Statistical Supplement to the Federal Reserve Bulletin December … · 2018-11-07 · Preface The...

Volume 5 • Number 12 D December 2008

Statistical Supplementto the Federal Reserve

C BULLETIN

Board of Governors of the Federal Reserve System, Washington, D.C.

PUBLICATIONS COMMITTEE

Rosanna Pianalto Cameron, Chair • Scott G. Alvarez • Sandra Braunstein • Roger T. Cole• Marianne M. Emerson • Jennifer J. Johnson • Karen H. Johnson • Brian F. Madigan• Stephen R. Malphrus • Louise L. Roseman • David J. Stockton

The Statistical Supplement to the Federal Reserve Bulletin is issued monthly under the direction of the staff Publications Committee. It is assisted by the EconomicEditing Section, Division of Research and Statistics, and the Publications Department, Office of Board Members.

IMPORTANT NOTICE TO SUBSCRIBERSof the

Statistical Supplementto the Federal Reserve Bulletin

Effective with the publication of this issue of the Statistical Supplement to the Federal Reserve Bulletin, theBoard is discontinuing both the print and online versions.

The majority of data published in the Statistical Supplement are available elsewhere on the Federal ReserveBoard's website at www.federalreserve.gov. The Board has created a webpage that provides a detailed list oflinks to the most recent data on its site and links to other data provided by the Federal Reserve Bank of NewYork, the U.S. Treasury, and the Federal Financial Institutions Examination Council. The Board will continue topublish the following tables from the Statistical Supplement in the Statistics and Historical Data section of itswebsite:

1.36 Stock Market, Selected Statistics1.45 New Security Issues, State and Local Governments1.46 New Security Issues, U.S. Corporations1.54 Mortgage Debt Outstanding3.10 U.S. International Transactions, Summary3.12 U.S. Reserve Assets3.13 Foreign Official Assets Held at Federal Reserve Banks3.15 Selected U.S. Liabilities to Foreign Official Institutions3.16 Liabilities to, and Claims on, Foreigners3.17 Liabilities to Foreigners3.18 Banks' Own Claims on Foreigners3.19 Banks' Own and Domestic Customers' Claims on Foreigners3.22 Liabilities to Unaffiliated Foreigners3.23 Claims on Unaffiliated Foreigners3.24 Foreign Transactions in Securities3.25 Marketable U.S. Treasury Bonds and Notes, Foreign Transactions4.20 Assets and Liabilities of Commercial Banks4.30 Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks

Data for the Board's principal statistical releases are available free in multiple formats atwww.federalreserve.gov/releases.

The Statistical Supplement to the Federal Reserve Bulletin (ISSN 1547-6863) is published by the Board ofGovernors of the Federal Reserve System, Washington, DC 20551.

POSTMASTER: Send address changes to Statistical Supplement to the Federal Reserve Bulletin, PUBLICA-TIONS FULFILLMENT, Mail Stop 127, Board of Governors of the Federal Reserve System, Washington, DC20551.

Preface

The Statistical Supplement to the Federal ReserveBulletin, which began publication in 2004, is a con-tinuation of the Financial and Business Statisticssection that appeared in each month's issue of theFederal Reserve Bulletin (1914-2003). All statisticalseries in the Statistical Supplement have been pub-lished with the same frequency that they had in theBulletin, and the numbering system for the tableshave remained the same.

Please note that the Statistical Supplement willcease publication in both the print and online ver-sions with this issue. For more information, see "Im-portant Notice to Subscribers" on the inside frontcover.

Financial and Business Statistics:Table of Contents

These tables reflect the data available as of the secondweek of December 2008.

3 SYMBOLS AND ABBREVIATIONS

DOMESTIC FINANCIAL STATISTICS

Money Stock and Bank Credit

4 Reserves and money stock measures5 Factors affecting reserve balances of depository

institutions6 Reserves and borrowings—Depository

institutions

Policy Instruments

7 Federal Reserve Bank interest rates8 Reserve requirements of depository institutions9 Federal Reserve open market transactions

Federal Reserve Banks

10 Condition and Federal Reserve note statements11 Maturity distribution of loans and securities

Monetary and Credit Aggregates

12 Aggregate reserves of depository institutionsand monetary base

13 Money stock measures

Commercial Banking Institutions—Assets and Liabilities

15 All commercial banks in the United States16 Domestically chartered commercial banks17 Large domestically chartered commercial banks19 Small domestically chartered commercial banks20 Foreign-related institutions21 Memo items

Federal Finance

25 Federal debt subject to statutory limitation25 Gross public debt of U.S. Treasury-

Types and ownership26 U.S. government securities

dealers—Transactions27 U.S. government securities dealers—

Positions and financing28 Federal and federally sponsored credit

agencies—Debt outstanding

Securities Markets and Corporate Finance

29 New security issues—State and local governments29 New security issues—U.S. corporations30 Open-end investment companies—Net sales

and assets30 Domestic finance companies—Assets and liabilities31 Domestic finance companies—Owned and managed

receivables

Real Estate

32 Mortgage markets—New homes33 Mortgage debt outstanding

Consumer Credit

34 Total outstanding34 Terms

Flow of Funds

35 Funds raised in U.S. credit markets37 Summary of financial transactions38 Summary of credit market debt outstanding39 Summary of financial assets and liabilities

Financial Markets

22 Commercial paper outstanding22 Prime rate charged by banks on short-term

business loans23 Interest rates—Money and capital markets24 Stock market—Selected statistics

DOMESTIC NONF1NANC1AL STATISTICS

Selected Measures

40 Output, capacity, and capacity utilization42 Industrial production—Indexes and gross value

2 Federal Reserve Bulletin Statistical Supplement • December 2008

INTERNATIONAL STATISTICS

Summary Statistics

44 U.S. international transactions44 U.S. reserve assets45 Foreign official assets held at Federal Reserve

Banks45 Selected U.S. liabilities to foreign official

institutions

Reported by Banks in the United States

45 Liabilities to, and claims on, foreigners46 Liabilities to foreigners48 Banks' own claims on foreigners49 Banks' own and domestic customers' claims on

foreigners

Reported by Nonbanking BusinessEnterprises in the United States

50 Liabilities to unaffiliated foreigners52 Claims on unaffiliated foreigners

Securities Holdings and Transactions

54 Foreign transactions in securities55 Marketable U.S. Treasury bonds and

notes—Foreign transactions

Interest and Exchange Rates

56 Foreign exchange rates and indexes of the foreignexchange value of the U.S. dollar

57 GUIDE TO SPECIAL TABLES

SPECIAL TABLES

58 Assets and liabilities of commercial banks,September 30, 2008

60 INDEX TO STATISTICAL TABLES

62 FEDERAL RESERVE BOARD PUBLICATIONS

64 ANTICIPATED SCHEDULE OF RELEASE DATESFOR PERIODIC STATISTICAL RELEASES

66 PUBLICATIONS OF INTEREST

67 FEDERAL RESERVE STATISTICAL RELEASESAVAILABLE ON THE COMMERCE DEPARTMENT'SECONOMIC BULLETIN BOARD

Symbols and Abbreviations

cen.a.n.e.c.P

*

0

ABSATSBIFCDCMOCRAFAMCFFBFFIECFHAFHLBBFHLMCFmHAFNMAFSAFSLICG-7G-10GDP

CorrectedEstimatedNot availableNot elsewhere classifiedPreliminaryRevised (Notation appears in column heading

when about half the figures in the column havebeen revised from the most recently publishedtable.)

Amount insignificant in terms of the last decimalplace shown in the table (for example, less than500,000 when the smallest unit given is in millions)

Calculated to be zeroCell not applicableAsset-backed securityAutomatic transfer serviceBank insurance fundCertificate of depositCollateralized mortgage obligationCommunity Reinvestment Act of 1977Federal Agricultural Mortgage CorporationFederal Financing BankFederal Financial Institutions Examination CouncilFederal Housing AdministrationFederal Home Loan Bank BoardFederal Home Loan Mortgage CorporationFarmers Home AdministrationFederal National Mortgage AssociationFarm Service AgencyFederal Savings and Loan Insurance CorporationGroup of SevenGroup of TenGross domestic product

GNMAGSEHUD

IBFIMFIOsIPCsIRAMMDAMSANAICSNOWOCDsOPECOTSPMIPOsREITREMICsRHSRPRTCSCOSDRSICSTRIPS

TIISTIPS

VA

Government National Mortgage AssociationGovernment-sponsored enterpriseDepartment of Housing and Urban

DevelopmentInternational banking facilityInternational Monetary FundInterest-only, stripped, mortgage-backed securitiesIndividuals, partnerships, and corporationsIndividual retirement accountMoney market deposit accountMetropolitan statistical areaNorth American Industry Classification SystemNegotiable order of withdrawalOther checkable depositsOrganization of Petroleum Exporting CountriesOffice of Thrift SupervisionPrivate mortgage insurancePrincipal-only, stripped, mortgage-backed securitiesReal estate investment trustReal estate mortgage investment conduitsRural Housing ServiceRepurchase agreementResolution Trust CorporationSecuritized credit obligationSpecial drawing rightStandard Industrial ClassificationSeparate trading of registered interest and principal

of securitiesSee TIPSTreasury inflation-protected securities (formerly

TIIS, or Treasury inflation-indexed securities)Department of Veterans Affairs

GENERAL INFORMATION

In many of the tables, components do not sum to totals because ofrounding.

Minus signs are used to indicate (1) a decrease, (2) a negativefigure, or (3) an outflow.

"U.S. government securities" may include guaranteed issues

of U.S. government agencies (the flow of funds figures alsoinclude not fully guaranteed issues) as well as direct obliga-tions of the U.S. Treasury.

"State and local government" also includes municipalities,special districts, and other political subdivisions.


1.10 RESERVES AND MONEY STOCK MEASURES

Percent annual rate of change, seasonally adjusted1

Monetary or credit aggregate

Q4 Q1 Q2 Q3 May Aug. Sept.

Reserves of depository institutions2

1 Total2 Required3 Monetary base3

Concepts of money4

4 Ml5 M2

Nontransaction components6 In M2S

Time and savings depositsCommercial banks

7 Savings, including MMDAs . . .8 Small time1"

Thrift institutions9 Savings, including MMDAs . . .

10 Small time1"

Money market mutual funds11 Retail7

12 Institution-only

-5.54.91.0

- . 35.2

4.623.9

-4.2-26.1

22.954.0

4.7

- . 4

1.39.0

7.74.3

7.2- . 9

34.5

47.0

5.66.62.0

1.05.3

6.3-3.6

18.5-8.7

9.432.7

182.15.7

16.1

12.23.6

1.220.4

1.8-14.1

- 5 . 5

2.2

15.711.63.0

-2.9P

1.5

4.5- 1 . 0

37.0

-12.5

-23.618.4

-20.7-29.1

16.0p

- . 3

15.3

-17.2

-19.514.4

- .77.9

14.86.4

1.422.1 r

5.9-19.3

7.9-1.0

34.335.65.1

-8.0-1.5

-3.937.1'

-14.6-3.5

1,566.84.2

51.5

15.5

19.232.8

-38.1-16.8

- . 4-48.9

1. Unless otherwise noted, rates of change are calculated from average amounts outstand-ing during the preceding month or quarter.

2. Figures incorporate adjustments for discontinuities, or "breaks," associated with regu-latory changes in reserve requirements. (See also table 1.20.)

3. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonallyadjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currencycomponent of the money stock, plus (3) (for all quarterly reporters on the "Report ofTransaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whosevault cash exceeds their required reserves) the seasonally adjusted, break-adjusted differencebetween current vault cash and the amount applied to satisfy current reserve requirements.

4. Composition of the money stock measures is as follows:Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the

vaults of depository institutions; (2) travelers checks ofnonbank issuers; (3) demand depositsat commercial banks (excluding those amounts held by depository institutions, the U.S.government, and foreign banks and official institutions) less cash items in the process ofcollection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting ofnegotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at

depository institutions, credit union share draft accounts, and demand deposits at thriftinstitutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks,demand deposits, and OCDs, each seasonally adjusted separately.

M2 consists of Ml plus (1) savings deposits (including money market deposit accounts);(2) small-denomination time deposits (time deposits in amounts of less than $100,000), lessindividual retirement accounts (IRA) and Keogh balances at depository institutions; and (3)balances in retail money market mutual funds, less IRA and Keogh balances at money marketmutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, small-denomination time deposits, and retail money fund balances, each seasonally adjustedseparately, and adding this result to seasonally adjusted Ml.

5. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retailmoney fund balances, each seasonally adjusted separately.

6. Small time deposits are those issued in amounts of less than $100,000. All IRA andKeogh account balances at commercial banks and thrift institutions are subtracted from smalltime deposits.

7. IRA and Keogh account balances at money market mutual funds are subtracted fromretail money funds.

Money Stock and Bank Credit 5

1.11 FACTORS AFFECTING RESERVE BALANCES OF DEPOSITORY INSTITUTIONS'Millions of dollars

Average of daily figures

Aug. Sept.

Average of daily figures for week ending on date indicated

2008

Aug. 13 Sept. 3 Sept. 10 Sept. 17 Sept. 24

SUPPLYING RESERVE FUNDS

Reserve Bank credit outstandingSecurities held outright

U.S. Treasury2

Bills3

Notes and bonds, nominal3

Notes and bonds, inflation-indexed3

Inflation compensation4

Federal agency3

Repurchase agreements5

Term auction creditOther loans

Primary creditSecondary creditSeasonal creditPrimary dealer and other broker-dealer credit1"Asset-backed commercial paper money

market mutual fund liquidity facilityOther credit extensions

Net portfolio holdings of Maiden Lane LLC7 . .FloatOther Federal Reserve assets

Gold stockSpecial drawing rights certificate accountTreasury currency outstanding

ABSORBING RESERVE FUNDS

Currency in circulationReverse repurchase agreements5

Foreign official and international accounts . . . .Dealers

Treasury cash holdingsDeposits with Federal Reserve Banks, other than

reserve balancesU.S. Treasury, general accountU.S. Treasury, supplementary financing accountForeign officialService-related

Required clearing balancesAdjustments to compensate for float

OtherOther liabilities and capital9

Reserve balances with Federal Reserve Banks10 . .

SUPPLYING RESERVE FUNDS

Reserve Bank credit outstandingSecurities held outright

U.S. Treasury2

Bills3

Notes and bonds, nominal3

Notes and bonds, inflation-indexed3

Inflation compensation4

Federal agency3


Term auction creditOther loans

Primary creditSecondary creditSeasonal creditPrimary dealer and other broker-dealer credit1"Asset-backed commercial paper money

market mutual fund liquidity facilityOther credit extensions

Net portfolio holdings of Maiden Lane LLC7 . . .FloatOther Federal Reserve assets

Gold stockSpecial drawing rights certificate accountTreasury currency outstanding

ABSORBING RESERVE FUNDS

Currency in circulationReverse repurchase agreements5

Foreign official and international accountsDealers

Treasury cash holdingsDeposits with Federal Reserve Banks, other than

reserve balancesU.S. Treasury, general accountU.S. Treasury, supplementary financing accountForeign officialService-related

Required clearing balancesAdjustments to compensate for float

OtherOther liabilities and capital9

Reserve balances with Federal Reserve Banks10 . . .

889,322479,042479,042

21,740412,371

39,1925,739

0111,298150,00015,42315,068

10399

153

029,018-1,429105,970

11,0412,200

38,676

830,81442,78242,782

0287

12,6745,070

0103

7,2067,206

0295

44,47010,212

479,486479,486

21,740411,731

39,8326,183

0107,815150,000

18,02117,923

970

00

29,175-1,203105,584

11,0412,200

38,676

831,01743,29443,294

0300

12,3824,806

0154

7,0957,095

1328

44,2339,568

1,054,506481,559478,392

20,303411,73139,832

6,5273,167

108,967149,833133,72629,471

7392

54,873

20,71929,340-1,052152,132

11,0412,200

38,675

834,15256,24752,0804,167

270

98,6955,757

77,914'141

7,3317,331

07,552

45,67471,384

886,205479,396479,396

21,740411,73139,832

6,0930

105,786150,00017,80717,699

7100

0

00

29,145-1,127105,199

11,0412,200

38,676

831,08542,45842,458

0298

12,5104,859

0319

7,0067,006

0325

43,7887,983

889,872479,500479,500

21,740411,73139,832

6,1970

107,714150,00017,60917,513

0950

00

29,183-940

106,80611,0412,200

38,676

830,01744,45544,455

0297

12,3654,765

0103

7,1797,176

31843,99110,664

886,484479,604479,604

21,740411,73139,832

6,3010

103,393150,00018,57018,469

0100

0

00

29,213-1,213106,918

11,0412,200

38,676

829,45642,85842,858

0302

12,4354,828

0101

7,1757,175

0332

44,6048,746

894,412479,701479,701

21,740411,731

39,8326,398

0115,893150,000

19,07018,976

093

0

00

29,253-1,483101,979

11,0412,200

38,675

835,19142,88042,880

0281

12,2394,746

0100

7,0867,086

0307

44,86610,871

890,442479,762479,762

21,740411,731

39,8326,459

0110,821150,000

19,89119,796

0950

00

29,293-1,057101,731

11,0412,200

38,675

834,47742,69042,690

0275

12,2504,723

0161

7,0857,085

0281

44,6807,986

932,632479,818479,818

21,740411,73139,832

6,5150

124,500150,00047,96921,598

896

20,268

06,000

29,333-1,070102,081

11,0412,200

38,675

832,30145,74345,743

0267

14,3664,941

0168

7,3607,360

01,897

44,86947,002

End-of-month figures Wednesday figures

July

898,515479,240479,240

21,740411,73139,832

5,9370

119,000150,00017,52917,432

097

0

00

29,099-2,178105,825

11,0412,200

38,676

831,86245,42245,422

0318

12,7025,256

0103

7,0167,016

0327

43,98116,147

895,974479,702479,702

21,740411,731

39,8326,399

0117,500150,000

19,10419,011

093

0

029,247

-1,470101,891

11,0412,200

38,675

835,12942,61042,610

0281

12,1644,681

099

7,0867,086

0298

44,96812,738

Sept. Aug. 13

1,492,635491,127476,627

18,423411,73139,832

6,64114,50083,000

149,000411,87050,960

060

148,701

151,070'61,08029,407

-954329,184

11,0412,200

38,675

838,25377,93777,937

0270

366,44332,988

299,491'121

7,5667,566

026,27747,168

214,480

898,870479,434479,434

21,740411,73139,832

6,1310

118,250150,00017,65117,552

099

00

29,179-998

105,35511,0412,200

38,676

832,10744,17244,172

0296

12,1424,715

0101

7,0067,006

0319

43,69318,377

Aug. 20

882,696479,538479,538

21,740411,73139,832

6,2350

100,750150,00018,56318,469

0940

00

29,207-1,702106,340

11,0412,200

38,676

830,67543,60643,606

0306

12,7675,177

0102

7,1797,176

3310

44,1213,138

Aug. 27

894,222479,642479,642

21,740411,73139,832

6,3390

111,000150,00019,00218,901

0102

0

00

29,247-1,689107,019

11,0412,200

38,676

832,67743,76843,768

0281

12,6484,989

0100

7,1757,175

0385

44,54912,215

Sept. 3

888,012479,726479,726

21,740411,731

39,8326,423

0109,000150,000

19,08919,000

090

00

29,287-372

101,28211,0412,200

38,675

836,70941,75641,756

0276

13,1095,606

0100

7,0867,086

0317

44,5753,504

Sept. 10

909,783479,782479,782

21,740411,731

39,8326,480

0126,750150,00023,55623,455

0101

0

00

29,327-1,302101,669

11,0412,200

38,675

834,56944,29644,296

0268

13,3125,412

0522

7,0857,085

0292

44,28324,971

Sept. 17

979,163479,839479,839

21,740411,73139,832

6,5360

98,000150,000121,29433,401

1895

59,780

028,00029,367-1,704102,367

11,0412,200

38,675

833,04446,63346,633

0261

24,3035,512

0102

7,3607,360

011,33045,14081,699

1,135,020480,272476,557

18,423411,731

39,8326,5723,714

111,714150,000187,75339,357

1995

88,147

21,76038,37529,373

-1,058176,967

11,0412,200

38,675

833,80159,79056,2193,571

262

142,0445,088

117,046119

7,3647,364

012,42746,536

104,504

Sept. 24

1,196,789486,578476,578

18,423411,731

39,8326,593

10,00086,000

150,000262,341

39,32719

101105,662

72,66744,56629,407

-1,410183,872

11,0412,200

38,675

836,33890,67365,67325,000

270

187,1395,175

159,806150

7,3647,364

014,64446,36187,925

NOTE: Some of the data in this table appears in the Board's H.4.1 (503) weekly statisticalrelease, available at www.federalreserve.gov/releases.

