -2.6 -17.0 22

23 Funding corporations (Maiden Lane III) (8) 0.0 0.0 24.4 -5.9 -4.4 -4.7 -4.1 -4.6 -4.3 -4.6 -2.4 23

24 Funding corporations (CPFF) (9) 0.0 0.0 333.0 -323.6 -9.4 -25.7 -11.8 0.0 0.0 0.0 0.0 24

25 Corporate equities (10) 0.0 0.0 0.0 25.1 1.3 1.2 1.3 1.3 1.3 -105.5 0.0 25

26 Miscellaneous assets 0.1 25.8 530.2 -493.8 7.8 -34.1 -1.6 2.9 64.0 41.1 51.5 26

27 Nonofficial foreign currencies (11) 0.0 24.0 529.7 -543.5 -10.2 -41.1 5.0 -4.7 0.1 -0.3 0.0 27

28 Other 0.1 1.8 0.5 49.6 18.0 7.0 -6.5 7.6 64.0 41.4 51.5 28

29 Net increase in liabilities 27.2 39.9 1316.7 -8.0 185.1 431.2 49.5 -219.4 479.0 978.2 895.9 29

30 Depository institution reserves -0.3 2.1 839.2 117.0 -8.9 307.6 -321.5 -155.7 134.0 1755.7 755.8 30

31 Vault cash of commercial banks 1.6 3.3 2.7 -2.8 -2.2 24.9 5.4 -10.9 -28.2 39.3 7.1 31

32 Checkable deposits and currency 23.5 17.8 428.2 -117.6 185.0 84.8 361.3 64.0 230.0 -822.6 165.1 32

33 Due to federal government 0.2 11.4 349.3 -173.8 149.0 100.0 287.0 81.0 128.2 -897.0 78.5 33

34 Treasury cash holdings 0.1 0.0 0.0 -0.0 -0.1 -0.1 0.0 0.0 -0.2 0.1 -0.2 34

35 Treasury general deposit account 0.1 11.4 90.0 80.5 -45.9 -379.8 -13.0 81.0 128.5 -117.3 78.8 35

36 Treasury temporary supplementary financing account 0.0 0.0 259.3 -254.3 195.0 479.9 299.9 -0.0 0.0 -779.9 0.0 36

37 Due to rest of the world 0.0 -0.0 1.3 1.0 0.9 -3.0 -1.8 5.0 3.5 -12.8 0.9 37

38 Due to government-sponsored enterprises -1.2 0.9 19.4 14.0 -21.6 -63.2 32.2 -93.5 37.9 -13.3 -11.6 38

39 Currency outside banks 24.5 5.5 58.2 41.2 56.7 50.9 44.0 71.5 60.4 100.6 97.2 39

40 Security RPs -0.9 14.4 44.4 -10.6 -18.0 -79.9 37.8 -13.7 -16.4 9.9 32.6 40

41 Miscellaneous liabilities 3.2 2.5 2.2 6.1 29.2 93.8 -33.5 -103.1 159.6 -4.1 -64.6 41

42 Federal Reserve Bank stock 1.8 3.1 2.6 4.6 0.9 2.5 1.5 0.3 -0.6 -0.9 0.8 42

43 Other 1.4 -0.7 -0.5 1.5 28.3 91.4 -35.0 -103.4 160.3 -3.2 -65.4 43

44 Discrepancy 1.6 -2.8 -0.2 -6.0 -10.1 -6.6 -12.1 -17.5 -4.1 0.1 -1.5 44

(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.

(2) Loans extended to domestic banks through term auction credit, primary credit, secondary credit, and seasonal credit.

(3) Loans extended to domestic banks through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).

(4) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF).

(5) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and AMLF.

(6) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.’s acquisition of Bear Stearns Companies, Inc.

(7) Loan extended by the Federal Reserve to Maiden Lane II LLC to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of AIG subsidiaries.

(8) Loan extended by the Federal Reserve to Maiden Lane III LLC to purchase CDOs on which AIG has written credit default swap contracts.

(9) Loan extended by the Federal Reserve to Commercial Paper Funding Facility LLC.

(10) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance

 Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG.

(11) Reciprocal currency arrangements (swap lines) with foreign central banks.
Z.1, September 16, 2011 27

F.110 U.S.-Chartered Commercial Banks

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving less net capital transfers paid (1) -22.4 -45.1 3.3 86.1 41.6 79.0 17.1 29.1 41.1 68.7 57.5 1

 2 Fixed nonresidential investment -0.8 -1.5 23.8 22.0 21.9 22.9 22.2 21.5 20.9 19.8 18.5 2

 3 Net acquisition of financial assets 711.6 613.8 1245.3 -81.9 -355.1 -98.0 -700.2 -503.1 -119.0 787.9 448.1 3

 4 Vault cash and reserves at Federal Reserve 2.3 4.4 562.9 44.4 -91.2 55.1 -132.0 -250.4 -37.3 515.9 683.3 4

 5 Total bank credit 685.4 570.3 547.6 -154.4 -196.4 -321.4 -464.7 11.3 -11.0 -187.1 -74.8 5

 6 Open market paper 0.0 0.0 15.7 -15.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Treasury securities -2.2 11.1 -19.6 64.3 93.9 233.1 20.8 83.5 38.3 -28.0 -105.1 7

 8 Agency- and GSE-backed securities 47.5 -111.4 139.7 148.4 87.1 -17.4 -24.9 186.7 204.1 124.1 -7.6 8

 9 Residential mortgage pass-through securities 68.8 -54.9 152.0 -0.5 -14.7 -148.6 -145.6 119.2 116.0 38.8 -41.6 9

10 Commercial mortgage pass-through securities 0.0 0.0 0.0 0.1 -0.2 0.4 -0.9 0.1 -0.4 1.4 2.2 10

11 Residential CMOs and other structured MBS -5.1 -4.4 14.3 59.9 117.3 179.1 96.2 105.9 88.2 75.9 110.5 11

12 Commercial CMOs and other structured MBS 0.0 0.0 0.0 0.1 -0.3 -1.6 -0.5 0.3 0.4 4.4 1.8 12

13 Other -16.1 -52.0 -26.6 89.0 -14.9 -46.7 25.9 -38.7 -0.1 3.5 -80.6 13

14 Municipal securities 21.7 12.0 23.2 1.0 28.4 0.7 -2.1 33.4 81.7 17.8 16.0 14

15 Corporate and foreign bonds 59.1 101.7 -30.4 49.9 -88.2 -160.0 -94.8 -0.8 -97.4 -55.4 -19.8 15

16 Private residential mortgage pass-through securities 8.8 15.5 -24.4 9.2 -9.3 -7.8 -27.2 -1.4 -0.9 26.1 -23.5 16

17 Private commercial mortgage pass-through securities 0.0 0.0 0.0 1.1 -6.5 -2.9 -19.9 -2.6 -0.5 -8.7 0.5 17

18 Private residential CMOs and other structured MBS 12.7 64.8 -1.5 -20.8 -64.5 -119.2 -50.5 -42.5 -45.8 -28.4 -24.2 18

19 Private commercial CMOs and other structured MBS 0.0 0.0 0.0 -3.7 -1.3 -1.6 -3.0 -1.0 0.2 -18.3 -0.5 19

20 Other 37.6 21.4 -4.5 64.2 -6.6 -28.5 5.8 46.6 -50.4 -26.1 27.9 20

21 Bank loans n.e.c. 62.9 233.7 137.9 -298.1 -45.4 -117.4 -76.6 -60.2 72.4 130.8 92.9 21

22 Mortgages 436.8 225.7 190.0 -16.1 -186.5 -267.1 -251.4 -15.9 -211.5 -315.6 -168.3 22

23 Consumer credit 34.2 62.9 74.5 -50.6 -73.7 11.5 -51.3 -119.0 -135.8 -54.7 63.0 23

24 Security credit 20.9 29.3 12.8 -59.2 -5.8 8.0 17.7 -81.6 32.8 -0.7 44.3 24

25 Corporate equities 0.7 1.6 2.4 6.8 -0.5 5.7 -6.8 -5.4 4.5 -3.9 16.1 25

26 Mutual fund shares 3.9 3.6 1.3 14.8 -5.8 -18.5 4.7 -9.5 -0.2 -1.6 -6.4 26

27 Customers’ liab. on acceptances (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27

28 Miscellaneous assets 23.9 39.1 134.8 28.1 -67.5 168.4 -103.6 -264.0 -70.7 459.1 -160.5 28

29 Net increase in liabilities 573.0 521.1 1232.7 92.2 -233.7 -177.4 -268.9 -144.8 -343.8 780.5 305.2 29

30 Net interbank liabilities 71.1 139.0 789.0 -562.8 -246.3 -870.5 -189.6 -32.6 107.7 37.4 -876.0 30

31 Federal Reserve float -1.2 0.3 -1.5 -0.6 0.7 1.9 -1.3 1.5 0.6 0.2 1.9 31

32 Borrowing from Federal Reserve banks -0.0 48.6 511.1 -463.1 -96.4 -340.4 -43.4 -1.5 -0.3 -0.7 0.2 32

33 To domestic banking -38.1 32.2 113.4 -4.9 -62.4 -171.0 -136.1 -64.4 121.7 133.2 -578.3 33

34 To foreign banks 110.5 58.0 166.1 -94.2 -88.1 -361.0 -8.8 31.7 -14.3 -95.3 -299.8 34

35 Checkable deposits -36.6 9.0 140.8 80.9 70.3 -57.7 81.0 40.9 217.1 282.4 348.2 35

36 Federal government -5.9 14.9 -39.5 0.3 -0.1 -0.3 -42.8 -8.2 50.7 -11.7 -30.9 36

37 Rest of the world 9.4 5.0 31.2 -28.7 -3.8 4.1 7.1 -19.7 -6.7 45.9 -2.0 37

38 Private domestic -40.1 -10.9 149.1 109.3 74.3 -61.5 116.7 68.9 173.1 248.1 381.0 38

39 Small time and savings deposits 277.8 255.0 540.2 382.9 276.9 329.8 200.7 307.0 269.9 208.2 918.0 39

40 Large time deposits 129.9 23.1 24.6 -174.0 -150.1 -106.1 -90.1 -138.5 -265.8 -15.2 -37.4 40

41 Federal funds and security RPs (net) 21.4 -36.1 -259.0 244.9 -190.9 225.8 -200.0 -459.0 -330.2 -98.8 -52.3 41

42 Open market paper 0.0 0.0 0.0 0.0 -19.7 0.0 13.0 -26.3 -65.3 -14.9 -0.5 42

43 Corporate bonds 27.5 25.1 8.0 -28.3 10.3 -25.9 -9.0 26.6 49.5 -11.0 -3.4 43

44 Other loans and advances 80.0 106.7 71.0 -124.2 -124.1 -92.8 -131.6 -175.9 -96.0 10.3 -63.3 44

45 Corporate equity issues 9.3 4.3 10.4 10.1 11.4 15.6 10.6 16.2 3.2 6.4 8.5 45

46 Taxes payable (net) -1.1 -13.6 -85.7 7.1 6.9 -24.3 36.0 -0.9 16.8 16.9 20.7 46

47 Miscellaneous liabilities -6.4 8.6 -6.7 255.5 121.5 428.7 10.0 297.7 -250.5 358.8 42.7 47

48 Investment by bank holding companies 114.1 130.7 46.6 106.9 -46.7 -20.3 92.6 83.3 -342.5 -31.9 163.0 48

49 Other -120.5 -122.2 -53.3 148.6 168.2 448.9 -82.6 214.4 92.0 390.7 -120.3 49

50 Discrepancy -160.2 -136.2 -33.1 238.1 141.0 -23.3 426.1 366.0 -204.6 41.6 -103.9 50

 Memo:

51 Credit market funds advanced (3) 660.0 535.7 531.1 -116.8 -184.3 -316.6 -480.2 107.7 -48.1 -180.9 -128.7 51

52 Consumer leases not included above (4) 0.0 -1.8 -1.7 -2.6 -0.8 2.4 -4.5 -1.2 0.2 -0.2 0.2 52

(1) Net capital transfers paid from table F.9, line 54.

(2) Included in other loans and advances (table F.216).

(3) Total bank credit (line 5) less security credit (line 20) less corporate equities (line 21) less mutual fund shares (line 22) plus customers’ liability on acceptances (line 23).

(4) 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 nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.
28 Z.1, September 16, 2011

F.111 Foreign Banking Offices in U.S. (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 3.3 3.6 2.5 2.5 2.6 2.5 2.6 2.6 2.6 2.7 2.7 1

 2 Fixed nonresidential investment 4.2 4.1 2.9 2.7 2.6 2.5 2.6 2.7 2.8 2.8 2.9 2

 3 Net acquisition of financial assets 10.1 219.8 576.8 -357.3 68.4 269.6 177.0 537.9 -710.9 1468.6 426.6 3

 4 Reserves at Federal Reserve -0.3 0.4 238.0 45.1 66.7 189.4 -129.5 63.9 143.0 1160.3 120.9 4

 5 Total bank credit 154.6 204.6 -25.4 -281.8 -1.0 -39.5 42.5 557.6 -564.6 -8.4 145.8 5

 6 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 6

 7 Treasury securities -1.0 3.6 5.1 25.9 4.7 6.5 -17.4 58.8 -29.0 34.5 -8.2 7

 8 Agency- and GSE-backed securities 4.2 2.0 -6.6 -18.4 -4.7 -2.5 -4.2 -0.8 -11.5 9.0 -0.6 8

 9 Municipal securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Corporate and foreign bonds 29.8 77.0 32.1 -156.7 -11.0 -33.1 63.2 440.5 -514.6 -53.3 25.6 10

11 Bank loans n.e.c. 67.1 105.0 65.1 -125.4 -16.1 -8.8 -28.5 -14.2 -12.9 65.1 83.8 11

12 Mortgages 4.1 14.1 5.2 -6.4 -2.5 0.3 -6.7 -3.6 0.2 -6.1 -3.2 12

13 Security credit 50.6 3.0 -126.3 -0.8 28.5 -1.9 36.0 76.9 3.0 -57.5 48.6 13

14 Corporate equities 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.2 -0.0 -0.2 14

15 Customers’ liab. on acceptances (2) -0.3 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Miscellaneous assets -143.9 14.7 364.4 -120.7 2.7 119.8 263.9 -83.6 -289.3 316.7 160.0 16

17 Net increase in liabilities 9.8 222.9 572.1 -355.9 69.6 268.2 176.0 545.3 -711.1 1482.4 425.2 17

18 Net interbank liabilities -71.3 -191.1 240.5 -158.9 47.3 327.8 -78.0 -134.0 73.4 958.3 112.0 18

19 To foreign banks -78.6 -169.4 244.7 -176.3 40.0 304.2 -106.3 -153.4 115.5 993.3 155.1 19

20 To domestic banks 7.2 -21.7 -4.3 17.5 7.3 23.6 28.3 19.4 -42.1 -35.0 -43.1 20

21 Checkable deposits -0.0 2.6 1.7 2.6 5.7 1.0 0.2 8.4 13.3 -4.4 9.8 21

22 Small time and savings deposits 8.6 6.9 0.1 4.4 5.8 1.2 5.3 76.7 -60.2 27.7 19.2 22

23 Large time deposits 132.8 273.4 -123.2 173.9 -49.6 -215.5 -272.7 199.6 90.2 112.2 33.3 23

24 Federal funds and security RPs (net) 49.0 -13.6 -96.3 40.3 52.9 74.6 46.0 48.6 42.6 -26.5 -87.3 24

25 Acceptance liabilities -0.3 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Miscellaneous liabilities -109.0 144.8 549.5 -418.2 7.5 79.0 475.1 346.0 -870.3 415.2 338.3 26

27 Foreign direct investment in U.S. 13.8 -0.8 24.8 15.3 7.5 13.3 9.3 10.2 -3.0 15.6 5.3 27

28 Due to affiliates 8.6 43.7 35.6 -73.5 -31.5 -55.6 -155.1 106.7 -22.0 69.5 -62.1 28

29 Other -131.3 101.9 489.1 -360.0 31.5 121.3 620.9 229.2 -845.4 330.1 395.1 29

30 Discrepancy -1.2 2.6 -5.1 1.3 1.1 -1.4 -1.0 7.3 -0.3 13.7 -1.6 30

 Memo:

31 Credit market funds advanced (3) 103.7 201.7 100.7 -281.0 -29.5 -37.6 6.6 480.7 -567.8 49.2 97.4 31

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank (through 2008:Q4).

(2) Included in other loans and advances (table F.216).

(3) Total bank credit (line 5) less security credit (line 13) less corporate equities (line 14) plus customers’ liability on acceptances (line 15).
Z.1, September 16, 2011 29

F.112 Bank Holding Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 115.3 109.8 80.5 96.8 108.2 76.3 139.8 99.7 117.1 130.6 140.2 1

 2 Fixed nonresidential investment 29.3 39.5 52.2 54.1 55.1 52.0 54.7 56.4 57.5 58.5 59.9 2

 3 Net acquisition of financial assets 200.2 122.4 195.9 41.2 -38.1 -96.1 88.0 390.2 -534.3 206.7 16.6 3

 4 Credit market instruments 3.3 23.2 13.9 -16.0 22.1 13.2 -64.2 180.3 -40.7 30.8 -1.4 4

 5 Treasury securities 1.4 4.6 -4.0 2.7 13.8 -0.1 -3.1 48.8 9.6 -14.2 -28.4 5

 6 Agency- and GSE-backed securities -0.0 -1.3 15.9 -7.0 -3.2 -7.0 -1.8 32.1 -36.2 4.6 37.1 6

 7 Corporate and foreign bonds 4.9 19.2 -0.0 -8.4 7.3 10.3 -64.8 99.2 -15.5 8.5 0.6 7

 8 Bank loans n.e.c. -2.9 0.7 2.0 -3.2 4.3 10.0 5.6 0.2 1.3 32.0 -10.6 8

 9 Miscellaneous assets 196.8 99.2 182.1 57.2 -60.2 -109.3 152.1 209.9 -493.6 175.9 18.0 9

10 Investment in bank subsidiaries 114.1 130.7 46.6 106.9 -46.7 -20.3 92.6 83.3 -342.5 -31.9 163.0 10

11 Investment in nonbank subsidiaries 46.3 -63.0 42.0 -91.4 -15.6 -5.8 11.9 104.1 -172.6 27.1 -196.3 11

12 Other 36.5 31.5 93.4 41.7 2.1 -83.2 47.6 22.5 21.6 180.6 51.2 12

13 Net increase in liabilities 117.3 47.2 154.7 -11.3 -98.1 -125.0 -3.9 338.9 -602.4 125.5 -73.3 13

14 Net interbank liabilities -12.3 -50.9 -69.5 -1.6 24.4 17.9 63.6 28.1 -12.2 10.8 149.0 14

15 To domestic banks 29.0 -8.7 -78.6 21.9 34.9 49.1 -72.3 106.0 57.0 -44.2 406.4 15

16 To foreign banks -41.3 -42.2 9.1 -23.5 -10.6 -31.2 135.9 -77.9 -69.2 55.1 -257.5 16

17 Federal funds and security RPs (net) 0.1 0.1 -0.4 -19.9 -1.8 -15.0 -30.3 -33.2 71.2 -32.3 -28.4 17

18 Credit market instruments 68.7 129.4 84.0 -10.3 -42.6 -75.4 -118.4 204.4 -180.9 44.3 -186.6 18

19 Commercial paper 20.9 35.0 -39.0 -18.1 3.9 52.7 -41.0 2.7 1.4 35.6 13.3 19

20 Corporate bonds 47.8 94.4 123.0 7.8 -46.5 -128.2 -77.4 201.8 -182.3 8.7 -199.9 20

21 Corporate equity issues -19.8 -28.0 321.4 68.6 19.8 0.6 28.5 45.8 4.4 14.9 -22.4 21

22 Miscellaneous liabilities 80.6 -3.4 -180.7 -48.0 -97.9 -53.0 52.6 93.7 -484.9 87.7 15.1 22

23 Equity, etc. -12.9 -65.3 46.1 13.2 -44.3 -44.0 92.5 97.3 -323.2 57.1 -0.3 23

24 Other 93.5 61.9 -226.8 -61.2 -53.5 -9.0 -39.8 -3.6 -161.7 30.6 15.4 24

25 Discrepancy 3.1 -4.9 -12.9 -9.8 -7.0 -4.6 -6.7 -8.1 -8.5 -9.1 -9.7 25

F.113 Banks in U.S.-Affiliated Areas (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.2 0.1 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1

 2 Fixed nonresidential investment 0.3 0.1 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2

 3 Net acquisition of financial assets -1.2 -0.6 -2.3 -6.4 -15.6 -14.9 -16.9 -17.0 -13.7 -2.6 -4.1 3

 4 Checkable deposits and currency -0.1 -0.3 0.6 1.0 -0.9 -1.3 6.1 -0.5 -7.7 3.1 1.2 4

 5 Credit market instruments -1.7 -6.4 -1.9 -2.8 -19.3 -17.4 -46.2 -11.7 -1.7 -5.1 -10.4 5

 6 Treasury securities -0.2 -1.9 -0.6 -0.7 0.6 1.6 1.5 -0.7 -0.2 0.0 2.1 6

 7 Agency- and GSE-backed securities -5.8 -2.7 -2.0 -3.9 -7.7 -8.4 -8.8 -12.9 -0.6 -23.5 -3.7 7

 8 Municipal securities 0.8 0.7 0.5 0.9 -0.9 -1.5 -4.4 2.9 -0.7 1.2 -1.3 8

 9 Corporate and foreign bonds -0.4 0.1 0.0 1.5 -1.4 -2.3 -3.5 -0.0 0.2 21.1 -2.6 9

10 Bank loans n.e.c. -0.3 -4.2 -1.7 -0.3 -3.3 -4.0 -10.7 0.5 0.8 -0.1 -1.1 10

11 Home mortgages 0.9 4.3 1.4 -0.3 -2.5 -1.5 -5.8 -1.4 -1.3 -5.4 -2.2 11

12 Commercial mortgages 3.2 -2.7 0.4 -0.0 -4.0 -1.4 -14.5 -0.2 0.2 1.5 -1.5 12

13 Miscellaneous assets 0.6 6.1 -1.0 -4.5 4.5 3.7 23.3 -4.7 -4.3 -0.6 5.1 13

14 Net increase in liabilities -1.3 -7.7 -3.4 -1.1 -14.8 -12.5 -18.9 -16.5 -11.4 -2.0 -4.1 14

15 Checkable deposits 0.7 1.7 -1.1 1.4 0.5 0.7 2.1 0.7 -1.3 2.2 3.9 15

16 Small time and savings deposits 1.2 1.1 1.1 -2.9 -5.2 -1.0 -18.3 0.5 -1.9 0.3 -0.8 16

17 Large time deposits 1.2 1.1 1.1 -2.9 -5.2 -1.0 -18.3 0.5 -1.9 0.3 -0.8 17

18 Miscellaneous liabilities -4.4 -11.6 -4.5 3.3 -5.0 -11.2 15.6 -18.2 -6.3 -4.9 -6.4 18

19 Discrepancy -0.1 -7.1 -1.1 5.3 0.8 2.5 -2.0 0.5 2.4 0.5 0.0 19

(1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.
30 Z.1, September 16, 2011

F.114 Savings Institutions (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 6.7 11.1 19.2 6.1 4.0 3.6 1.8 3.9 6.6 6.5 5.9 1

 2 Fixed nonresidential investment 4.2 3.9 3.3 2.7 2.5 2.4 2.5 2.6 2.6 2.7 2.8 2

 3 Net acquisition of financial assets -74.4 99.6 -290.4 -269.8 -12.4 -185.5 -36.6 -54.9 227.3 -209.5 -50.3 3

 4 Reserves at Federal Reserve -0.7 0.6 36.4 6.5 -0.7 39.2 -21.4 -14.2 -6.5 47.3 -23.2 4

 5 Checkable deposits and currency -3.3 -0.5 -11.2 -4.2 -2.4 -14.8 17.5 9.9 -22.1 5.6 5.3 5

 6 Time and savings deposits 3.9 3.3 -1.6 7.0 -0.0 15.4 -3.9 -2.0 -9.5 23.2 -7.9 6

 7 Federal funds and security RPs 9.3 27.3 -10.9 -22.7 -6.6 -10.1 -6.8 -3.2 -6.3 -3.7 4.3 7

 8 Credit market instruments -78.0 63.0 -276.1 -249.6 6.6 -118.9 -15.9 -23.7 184.8 -187.2 -30.2 8

 9 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Treasury securities 4.5 -5.4 -4.1 3.8 -0.9 1.5 -1.8 -2.7 -0.5 0.5 -1.9 10

11 Agency- and GSE-backed securities -13.4 0.3 -3.5 19.6 22.9 36.5 -11.2 16.0 50.5 14.2 -1.3 11

12 Residential mortgage pass-through securities -16.3 5.8 1.9 -12.9 12.5 6.9 2.3 9.9 30.9 -18.9 -10.7 12

13 Commercial mortgage pass-through securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.5 1.6 13

14 Residential CMOs and other structured MBS 2.8 -1.5 5.6 10.2 12.1 15.4 -14.6 19.5 28.1 21.4 18.9 14

15 Commercial CMOs and other structured MBS 0.0 0.0 0.0 -0.0 -0.0 0.0 0.0 0.0 -0.0 0.0 1.1 15

16 Other 0.1 -4.0 -11.0 22.3 -1.7 14.1 1.0 -13.4 -8.5 11.2 -12.2 16

17 Municipal securities 2.5 -0.1 -3.3 1.5 1.8 1.4 1.9 0.4 3.6 -0.9 0.9 17

18 Corporate and foreign bonds 13.2 49.5 -33.7 -24.0 -10.5 -13.6 -0.8 -18.9 -8.8 -12.2 -7.7 18

19 Private residential mortgage pass-through securities 3.1 -4.5 -1.4 -2.6 -0.4 0.3 -0.3 -1.1 -0.5 -0.6 -1.0 19

20 Private commercial mortgage pass-through securities 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 0.1 -0.4 -0.0 20