1. Amounts of vault cash held as reserves are shown in table 1.12, line 2.2. Includes securities lent to dealers under the overnight and term securities lending

facilities.3. Face value of the securities.4. Compensation that adjusts for the effect of inflation on the original face value of

inflation-indexed securities.5. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency

securities.

6. Includes credit extended through Primary Dealer Credit Facility and credit extended tocertain other broker-dealers.

7. Fair value.8. Cash value of agreements, which are collateralized by U.S. Treasury securities.9. Includes the liabilities of Maiden Lane LLC to entities other than the Federal Reserve

Bank of New York, including liabilities that have recourse only to the portfolio holdings ofMaiden Lane LLC.

10. Excludes required clearing balances and adjustments to compensate for float.


1.12 RESERVES AND BORROWINGS Depository Institutions1

Millions of dollars

123456789

1011121314

15

16

123456789

1011121314

15

16

Reserve classification

Reserve balances with Reserve Banks2

Total vault cash3

Applied vault cash4

Surplus vault cash5

Total reserves6

Required reservesExcess reserve balances at Reserve Banks7

Total borrowing at Reserve BanksTerm auction creditPrimarySecondarySeasonalPrimary dealer and other broker-dealer credit5

Asset-backed commercial paper money marketmutual fund liquidity facility

Credit extended to American International Group,Inc

Other credit extensions

Reserve balances with Reserve Banks2

Total vault cash3

Applied vault cash4

Surplus vault cash5

Total reserves6

Required reservesExcess reserve balances at Reserve Banks7

Total borrowing at Reserve BanksTerm auction creditPrimarySecondarySeasonalPrimary dealer and other broker-dealer credit5

Asset-backed commercial paper money marketmutual fund liquidity facility

Credit extended to American International Group,Inc

Other credit extensions

2005

Dec.

10,04751,31435,33715,97745,38443,483

1,900169

n.a.97

072

n.a.

n.a.

n.a.n.a.

June 4

10,70247,83736,27011,56846,97244,716

2,256176,297150,00015,936

166

10,295

n.a.

n.a.0

2006

Dec.

8,48050,89734,80316,09443,28341,420

1,863191

n.a.I l l

080

n.a.

n.a.

n.a.n.a.

June 18

7,99848,53032,59815,93340,59638,942

1,653171,945150,000

13,26011269

8,505

n.a.

n.a.0

2007

Dec.

8,17952,16134,52217,63942,70140,932

1,770'15,43011,6133,787

130

n.a.

n.a.

n.a.n.a.

Prorated monthly averages of biweekly averages

Mar.

9,75450,44632,95217,49442,70639,728

2,97894,52375,484

1,61706

16,168

n.a.

n.a.1,249

Apr.

9,25449,31534,25215,06343,50641,661

1,844135,410100,000

9,6240

2125,764

n.a.

n.a.0

B weekly averages of daily figures for

July 2

10,05350,76936,76014,00946,81343,813

3,000168,827150,000

14,7824386

3,917

n.a.

n.a.0

July 16

8,65748,96832,76116,20741,41839,616

1,801163,658150,00013,386

168100

5

n.a.

n.a.0

July 30

9,94449,12436,65512,46946,59944,583

2,016167,077150,000

16,91762992

n.a.

n.a.0

May

9,68848,57635,42313,15345,11143,100

2,011155,780127,41914,076

047

14,238

n.a.

n.a.0

2008

June

9,18149,33334,75214,58143,93341,660

2,272171,278150,000

14,2257075

6,908

n.a.

n.a.0

July

9,34349,22534,78114,44444,12442,147

1,977165,664150,00015,204

10798

255

n.a.

n.a.0

two-week periods ending on dates indicated

2008

Aug. 13

9,13551,14132,87018,27242,00440,157

1,847167,635150,00017,535

4970

n.a.

n.a.0

Aug. 27

9,70549,47436,39913,07646,10444,062

2,041168,090150,000

17,9910

980

n.a.

n.a.0

Sept. 10

9,42949,23034,73514,49644,16341,908

2,255169,481150,00019,386

0940

n.a.

n.a.0

Aug.

9,43050,14234,70415,43844,13442,146

1,988168,078150,000

17,9801

970

n.a.

n.a.0

Sept. 24

75,75350,22535,58414,641

111,33742,57568,762

267,861150,00030,478

1496

54,208

10,880

22,1880

Sept.

67,17350,44335,41115,032

102,58442,53360,051

290,105149,81432,632

3587

53,473

31,877

22,1870

Oct. 8

143,39652,97336,13316,840

179,52943,479

136,050543,050149,07259,737

14557

140,879

133,997

59,1640

1. Data in this table also appear in the Board's H.3 (502) weekly statistical release,available at www.federalreserve.gov/releases. Data are not break-adjusted or seasonallyadj usted.

2. Excludes required clearing balances and adjustments to compensate for float andincludes other off-balance-sheet "as-of" adjustments.

3. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held bythose banks and thrift institutions that are not exempt from reserve requirements. Datesrefer to the maintenance periods in which the vault cash can be used to satisfy reserverequirements.

4. All vault cash held during the lagged computation period by "bound" institutions (thatis, those whose required reserves exceed their vault cash) plus the amount of vault cashapplied during the maintenance period by "nonbound'' institutions (that is, those whose vaultcash exceeds their required reserves) to satisfy current reserve requirements.

5. Total vault cash (line 2) less applied vault cash (line 3).6. Reserve balances with Federal Reserve Banks (line 1) plus applied vault cash (line 3).7. Total reserves (line 5) less required reserves (line 6).8. Includes credit extended through the Primary Dealer Credit Facility and credit extended

to certain other broker-dealers.

1.14 FEDERAL RESERVE BANK INTEREST RATES

Percent per year

Policy Instruments 1

Current and previous levels

Federal ReserveBank

BostonVew YorkPhiladelphiaClevelandRichmondAtlanta

ChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

On12/12/08

1.25i

'

1.25

Primary credit1

Effective date

10/29/0810/29/0810/30/0810/29/0810/30/0810/31/08

10/29/0810/30/0810/30/0810/29/0810/30/0810/29/08

Previous rate

1.75

1

1.75

On12/12/08

1.75

1.75

Secondary credit2

Effective date

10/29/0810/29/0810/30/0810/29/0810/30/0810/31/08

10/29/0810/30/0810/30/0810/29/0810/30/0810/29/08

Previous rate

2.25

1

2.25

On12/12/08

1.40

1.40

Seasona credit3

Effective date

12/4/08i

12/4/08

Previous rate

1.30

1

1.30

Range of rates for primary credit

Range of rates for adjustment credit in recent years4

Effective date

In effect Jan. 9, 2003(beginning of program)

2003—June 2526

2004—June 30July 1Aug. 10

11Sept. 21

22Nov. 10

12Dec. 14

15

2005—Feb. 23

Mar. 2224

May 34

June 30July 1Aug. 9

Range(orlevel)—AllF.R. Banks

2.25

2.00-2.252.00

2.00-2.252.25

2.25-2.502.50

2.50-2.752.75

2.75-3.003.00

3.00-3.253.25

3.25-3.503.50

3.50-3.753.75

3.75-4.004.00

4.00-4.254.25

4.25-4.50

F.R. Bankof

N.Y.

2.25

2.002.00

2.252.252.502.502.752.753.003.003.253.25

3.503.503.753.754.004.004.254.254.50

Effective date

2005—Aug. 10Sept. 20

22Nov. 1

2Dec. 13

14

2006—Jan. 31Feb. 2Mar. 28

30May 10

11June 29July 6

2007—Aug. 1720

Sept. 1820

Oct. 31Nov. 1Dec. 11

13


4.504.50^1.75

4.754.75-5.00

5.005.00-5.25

5.25

5.25-5.505.50

5.50-5.755.75

5.75-6.006.00

6.00-6.256.25

5.75-6.255.75

5.25-5.755.25

5.00-5.255.00

4.75-5.004.75

F.R. Bankof

N.Y.

4.504.754.755.005.005.255.25

5.505.505.755.756.006.006.256.25

5.755.755.255.255.005.004.754.75

Effective date

2008—Jan. 22243031

Mar. 171820

Apr. 30May 1Oct. 8

92931

In effect December 12, 2008 . . .


4.00^1.754.00

3.50^1.003.50

3.25-3.502.50-3.50

2.502.25-2.50

2.251.75-2.25

1.751.25-1.75

1.25

1.25

F.R. Bankof

N.Y.

4.004.003.503.503.252.502.502.252.251.751.751.251.25

1.25

Effective date

In effect Dec. 31, 1995

1996—Jan. 31Feb. 3

1998—Oct. 1516

Nov. 1719

1999—Aug. 2426

Nov. 1618


5.25

5.00-5.255.00

4.75-5.004.75

4.50-4.754.50

4.50-4.754.75

4.75-5.005.00

F.R. Bankof

N.Y.

5.25

5.005.00

4.754.754.504.50

4.754.754.755.00

Effective date

2000—Feb. 24

Mar. 2123

May 1619

2001—Jan. 345

31Feb. 1Mar. 20

21Apr. 18

20May 15

17


5.00-5.255.25

5.25-5.505.50

5.50-6.006.00

5.75-6.005.50-5.75

5.505.00-5.50

5.004.50-5.00

4.504.00^1.50

4.003.50^1.00

3.50

F.R. Bankof

N.Y.

5.255.255.505.505.506.00

5.755.505.505.005.004.504.504.004.003.503.50

Effective date

2001—June 2729

Aug. 2123

Sept. 1718

Oct. 24

Nov. 68

Dec. 1113

2002—Nov. 67

In effect Jan. 8, 2003(end of program)


3.25-3.503.25

3.00-3.253.00

2.50-3.002.50

2.00-2.502.00

1.50-2.001.50

1.25-1.501.25

0.75-1.250.75

0.75

F.R. Bankof

N.Y.

3.253.253.003.002.502.502.002.001.501.501.251.25

0.750.75

0.75

1. Available for very short terms as a backup source of liquidity to depository institutionsthat are in generally sound financial condition in the judgment of the lending Federal ReserveBank.

2. Available in appropriate circumstances to depository institutions that do not qualify forprimary credit.

3. Available to help relatively small depository institutions meet regular seasonal needs forfunds that arise from a clear pattern of intrayearly movements in their deposits and loans. Thediscount rate on seasonal credit takes into account rates charged on market sources of funds

and ordinarily is reestablished on the first business day of each two-week reserve maintenanceperiod.

4. Was available until January 8, 2003, to help depository institutions meet temporaryneeds for funds that could not be met through reasonable alternative sources. For earlier data,see the following publications of the Board of Governors: Banking and Monetary Statistics,1914-1941, and 1941-1970; the Annual Statistical Digest, 1970-1979, 1980-1989, and1990-1995; and the Statistical Digest, 1996-2000. See also the Board's Statistics: Releasesand Historical Data webpages www.federalreserve.gov/releases/H15/data.htm.


1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS

Type of liability

Requirement

Percentage ofliabilities Effective date

Net transaction accounts^1 $0 million-Sl0.3 million2

2 More than $10.3 million-$44.4 million3 . . .3 More than $44.4 million

4 Nonpersonal time deposits

5 Eurocurrency liabilities

0

10

0

0

01/01/0901/01/0901/01/09

12/27/90

12/27/90

NOTE: Required reserves must be held in the form of vault cash and, if vault cash isinsufficient, also in the form of a deposit with a Federal Reserve Bank. An institution that is amember of the Federal Reserve System must hold that deposit directly with a Reserve Bank;an institution that is not a member of the System can maintain that deposit directly with aReserve Bank or with another institution in a pass-through relationship. Reserve requirementsare imposed on commercial banks, savings banks, savings and loan associations, creditunions, U.S. branches and agencies of foreign banks, Edge Act corporations, and agreementcorporations.

1. Total transaction accounts consist of demand deposits, automatic transfer service (ATS)accounts, NOW accounts, share draft accounts, telephone or preauthorized transfer accounts,ineligible acceptances, and obligations issued by affiliates maturing in seven days or less. Nettransaction accounts are total transaction accounts less amounts due from other depositoryinstitutions and less cash items in the process of collection.

For a more detailed description of these deposit types, see Form FR 2900 atwww.federalreserve.gov/boarddocs/reportforms.

2. The amount of net transaction accounts subject to a reserve requirement ratio of zeropercent (the "exemption amount" ) is adjusted each year by statute. The exemption amount isadjusted upward by 80 percent of the previous year's (June 30 to June 30) rate of increase intotal reservable liabilities at all depository institutions. No adjustment is made in the event ofa decrease in such liabilities.

3. The amount of net transaction accounts subject to a reserve requirement ratio of 3percent is the "low reserve tranche." By statute, the upper limit of the low reserve tranche isadjusted each year by 80 percent of the previous year's (June 30 to June 30) rate of increase ordecrease in net transaction accounts held by all depository institutions.

1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS1

Millions of dollars

Policy Instruments 9

Type of transactionand maturity

Apr. May July

U.S. TREASURY SECURITIES2

Outright transactionsTreasury bills

1 Gross purchases2 Gross sales3 Exchanges4 For new bills5 Redemptions

Others within one year6 Gross purchases7 Gross sales8 Maturity shifts9 Exchanges

10 RedemptionsOne to five years

11 Gross purchases12 Gross sales13 Maturity shifts14 Exchanges

Five to ten years15 Gross purchases16 Gross sales17 Maturity shifts18 Exchanges

More than ten years19 Gross purchases20 Gross sales21 Maturity shifts22 Exchanges

All maturities23 Gross purchases24 Gross sales25 Redemptions

26 Net change in U.S. Treasury securities

FEDERAL AGENCY OBLIGATIONS

Outright transactionsGross purchasesGross sales

Redemptions

Net change in federal agency obligations . . .

TEMPORARY TRANSACTIONS


Gross purchasesGross sales

871,661871,661

2,8940

109,557-108,098

2,795

11,3090

-91,12197,723

3,6260

-7,0417,375

2,0070

-11,3953,000

28,1360

2,795

905,206905,206

4,9670

010,552

26,3540

00

3,29900

44,6900

10,552

34,138

2,083,300 2,131,500

Matched sale-purchase agreements33 Gross purchases34 Gross sales

Reverse repurchase agreements*35 Gross purchases36 Gross sales

37 Net change in temporary transactions

38 Total net change in System Open Market Account

6,421,2236,420,945

14,028

39,369

6,779,0236,778,132

-5,110

29,029

00

839,688839,68849,178

2,211000

1,236

7,539000

290000

640000

10,6800

50,415

2,591,000

8,662,5088,676,879

-8,621

^18,355

58,89658,896

256,250220,000

770,268773,973

32,545

32,545

081,39823,50123,50125,977

00000

0000

0000

0000

096,35625,977

233,750219,500

861,490862,311

13,429

-108,905

00

20,06020,06022,667

00000

0000

0000

0000

020,00122,667

-42,668

386,500347,000

875,902872,505

42,897

229

013,719

026,529

01,926

33,71828,455

-62,173

345,500347,250

813,259811,255

253

-61,920

01,5105,3615,3616,819

1,5106,819

-8,329

347,250346,500

850,374855,495

-4,372

-12,700

00

7,3207,320

0

00000

0000

0000

0000

000

353,000348,500

940,787942,387

2,900

2,900

12,85912,859

276,000277,500

912,593909,781

1,312

1,312

1. Sales, redemptions, and negative figures reduce holdings of the System Open MarketAccount; all other figures increase such holdings.