21 Private residential CMOs and other structured MBS 7.7 39.5 -41.9 -30.8 -6.1 -9.2 -1.4 -9.3 -4.4 -5.8 -3.7 21

22 Private commercial CMOs and other structured MBS 0.0 0.0 0.0 -0.0 -0.0 0.0 0.1 0.0 -0.2 -0.0 0.0 22

23 Other 2.5 14.5 9.5 9.5 -4.1 -4.8 0.8 -8.6 -3.9 -5.4 -3.1 23

24 Other loans and advances 6.0 6.2 6.4 -14.5 6.4 -1.2 -3.7 27.2 3.5 0.6 -25.4 24

25 Mortgages -77.2 17.2 -233.4 -227.3 -18.5 -129.4 -10.6 -51.9 117.9 -181.1 -5.6 25

26 Consumer credit -13.5 -4.8 -4.5 -8.8 5.3 -14.2 10.5 6.1 18.7 -8.3 10.8 26

27 Corporate equities -1.0 -0.1 -1.5 -0.5 -1.3 -9.0 -1.5 0.7 4.8 -5.5 0.7 27

28 Miscellaneous assets -4.5 6.2 -25.4 -6.2 -8.0 -87.3 -4.6 -22.3 82.2 -89.1 0.8 28

29 Net increase in liabilities -82.6 116.7 -251.8 -269.8 -22.5 -201.8 -44.9 -65.5 222.1 -203.6 -54.9 29

30 Deposits 24.6 13.2 -156.0 -53.3 13.9 -138.0 -17.7 44.5 166.7 -112.7 -56.1 30

31 Checkable 0.9 4.5 -2.9 13.1 -0.8 1.5 -3.7 -3.0 2.1 6.4 -8.0 31

32 Small time and savings 28.9 27.6 -59.6 89.4 -5.2 -151.5 -27.9 19.3 139.4 -133.3 -54.9 32

33 Large time -5.2 -19.0 -93.5 -155.8 19.9 12.0 14.0 28.2 25.3 14.3 6.8 33

34 Security RPs -19.2 -24.1 -0.0 1.8 -6.0 1.0 -14.8 -4.2 -6.2 -37.6 -5.0 34

35 Credit market instruments -108.2 104.1 -67.1 -169.6 -29.0 -60.2 -41.6 -61.9 47.9 -39.9 -33.2 35

36 Corporate bonds 2.0 -0.3 -8.0 -0.2 -3.6 -12.4 -0.8 -0.9 -0.2 -2.1 0.2 36

37 Bank loans n.e.c. -44.5 13.3 13.0 -29.8 -1.2 1.4 -10.3 8.6 -4.4 5.7 1.0 37

38 Other loans and advances -65.7 91.1 -72.2 -139.6 -24.2 -49.2 -30.6 -69.6 52.5 -43.4 -34.4 38

39 Corporate equities 0.8 3.3 1.7 1.5 0.5 0.7 0.2 0.6 0.4 0.6 0.4 39

40 Taxes payable -0.4 -2.0 -0.3 0.3 -0.3 1.0 -2.0 -0.5 0.2 1.9 -2.4 40

41 Miscellaneous liabilities 19.7 22.2 -30.1 -50.5 -1.6 -6.4 30.9 -44.1 13.1 -16.0 41.3 41

42 Investment by parent 0.6 0.2 2.5 10.6 -1.0 -0.2 -1.2 2.3 -5.1 1.0 -2.4 42

43 Other 19.1 22.0 -32.6 -61.1 -0.6 -6.3 32.2 -46.5 18.2 -17.0 43.7 43

44 Discrepancy -5.8 24.3 54.4 3.4 -8.7 -15.1 -9.0 -9.4 -1.2 9.6 -1.5 44

(1) State-chartered savings banks, federal savings banks, cooperative banks, and savings and loan associations.
Z.1, September 16, 2011 31

F.115 Credit Unions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 9.9 9.0 7.0 6.8 8.8 8.4 9.0 9.1 8.9 8.3 7.6 1

 2 Fixed nonresidential investment 4.2 3.8 3.9 3.5 3.4 3.2 3.3 3.4 3.5 3.6 3.6 2

 3 Net acquisition of financial assets 30.5 42.5 53.8 70.3 29.3 -20.6 37.5 58.2 42.0 25.2 25.1 3

 4 Reserves at Federal Reserve 0.0 0.0 4.7 18.1 14.1 48.9 -33.3 34.0 6.6 71.5 -18.1 4

 5 Checkable deposits and currency 6.2 -1.1 -5.7 1.4 -6.3 -64.1 52.7 14.9 -28.6 -77.0 50.5 5

 6 Time and savings deposits -4.9 -0.0 11.4 9.5 5.4 6.3 4.3 6.9 4.1 -3.7 -10.4 6

 7 Federal funds and security RPs (net) -1.6 -2.6 -4.8 2.4 -0.1 -0.2 0.1 -0.5 0.0 0.0 0.0 7

 8 Credit market instruments 30.1 35.3 40.0 33.1 13.3 36.8 26.2 -41.0 31.3 49.7 0.4 8

 9 Open market paper 0.2 -0.5 -0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 Treasury securities -0.3 3.0 -1.6 5.3 4.2 6.9 5.5 -25.8 30.3 6.9 -8.4 10

11 Agency- and GSE-backed securities -13.9 -4.1 14.4 27.9 34.8 36.6 30.5 22.5 49.8 45.2 4.7 11

12 Corporate and foreign bonds 7.2 3.9 -8.9 -7.0 -18.6 -0.6 -0.4 -27.4 -46.2 0.0 0.0 12

13 Other loans and advances 0.9 0.0 2.7 2.7 0.8 -4.1 5.0 2.7 -0.5 -6.2 5.7 13

14 Home mortgages 30.1 31.8 33.2 3.2 2.8 15.7 -3.3 9.0 -10.1 17.0 -10.2 14

15 Consumer credit 5.9 1.2 0.5 1.0 -10.7 -17.8 -11.1 -21.9 8.0 -13.2 8.6 15

16 Mutual fund shares -0.1 -0.0 -0.0 -0.7 0.2 0.9 0.0 -0.0 -0.1 0.6 0.6 16

17 Miscellaneous assets 0.8 11.0 8.4 6.4 2.7 -49.1 -12.5 43.8 28.8 -15.9 2.2 17

18 Net increase in liabilities 26.0 39.5 54.5 72.6 25.6 -24.8 32.0 54.2 41.1 19.8 14.4 18

19 Shares/deposits 24.5 31.7 45.1 72.0 34.4 8.5 38.9 55.5 34.7 25.7 25.9 19

20 Checkable -8.5 1.1 1.6 11.6 5.5 6.3 -1.1 1.0 15.8 25.0 -9.5 20

21 Small time and savings 30.5 25.8 43.0 43.4 26.2 -1.1 39.2 50.1 16.4 -3.9 34.7 21

22 Large time 2.5 4.8 0.5 17.0 2.7 3.3 0.8 4.4 2.5 4.6 0.6 22

23 Other loans and advances 4.2 13.4 8.3 -14.1 -0.4 -4.4 -1.6 0.8 3.6 -9.6 -3.5 23

24 Miscellaneous liabilities -2.7 -5.6 1.1 14.7 -8.4 -28.9 -5.3 -2.1 2.7 3.8 -8.0 24

25 Discrepancy 1.3 2.3 3.7 5.6 1.8 1.0 0.1 1.7 4.4 -0.6 -6.8 25

F.116 Property-Casualty Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving less net capital transfers paid (1) 70.2 56.1 30.0 45.1 41.0 40.4 37.9 42.6 43.0 48.4 45.0 1

 2 Fixed nonresidential investment 17.7 19.5 19.9 19.9 20.1 19.0 20.0 20.6 21.0 21.4 21.9 2

 3 Net acquisition of financial assets 64.5 43.0 25.1 40.6 -15.6 -27.2 25.9 32.9 -94.0 26.5 -4.5 3

 4 Checkable deposits and currency 8.9 12.8 -14.8 -0.3 5.0 2.6 35.3 8.9 -26.8 4.8 7.1 4

 5 Money market fund shares 0.7 7.2 12.1 -3.2 -4.0 -17.2 -2.7 13.3 -9.3 8.4 -6.4 5

 6 Security RPs -0.7 1.7 0.8 0.1 -0.7 15.0 -8.8 -0.7 -8.3 -1.2 -4.7 6

 7 Credit market instruments 44.8 5.3 -15.9 33.3 3.9 0.4 1.7 19.7 -6.3 20.4 -19.3 7

 8 Open market paper 0.6 -3.1 5.8 -9.3 -1.9 5.1 -2.9 5.6 -15.5 2.6 -2.0 8

 9 Treasury securities 3.1 -38.7 -5.6 22.9 3.2 -5.7 2.2 10.9 5.5 6.2 -5.2 9

10 Agency- and GSE-backed securities 4.1 3.8 -11.5 1.9 -0.4 -0.4 -0.4 -0.4 -0.4 1.7 -1.9 10

11 Municipal securities 22.1 36.1 10.6 -12.6 -21.0 -21.5 -21.1 -20.8 -20.5 5.2 -5.8 11

12 Corporate and foreign bonds 14.2 5.9 -15.4 30.8 24.3 23.6 24.1 24.6 25.0 4.8 -5.4 12

13 Commercial mortgages 0.7 1.3 0.2 -0.5 -0.3 -0.7 -0.1 -0.1 -0.4 -0.2 1.0 13

14 Corporate equities 2.3 0.5 35.1 -2.4 -20.9 -43.1 -2.1 -22.2 -16.3 1.8 -10.3 14

15 Mutual fund shares 0.5 -0.5 -0.4 0.1 -0.1 -0.0 -0.0 -0.1 -0.1 -0.2 -0.0 15

16 Trade receivables 4.9 -1.6 1.3 -3.7 0.8 7.4 7.7 1.3 -13.1 2.5 15.2 16

17 Miscellaneous assets 3.1 17.6 6.8 16.7 0.4 7.7 -5.2 12.7 -13.7 -9.9 13.9 17

18 Net increase in liabilities 42.1 9.4 14.3 0.2 2.4 -17.3 5.9 21.8 -0.8 -1.2 31.4 18

19 Security RPs -0.1 -0.7 1.9 -1.7 0.8 -0.6 0.7 -0.5 3.7 -3.4 0.2 19

20 Corporate equity issues -8.5 -13.2 0.4 -5.3 -12.7 -23.6 -3.8 -10.0 -13.4 -11.1 2.9 20

21 Taxes payable (net) 11.0 -2.4 -28.1 5.3 5.6 12.6 -25.8 13.6 22.2 8.8 -20.7 21

22 Miscellaneous liabilities 39.7 25.8 40.2 1.9 8.7 -5.6 34.8 18.7 -13.3 4.5 49.0 22

23 Discrepancy 30.1 3.1 -0.6 -15.1 38.8 31.3 -2.1 11.0 115.2 -0.6 59.1 23

(1) Net capital transfers paid from table F.9, line 51.
32 Z.1, September 16, 2011

F.117 Life Insurance Companies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 6.5 5.2 -44.8 16.4 28.2 18.5 40.1 32.1 21.9 19.4 19.3 1

 2 Fixed nonresidential investment 13.1 14.1 14.4 14.3 14.5 13.7 14.4 14.9 15.2 15.4 15.8 2

 3 Net acquisition of financial assets 225.0 240.5 167.1 115.3 189.9 143.2 362.1 230.6 23.8 53.9 240.4 3

 4 Checkable deposits and currency 8.3 2.3 24.4 -32.1 1.0 -12.0 40.3 6.9 -31.2 -17.6 5.7 4

 5 Money market fund shares 9.7 -1.6 17.5 -5.5 -12.7 -15.6 -13.1 -11.7 -10.4 11.3 9.0 5

 6 Security RPs -0.1 0.2 5.2 2.2 0.7 4.4 -1.3 0.1 -0.6 -1.6 -1.4 6

 7 Credit market instruments 67.5 84.8 11.6 139.8 151.6 84.4 158.2 202.8 161.1 150.6 86.2 7

 8 Open market paper 4.3 13.1 -3.4 11.5 -8.9 -58.1 8.0 32.8 -18.3 -31.1 -43.6 8

 9 Treasury securities -7.6 -17.3 35.1 27.7 23.2 20.6 22.3 24.0 25.9 -4.4 10.1 9

10 Agency- and GSE-backed securities 8.8 5.5 -16.7 5.8 4.0 3.6 3.9 4.1 4.5 40.4 14.5 10

11 Municipal securities 4.1 4.8 5.7 26.1 39.2 32.8 36.7 41.2 46.1 11.0 4.3 11

12 Corporate and foreign bonds 29.7 43.1 -45.5 97.6 102.8 100.2 101.7 103.9 105.5 129.2 82.4 12

13 Other loans and advances 9.8 13.2 20.3 -12.6 -0.1 -1.8 -0.7 1.0 1.0 -3.9 -1.6 13

14 Mortgages 18.3 22.4 16.3 -16.3 -8.6 -12.9 -13.7 -4.4 -3.6 9.5 20.1 14

15 Corporate equities 71.4 84.1 81.8 33.4 45.6 66.5 62.6 26.6 26.6 30.1 28.6 15

16 Mutual fund shares 26.9 31.3 -10.7 0.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 16

17 Miscellaneous assets 41.3 39.5 37.2 -22.5 2.8 14.5 114.4 4.9 -122.7 -120.0 111.3 17

18 Net increase in liabilities 202.5 198.7 166.9 30.9 168.1 100.1 317.2 214.7 40.3 86.4 157.8 18

19 Security RPs 0.3 -1.1 -7.3 -0.5 -2.2 -13.1 2.8 4.5 -2.9 -3.0 2.1 19

20 Corporate equity issues -20.0 -30.6 -10.7 -0.9 -4.8 -7.6 -13.3 7.8 -6.1 -8.7 -11.5 20

21 Other loans and advances 2.7 14.5 26.2 -6.6 -3.2 -10.8 0.0 -1.2 -0.8 1.8 2.4 21

22 Life insurance reserves 64.1 33.0 66.0 25.4 16.4 1.2 13.1 48.3 2.9 34.5 59.6 22

23 Pension fund reserves (1) 100.5 118.6 65.5 25.1 104.2 112.9 68.4 139.9 95.7 20.5 133.0 23

24 Taxes payable (net) 4.0 -3.4 -19.7 -7.0 2.6 5.8 -2.7 11.7 -4.5 3.8 -4.8 24

25 Miscellaneous liabilities 50.9 67.6 46.8 -4.6 55.1 11.7 249.0 3.7 -44.0 37.4 -23.1 25

26 Discrepancy -29.1 -50.7 -59.4 -82.4 -8.2 -38.3 -19.2 1.4 23.2 36.4 -79.1 26

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 25).

F.118 Private Pension Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 0.3 0.3 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 1

 2 Fixed nonresidential investment 0.7 1.0 0.8 0.6 0.5 0.5 0.5 0.5 0.5 0.6 0.6 2

 3 Net acquisition of financial assets 53.5 31.7 -36.8 60.0 77.2 46.5 87.8 49.5 125.1 78.7 108.3 3

 4 Checkable deposits and currency 0.4 0.6 0.5 4.2 11.5 10.0 11.8 11.0 13.4 13.2 13.5 4

 5 Time and savings deposits 0.8 4.6 0.3 4.7 4.4 4.0 5.0 3.3 5.4 3.8 3.9 5

 6 Money market fund shares 3.4 3.4 2.3 0.6 -0.1 0.2 0.0 -0.4 -0.2 -0.2 -0.2 6

 7 Security RPs 0.8 3.4 7.3 3.1 0.9 0.3 -19.8 21.9 1.2 0.8 3.0 7

 8 Credit market instruments 58.4 102.5 90.6 111.6 108.0 108.2 97.0 97.5 129.5 80.3 86.9 8

 9 Open market paper 0.2 -4.8 10.2 -10.5 -11.7 -19.7 -14.2 -4.3 -8.6 -0.8 -1.1 9

10 Treasury securities 14.3 38.7 15.4 125.8 176.0 123.6 263.0 238.2 79.0 53.3 79.3 10

11 Agency- and GSE-backed securities 16.6 28.2 21.3 -49.0 -98.1 -38.1 -194.5 -163.1 3.2 -22.5 -21.5 11

12 Corporate and foreign bonds 27.7 39.8 42.7 42.8 40.6 38.5 38.2 28.7 56.9 51.3 31.3 12

13 Mortgages -0.3 0.7 0.9 2.6 1.3 3.9 4.5 -2.1 -1.0 -1.0 -1.0 13

14 Corporate equities -86.5 -188.3 -184.6 -175.6 -111.1 -134.8 -111.1 -111.4 -87.0 -83.6 -80.8 14

15 Mutual fund shares 74.9 88.1 35.5 89.8 82.4 106.3 116.0 28.0 79.2 99.4 91.5 15

16 Miscellaneous assets 1.3 17.5 11.3 21.6 -18.8 -47.6 -11.1 -0.4 -16.3 -34.9 -9.6 16

17 Unallocated insurance contracts (2) -1.5 26.3 38.2 10.1 -4.4 -28.1 14.6 5.2 -9.2 -9.0 0.0 17

18 Contributions receivable -2.0 4.4 0.7 2.5 -1.2 -2.2 -1.3 -0.8 -0.6 -0.4 -0.4 18

19 Other 4.8 -13.2 -27.6 9.0 -13.2 -17.3 -24.4 -4.8 -6.5 -25.5 -9.2 19

20 Pension fund reserves (liabilities) (3) 53.9 32.3 -36.4 60.1 77.3 46.5 87.8 49.5 125.2 78.8 108.4 20

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans).

(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

(3) Equal to the net acquisition of nonfinancial and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.
Z.1, September 16, 2011 33

F.119 State and Local Government Employee Retirement Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 0.4 0.6 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 1

 2 Fixed nonresidential investment 1.0 2.1 1.4 0.9 0.7 0.7 0.7 0.8 0.8 0.8 0.8 2

 3 Net acquisition of financial assets 45.5 0.8 17.0 -28.2 -38.5 -34.1 -64.0 -47.5 -8.5 -48.1 -57.0 3

 4 Checkable deposits and currency -2.7 4.8 -0.2 -0.0 -0.5 0.2 -1.0 -1.2 0.1 3.5 -0.1 4

 5 Time and savings deposits -0.5 -0.1 -0.0 -0.0 -0.0 0.0 -0.0 -0.0 0.0 0.1 -0.0 5

 6 Money market fund shares 2.1 -1.4 1.9 -0.0 -0.4 0.2 -0.8 -0.9 0.1 2.9 -0.1 6

 7 Security RPs 4.5 -2.5 1.8 -0.0 -0.6 0.4 -1.4 -1.5 0.1 4.7 -0.1 7

 8 Credit market instruments 114.6 12.3 13.3 -8.8 -8.2 -3.9 -17.7 -14.0 2.8 34.2 -31.0 8

 9 Open market paper 7.6 -4.4 -12.5 -2.0 -1.6 0.5 -5.6 -1.5 0.1 4.6 -0.1 9

10 Treasury securities 2.4 -14.6 4.8 28.1 11.1 18.5 11.4 14.3 0.3 9.2 -7.6 10

11 Agency- and GSE-backed securities 49.4 23.3 6.3 -30.5 -21.7 -23.6 -34.7 -29.1 0.4 14.1 -11.6 11

12 Municipal securities 1.6 -0.8 -1.0 0.0 0.1 0.0 0.0 0.3 0.0 0.2 -0.2 12

13 Corporate and foreign bonds 55.5 13.6 15.9 -4.3 3.8 0.5 11.3 1.5 1.9 7.0 -11.4 13

14 Mortgages -2.0 -4.7 -0.3 -0.1 0.1 0.3 -0.2 0.4 0.0 -0.8 -0.1 14

15 Corporate equities -70.0 -6.4 1.2 -17.3 -25.8 -27.3 -38.2 -27.4 -10.2 -82.8 -22.4 15

16 Mutual fund shares -3.4 -5.2 -1.1 -2.5 -3.8 -4.0 -5.6 -4.0 -1.5 -12.1 -3.3 16

17 Miscellaneous assets 1.0 -0.6 -0.0 0.5 0.7 0.3 0.8 1.6 0.2 1.4 -0.1 17

18 Pension fund reserves (liabilities) (1) 46.1 2.3 17.7 -28.0 -38.5 -34.1 -64.0 -47.5 -8.5 -48.1 -57.0 18

(1) Equal to the net acquisition of nonfinancial and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

F.120 Federal Government Retirement Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 50.4 47.8 78.9 78.2 81.9 66.9 72.9 78.0 109.9 80.5 -287.8 1

 2 Credit market instruments 8.4 11.7 24.2 7.4 11.0 6.5 17.0 18.9 1.6 13.9 15.7 2

 3 Treasury securities 8.3 11.3 24.2 6.8 10.1 5.8 15.7 14.9 3.9 14.9 13.7 3

 4 Agency- and GSE-backed securities 0.1 0.3 0.0 0.6 0.7 0.5 1.0 2.6 -1.3 -0.5 1.3 4

 5 Corporate and foreign bonds -0.0 0.1 -0.1 0.1 0.2 0.2 0.3 1.4 -1.1 -0.6 0.7 5

 6 Corporate equities 6.3 2.7 -8.6 8.8 5.2 8.4 0.6 -4.2 16.2 0.0 2.4 6

 7 Miscellaneous assets(2) 35.8 33.3 63.3 61.9 65.7 52.0 55.4 63.3 92.1 66.6 -305.9 7

 8 Pension fund reserves (liabilities) (3) 50.4 47.8 78.9 78.2 81.9 66.9 72.9 78.0 109.9 80.5 -287.8 8

(1) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds.

(2) Includes nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military

 retirement fund, and foreign service retirement and disability fund.

(3) Liabilities of the sector are assets of the household sector.
34 Z.1, September 16, 2011

F.121 Money Market Mutual Funds (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net acquisition of financial assets 305.3 720.9 724.2 -499.0 -502.9 -1109.4 -576.6 -130.6 -195.1 -92.6 -60.3 1

 2 Foreign deposits -10.6 43.2 2.0 -32.2 8.7 -18.7 0.3 45.6 7.7 6.6 18.8 2

 3 Checkable deposits and currency 7.5 -4.8 5.6 10.4 -3.7 1.7 0.2 -0.7 -16.1 55.9 15.7 3

 4 Time and savings deposits 23.7 63.9 84.6 217.9 -105.2 -310.1 -276.6 139.2 26.8 -58.6 -6.9 4

 5 Security RPs 48.7 211.3 -63.5 -62.5 -0.5 -94.8 228.1 -10.7 -124.6 -90.8 217.3 5

 6 Credit market instruments 220.0 375.6 738.6 -644.0 -410.0 -630.6 -344.8 -330.8 -334.0 58.5 -109.8 6

 7 Open market paper 116.1 66.3 -56.1 -108.0 -116.3 -205.7 -142.1 -12.2 -105.1 69.9 -27.0 7

 8 Treasury securities -5.9 95.5 399.5 -171.3 -71.0 -25.0 -77.8 -143.8 -37.4 141.3 21.9 8

 9 Agency- and GSE-backed securities -28.7 104.5 520.3 -213.2 -140.1 -304.3 -43.6 -76.9 -135.7 -104.6 -57.3 9

10 Municipal securities 33.5 100.7 23.6 -93.3 -66.9 -119.9 -53.6 -59.5 -34.7 -45.9 -45.5 10

11 Corporate and foreign bonds 105.1 8.5 -148.8 -58.1 -15.7 24.4 -27.7 -38.3 -21.0 -2.3 -1.9 11

12 Miscellaneous assets 15.9 31.8 -43.1 11.3 7.7 -57.1 -183.9 26.8 245.0 -64.2 -195.4 12

13 Net share issues (liabilities) 305.3 720.9 724.2 -499.0 -502.9 -1109.4 -576.6 -130.6 -195.1 -92.6 -60.3 13

(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 11.4 13.4 -5.7 -83.3 -103.6 -96.4 -102.0 -106.5 -109.4 -103.6 -103.6 1

 2 Net acquisition of financial assets 336.8 364.7 31.0 490.5 385.5 558.6 22.7 563.1 397.7 1004.6 381.7 2

 3 Security RPs 17.4 -0.6 -7.4 28.6 -15.8 -12.9 -90.0 29.4 10.3 324.3 3.8 3

 4 Credit market instruments 184.9 271.1 73.3 380.7 374.3 517.4 163.6 565.3 250.8 527.5 385.1 4

 5 Open market paper 17.4 -0.4 -62.5 28.6 -13.9 -4.4 -120.5 48.0 21.2 320.5 -35.1 5

 6 Treasury securities 5.0 18.5 8.7 67.6 41.9 57.7 33.7 64.0 12.4 2.9 34.7 6

 7 Agency- and GSE-backed securities 15.7 66.2 27.3 46.4 152.0 180.7 105.5 200.5 121.4 9.1 108.7 7

 8 Municipal securities 32.7 27.8 17.4 90.6 46.4 85.2 50.9 74.4 -24.9 -45.9 19.5 8

 9 Corporate and foreign bonds 104.3 123.0 69.9 146.2 147.0 197.3 93.2 177.6 120.1 192.2 215.3 9

10 Other loans and advances 9.8 36.1 12.4 1.3 0.8 0.9 0.8 0.8 0.6 48.7 42.0 10

11 Corporate equities 131.3 91.3 -38.1 86.3 39.1 80.4 -29.0 -3.7 108.6 142.2 -7.3 11

12 Miscellaneous assets 3.3 2.8 3.2 -5.1 -12.0 -26.4 -21.8 -27.8 28.0 10.5 -0.0 12

13 Net share issues (liabilities) 336.8 364.7 31.0 490.5 385.5 558.6 22.7 563.1 397.7 1004.6 381.7 13

14 Discrepancy 11.4 13.4 -5.7 -83.3 -103.6 -96.4 -102.0 -106.5 -109.4 -103.6 -103.6 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.123 Closed-End and Exchange-Traded Funds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 Closed-end funds