2. Transactions exclude changes in compensation for the effects of inflation on theprincipal of inflation-indexed securities. Transactions include the rollover of inflation compen-sation into new securities.

3. Cash value of agreements, which are collateralized by U.S. government and federalagency obligations.

4. Cash value of agreements, which are collateralized by U.S. Treasury securities.


1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements'

Millions of dollars

Wednesday

Aug. 27 Sept. 3 Sept. 10 Sept. 17 Sept. 24 July Sept.

Consolidated condition statement

ASSETS

1 Gold certificate account2 Special drawing rights certificate account3 Coin4 Securities, repurchase agreements, term auction credit,

and other loans5 Securities held outright6 U.S. Treasury2

7 Bills3

8 Notes and bonds, nominal3

9 Notes and bonds, inflation-indexed3

10 Inflation compensation4

11 Federal agency3

12 Repurchase agreements5

13 Term auction credit14 Other loans15 Net portfolio holdings of Maiden Lane LLC1"16 Items in process of collection17 Bank premises18 Other assets19 Denominated in foreign currencies7

20 All other8

21 Total assets

LIABILITIES

22 Federal Reserve notes, net of F.R. Bank holdings23 Reverse repurchase agreements9

24 Deposits25 Depository institutions26 U.S. Treasury, general account27 U.S. Treasury, supplementary financing account . . . .28 Foreign official29 Other30 Deferred availability cash items31 Other liabilities and accrued dividends10'"

32 Total liabilities

CAPITAL ACCOUNTS

33 Capital paid in34 Surplus

35 Other capital accounts

36 Total capital

MEMO

37 Marketable securities held in custody for foreign officialand international accounts3-12

38 U.S. Treasury39 Federal agency40 Securities lent to dealers41 Overnight facility13

42 Term facility14

43 Federal Reserve notes outstanding44 Less: Notes held by F.R. Banks not

subject to collateralization45 Federal Reserve notes to be collateralized46 Collateral held against Federal Reserve notes47 Gold certificate account48 Special drawing rights certificate account49 U.S. Treasury and agency securities pledged15 . . .50 Other assets pledged

MEMO51 Total U.S. Treasury and agency securities15

52 Less: Face value of securities under reverse repurchaseagreements""

53 U.S. Treasury and agency securitieseligible to be pledged

11,0372,2001,415

759,644479,642479,642

21,740411,73139,832

6,3390

111,000150,00019,00229,247

9262,166

104,84088,17216,668

911,475

795,69443,76824,85019,3774,989

0100385

2,6143,760

870,686

20,18918,5092,091

40,789

2,408,8741,440,551

968,323124,141

6,793117,348

991,668

195,974795,694795,694

11,0372,200

547,720234,737

590,642

42,922

547,720

11,0372,2001,414

757,815479,726479,726

21,740411,731

39,8326,423

0109,000150,000

19,08929,2873,3662,162

99,45784,49214,966

906,738

799,71941,75616,95910,9365,606

0100317

3,7293,772

865,935

20,19118,5112,100

40,803

2,395,3991,436,830

958,569120,790

4,892115,898

11,0372,2001,445

780,089479,782479,782

21,740411,73139,832

6,4800

126,750150,00023,55629,327

1,4322,165

99,50782,17917,328

927,201

797,60244,29638,29532,068

5,4120

522292

2,7253,822

886,740

20,20218,514

1,745

2,394,6601,438,094

956,566117,340

1,441115,899

11,0372,2001,468

849,133479,839479,839

21,740411,731

39,8326,536

098,000

150,000121,29429,367

9082,168

100,24484,66815,576

996,525

796,09446,633

106,04589,102

5,5120

10211,3302,6143,804

955,190

20,21118,5162,608

2,412,9431,451,833

961,111127,325

9,826117,499

1,494

984,920486,578476,578

18,423411,73139,832

6,59310,00086,000

150,000262,34129,407

9682,169

181,718166,494

15,224

1,213,912

799,42290,673

275,07695,301

5,175159,806'

15014,6442,3804,602

1,172,153

20,23618,516

41,759

2,435,9341,469,207

966,727190,53216,059

174,473

11,0372,2001,409

765,770479,240479,240

21,740411,731

39,8325,937

0119,000150,000

17,52929,099

1,0852,167

102,93585,46117,474

915,702

794,90945,42228,90923,2235,256

0'103327

2,4813,450

875,171

19,93518,5012,095

2,391,7531,417,852

973,901137,234

14,086123,148

11,0372,2001,422

766,306479,702479,702

21,740411,731

39,8326,399

0117,500150,000

19,10429,247

7852,173

100,05485,26214,792

913,223

798,15242,61025,24620,1684,681

0'99

2982,2463,717

20,19018,5092,552

2,405,0901,437,380

967,710127,99612,098

115,898

Federal Reserve notes and collateral statement

990,711

190,992799,719799,719

11,0372,200

548,031238,451

588,726

40,694

548,031

989,500

191,897797,602797,602

11,0372,200

563,995220,370

606,532

42,537

563,995

989,956

193,862796,094796,094

11,0372,200

533,638249,220

577,839

44,202

533,638

989,581

190,158799,422799,422

11,0372,200

487,847298,338

572,578

84,731

487,847

990,808

195,899794,909794,909

11,0372,200

553,552228,120

598,240

44,688

553,552

991,160

193,008798,152798,152

11,0372,200

555,319229,597

597,202

41,883

555,319

11,0372,2001,514

1,134,998491,127476,627

18,423411,73139,832

6,64114,50083,000

149,000411,87029,407

2,3632,178

327,007304,495

22,512

1,510,704

801,35977,937

580,935222,05932,988

299,491121

26,2773,3054,969

1,468,505

20,31218,516

3,370

42,198

2,488,6031,519,383

969,220259,24323,699

235,544

989,135

187,777801,359801,359

11,0372,200

499,013289,109

574,127

75,114

499,013

1. Some of the data in this table also appear in the Board's H.4.1 (503) weekly statisticalrelease, which is available at www.federalreserve.gov/releases.

2. Includes securities lent to dealers under the overnight and term securities lendingfacilities.

3. Face value of the securities.4. Compensation that adjusts for the effect of inflation on the original face value of

inflation-indexed securities.5. Cash value of agreements, which are collateralized by U.S. Treasury and federal agency

securities.6. Fair value.7. Includes any exchange-translation assets, which are revalued daily at market exchange

rates.8. Includes special investment account at the Federal Reserve Bank of Chicago in Treasury

bills maturing within ninety days.9. Cash value of agreements, which are collateralized by U.S. Treasury securities.

10. Includes any exchange-translation liabilities, which are revalued daily at marketexchange rates.

11. Includes the liabilities of Maiden Lane LLC to entities other than the Federal ReserveBank of New York, including liabilities that have recourse only to the portfolio holdings ofMaiden Lane LLC.

12. Includes U.S. Treasury STRIPS and other zero coupon bonds at face value.13. Fully collateralized by U.S. Treasury securities.14. Fully collateralized by U.S. Treasury securities, federal agency securities, and other

highly rated debt securities.15. Includes face value of U.S. Treasury and agency securities held outright, compensation

to adjust for the effect of inflation on the original face value of inflation-indexed securities,and cash value of repurchase agreements.

16. Face value of agreements, which are fully collateralized by U.S. Treasury securities.

1.19 FEDERAL RESERVE BANKS Maturity Distribution of Loans and Securities

Millions of dollars

Federal Reserve Banks 11

Type of holding and remaining maturity

Wednesday

Aug. 27 Sept. 3 Sept. 10 Sept. 17 Sept. 24 July Sept.

Term auction credit

2 Within 15 days3 16 days to 90 days .

4 Other loans'

5 Within 15 days6 16 days to 90 days7 91 days to 1 year8 Over 1 year to 5 years

9 Total U.S. Treasury securities2

10 Within 15 days11 16 days to 90 days12 91 days to 1 year13 Over 1 year to 5 years14 Over 5 years to 10 years15 Over 10 years

16 Total federal agency securities3

17 Within 15 days18 16 days to 90 days19 91 days to 1 year20 Over 1 year to 5 years21 Over 5 years to 10 years22 Over 10 years

23 Total repurchase agreements3

24 Within 15 days

25 16 days to 90 days

26 Total reverse repurchase agreements3

27 Within 15 days28 16 days to 90 days

150,000

125,00025.000

19,002

3.87415,128

00

479,642

18,45528,21470,320

169,53991,834

101,280

0

00000

111,000

71,00040,000

43,768

43,7680

150,000

50,000100,000

19,089

4,23814,851

00

479,726

14,85131,65369,268

170,78991,851

101,314

0

00000

109,000

69,00040,000

41,756

41,756

125,00025,000

23,556

8,53915,017

0

479,782

14,95531,54969,272

170,80791,863

101,337

0

000000

126,750

86,75040,000

44,296

44,2960

75,00075,000

121,294

101,23720,057

0

479,839

16,35830,00168,101

170,67693,341

101,361

0

000000

98,000

58,00040,000

46,633

46,6330

150,000

100,00050,000

262,341

135,24877,174

5,35344,566

476,578

19,32623,71668,105

170,69493,353

101,384

10,000

3955,6323,973

000

86,000

46,00040,000

90,673

90,673

150,000

75,00075,000

17,529

3,07414,456

0

479,240

15,72228,40272,326

175,53589,86797,387

0

000000

119,000

79,00040,000

45,4220

50,000100,000

19,104

3,94315,161

0

479,702

14,57032,09970,324

169,55891,846

101,304

0

000000

117,500

77,50040,000

42,610

42,6100

149,000

24,000125,000

411,870

209,415120,253

21,12361,080

476,627

11,04126,62770,092

174,10093,363

101,404

14,500

3959,1784,927

000

83,000

63,00020,000

77,937

77,937

NOTE: Components may not sum to totals because of rounding.1. Excludes the loan from the Federal Reserve Bank of New York to Maiden Lane LLC

that was eliminated when preparing that Bank's statement of condition consistent withconsolidation under generally accepted accounting principles. The loan to Maiden Lane LLCis designed to be repaid from the orderly liquidation of Maiden Lane LLC's portfolioholdings and does not have a fixed amortization schedule.

2. Includes the original face value of inflation-indexed securities and compensation thatadjusts for the effect of inflation on the original face value of such securities.

3. Cash value of agreements.


1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE1

Billions of dollars, averages of daily figures

2004Dec.

2005Dec.

2006Dec.

2007Dec.

Apr. May July Aug. Sept.

Seasonally adjusted

ADJUSTED FORCHANGES IN RESERVE REQUIREMENTS2

1 Total reserves3

2 Nonborrowed reserves4

3 Required reserves4 Monetary base5

5 Total reserves'"6 Nonborrowed reserves .7 Required reserves7 . . . .8 Monetary bases

46.5546.4944.64

759.17

45.1444.9743.24

787.30

43.3443.1541.48

811.73

42.68'27.2440.91

823.35

42.80-17.35

41.08822.56

44.29-50.23

41.31826.99

43.56-91.85

41.72824.41

44.13-111.65

42.12826.46

43.37-127.91

41.10832.53

43.35-122.32

41.37838.14

44.59-123.49

42.60841.71

102.80-187.31

42.75903.52

Not seasonally adjusted

NOT ADJUSTED FORCHANGES IN RESERVE REQUIREMENTS9

9 Total reserves10

10 Nonborrowed reserves11 Required reserves12 Monetary base"13 Excess reserves'2

14 Borrowings from the Federal Reserve

46.5246.4644.61

764.66

46.8546.7944.94

774.771.91

.06

45.1444.9743.24

793.38

45.3845.2243.48

802.301.90

.17

43.3643.1741.50

818.40

43.2843.0941.42

825.291.86

.19

42.7227.2940.95

829.84

42.7027.2740.93

836.431.77

15.43

42.78-17.38

41.05821.92

42.78-17.38

41.05828.69

1.7260.16

42.70-51.82

39.72825.56

42.71-51.82

39.73832.36

2.9894.52

43.49-91.92

41.65823.38

43.51-91.90

41.66830.49

1.84135.41

45.08-110.70

43.07826.88

45.11-110.67

43.10833.97

2.01155.78

43.90-127.38

41.63831.98

43.93-127.35

41.66839.09

2.27171.28

44.08-121.59

42.10839.22

44.12-121.54

42.15846.46

1.98165.66

44.07-124.01

42.09840.16

44.13-123.94

42.15847.30

1.99168.08

102.52-187.58

42.47900.64

102.58-187.52

42.53908.0360.05

290.11

1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weeklystatistical release, available at www.federalreserve.gov/releases. Historical data starting in1959 and estimates of the effect on required reserves of changes in reserve requirements areavailable from the Monetary and Reserve Analysis Section, Division of Monetary Affairs,Board of Governors of the Federal Reserve System, Washington, DC 20551.

2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatorychanges in reserve requirements. (See also table 1.10.)

3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves (line 3) plus excess reserves (line 13).

4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted,break-adjusted total reserves (line 1) less total borrowings of depository institutions from theFederal Reserve (line 14).

5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonallyadjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currencycomponent of the money stock, plus (3) (for all quarterly reporters on the "Report ofTransaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporterswhose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusteddifference between current vault cash and the amount applied to satisfy current reserverequirements.

6. Break-adjusted total reserves equal break-adjusted required reserves (line 7) plus excessreserves (line 13).

7. To adjust required reserves for discontinuities that are due to regulatory changes inreserve requirements, a multiplicative procedure is used to estimate what required reserves

would have been in past periods had current reserve requirements been in effect. Break-adjusted required reserves include required reserves against transactions deposits and nonper-sonal time and savings deposits (but not reservable nondeposit liabilities).

8. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 5), plus(2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterlyreporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for allthose weekly reporters whose vault cash exceeds their required reserves) the break-adjusteddifference between current vault cash and the amount applied to satisfy current reserverequirements.

9. Reflects actual reserve requirements, including those on nondeposit liabilities, with noadjustments to eliminate the effects of discontinuities associated with regulatory changes inreserve requirements.

10. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserverequirements.

11. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) totalreserves (line 9), plus (2) required clearing balances and adjustments to compensate for floatat Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (forall quarterly reporters on the "Report of Transaction Accounts, Other Deposits and VaultCash" and for all those weekly reporters whose vault cash exceeds their required reserves)the difference between current vault cash and the amount applied to satisfy current reserverequirements. Since February 1984, currency and vault cash figures have been measured overthe computation periods ending on Mondays.

12. Unadjusted total reserves (line 9) less unadjusted required reserves (line 11).

1.21 MONEY STOCK MEASURES1

Billions of dollars, averages of daily figures

Monetary and Credit Aggregates 13

2004Dec.

2005Dec.

2006Dec.

2007Dec.

Aug. Sept.

Seasonally adjusted

Measures2

1 Ml2 M23 M3

Ml components4 Currency3

5 Travelers checks4

6 Demand deposits5

7 Other checkable deposits6

Nontransaction components8 In M27

9 In M3 onlys

Commercial banks10 Savings deposits, including MMDAs . . .11 Small time deposits9

12 Large time deposits10-"

Thrift institutions13 Savings deposits, including MMDAs . . .14 Small time deposits9

15 Large time deposits10


17 Institution-only

Repurchase agreements and Eurodollars18 Repurchase agreements19 Eurodollars

Measures2

20 Ml21 M222 M3

Ml components23 Currency3

24 Travelers checks4

25 Demand deposits5

26 Other checkable deposits6

Nontransaction components27 In M27

28 In M3 onlys

Commercial banks29 Savings deposits, including MMDAs . . .30 Small time deposits9

31 Large time deposits10-"

Thrift institutions32 Savings deposits, including MMDAs . . .33 Small time deposits9

34 Large time deposits10


36 Institution-only

Repurchase agreements and Eurodollars37 Repurchase agreements38 Eurodollars

1,376.36,400.79,433.0

697.67.5

343.2328.0

5,024.43,011.1

2,631.0551.2909.3

875.3278.8161.5

688.01,093.4

492.6379.1

1,374.56,659.7

10,154.0

723.97.2

324.9318.5

5,285.23,478.5

2,771.5644.9

1,122.9

827.7351.3230.7

689.91,161.2

564.3423.9

1,366.57,012.3

n.a.

748.96.7

305.9305.0

5,645.8n.a.

2,904.0759.2n.a.

781.4412.2n.a.

789.01,362.0

n.a.n.a.

1,366.57,404.3

n .a.

758.76.3

294.8306.8

6,037.7n .a.

3,033.7823.0n .a.

825.3395.9n .a.

959.91,901.2

n .a.n .a.

1,386.27,638.7

n.a.

769.06.0

294.0317.1

6,252.6'n.a.

3,126.7818.6n.a.

898.2385.3n.a.

1,023.72,269.3

n.a.n.a.

1,403.37,679.5

n.a.

774.65.9

303.1319.7

6,276.2n.a.

3,130.4833.7'n.a.

902.6379.1n.a.

1,030.42,267.5

n.a.n.a.

1,394.07,670.0'

n.a.

775.85.9

302.4309.9

6,276.0'n.a.

3,120.3859.5n.a.

891.6378.0n.a.

1,026.52,291.7

n.a.n.a.

1,453.87,769.1

n.a.

780.15.8

351.9316.1

6,315.3n.a.

3,170.2883.0n.a.

863.3372.7n.a.

1,026.22,198.3

n.a.n.a.


1,401.36,430.59,482.2

702.47.5

358.6332.8

5,029.23,025.4

2,633.2550.4903.3

876.1278.4160.4

691.01,118.4

494.6376.6

1,396.56,689.6

10,201.4

728.97.2

337.7322.8

5,293.03,488.3

2,776.1644.1

1,114.4

829.0350.8228.9

693.11,187.4

566.1422.0

1,387.37,048.0

n.a.

754.56.7

316.7309.3

5,660.7n.a.

2,913.1758.6n.a.

783.9411.9n.a.

793.21,395.1

n.a.n.a.

1,386.27,442.3

763.86.3

304.8311.4

6,056.1

3,043.5823.0

827.9395.9

965.61,949.3

1,388.47,639.8'

768.86.1

296.2317.3

6,251.4

3,135.6815.5

900.7383.9

1,015.72,228.3

1,400.27,657.0'

n.a.

774.86.1

305.0314.3

6,256.8'n.a.

3,125.4831.2'n.a.

901.1378.0n.a.

1,021.12,223.8

n.a.n.a.

1,392.67,666.6

775.46.0

305.6305.7

6,274.0n.a.

3,121.6859.0

892.0377.8n.a.

1,023.62,267.8

1,435.87,743.0

776.85.8

344.0309.2

6,307.2

3,163.4885.1

861.4373.6

1,023.72,197.2

Footnotes appeal on following page.


NOTES TO TABLE 1.21NOTE: In March 2006, the Board ceased publication of the M3 monetary aggregate and all

the components of non-M2 M3 (large time deposits, repurchase agreements, and Eurodollars)except for institutional money funds. Measures of large time deposits will continue to bepublished by the Board in the Flow of Funds Accounts (Z.I release) on a quarterly basis andin the H.8 release on a weekly basis (for commercial banks).

1. Latest monthly and weekly figures are available from the Board's H.6 (508) weeklystatistical release, available at www.federalreserve.gov/releases. Historical data starting in1959 are available from the Monetary and Reserves Analysis Section, Division of MonetaryAffairs, Board of Governors of the Federal Reserve System, Washington, DC 20551.

2. Composition of the money stock measures is as follows:Ml consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the

vaults of depository institutions; (2) travelers checks ofnonbank issuers; (3) demand depositsat commercial banks (excluding those amounts held by depository institutions, the U.S.government, and foreign banks and official institutions) less cash items in the process ofcollection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting ofnegotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts atdepository institutions, credit union share draft accounts, and demand deposits at thriftinstitutions. Seasonally adjusted Ml is constructed by summing currency, travelers checks,demand deposits, and OCDs, each seasonally adjusted separately.

M2 consists of Ml plus (1) savings deposits (including money market deposit accounts);(2) small-denomination time deposits (time deposits in amounts of less than $100,000), lessindividual retirement account (IRA) and Keogh balances at depository institutions; and (3)balances in retail money market mutual funds, less IRA and Keogh balances at money marketmutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, small-denomination time deposits, and retail money fund balances, each seasonally adjustedseparately, and adding this result to seasonally adjusted Ml.

M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2)large-denomination time deposits (time deposits in amounts of $100,000 or more); (3)repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S.addressees at foreign branches of U.S. banks worldwide and at all banking offices in the

United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollarsexclude those amounts held by depository institutions, the U.S. government, foreign banksand official institutions, and money market funds. Seasonally adjusted M3 is constructed bysumming institutional money funds, large-denomination time deposits, RPs, and Eurodollars,each seasonally adjusted separately, and adding the result to seasonally adjusted M2.

3. Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depositoryinstitutions.

4. Outstanding amount of U.S. do liar-denominated travelers checks ofnonbank issuers.Travelers checks issued by depository institutions are included in demand deposits.

5. Demand deposits at domestically chartered commercial banks, U.S. branches andagencies of foreign banks, and Edge Act corporations (excluding those amounts held bydepository institutions, the U.S. government, and foreign banks and official institutions) lesscash items in the process of collection and Federal Reserve float.

6. Consists of NOW and ATS account balances at all depository institutions, credit unionshare draft account balances, and demand deposits at thrift institutions.

7. Sum of (1) savings deposits (including MMDAs), (2) small time deposits, and (3) retailmoney fund balances.

8. Sum of (1) large time deposits, (2) institution-only money fund balances, (3) RPs, and(4) Eurodollars, each seasonally adjusted.

9. Small time deposits are those issued in amounts of less than $100,000. All IRAs andKeogh accounts at commercial banks and thrift institutions are subtracted from small timedeposits.

10. Large time deposits are those issued in amounts of $100,000 or more, excluding thosebooked at international banking facilities.

11. Large time deposits at domestically chartered commercial banks, U.S. branches andagencies of foreign banks, and Edge Act corporations, excluding those amounts held bydepository institutions, the U.S. government, foreign banks and official institutions, andmoney market mutual funds.

12. IRA and Keogh account balances at money market mutual funds are subtracted fromretail money funds.

Commercial Banking Institutions—Assets and Liabilities 15

1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities'

A. All commercial banks

Billions of dollars

Account

Assets1 Bank credit2 Securities in bank credit3 Treasury and Agency securities2 . .4 Other securities5 Loans and leases in bank credit3 . . . .6 Commercial and industrial7 Real estate8 Revolving home equity9 Other

10 Consumer11 Security4

12 Other loans and leases13 Interbank loans14 Cash assets5

15 Other assets'"

16 Total assets7

Liabilities17 Deposits18 Transaction19 Nontransaction20 Large time21 Other22 Borrowings23 From banks in the U.S24 From others25 Net due to related foreign offices26 Other liabilities


28 Residual (assets less liabilities)5

Assets29 Bank credit30 Securities in bank credit31 Treasury andAgency securities2 . .32 Other securities33 Loans and leases in bank credit3 . . . .34 Commercial and industrial35 Real estate36 Revolving home equity37 Other38 Consumer39 Credit cards and related plans . .40 Other41 Security4


45 Other assets'"

46 Total assets7




2007

Nov.

9,180.32,464.51,129.01,335.56,715.8'1,408.5'3,562.3'

478.53,083.7'

795.9282.0667.1421.5302.3953.5

10,784.2

6,637.8610.9

6,027.02 026 64,000.42 221 4

456.71,764.7

85.9665.9

9,611.1

1,173.1

Monthly averages

2008

May'

9,403.32,481.21,096.01,385.36,922.01,496.33,657.2

512.23,145.1

827.1292.8648.5446.6306.5987.9

11,047.3

6,887.0613.4

6,273.62 112 84,160.92 319 1

483.91,835.2-23.6693.4

9,875.9

1,171.3

June'

9,374.52,471.81,112.81,359.06,902.71,503.13,648.2

518.43,129.9

831.7280.8638.8453.1300.0

1,003.9

11,030.6

6,909.6603.6

6,306.02 125 54,180.42,316.9

483.41,833.5-18.5674.5

9,882.5

1,148.2

July'

9,399.02,494.41,114.21,380.26,904.61,508.53,627.0

523.53,103.5

839.3295.0634.8437.7296.6

1,019.0

11,044.8

6,884.1621.0

6,263.22 131 04,132.12,340.5

479.61,860.9-46.9674.5

9,852.2

1,192.6

Aug.'

9,415.22,481.11,127.71,353.46,934.11,508.33,645.9

526.23,119.7

845.0305.5629.3434.2297.8

1,018.5

11,056.6

6,914.3600.2

6,314.02 129 94,184.12,357.2

477.01,880.1-92.2673.3

9,852.6

1,204.0

Sept.'

Seasonall

9,575.22,537.11,153.81,383.37,038.11,536.13,666.5

540.43,126.1

852.0331.0652.4462.6368.5

1,042.0

11,335.0

7,072.5640.2

6,432.32,161.04,271.32,398.6

478.61,920.0-61.8715.1

10,124.4

1,210.6

Oct.'

1 adjusted

9,957.12,719.41,227.01,492.47,237.71,600.13,791.4

577.83,213.6

870.7302.6672.9444.6576.5

1,087.6

11,943.3

7,125.1679.4

6,445.72,065.54,380.32,619.8

458.52,161.3

180.2805.9

10,731.0

1,212.3

Nov.

9,897.92,725.81,261.21,464.67,172.11,596.43,784.3

580.53,203.8

876.3269.7645.4344.8851.5

1,131.9

12,099.9

7,063.6707.4

6,356.21,944.14,412.12,601.3

404.62,196.7

389.2840.6

10,894.8

1,205.1

Wednesd ay figures

2008

Nov. 5

9,866.32,692.61,270.81,421.87,173.71,596.63,776.0

578.23,197.7

871.4273.3656.4382.0784.8

1,095.0

12,002.4

7,084.5730.9

6,353.51,986.74,366.82,589.5

413.72,175.8

337.6787.9

10,799.6

1,202.8

Nov. 12

9,906.32,728.21,278.81,449.47,178.11,604.13,785.9

578.63 207.3

872.2263.9652.0343.8863.3

1,108.9

12,095.9

7,077.5702.1

6,375.41,949.74,425.72,655.9

409.52,246.4

387.9799.4

10,920.7

1,175.2

Nov. 19

9,859.12,707.41,241.91,465.67,151.71,589.23,777.4

580.03,197.5

875.7276.2633.2334.5858.5

1,146.2

12,072.1

6,991.2681.9

6,309.41,930.84,378.62,609.7

401.42,208.3

430.0852.8

10,883.7

1,188.3

Nov. 26

9,904.12,720.91,252.31,468.67,183.21,599.63,790.3

582.23,208.1

880.9271.1641.2324.4866.3

1,151.7

12,121.2

7,101.7700.1

6,401.61,933.74,467.92,565.1

401.72,163.4

378.5875.3

10,920.6

1,200.6


9 225 9'2,468.71,123.11,345.66,757.2'1,409.7'3,600.6'

482.43,118.2'

796.3343.0453.3284.1666.4433.7307.4950.5

10,844.7

6,676.3613.9

6,062.42 032 84,029.62 221 5

462.21,759.3

95.1682.8

9,675.7

1,169.0

9 385 72,506.41,110.01,396.46,879.31,494.53,628.0

508.43,119.6

822.8340.8482.0293.9640.1434.0304.1985.1

11,011.7

6,862.0609.3

6,252.72 130 34,122.42 338 7

481.01,857.7-64.5699.3

9,835.5

1,176.2

9,340.82,485.01,123.51,361.56,855.81,497.23,616.8

514.53,102.3

826.9341.8485.2280.9634.0435.8296.3999.2

10,971.2

6,864.5602.6

6,261.92 12574,136.22,318.3

479.31,839.0-52.3667.3

9,797.8

1,173.4

9,329.02,476.41,118.51,357.86,852.61,497.43,611.1

521.63,089.5

833.0347.1485.8281.9629.3422.1292.4

1,016.1

10,951.8

6,831.0605.4

6,225.62 093 34,132.32,307.1

467.31,839.8-23.3666.1

9,780.9

1,170.9

9,348.82,465.51,133.01,332.66,883.31,501.23,615.3

526.03,089.3

843.7355.4488.3294.9628.2426.9285.8

1,014.8

10,967.0

6,844.2589.9

6,254.32 102 64,151.62,343.1

469.91,873.2-66.3671.4

9,792.4

1,174.6

9,553.62,516.41,146.21,370.27,037.21,533.53,660.9

540.63,120.2

854.0361.6492.3327.3661.5460.6366.1

1,050.6

11,317.4

7,052.3631.0

6,421.32,148.04,273.22,414.2

477.91,936.3-47.9712.7

10,131.2

1,186.1

9,964.42,702.11,212.51,489.67,262.31,600.63,822.8

580.73,242.1

865.9371.9494.0298.6674.3443.7575.2

1,096.9

11,957.9

7,145.1667.4

6,477.72,075.34,402.42,617.4

454.42,163.1

195.2811.8

10,769.6

1,188.3

9,953.12,735.31,257.01,478.37,217.81,598.93,827.1

585.53,241.6

876.7383.5493.2268.8646.3351.6867.5

1,130.4

12,177.1

7,117.4711.1

6,406.31,957.44,448.92,600.9

408.02,192.9

399.0862.7

10,980.0

1,197.2

9,931.22,707.91,275.41,432.57,223.31,598.63,825.7

582.93,242.9

868.4376.4492.1272.5658.0381.6776.3

1,095.1

12,058.7

7,135.3668.2

6,467.12,003.04,464.22,604.3

412.62,191.7

329.8811.8

10,881.2

1,177.5

9,944.92,727.21,271.11,456.27,217.71,599.23,833.1

583.73,249.4

872.0380.2491.9267.4646.0349.9887.9

1,115.2

12,172.4

7,144.6673.1

6,471.41,969.34,502.12,647.9

411.32,236.6

383.3813.8

10,989.6

1,182.8

9,910.72,713.71,237.51,476.17,197.01,595.63,815.4

585.33,230.1

878.3386.2492.1269.5638.3345.1886.9

1,136.8

12,154.5

7,062.4706.3

6,356.11,943.74,412.42,598.7

405.12,193.7

433.2869.4

10,963.8

1,190.7

9,967.72,736.11,246.21,490.07,231.51,605.43,829.3

587.53,241.8

882.1386.7495.4270.4644.2330.8878.1

1,151.2

12,204.8

7,115.0770.7

6,344.31,939.84,404.52,576.1

408.32,167.8

420.9907.4

11,019.4

1,185.4

Footnotes appear on p. 21.


1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities' —Continued

B. Domestically chartered commercial banks

Billions of dollars

Account


10 Consumer11 Security4


15 Other assets'"

16 Total assets7




Assets29 Bank credit30 Securities in bank credit31 Treasury andAgency securities2 . .32 Other securities33 Loans and leases in bank credit3 . . . .34 Commercial and industrial35 Real estate36 Revolving home equity37 Other38 Other residential39 Commercial40 Consumer41 Credit cards and related plans . .42 Other43 Security4


47 Other assets'"

48 Total assets7




2007

Nov.

8,026.1'1,990.31,036.3

954.06,035.8'1,133.5'3,526.6'

478.53,048.1'

795.9141.4438.5'342.5245.5904.5

9,445.2r

5,620.3597.8

5,022.51,024.33,998.21,634.7

396.01,238.7

482.0537.2

8,274.2

1,171.0'

Monthly averages

2008

May'

8,268.22,014.41,004.11,010.36,253.71,185.43,616.5

512.23,104.3

827.1189.0435.8371.6248.4938.6

9,729.8

5,774.3596.4

5,177.91,021.44,156.51,711.7

412.01,299.7

527.7547.6

8,561.2

1,168.6

June'

8,253.02,014.61,021.2

993.46,238.41,189.93,606.1

518.43,087.8

831.7180.4430.2384.7240.4947.6

9,724.8

5,784.9586.8

5,198.11,022.14,176.01,714.0

413.71,300.3

546.2534.3

8,579.4

1,145.4

July'

8,276.42,026.41,020.51,005.96,250.01,194.03,584.2

523.53,060.7

839.3194.7437.7372.0240.5970.5

9,751.9

5,763.3603.8

5,159.51,030.54,128.91,735.4

406.71,328.7

529.7537.3

8,565.7

1,186.1

Aug.'

8,291.12,016.61,040.9

975.66,274.51,191.43,601.7

526.23,075.6

845.0204.8431.6368.2244.7975.5

9,770.3

5,786.7583.7

5,203.01,023.44,179.61,753.6

409.61,344.0

509.8532.8

8,582.9

1,187.3

Sept.'

Seasonall

8,456.52,082.31,070.91,011.56,374.21,209.83,623.5

540.43,083.1

852.0241.3447.6394.4307.7995.3

10,040.7

5,969.6621.1

5,348.61,082.24,266.31,791.6

394.61,397.0

506.3567.0

8,834.5

1,206.2

Oct.'

1 adjusted

8,804.22,244.21,151.41,092.86,560.01,249.33,750.6

577.83,172.8

870.7230.6458.8383.8446.5

1,027.0

10,538.9

6,194.5657.0

5,537.51,160.34,377.22,000.9

400.61,600.3

512.8622.5

9,330.7

1,208.2

Nov.

8,779.02,261.71,177.81,083.96,517.31,243.53,745.2

580.53,164.8

876.3213.1439.2298.4577.8

1,077.6

10,606.5

6,201.4689.0

5,512.41,104.14,408.31,993.9

364.81,629.2

556.6654.8

9,406.8

1,199.7

Wednesd ay figures

2008

Nov. 5

8,746.12,232.31,184.51,047.76,513.81,243.93,737.1

578.23,158.9

871.4213.2448.2339.0541.4

1,035.0

10,536.0

6,181.4712.4

5,469.01,104.94,364.11,996.8

377.91,618.9

556.7607.3

9,342.3

1,193.7

Nov. 12

8,764.92,249.81,191.71,058.16,515.01,250.53,746.8

578.63,168.2

872.2205.8439.7300.0607.0

1,056.3

10,602.0

6,213.2683.8

5,529.41,106.44,423.02,041.0

370.31,670.7

555.6619.6

9,429.5

1,172.5

Nov. 19

8,734.82,233.81,160.91,072.96,501.01,238.13,738.6

580.03,158.6

875.7217.5431.1284.3544.4

1,091.6

10,529.1

6,130.3662.5

5,467.81,091.94,375.91,981.8

365.21,616.6

563.6661.6

9,337.3

1,191.8

Nov. 26

8,807.52,273.21,172.21,101.06,534.31,246.13,751.0

582.23,168.8

880.9218.0438.2275.4593.1

1,099.7

10,650.4

6,261.0682.5

5,578.51,116.64,461.91,968.6

355.01,613.6

543.3686.6

9,459.5

1,190.9


8,063.2'1,988.41,029.9

958.56,074.81,134.9'3,564.1'

482.43,081.7'1,519.81,561.9'