 1 Net acquisition of financial assets 8.0 17.6 -63.4 5.1 -0.6 -3.4 4.2 13.5 -16.5 1.9 0.3 1

 2 Credit market instruments 6.0 -0.9 -41.1 9.4 4.2 10.0 -8.2 9.2 6.0 8.3 -2.6 2

 3 Treasury securities 0.2 -1.7 -2.4 1.2 0.7 2.5 -0.5 0.5 0.4 0.5 -0.1 3

 4 Municipal securities 0.0 1.9 -13.3 2.9 -0.6 0.9 0.6 1.9 -5.9 -2.6 -0.2 4

 5 Corporate and foreign bonds 5.7 -1.0 -25.3 5.3 4.1 6.6 -8.2 6.8 11.4 10.3 -2.3 5

 6 Corporate equities 2.0 18.4 -22.3 -4.2 -4.8 -13.4 12.3 4.4 -22.5 -6.3 2.9 6

 7 Net share issues (liabilities) 8.0 17.6 -63.4 5.1 -0.6 -3.4 4.2 13.5 -16.5 1.9 0.3 7

 Exchange-traded funds

 8 Net acquisition of financial assets 74.0 150.5 177.2 116.5 117.8 27.9 123.5 133.2 186.7 94.3 116.8 8

 9 Credit market instruments 5.7 13.3 23.0 46.0 29.7 41.2 45.4 35.2 -3.2 29.7 43.6 9

10 Treasury securities 3.4 6.6 7.4 14.7 9.2 18.4 22.2 -0.8 -2.8 7.1 15.6 10

11 Municipal securities 0.0 0.6 1.7 3.6 1.7 2.6 2.9 2.2 -0.8 -0.6 1.1 11

12 Corporate and foreign bonds 2.4 6.2 13.9 27.6 18.7 20.2 20.3 33.7 0.4 23.1 27.0 12

13 Corporate equities 68.3 137.2 154.2 70.5 88.2 -13.3 78.1 98.0 189.9 64.7 73.1 13

14 Net share issues (liabilities) 74.0 150.5 177.2 116.5 117.8 27.9 123.5 133.2 186.7 94.3 116.8 14
Z.1, September 16, 2011 35

F.124 Government-Sponsored Enterprises (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 4.1 4.8 6.7 9.7 10.7 10.0 10.7 11.2 10.9 7.5 7.1 1

 2 Fixed nonresidential investment 0.8 1.3 1.7 1.0 3.1 3.0 3.1 3.2 3.3 3.3 3.4 2

 3 Net acquisition of financial assets 53.5 301.4 233.7 -360.7 -314.0 -80.6 -411.7 -601.8 -161.9 -171.6 -475.5 3

 4 Checkable deposits and currency 1.8 -2.7 39.7 11.1 -36.0 -1.6 0.4 -207.1 64.2 28.2 -32.7 4

 5 Time and savings deposits -1.5 12.8 21.9 -42.8 0.3 -18.0 9.8 -6.5 15.9 -9.3 -2.5 5

 6 Federal funds and security RPs (net) 9.7 25.3 -28.2 7.6 20.6 188.4 -50.4 -0.3 -55.2 25.2 -164.5 6

 7 Credit market instruments 46.6 239.0 242.9 -337.8 -328.2 -290.0 -334.1 -493.2 -195.6 -56.5 -277.3 7

 8 Open market paper 18.5 -4.7 14.1 3.0 0.2 -4.5 7.3 -7.5 5.3 -1.7 -0.9 8

 9 Treasury securities 1.2 1.3 1.2 5.1 33.3 153.0 48.3 -10.6 -57.4 13.5 19.2 9

10 Agency- and GSE-backed securities -37.1 -11.1 207.0 -27.4 -85.1 -180.4 -117.1 -50.6 7.8 -12.4 -22.6 10

11 Municipal securities -3.6 -2.8 -2.0 -2.2 -4.2 -4.2 -3.5 -3.8 -5.2 -4.3 -3.7 11

12 Corporate and foreign bonds 16.1 -17.4 -77.7 -33.8 -16.9 55.8 -47.0 -18.9 -57.7 -36.6 -59.0 12

13 Other loans and advances 33.1 237.7 38.1 -284.8 -144.7 -169.8 -160.8 -222.4 -25.6 -109.1 -86.6 13

14 Sallie Mae 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Farm Credit System 11.9 11.9 4.8 -0.2 7.2 -12.6 3.0 23.5 15.1 -68.1 12.2 15

16 FHLB loans 21.2 225.8 33.3 -284.6 -151.9 -157.2 -163.8 -245.9 -40.7 -41.0 -98.8 16

17 Mortgages 18.4 35.9 62.2 2.4 -110.8 -139.9 -61.3 -179.4 -62.8 94.2 -123.6 17

18 Home 3.7 -9.7 8.8 -11.3 -117.3 -123.4 -64.5 -192.7 -88.8 97.2 -116.2 18

19 Consolidated trusts (2) 0.0 0.0 0.0 0.0 -232.5 30.2 -572.2 -251.7 -136.2 89.3 -71.5 19

20 Other 3.7 -9.7 8.8 -11.3 115.1 -153.6 507.7 59.0 47.4 7.9 -44.7 20

21 Multifamily residential 12.4 42.3 42.5 14.2 2.0 -19.3 -1.9 8.5 20.5 -1.6 -5.8 21

22 Consolidated trusts (2) 0.0 0.0 0.0 0.0 25.3 35.2 4.4 12.0 49.5 23.9 23.9 22

23 Other 12.4 42.3 42.5 14.2 -23.3 -54.5 -6.3 -3.5 -29.0 -25.5 -29.6 23

24 Farm 2.2 3.3 10.9 -0.5 4.6 2.8 5.1 4.8 5.5 -1.3 -1.7 24

25 Consumer credit (3) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Miscellaneous assets -3.2 27.0 -42.6 1.2 29.3 40.6 -37.4 105.4 8.8 -159.2 1.5 26

27 Net increase in liabilities 48.3 325.6 336.4 -317.1 -263.8 -3.1 -374.5 -499.7 -178.0 -37.4 -463.7 27

28 Credit market instruments 35.6 282.4 271.7 -475.3 -233.8 -60.1 -248.6 -372.1 -254.3 11.1 -479.9 28

29 GSE issues (4) 35.6 282.4 271.7 -475.3 -233.8 -60.1 -248.6 -372.1 -254.3 11.1 -479.9 29

30 Consolidated trusts (2) 0.0 0.0 0.0 0.0 -207.2 65.4 -567.8 -239.7 -86.8 113.1 -47.6 30

31 Other 35.6 282.4 271.7 -475.3 -26.5 -125.5 319.2 -132.3 -167.5 -102.0 -432.3 31

32 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 32

33 Corporate equities 1.1 25.5 27.6 96.0 38.1 58.6 76.1 10.6 6.9 8.0 27.5 33

34 Miscellaneous liabilities 11.6 17.7 37.1 62.2 -68.1 -1.6 -202.0 -138.2 69.4 -56.5 -11.3 34

35 Discrepancy -1.9 27.7 107.8 52.2 57.7 84.4 44.8 110.1 -8.5 138.5 15.5 35

(1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing

 Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (table F.125) are consolidated on

 Fannie Mae’s and Freddie Mac’s balance sheets.

(2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules.

(3) Sallie Mae student loans.

(4) Such issues are classified as agency- and GSE-backed securities.

F.125 Agency- and GSE-Backed Mortgage Pools (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 292.6 623.3 497.0 415.3 186.9 169.7 228.6 159.7 189.6 263.7 146.5 1

 2 Home mortgages 302.8 622.6 492.2 402.5 175.8 170.2 210.5 145.6 176.9 248.3 123.2 2

 3 Multifamily residential mortgages -12.5 -0.7 4.6 13.0 11.3 2.1 16.2 14.2 12.8 17.5 23.4 3

 4 Commercial mortgages 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Farm mortgages 2.3 1.4 0.1 -0.2 -0.2 -2.6 1.9 -0.1 -0.2 -2.1 -0.1 5

 6 Net increase in pool securities (liabilities)(2) 292.6 623.3 497.0 415.3 186.9 169.7 228.6 159.7 189.6 263.7 146.5 6

(1) GNMA, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools are consolidated on

 Fannie Mae’s and Freddie Mac’s balance sheets (table F.124). Also includes agency- and GSE-backed mortgage pool securities that are used as collateral for agency- and GSE-backed 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 agency- and GSE-backed securities.
36 Z.1, September 16, 2011

F.126 Issuers of Asset-Backed Securities (ABS)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 0.7 0.6 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 1

 2 Fixed nonresidential investment 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.1 0.1 2

 3 Net acquisition of financial assets 808.1 344.8 -407.5 -739.8 -532.7 -670.7 -562.5 -484.5 -413.2 -370.7 -346.1 3

 4 Treasury securities 28.7 29.3 -13.6 -18.3 -13.8 -16.7 -14.1 -14.4 -9.9 -16.7 -13.2 4

 5 Agency- and GSE-backed securities (1) 24.8 27.4 -28.0 -227.6 -107.7 -148.4 -139.7 -93.2 -49.5 -23.6 -7.2 5

 6 Other loans and advances 65.0 88.6 37.9 -51.1 -56.8 -80.1 -53.7 -38.3 -55.1 -94.4 -69.3 6

 7 Mortgages (2) 630.0 173.4 -350.4 -367.2 -288.2 -269.7 -305.5 -299.1 -278.4 -227.2 -207.8 7

 8 Home 517.3 35.0 -310.7 -320.0 -239.5 -234.2 -244.4 -235.4 -243.9 -216.4 -194.0 8

 9 Multifamily residential 14.0 20.6 -10.8 -5.8 -8.7 -3.7 -6.7 -8.5 -15.8 -3.4 -6.4 9

10 Commercial 98.7 117.8 -28.9 -41.4 -40.1 -31.8 -54.4 -55.3 -18.8 -7.4 -7.4 10

11 Consumer credit 51.2 22.6 -37.3 -41.3 -56.8 -131.2 -45.3 -39.9 -10.9 -15.8 -38.8 11

12 Trade credit 8.5 3.4 -16.1 -34.3 -9.5 -24.6 -4.2 0.4 -9.5 7.1 -9.8 12

13 Net increase in liabilities 807.6 344.3 -408.0 -740.1 -533.0 -671.1 -562.8 -484.8 -413.5 -371.0 -346.4 13

14 Commercial paper 162.9 -194.2 -83.9 -266.2 -40.3 -104.8 -62.7 114.8 -108.6 54.3 -44.3 14

15 Corporate bonds (net) (5) 644.6 538.5 -324.1 -473.9 -492.7 -566.2 -500.1 -599.6 -304.9 -425.2 -302.0 15

16 Discrepancy 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 Memo:

 Securitized assets not included above

17 Consumer leases (3) -0.5 -0.5 -0.4 -0.4 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 -0.3 17

18 REIT assets (4) 2.8 -17.9 -46.7 -25.3 -4.6 13.6 -4.2 -2.5 -25.3 -7.8 -1.2 18

(1) Agency- and GSE-backed 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 nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.

(4) Included in table F.128.

(5) Net issuance less net acquisition of corporate bonds held as assets.

F.127 Finance Companies (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Gross saving 69.3 76.1 88.4 92.4 111.5 89.1 98.7 120.8 137.3 77.5 74.4 1

 2 Fixed nonresidential investment 60.9 61.9 42.5 16.5 29.0 27.3 28.7 29.7 30.2 30.9 31.5 2

 3 Net acquisition of financial assets 34.3 19.9 -59.5 -189.2 -164.3 -332.1 -114.8 -174.1 -36.4 -22.9 -130.8 3

 4 Checkable deposits and currency -1.6 0.4 0.3 0.5 -1.7 -4.4 1.1 -2.4 -0.9 1.7 0.3 4

 5 Time and savings deposits -4.8 1.2 0.8 1.6 -5.0 -13.3 3.2 -7.3 -2.7 5.2 1.0 5

 6 Credit market instruments 71.0 16.6 -72.3 -223.3 -141.7 -241.2 -116.1 -159.2 -50.4 -53.3 -111.9 6

 7 Corporate and foreign bonds -18.7 4.5 3.0 6.3 -19.6 -51.9 12.3 -28.6 -10.3 20.4 3.9 7

 8 Other loans and advances 18.9 24.9 16.9 -91.0 -19.0 -60.2 -46.0 35.6 -5.6 -18.3 -53.5 8

 9 Mortgages 53.0 -62.5 -84.0 -50.5 -56.9 -60.5 -46.5 -56.9 -63.5 -61.2 -29.5 9

10 Consumer credit 17.8 49.7 -8.3 -88.0 -46.2 -68.6 -36.0 -109.3 29.1 5.8 -32.8 10

11 Miscellaneous assets -30.2 1.7 11.8 31.9 -15.9 -73.1 -2.8 -5.1 17.5 23.4 -20.3 11

12 Net increase in liabilities 48.5 26.5 -69.1 -250.2 -185.5 -339.8 -154.1 -220.0 -28.1 -84.6 -130.7 12

13 Credit market instruments 34.8 34.9 -79.4 -156.2 -173.9 -309.9 -176.2 -143.0 -66.5 -9.7 -170.8 13

14 Open market paper 5.3 -15.1 -22.6 -38.8 1.7 33.7 -10.2 -16.0 -0.7 30.7 -26.3 14

15 Corporate bonds 42.4 -2.8 -49.6 -87.0 -110.7 -284.6 -94.6 -46.1 -17.5 -90.8 -59.7 15

16 Bank loans n.e.c. -12.9 52.8 -7.1 -30.4 -64.9 -59.0 -71.3 -80.9 -48.2 50.4 -84.8 16

17 Other loans and advances 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Taxes payable 0.0 -1.5 -0.1 -2.8 0.3 -0.4 0.3 0.6 0.5 -0.5 0.1 18

19 Miscellaneous liabilities 13.7 -6.9 10.4 -91.2 -11.8 -29.4 21.8 -77.6 37.9 -74.3 39.9 19

20 Foreign direct investment in U.S. 5.2 -5.6 12.2 12.1 2.4 1.5 1.5 6.5 0.4 4.3 12.1 20

21 Investment by parent 26.2 -13.4 -8.4 -32.6 -15.9 -12.4 -15.3 -4.1 -31.7 -28.2 42.0 21

22 Other -17.8 12.0 6.5 -70.7 1.6 -18.5 35.6 -80.0 69.2 -50.5 -14.1 22

23 Discrepancy 22.6 20.8 36.3 14.9 61.3 54.1 30.6 45.3 115.4 -15.0 43.0 23

 Memo:

24 Consumer leases not included above (2) 20.6 16.9 -11.8 -25.7 -15.7 -30.8 -14.1 -9.7 -8.3 2.4 2.0 24

(1) Includes retail captive finance companies and mortgage companies.

(2) See footnote (3), table F.126.
Z.1, September 16, 2011 37

F.128 Real Estate Investment Trusts (REITs)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving -10.7 -18.0 -11.6 7.1 7.3 12.1 3.7 6.0 7.4 7.1 5.2 1

 2 Fixed nonresidential investment 7.8 11.2 6.0 3.8 2.6 2.5 2.6 2.6 2.7 2.7 2.8 2

 3 Multifamily residential investment 3.5 -9.3 0.1 -0.1 4.7 6.2 3.0 7.7 1.7 1.6 3.9 3

 4 Net acquisition of financial assets 38.7 -26.1 -67.9 -9.3 41.8 22.6 46.2 70.6 27.8 230.6 178.0 4

 5 Checkable deposits and currency 4.9 -1.8 1.8 7.9 -2.8 -4.2 3.1 -5.6 -4.4 19.9 -12.6 5

 6 Credit market instruments 26.0 -19.9 -68.9 -8.7 37.1 16.8 19.1 59.3 53.4 196.8 176.0 6

 7 Agency- and GSE-backed securities 24.8 23.5 0.7 15.5 38.2 16.1 22.5 55.7 58.4 189.2 104.8 7

 8 Corporate and foreign bonds 11.6 -30.2 -22.8 3.8 5.3 8.0 2.6 7.7 3.0 10.3 6.8 8

 9 Mortgages -10.4 -13.2 -46.9 -28.0 -6.3 -7.3 -5.9 -4.1 -8.1 -2.8 64.4 9

10 Home -23.8 -23.5 -46.4 -21.7 -3.7 -6.5 -8.4 -0.6 0.6 0.4 54.4 10

11 Multifamily residential 3.1 0.2 -0.9 -2.0 -0.4 -0.5 -0.0 -0.5 -0.5 -0.5 -0.0 11

12 Commercial 10.3 10.1 0.4 -4.3 -2.3 -0.3 2.5 -3.0 -8.2 -2.7 10.0 12

13 Miscellaneous assets 7.8 -4.4 -0.8 -8.5 7.4 10.0 23.9 16.9 -21.2 13.8 14.6 13

14 Net increase in liabilities 59.8 25.7 -56.1 -28.5 71.0 65.0 62.2 85.5 71.4 261.5 231.5 14

15 Security RPs 14.4 -6.2 -12.3 11.1 30.0 -6.2 22.0 30.6 73.7 161.9 104.5 15

16 Credit market instruments 15.5 10.2 -53.8 -50.0 4.6 4.6 -8.6 35.7 -13.4 25.3 76.1 16

17 Open market paper 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Corporate bonds 13.9 0.7 -60.3 -41.3 -0.1 12.5 -4.3 28.9 -37.5 10.5 59.6 18

19 Bank loans n.e.c. -5.0 4.8 -0.3 -12.1 -2.2 -8.7 -6.3 3.7 2.4 3.4 -1.9 19

20 Mortgages 6.6 4.7 6.8 3.4 6.9 0.8 1.9 3.1 21.8 11.3 18.5 20

21 Corporate equity issues 22.2 17.1 12.8 24.2 28.2 10.9 33.2 24.4 44.4 64.1 39.8 21

22 Miscellaneous liabilities 7.7 4.6 -2.7 -13.8 8.2 55.7 15.5 -5.2 -33.2 10.3 11.1 22

23 Discrepancy -0.9 31.9 -5.8 -15.8 29.3 45.8 14.1 10.6 46.7 33.8 52.1 23

 Memo:

24 Securitized assets included above 2.8 -17.9 -46.7 -25.3 -4.6 13.6 -4.2 -2.5 -25.3 -7.8 -1.2 24

25 Agency- and GSE-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Home mortgages -9.8 -20.2 -40.6 -25.7 1.1 5.3 -0.0 -0.9 -0.0 0.6 0.3 26

27 Multifamily residential mortgages 0.3 -0.0 -0.0 -0.0 -0.0 0.0 -0.0 -0.0 -0.0 -0.0 -0.0 27

28 Commercial mortgages 12.3 2.4 -6.1 0.4 -5.7 8.2 -4.1 -1.5 -25.2 -8.4 -1.5 28
38 Z.1, September 16, 2011

F.129 Security Brokers and Dealers

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Gross saving 22.5 -20.7 -98.5 35.4 44.6 51.9 34.1 38.1 54.5 27.0 28.9 1

 2 Fixed nonresidential investment 18.4 25.7 21.3 25.1 24.6 23.3 24.4 25.2 25.6 26.1 26.7 2

 3 Net acquisition of financial assets 614.7 350.3 -874.8 -133.0 -9.1 247.7 -436.5 230.1 -77.5 342.2 102.5 3

 4 Checkable deposits and currency 24.0 24.5 15.1 -29.4 6.2 -2.2 -16.4 13.8 29.6 -19.4 65.4 4

 5 Credit market instruments 106.2 219.7 -85.7 -192.1 32.2 135.6 11.5 76.2 -94.3 69.3 44.2 5

 6 Open market paper 4.1 22.8 -21.4 -24.2 -5.3 -12.2 -21.6 4.4 8.2 13.4 10.6 6

 7 Treasury securities -2.4 7.1 250.6 -67.6 -28.5 59.7 -71.3 -19.7 -82.6 8.6 -4.6 7

 8 Agency- and GSE-backed securities 37.0 152.2 -47.5 -131.8 38.9 66.5 137.5 46.6 -94.9 13.7 85.9 8

 9 Municipal securities 8.0 -0.7 -11.4 -3.3 4.6 19.6 -21.3 16.8 3.2 -12.0 14.2 9

10 Corporate and foreign bonds 39.8 27.3 -259.0 47.5 33.2 14.8 -1.1 38.8 80.3 51.7 -56.9 10

11 Other loans and advances 19.8 11.1 3.1 -12.7 -10.7 -12.9 -10.7 -10.7 -8.6 -6.0 -5.1 11

12 Corporate equities -0.2 25.4 -28.5 -4.6 -18.5 -65.4 3.2 -40.7 28.9 31.9 0.4 12

13 Security credit 59.7 33.4 -160.7 38.1 75.2 -26.4 82.5 66.7 178.0 150.2 -11.5 13

14 Miscellaneous assets 425.1 47.3 -615.1 54.9 -104.2 206.1 -517.3 114.1 -219.6 110.1 4.1 14

15 Net increase in liabilities 585.9 392.4 -683.2 -205.4 -6.3 172.4 -349.3 238.7 -86.9 310.9 143.4 15

16 Security RPs (net) 338.3 75.5 -560.3 -57.5 -66.2 -78.8 -406.9 86.1 134.7 134.7 -194.5 16

17 Credit market instruments 6.4 -4.0 77.7 -49.7 36.9 -2.4 34.6 -19.2 134.4 -5.9 -72.7 17

18 Corporate bonds 6.4 -4.0 32.3 -4.2 36.9 -2.4 34.6 -19.2 134.4 -5.9 -72.7 18

19 Bank loans n.e.c. (1) 0.0 0.0 45.5 -45.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

20 Corporate equity issues -7.6 32.3 120.2 -32.4 -11.1 -52.6 83.9 -34.4 -41.4 -11.0 30.8 20

21 Trade payables 5.2 -2.4 -24.7 48.9 -52.0 -31.4 -40.9 12.3 -148.0 1.6 2.9 21

22 Security credit 151.8 243.0 -237.3 -134.0 48.4 51.8 77.6 38.5 25.7 -22.0 310.4 22

23 Customer credit balances (HH) 80.4 210.8 -123.8 -74.1 25.7 45.7 23.9 43.2 -10.1 36.2 217.5 23

24 From U.S.-chartered commercial banks 20.9 29.3 12.8 -59.2 -5.8 8.0 17.7 -81.6 32.8 -0.7 44.3 24

25 From foreign banking offices in U.S. 50.6 3.0 -126.3 -0.8 28.5 -1.9 36.0 76.9 3.0 -57.5 48.6 25

26 Taxes payable 0.7 -0.6 0.3 3.2 -2.1 -5.3 -0.1 8.0 -10.9 2.3 0.5 26

27 Miscellaneous liabilities 97.8 46.2 -70.7 19.8 39.5 290.7 -103.4 155.9 -185.2 220.2 71.8 27

28 Foreign direct investment in U.S. -5.1 9.0 55.8 3.5 30.5 4.6 4.8 43.5 69.0 6.8 18.0 28

29 Due to affiliates 62.3 -36.1 65.8 -81.6 -15.7 91.9 -22.8 153.6 -285.6 83.2 -147.9 29

30 Other 40.6 73.4 -192.2 97.9 24.7 194.1 -85.3 -41.3 31.3 130.2 201.6 30

31 Proprietors’ net investment -6.8 2.4 11.5 -3.6 0.4 0.5 5.8 -8.5 3.7 -9.0 -5.7 31

32 Discrepancy -24.7 -4.3 71.9 -62.1 22.9 -46.6 97.0 21.6 19.4 -30.3 43.1 32

(1) Loans extended through the Federal Reserve’s Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).

F.130 Funding Corporations (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net acquisition of financial assets 122.5 391.9 971.7 -451.7 -110.5 -499.1 -215.0 182.1 89.9 -474.1 -7.3 1

 2 Money market fund shares 41.9 328.7 273.6 -174.8 -177.5 -513.9 -250.1 4.5 49.7 -120.9 -72.6 2

 3 Security RPs 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3

 4 Credit market instruments 49.5 -54.3 656.0 -234.9 112.2 71.9 219.9 5.1 152.1 -358.4 42.6 4

 5 Open market paper 53.1 -170.6 143.7 -268.7 62.1 65.6 143.2 107.7 -68.1 -171.4 117.3 5

 6 Corporate and foreign bonds -7.1 109.6 497.3 43.6 51.9 8.4 78.4 -100.9 221.6 -174.4 -63.9 6

 7 Other loans and advances 3.4 6.7 15.1 -9.8 -1.7 -2.1 -1.7 -1.7 -1.4 -12.7 -10.9 7

 8 Corporate equities (2) 0.0 0.0 0.0 25.1 1.3 1.2 1.3 1.3 1.3 -105.5 0.0 8

 9 Miscellaneous assets 31.1 117.6 42.1 -67.2 -46.5 -58.3 -186.0 171.3 -113.2 110.8 22.7 9

10 Investment in foreign banking offices 8.6 43.7 35.6 -73.5 -31.5 -55.6 -155.1 106.7 -22.0 69.5 -62.1 10

11 Investment in brokers and dealers 22.6 73.9 6.4 6.3 -15.0 -2.7 -30.9 64.7 -91.2 41.3 84.8 11

12 Net increase in liabilities 122.5 391.9 971.7 -451.7 -110.5 -499.1 -215.0 182.1 89.9 -474.1 -7.3 12

13 Credit market instruments 29.1 114.5 466.4 -434.8 -65.3 -156.9 -97.1 134.5 -141.8 -67.1 36.3 13

14 Open market paper 7.5 62.9 20.1 -125.1 -47.4 -183.3 -88.0 114.5 -32.7 -13.5 -41.9 14

15 Corporate bonds 21.6 51.5 1.4 37.9 -3.2 36.1 -0.9 52.8 -100.8 39.6 106.4 15

16 Bank loans n.e.c. (3) 0.0 0.0 444.9 -349.6 -21.9 -20.4 -20.9 -34.7 -11.8 -93.8 -29.6 16

17 Other loans and advances (4) 0.0 0.0 0.0 2.0 7.2 10.7 12.8 1.9 3.4 0.6 1.4 17

18 Corporate equities (5) 0.0 0.0 40.0 30.5 3.5 10.0 1.3 1.3 1.3 -60.4 0.0 18

19 Miscellaneous liabilities 93.3 277.5 465.3 -47.3 -48.7 -352.3 -119.1 46.3 230.5 -346.7 -43.6 19

20 Foreign direct investment in U.S. 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 20

21 Securities loaned (net) 302.6 -2.1 -353.2 -30.2 -123.5 -30.6 -334.5 31.7 -160.5 -95.2 67.6 21

22 Equity interest under PPIP 0.0 0.0 0.0 2.4 7.9 13.4 10.2 5.0 3.1 0.6 2.5 22

23 Other (net) -209.9 278.9 817.9 -20.1 66.3 -335.7 204.6 9.1 387.2 -252.7 -114.3 23

(1) Funding subsidiaries, nonbank financial holding companies, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities,

 and funds associated with the Public-Private Investment Program (PPIP).

(2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG.

(3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG).

(4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) LLC and to funds associated with PPIP.

(5) Preferred shares issued by AIG to the federal goverment under the Troubled Asset Relief Program (TARP) program and the monetary authority sector’s preferred interest in

 AIA Aurora LLC and ALICO Holdings LLC.
Z.1, September 16, 2011 39

F.200 U.S. Official Reserve Assets (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total liabilities -2.4 0.1 4.8 99.9 1.8 3.1 0.7 4.4 -0.8 14.5 25.1 1

 2 Federal government: SDR allocations 0.0 0.0 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 3 Rest of the world -2.4 0.1 4.8 52.3 1.8 3.1 0.7 4.4 -0.8 14.5 25.1 3

 4 SDR holdings 0.2 0.2 0.1 48.2 0.0 0.0 0.0 0.0 0.0 -7.8 0.6 4

 5 Reserve position in IMF (net) -3.3 -1.0 3.5 3.4 1.3 2.3 0.3 3.8 -1.3 25.7 23.9 5

 6 Foreign currency holdings 0.7 1.0 1.3 0.7 0.5 0.7 0.3 0.5 0.4 -3.4 0.5 6

 7 Total assets -2.4 0.1 4.8 99.9 1.8 3.1 0.7 4.4 -0.8 14.5 25.1 7

 8 Federal government -2.7 -0.4 4.2 51.9 1.6 2.7 0.5 4.1 -1.0 16.3 24.8 8

 9 Monetary gold (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 9

10 SDR holdings 0.2 0.2 0.1 48.2 0.0 0.0 0.0 0.0 0.0 -7.8 0.6 10

11 Reserve position in IMF (net) -3.3 -1.0 3.5 3.4 1.3 2.3 0.3 3.8 -1.3 25.8 23.9 11

12 Foreign currency holdings 0.4 0.5 0.6 0.3 0.3 0.4 0.2 0.3 0.2 -1.7 0.3 12

13 Rest of the world 0.0 0.0 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13

14 Monetary gold (2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 SDR allocations 0.0 0.0 0.0 47.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Monetary authority 0.3 0.5 0.6 0.3 0.3 0.4 0.2 0.3 0.2 -1.8 0.3 16

17 Monetary gold (2) -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Reserve position in IMF (net) -0.0 0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.1 0.0 18

19 Foreign currency holdings 0.4 0.5 0.6 0.3 0.3 0.4 0.2 0.3 0.2 -1.7 0.3 19

(1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest.

(2) By international accounting standards, transactions in monetary gold are recorded in the financial account of the domestic sectors as increases (decreases) in assets,

 and the counterparts are recorded as decreases (increases) in assets of the rest of the world.

F.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 SDR certificates:

 1 Liab: Federal government 0.0 0.0 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 1

 2 Asset: Monetary authority 0.0 0.0 0.0 3.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2

 Treasury currency:

 3 Liab: Federal government 0.6 -0.7 -0.8 -0.4 -0.3 0.0 -0.0 -1.1 0.0 0.0 0.0 3

 4 Asset: Monetary authority 1.7 0.5 -0.0 4.0 0.9 0.2 1.8 0.8 0.5 1.0 0.8 4

 5 Discrepancy (seigniorage) -1.1 -1.2 -0.8 -4.4 -1.1 -0.2 -1.8 -1.9 -0.5 -1.0 -0.8 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 87.2 256.0 -394.3 -106.1 71.7 4.4 151.2 33.6 97.4 181.8 -32.2 1

 Held by:

 2 Household sector 5.2 15.4 -23.7 -6.4 4.3 0.3 9.1 2.0 5.8 10.9 -1.9 2

 3 Nonfinancial corporate business -14.2 0.9 -25.5 6.9 40.5 28.3 43.0 42.0 48.8 27.8 20.2 3

 4 Money market mutual funds -10.6 43.2 2.0 -32.2 8.7 -18.7 0.3 45.6 7.7 6.6 18.8 4

 5 Discrepancy--unallocated assets 106.8 196.5 -347.1 -74.5 18.1 -5.5 98.8 -56.0 35.0 136.4 -69.2 5
40 Z.1, September 16, 2011

F.203 Net Interbank Transactions

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities -11.3 -97.5 1801.9 -609.1 -185.7 -192.4 -520.1 -305.2 274.7 2801.6 147.9 1

 2 Monetary authority 1.3 5.4 842.0 114.2 -11.1 332.4 -316.2 -166.6 105.8 1795.1 762.9 2

 3 U.S.-chartered commercial banks 71.1 139.0 789.0 -562.8 -246.3 -870.5 -189.6 -32.6 107.7 37.4 -876.0 3

 4 Foreign banking offices in U.S. -71.3 -191.1 240.5 -158.9 47.3 327.8 -78.0 -134.0 73.4 958.3 112.0 4

 5 Bank holding companies -12.3 -50.9 -69.5 -1.6 24.4 17.9 63.6 28.1 -12.2 10.8 149.0 5

 6 Net change in assets -9.3 -99.3 1771.4 -643.5 -165.5 -94.0 -340.1 -366.2 138.0 2747.6 362.8 6

 7 Rest of the world -9.4 -153.6 419.8 -294.0 -58.7 -87.9 20.8 -199.5 31.9 953.1 -402.2 7

 8 Monetary authority -1.2 48.9 509.6 -463.7 -95.7 -338.5 -44.7 -0.0 0.3 -0.5 2.1 8

 9 U.S.-chartered commercial banks 2.3 4.4 562.9 44.4 -91.2 55.1 -132.0 -250.4 -37.3 515.9 683.3 9

10 Foreign banking offices in U.S. -0.3 0.4 238.0 45.1 66.7 189.4 -129.5 63.9 143.0 1160.3 120.9 10

11 Savings institutions -0.7 0.6 36.4 6.5 -0.7 39.2 -21.4 -14.2 -6.5 47.3 -23.2 11

12 Credit unions 0.0 0.0 4.7 18.1 14.1 48.9 -33.3 34.0 6.6 71.5 -18.1 12

13 Discrepancy -1.9 1.8 30.6 34.4 -20.2 -98.4 -180.0 61.0 136.6 54.0 -215.0 13

 Memo:

 Vault cash:

14 Liab.: Monetary authority 1.6 3.3 2.7 -2.8 -2.2 24.9 5.4 -10.9 -28.2 39.3 7.1 14

15 Asset: U.S.-chartered commercial banks 1.6 3.3 2.7 -2.8 -2.2 24.9 5.4 -10.9 -28.2 39.3 7.1 15

 Depository institution reserves:

16 Liab.: Monetary authority -0.3 2.1 839.2 117.0 -8.9 307.6 -321.5 -155.7 134.0 1755.7 755.8 16

17 Asset: U.S.-chartered commercial banks 0.7 1.1 560.2 47.2 -89.0 30.2 -137.4 -239.5 -9.1 476.6 676.2 17

18 Foreign banking offices in U.S. -0.3 0.4 238.0 45.1 66.7 189.4 -129.5 63.9 143.0 1160.3 120.9 18

19 Savings institutions -0.7 0.6 36.4 6.5 -0.7 39.2 -21.4 -14.2 -6.5 47.3 -23.2 19

20 Credit unions 0.0 0.0 4.7 18.1 14.1 48.9 -33.3 34.0 6.6 71.5 -18.1 20

 Other transactions with the monetary authority

21 Liab: U.S.-chartered commercial banks -1.2 48.9 509.6 -463.7 -95.7 -338.5 -44.7 -0.0 0.3 -0.5 2.1 21

22 Federal Reserve float -1.2 0.3 -1.5 -0.6 0.7 1.9 -1.3 1.5 0.6 0.2 1.9 22

23 Loans to member banks -0.0 48.6 511.1 -463.1 -96.4 -340.4 -43.4 -1.5 -0.3 -0.7 0.2 23

24 Asset: Monetary authority -1.2 48.9 509.6 -463.7 -95.7 -338.5 -44.7 -0.0 0.3 -0.5 2.1 24

 Transactions with banks in foreign countries (net):

25 Liab.: U.S.-chartered commercial banks (net) 111.4 63.9 172.6 -109.3 -82.4 -351.8 6.2 24.0 -8.1 -95.4 -300.8 25

26 Due to foreign affiliates 98.8 64.2 131.5 -21.3 22.7 6.6 72.1 3.0 9.1 -44.0 -454.0 26

27 - Due from foreign affiliates -12.6 0.3 -41.1 88.0 105.1 358.4 66.0 -21.0 17.1 51.4 -153.2 27

28 Foreign banking offices in U.S. (net) -79.2 -168.8 244.3 -171.2 43.1 312.9 -105.9 -144.5 109.8 999.7 149.4 28

29 Due to foreign affiliates 190.6 4.5 7.4 2.5 96.7 154.4 -4.2 94.4 142.0 531.3 -91.2 29

30 - Due from foreign affiliates 269.8 173.3 -236.9 173.7 53.6 -158.5 101.7 238.8 32.2 -468.3 -240.6 30

31 Bank holding companies (net) -41.3 -42.2 9.1 -23.5 -10.6 -31.2 135.9 -77.9 -69.2 55.1 -257.5 31

32 Due to foreign affiliates -22.6 31.9 92.0 -15.7 -7.6 -33.9 74.6 -64.5 -6.5 77.2 -183.5 32

33 - Due from foreign affiliates 18.7 74.1 83.0 7.8 3.0 -2.7 -61.3 13.4 62.7 22.2 74.0 33

34 Less: Deposits at foreign banks 0.3 6.6 6.2 -10.1 8.8 17.8 15.4 1.2 0.6 6.2 -6.7 34

35 U.S.-chartered commercial banks 0.9 6.0 6.6 -15.2 5.7 9.1 14.9 -7.7 6.3 -0.1 -1.0 35

36 Foreign banking offices in U.S. -0.6 0.6 -0.4 5.1 3.1 8.7 0.5 8.9 -5.7 6.4 -5.7 36

37 Asset: Rest of the world (1) -9.4 -153.6 419.8 -294.0 -58.7 -87.9 20.8 -199.5 31.9 953.1 -402.2 37

 Transactions between U.S. banks (net) (2):

38 U.S.-chartered commercial banks (net) -38.1 32.2 113.4 -4.9 -62.4 -171.0 -136.1 -64.4 121.7 133.2 -578.3 38

39 Due to (3): 12.9 16.5 -16.9 8.3 -23.2 -120.7 -225.7 86.8 166.9 81.4 -249.5 39

40 Foreign banking offices in U.S. 14.8 15.4 -47.3 -22.2 -1.7 -25.6 -25.6 21.1 23.3 21.2 -44.6 40

41 Bank holding companies -0.0 -0.7 -0.1 -3.9 -1.3 3.3 -20.1 4.7 6.9 6.3 10.0 41

42 - Due from: 51.0 -15.7 -130.3 13.2 39.3 50.3 -89.6 151.2 45.1 -51.7 328.8 42

43 Foreign banking offices in U.S. 22.1 -6.3 -51.6 -4.7 5.6 -2.0 2.8 40.5 -18.8 -13.8 -87.6 43

44 Bank holding companies 29.0 -9.4 -78.7 17.9 33.7 52.4 -92.4 110.7 63.9 -37.9 416.5 44

45 Unallocated (2) -1.9 1.8 30.6 34.4 -20.2 -98.4 -180.0 61.0 136.6 54.0 -215.0 45

(1) Sum of lines 25, 28, and 31 less line 34.

(2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 12 above. However, the unallocated amount (line 45), which is due to inconsistencies

 in source data, appears on line 13 as the discrepancy between liabilities and assets.

(3) Sum of lines 40, 41, and 45.
Z.1, September 16, 2011 41

F.204 Checkable Deposits and Currency

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities -19.9 36.7 568.4 -7.9 266.3 36.6 439.9 112.0 476.9 -511.1 509.5 1

 2 Monetary authority 23.5 17.8 428.2 -117.6 185.0 84.8 361.3 64.0 230.0 -822.6 165.1 2

 3 Federal government cash and deposits 0.2 11.4 349.3 -173.8 149.0 100.0 287.0 81.0 128.2 -897.0 78.5 3

 4 Due to government-sponsored enterprises -1.2 0.9 19.4 14.0 -21.6 -63.2 32.2 -93.5 37.9 -13.3 -11.6 4

 5 Deposits due to foreign 0.0 -0.0 1.3 1.0 0.9 -3.0 -1.8 5.0 3.5 -12.8 0.9 5

 6 Currency outside banks 24.5 5.5 58.2 41.2 56.7 50.9 44.0 71.5 60.4 100.6 97.2 6

 7 U.S.-chartered commercial banks -36.6 9.0 140.8 80.9 70.3 -57.7 81.0 40.9 217.1 282.4 348.2 7

 8 Federal government deposits -5.9 14.9 -39.5 0.3 -0.1 -0.3 -42.8 -8.2 50.7 -11.7 -30.9 8

 9 Deposits due to foreign 9.4 5.0 31.2 -28.7 -3.8 4.1 7.1 -19.7 -6.7 45.9 -2.0 9

10 Private domestic deposits -40.1 -10.9 149.1 109.3 74.3 -61.5 116.7 68.9 173.1 248.1 381.0 10

11 Foreign banking offices in U.S. -0.0 2.6 1.7 2.6 5.7 1.0 0.2 8.4 13.3 -4.4 9.8 11

12 Deposits due to foreign -0.2 0.3 2.4 5.8 4.1 1.4 -1.3 5.6 10.5 -5.5 8.7 12

13 Private domestic deposits 0.2 2.3 -0.7 -3.2 1.7 -0.5 1.5 2.8 2.8 1.1 1.1 13

14 Banks in U.S.-affiliated areas 0.7 1.7 -1.1 1.4 0.5 0.7 2.1 0.7 -1.3 2.2 3.9 14

15 Savings institutions 0.9 4.5 -2.9 13.1 -0.8 1.5 -3.7 -3.0 2.1 6.4 -8.0 15

16 Credit unions -8.5 1.1 1.6 11.6 5.5 6.3 -1.1 1.0 15.8 25.0 -9.5 16

17 Net change in assets -19.9 36.7 568.4 -7.9 266.3 36.6 439.9 112.0 476.9 -511.1 509.5 17

18 Household sector -43.8 -71.8 236.8 88.0 -107.0 -263.8 -115.2 -62.2 13.2 86.8 90.6 18

19 Nonfinancial business -41.6 58.4 -104.9 98.1 219.8 278.8 137.0 209.0 254.5 195.5 160.5 19

20 Corporate -116.9 -9.0 -109.2 136.0 241.7 307.4 162.0 232.3 265.0 202.0 163.5 20

21 Nonfarm noncorporate 73.1 65.7 3.3 -38.8 -22.4 -29.1 -25.6 -23.8 -11.0 -8.1 -4.6 21

22 Farm 2.1 1.8 0.9 0.9 0.6 0.6 0.6 0.6 0.6 1.6 1.6 22

23 State and local governments 5.4 -4.8 8.5 19.2 6.7 2.7 10.7 10.2 3.0 14.1 27.6 23

24 Federal government -2.7 25.1 313.1 -174.2 148.9 151.4 197.3 71.7 175.2 -846.0 -14.9 24

25 Rest of the world 11.4 -5.4 64.0 -9.2 29.5 11.6 12.4 33.0 61.0 77.9 63.6 25

26 Checkable deposits 9.2 5.2 34.8 -21.8 1.2 2.5 4.0 -9.0 7.2 27.6 7.7 26

27 Currency 2.2 -10.7 29.2 12.6 28.3 9.1 8.4 42.1 53.8 50.3 56.0 27

28 Financial sectors 54.3 34.2 56.1 -29.4 -30.5 -90.0 151.0 -152.2 -30.6 22.0 119.3 28

29 Banks in U.S.-affiliated areas -0.1 -0.3 0.6 1.0 -0.9 -1.3 6.1 -0.5 -7.7 3.1 1.2 29

30 Savings institutions -3.3 -0.5 -11.2 -4.2 -2.4 -14.8 17.5 9.9 -22.1 5.6 5.3 30

31 Credit unions 6.2 -1.1 -5.7 1.4 -6.3 -64.1 52.7 14.9 -28.6 -77.0 50.5 31

32 Property-casualty insurance companies 8.9 12.8 -14.8 -0.3 5.0 2.6 35.3 8.9 -26.8 4.8 7.1 32

33 Life insurance companies 8.3 2.3 24.4 -32.1 1.0 -12.0 40.3 6.9 -31.2 -17.6 5.7 33

34 Private pension funds 0.4 0.6 0.5 4.2 11.5 10.0 11.8 11.0 13.4 13.2 13.5 34

35 State and local govt. retirement funds -2.7 4.8 -0.2 -0.0 -0.5 0.2 -1.0 -1.2 0.1 3.5 -0.1 35

36 Money market mutual funds 7.5 -4.8 5.6 10.4 -3.7 1.7 0.2 -0.7 -16.1 55.9 15.7 36

37 Government-sponsored enterprises 1.8 -2.7 39.7 11.1 -36.0 -1.6 0.4 -207.1 64.2 28.2 -32.7 37

38 Finance companies -1.6 0.4 0.3 0.5 -1.7 -4.4 1.1 -2.4 -0.9 1.7 0.3 38

39 REITs 4.9 -1.8 1.8 7.9 -2.8 -4.2 3.1 -5.6 -4.4 19.9 -12.6 39

40 Brokers and dealers 24.0 24.5 15.1 -29.4 6.2 -2.2 -16.4 13.8 29.6 -19.4 65.4 40

41 Mail float -3.0 1.0 -5.2 -0.3 -1.1 -54.1 46.7 2.4 0.7 -61.4 62.7 41
42 Z.1, September 16, 2011

F.205 Time and Savings Deposits

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 608.2 599.9 334.2 375.4 116.1 -130.0 -167.3 547.9 213.9 215.3 918.7 1

 2 Small time and savings deposits 347.0 316.4 524.8 517.2 298.4 177.4 199.0 453.7 363.6 99.1 916.2 2

 3 U.S.-chartered commercial banks 277.8 255.0 540.2 382.9 276.9 329.8 200.7 307.0 269.9 208.2 918.0 3

 4 Foreign banking offices in U.S. 8.6 6.9 0.1 4.4 5.8 1.2 5.3 76.7 -60.2 27.7 19.2 4

 5 Banks in U.S.-affiliated areas 1.2 1.1 1.1 -2.9 -5.2 -1.0 -18.3 0.5 -1.9 0.3 -0.8 5

 6 Savings institutions 28.9 27.6 -59.6 89.4 -5.2 -151.5 -27.9 19.3 139.4 -133.3 -54.9 6

 7 Credit unions 30.5 25.8 43.0 43.4 26.2 -1.1 39.2 50.1 16.4 -3.9 34.7 7

 8 Large time deposits (1) 261.2 283.4 -190.6 -141.8 -182.3 -307.4 -366.3 94.2 -149.7 116.2 2.5 8

 9 U.S.-chartered commercial banks 129.9 23.1 24.6 -174.0 -150.1 -106.1 -90.1 -138.5 -265.8 -15.2 -37.4 9

10 Foreign banking offices in U.S. 132.8 273.4 -123.2 173.9 -49.6 -215.5 -272.7 199.6 90.2 112.2 33.3 10

11 Banks in U.S.-affiliated areas 1.2 1.1 1.1 -2.9 -5.2 -1.0 -18.3 0.5 -1.9 0.3 -0.8 11

12 Savings institutions -5.2 -19.0 -93.5 -155.8 19.9 12.0 14.0 28.2 25.3 14.3 6.8 12

13 Credit unions 2.5 4.8 0.5 17.0 2.7 3.3 0.8 4.4 2.5 4.6 0.6 13

14 Net change in assets 608.2 599.9 334.2 375.4 116.1 -130.0 -167.3 547.9 213.9 215.3 918.7 14

15 Household sector 486.5 477.2 194.3 128.0 245.6 343.6 207.6 268.5 162.8 -16.0 726.5 15

16 Nonfinancial business 66.9 -40.7 -60.7 81.4 -33.4 -144.8 -98.4 115.7 -6.2 195.1 198.1 16

17 Corporate 46.6 -55.7 -59.4 109.3 -17.3 -123.9 -80.0 132.9 1.7 200.9 201.4 17

18 Nonfarm noncorporate 20.3 14.9 -1.2 -28.0 -16.1 -20.9 -18.4 -17.1 -7.9 -5.8 -3.3 18

19 State and local governments 26.2 36.4 19.1 10.8 -0.4 20.1 -32.3 6.8 3.6 5.4 19.6 19

20 Federal government 0.2 1.2 -1.3 0.3 0.1 0.4 -0.7 -0.2 0.8 -1.8 0.5 20

21 Rest of the world 11.5 40.3 65.5 -43.1 4.5 -33.5 14.9 23.6 12.9 71.8 -3.4 21

22 Financial sectors 16.8 85.6 117.3 198.0 -100.1 -315.7 -258.3 133.5 40.0 -39.3 -22.7 22

23 Savings institutions 3.9 3.3 -1.6 7.0 -0.0 15.4 -3.9 -2.0 -9.5 23.2 -7.9 23

24 Credit unions -4.9 -0.0 11.4 9.5 5.4 6.3 4.3 6.9 4.1 -3.7 -10.4 24

25 Private pension funds 0.8 4.6 0.3 4.7 4.4 4.0 5.0 3.3 5.4 3.8 3.9 25

26 State and local govt. retirement funds -0.5 -0.1 -0.0 -0.0 -0.0 0.0 -0.0 -0.0 0.0 0.1 -0.0 26

27 Money market mutual funds 23.7 63.9 84.6 217.9 -105.2 -310.1 -276.6 139.2 26.8 -58.6 -6.9 27

28 Government-sponsored enterprises -1.5 12.8 21.9 -42.8 0.3 -18.0 9.8 -6.5 15.9 -9.3 -2.5 28

29 Finance companies -4.8 1.2 0.8 1.6 -5.0 -13.3 3.2 -7.3 -2.7 5.2 1.0 29

(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 305.3 720.9 724.2 -499.0 -502.9 -1109.4 -576.6 -130.6 -195.1 -92.6 -60.3 1

 2 Net purchases 305.3 720.9 724.2 -499.0 -502.9 -1109.4 -576.6 -130.6 -195.1 -92.6 -60.3 2

 3 Household sector 165.2 232.2 235.1 -268.7 -183.4 -256.9 -129.9 -130.1 -216.9 86.5 80.1 3

 4 Nonfinancial corporate business 68.1 128.1 158.2 -56.5 -128.6 -311.4 -175.7 -10.3 -17.0 -80.5 -70.7 4

 5 Nonfarm noncorporate business 3.2 2.2 1.0 -5.9 -3.4 -4.4 -3.9 -3.6 -1.7 -1.2 -0.7 5

 6 State and local governments 6.8 3.4 -1.4 4.5 4.7 7.2 -2.9 6.2 8.2 -1.3 -1.1 6

 7 Rest of the world 4.1 19.0 23.7 10.6 2.4 2.4 2.4 2.4 2.4 2.4 2.4 7

 8 Property-casualty insurance companies 0.7 7.2 12.1 -3.2 -4.0 -17.2 -2.7 13.3 -9.3 8.4 -6.4 8

 9 Life insurance companies 9.7 -1.6 17.5 -5.5 -12.7 -15.6 -13.1 -11.7 -10.4 11.3 9.0 9

10 Private pension funds 3.4 3.4 2.3 0.6 -0.1 0.2 0.0 -0.4 -0.2 -0.2 -0.2 10

11 State and local govt. retirement funds 2.1 -1.4 1.9 -0.0 -0.4 0.2 -0.8 -0.9 0.1 2.9 -0.1 11

12 Funding corporations 41.9 328.7 273.6 -174.8 -177.5 -513.9 -250.1 4.5 49.7 -120.9 -72.6 12
Z.1, September 16, 2011 43

F.207 Federal Funds and Security Repurchase Agreements

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 403.2 8.1 -889.5 207.8 -201.3 107.9 -542.6 -340.8 -29.8 104.9 -228.3 1