796.3343.0453.3139.7439.7349.9249.7903.1

9,493.1

5,659.3601.2

5,058.21,030.04,028.21,635.9

398.91,237.0

478.5552.4

8,326.1

1,167.0

8,255.72,036.41,017.91,018.66,219.21,187.03,586.9

508.43,078.51,464.61,613.9

822.8340.8482.0191.5431.1361.7247.3934.7

9,702.2

5,725.0592.5

5,132.51,014.54,118.11,721.4

413.21,308.2

532.8550.1

8,529.3

1,172.8

8,227.12,026.51,032.5

993.96,200.61,187.43,575.1

514.53,060.71,438.91,621.8

826.9341.8485.2181.8429.3370.6237.4941.8

9,676.1

5,730.6586.1

5,144.61,012.84,131.71,712.7

411.61,301.0

533.8529.0

8,506.1

1,170.0

8,225.22,016.41,026.5

989.96,208.81,186.93,568.9

521.63,047.31,422.71,624.5

833.0347.1485.8184.8435.1357.9236.1967.9

9,679.3

5,735.7588.6

5,147.21,019.44,127.81,712.7

399.21,313.5

529.9533.4

8,511.7

1,167.5

8,238.32,006.71,045.1

961.56,231.71,186.03,572.9

526.03,046.91,418.61,628.3

843.7355.4488.3196.9432.2362.5231.9971.8

9,695.2

5,733.1573.6

5,159.51,012.54,147.01,752.1

404.51,347.6

507.0531.8

8,524.0

1,171.2

8,443.12,066.11,062.41,003.76,377.01,207.23,618.0

540.63,077.41,434.01,643.4

854.0361.6492.3240.5457.2391.2303.4

1,002.5

10,026.8

5,955.3612.0

5,343.31,074.84,268.51,827.6

395.21,432.4

495.2565.9

8,844.0

1,182.8

8,813.52,228.81,136.31,092.56,584.81,251.03,781.0

580.73,200.31,511.21,689.1

865.9371.9494.0226.6460.2381.0443.0

1,037.9

10,553.3

6,213.2645.6

5,567.61,168.04,399.62,019.8

399.01,620.7

508.9628.9

9,370.8

1,182.5

8,826.32,265.11,173.31,091.86,561.21,245.83,787.2

585.53,201.71,506.81,694.9

876.7383.5493.2210.3441.2302.9588.6

1,077.8

10,670.3

6,252.2693.2

5,559.01,113.64,445.51,996.8

367.21,629.6

554.2674.8

9,478.1

1,192.2

8,804.12,241.01,188.91,052.16,563.21,247.03,785.7

582.93,202.81,511.51,691.3

868.4376.4492.1211.5450.5336.5528.4

1,037.4

10,581.0

6,232.4650.5

5,581.81,120.14,461.82,015.3

377.41,637.9

534.6627.3

9,409.5

1,171.5

8,802.42,245.11,183.81,061.36,557.31,247.93,793.2

583.73,209.51,517.61,691.9

872.0380.2491.9207.4436.7304.4622.6

1,063.3

10,667.3

6,272.4655.2

5,617.21,117.44,499.82,040.5

372.51,668.0

544.0633.6

9,490.5

1,176.8

8,782.02,236.31,156.91,079.56,545.71,243.73,775.9

585.33,190.61,495.61,695.0

878.3386.2492.1210.1437.7294.6568.0

1,086.6

10,606.2

6,199.5687.9

5,511.71,101.64,410.01,983.2

365.11,618.0

558.7680.2

9,421.6

1,184.6

8,855.22,279.81,165.61,114.26,575.41,249.23,789.4

587.53,201.81,503.41,698.4

882.1386.7495.4213.7441.0278.1599.5

1,099.6

10,709.4

6,269.3752.8

5,516.61,117.44,399.11,974.5

361.91,612.6

568.3714.9

9,527.1

1,182.3




C. Large domestically chartered commercial banks

Billions of dollars

Account

Assets1 Bank credit2 Securities in bank credit3 Treasury and Agency securities2 . .4 Trading account5 Investment account6 Mortgage-backed7 Other8 Other securities9 Trading account

10 Investment account11 State and local government . .12 Other13 Loans and leases in bank credit3 . . . .14 Commercial and industrial15 Real estate16 Revolving home equity17 Other18 Other residential19 Commercial20 Consumer21 Security4

22 Federal funds sold to andrepurchase agreementswith broker-dealers

23 Other24 Federal funds sold to and

repurchase agreements withothers

25 All other loans26 Lease-financing receivables27 Interbank loans28 Federal funds sold to and

repurchase agreements withcommercial banks

29 Other30 Cash assets5

31 Other assets'"

32 Total assets7




2007

Nov.

5,113.11,388.1

663.872.2

591.6527.064.6

724.3388.7335.660.3

275.33,725.0

741.62,052.2

390.21,662.11,042.0

620.1463.6132.7

105.926.9

44.1192.798.1

225.1

170.654.5

152.5655.0

6,107.7

3,351.5327.1

3,024.4618.9

2,405.51,069.9

150.6919.3477.3459.7

5,358.4

749.2

Monthly averages

2008

May

5,310.91,427.8

647.965.7

582.2534.248.0

779.9408.2371.654.6

317.03,883.1

780.32,107.1

417.31,689.81,026.1

663.7487.3177.5

143.234.3

31.5197.4101.9244.8

190.654.2

146.2706.9

6,352.3

3,461.5326.5

3,135.0608.6

2,526.41,119.5

165.2954.2523.7467.5

5,572.2

780.1

June

5,284.91,428.6

665.266.1

599.1552.246.9

763.4390.4373.0

53.2319.7

3,856.2783.2

2,088.2421.6

1,666.6995.3671.3491.3169.0

143.225.9

24.1198.2102.2259.3

203.755.6

137.3713.1

6,334.4

3,465.6317.7

3,147.9607.2

2,540.71,121.5

161.5960.0541.5453.3

5,581.9

752.5

July

5,288.9'1,433.0

662.7'53.7'

609.0560.348.7

770.3'400.6'369.7

53.3316.5

3,855.9'786.4

2,058.6427.0

1,631.7979.5652.2498.9183.2

157.325.9

27.4202.3

99.0241.5

194.946.6

135.9738.8'

6,338.7

3,424.7327.8

3,096.8612.6

2,484.21,143.4

163.0980.4524.4457.1

5,549.6

789.1

Aug.

5,295.1'1,428.7'

685.4'56.4'

629.1576.752.3

743.3'385.3'358.052.7

305.43,866.4'

780.8'2,066.2

428.61,637.6

984.3653.3503.4193.6

168.425.1

24.9201.795.8

239.5

193.246.3

138.1741.6'

6,346.4

3,436.3317.3

3,119.0606.4

2,512.71,158.6

158.21,000.5

506.2452.5

5,553.7

792.7

Sept.

Seasonall

5,426.8'1,499.0

710.0'72.0'

637.9587.650.3

789.1'404.1'385.0'52.2

332.8'3,927.7'

792.9'2,066.9

440.21,626.7

977.2649.5501.3229.8

189.140.7

22.5220.593.8

257.2

214.143.0

200.3753.6'

6,566.6

3,584.0349.8

3,234.2662.8

2,571.41,194.9

150.41,044.5

501.7485.1

5,765.7

800.9

Oct.'

1 adjusted

5,751.61,665.6

784.3133.6650.7604.346.4

881.3446.5434.7

52.7382.1

4,086.0822.6

2,177.4474.1

1,703.31,019.7

683.6517.1219.6

177.741.9

25.3231.8

92.2247.7

207.140.6

323.0779.4

7,021.7

3,781.7383.3

3,398.4737.2

2,661.31,387.8

152.21,235.6

510.7541.7

6,221.8

799.9

Nov.

5,721.11,676.5

806.9122.1684.7636.448.3

869.7484.0385.652.0

333.64,044.6

816.42,174.5

476.61,697.91,008.1

689.8518.8203.4

172.930.5

20.7219.291.5

184.6

146.837.9

411.8820.4

7,054.7

3,761.8418.0

3,343.7675.9

2,667.81,391.2

130.31,260.9

550.4571.9

6,275.3

779.4

Wednesd ay figures

2008

Nov. 5

5,697.91,655.8

816.8149.1667.7622.545.2

839.0436.2402.8

52.2350.6

4,042.1816.6

2,164.7474.4

1,690.31,003.7

686.6516.2203.2

166.436.9

20.1229.691.6

217.7

182.035.7

396.4784.9

7,014.1

3,763.8442.2

3,321.7680.6

2,641.11,387.5

129.21,258.3

553.3525.3

6,229.9

784.2

Nov. 12

5,715.31,671.1

823.4154.6668.8622.346.6

847.7450.1397.5

51.9345.6

4,044.2822.6

2,175.6475.3

1,700.31,012.7

687.5515.4196.2

161.534.7

23.1219.7

91.6189.6

149.040.6

449.9796.8

7,068.4

3,772.4412.9

3,359.5679.4

2,680.21,436.6

138.51,298.1

551.5539.5

6,299.9

768.5

Nov. 19

5,690.11,661.9

790.499.6

690.8643.647.3

871.5487.5383.9

52.0332.0

4,028.2812.2

2,168.1476.0

1,692.11,003.9

688.3517.6207.9

180.527.4

18.1213.0

91.3172.6

133.339.3

383.8839.3

7,002.8

3,701.1398.2

3,302.9663.9

2,638.91,378.1

128.31,249.8

556.5581.4

6,217.1

785.7

Nov. 26

5,762.21,697.9

800.2100.8699.4648.451.0

897.7518.4379.351.9

327.54,064.3

818.72,183.2

478.01,705.21,012.4

692.8522.7209.0

180.728.2

20.1218.991.6

171.2

134.636.6

408.0844.0

7,103.2

3,798.3414.0

3,384.3685.9

2,698.41,380.9

128.51,252.4

534.1604.8

6,318.1

785.2




C. Large domestically chartered commercial banks—Continued

Billions of dollars

Account

Assets45 Bank credit46 Securities in bank credit47 Treasury and Agency securities2 .48 Trading account49 Investment account50 Mortgage-backed51 Other52 Other securities53 Trading account54 Investment account55 State and local government .56 Other57 Loans and leases in bank credit3 . . .58 Commercial and industrial59 Real estate60 Revolving home equity61 Other62 Other residential63 Commercial64 Consumer65 Credit cards and related plans .66 Other67 Security4

68 Federal funds sold to andrepurchase agreementswith broker-dealers

69 Other70 Federal funds sold to and

repurchase agreementswith others

71 All other loans72 Lease-financing receivables73 Interbank loans74 Federal funds sold to and

repurchase agreementswith commercial banks

75 Other76 Cash assets5

77 Other assets'"

78 Total assets7




2007

Nov.

5.158.51,391.2

661.474.4

587.0520.466.6

729.8394.3335.660.8

274.83,767.3

746.22,091.3

394.11,697.21,067.6

629.6462.8131.6331.2130.7

103.727.0

46.0190.799.5

230.1

173.756.4

156.6658.2

6,165.5

3,395.5329.8

3,065.7624.4

2,441.31,069.0

151.2917.8474.8474.9

5,414.2

751.3

Monthly averages

2008

May

5,279.51,438.5

655.665.5

590.1542.048.0

782.9411.7371.254.9

316.33,841.0

778.82,069.3

413.71,655.71,005.2

650.5486.5131.1355.4180.5

145.535.0

28.1197.6100.1239.5

187.052.5

143.7701.2

6,307.5

3,405.6323.2

3,082.4600.7

2,481.71,128.2

166.1962.0528.2469.7

5,531.7

775.7

June

5,239.81,433.4

671.667.7

603.8556.047.8

761.9391.6370.3

53.1317.2

3,806.4777.6

2,048.8418.3

1,630.5977.8652.7487.7131.2356.5170.7

144.725.9

23.7197.8100.1249.1

195.154.0

133.7702.9

6,265.6

3,397.8315.6

3,082.3597.4

2,484.91,118.5

159.1959.4529.8448.4

5,494.5

771.1

July

5,238.8'1,430.1

670.4'54.4'

616.0567.548.5

759.7'392.7'367.0

52.7314.3

3,808.7'777.5

2,039.3424.3

1,615.0963.3651.7491.9134.5357.4173.6

148.425.2

25.2202.0

99.1235.5

189.845.7

131.6733.9

6,272.9

3,394.1317.2

3,076.9603.2

2,473.71,124.7

155.4969.3524.8454.0

5,497.5

775.4

Aug.

5,242.4'1,425.5

690.7'54.9'

635.8583.452.4

734.7'379.0'355.852.1

303.63,816.9'

775.4'2,035.1

427.61,607.4

955.9651.5497.8137.9359.9185.7

161.324.4

26.1200.996.0

237.8

192.045.7

127.3735.1'

6,274.6

3,380.4306.4

3,073.9595.6

2,478.31,161.7

155.91,005.8

504.1452.1

5,498.3

776.3

Sept.

Not seasona

5,428.8'1,491.4

705.8'68.7'

637.1586.051.1

785.7'399.8'385.9'52.2

333.63,937.4'

792.0'2,067.0

440.11,626.8

968.9658.0503.6142.5361.1229.0

189.239.9

26.3224.395.2

259.8

217.242.6

197.1761.4'

6,575.5

3,583.0345.5

3,237.5656.6

2,580.91,231.0

150.61,080.5

492.3484.6

5,790.9

784.6

Oct.'

lly adjusted

5,782.71,655.9

774.0128.0645.9599.046.9

881.9447.6434.3

52.8381.5

4,126.9828.0

2,216.3478.2

1,738.11,039.6

698.4515.4155.9359.5215.6

175.040.6

27.4230.4

93.8249.1

207.941.2

321.3791.1

7,064.3

3,816.9375.8

3,441.1746.2

2,694.91,407.2

151.01,256.2

507.3548.1

6,279.5

784.8

Nov.

5,776.21,684.7

806.1125.5680.6630.849.7

878.6492.0386.552.5

334.04,091.6

821.92,218.2

481.61,736.61,035.5

701.1517.7158.5359.2200.4

169.830.6

21.5219.192.9

188.4

149.139.2

422.0824.3

7,128.4

3,818.4421.5

3,396.9685.0

2,711.91,391.7

130.61,261.1

548.8591.8

6,350.7

777.7

Wednesd ay figures

2008

Nov. 5

5,768.31,667.4

824.2157.6666.7619.547.2

843.2439.1404.1

52.6351.5

4,100.9822.9

2,218.1479.7

1,738.41,038.9

699.5514.7156.0358.7201.2

164.836.4

21.5229.593.1

215.0

177.337.7

385.8790.2

7,076.6

3,813.3392.0

3,421.3694.9

2,726.41,409.8

131.01,278.7

531.9546.0

6,301.0

775.6

Nov. 12

5,762.51,669.6

818.8159.3659.5611.348.3

850.7452.4398.3

52.5345.8

4,093.0824.3

2,224.4480.3

1,744.01,044.0

700.0515.4156.8358.6197.5

162.135.4

21.1217.5

92.9191.7

149.642.0

464.8806.3

7,142.5

3,832.9392.2

3,440.7690.1

2,750.61,436.7

140.31,296.4

540.1553.3

6,363.0

779.6

Nov. 19

5,744.71,669.6

790.5102.9687.6638.449.1

879.1495.0384.1

52.8331.3

4,075.0820.3

2,208.6481.5

1,727.11,026.6

700.5517.3159.2358.2200.1

173.326.8

20.0216.0

92.8179.6

139.440.2

404.4840.3

7,086.9

3,774.6421.3

3,353.3673.3

2,680.01,378.5

127.21,251.4

552.6599.3

6,305.0

781.9

Nov. 26

5,814.01,711.0

797.6102.4695.2643.152.1

913.4533.6379.852.2

327.64,103.0

825.02,219.6

483.21,736.41,033.3

703.2520.7160.1360.6204.5

175.429.0

22.2218.093.0

179.7

142.037.7

414.8848.8

7,177.1

3,829.0466.5

3,362.5686.5

2,676.01,375.5

126.71,248.9

560.5633.1

6,398.1

779.0




D. Small domestically chartered commercial banks

Billions of dollars

Account


10 Consumer11 Other loans and leases12 Interbank loans13 Cash assets5

14 Other assets'"

15 Total assets7




Assets28 Bank credit29 Securities in bank credit30 Treasury and Agency securities2 . .31 Other securities32 Loans and leases in bank credit3 . . . .33 Commercial and industrial34 Real estate35 Revolving home equity36 Other37 Other residential38 Commercial39 Consumer40 Credit cards and related plans . .41 Other42 Other loans and leases43 Interbank loans44 Cash assets5

45 Other assets'"

46 Total assets7




2007

Nov.

2.913.0602.1372.5229.6

2.310.8'391.9'

1.474.4'88.4

1.386.0'332.4112.2117.393.0

249.5

3,337.6

2 268 8270.6

1,998.1405.5

1,592.7564.8245.4319.4

4.777.5

2,915.8

421.8'

2,904.7'597.2368.6228.6

2,307.5'388.7'

1,472.8'88.4

1,384.4'452.1932.3'333.5211.4122.1112.5119.893.1

245.0

3,327.6'

2,263.8271.4

1,992.5405.6

1,586.8566.9247.7319.2

3.777.5

2,911.9

415.7

Monthly averages

2008

May'

2,957.3586.6356.2230.5

2,370.7405.1

1,509.494.8

1,414.5339.8116.4126.8102.2231.7

3,377.5

2 312 8269.8

2,042.9412.8

1,630.1592.2246.7345.5

4.080.1

2,989.0

388.5

2.976.2597.9362.3235.7

2,378.3408.1

1,517.594.7

1,422.8459.4963.4336.3209.6126.6116.4122.2103.6233.4

3,394.7

2.319.4269.3

2.050.1413.7

1.636.4593.2247.0346.2

4.680.3

2,997.6

397.1

June'

2.968.1586.0356.0230.0

2.382.2406.7

1.518.096.8

1.421.2340.5117.0125.3103.1234.6

3,390.4

2,319.4269.1

2,050.2414.9

1,635.3592.5252.2340.3

4.680.9

2,997.4

393.0

2.987.3593.1361.0232.1

2,394.2409.8

1,526.396.1

1,430.2461.1969.1339.2210.6128.6118.9121.5103.7238.9

3,410.6

2.332.8270.5

2.062.3415.4

1.646.9594.2252.6341.6

4.180.6

3,011.7

398.9

July'

2.987.5593.3357.7235.6

2.394.2407.6

1.525.696.6

1.429.0340.4120.5130.5104.6231.7

3,413.2

2,338.6275.9

2,062.7418.0

1,644.7592.0243.7348.3

5.380.3

3,016.1

397.0

2.986.4586.3356.2230.2

2,400.1409.4

1,529.697.4

1,432.3459.4972.9341.0212.6128.4120.0122.4104.5234.0

3,406.3

2.341.7271.4

2.070.3416.2

1.654.1588.0243.8344.2

5.179.4

3,014.2

392.2

Aug.

2.996.0'587.8355.5232.3

2.408.2'410.6'

1.535.5'97.6

1.438.0'341.7120.4128.7106.6233.9

3,423.9

2,350.4'266.4

2,084.0'417.0'

1,667.0'594.9'251.4'343.5

3.780.3

3,029.3'

394.6'

2.995.9581.2354.4226.8

2,414.7410.6'

1,537.9'98.4

1,439.5'462.6'976.8'345.9217.5128.4120.4124.7104.5236.7'

3,420.6

2.352.7267.1'

2.085.6'416.9'

1.668.7'590.4'248.6'341.8

2.979.7

3,025.7'

394.9'

Sept.'