 2 Monetary authority -0.9 14.4 44.4 -10.6 -18.0 -79.9 37.8 -13.7 -16.4 9.9 32.6 2

 3 U.S.-chartered commercial banks (net) 21.4 -36.1 -259.0 244.9 -190.9 225.8 -200.0 -459.0 -330.2 -98.8 -52.3 3

 4 Foreign banking offices in U.S. (net) 49.0 -13.6 -96.3 40.3 52.9 74.6 46.0 48.6 42.6 -26.5 -87.3 4

 5 Bank holding companies (net) 0.1 0.1 -0.4 -19.9 -1.8 -15.0 -30.3 -33.2 71.2 -32.3 -28.4 5

 6 Savings institutions -19.2 -24.1 -0.0 1.8 -6.0 1.0 -14.8 -4.2 -6.2 -37.6 -5.0 6

 7 Property-casualty insurance companies -0.1 -0.7 1.9 -1.7 0.8 -0.6 0.7 -0.5 3.7 -3.4 0.2 7

 8 Life insurance companies 0.3 -1.1 -7.3 -0.5 -2.2 -13.1 2.8 4.5 -2.9 -3.0 2.1 8

 9 REITs 14.4 -6.2 -12.3 11.1 30.0 -6.2 22.0 30.6 73.7 161.9 104.5 9

10 Brokers and dealers (net) 338.3 75.5 -560.3 -57.5 -66.2 -78.8 -406.9 86.1 134.7 134.7 -194.5 10

11 Net change in assets 98.7 233.1 -301.3 -195.3 -118.2 -140.5 -321.7 53.2 -64.0 489.2 -13.6 11

12 Nonfinancial corporate business 1.0 -7.5 -0.9 0.8 4.4 4.7 1.0 -11.0 22.9 2.6 -2.9 12

13 State and local governments 13.5 6.6 -2.7 8.8 9.2 14.1 -5.7 12.2 16.2 -2.5 -2.2 13

14 Rest of the world (net) 2.4 -35.2 -231.5 -83.9 -129.6 -249.7 -366.6 17.7 80.3 231.5 -66.1 14

15 Monetary authority -6.0 5.8 33.5 -80.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Savings institutions 9.3 27.3 -10.9 -22.7 -6.6 -10.1 -6.8 -3.2 -6.3 -3.7 4.3 16

17 Credit unions (net) -1.6 -2.6 -4.8 2.4 -0.1 -0.2 0.1 -0.5 0.0 0.0 0.0 17

18 Property-casualty insurance companies -0.7 1.7 0.8 0.1 -0.7 15.0 -8.8 -0.7 -8.3 -1.2 -4.7 18

19 Life insurance companies -0.1 0.2 5.2 2.2 0.7 4.4 -1.3 0.1 -0.6 -1.6 -1.4 19

20 Private pension funds 0.8 3.4 7.3 3.1 0.9 0.3 -19.8 21.9 1.2 0.8 3.0 20

21 State and local govt. retirement funds 4.5 -2.5 1.8 -0.0 -0.6 0.4 -1.4 -1.5 0.1 4.7 -0.1 21

22 Money market mutual funds 48.7 211.3 -63.5 -62.5 -0.5 -94.8 228.1 -10.7 -124.6 -90.8 217.3 22

23 Mutual funds 17.4 -0.6 -7.4 28.6 -15.8 -12.9 -90.0 29.4 10.3 324.3 3.8 23

24 Government-sponsored enterprises (net) 9.7 25.3 -28.2 7.6 20.6 188.4 -50.4 -0.3 -55.2 25.2 -164.5 24

25 Funding corporations 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Discrepancy--unallocated assets 304.5 -225.0 -588.2 403.1 -83.1 248.4 -220.9 -394.0 34.1 -384.3 -214.6 26

F.208 Open Market Paper

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total net issues, all types 317.1 -169.4 -189.0 -461.9 -79.9 -176.3 -181.9 247.3 -208.8 252.7 -87.5 1

 2 Commercial paper 317.4 -169.4 -188.8 -461.9 -79.9 -176.3 -181.9 247.3 -208.8 252.7 -87.5 2

 3 Nonfinancial corporate business 22.4 11.3 7.7 -73.1 24.5 50.3 62.7 43.8 -58.7 31.7 55.4 3

 4 Foreign issues in U.S. 98.4 -69.3 -71.0 59.4 -2.7 -24.9 -55.6 13.9 55.8 128.9 -43.2 4

 5 Nonfinancial -1.9 2.0 20.7 -15.2 -3.8 31.4 -24.3 -0.6 -21.9 28.2 26.3 5

 6 Financial 100.3 -71.3 -91.7 74.5 1.1 -56.3 -31.3 14.5 77.7 100.7 -69.5 6

 7 Financial sectors 196.6 -111.4 -125.4 -448.2 -101.7 -201.7 -189.0 189.6 -206.0 92.2 -99.8 7

 8 U.S.-chartered commercial banks 0.0 0.0 0.0 0.0 -19.7 0.0 13.0 -26.3 -65.3 -14.9 -0.5 8

 9 Bank holding companies 20.9 35.0 -39.0 -18.1 3.9 52.7 -41.0 2.7 1.4 35.6 13.3 9

10 ABS issuers 162.9 -194.2 -83.9 -266.2 -40.3 -104.8 -62.7 114.8 -108.6 54.3 -44.3 10

11 Finance companies 5.3 -15.1 -22.6 -38.8 1.7 33.7 -10.2 -16.0 -0.7 30.7 -26.3 11

12 REITs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 Funding corporations 7.5 62.9 20.1 -125.1 -47.4 -183.3 -88.0 114.5 -32.7 -13.5 -41.9 13

14 Bankers’ acceptances (1) -0.3 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 U.S.-chartered commercial banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Foreign banking offices in U.S. -0.3 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Net purchases, by sector 317.1 -169.4 -189.0 -461.9 -79.9 -176.3 -181.9 247.3 -208.8 252.7 -87.5 17

18 Household sector 19.0 -10.2 -101.3 28.7 28.8 39.8 38.5 35.4 1.7 17.7 -11.9 18

19 Nonfinancial corporate business 11.7 -53.2 -12.2 -0.4 15.7 28.6 2.2 42.3 -10.2 39.6 -25.9 19

20 State and local governments 17.6 -11.3 -63.5 -53.5 -28.0 -21.5 -47.5 -24.0 -18.8 -43.3 -42.9 20

21 Rest of the world 46.7 -8.3 -45.1 -41.4 0.8 10.2 -26.8 20.6 -0.8 32.9 -24.9 21

22 Monetary authority 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22

23 U.S.-chartered commercial banks (1) 0.0 0.0 15.7 -15.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23

24 Foreign banking offices in U.S. (1) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24

25 Savings institutions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25

26 Credit unions 0.2 -0.5 -0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 26

27 Property-casualty insurance companies 0.6 -3.1 5.8 -9.3 -1.9 5.1 -2.9 5.6 -15.5 2.6 -2.0 27

28 Life insurance companies 4.3 13.1 -3.4 11.5 -8.9 -58.1 8.0 32.8 -18.3 -31.1 -43.6 28

29 Private pension funds 0.2 -4.8 10.2 -10.5 -11.7 -19.7 -14.2 -4.3 -8.6 -0.8 -1.1 29

30 State and local govt. retirement funds 7.6 -4.4 -12.5 -2.0 -1.6 0.5 -5.6 -1.5 0.1 4.6 -0.1 30

31 Money market mutual funds 116.1 66.3 -56.1 -108.0 -116.3 -205.7 -142.1 -12.2 -105.1 69.9 -27.0 31

32 Mutual funds 17.4 -0.4 -62.5 28.6 -13.9 -4.4 -120.5 48.0 21.2 320.5 -35.1 32

33 Government-sponsored enterprises 18.5 -4.7 14.1 3.0 0.2 -4.5 7.3 -7.5 5.3 -1.7 -0.9 33

34 Brokers and dealers 4.1 22.8 -21.4 -24.2 -5.3 -12.2 -21.6 4.4 8.2 13.4 10.6 34

35 Funding corporations 53.1 -170.6 143.7 -268.7 62.1 65.6 143.2 107.7 -68.1 -171.4 117.3 35

(1) Excludes banks’ holdings of own acceptances.
44 Z.1, September 16, 2011

F.209 Treasury Securities

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues 183.7 237.5 1239.0 1443.7 1579.6 1604.8 1848.7 1390.4 1474.4 740.4 826.2 1

 2 Savings bonds -2.7 -6.0 -2.4 -2.8 -3.3 -4.0 -3.1 -2.6 -3.5 -4.6 -3.9 2

 3 Other Treasury issues 186.4 243.4 1241.4 1446.5 1582.9 1608.7 1851.8 1393.0 1477.9 744.9 830.1 3

 4 Net purchases 183.7 237.5 1239.0 1443.7 1579.6 1604.8 1848.7 1390.4 1474.4 740.4 826.2 4

 5 Household sector -93.1 -43.5 155.4 419.4 363.2 147.5 993.7 -50.8 362.5 -921.0 -439.2 5

 6 Savings bonds -2.7 -6.0 -2.4 -2.8 -3.3 -4.0 -3.1 -2.6 -3.5 -4.6 -3.9 6

 7 Other Treasury issues -90.3 -37.5 157.8 422.2 366.5 151.4 996.8 -48.2 366.0 -916.4 -435.4 7

 8 Nonfinancial corporate business -6.7 -7.1 -7.9 8.7 0.4 24.5 9.1 4.3 -36.4 -2.2 28.5 8

 9 Nonfarm noncorporate business 0.2 3.0 -7.5 -4.0 -2.3 -3.0 -2.7 -2.5 -1.1 -0.8 -0.5 9

10 State and local governments 45.5 7.1 -48.6 20.1 7.3 -6.4 13.3 4.3 18.1 -57.4 -72.7 10

11 Rest of the world 150.3 165.3 711.6 555.0 654.2 633.2 608.7 1030.6 344.4 47.2 222.3 11

12 Monetary authority 34.7 -38.3 -264.7 300.7 244.9 147.2 -34.0 65.3 801.2 1438.6 1073.8 12

13 U.S.-chartered commercial banks -2.2 11.1 -19.6 64.3 93.9 233.1 20.8 83.5 38.3 -28.0 -105.1 13

14 Foreign banking offices in U.S. -1.0 3.6 5.1 25.9 4.7 6.5 -17.4 58.8 -29.0 34.5 -8.2 14

15 Bank holding companies 1.4 4.6 -4.0 2.7 13.8 -0.1 -3.1 48.8 9.6 -14.2 -28.4 15

16 Banks in U.S.-affiliated areas -0.2 -1.9 -0.6 -0.7 0.6 1.6 1.5 -0.7 -0.2 0.0 2.1 16

17 Savings institutions 4.5 -5.4 -4.1 3.8 -0.9 1.5 -1.8 -2.7 -0.5 0.5 -1.9 17

18 Credit unions -0.3 3.0 -1.6 5.3 4.2 6.9 5.5 -25.8 30.3 6.9 -8.4 18

19 Property-casualty insurance companies 3.1 -38.7 -5.6 22.9 3.2 -5.7 2.2 10.9 5.5 6.2 -5.2 19

20 Life insurance companies -7.6 -17.3 35.1 27.7 23.2 20.6 22.3 24.0 25.9 -4.4 10.1 20

21 Private pension funds 14.3 38.7 15.4 125.8 176.0 123.6 263.0 238.2 79.0 53.3 79.3 21

22 State and local govt. retirement funds 2.4 -14.6 4.8 28.1 11.1 18.5 11.4 14.3 0.3 9.2 -7.6 22

23 Federal government retirement funds 8.3 11.3 24.2 6.8 10.1 5.8 15.7 14.9 3.9 14.9 13.7 23

24 Money market mutual funds -5.9 95.5 399.5 -171.3 -71.0 -25.0 -77.8 -143.8 -37.4 141.3 21.9 24

25 Mutual funds 5.0 18.5 8.7 67.6 41.9 57.7 33.7 64.0 12.4 2.9 34.7 25

26 Closed-end funds 0.2 -1.7 -2.4 1.2 0.7 2.5 -0.5 0.5 0.4 0.5 -0.1 26

27 Exchange-traded funds 3.4 6.6 7.4 14.7 9.2 18.4 22.2 -0.8 -2.8 7.1 15.6 27

28 Government-sponsored enterprises 1.2 1.3 1.2 5.1 33.3 153.0 48.3 -10.6 -57.4 13.5 19.2 28

29 ABS issuers 28.7 29.3 -13.6 -18.3 -13.8 -16.7 -14.1 -14.4 -9.9 -16.7 -13.2 29

30 Brokers and dealers -2.4 7.1 250.6 -67.6 -28.5 59.7 -71.3 -19.7 -82.6 8.6 -4.6 30

 Memo:

31 Federal government borrowing (1) 183.4 237.1 1239.2 1443.9 1580.2 1605.1 1849.8 1390.9 1475.1 741.5 826.4 31

(1) Total issues of Treasury securities (table F.209, line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 12).
Z.1, September 16, 2011 45

F.210 Agency- and GSE-Backed Securities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues 327.9 905.3 768.9 -59.9 -46.2 109.9 -18.9 -211.8 -64.0 276.0 -333.3 1

 2 Budget agencies -0.3 -0.4 0.2 0.1 0.7 0.3 1.1 0.5 0.8 1.2 0.2 2

 3 Government-sponsored enterprises 35.6 282.4 271.7 -475.3 -233.8 -60.1 -248.6 -372.1 -254.3 11.1 -479.9 3

 4 Agency- and GSE-backed mortgage pools 292.6 623.3 497.0 415.3 186.9 169.7 228.6 159.7 189.6 263.7 146.5 4

 5 Net purchases 327.9 905.3 768.9 -59.9 -46.2 109.9 -18.9 -211.8 -64.0 276.0 -333.3 5

 6 Household sector -66.3 333.3 96.4 -569.5 102.5 -12.8 112.1 4.5 306.1 439.4 -122.6 6

 7 Nonfinancial corporate business -2.2 -2.4 -2.6 2.9 0.1 8.2 3.0 1.4 -12.1 -0.7 9.5 7

 8 State and local governments 38.3 18.8 -7.6 -15.0 6.2 20.2 -36.3 14.8 26.1 -27.2 -26.3 8

 9 Federal government 0.0 0.0 54.4 142.0 -47.2 -40.0 -44.3 -43.7 -60.7 -43.1 -139.1 9

10 Rest of the world 224.0 248.8 -228.6 -226.0 -89.1 -153.3 45.9 -127.8 -121.0 -91.1 -100.0 10

11 Monetary authority 0.0 0.0 19.7 1048.5 71.4 677.7 180.8 -201.0 -372.2 -279.8 -176.4 11

12 U.S.-chartered commercial banks 47.5 -111.4 139.7 148.4 87.1 -17.4 -24.9 186.7 204.1 124.1 -7.6 12

13 Foreign banking offices in U.S. 4.2 2.0 -6.6 -18.4 -4.7 -2.5 -4.2 -0.8 -11.5 9.0 -0.6 13

14 Bank holding companies -0.0 -1.3 15.9 -7.0 -3.2 -7.0 -1.8 32.1 -36.2 4.6 37.1 14

15 Banks in U.S.-affiliated areas -5.8 -2.7 -2.0 -3.9 -7.7 -8.4 -8.8 -12.9 -0.6 -23.5 -3.7 15

16 Savings institutions -13.4 0.3 -3.5 19.6 22.9 36.5 -11.2 16.0 50.5 14.2 -1.3 16

17 Credit unions -13.9 -4.1 14.4 27.9 34.8 36.6 30.5 22.5 49.8 45.2 4.7 17

18 Property-casualty insurance companies 4.1 3.8 -11.5 1.9 -0.4 -0.4 -0.4 -0.4 -0.4 1.7 -1.9 18

19 Life insurance companies 8.8 5.5 -16.7 5.8 4.0 3.6 3.9 4.1 4.5 40.4 14.5 19

20 Private pension funds 16.6 28.2 21.3 -49.0 -98.1 -38.1 -194.5 -163.1 3.2 -22.5 -21.5 20

21 State and local govt. retirement funds 49.4 23.3 6.3 -30.5 -21.7 -23.6 -34.7 -29.1 0.4 14.1 -11.6 21

22 Federal government retirement funds 0.1 0.3 0.0 0.6 0.7 0.5 1.0 2.6 -1.3 -0.5 1.3 22

23 Money market mutual funds -28.7 104.5 520.3 -213.2 -140.1 -304.3 -43.6 -76.9 -135.7 -104.6 -57.3 23

24 Mutual funds 15.7 66.2 27.3 46.4 152.0 180.7 105.5 200.5 121.4 9.1 108.7 24

25 Government-sponsored enterprises -37.1 -11.1 207.0 -27.4 -85.1 -180.4 -117.1 -50.6 7.8 -12.4 -22.6 25

26 ABS issuers 24.8 27.4 -28.0 -227.6 -107.7 -148.4 -139.7 -93.2 -49.5 -23.6 -7.2 26

27 REITs 24.8 23.5 0.7 15.5 38.2 16.1 22.5 55.7 58.4 189.2 104.8 27

28 Brokers and dealers 37.0 152.2 -47.5 -131.8 38.9 66.5 137.5 46.6 -94.9 13.7 85.9 28

(1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as Fannie Mae and FHLB;

 and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mae, Freddie Mac, 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 31.
46 Z.1, September 16, 2011

F.211 Municipal Securities and Loans

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 177.4 215.6 61.4 129.3 118.5 121.0 -9.5 129.9 232.6 -98.8 -86.9 1

 2 State and local governments 153.1 190.4 50.6 108.9 106.0 105.1 -7.7 114.7 211.9 -104.0 -79.9 2

 3 Short-term (1) -3.1 17.3 12.5 2.9 14.5 -2.7 -15.7 27.0 49.2 -8.4 -35.4 3

 4 Long-term 156.2 173.1 38.1 105.9 91.5 107.8 8.0 87.7 162.8 -95.6 -44.4 4

 5 Nonprofit organizations (2) 18.9 17.1 8.1 14.9 3.9 10.8 -3.6 4.0 4.6 3.5 -4.8 5

 Nonfinancial corporate business

 6 (industrial revenue bonds) 5.4 8.1 2.7 5.5 8.6 5.1 1.8 11.3 16.1 1.7 -2.3 6

 7 Net change in assets 177.4 215.6 61.4 129.3 118.5 121.0 -9.5 129.9 232.6 -98.8 -86.9 7

 8 Household sector 50.8 24.0 7.8 106.4 80.1 124.5 0.3 19.5 176.1 -28.2 -91.8 8

 9 Nonfinancial corporate business -4.0 1.1 -3.0 1.1 -6.3 -15.9 -12.3 4.8 -2.0 -2.4 -2.3 9

10 Nonfarm noncorporate business 1.3 -0.5 -0.4 -0.4 -0.2 -0.3 -0.3 -0.2 -0.1 -0.1 -0.0 10

11 State and local governments 0.5 0.2 -0.1 0.3 0.3 0.5 -0.2 0.4 0.6 -0.1 -0.1 11

12 Rest of the world 5.4 10.7 5.4 6.5 16.0 16.0 16.0 16.0 16.0 8.8 8.0 12

13 U.S.-chartered commercial banks 21.7 12.0 23.2 1.0 28.4 0.7 -2.1 33.4 81.7 17.8 16.0 13

14 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Banks in U.S.-affiliated areas 0.8 0.7 0.5 0.9 -0.9 -1.5 -4.4 2.9 -0.7 1.2 -1.3 15

16 Savings institutions 2.5 -0.1 -3.3 1.5 1.8 1.4 1.9 0.4 3.6 -0.9 0.9 16

17 Property-casualty insurance companies 22.1 36.1 10.6 -12.6 -21.0 -21.5 -21.1 -20.8 -20.5 5.2 -5.8 17

18 Life insurance companies 4.1 4.8 5.7 26.1 39.2 32.8 36.7 41.2 46.1 11.0 4.3 18

19 State and local govt. retirement funds 1.6 -0.8 -1.0 0.0 0.1 0.0 0.0 0.3 0.0 0.2 -0.2 19

20 Money market mutual funds 33.5 100.7 23.6 -93.3 -66.9 -119.9 -53.6 -59.5 -34.7 -45.9 -45.5 20

21 Mutual funds 32.7 27.8 17.4 90.6 46.4 85.2 50.9 74.4 -24.9 -45.9 19.5 21

22 Closed-end funds 0.0 1.9 -13.3 2.9 -0.6 0.9 0.6 1.9 -5.9 -2.6 -0.2 22

23 Exchange-traded funds 0.0 0.6 1.7 3.6 1.7 2.6 2.9 2.2 -0.8 -0.6 1.1 23

24 Government-sponsored enterprises -3.6 -2.8 -2.0 -2.2 -4.2 -4.2 -3.5 -3.8 -5.2 -4.3 -3.7 24

25 Brokers and dealers 8.0 -0.7 -11.4 -3.3 4.6 19.6 -21.3 16.8 3.2 -12.0 14.2 25

(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).
Z.1, September 16, 2011 47

F.212 Corporate and Foreign Bonds

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues 1249.7 1233.1 -231.5 -48.6 -116.3 -395.7 -421.4 244.7 107.4 -40.1 -11.1 1

 2 Nonfinancial corporate business 215.6 311.2 204.6 377.2 420.6 432.4 231.6 510.6 507.7 392.0 447.1 2

 3 Rest of the world (1) 227.8 218.7 -158.8 163.2 72.8 143.0 -0.6 89.8 58.9 44.2 13.4 3

 4 Financial sectors 806.4 703.2 -277.3 -589.1 -609.6 -971.1 -652.5 -355.6 -459.3 -476.3 -471.6 4

 5 U.S.-chartered commercial banks 27.5 25.1 8.0 -28.3 10.3 -25.9 -9.0 26.6 49.5 -11.0 -3.4 5

 6 Bank holding companies 47.8 94.4 123.0 7.8 -46.5 -128.2 -77.4 201.8 -182.3 8.7 -199.9 6

 7 Savings institutions 2.0 -0.3 -8.0 -0.2 -3.6 -12.4 -0.8 -0.9 -0.2 -2.1 0.2 7

 8 ABS issuers (net) (3) 644.6 538.5 -324.1 -473.9 -492.7 -566.2 -500.1 -599.6 -304.9 -425.2 -302.0 8

 9 Finance companies 42.4 -2.8 -49.6 -87.0 -110.7 -284.6 -94.6 -46.1 -17.5 -90.8 -59.7 9

10 REITs 13.9 0.7 -60.3 -41.3 -0.1 12.5 -4.3 28.9 -37.5 10.5 59.6 10

11 Brokers and dealers 6.4 -4.0 32.3 -4.2 36.9 -2.4 34.6 -19.2 134.4 -5.9 -72.7 11

12 Funding corporations 21.6 51.5 1.4 37.9 -3.2 36.1 -0.9 52.8 -100.8 39.6 106.4 12

13 Net purchases 1249.7 1233.1 -231.5 -48.6 -116.3 -395.7 -421.4 244.7 107.4 -40.1 -11.1 13

14 Household sector 196.8 218.3 -214.9 -142.0 -342.7 -555.2 -509.2 -527.8 221.5 -202.8 -100.3 14

15 State and local governments 12.1 6.0 -2.4 7.9 8.3 12.7 -5.2 11.0 14.6 -2.3 -2.0 15

16 Federal government 0.0 0.0 0.0 0.6 0.3 0.1 0.3 0.4 0.5 -0.0 0.0 16

17 Rest of the world (2) 541.0 424.6 -21.4 -125.7 -39.4 -100.4 -104.6 30.4 16.9 -30.3 -71.5 17

18 U.S.-chartered commercial banks 59.1 101.7 -30.4 49.9 -88.2 -160.0 -94.8 -0.8 -97.4 -55.4 -19.8 18

19 Foreign banking offices in U.S. 29.8 77.0 32.1 -156.7 -11.0 -33.1 63.2 440.5 -514.6 -53.3 25.6 19

20 Bank holding companies 4.9 19.2 -0.0 -8.4 7.3 10.3 -64.8 99.2 -15.5 8.5 0.6 20

21 Banks in U.S.-affiliated areas -0.4 0.1 0.0 1.5 -1.4 -2.3 -3.5 -0.0 0.2 21.1 -2.6 21

22 Savings institutions 13.2 49.5 -33.7 -24.0 -10.5 -13.6 -0.8 -18.9 -8.8 -12.2 -7.7 22

23 Credit unions 7.2 3.9 -8.9 -7.0 -18.6 -0.6 -0.4 -27.4 -46.2 0.0 0.0 23

24 Property-casualty insurance companies 14.2 5.9 -15.4 30.8 24.3 23.6 24.1 24.6 25.0 4.8 -5.4 24

25 Life insurance companies 29.7 43.1 -45.5 97.6 102.8 100.2 101.7 103.9 105.5 129.2 82.4 25

26 Private pension funds 27.7 39.8 42.7 42.8 40.6 38.5 38.2 28.7 56.9 51.3 31.3 26

27 State and local govt. retirement funds 55.5 13.6 15.9 -4.3 3.8 0.5 11.3 1.5 1.9 7.0 -11.4 27

28 Federal government retirement funds -0.0 0.1 -0.1 0.1 0.2 0.2 0.3 1.4 -1.1 -0.6 0.7 28

29 Money market mutual funds 105.1 8.5 -148.8 -58.1 -15.7 24.4 -27.7 -38.3 -21.0 -2.3 -1.9 29

30 Mutual funds 104.3 123.0 69.9 146.2 147.0 197.3 93.2 177.6 120.1 192.2 215.3 30

31 Closed-end funds 5.7 -1.0 -25.3 5.3 4.1 6.6 -8.2 6.8 11.4 10.3 -2.3 31

32 Exchange-traded funds 2.4 6.2 13.9 27.6 18.7 20.2 20.3 33.7 0.4 23.1 27.0 32

33 Government-sponsored enterprises 16.1 -17.4 -77.7 -33.8 -16.9 55.8 -47.0 -18.9 -57.7 -36.6 -59.0 33

34 Finance companies -18.7 4.5 3.0 6.3 -19.6 -51.9 12.3 -28.6 -10.3 20.4 3.9 34

35 REITs 11.6 -30.2 -22.8 3.8 5.3 8.0 2.6 7.7 3.0 10.3 6.8 35

36 Brokers and dealers 39.8 27.3 -259.0 47.5 33.2 14.8 -1.1 38.8 80.3 51.7 -56.9 36

37 Funding corporations -7.1 109.6 497.3 43.6 51.9 8.4 78.4 -100.9 221.6 -174.4 -63.9 37

(1) Net purchases of foreign issues by U.S. residents.

(2) Net purchases of U.S. issues by foreign residents.

(3) Net issuance less net acquisition of corporate bonds held as assets.
48 Z.1, September 16, 2011

F.213 Corporate Equities (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net issues -368.9 -460.5 263.1 312.9 -8.7 -118.0 219.1 -59.9 -76.0 -39.2 -175.3 1

 2 Nonfinancial corporate business -565.7 -786.8 -336.0 -64.6 -277.9 -200.2 -214.3 -336.5 -360.7 -326.9 -475.2 2

 3 Rest of the world (2) 137.3 147.8 -38.5 63.6 79.1 45.1 89.0 67.6 114.8 188.5 106.8 3

 4 Financial sectors 59.5 178.6 637.6 313.9 190.1 37.1 344.4 209.1 169.9 99.2 193.1 4

 5 U.S.-chartered commercial banks 9.3 4.3 10.4 10.1 11.4 15.6 10.6 16.2 3.2 6.4 8.5 5

 6 Bank holding companies -19.8 -28.0 321.4 68.6 19.8 0.6 28.5 45.8 4.4 14.9 -22.4 6

 7 Savings institutions 0.8 3.3 1.7 1.5 0.5 0.7 0.2 0.6 0.4 0.6 0.4 7

 8 Property-casualty insurance companies -8.5 -13.2 0.4 -5.3 -12.7 -23.6 -3.8 -10.0 -13.4 -11.1 2.9 8

 9 Life insurance companies -20.0 -30.6 -10.7 -0.9 -4.8 -7.6 -13.3 7.8 -6.1 -8.7 -11.5 9

10 Closed-end funds 8.0 17.6 -63.4 5.1 -0.6 -3.4 4.2 13.5 -16.5 1.9 0.3 10

11 Exchange-traded funds 74.0 150.5 177.2 116.5 117.8 27.9 123.5 133.2 186.7 94.3 116.8 11

12 REITs 22.2 17.1 12.8 24.2 28.2 10.9 33.2 24.4 44.4 64.1 39.8 12

13 Government-sponsored enterprises 1.1 25.5 27.6 96.0 38.1 58.6 76.1 10.6 6.9 8.0 27.5 13

14 Brokers and dealers -7.6 32.3 120.2 -32.4 -11.1 -52.6 83.9 -34.4 -41.4 -11.0 30.8 14

15 Funding corporations (3) 0.0 0.0 40.0 30.5 3.5 10.0 1.3 1.3 1.3 -60.4 0.0 15

16 Net purchases -368.9 -460.5 263.1 312.9 -8.7 -118.0 219.1 -59.9 -76.0 -39.2 -175.3 16

17 Household sector -585.0 -847.9 -112.3 50.7 -147.4 -142.7 30.8 -72.6 -404.9 -49.3 -333.1 17

18 State and local governments -4.4 2.7 22.9 17.6 -26.4 -48.5 20.5 -38.7 -38.7 -27.2 0.7 18

19 Federal government 0.0 0.0 256.3 0.6 15.1 -14.4 65.7 10.7 -1.7 68.7 54.5 19

20 Rest of the world (4) 96.2 218.5 105.1 192.6 152.1 230.5 131.5 123.5 123.1 91.2 99.3 20

21 Monetary authority 0.0 0.0 0.0 25.1 1.3 1.2 1.3 1.3 1.3 -105.5 0.0 21

22 U.S.-chartered commercial banks 0.7 1.6 2.4 6.8 -0.5 5.7 -6.8 -5.4 4.5 -3.9 16.1 22

23 Foreign banking offices in U.S. 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.2 -0.0 -0.2 23

24 Savings institutions -1.0 -0.1 -1.5 -0.5 -1.3 -9.0 -1.5 0.7 4.8 -5.5 0.7 24

25 Property-casualty insurance companies 2.3 0.5 35.1 -2.4 -20.9 -43.1 -2.1 -22.2 -16.3 1.8 -10.3 25

26 Life insurance companies 71.4 84.1 81.8 33.4 45.6 66.5 62.6 26.6 26.6 30.1 28.6 26

27 Private pension funds -86.5 -188.3 -184.6 -175.6 -111.1 -134.8 -111.1 -111.4 -87.0 -83.6 -80.8 27

28 State and local govt. retirement funds -70.0 -6.4 1.2 -17.3 -25.8 -27.3 -38.2 -27.4 -10.2 -82.8 -22.4 28

29 Federal government retirement funds 6.3 2.7 -8.6 8.8 5.2 8.4 0.6 -4.2 16.2 0.0 2.4 29

30 Mutual funds 131.3 91.3 -38.1 86.3 39.1 80.4 -29.0 -3.7 108.6 142.2 -7.3 30

31 Closed-end funds 2.0 18.4 -22.3 -4.2 -4.8 -13.4 12.3 4.4 -22.5 -6.3 2.9 31

32 Exchange-traded funds 68.3 137.2 154.2 70.5 88.2 -13.3 78.1 98.0 189.9 64.7 73.1 32

33 Brokers and dealers -0.2 25.4 -28.5 -4.6 -18.5 -65.4 3.2 -40.7 28.9 31.9 0.4 33

34 Funding corporations 0.0 0.0 0.0 25.1 1.3 1.2 1.3 1.3 1.3 -105.5 0.0 34

(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) Preferred shares issued by AIG to the federal goverment under the TARP program and the monetary authority sector’s preferred interest in AIA Aurora LLC and ALICO Holdings LLC.

(4) Net purchases of U.S. issues by foreign residents.

F.214 Mutual Fund Shares (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net issues 336.8 364.7 31.0 490.5 385.5 558.6 22.7 563.1 397.7 1004.6 381.7 1

 2 Net purchases 336.8 364.7 31.0 490.5 385.5 558.6 22.7 563.1 397.7 1004.6 381.7 2

 3 Household sector 165.4 208.5 0.2 338.1 284.9 432.5 -111.1 519.1 298.9 859.5 258.7 3

 4 Nonfinancial corporate business 24.9 0.2 -6.1 40.4 16.7 16.7 16.7 16.7 16.7 16.7 16.7 4

 5 State and local governments -1.3 0.5 14.3 -7.2 -7.7 -5.1 -4.6 -10.6 -10.6 -7.7 0.2 5

 6 Rest of the world 45.2 38.2 -2.0 17.7 17.8 28.7 5.6 22.6 14.4 49.0 22.7 6

 7 U.S.-chartered commercial banks 3.9 3.6 1.3 14.8 -5.8 -18.5 4.7 -9.5 -0.2 -1.6 -6.4 7

 8 Credit unions -0.1 -0.0 -0.0 -0.7 0.2 0.9 0.0 -0.0 -0.1 0.6 0.6 8

 9 Property-casualty insurance companies 0.5 -0.5 -0.4 0.1 -0.1 -0.0 -0.0 -0.1 -0.1 -0.2 -0.0 9

10 Life insurance companies 26.9 31.3 -10.7 0.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 10

11 Private pension funds 74.9 88.1 35.5 89.8 82.4 106.3 116.0 28.0 79.2 99.4 91.5 11

12 State and local govt. retirement funds -3.4 -5.2 -1.1 -2.5 -3.8 -4.0 -5.6 -4.0 -1.5 -12.1 -3.3 12

(1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities.
Z.1, September 16, 2011 49

F.215 Bank Loans Not Elsewhere Classified (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 126.9 335.1 693.7 -774.6 -105.4 -141.8 -150.1 -159.5 29.8 112.1 109.5 1

 2 Nonfinancial sectors 189.2 264.2 197.7 -307.2 -15.1 -55.2 -41.2 -56.1 91.9 146.3 224.9 2

 3 Household sector 49.9 13.4 18.0 30.1 76.5 180.2 61.1 32.5 32.2 -38.3 81.0 3

 4 Corporate business 9.2 85.1 53.7 -130.6 -32.1 -30.6 -19.7 -54.9 -23.2 104.3 75.5 4

 5 Nonfarm noncorporate business 113.0 139.4 117.7 -195.4 -77.1 -202.6 -96.2 -62.1 52.3 35.9 55.6 5

 6 Farm business 3.3 2.3 3.2 -0.1 -0.3 -1.7 -0.3 0.2 0.7 -3.4 -0.9 6

 7 Rest of the world 13.8 24.1 5.1 -11.2 17.9 -0.5 13.8 28.2 29.9 47.9 13.7 7

 8 Foreign official institutions -0.7 -0.0 0.7 0.6 1.1 -0.7 1.1 1.0 3.0 -0.1 -4.2 8

 9 Foreign banks 3.8 8.3 2.8 -5.1 11.8 10.2 10.7 4.1 22.3 24.2 13.7 9

10 Other foreign 10.7 15.8 1.6 -6.6 4.9 -9.9 2.0 23.1 4.6 23.8 4.1 10

11 Financial sectors -62.3 70.9 496.1 -467.5 -90.2 -86.6 -108.8 -103.4 -62.1 -34.3 -115.3 11

12 Savings institutions -44.5 13.3 13.0 -29.8 -1.2 1.4 -10.3 8.6 -4.4 5.7 1.0 12

13 Finance companies -12.9 52.8 -7.1 -30.4 -64.9 -59.0 -71.3 -80.9 -48.2 50.4 -84.8 13

14 REITs -5.0 4.8 -0.3 -12.1 -2.2 -8.7 -6.3 3.7 2.4 3.4 -1.9 14

15 Brokers and dealers 0.0 0.0 45.5 -45.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Funding corporations 0.0 0.0 444.9 -349.6 -21.9 -20.4 -20.9 -34.7 -11.8 -93.8 -29.6 16

17 Net change in assets 126.9 335.1 693.7 -774.6 -105.4 -141.8 -150.1 -159.5 29.8 112.1 109.5 17

18 Monetary authority (2) 0.0 0.0 490.4 -347.6 -44.8 -21.6 -39.9 -85.8 -31.8 -115.7 -55.4 18

19 U.S.-chartered commercial banks 62.9 233.7 137.9 -298.1 -45.4 -117.4 -76.6 -60.2 72.4 130.8 92.9 19

20 Foreign banking offices in U.S. 67.1 105.0 65.1 -125.4 -16.1 -8.8 -28.5 -14.2 -12.9 65.1 83.8 20

21 Bank holding companies -2.9 0.7 2.0 -3.2 4.3 10.0 5.6 0.2 1.3 32.0 -10.6 21

22 Banks in U.S.-affiliated areas -0.3 -4.2 -1.7 -0.3 -3.3 -4.0 -10.7 0.5 0.8 -0.1 -1.1 22

(1) Excludes bank lending in the form of open market paper, mortgages, consumer credit, and security credit which are shown on other instrument tables.

(2) Loans from Federal Reserve banks to households, rest of the world, broker and dealers, and funding corporations. See loan details on table F.109.
50 Z.1, September 16, 2011

F.216 Other Loans and Advances

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Total other loans and advances 173.6 533.6 106.7 -436.1 -243.9 -267.2 -266.5 -328.1 -113.8 -149.5 -184.9 1

 2 U.S. government loans 0.6 -2.2 6.1 66.1 3.6 14.4 -1.6 3.7 -2.1 8.7 -11.6 2

 3 Liab.: Household sector 1.4 -0.4 0.3 -0.2 -1.0 -0.2 -1.2 -0.0 -2.5 -0.3 -0.7 3

 4 Nonfinancial corporate business 1.2 -0.3 4.4 59.4 -4.4 -1.4 -14.7 3.1 -4.8 5.2 -16.5 4

 5 Nonfarm noncorporate business 4.8 1.2 2.1 3.3 0.3 2.9 1.3 -2.5 -0.8 2.2 3.9 5

 6 Farm business -0.1 -0.0 0.0 0.5 0.4 0.4 0.9 0.6 -0.0 0.1 1.0 6

 7 State and local governments 0.6 0.7 0.8 0.8 0.9 0.6 0.4 0.5 2.0 0.4 0.8 7

 8 Rest of the world -7.4 -3.3 -1.5 0.3 0.2 1.5 -1.1 0.1 0.5 0.5 -1.4 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 Finance companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 Funding corporations 0.0 0.0 0.0 2.0 7.2 10.7 12.8 1.9 3.4 0.6 1.4 11

12 Foreign loans to U.S. corporate business 6.2 102.7 -64.1 -24.5 -22.4 49.5 6.7 -125.9 -20.0 46.8 34.9 12

13 Liab.: Nonfinancial corporate business 6.2 102.7 -64.1 -24.5 -22.4 49.5 6.7 -125.9 -20.0 46.8 34.9 13

 Customers’ liability on acceptances outstanding

14 Asset: U.S.-chartered commercial banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14

15 Foreign banking offices in U.S. -0.3 0.0 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Liab.: Nonfinancial corporate business -0.3 -0.1 -0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

17 Rest of the world -0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17

18 Savings institution loans to business 6.0 6.2 6.4 -14.5 6.4 -1.2 -3.7 27.2 3.5 0.6 -25.4 18

19 Liab.: Nonfinancial corporate business 3.0 3.1 3.2 -7.2 3.2 -0.6 -1.9 13.6 1.7 0.3 -12.7 19

20 Nonfarm noncorporate business 3.0 3.1 3.2 -7.2 3.2 -0.6 -1.9 13.6 1.7 0.3 -12.7 20

21 Credit unions loans to business 0.9 0.0 2.7 2.7 0.8 -4.1 5.0 2.7 -0.5 -6.2 5.7 21

22 Liab.: Nonfinancial corporate business 0.4 0.0 1.4 1.4 0.4 -2.0 2.5 1.3 -0.3 -3.1 2.9 22

23 Nonfarm noncorporate business 0.4 0.0 1.4 1.4 0.4 -2.0 2.5 1.3 -0.3 -3.1 2.9 23

24 Policy loans (Household liability) 3.3 3.6 5.9 0.7 3.4 2.5 2.8 4.6 3.8 1.2 2.8 24

25 Asset: Federal government -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.1 -0.0 25

26 Life insurance companies 3.4 3.6 5.9 0.7 3.4 2.5 2.8 4.6 3.8 1.3 2.9 26

27 Govt.-sponsored enterprises loans (1) 33.1 237.7 38.1 -284.8 -144.7 -169.8 -160.8 -222.4 -25.6 -109.1 -86.6 27

28 Liab.: Household sector (SLMA) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

29 Noncorporate business (FCS) 4.2 4.3 24.8 3.1 1.3 -8.5 4.4 6.0 3.4 -45.2 5.0 29

30 Farm business (FCS) 7.7 7.7 -20.1 -3.3 6.0 -4.1 -1.4 17.5 11.7 -22.9 7.1 30

31 U.S.-chartered coml. banks (FHLB & SLMA) 80.0 106.7 71.0 -124.2 -124.1 -92.8 -131.6 -175.9 -96.0 10.3 -63.3 31

32 Savings institutions (FHLB & SLMA) -65.7 91.1 -72.2 -139.6 -24.2 -49.2 -30.6 -69.6 52.5 -43.4 -34.4 32

33 Credit unions (FHLB) 4.2 13.4 8.3 -14.1 -0.4 -4.4 -1.6 0.8 3.6 -9.6 -3.5 33

34 Life insurance companies (FHLB) 2.7 14.5 26.2 -6.6 -3.2 -10.8 0.0 -1.2 -0.8 1.8 2.4 34

35 Securitized loans held by ABS issuers 3.8 -4.0 -15.6 -23.7 -5.0 -18.0 -1.9 13.5 -13.6 -15.3 -1.2 35

36 Liab.: Nonfinancial corporate business 3.8 -4.0 -15.6 -23.7 -5.0 -18.0 -1.9 13.5 -13.6 -15.3 -1.2 36

37 Finance company loans to business 18.9 24.9 16.9 -91.0 -19.0 -60.2 -46.0 35.6 -5.6 -18.3 -53.5 37

38 Liab.: Nonfinancial corporate business 17.0 22.4 15.2 -81.9 -17.1 -54.2 -41.4 32.1 -5.1 -16.4 -48.1 38

39 Nonfarm noncorporate business 1.9 2.5 1.7 -9.1 -1.9 -6.0 -4.6 3.6 -0.6 -1.8 -5.3 39

40 Loans to nonfinancial corporate business (2) 101.1 164.6 110.5 -67.1 -67.0 -80.4 -67.0 -67.0 -53.6 -58.0 -50.0 40

41 Asset: Household sector 0.4 8.5 12.2 -5.3 0.1 0.1 0.1 0.1 0.1 -3.8 -3.3 41

42 Life insurance companies 6.5 9.6 14.3 -13.3 -3.6 -4.3 -3.6 -3.6 -2.9 -5.2 -4.5 42

43 Mutual funds 9.8 36.1 12.4 1.3 0.8 0.9 0.8 0.8 0.6 48.7 42.0 43

44 ABS issuers 61.2 92.6 53.4 -27.4 -51.8 -62.2 -51.8 -51.8 -41.5 -79.1 -68.2 44

45 Brokers and dealers 19.8 11.1 3.1 -12.7 -10.7 -12.9 -10.7 -10.7 -8.6 -6.0 -5.1 45

46 Funding corporations 3.4 6.7 15.1 -9.8 -1.7 -2.1 -1.7 -1.7 -1.4 -12.7 -10.9 46

(1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4.

(2) Syndicated loans from domestic entities, excluding banks and finance companies which are included elsewhere.
Z.1, September 16, 2011 51

F.217 Total Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in mortgages 1389.2 1052.1 92.8 -283.4 -509.2 -702.7 -511.9 -472.8 -349.5 -422.6 -334.0 1

 2 Home 1071.5 711.3 -109.7 -200.5 -342.5 -563.8 -312.0 -290.0 -204.3 -307.6 -268.4 2

 3 Multifamily residential 40.7 79.3 48.9 9.0 -10.1 -24.2 -13.9 4.2 -6.3 -1.9 4.1 3

 4 Commercial 273.7 256.9 131.6 -88.5 -161.6 -119.6 -191.0 -191.9 -143.9 -108.4 -65.0 4

 5 Farm 3.3 4.6 22.0 -3.4 4.9 4.9 4.9 5.0 5.0 -4.7 -4.8 5

 6 Net borrowing 1389.2 1052.1 92.8 -283.4 -509.2 -702.7 -511.9 -472.8 -349.5 -422.6 -334.0 6

 7 Household sector 1010.3 690.2 -41.0 -155.7 -314.3 -517.2 -271.1 -272.2 -196.6 -281.8 -245.5 7

 8 Nonfinancial business 372.3 357.2 127.1 -131.0 -201.9 -186.4 -242.7 -203.6 -174.7 -152.1 -107.1 8

 9 Corporate 87.7 48.3 -65.8 -32.5 -81.3 -49.1 -89.1 -88.0 -99.1 -86.1 -46.6 9

10 Nonfarm noncorporate 281.3 304.3 170.9 -95.2 -125.5 -142.1 -158.6 -120.7 -80.6 -61.3 -55.6 10

11 Farm 3.3 4.6 22.0 -3.4 4.9 4.9 4.9 5.0 5.0 -4.7 -4.8 11

12 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 12

13 REITs 6.6 4.7 6.8 3.4 6.9 0.8 1.9 3.1 21.8 11.3 18.5 13

14 Net change in assets 1389.2 1052.1 92.8 -283.4 -509.2 -702.7 -511.9 -472.8 -349.5 -422.6 -334.0 14

15 Household sector -17.3 -12.3 1.4 -9.6 -11.3 -6.5 -13.5 -12.3 -13.0 -10.4 -13.3 15

16 Nonfinancial corporate business -8.4 -18.4 -7.7 -3.3 -3.3 -3.3 -3.3 -3.3 -3.3 -3.3 -3.3 16

17 Nonfarm noncorporate business -1.5 7.4 -3.0 -3.1 -1.8 -2.3 -2.0 -1.9 -0.9 -0.6 -0.4 17

18 State and local governments 14.5 6.4 -3.2 9.4 2.8 15.1 -6.1 1.8 0.4 2.5 -2.3 18

19 Federal government 3.7 2.1 13.5 12.6 -1.8 -5.2 5.2 -7.2 0.0 4.9 6.2 19

20 U.S.-chartered commercial banks 436.8 225.7 190.0 -16.1 -186.5 -267.1 -251.4 -15.9 -211.5 -315.6 -168.3 20

21 Foreign banking offices in U.S. 4.1 14.1 5.2 -6.4 -2.5 0.3 -6.7 -3.6 0.2 -6.1 -3.2 21

22 Banks in U.S.-affiliated areas 4.1 1.6 1.8 -0.3 -6.5 -2.8 -20.3 -1.6 -1.1 -3.9 -3.7 22

23 Savings institutions (1) -77.2 17.2 -233.4 -227.3 -18.5 -129.4 -10.6 -51.9 117.9 -181.1 -5.6 23

24 Credit unions 30.1 31.8 33.2 3.2 2.8 15.7 -3.3 9.0 -10.1 17.0 -10.2 24

25 Property-casualty insurance companies 0.7 1.3 0.2 -0.5 -0.3 -0.7 -0.1 -0.1 -0.4 -0.2 1.0 25

26 Life insurance companies 18.3 22.4 16.3 -16.3 -8.6 -12.9 -13.7 -4.4 -3.6 9.5 20.1 26

27 Private pension funds -0.3 0.7 0.9 2.6 1.3 3.9 4.5 -2.1 -1.0 -1.0 -1.0 27

28 State and local govt. retirement funds -2.0 -4.7 -0.3 -0.1 0.1 0.3 -0.2 0.4 0.0 -0.8 -0.1 28

29 Government-sponsored enterprises (1) 18.4 35.9 62.2 2.4 -110.8 -139.9 -61.3 -179.4 -62.8 94.2 -123.6 29

30 Agency- and GSE-backed mortgage pools 292.6 623.3 497.0 415.3 186.9 169.7 228.6 159.7 189.6 263.7 146.5 30

31 ABS issuers 630.0 173.4 -350.4 -367.2 -288.2 -269.7 -305.5 -299.1 -278.4 -227.2 -207.8 31

32 Finance companies 53.0 -62.5 -84.0 -50.5 -56.9 -60.5 -46.5 -56.9 -63.5 -61.2 -29.5 32

33 REITs -10.4 -13.2 -46.9 -28.0 -6.3 -7.3 -5.9 -4.1 -8.1 -2.8 64.4 33

(1) FHLB loans to savings institutions are included in other loans and advances.
52 Z.1, September 16, 2011

F.218 Home Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net borrowing 1071.5 711.3 -109.7 -200.5 -342.5 -563.8 -312.0 -290.0 -204.3 -307.6 -268.4 1

 2 Household sector 989.1 674.5 -52.5 -146.7 -298.3 -504.2 -252.9 -255.3 -181.0 -275.8 -239.8 2

 3 Nonfinancial corporate business 8.2 2.9 -10.2 -12.4 -6.8 -7.8 -9.8 -4.6 -4.9 -4.7 -4.1 3

 4 Nonfarm noncorporate business 74.2 33.9 -46.9 -41.5 -37.4 -51.9 -49.3 -30.2 -18.4 -27.0 -24.5 4

 5 Net change in assets 1071.5 711.3 -109.7 -200.5 -342.5 -563.8 -312.0 -290.0 -204.3 -307.6 -268.4 5

 6 Household sector -15.0 -12.1 0.4 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 6

 7 Nonfinancial corporate business -5.1 -10.9 -4.8 -2.0 -2.0 -2.0 -2.0 -2.0 -2.0 -1.4 -1.5 7

 8 Nonfarm noncorporate business -0.6 2.7 -1.1 -1.1 -0.6 -0.8 -0.7 -0.7 -0.3 -0.2 -0.1 8

 9 State and local governments 7.4 3.6 -1.5 4.8 0.9 7.8 -3.2 -0.1 -1.1 1.0 -1.2 9

10 Federal government 0.2 0.3 2.7 5.7 1.8 4.6 2.6 -1.2 1.2 1.8 2.4 10

11 U.S.-chartered commercial banks 289.2 124.1 28.3 20.7 -81.3 -192.7 -152.9 99.0 -78.5 -224.0 -104.5 11

12 Foreign banking offices in U.S. 0.0 0.0 -1.5 -6.0 0.1 0.9 -0.1 -0.0 -0.2 -0.1 0.1 12

13 Banks in U.S.-affiliated areas 0.9 4.3 1.4 -0.3 -2.5 -1.5 -5.8 -1.4 -1.3 -5.4 -2.2 13

14 Savings institutions -86.0 11.1 -212.6 -217.7 -18.2 -129.6 5.9 -52.6 103.8 -167.3 6.1 14

15 Credit unions 30.1 31.8 33.2 3.2 2.8 15.7 -3.3 9.0 -10.1 17.0 -10.2 15

16 Life insurance companies 2.9 -0.9 -0.8 -2.2 -0.2 -3.2 -0.1 0.8 1.6 0.7 1.6 16

17 Private pension funds -0.1 -0.1 0.1 0.7 0.1 0.1 0.3 -0.0 -0.0 -0.2 -0.3 17

18 State and local govt. retirement funds -0.7 -1.7 -0.1 -0.0 0.0 0.1 -0.1 0.1 0.0 -0.3 -0.0 18

19 Government-sponsored enterprises 3.7 -9.7 8.8 -11.3 -117.3 -123.4 -64.5 -192.7 -88.8 97.2 -116.2 19

20 Agency- and GSE-backed mortgage pools 302.8 622.6 492.2 402.5 175.8 170.2 210.5 145.6 176.9 248.3 123.2 20

21 ABS issuers 517.3 35.0 -310.7 -320.0 -239.5 -234.2 -244.4 -235.4 -243.9 -216.4 -194.0 21

22 Finance companies 48.3 -65.4 -97.3 -47.8 -50.8 -61.3 -37.9 -49.8 -54.1 -50.7 -17.9 22

23 REITs -23.8 -23.5 -46.4 -21.7 -3.7 -6.5 -8.4 -0.6 0.6 0.4 54.4 23

 Memo:

24 Home equity loans included above (2) 151.1 64.8 -17.8 -82.2 -90.5 -107.5 -71.0 -80.9 -102.6 -97.4 -83.7 24

25 U.S.-chartered commercial banks 104.6 38.6 83.0 -13.8 -60.3 -73.7 -40.6 -57.7 -69.1 -69.0 -59.4 25

26 Foreign banking offices in U.S. 0.0 0.0 -0.4 -0.6 0.0 0.1 -0.1 0.1 -0.0 -0.0 -0.1 26

27 Savings institutions -14.1 42.9 -61.0 -39.5 -6.0 -6.2 -7.3 -4.4 -6.1 -6.6 -7.0 27

28 Credit unions 11.0 7.2 4.6 -4.1 -6.4 -7.5 -3.6 -6.0 -8.3 -6.6 -6.3 28

29 ABS issuers 39.9 -10.9 -24.5 -14.7 -8.5 -11.6 -8.5 -6.4 -7.4 -6.6 -4.1 29

30 Finance companies 9.7 -13.1 -19.5 -9.6 -9.4 -8.5 -10.9 -6.4 -11.7 -8.5 -6.9 30

(1) Mortgages on 1-4 family properties including mortages on farm houses.