Seasonall

3.029.8583.3360.9222.4

2.446.4416.9

1.556.6100.2

1.456.4350.7122.2137.3107.4241.6

3,474.1

2,385.7271.2

2,114.4419.5

1,694.9596.7244.2352.5

4.681.9

3,068.8

405.3

Not seasona

3.014.3574.7356.7218.0

2,439.6415.2

1,551.1100.5

1,450.6465.1985.4350.4219.2131.2122.9131.4106.3241.1

3,451.2

2.372.3266.5

2.105.8418.2

1.687.5596.6244.6352.0

2.981.2

3,053.1

398.2

Oct.'

1 adjusted

3.052.6578.6367.1211.5

2.474.0426.7

1.573.2103.7

1.469.5353.7120.5136.1123.5247.6

3,517.2

2,412.8273.8

2,139.0423.1

1,715.9613.2248.4364.7

2.180.8

3,108.9

408.3

lly adjusted

3.030.8572.9362.3210.6

2,457.9423.0

1,564.7102.4

1,462.3471.6990.6350.5216.0134.6119.7132.0121.7246.8

3,489.0

2.396.3269.8

2.126.5421.8

1.704.7612.5248.0364.5

1.680.8

3,091.3

397.7

Nov.

3.057.9585.2371.0214.2

2.472.8427.1

1.570.7103.9

1.466.8357.5117.4113.7166.1257.2

3,551.9

2,439.6271.0

2,168.7428.2

1,740.4602.7234.5368.2

6.382.9

3,131.5

420.3

3.050.1580.5367.2213.2

2,469.6423.8

1,569.0103.9

1,465.2471.4993.8359.0225.0134.0117.7114.5166.6253.5

3,541.9

2.433.8271.7

2.162.1428.6

1.733.6605.1236.6368.5

5.483.1

3,127.3

414.6

Wednesd ay figures

2008

Nov. 5

3.048.2576.5367.8208.7

2.471.7427.3

1.572.4103.8

1.468.6355.1116.9121.4145.0250.1

3,521.9

2,417.6270.2

2,147.4424.4

1,723.0609.3248.7360.6

3.582.0

3,112.4

409.5

3.035.8573.5364.6208.9

2,462.3424.1

1,567.6103.2

1,464.5472.6991.9353.8220.4133.4116.8121.5142.6247.1

3,504.5

2.419.1258.5

2.160.5425.1

1,735.4605.6246.4359.2

2.681.3

3,108.5

395.9

Nov. 12

3.049.5578.7368.3210.4

2.470.8427.9

1.571.3103.3

1.468.0356.8114.9110.5157.1259.5

3,533.5

2,440.8270.9

2,169.9427.1

1,742.8604.4231.8372.7

4.180.2

3,129.5

404.0

3.039.9575.6365.0210.6

2,464.3423.7

1,568.9103.4

1,465.5473.5991.9356.7223.4133.3115.1112.7157.9257.0

3,524.8

2.439.5263.0

2.176.5427.3

1.749.2603.8232.2371.6

3.980.3

3,127.5

397.3

Nov. 19

3.044.7571.9370.5201.4

2.472.8426.0

1.570.4103.9

1.466.5358.1118.3111.7160.6252.3

3,526.3

2,429.2264.3

2,164.9427.9

1,737.0603.7236.9366.8

7.280.2

3,120.2

406.1

3,037.4566.7366.4200.3

2,470.6423.4

1,567.3103.8

1,463.5469.0994.5360.9227.0133.9119.0115.0163.6246.3

3,519.3

2.424.9266.5

2.158.4428.3

1.730.1604.6238.0366.7

6.181.0

3,116.6

402.7

Nov. 26

3.045.3575.3372.1203.3

2.470.0427.4

1.567.8104.2

1.463.6358.2116.6104.2185.1255.7

3,547.2

2,462.7268.5

2,194.2430.7

1,763.5587.7226.5361.2

9.281.8

3,141.4

405.8

3.041.3568.8368.1200.8

2,472.4424.2

1,569.8104.3

1,465.4470.2995.3361.5226.6134.8117.098.4

184.7250.8

3,532.3

2.440.4286.3

2.154.1430.9

1.723.1599.0235.2363.8

7.981.8

3,129.1

403.3




E. Foreign-related institutions

Billions of dollars

Account

Assets1 Bank credit2 Securities in bank credit3 Treasury and Agency securities2 . .4 Other securities5 Loans and leases in bank credit3 . . . .6 Commercial and industrial7 Real estate8 Security4


12 Other assets'"

13 Total assets7

Liabilities14 Deposits15 Transaction16 Nontransaction17 Borrowings18 From banks in the U.S19 From others20 Net due to related foreign offices21 Other liabilities



Assets24 Bank credit25 Securities in bank credit26 Treasury and Agency securities2 . .27 Trading account28 Investment account29 Other securities30 Trading account31 Investment account32 Loans and leases in bank credit3 . . . .33 Commercial and industrial34 Real estate35 Security4


39 Other assets'"

40 Total assets7

Liabilities41 Deposits42 Transaction43 Nontransaction44 Borrowings45 From banks in the U.S46 From others47 Net due to related foreign offices48 Other liabilities



2007

Nov.

1,154.2474.2

92.7381.5680.0275.135.7

140.6228.679.056.749.0

1,338.9

1 017 513.1

1,004.4586.760.7

526.0-396.0

128.7

1,336.9

2.1

1,162.7480.3

93.126.666.5

387.2228.8158.4682.4274.836.5

144.4226.783.857.747.3

1,351.6

1 017 012.8

1 004 2585.663.3

522.3-383.4

130.4

1,349.6

2.0

Monthly averages

2008

May

1,135.1'466.8

91.8375.0668.3'310.9'40.8'

103.8212.875.0'58.149.3

1,317.4'

1,112.817.0

1,095.8607.471.9

535.5-551.2

145.8

1,314.7

2.7

1,130.0'470.0

92.230.162.1

377.8235.0142.8660.0'307.5'41.1

102.4209.072.3'56.850.4

1,309.5

1,137.016.8

1 120 1617.367.8

549.5-597.3

149.2

1,306.2

3.3

June

1,121.5'457.2'

91.6365.7'664.3'313.2'42.1

100.4208.6'

68.5'59.656.3

1,305.8'

1,124.616.8

1,107.9602.9

69.7533.2

-564.6140.3

1,303.1

2.7'

1,113.7'458.5'

90.928.762.2

367.6'221.5'146.1655.2'309.8'41.799.1

204.6'65.2'58.857.4

1,295.0'

1,133.916.5

1 117 3605.6

67.6538.0

-586.1138.3

1,291.6

3.4

July

1,122.6'468.0'

93.7374.3'654.5'314.4'42.8

100.3197.1'65.7'56.148.5

1,292.9

1,120.917.2

1,103.7605.172.9

532.2-576.7

137.2

1,286.5

6.4'

1,103.9'460.0'

92.029.362.6

368.0'219.3'148.7643.9'310.5'42.297.0

194.2'64.2'56.348.2

1,272.5

1,095.216.8

1,078.4594.3

68.1526.3

-553.2132.7

1,269.1'

3.4

Aug.

1,124.1'464.6'

86.8377.8'659.6'317.0'44.1

100.7197.7'66.0'53.243.0

1,286.3

1,127.6'16.5

1,111.0603.667.4

536.2-602.0

140.5

1,269.6

16.7

1,110.5'458.9'

87.829.058.8

371.1'227.1'144.0651.6'315.2'42.498.0

196.0'64.4'54.043.0

1,271.8

1,111.1'16.3

1,094.7591.065.4

525.6-573.3

139.6'

1,268.4

3.3'

Sept.'

Seasonall

1,118.7454.8

83.0371.8663.9326.343.089.7

204.968.160.846.7

1,294.2

1,102.919.1

1,083.8607.084.0

523.0-568.1

148.1

1,289.9

4.4

Not seasona

1,110.5450.2

83.828.155.6

366.5221.8144.7660.2326.342.886.8

204.369.462.748.1

1,290.6

1,097.019.0

1,078.0586.582.7

503.8-543.2

146.8

1,287.2

3.4

Oct.'

1 adjusted

1,152.9475.3

75.6399.6677.7350.840.872.0

214.160.9

130.160.6

1,404.4

930.622.3

908.3618.8

57.9561.0

-332.6183.4

1,400.3

4.1

lly adjusted

1,150.8473.3

76.227.249.1

397.1236.6160.5677.5349.641.872.0

214.162.6

132.259.0

1,404.6

931.921.8

910.1597.7

55.3542.3

-313.8182.9

1,398.7

5.9

Nov.

1,118.9464.1

83.4380.7654.8352.939.156.6

206.246.5

273.754.3

1,493.4

862.218.3

843.8607.439.8

567.6-167.4

185.8

1,488.0

5.4

1,126.8470.2

83.626.856.8

386.6240.4146.2656.6353.239.958.5

205.148.7

278.952.6

1,506.9

865.217.9

847.3604.140.8

563.3-155.2

187.8

1,501.9

4.9

Wednesd ay figures

2008

Nov. 5

1,120.2460.3

86.3374.0659.9352.738.860.1

208.342.9

243.360.0

1,466.4

903.018.5

884.5592.735.8

556.9-219.1

180.6

1,457.3

9.1

1,127.0466.9

86.530.556.1

380.4227.6152.9660.1351.640.061.0

207.545.1

247.957.7

1,477.7

903.017.7

885.3589.035.2

553.8-204.8

184.5

1,471.7

6.0

Nov. 12

1,141.4478.3

87.0391.3663.1353.6

39.058.1

212.343.7

256.352.6

1,493.9

864.318.3

846.0614.9

39.2575.7

-167.7179.8

1,491.2

2.7

1,142.5482.1

87.330.057.3

394.9244.6150.2660.4351.2

39.960.0

209.345.5

265.351.9

1,505.1

872.117.9

854.2607.4

38.9568.6

-160.7180.2

1,499.1

6.0

Nov. 19

1,124.3473.6

80.9392.7650.7351.0

38.958.7

202.150.1

314.154.6

1,543.0

860.919.3

841.6627.9

36.1591.7

-133.6191.3

1,546.5

-3 .5

1,128.7477.3

80.725.854.9

396.7251.9144.7651.4351.9

39.559.4

200.650.5

318.950.2

1,548.3

862.918.4

844.5615.6

39.9575.7

-125.5189.2

1,542.2

6.1

Nov. 26

1,096.6447.7

80.1367.6648.9353.539.453.1

203.049.0

273.252.0

1,470.7

840.817.6

823.1596.546.7

549.8-164.9

188.7

1,461.1

9.6

1,112.4456.3

80.523.557.1

375.8231.9143.9656.1356.240.056.7

203.252.7

278.651.6

1,495.3

845.617.9

827.8601.646.4

555.2-147.4

192.5

1,492.3

3.1




F. Memo items

Billions of dollars

Account

MEMOLarge domestically chartered banks,

adjusted for mergers1 Revaluation gains on off-balance-sheet

items9

2 Revaluation losses on off-balance-sheet items9

3 Mortgage-backed securities10

4 Pass-through5 CMO, REMIC, and other6 Net unrealized gains (losses) on

available-for-sale securities"7 Securitized consumer loans12

8 Credit cards and related plans9 Other

10 Securitized real estate loans12

Small domestically charteredcommercial banks, adjusted for

yyi ^v^ers11 Mortgage-backed securities10

12 Securitized consumer loans12

13 Securitized real estate loans12

Foreign-related institutions14 Revaluation gains on off-balance-

sheet items9

15 Revaluation losses on off-balance-sheet items9

Monthly averages

2007

Nov.

2008

May June July Aug. Sept. Oct. Nov.

Wednesday figures

2008

Nov. 5 Nov. 12 Nov. 19 Nov. 26


201.6

159.5673.3458.1215.2

-8.1111.974.537.4

1,189.8

242.7283.536.8

82.6

86.8

211.7

164.1716.7477.1239.6

-21.3112.578.334.2

1,218.3'

265.7296.535.4

106.8

103.3

195.1

149.0729.3490.3239.0

-29.2115.681.134.5

1,220.3'

265.0296.9

28.0

99.3

95.8

205.3

159.2737.7501.6236.1

-35.6115.180.235.0

1,233.3'

262.7'296.4

27.5

98.5

94.5

205.3

160.9746.1515.6230.5

-46.2114.279.934.3

1,245.3'

262.6295.531.7'

103.0

101.8

224.5

176.4745.9519.1226.8

-46.5 '120.9'82.638.3'

1,268.0'

265.8'294.335.1

103.2

102.3

276.1

213.2758.2'532.8'225.4

-56.0'133.3'91.741.6'

1,335.6'

266.5'293.2

35.2

129.9

125.5

343.8

264.5780.5563.8216.7

-74.4130.689.641.0

1,339.2

261.2287.235.2

148.5

141.3

281.0

221.8774.5553.7220.8

-72.9131.790.541.2

1,339.3

265.4290.635.2

128.2

124.8

301.2

229.7765.4545.1220.3

-72.3131.690.541.1

1,339.4

265.5287.9

35.2

142.3

135.0

351.5

271.2788.3570.8217.6

-76.1130.089.041.0

1,338.7

257.8284.6

35.2

157.2

146.8

388.5

299.5791.9576.0215.9

-72.6129.889.040.8

1,337.5

257.6287.035.2

151.9

145.5

NOTES: Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8statistical release, "Assets and Liabilities of Commercial Banks in the United States," whichis available at www.federalreserve.gov/releases. Table 1.27, "Assets and Liabilities of LargeWeekly Reporting Commercial Banks," and table 1.28, "Large Weekly Reporting U.S.Branches and Agencies of Foreign Banks," are no longer being published in the StatisticalSupplement. Instead, abbreviated balance sheets for both large and small domesticallychartered banks have been included in table 1.26, parts C and D. Data are both merger-adjusted and break-adjusted. In addition, data from large weekly reporting U.S. branches andagencies of foreign banks have been replaced by balance sheet estimates of all foreign-relatedinstitutions and are included in table 1.26, part E. These data are break-adjusted.

1. Covers the following types of institutions in the fifty states and the District of Columbia:domestically chartered commercial banks that submit a weekly report of condition (largedomestic); other domestically chartered commercial banks (small domestic); branches andagencies of foreign banks, and Edge Act and Agreement corporations (foreign-relatedinstitutions). Excludes international banking facilities. Data are Wednesday values or pro rataaverages of Wednesday values. Large domestic banks constitute a universe; data for smalldomestic banks and foreign-related institutions are estimates based on weekly samples and onquarter-end condition reports. Data are adjusted for breaks caused by ^classifications ofassets and liabilities.

The data for large and small domestic banks presented on pp. 17-19 are adjusted to removethe estimated effects of mergers between these two groups. The adjustment for mergerschanges past levels to make them comparable with current levels. Estimated quantities ofbalance sheet items acquired in mergers are removed from past data for the bank group thatcontained the acquired bank and put into past data for the group containing the acquiringbank. Balance sheet data for acquired banks are obtained from Call Reports, and a ratioprocedure is used to adjust past levels.

2. Treasury securities are liabilities of the U.S. Treasury. Agency securities are liabilities ofU.S. government agencies and U.S. government-sponsored enterprises.

3. Excludes federal funds sold to, reverse RPs with, and loans made to commercial banksin the United States, all of which are included in "Interbank loans."

4. Consists of reverse RPs with brokers and dealers and loans to purchase and carrysecurities.

5. Includes vault cash, cash items in process of collection, balances due from depositoryinstitutions, and balances due from Federal Reserve Banks.

6. Excludes the due-from position with related foreign offices, which is included in "Netdue to related foreign offices."

7. Excludes unearned income, reserves for losses on loans and leases, and reserves fortransfer risk. Loans are reported gross of these items.

8. This balancing item is not intended as a measure of equity capital for use in capitaladequacy analysis. On a seasonally adjusted basis, this item reflects any differences in theseasonal patterns estimated for total assets and total liabilities.

9. Fair value of derivative contracts (interest rate, foreign exchange rate, other commodityand equity contracts) in a gain/loss position, as determined under FASB Interpretation No. 39.The fair market value of derivative contracts in a gain position is included in "Othersecurities, trading account." The fair value of derivative contracts in a loss position isincluded in "Other liabilities."

10. Includes mortgage-backed securities issued by U.S. government agencies, U.S.government-sponsored enterprises, and private entities.

11. Difference between fair value and historical cost for securities classified as available-for-sale under FASB Statement No. 115. Data are reported net of tax effects. Data shown arerestated to include an estimate of these tax effects.

12. Total amount outstanding.


1.32 COMMERCIAL PAPER OUTSTANDING

Millions of dollars, seasonally adjusted, end of period

Item

1 All issuers

2 Financial companies'3 Nonfinancial companies2

Year ending December

2003

1,284,153

519,785112,292

2004

1,403,929

589,499129,902

2005

1,662,157

663,951142,363

2006

1,983,118

730,735167,075

2007

1,780,685

816,693162,720

2008

Mar.

1,821,489

835,350173,591

Apr.

1,757,975

802,401186,154

May

1,748,960

810,988181,125

June

1,740,990

817,619165,069

July

1,732,714

808,065168,861

Aug.

1,777,235

832,343195,466

1. Institutions engaged primarily in commercial, savings, and mortgage banking; sales,personal, and mortgage financing; factoring, finance leasing, and other business lending;insurance underwriting; and other investment activities.

2. Includes public utilities and firms engaged primarily in such activities as communica-tions, construction, manufacturing, mining, wholesale and retail trade, transportation, andservices.