(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals.

F.219 Multifamily Residential Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing 40.7 79.3 48.9 9.0 -10.1 -24.2 -13.9 4.2 -6.3 -1.9 4.1 1

 2 Nonfinancial corporate business 1.0 6.0 1.9 1.5 -1.0 -1.6 -0.2 -2.4 0.1 0.1 -0.7 2

 3 Nonfarm noncorporate business 39.4 75.7 44.6 5.7 -9.9 -23.6 -13.6 4.2 -6.5 0.3 4.5 3

 4 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 REITs 0.3 -2.3 2.3 1.8 0.8 1.0 -0.0 2.4 -0.0 -2.3 0.3 5

 6 Net change in assets 40.7 79.3 48.9 9.0 -10.1 -24.2 -13.9 4.2 -6.3 -1.9 4.1 6

 7 Household sector 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Nonfinancial corporate business -0.1 -0.3 -0.1 -0.1 -0.1 -0.0 -0.1 -0.1 -0.1 -0.7 -0.6 8

 9 Nonfarm noncorporate business -0.5 2.6 -1.0 -1.0 -0.6 -0.8 -0.7 -0.6 -0.3 -0.2 -0.1 9

10 State and local governments 5.8 2.8 -1.2 3.8 1.2 6.1 -2.5 0.9 0.2 1.7 -0.9 10

11 Federal government -0.2 -0.3 0.1 0.1 -0.3 -0.8 0.2 -0.8 0.1 -0.2 -0.8 11

12 U.S.-chartered commercial banks 18.9 10.9 42.4 -3.7 -13.6 -6.2 -9.9 -10.8 -27.3 -13.5 -3.8 12

13 Foreign banking offices in U.S. 0.0 0.0 -0.2 -0.4 -0.5 0.2 -0.3 -0.8 -1.1 0.0 -1.3 13

14 Savings institutions -2.6 -3.1 -27.5 -5.3 1.4 1.6 -6.5 3.1 7.2 -0.0 -1.0 14

15 Life insurance companies 3.6 5.8 -0.1 -3.2 -1.3 -2.4 -2.1 0.2 -0.7 0.6 2.8 15

16 Private pension funds -0.1 0.1 0.3 0.3 0.4 1.1 1.2 -0.4 -0.2 -0.2 -0.7 16

17 State and local govt. retirement funds -0.6 -1.4 -0.1 -0.0 0.0 0.1 -0.1 0.1 0.0 -0.3 -0.0 17

18 Government-sponsored enterprises 12.4 42.3 42.5 14.2 2.0 -19.3 -1.9 8.5 20.5 -1.6 -5.8 18

19 Agency- and GSE-backed mortgage pools -12.5 -0.7 4.6 13.0 11.3 2.1 16.2 14.2 12.8 17.5 23.4 19

20 ABS issuers 14.0 20.6 -10.8 -5.8 -8.7 -3.7 -6.7 -8.5 -15.8 -3.4 -6.4 20

21 Finance companies -0.5 -0.1 0.8 -0.7 -1.0 -1.6 -0.9 -0.4 -1.3 -1.1 -0.7 21

22 REITs 3.1 0.2 -0.9 -2.0 -0.4 -0.5 -0.0 -0.5 -0.5 -0.5 -0.0 22
Z.1, September 16, 2011 53

F.220 Commercial Mortgages

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net borrowing 273.7 256.9 131.6 -88.5 -161.6 -119.6 -191.0 -191.9 -143.9 -108.4 -65.0 1

 2 Household sector 21.2 15.8 11.5 -9.1 -15.9 -13.0 -18.3 -17.0 -15.6 -6.0 -5.7 2

 3 Nonfinancial corporate business 78.5 39.5 -57.6 -21.6 -73.5 -39.8 -79.0 -81.0 -94.4 -81.5 -41.9 3

 4 Nonfarm noncorporate business 167.7 194.7 173.2 -59.5 -78.2 -66.7 -95.7 -94.7 -55.7 -34.5 -35.7 4

 5 REITs 6.3 7.0 4.5 1.6 6.1 -0.1 1.9 0.7 21.8 13.6 18.2 5

 6 Net change in assets 273.7 256.9 131.6 -88.5 -161.6 -119.6 -191.0 -191.9 -143.9 -108.4 -65.0 6

 7 Household sector 2.2 2.1 0.9 -0.7 -2.5 -1.8 -2.3 -2.7 -3.2 -3.6 -4.1 7

 8 Nonfinancial corporate business -3.2 -7.3 -2.8 -1.3 -1.3 -1.3 -1.3 -1.3 -1.3 -1.3 -1.3 8

 9 Nonfarm noncorporate business -0.4 2.0 -0.8 -0.8 -0.5 -0.6 -0.6 -0.5 -0.2 -0.2 -0.1 9

10 State and local governments 1.2 0.6 -0.2 0.8 0.8 1.2 -0.5 1.1 1.4 -0.2 -0.2 10

11 Federal government 3.7 2.1 10.4 6.4 -3.7 -9.4 2.3 -6.2 -1.6 3.5 4.1 11

12 U.S.-chartered commercial banks 126.5 89.0 110.7 -32.5 -93.4 -69.9 -90.3 -105.9 -107.5 -76.3 -58.1 12

13 Foreign banking offices in U.S. 4.1 14.1 6.8 0.1 -2.1 -0.9 -6.3 -2.7 1.4 -6.1 -2.0 13

14 Banks in U.S.-affiliated areas 3.2 -2.7 0.4 -0.0 -4.0 -1.4 -14.5 -0.2 0.2 1.5 -1.5 14

15 Savings institutions 11.3 9.1 6.7 -4.2 -1.7 -1.3 -10.0 -2.4 6.9 -13.8 -10.6 15

16 Property-casualty insurance companies 0.7 1.3 0.2 -0.5 -0.3 -0.7 -0.1 -0.1 -0.4 -0.2 1.0 16

17 Life insurance companies 11.1 16.8 14.9 -9.4 -6.4 -6.6 -10.7 -4.6 -3.7 8.7 16.2 17

18 Private pension funds -0.2 0.7 0.5 1.5 0.8 2.7 3.0 -1.6 -0.8 -0.6 -0.1 18

19 State and local govt. retirement funds -0.7 -1.6 -0.1 -0.0 0.0 0.1 -0.1 0.1 0.0 -0.3 -0.0 19

20 Agency- and GSE-backed mortgage pools 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

21 ABS issuers 98.7 117.8 -28.9 -41.4 -40.1 -31.8 -54.4 -55.3 -18.8 -7.4 -7.4 21

22 Finance companies 5.2 2.9 12.6 -2.0 -5.1 2.3 -7.7 -6.7 -8.1 -9.4 -10.9 22

23 REITs 10.3 10.1 0.4 -4.3 -2.3 -0.3 2.5 -3.0 -8.2 -2.7 10.0 23

F.221 Farm Mortgages (1)

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net borrowing (Farm business) 3.3 4.6 22.0 -3.4 4.9 4.9 4.9 5.0 5.0 -4.7 -4.8 1

 2 Net change in assets 3.3 4.6 22.0 -3.4 4.9 4.9 4.9 5.0 5.0 -4.7 -4.8 2

 3 Household sector -4.5 -2.2 0.1 -0.9 -0.8 3.3 -3.1 -1.6 -1.8 1.2 -1.2 3

 4 Nonfarm noncorporate business -0.0 0.1 -0.1 -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 4

 5 State and local governments 0.1 -0.7 -0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5

 6 Federal government -0.0 0.1 0.2 0.4 0.4 0.3 0.0 0.9 0.3 -0.2 0.5 6

 7 U.S.-chartered commercial banks 2.2 1.7 8.7 -0.5 1.8 1.8 1.8 1.8 1.8 -1.8 -1.8 7

 8 Foreign banking offices in U.S. 0.0 0.0 0.0 -0.0 0.0 0.1 -0.0 -0.0 -0.0 0.0 0.0 8

 9 Savings institutions 0.1 0.1 0.0 -0.0 0.0 -0.1 0.0 0.0 0.1 0.0 -0.0 9

10 Life insurance companies 0.7 0.7 2.2 -1.5 -0.7 -0.7 -0.7 -0.7 -0.7 -0.4 -0.4 10

11 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 11

12 Government-sponsored enterprises 2.2 3.3 10.9 -0.5 4.6 2.8 5.1 4.8 5.5 -1.3 -1.7 12

13 Agency- and GSE-backed mortgage pools 2.3 1.4 0.1 -0.2 -0.2 -2.6 1.9 -0.1 -0.2 -2.1 -0.1 13

(1) Excludes mortgages on farm houses.
54 Z.1, September 16, 2011

F.222 Consumer Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities (Households) 95.4 139.3 38.8 -115.3 -44.2 -101.5 -75.7 -47.1 47.6 52.5 84.2 1

 2 Net change in assets 95.4 139.3 38.8 -115.3 -44.2 -101.5 -75.7 -47.1 47.6 52.5 84.2 2

 3 Nonfinancial corporate business -2.0 1.0 1.2 -2.6 7.5 28.1 -3.9 8.7 -2.8 -12.7 2.3 3

 4 Nonfarm noncorporate business 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4

 5 Federal government 1.9 6.7 12.6 75.0 130.4 90.6 61.5 228.1 141.4 151.5 71.1 5

 6 U.S.-chartered commercial banks 34.2 62.9 74.5 -50.6 -73.7 11.5 -51.3 -119.0 -135.8 -54.7 63.0 6

 7 Savings institutions -13.5 -4.8 -4.5 -8.8 5.3 -14.2 10.5 6.1 18.7 -8.3 10.8 7

 8 Credit unions 5.9 1.2 0.5 1.0 -10.7 -17.8 -11.1 -21.9 8.0 -13.2 8.6 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 ABS issuers 51.2 22.6 -37.3 -41.3 -56.8 -131.2 -45.3 -39.9 -10.9 -15.8 -38.8 10

11 Finance companies 17.8 49.7 -8.3 -88.0 -46.2 -68.6 -36.0 -109.3 29.1 5.8 -32.8 11

F.223 Trade Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in trade payables 189.1 202.0 -176.5 -64.0 223.1 308.4 192.4 286.7 104.9 320.4 175.7 1

 2 Household sector 13.6 14.6 15.7 10.9 18.1 20.4 20.0 14.4 17.6 12.8 13.7 2

 3 Nonfinancial corporate business 110.3 85.9 -229.9 -89.9 194.0 237.2 183.2 211.9 143.5 203.0 204.2 3

 4 Nonfarm noncorporate business 20.0 29.3 -11.9 -34.0 -19.6 -25.5 -22.4 -20.9 -9.7 -7.1 -4.0 4

 5 Farm business -7.0 -4.1 22.5 6.6 -6.1 6.1 1.5 -18.4 -13.6 27.1 -6.5 5

 6 State and local governments 34.4 37.0 39.2 37.7 38.4 38.0 38.4 38.6 38.7 39.1 39.4 6

 7 Federal government 6.2 29.3 22.6 -51.6 22.5 27.2 -4.8 14.4 53.4 49.9 -12.1 7

 8 Rest of the world 6.2 12.4 -9.9 7.4 27.8 36.4 17.3 34.5 22.9 -6.0 -62.0 8

 9 Brokers and dealers 5.2 -2.4 -24.7 48.9 -52.0 -31.4 -40.9 12.3 -148.0 1.6 2.9 9

10 Net change in trade receivables 43.1 248.5 -181.9 -50.7 131.1 2.8 193.6 179.2 148.8 199.4 204.0 10

11 Nonfinancial corporate business -18.3 163.1 -172.0 33.6 135.1 8.1 211.5 187.6 133.1 200.4 193.7 11

12 Nonfarm noncorporate business 40.0 54.7 -3.0 -40.8 -23.5 -30.6 -26.8 -25.0 -11.6 -8.5 -4.8 12

13 State and local governments 13.8 6.8 -2.7 9.0 9.4 14.5 -5.9 12.5 16.6 -2.6 -2.3 13

14 Federal government -11.6 1.2 4.2 -21.1 -0.7 -5.7 -13.6 1.3 15.1 -5.1 3.1 14

15 Rest of the world 5.9 20.8 6.5 6.6 19.4 33.7 24.9 1.1 18.1 5.7 8.9 15

16 Property-casualty insurance companies 4.9 -1.6 1.3 -3.7 0.8 7.4 7.7 1.3 -13.1 2.5 15.2 16

17 ABS issuers 8.5 3.4 -16.1 -34.3 -9.5 -24.6 -4.2 0.4 -9.5 7.1 -9.8 17

18 Discrepancy 145.9 -46.4 5.4 -13.2 92.0 305.6 -1.2 107.5 -44.0 121.0 -28.3 18

F.224 Security Credit

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in liabilities 211.5 276.5 -397.9 -95.9 123.6 25.4 160.1 105.2 203.7 128.2 298.9 1

 2 Household sector 59.7 33.4 -160.7 38.1 75.2 -26.4 82.5 66.7 178.0 150.2 -11.5 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 151.8 243.0 -237.3 -134.0 48.4 51.8 77.6 38.5 25.7 -22.0 310.4 4

 5 Customer credit balances (HH) 80.4 210.8 -123.8 -74.1 25.7 45.7 23.9 43.2 -10.1 36.2 217.5 5

 6 From U.S.-chartered commercial banks 20.9 29.3 12.8 -59.2 -5.8 8.0 17.7 -81.6 32.8 -0.7 44.3 6

 7 From foreign banking offices in U.S. 50.6 3.0 -126.3 -0.8 28.5 -1.9 36.0 76.9 3.0 -57.5 48.6 7

 8 Net change in assets 211.5 276.5 -397.9 -95.9 123.6 25.4 160.1 105.2 203.7 128.2 298.9 8

 9 Household sector 80.4 210.8 -123.8 -74.1 25.7 45.7 23.9 43.2 -10.1 36.2 217.5 9

10 Rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10

11 U.S.-chartered commercial banks 20.9 29.3 12.8 -59.2 -5.8 8.0 17.7 -81.6 32.8 -0.7 44.3 11

12 Foreign banking offices in U.S. 50.6 3.0 -126.3 -0.8 28.5 -1.9 36.0 76.9 3.0 -57.5 48.6 12

13 Brokers and dealers 59.7 33.4 -160.7 38.1 75.2 -26.4 82.5 66.7 178.0 150.2 -11.5 13
Z.1, September 16, 2011 55

F.225 Life Insurance and Pension Fund Reserves

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 Life insurance reserves:

 1 Net change in liabilities 65.6 34.2 67.0 26.5 17.2 0.9 13.8 49.0 5.3 34.8 61.4 1

 2 Federal government 1.5 1.2 1.0 1.1 0.9 -0.3 0.7 0.7 2.5 0.3 1.7 2

 3 Life insurance companies 64.1 33.0 66.0 25.4 16.4 1.2 13.1 48.3 2.9 34.5 59.6 3

 4 Net change in assets (Households) 65.6 34.2 67.0 26.5 17.2 0.9 13.8 49.0 5.3 34.8 61.4 4

 Pension fund reserves:

 5 Net change in liabilities 250.9 201.1 125.7 135.4 224.9 192.2 165.2 219.9 322.3 131.6 -103.4 5

 6 Life insurance companies 100.5 118.6 65.5 25.1 104.2 112.9 68.4 139.9 95.7 20.5 133.0 6

 7 Private pension funds (1) 53.9 32.3 -36.4 60.1 77.3 46.5 87.8 49.5 125.2 78.8 108.4 7

 8 State and local govt. retirement funds 46.1 2.3 17.7 -28.0 -38.5 -34.1 -64.0 -47.5 -8.5 -48.1 -57.0 8

 9 Federal government retirement funds (2) 50.4 47.8 78.9 78.2 81.9 66.9 72.9 78.0 109.9 80.5 -287.8 9

10 Net change in assets (Households) (3) 250.9 201.1 125.7 135.4 224.9 192.2 165.2 219.9 322.3 131.6 -103.4 10

(1) Includes unallocated insurance company contracts beginning 1985:Q4.

(2) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds.

(3) Excludes all individual retirement accounts (IRAs) (table F.225.i), except those at life insurance companies.

F.226 Taxes Payable by Businesses

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Net change in taxes payable by all 22.5 -69.3 -123.8 -5.0 12.1 -2.8 -9.5 29.5 31.4 60.9 -34.0 1

 businesses

 2 Nonfinancial corporate business -0.8 -49.6 3.1 -3.3 3.6 13.7 -10.1 1.6 9.3 29.4 -26.5 2

 3 Nonfarm noncorporate business 9.0 3.8 6.7 -7.8 -4.5 -5.8 -5.1 -4.8 -2.2 -1.6 -0.9 3

 4 U.S.-chartered commercial banks -1.1 -13.6 -85.7 7.1 6.9 -24.3 36.0 -0.9 16.8 16.9 20.7 4

 5 Savings institutions -0.4 -2.0 -0.3 0.3 -0.3 1.0 -2.0 -0.5 0.2 1.9 -2.4 5

 6 Property-casualty insurance companies 11.0 -2.4 -28.1 5.3 5.6 12.6 -25.8 13.6 22.2 8.8 -20.7 6

 7 Life insurance companies 4.0 -3.4 -19.7 -7.0 2.6 5.8 -2.7 11.7 -4.5 3.8 -4.8 7

 8 Finance companies 0.0 -1.5 -0.1 -2.8 0.3 -0.4 0.3 0.6 0.5 -0.5 0.1 8

 9 Brokers and dealers 0.7 -0.6 0.3 3.2 -2.1 -5.3 -0.1 8.0 -10.9 2.3 0.5 9

10 Net change in business taxes receivable 5.1 -34.7 -66.1 24.8 45.4 56.4 18.3 47.7 59.4 50.9 1.4 10

11 State and local governments 11.5 0.8 -4.1 -18.2 -17.1 -8.4 -16.5 -18.8 -24.8 -27.8 -27.7 11

12 Federal government -6.3 -35.5 -61.9 43.0 62.5 64.8 34.8 66.5 84.2 78.7 29.0 12

13 Discrepancy 17.3 -34.6 -57.7 -29.8 -33.3 -59.2 -27.8 -18.3 -28.0 10.0 -35.4 13

F.227 Proprietors’ Equity in Noncorporate Business

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 Total household investment 11.7 -7.5 -288.2 -68.2 -18.2 -9.6 -3.6 -18.2 -41.3 -25.8 -23.3 1

 2 Nonfarm noncorporate business 68.4 18.2 -284.8 -66.1 -16.0 -12.4 -7.5 -5.2 -38.9 -16.6 -8.5 2

 3 Farm business -49.9 -28.1 -14.9 1.6 -2.6 2.3 -2.0 -4.5 -6.1 -0.2 -9.1 3

 4 Brokers and dealers -6.8 2.4 11.5 -3.6 0.4 0.5 5.8 -8.5 3.7 -9.0 -5.7 4
56 Z.1, September 16, 2011

F.228 Total Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 1787.3 2525.6 2128.7 -396.7 1141.6 1364.2 1648.1 1469.6 84.6 1711.3 1236.2 1

 2 Household sector 0.5 1.0 3.2 -4.9 2.7 10.1 3.6 -11.8 8.7 1.7 1.9 2

 3 Nonfinancial corporate business 819.8 1275.3 635.9 18.1 391.9 210.0 266.8 563.5 527.3 537.5 506.5 3

 4 Nonfarm noncorporate business 144.8 94.2 114.1 111.8 68.7 177.4 88.6 14.0 -5.1 44.4 -3.5 4

 5 Federal government 59.4 76.6 89.5 81.4 90.6 30.9 80.7 73.5 177.1 57.2 -306.5 5

 6 Rest of the world 467.0 488.6 428.9 -292.9 559.8 464.8 766.4 256.7 751.1 435.2 585.8 6

 7 Monetary authority 3.2 2.5 2.2 6.1 29.2 93.8 -33.5 -103.1 159.6 -4.1 -64.6 7

 8 U.S.-chartered commercial banks -6.4 8.6 -6.7 255.5 121.5 428.7 10.0 297.7 -250.5 358.8 42.7 8

 9 Foreign banking offices in U.S. -109.0 144.8 549.5 -418.2 7.5 79.0 475.1 346.0 -870.3 415.2 338.3 9

10 Bank holding companies 80.6 -3.4 -180.7 -48.0 -97.9 -53.0 52.6 93.7 -484.9 87.7 15.1 10

11 Banks in U.S.-affiliated areas -4.4 -11.6 -4.5 3.3 -5.0 -11.2 15.6 -18.2 -6.3 -4.9 -6.4 11

12 Savings institutions 19.7 22.2 -30.1 -50.5 -1.6 -6.4 30.9 -44.1 13.1 -16.0 41.3 12

13 Credit unions -2.7 -5.6 1.1 14.7 -8.4 -28.9 -5.3 -2.1 2.7 3.8 -8.0 13

14 Property-casualty insurance companies 39.7 25.8 40.2 1.9 8.7 -5.6 34.8 18.7 -13.3 4.5 49.0 14

15 Life insurance companies 50.9 67.6 46.8 -4.6 55.1 11.7 249.0 3.7 -44.0 37.4 -23.1 15

16 Government-sponsored enterprises 11.6 17.7 37.1 62.2 -68.1 -1.6 -202.0 -138.2 69.4 -56.5 -11.3 16

17 Finance companies 13.7 -6.9 10.4 -91.2 -11.8 -29.4 21.8 -77.6 37.9 -74.3 39.9 17

18 REITs 7.7 4.6 -2.7 -13.8 8.2 55.7 15.5 -5.2 -33.2 10.3 11.1 18

19 Brokers and dealers 97.8 46.2 -70.7 19.8 39.5 290.7 -103.4 155.9 -185.2 220.2 71.8 19

20 Funding corporations 93.3 277.5 465.3 -47.3 -48.7 -352.3 -119.1 46.3 230.5 -346.7 -43.6 20

21 Net change in assets 2439.5 2546.4 162.6 -8.6 942.6 1365.5 756.5 1202.9 445.4 1542.1 1079.9 21

22 Household sector 37.4 66.1 55.1 21.1 43.8 5.2 41.6 54.2 74.5 7.6 10.0 22

23 Nonfinancial corporate business 719.5 932.3 -358.4 290.6 546.0 863.9 557.5 394.8 367.9 517.9 419.5 23

24 Nonfarm noncorporate business 378.9 328.4 106.6 -162.3 -93.5 -121.6 -106.8 -99.6 -46.1 -33.7 -19.3 24

25 Farm business 4.1 3.4 1.8 1.7 1.1 1.1 1.1 1.1 1.1 3.0 3.0 25

26 State and local governments -3.9 74.5 25.2 48.9 125.2 117.0 81.2 143.2 159.3 50.4 34.0 26

27 Federal government 3.1 1.9 -28.0 35.4 -3.5 7.3 -65.8 26.0 18.6 -1.3 7.3 27

28 Rest of the world 694.5 606.5 -307.4 192.9 524.8 411.9 701.7 317.6 668.1 162.6 911.7 28

29 Monetary authority 0.1 25.8 530.2 -493.8 7.8 -34.1 -1.6 2.9 64.0 41.1 51.5 29

30 U.S.-chartered commercial banks 23.9 39.1 134.8 28.1 -67.5 168.4 -103.6 -264.0 -70.7 459.1 -160.5 30

31 Foreign banking offices in U.S. -143.9 14.7 364.4 -120.7 2.7 119.8 263.9 -83.6 -289.3 316.7 160.0 31

32 Bank holding companies 196.8 99.2 182.1 57.2 -60.2 -109.3 152.1 209.9 -493.6 175.9 18.0 32

33 Banks in U.S.-affiliated areas 0.6 6.1 -1.0 -4.5 4.5 3.7 23.3 -4.7 -4.3 -0.6 5.1 33

34 Savings institutions -4.5 6.2 -25.4 -6.2 -8.0 -87.3 -4.6 -22.3 82.2 -89.1 0.8 34

35 Credit unions 0.8 11.0 8.4 6.4 2.7 -49.1 -12.5 43.8 28.8 -15.9 2.2 35

36 Property-casualty insurance companies 3.1 17.6 6.8 16.7 0.4 7.7 -5.2 12.7 -13.7 -9.9 13.9 36

37 Life insurance companies 41.3 39.5 37.2 -22.5 2.8 14.5 114.4 4.9 -122.7 -120.0 111.3 37

38 Private pension funds 1.3 17.5 11.3 21.6 -18.8 -47.6 -11.1 -0.4 -16.3 -34.9 -9.6 38

39 State and local govt. retirement funds 1.0 -0.6 -0.0 0.5 0.7 0.3 0.8 1.6 0.2 1.4 -0.1 39

40 Federal government retirement funds 35.8 33.3 63.3 61.9 65.7 52.0 55.4 63.3 92.1 66.6 -305.9 40

41 Money market mutual funds 15.9 31.8 -43.1 11.3 7.7 -57.1 -183.9 26.8 245.0 -64.2 -195.4 41

42 Mutual funds 3.3 2.8 3.2 -5.1 -12.0 -26.4 -21.8 -27.8 28.0 10.5 -0.0 42

43 Government-sponsored enterprises -3.2 27.0 -42.6 1.2 29.3 40.6 -37.4 105.4 8.8 -159.2 1.5 43

44 Finance companies -30.2 1.7 11.8 31.9 -15.9 -73.1 -2.8 -5.1 17.5 23.4 -20.3 44

45 REITs 7.8 -4.4 -0.8 -8.5 7.4 10.0 23.9 16.9 -21.2 13.8 14.6 45

46 Brokers and dealers 425.1 47.3 -615.1 54.9 -104.2 206.1 -517.3 114.1 -219.6 110.1 4.1 46

47 Funding corporations 31.1 117.6 42.1 -67.2 -46.5 -58.3 -186.0 171.3 -113.2 110.8 22.7 47

48 Discrepancy -652.2 -20.8 1966.1 -388.0 199.0 -1.4 891.5 266.6 -360.9 169.1 156.3 48
Z.1, September 16, 2011 57

F.229 Identified Miscellaneous Financial Claims - Part I

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 U.S. direct investment abroad (1):