1.33 PRIME RATE CHARGED BY BANKS Short-Term Business Loans1

Percent per year

Date of change

1Nov 7

2003 June 27

2004—June 30Aug. 10Sept. 21Nov. 10Dec. 14

2005—Feb. 2Mar. 22May 3June 30Aug. 9Sept. 20Nov. 1Dec. 13

2006—Jan. 31Mar. 28May 10June 29

2007—Sept. 18Oct. 31Dec. 11

2008—Jan. 2230Mar. 18Apr. 30Oct. 829

Rate

4.754 25

4 00

4 254.504.755.005.25

5.505.756.006.256.506.757.007.25

7.507.758.008.25

7.757.507.25

6.506.005.255.004.504.00

Period

2004200520062007

2005 JanFebMarAprMayJuneJulyAugSeptOctNovDec

Averagerate

4.346.197.968.05

5.255.495.585.755.986.016.256.446.596.757.007.15

Period

2006—JanFebMarAprMayJuneJulyAugSeptOctNovDec

Averagerate

7.267.507.537.757.938.028.258.258.258.258.258.25

Period

2007—JanFebMarAprMayJuneJulyAugSeptOctNovDec

2008—JanFebMarAprMayJuneJulyAugSeptOct

Averagerate

8.258.258.258.258.258.258.258.258.037.747.507.33

6.986.005.665.245.005.005.005.005.004.56

1. The prime rate is one of several base rates that banks use to price short-term businessloans. The table shows the date on which a new rate came to be the predominant one quotedby a majority of the twenty-five largest banks by asset size, based on the most recent Call

Report. Data in this table also appear in the Board's H.I 5 (519) weekly statistical release,available on the Board's website, www.federalreserve.gov/releases.

Financial Markets 23

1.35 INTEREST RATES Money and Capital Markets

Percent per year; figures are averages of business day data unless otherwise noted

Item

MONEY MARKET INSTRUMENTS

1 Federal funds1-13

2 Discount window primary credit2-4

Commercial paper3'5'6

Nonfinancial3 1-month4 2-month5 3-month

Financial6 1-month7 2-month8 3-month

Certificates of deposit, secondary market3-1

9 1-month10 3-month11 6-month

12 Eurodollar deposits, 3-month3>s

U.S. Treasury billsSecondary market3-5

13 4-week14 3-month15 6-month

U.S. TREASURY NOTES AND BONDS

Constant maturities''16 1 -year17 2-year18 3-year19 5-year20 7-year21 10-year22 20-year

STATE AND LOCAL NOTES AND BONDS

Moody's series10

23 Aaa24 Baa25 Bond Buyer series"

CORPORATE BONDS

26 Seasoned issues, all industries12

Rating group27 Aaa13

28 Aa29 A30 Baa

MEMODividend-price ratio14

31 Common stocks

2005

3.224.19

3.223.233.42

3.273.363.44

3.343.513.73

3.51

2.943.153.39

3.623.853.934.054.154.294.64

4.284.864.40

5.57

5.235.375.596.06

1.73

2006

4.975.96

4.985.015.10

5.005.045.07

5.065.165.24

5.19

4.674.734.81

4.944.824.774.754.764.805.00

4.154.714.40

5.98

5.595.806.066.48

1.82

2007

5.025.86

5.024.984.92

5.075.105.13

5.235.275.23

5.32

4.324.364.44

4.534.364.354.434.514.634.91

4.134.604.40

6.01

5.565.906.096.48

1.83

June

2.002.25

2.142.152.21

2.342.532.70

2.502.763.09

2.95

1.691.862.13

2.422.773.083.493.734.104.74

4.50'5.42'4.69

6.32

5.686.116.437.07

2.31

2008

July

2.012.25

2.082.132.18

2.342.522.72

2.492.793.13

3.00

1.581.631.93

2.282.572.873.303.604.014.62

4.445.424.68

6.34

5.676.056.477.16

2.44

Aug.

2.002.25

2.042.082.08

2.392.542.76

2.462.793.11

3.00

1.651.721.92

2.182.422.703.143.463.894.53

4.445.454.69

6.31

5.646.016.467.15

2.38'

Sept.

1.812.25

2.102.112.13

2.692.782.91

3.443.593.82

3.95

0.861.131.61

1.912.082.322.883.253.694.32

4.615.734.86

6.39

5.656.036.557.31

2.46

Aug. 29

1.992.25

2.042.08n.a.

2.412.572.78

2.472.803.12

3.00

1.611.691.91

2.172.342.613.063.393.794.43

4.415.444.68

6.24

5.545.936.397.09

2.40

2008, week ending

Sept. 5

1.962.25

2.032.022.11

2.422.582.72

2.462.793.12

3.00

1.551.671.87

2.082.242.462.933.283.694.34

4.345.364.62

6.18

5.495.886.327.04

2.42

Sept. 12

1.992.25

2.032.042.04

2.382.572.72

2.482.793.09

3.00

1.511.601.83

2.052.232.432.923.253.664.28

4.295.534.54

6.17

5.465.876.317.05

2.46

Sept. 19

2.252.25

2.292.212.23

2.642.732.86

3.984.064.12

3.99

0.310.621.27

1.691.852.102.693.083.544.20

4.845.995.03

6.35

5.635.986.517.28

2.45

Sept. 26

1.542.25

1.992.152.17

3.203.103.15

4.16AAA4.36

5.00

0.330.841.56

1.952.112.373.023.403.844.48

4.976.055.23

6.67

5.916.286.857.66

2.52

NOTE: Some of the data in this table also appear in the Board's H.I 5 (519) weeklystatistical release, available at www.federalreserve.gov/releases.

1. The daily effective federal funds rate is a weighted average of rates on trades throughNew York brokers.

2. Weekly figures are averages of seven calendar days, ending on Wednesday of the currentweek; monthly figures include each calendar day in the month.

3. Annualized using a 360-day year or bank interest. Source: U.S. Treasury.4. The rate charged for discounts made and advances extended under the Federal Reserve's

primary credit discount window program, which became effective January 9, 2003. This ratereplaces that for adjustment credit, which was discontinued after January 8, 2003. For furtherinformation, see www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/defaulthtm. The rate reported is that for the Federal Reserve Bank of New York. Historicalseries for the rate on adjustment credit is available at www.federalreserve.gov/releases/hl5/data.htm.

5. Quoted on a discount basis.6. Interest rates interpolated from data on certain commercial paper trades settled by the

Depository Trust Company. The trades represent sales of commercial paper by dealers ordirect issuers to investors (that is, the offer side). See the Board's Commercial Paperwebpages (www.federalreserve.gov/releases/cp) for more information.

7. An average of dealer offering rates on nationally traded certificates of deposit.8. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for

indication purposes only.9. Yields on actively traded issues adjusted to constant maturities. Source: U.S. Treasury.10. General obligation bonds based on Thursday figures; Moody's Investors Service.11. State and local government general obligation bonds maturing in 20 years are used in

compiling this index. The 20-bond index has a rating roughly equivalent to Moody's Alrating. Based on Thursday figures.

12. Daily figures are averages of Aaa, Aa, A, and Baa yields from Moody's InvestorsService. Based on yields to maturity on selected long-term bonds.

13. Effective December 7, 2001, the Moody's Aaa yield includes yields only for industrialfirms. Prior to December 7, 2001, the Aaa yield represented both utilities and industrial.

14. Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks inthe price index.


1.36 STOCK MARKET Selected Statistics

Indicator

Common stock prices (indexes)1 New York Stock Exchange

(Dec. 31,1965 = 50)

3 Transportation4 Utility5 Finance

6 Standard & Poor's Corporation(1941^3 - 10)'

7 American Stock Exchange(Aug. 31, 1973 = 50)2

Volume of trading (thousands of shares)8 New York Stock Exchange9 American Stock Exchange

10 Margin credit at broker-dealers3

Free credit balances at brokers4

11 Margin accounts5

14 Convertible bonds

2005 2006 2007

2008

Feb.

Pr

7,351.19n.a.n.a.n.a.n.a.

1,207.23

1,567.52

1,542,724n.a.

8,357.63n.a.n.a.n.a.n.a.

1,310.46

1,936.79

2,254,869n.a.

9,653.00n.a.n.a.n.a.n.a.

1,477.19

2,267.99

3,232,195n.a.

9,041.52n.a.n.a.n.a.n.a.

1,354.87

2,269.79

3,832,107n.a.

Mar.

ces and trac

8,776.21n.a.n.a.n.a.n.a.

1,316.94

2,262.29

4,601,666n.a.

Apr. May June July Aug. Sept. Oct.

ng volume (averages of daily figures)

9,174.10n.a.n.a.n.a.n.a.

1,370.47

2,297.06

3,829,875n.a.

9,429.04n.a.n.a.n.a.n.a.

1,403.22

2,351.25

3 774 019n.a.

8,996.98n.a.n.a.n.a.n.a.

1,341.25

2,293.07

4 482 650n.a.

8,427.37n.a.n.a.n.a.n.a.

1,257.33

2,153.19

5 589 370n.a.

8,362.20n.a.n.a.n.a.n.a.

1,281.47

2,078.76

4 226 522n.a.

7,886.29n.a.n.a.n.a.n.a.

1,216.93

1,889.93

6 602 084n.a.

6,130.39n.a.n.a.n.a.n.a.

968.80

1,468.58

6 880 451n.a.

Customer financing (millions of dollars, end-of-period balances)

221,660

119,71088,730

275,380

159,04094,450

285,610

156,19090,340

334,900

266,050133,670

311,660

305,600122,140

295,550

313,740100,600

310,310

325,04095,930

314,360

351,34096,090

313,290

370,20098,890

292,110

385,85090,860

299,960

193,350106,370

233,350

186,870100,330

Margin requirements (percent of market value and effective date)6

Mar. 11, 1968

705070

June 8, 1968

806080

May 6, 1970

655065

Dec. 6, 1971

555055

Nov. 24, 1972

655065

Jan. 3, 1974

505050

1. In July 1976 a financial group made up of banks and insurance companies was added tothe group of stocks on which the index is based. The index is now based on 400 industrialstocks (formerly 425), 20 transportation (formerly 15 rail), 40 public utility (formerly 60), and40 financial.

2. On July 5, 1983, the American Stock Exchange rebased its index, effectively cuttingprevious readings in half.

3. Since July 1983, under the revised Regulation T, margin credit at broker-dealers hasincluded credit extended against stocks, convertible bonds, stocks acquired through theexercise of subscription rights, corporate bonds, and government securities. Separate report-ing of data for margin stocks, convertible bonds, and subscription issues was discontinued inApril 1984.

4. Free credit balances are amounts in accounts with no unfulfilled commitments tobrokers and are subject to withdrawal by customers on demand.

5. Series initiated in June 1984.

6. Margin requirements, stated in regulations adopted by the Board of Governors pursuantto the Securities Exchange Act of 1934, limit the amount of credit that can be used topurchase and carry "margin securities" (as defined in the regulations) when such credit iscollateralized by securities. Margin requirements on securities are the difference between themarket value (100 percent) and the maximum loan value of collateral as prescribed by theBoard. Regulation T was adopted effective Oct. 15, 1934; Regulation U, effective May 1,1936; Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov. 1, 1971.

On Jan. 1, 1977, the Board of Governors for the first time established in Regulation T theinitial margin required for writing options on securities, setting it at 30 percent of the currentmarket value of the stock underlying the option. On Sept. 30, 1985, the Board changed therequired initial margin, allowing it to be the same as the option maintenance margin requiredby the appropriate exchange or self-regulatory organization; such maintenance margin rulesmust be approved by the Securities and Exchange Commission.

1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATIONBillions of dollars, end of month

Federal Finance 25

Sept. 30 Sept. 30 Sept. 30

1 Federal debt outstanding . . . .

2 Public debt securities3 Held by public4 Held by agencies

5 Agency securities6 Held by public7 Held by agencies

8 Debt subject to statutory limit

9 Public debt securities10 Other debt1

MEMO11 Statutory debt limit

8,530.4

8,507.04.843.23,663.8

23.423.4

.0

8,420.2.1

8,965.0

8,703.7

8,680.24,901.23,779.0

23.523.5

.0

8,592.4.1

8,965.0

8,872.9

8,849.75,054.33,795.4

23.223.2

.0

8,760.7.1

8,965.0

8,890.8

8,867.74,943.03,924.6

23.223.2

.0

8,779.1.1

8,965.0

9,030.6

9,007.75,049.23,958.4

23.023.0

.0

8,921.3.1

9,815.0

9,252.3

9,229.25,136.34,092.9

23.123.1

.0

9,144.7

9,144.6.1

9,461.1

9,437.65,334.04,103.6

23.523.5

9,358.1

9,358.1

9,515.5

9,492.05,285.04,207.0

23.523.5

9,427.9

9,427.8

10,047.8'

10,024.7'5,814.2'4,210.5'

23.1'23.1 '

9,959.8'

9,959.8'

1. Consists of guaranteed debt of U.S. Treasury and other federal agencies, specifiedparticipation certificates, notes to international lending organizations, and District of Colum-bia stadium bonds.

SOURCE: U.S. Department of the Treasury, Monthly Statement of the Public Debt of theUnited States and Monthly Treasury Statement.

1.41 GROSS PUBLIC DEBT OF U.S. TREASURY Types and Ownership

Billions of dollars, end of period

Type and holder

Q4 Ql Q2 Q3

1 Total gross public debt

By type2 Interest-bearing3 Marketable4 Bills5 Notes6 Bonds7 Inflation-indexed notes and bone8 Nonmarketable2

9 State and local government serie10 Foreign issues3

11 Government12 Public13 Savings bonds and notes14 Government account series4 . .15 Non -interest- bearing

By holder^16 U.S. Treasury and other federal agencies and trust funds . . .17 Federal Reserve Banks8

18 Private investors19 Depository institutions20 Mutual funds21 Insurance companies22 State and local treasuries7

Individuals23 Savings bonds24 Pension funds25 Private26 State and Local27 Foreign and international5

28 Other miscellaneous investors7'9

7,596.1

7,578.53,959.71,003.22,157.1

539.5245.9

3,618.8160.7

5.95.9

191.73,230.6

17.6

3,189.1717.8

3,690.6125.0254.1149.7389.1

204.4321.5170.5151.0

1,853.4393.3

8,170.4

8,117.04,184.0

963.92,326.8

516.6328.7

3,986.5235.6

3.83.8

.0191.2

3,506.653.4

3,466.9744.2

3,970.6117.2251.3160.4481.4'

205.1335.0181.2153.8

2,036.0384.1'

8,680.2

8,627.54,413.9

944.22,409.9

530.6411.2

4,338.3257.6

3.03.0

.0187.7

3,839.4124.6

3,783.1778.9

4,122.1115.1250.7159.0516.9'

202.4346.2193.2153.0

2,105.0426.8'

9,229.2

9,207.54,536.61,003.92,488.4

558.5471.7

4,692.6293.2

3.03.0

.0180.5

4,164.321.7

4,097.8740.6

4,395.7129.9362.7123.3531.5

196.4376.1211.6164.5

2,355.1320.7'

9,207.54,536.61,003.92,488.4

558.5471.7

4,692.6293.2

3.03.0

.0180.5

4,164.321.7

4,097.8740.6

4,395.7129.9362.7123.3531.5

196.4376.1211.6164.5

2,355.1320.7'

9,416.64,732.41,158.42,514.0

571.8474.1

4,705.2286.3

4.94.9

.0179.4

4,183.721.0

4,108.2591.2

4,742.9127.9464.7123.4523.6

195.3387.1222.1165.0

2,515.6405.1'

9,471.54,696.41,060.52,543.4

581.0497.5

4,795.6275.2

3.13.1

.0178.8

4,288.120.5

4,212.5478.8

4,806.2115.4449.8123.4522.2

194.9393.3226.0167.3

2,647.9'359.1

10,004.75,236.01,489.82,624.7

582.8524.5

4,788.7260.2

3.03.0

.0177.9

4,297.720.0

4,196.3476.6

5,344.2

1. The U.S. Treasury first issued inflation-indexed securities during the first quarter of1997.

2. Includes (not shown separately) securities issued to the Rural Electrification Administra-tion, depository bonds, retirement plan bonds, and individual retirement bonds.

3. Nonmarketable series denominated in dollars, and series denominated in foreign cur-rency held by foreigners.

4. Held almost entirely by U.S. Treasury and other federal agencies and trust funds.5. Data for Federal Reserve Banks and U.S. government agencies and trust funds are

actual holdings; data for other groups are Treasury estimates.6. U.S. Treasury securities bought outright by Federal Reserve Banks, see Bulletin table

1.18.7. In March 1996, in a redefinition of series, fully defeased debt backed by nonmarketable

federal securities was removed from "Other miscellaneous investors" and added to "Stateand local treasuries." The data shown here have been revised accordingly.

8. Includes nonmarketable foreign series Treasury securities and Treasury deposit funds.Excludes Treasury securities held under repurchase agreements in custody accounts at theFederal Reserve Bank of New York.

9. Includes individuals, government-sponsored enterprises, brokers and dealers, bankpersonal trusts and estates, corporate and noncorporate businesses, and other investors.

SOURCES: Data by type of security, U.S. Treasury Department, Monthly Statement of thePublic Debt of the United States; data by holder, Federal Reserve Board of Governors, Flowof Funds Accounts of the United States and U.S. Treasury Department, Treasury Bulletin,unless otherwise noted.


1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions1

Millions of dollars, daily averages

Item

By type of security1 U.S. Treasury bills

Treasury coupon securities by maturity2 Three years or less3 More than three but less than or

equal to six years4 More than six but less than or equal

to eleven years5 More than eleven6 Inflation-protected2

Federal agency and government-

sponsored enterprises7 Discount notes

Coupon securities by maturity8 Three years or less9 More than three years but less than

or equal to six years10 More than six years but less than

or equal to eleven years . . . .11 More than eleven years

12 Mortgage-backed

Corporate securities13 One year or less14 More than one year

By type of counterpartyWith interdealer broker

15 U.S. Treasury16 Federal agency and government-

sponsored enterprises17 Mortgage-backed18 Corporate

With other19 U.S. Treasury20 Federal agency and government-

sponsored enterprises21 Mortgage-backed22 Corporate

June

61,827

227,557

160,239

106,30329,3407,464

88,570

11,966

3,998

2,493407

307,425

169,48815,550

255,267

7,46579,189

556

337,463

99,969228,236184,481

2008

July

65,406

185,916

150,371

101,76723,323

9,354

86,911

9,542

3,543

2,653447

313,398

160,93910,989

228,546

7,13193,820

447

307,592

95,966219,579171,480

Aug.