 1 Liab.: Rest of the world 244.9 414.0 329.1 303.6 351.4 440.6 277.9 314.9 372.0 356.8 536.3 1

 2 Equity 49.0 200.9 127.0 24.5 47.7 136.2 43.1 14.2 -2.7 12.1 115.9 2

 3 Reinvested earnings 217.3 230.5 233.1 237.7 320.5 312.0 304.4 318.3 347.4 341.8 378.9 3

 4 Intercompany accounts -21.4 -17.3 -31.1 41.4 -16.9 -7.6 -69.6 -17.6 27.3 2.9 41.5 4

 5 Asset: Nonfinancial corporate business 219.2 307.0 262.6 279.8 322.1 417.5 238.3 267.5 365.0 348.0 483.3 5

 6 U.S.-chartered commercial banks -1.7 32.8 17.6 -10.8 -1.1 -9.4 19.6 4.1 -18.8 7.6 10.1 6

 7 Property-casualty insurance companies 3.1 17.6 6.8 16.7 0.4 7.7 -5.2 12.7 -13.7 -9.9 13.9 7

 8 Life insurance companies 0.8 5.8 4.6 2.1 3.0 2.6 4.3 1.3 3.7 0.3 4.6 8

 9 Finance companies 8.0 26.4 24.2 8.6 12.5 -4.2 13.1 19.5 21.7 2.9 16.9 9

10 Brokers and dealers 15.6 24.4 13.3 7.2 14.5 26.4 7.7 9.8 14.2 7.9 7.6 10

 Foreign direct investment in U.S. (1):

11 Liab.: Nonfinancial corporate business 191.0 211.6 189.5 112.0 186.2 185.0 105.9 250.4 203.3 100.2 156.4 11

12 Nonfarm noncorporate business 0.2 0.3 -0.2 0.5 -0.0 0.0 -0.1 -0.1 0.1 0.0 -0.0 12

13 Foreign banking offices in U.S. 13.8 -0.8 24.8 15.3 7.5 13.3 9.3 10.2 -3.0 15.6 5.3 13

14 Property-casualty insurance companies 23.1 7.1 14.9 7.0 2.3 -2.0 8.1 0.9 2.2 6.5 -4.0 14

15 Life insurance companies 14.4 -1.0 12.5 7.7 6.8 5.3 5.6 6.6 9.6 -20.0 2.4 15

16 Finance companies 5.2 -5.6 12.2 12.1 2.4 1.5 1.5 6.5 0.4 4.3 12.1 16

17 Brokers and dealers -5.1 9.0 55.8 3.5 30.5 4.6 4.8 43.5 69.0 6.8 18.0 17

18 Funding corporations 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 18

19 Asset: Rest of the world 243.2 221.2 310.1 158.6 236.2 208.3 135.7 318.6 282.2 114.0 190.9 19

20 Equity 115.0 142.3 255.7 134.3 114.7 86.7 61.5 214.0 96.7 33.4 111.9 20

21 Reinvested earnings 69.1 48.2 39.1 13.5 93.7 79.1 85.7 87.3 122.7 104.9 101.2 21

22 Intercompany accounts 59.0 30.7 15.2 10.8 27.8 42.6 -11.5 17.3 62.8 -24.4 -22.2 22

 Federal government equity in IBRD, etc.:

23 Liab.: Rest of the world 2.0 1.7 1.4 1.7 2.3 1.9 5.3 1.3 0.8 2.3 5.8 23

24 Asset: Federal government 2.0 1.7 1.4 1.7 2.3 1.9 5.3 1.3 0.8 2.3 5.8 24

 Federal Reserve Bank stock:

25 Liab.: Monetary authority 1.8 3.1 2.6 4.6 0.9 2.5 1.5 0.3 -0.6 -0.9 0.8 25

26 Asset: U.S.-chartered commercial banks 1.8 3.1 2.6 4.6 0.9 2.5 1.5 0.3 -0.6 -0.9 0.8 26

 Equity in govt.-sponsored enterprises:

27 Liab.: Government-sponsored enterprises 0.2 9.1 -4.2 0.0 -2.7 -3.1 -1.9 0.4 -6.4 -1.6 -17.7 27

28 Asset: Nonfin. corporate business (Fannie Mae) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 28

29 Nonfarm noncorporate (Farm Credit System) 0.1 0.3 1.6 0.0 0.0 -0.1 0.8 0.2 -0.8 -0.3 0.5 29

30 Farm business (Farm Credit System) 0.2 0.5 -0.6 0.0 0.5 0.2 -0.6 1.3 1.0 0.4 -0.2 30

31 Federal government 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 31

32 U.S.-chartered commercial banks (FHLB) 2.7 3.8 -1.0 -0.9 -1.8 -2.6 -1.7 1.5 -4.5 0.6 -20.0 32

33 Savings institutions (FHLB) -2.9 3.3 -5.4 1.6 -1.2 -0.2 -0.7 -3.0 -0.9 -2.7 3.5 33

34 Credit unions (FHLB) 0.2 0.6 0.3 -0.4 -0.2 -0.0 0.0 0.2 -1.0 0.1 -0.7 34

35 Life insurance companies (FHLB) 0.0 0.6 1.0 -0.3 -0.0 -0.4 0.3 0.2 -0.3 0.1 -0.7 35

 BHC investment in subsidiaries:

36 Liab.: U.S.-chartered commercial banks 114.1 130.7 46.6 106.9 -46.7 -20.3 92.6 83.3 -342.5 -31.9 163.0 36

37 Savings institutions 0.6 0.2 2.5 10.6 -1.0 -0.2 -1.2 2.3 -5.1 1.0 -2.4 37

38 Life insurance companies 2.7 5.3 -12.5 9.3 22.2 10.9 15.0 15.5 47.5 7.2 11.6 38

39 Finance companies 3.2 41.5 -7.3 -23.3 -36.2 -111.2 -10.0 -2.7 -20.7 -22.9 27.3 39

40 Brokers and dealers 39.8 -110.0 59.4 -87.9 -0.7 94.7 8.1 89.0 -194.4 41.8 -232.6 40

41 Asset: Bank holding companies 160.4 67.8 88.7 15.5 -62.3 -26.1 104.5 187.4 -515.2 -4.8 -33.2 41

 NFC investment in finance company subs.:

42 Liab.: Finance companies 22.9 -54.8 -1.1 -9.3 20.3 98.8 -5.3 -1.4 -10.9 -5.3 14.7 42

43 Asset: Nonfinancial corporate business 22.9 -54.8 -1.1 -9.3 20.3 98.8 -5.3 -1.4 -10.9 -5.3 14.7 43

 Funding corp. investment in subs.:

44 Liab.: Foreign banking offices in U.S. 8.6 43.7 35.6 -73.5 -31.5 -55.6 -155.1 106.7 -22.0 69.5 -62.1 44

45 Brokers and dealers 22.6 73.9 6.4 6.3 -15.0 -2.7 -30.9 64.7 -91.2 41.3 84.8 45

46 Asset: Funding corporations 31.1 117.6 42.1 -67.2 -46.5 -58.3 -186.0 171.3 -113.2 110.8 22.7 46

 Equity investment under Public-Private Inv. Program:

47 Liab.: Funding corporations 0.0 0.0 0.0 2.4 7.9 13.4 10.2 5.0 3.1 0.6 2.5 47

48 Asset: Households (2) 0.0 0.0 0.0 1.2 4.0 6.7 5.1 2.5 1.5 0.3 1.3 48

49 Federal government 0.0 0.0 0.0 1.2 4.0 6.7 5.1 2.5 1.5 0.3 1.3 49

(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.

(2) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP).
58 Z.1, September 16, 2011

F.230 Identified Miscellaneous Financial Claims - Part II

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 Nonofficial foreign currencies:

 1 Liab.: Rest of the world -0.0 23.9 529.8 -543.3 -10.1 -41.1 5.6 -4.5 -0.3 -0.6 1.2 1

 2 Asset: Federal government -0.0 -0.1 0.0 0.2 0.1 -0.0 0.6 0.2 -0.4 -0.3 1.2 2

 3 Monetary authority (1) 0.0 24.0 529.7 -543.5 -10.2 -41.1 5.0 -4.7 0.1 -0.3 0.0 3

 Postal Savings System deposits:

 4 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 4

 5 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 5

 Deposits at Federal Home Loan Banks:

 6 Liab.: Government-sponsored enterprises -0.2 1.9 -5.4 0.4 -1.5 21.0 -13.3 7.5 -21.1 2.4 -3.6 6

 7 Asset: Savings institutions -0.2 1.9 -5.4 0.4 -1.5 21.0 -13.3 7.5 -21.1 2.4 -3.6 7

 Deferred and unpaid life insurance premiums:

 8 Liab.: Household sector 0.5 1.0 3.2 -4.9 2.7 10.1 3.6 -11.8 8.7 1.7 1.9 8

 9 Asset: Life insurance companies 0.5 1.0 3.2 -4.9 2.7 10.1 3.6 -11.8 8.7 1.7 1.9 9

 Life insurance company reserves:

10 Liab.: Life insurance companies 14.8 15.5 17.6 8.4 14.8 5.5 20.1 26.7 6.9 11.2 10.4 10

11 Accident and health 11.5 13.5 19.5 9.7 14.7 1.7 16.2 25.0 15.9 7.1 17.5 11

12 Policy dividend accumulation 0.8 0.2 -3.4 -1.1 0.4 -0.3 -1.3 1.2 2.2 0.9 -5.2 12

13 Contract claims 2.5 1.8 1.5 -0.1 -0.4 4.1 5.2 0.4 -11.2 3.3 -2.0 13

14 Asset: Household sector 14.8 15.5 17.6 8.4 14.8 5.5 20.1 26.7 6.9 11.2 10.4 14

 Policy payables:

15 Liab.: Property-casualty insurance companies 16.6 18.7 25.4 -5.0 6.3 -3.6 26.6 17.8 -15.5 -2.0 52.9 15

16 Asset: Household sector 4.6 6.7 11.0 -5.1 2.6 -2.7 11.9 9.3 -8.0 -3.6 23.8 16

17 Nonfinancial corporate business 6.6 7.4 9.9 -1.8 2.5 -1.4 10.5 7.0 -6.1 -0.8 20.9 17

18 Nonfarm noncorporate business 1.6 1.7 2.1 0.2 0.6 -0.3 2.5 1.7 -1.5 -0.2 5.0 18

19 Farm business 3.9 2.9 2.4 1.7 0.6 0.9 1.7 -0.2 0.1 2.6 3.3 19

 Unallocated insurance company contracts:

20 Liab.: Life insurance companies -1.5 26.3 38.2 10.1 -4.4 -28.1 14.6 5.2 -9.2 -9.0 0.0 20

21 Asset: Private pension funds -1.5 26.3 38.2 10.1 -4.4 -28.1 14.6 5.2 -9.2 -9.0 0.0 21

 Pension fund contributions payable:

22 Liab.: Nonfinancial corporate business -2.0 4.4 0.7 2.5 -1.2 -2.2 -1.3 -0.8 -0.6 -0.4 -0.4 22

23 Asset: Private pension funds -2.0 4.4 0.7 2.5 -1.2 -2.2 -1.3 -0.8 -0.6 -0.4 -0.4 23

 Securities borrowed (net):

24 Liab.: Funding corporations 302.6 -2.1 -353.2 -30.2 -123.5 -30.6 -334.5 31.7 -160.5 -95.2 67.6 24

25 Asset: Brokers and dealers 302.6 -2.1 -353.2 -30.2 -123.5 -30.6 -334.5 31.7 -160.5 -95.2 67.6 25

 Nonmarketable government securities:

26 Liab.: Federal government 35.8 33.3 63.3 61.9 65.7 52.0 55.4 63.3 92.1 66.6 -305.9 26

27 Asset: Federal government retirement funds 35.8 33.3 63.3 61.9 65.7 52.0 55.4 63.3 92.1 66.6 -305.9 27

 Retiree health care funds (2):

28 Liab.: Federal government 18.1 43.9 26.5 16.6 22.5 -4.3 4.6 15.7 74.0 -0.3 -25.4 28

29 Asset: Household sector 18.1 43.9 26.5 16.6 22.5 -4.3 4.6 15.7 74.0 -0.3 -25.4 29

(1) Reciprocal currency arrangements (swap lines) with foreign central banks.

(2) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund.
Z.1, September 16, 2011 59

F.231 Unidentified Miscellaneous Financial Claims

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Net change in liabilities 696.2 1579.1 1014.1 -323.0 663.0 707.6 1524.9 321.0 98.3 1165.0 714.8 1

 2 Nonfinancial corporate business 630.8 1059.3 445.6 -96.4 207.0 27.2 162.2 313.9 324.6 437.8 350.4 2

 3 Nonfarm noncorporate business 144.6 93.9 114.3 111.3 68.8 177.3 88.6 14.1 -5.1 44.4 -3.5 3

 4 Federal government 5.6 -0.6 -0.3 2.9 2.4 -16.8 20.8 -5.4 11.0 -9.1 24.7 4

 5 Rest of the world 220.1 49.0 -431.3 -54.8 216.2 63.4 477.6 -55.0 378.7 76.7 42.4 5

 6 Monetary authority 1.4 -0.7 -0.5 1.5 28.3 91.4 -35.0 -103.4 160.3 -3.2 -65.4 6

 7 U.S.-chartered commercial banks -120.5 -122.2 -53.3 148.6 168.2 448.9 -82.6 214.4 92.0 390.7 -120.3 7

 8 Foreign banking offices in U.S. -131.3 101.9 489.1 -360.0 31.5 121.3 620.9 229.2 -845.4 330.1 395.1 8

 9 Bank holding companies 80.6 -3.4 -180.7 -48.0 -97.9 -53.0 52.6 93.7 -484.9 87.7 15.1 9

10 Banks in U.S.-affiliated areas -4.4 -11.6 -4.5 3.3 -5.0 -11.2 15.6 -18.2 -6.3 -4.9 -6.4 10

11 Savings institutions 19.1 22.0 -32.6 -61.1 -0.6 -6.3 32.2 -46.5 18.2 -17.0 43.7 11

12 Credit unions -2.7 -5.6 1.1 14.7 -8.4 -28.9 -5.3 -2.1 2.7 3.8 -8.0 12

13 Life insurance companies 20.5 21.4 -9.0 -40.1 15.7 18.1 193.7 -50.2 -98.9 48.1 -47.5 13

14 Government-sponsored enterprises 11.6 6.7 46.7 61.8 -63.9 -19.5 -186.8 -146.1 96.9 -57.3 10.1 14

15 Finance companies -17.8 12.0 6.5 -70.7 1.6 -18.5 35.6 -80.0 69.2 -50.5 -14.1 15

16 REITs 7.7 4.6 -2.7 -13.8 8.2 55.7 15.5 -5.2 -33.2 10.3 11.1 16

17 Brokers and dealers 40.6 73.4 -192.2 97.9 24.7 194.1 -85.3 -41.3 31.3 130.2 201.6 17

18 Funding corporations -209.9 278.9 817.9 -20.1 66.3 -335.7 204.6 9.1 387.2 -252.7 -114.3 18

19 Net change in assets 1348.3 1599.9 -952.0 65.0 464.0 708.9 633.4 54.4 459.2 995.9 558.5 19

20 Nonfinancial corporate business 470.9 672.7 -629.9 21.9 201.2 349.1 313.9 121.7 20.0 176.0 -99.4 20

21 Nonfarm noncorporate business 377.2 326.4 102.9 -162.6 -94.2 -121.2 -110.1 -101.5 -43.8 -33.2 -24.7 21

22 State and local governments -3.9 74.5 25.2 48.9 125.2 117.0 81.2 143.2 159.3 50.4 34.0 22

23 Federal government 1.0 0.4 -29.4 32.3 -9.8 -1.3 -76.8 22.0 16.7 -3.6 -1.0 23

24 Rest of the world 451.4 385.4 -617.5 34.3 288.6 203.5 566.0 -1.1 385.9 48.6 720.8 24

25 Monetary authority 0.1 1.8 0.5 49.6 18.0 7.0 -6.5 7.6 64.0 41.4 51.5 25

26 U.S.-chartered commercial banks 21.1 -0.6 115.7 35.2 -65.4 177.9 -122.9 -269.8 -46.8 451.7 -151.3 26

27 Foreign banking offices in U.S. -143.9 14.7 364.4 -120.7 2.7 119.8 263.9 -83.6 -289.3 316.7 160.0 27

28 Bank holding companies 36.5 31.5 93.4 41.7 2.1 -83.2 47.6 22.5 21.6 180.6 51.2 28

29 Banks in U.S.-affiliated areas 0.6 6.1 -1.0 -4.5 4.5 3.7 23.3 -4.7 -4.3 -0.6 5.1 29

30 Savings institutions -1.4 1.0 -14.6 -8.2 -5.3 -108.1 9.4 -26.8 104.2 -88.9 0.9 30

31 Credit unions 0.6 10.4 8.1 6.8 2.9 -49.1 -12.5 43.6 29.7 -15.9 2.9 31

32 Life insurance companies 40.0 32.1 28.5 -19.3 -2.9 2.1 106.1 15.1 -134.8 -122.2 105.5 32

33 Private pension funds 4.8 -13.2 -27.6 9.0 -13.2 -17.3 -24.4 -4.8 -6.5 -25.5 -9.2 33

34 State and local govt. retirement funds 1.0 -0.6 -0.0 0.5 0.7 0.3 0.8 1.6 0.2 1.4 -0.1 34

35 Money market mutual funds 15.9 31.8 -43.1 11.3 7.7 -57.1 -183.9 26.8 245.0 -64.2 -195.4 35

36 Mutual funds 3.3 2.8 3.2 -5.1 -12.0 -26.4 -21.8 -27.8 28.0 10.5 -0.0 36

37 Government-sponsored enterprises -3.2 27.0 -42.6 1.2 29.3 40.6 -37.4 105.4 8.8 -159.2 1.5 37

38 Finance companies -38.2 -24.7 -12.4 23.3 -28.4 -68.9 -15.9 -24.7 -4.1 20.5 -37.2 38

39 REITs 7.8 -4.4 -0.8 -8.5 7.4 10.0 23.9 16.9 -21.2 13.8 14.6 39

40 Brokers and dealers 106.9 24.9 -275.1 78.0 4.7 210.3 -190.5 72.6 -73.4 197.5 -71.1 40

41 Discrepancy -652.2 -20.8 1966.1 -388.0 199.0 -1.4 891.5 266.6 -360.9 169.1 156.3 41
60 Z.1, September 16, 2011

F.11 Sector Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

2006 2007 2008 2009 2010 2010 2011

 Q1 Q2 Q3 Q4 Q1 Q2

 1 All sectors 152.9 -115.2 1005.7 -160.0 164.6 337.6 607.0 -30.2 -256.1 91.5 -275.4 1

 2 Household sector 268.8 -241.0 -58.0 103.8 -257.1 -4.5 -401.0 -2.1 -620.5 -29.5 267.3 2

 3 Nonfarm nonfinancial corporate business 135.2 128.2 937.0 -311.6 74.2 102.5 -32.9 60.1 167.2 123.9 130.3 3

 4 Corporate farms -51.1 -25.0 -1.7 -3.6 -7.2 -5.8 -8.2 -5.7 -9.1 -11.5 -21.4 4

 5 State and local governments -52.3 -19.1 -44.2 -90.5 -49.2 -101.9 -31.3 -46.7 -16.7 -51.3 -36.0 5

 6 Federal government 13.1 23.4 85.5 -36.7 -39.3 8.2 251.3 -301.6 -115.0 75.0 -927.1 6

 7 Rest of the world -6.9 98.3 -63.0 132.2 225.7 352.4 370.4 -167.9 347.9 -130.1 406.4 7

 8 Financial sectors -154.0 -80.0 150.0 46.3 217.3 -13.3 458.6 433.8 -10.0 114.9 -94.9 8

 9 Monetary authority 1.6 -2.8 -0.2 -6.0 -10.1 -6.6 -12.1 -17.5 -4.1 0.1 -1.5 9

10 U.S.-chartered commercial banks -160.2 -136.2 -33.1 238.1 141.0 -23.3 426.1 366.0 -204.6 41.6 -103.9 10

11 Foreign banking officed in U.S. -1.2 2.6 -5.1 1.3 1.1 -1.4 -1.0 7.3 -0.3 13.7 -1.6 11

12 Bank holding companies 3.1 -4.9 -12.9 -9.8 -7.0 -4.6 -6.7 -8.1 -8.5 -9.1 -9.7 12

13 Banks in U.S.-affiliated areas -0.1 -7.1 -1.1 5.3 0.8 2.5 -2.0 0.5 2.4 0.5 0.0 13

14 Savings institutions -5.8 24.3 54.4 3.4 -8.7 -15.1 -9.0 -9.4 -1.2 9.6 -1.5 14

15 Credit unions 1.3 2.3 3.7 5.6 1.8 1.0 0.1 1.7 4.4 -0.6 -6.8 15

16 Property-casualty insurance companies 30.1 3.1 -0.6 -15.1 38.8 31.3 -2.1 11.0 115.2 -0.6 59.1 16

17 Life insurance companies -29.1 -50.7 -59.4 -82.4 -8.2 -38.3 -19.2 1.4 23.2 36.4 -79.1 17

18 Mutual funds 11.4 13.4 -5.7 -83.3 -103.6 -96.4 -102.0 -106.5 -109.4 -103.6 -103.6 18

19 Government-sponsored enterprises -1.9 27.7 107.8 52.2 57.7 84.4 44.8 110.1 -8.5 138.5 15.5 19

20 Issuers of asset-backed securities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

21 Finance companies 22.6 20.8 36.3 14.9 61.3 54.1 30.6 45.3 115.4 -15.0 43.0 21

22 REITs -0.9 31.9 -5.8 -15.8 29.3 45.8 14.1 10.6 46.7 33.8 52.1 22

23 Brokers and dealers -24.7 -4.3 71.9 -62.1 22.9 -46.6 97.0 21.6 19.4 -30.3 43.1 23

F.12 Instrument Discrepancies

Billions of dollars; quarterly figures are seasonally adjusted annual rates

 1 All types 152.9 -115.2 1005.7 -160.0 164.6 337.6 607.0 -30.2 -256.1 91.5 -275.4 1

 2 Treasury currency -1.1 -1.2 -0.8 -4.4 -1.1 -0.2 -1.8 -1.9 -0.5 -1.0 -0.8 2

 3 Foreign deposits 106.8 196.5 -347.1 -74.5 18.1 -5.5 98.8 -56.0 35.0 136.4 -69.2 3

 4 Net interbank transactions -1.9 1.8 30.6 34.4 -20.2 -98.4 -180.0 61.0 136.6 54.0 -215.0 4

 5 Security RPs 304.5 -225.0 -588.2 403.1 -83.1 248.4 -220.9 -394.0 34.1 -384.3 -214.6 5

 6 Mail floats -3.0 1.0 -5.2 -0.3 -1.1 -54.1 46.7 2.4 0.7 -61.4 62.7 6

 7 State and local governments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7

 8 Federal government -3.0 1.2 -3.3 0.7 0.0 -51.6 46.9 1.1 3.7 -62.7 62.6 8

 9 Private domestic -0.0 -0.1 -2.0 -1.0 -1.1 -2.4 -0.2 1.4 -3.0 1.3 0.2 9

10 Trade credit 145.9 -46.4 5.4 -13.2 92.0 305.6 -1.2 107.5 -44.0 121.0 -28.3 10

11 Taxes payable 17.3 -34.6 -57.7 -29.8 -33.3 -59.2 -27.8 -18.3 -28.0 10.0 -35.4 11

12 Miscellaneous -652.2 -20.8 1966.1 -388.0 199.0 -1.4 891.5 266.6 -360.9 169.1 156.3 12

13 Nonfinancial 236.4 13.5 2.6 -87.3 -5.7 2.3 1.7 2.5 -29.3 47.6 68.8 13

 Nonfinancial components (sign reversed):

14 Statistical discrepancy (NIPA) -242.3 -12.0 -2.4 77.4 0.8 -7.2 -6.6 -7.4 24.5 -52.0 -73.2 14

15 Private wage accruals less disbursements 1.3 -6.3 -5.0 5.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 15

16 Contr. for govt. soc. insur., U.S. affiliated areas 4.6 4.7 4.8 4.9 4.9 4.8 4.9 4.9 4.9 4.4 4.4 16