66,098

137,407

129,538

88,66524,8106,958

78,465

8,090

4,359

1,491423

261,225

150,3659,536

191,296

5,52268,778

428

262,180

87,305192,446159,473

July 30

63,849

180,937

156,891

85,83421,3557,591

81,732

7,970

3,189

1,856586

228,232

145,74412,192

218,873

5,97478,113

475

297,584

89,358150,119157,460

Aug. 6

61,090

136,218

132,615

111,06527,4427,584

84,154

8,046

6,063

1,557453

291,904

150,08410,531

196,816

6,14762,373

660

279,198

94,125229,531159,955

Aug. 13

58,155

128,931

125,935

99,68434,426

6,513

79,593

10,418

2,945

1,457324

408,136

151,42910,719

193,047

7,300121,837

402

260,597

87,435286,299161,746

2008, week end

Aug. 20

69,550

119,613

115,755

69,62321,5367,541

78,905

8,767

4,657

1,288374

174,321

144,28410,575

172,234

5,34046,181

349

231,385

88,650128,140154,510

Aug. 27

73,358

145,722

120,547

76,71017,4236,000

73,614

5,764

4,991

1,761584

161,211

154,6806,479

185,746

4,16941,102

415

254,013

82,546120,109160,744

Sept. 3

69,188

184,672

189,330

93,81522,1637,752

75,293

6,482

2,158

1,281326

299,881

152,6839,634

237,412

3,66174,628

261

329,508

81,880225,253162,056

Sept. 10

66,199

197,721

209,695

136,25330,5267,549

78,609

11,193

2,947

2,139508

664,535

158,05010,013

273,993

6,652152,476

690

373,950

88,746512,059167,373

Sept. 17

113,615

258,272

211,518

170,76245,17912,644

96,766

10,397

6,368

2,7881,590

327,153

136,1909,393

331,653

6,09374,346

283

480,337

111,816252,807145,299

Sept. 24

149,069

259,145

169,862

134,11642,87210,993

127,863

14,960

3,281

3,6792,562

246,606

196,29014,496

297,433

4,69250,649

465

468,624

147,652195,957210,321

NOTE: Major changes in the report form filed by primary dealers induced a break in thedealer data series as of the week ending July 4, 2001. Current weekly data may be found at theFederal Reserve Bank of New York website (www.ny.frb.org/markets/primarydealers.html)under the Primary Dealer heading.

1. The figures represent purchases and sales in the market by the primary U.S. governmentsecurities dealers reporting to the Federal Reserve Bank of New York. Outright transactionsinclude all U.S. government, federal agency, government-sponsored enterprise, mortgage-

backed, and corporate securities scheduled for immediate and forward delivery, as well as allU.S. government securities traded on a when-issued basis between the announcement andissue date. Data do not include transactions under repurchase and reverse repurchase (resale)agreements. Averages are based on the number of trading days in the week.

2. Outright Treasury inflation-protected securities (TIPS) transactions are reported atprincipal value, excluding accrued interest, where principal value reflects the original issu-ance par amount (unadjusted for inflation) times the price times the index ratio.

1.43 U.S. GOVERNMENT SECURITIES DEALERS Positions and Financing'

Millions of dollars

Federal Finance 27

Item, by type of security

1 U.S. Treasury billsTreasury coupon securities by maturity

2 Three years or less3 More than three years but less than

or equal to six years4 More than six but less than

or equal to eleven years5 More than eleven6 Inflation-protected

Federal agency and government-sponsored enterprises

7 Discount notesCoupon securities, by maturity

8 Three years or less9 More than three years but less than

or equal to six years10 More than six but less than

or equal to eleven years11 More than eleven

12 Mortgage-backed

Corporate securities13 One year or less14 More than one year

Securities in, U.S. Treasury15 Overnight and continuing16 Term


17 Overnight and continuing18 Term

Mortgage-backed securities19 Overnight and continuing20 Term

Corporate securities21 Overnight and continuing22 Term

MEMOReverse repurchase agreements


Securities out, U.S. Treasury25 Overnight and continuing26 Term



Mortgage-backed securities29 Overnight and continuing30 Term

Corporate securities31 Overnight and continuing32 Term

MEMORepurchase agreements


June

9,108

-13,449

-30,476

-25,824-3,488

1,755

54,028

75,508

6,354

7,9018,370

62,796

42,634146,739

2008

July

-8,664

-22,891

-27,760

-25,152-2303,895

57,330

81,601

4,987

6,5648,099

61,635

43,069137,203

Aug.

-740

-36,335

-29,420

-22,4212,3866,646

61,525

85,735

3,289

6,8398,667

62,801

37,968125,719

July 30

-9,778

-33,898

-22,506

-29,084586

6,299

60,737

81,134

2,716

6,1868,757

62,980

41,631132,535

Aug. 6

Net

-12,392

-31,509

-29,412

-24,652-4286,723

62,683

83,833

3,092

6,5148,474

60,869

40,916127,956

Aug. 13

outright posit

81

-40,704

-25,925

-24,4313,4747,664

65,388

87,385

3,113

7,2288,720

60,990

43,635129,068

2008, week ending

Aug. 20

ons2

247

-40,268

-27,973

-22,2392,8336,572

62,091

83,425

2,793

6,8408,836

62,980

37,758128,309

Aug. 27

4,727

-35,826

-32,201

-18,4363,4256,226

58,703

86,754

3,859

6,7978,488

66,621

29,760120,795

Sept. 3

4,007

-29,939

-33,212

-22,8472,0995,614

56,972

87,962

3,765

6,7158,885

61,870

38,359120,591

Sept. 10

15,171

-32,680

-32,689

-19,9681,3765,937

60,323

90,108

3,346

6,8639,073

80,468

40,273119,295

Sept. 17

-25,945

-30,619

-22,192

-17,1001,8148,056

66,501

91,628

5,284

10,1449,176

87,403

46,394117,326

Financing3

1 466 6481,352,148

261,210326,870

193,240425,296

124,36559,967

1,144,1681,755,197

1 450 4301,149,620

485,274221,872

786,025201,867

303,72074,983

2,660,6611,562,900

1 472 0281,108,319

270,347319,653

205,437413,308

117,09563,639

1,122,6651,500,834

1 449 923907,866

478,621234,554

781,463208,310

295,05169,649

2,623,6311,331,346

1 497 6951,118,859

280,108325,384

235,693410,709

115,22763,738

1,178,6461,515,967

1 488 321904,837

483,357257,952

811,420202,229

279,91173,367

2,688,1991,340,781

1 409 1211,167,101

273,759324,539

229,168426,278

114,69964,358

1,073,8371,562,770

1 411 941955,729

468,242250,827

793,559216,001

283,41372,507

2,592,5371,396,396

1 512 4961,096,735

293,266321,931

258,890401,740

114,83064,503

1,234,6721,481,495

1 512 181874,167

478,803260,446

839,854182,195

287,98673,166

2,732,3711,293,366

1 471 8651,163,328

268,677332,421

237,274414,894

115,33963,443

1,145,8301,568,745

1 485 213935,609

474,440263,564

809,869207,423

288,31773,392

2,680,0101,377,895

1 522 0561,095,492

269,187327,027

239,380418,092

114,84564,372

1,192,7201,512,601

1 495 872903,841

478,930258,041

820,500203,019

278,57174,047

2,703,0401,346,934

1 458 3281,128,125

283,745324,308

231,640409,784

115,06262,814

1,131,4901,516,559

1 436 556918,197

487,457258,391

807,955216,162

271,48772,239

2,632,2921,364,503

1 546 9541,098,897

293,125317,256

198,772405,541

116,58163,615

1,209,9291,480,167

1 535 345875,354

506,364243,468

761,655197,426

270,17374,410

2,708,1371,294,673

1,538,9991,155,839

301,599347,968

206,553410,288

115,17064,465

1,218,0841,569,790

1 533 059933,795

519,414267,706

808,692205,453

261,24275,323

2,764,7861,390,209

1,444,2021,166,071

240,061303,761

165,496443,017

90,51060,297

1,114,8681,598,657

1,488,196935,247

417,426233,290

873,532201,930

234,27366,301

2,673,6301,355,371

NOTE: Major changes in the report form filed by primary dealers included a break in manyseries as of the week ending July 4, 2001. Current weekly data may be found at the FederalReserve Bank of New York website (www.ny.frb.org/markets/primarydealers.html) under thePrimary Dealer heading.

1. Data for positions and financing are obtained from reports submitted to the FederalReserve Bank of New York by the U.S. government securities dealers on its published list ofprimary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendardays of the report week are assumed to be constant. Monthly averages are based on thenumber of calendar days in the month.

2. Net outright positions include all U.S. government, federal agency, government-sponsored enterprise, mortgage-backed, and corporate securities scheduled for immediate andforward delivery, as well as U.S. government securities traded on a when-issued basisbetween the announcement and issue date.

3. Figures cover financing U.S. government, federal agency, government-sponsored enter-prise, mortgage-backed, and corporate securities. Financing transactions for Treasuryinflation-protected securities (TIPS) are reported in actual funds paid or received, except forpledged securities. TIPS that are issued as pledged securities are reported at par value, whichis the value of the security at original issuance (unadjusted for inflation).


1.44 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding

Millions of dollars, end of period

Agency

Apr. May July

1 Federal and federally sponsored agencies

2 Federal agencies3 Defense Department1

4 Export-Import Bank^3

5 Federal Housing Administration4

6 Government National Mortgage Association certificates ofparticipation5

7 Postal Service6

8 Tennessee Valley Authority9 United States Railway Association6

10 Federally sponsored agencies7

11 Federal Home Loan Banks12 Federal Home Loan Mortgage Corporation13 Federal National Mortgage Association14 Farm Credit Bankss

15 Student Loan Marketing Association9

16 Financing Corporation10

17 Farm Credit Financial Assistance Corporation "18 Resolution Funding Corporation12

MEMO19 Federal Financing Bank debt13

Lending to federal and federally sponsored agencies20 Export-Import Bank3

21 Postal Service6

22 Student Loan Marketing Association23 Tennessee Valley Authority24 United States Railway Association6

Other lending^25 Farmers Home Administration26 Rural Electrification Administration27 Other

24,2676

24,261

854,815733,400949,51097,26678,121

8,1701,261

29,996

n.a.

23,8436

n.a.161

n.a.n.a.

23,837n.a.

n.a.921,793773,600754,535113,02191,929

8,1701,261

29,996

28^25

n.a.n.a.n.a.n.a.n.a.

18,515n.a.9,810

23,5206

23,514

3,1516

n.a.84

n.a.n.a.3,145n.a.

n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

23,4706

n.a.69

n.a.n.a.

23,464n.a.


3,1696

n.a.66

n.a.n.a.3,163n.a.


23,1766

n.a.67

n.a.n.a.

23,170n.a.


32,422


n.a.n.a.

32,422

29,772


n.a.n.a.

29,772

n.a.

23,5336

n.a.65

n.a.n.a.

23,527n.a.


30,999


n.a.n.a.

30,999

1. Consists of mortgages assumed by the Defense Department between 1957 and 1963under family housing and homeowners' assistance programs.

2. Includes participation certificates reclassified as debt beginning Oct. 1, 1976.3. On-budget since Sept. 30, 1976.4. Consists of debentures issued in payment of Federal Housing Administration insurance

claims. Once issued, these securities may be sold privately on the securities market.5. Certificates of participation issued before fiscal year 1969 by the Government National

Mortgage Association acting as trustee for the Farmers Home Administration; the Departmentof Health, Education, and Welfare; the Department of Housing and Urban Development; theSmall Business Administration; and the Veterans Administration.

6. Off-budget.7. Includes outstanding noncontingent liabilities: notes, bonds, and debentures. Includes

Federal Agricultural Mortgage Corporation; therefore, details do not sum to total. Some dataare estimated.

8. Excludes borrowing by the Farm Credit Financial Assistance Corporation, which isshown on line 17.

9. Before late 1982, the association obtained financing through the Federal Financing Bank(FFB). Borrowing excludes that obtained from the FFB, which is shown on line 22.

10. The Financing Corporation, established in August 1987 to recapitalize the FederalSavings and Loan Insurance Corporation, undertook its first borrowing in October 1987.

11. The Farm Credit Financial Assistance Corporation, established in January 1988 toprovide assistance to the Farm Credit System, undertook its first borrowing in July 1988.

12. The Resolution Funding Corporation, established by the Financial InstitutionsReform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October1989.

13. The FFB, which began operations in 1974, is authorized to purchase or sell obligationsissued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for thepurpose of lending to other agencies, its debt is not included in the main portion of the table toavoid double counting.

14. Includes FFB purchases of agency assets and guaranteed loans; the latter are loansguaranteed by numerous agencies, with the amounts guaranteed by any one agency generallybeing small. The Farmers Home Administration entry consists exclusively of agency assets,whereas the Rural Electrification Administration entry consists of both agency assets andguaranteed loans.

1.45 NEW SECURITY ISSUES State and Local GovernmentsMillions of dollars

Securities Markets and Corporate Finance 29

Type of issue or issuer,or use

Apr/ Mayr July' Aug.r Sept.

1 All issues, new and refunding1

By type of issue2 Geneial obligation3 Revenue

By type of issuer4 State5 Special district 01 statutoiy authority2

6 Municipality, county, 01 township

7 Issues for new capital

By use of proceeds8 Education9 Transportation

10 Utilities and conseivation11 Social welfare12 Industrial aid13 Othei puiposes

409,802

145,845263,957

31,568298,76279,472

222,986

70,97425,42710,052n.a.

17,65560,626

389,540

115,128274,413

28,258293,403

67,879

262,485

70,25230,2327,801n.a.

35,00072,684

426,208

130,475295,734

34,992315,29275,924

275,281

70,92127,91211,416n.a.

38,11482,846

21,352

11,31110,041

3,70712,5935,053

14,813

4,539420

3,450n.a.1,3423,799

43,101

11,12031,981

3,77733,444

5,880

21,237

3,8634,7251,962n.a.2,9045,594

50,926

15,21935,707

6,42733,60310,896

22,243

4,9221,171

413n.a.3,4189,221

43,119

9,68033,439

2,27334,3026,544

20,268

5,2671,891

529n.a.2,7324,849

49,446

12,70236,744

3,88036,5948,972

26,490

8,6592,833

503n.a.3,4947,042

37,612

9,92127,691

2,48027,0808,051

21,448

5,1105,7811,618n.a.1,4385,513

31,096

8,73122,365

1,30823,8735,915

17,493

4,632617565

n.a.2,0535,729

20,839

6,46614,373

1,70215,3453,792

11,596

2,919847226

n.a.891

4,043

SOURCE: Securities Data Company beginning January 1990; Investment Dealer's Digestbefore then.

1. Pal amounts of long-teim issues based on date of sale.2. Includes school distiicts.

1.46 NEW SECURITY ISSUES U.S. Corporations

Millions of dollars

Type of issue, offering,01issuei

1 All issues1

By type of offering3 Sold in the United States

MEMO5 Private placements, domestic

By industry group

7 Financial

8 Stocks3

By industry group

10 Financial

2005

2,361,779

2,246,525

2,115,411131 113

22,221

210,8252,035,700

115,255

54,71360,541

2006

2,619,935

2,500,770

2,296,544204 227

18,262

338,7772,161,994

119,165

56,02963,136

2007

2,389,186

2,220,530

2,002,704217 826

20,103

404,8191,815,711

168,655

65,440103,216

2008

Jan.

141,862

114,794

102,12912 665

n.a.

28,25186,543

27,068

1,95825,110

Feb.

78,721

66,571

64,3652 206

n.a.

23,16243,409

12,150

3,0919,059

Mai.

79,164

71,886

64,2007 686

n.a.

37,01934,867

7,278

1,8805,398

Api.

152,793

124,420

109,42114 998

n.a.

33,52590,894

28,373

4,37623,997

May

175,102

142,798

119,00223 796

n.a.

52,60990,189

32,304

6,34325,961

June

104,710

88,231

73,84414 387

n.a.

33,66954,562

16,480

3,07013,409

July

48,091

33,125

24,9118 214

n.a.

18,30914,816

14,966

4,64410,322

Aug.

42,698

39,269

34,8964 374

n.a.

12,62226,647

3,429

2,4061,022

1. Figures represent gross proceeds of issues maturing in more than one year; they are theprincipal amount or number of units calculated by multiplying by the offering price. Figuresexclude secondary offerings, employee stock plans, investment companies other than closed-end, intracorporate transactions, Yankee bonds, and private placements listed. Stock datainclude ownership securities issued by limited partnerships.

2. Monthly data include 144(a) offerings.3. Monthly data cover only public offerings.SOURCE: Securities Data Company and the Board of Governors of the Federal Reserve

System.


1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets1

Millions of dollars

Item

1 Sales of own shares2

2 Redemptions of own shares

4 Assets4

5 Cash5

6 Other

2006

2,009,480

1,782,393227,087

8,058,059

345,0667,712,993

2007'

2,530,131

2,306,301223,830

8,914,249

378,7958,535,454

2008

Mar.

200,928

201,377-449

8,263,656

383,6127,880,044

Apr.

229,537

198,28431,253

8,634,205

421,2238,212,982

May

205,830

169,77536,055

8,814,797

429,1198,385,678

June

189,241

188,805436

8,276,887

408,3247,868,563

July

193,122

220,070-26,948

8,100,821

376,8207,724,001

Aug.

165,304

177,441-12,137

8,069,019

388,1457,680,874

Sept/

203,056

266,872-63,816

7,245,214

357,9006,887,314

Oct.

239,719

366,566-126,847

6,009,443

311,1045,698,339

1. Data include stock, hybrid, and bond mutual funds and exclude money market mutualfunds.

2. Excludes reinvestment of net income dividends and capital gains distributions and shareissue of conversions from one fund to another in the same group.

3. Excludes sales and redemptions resulting from transfers of shares into or out of moneymarket mutual funds within the same fund family.

4. Market value at end of period, less current liabilities.5. Includes all U.S. Treasury securities and other short-term debt securities.SOURCE: Investment Company Institute. Data based on reports of membership, which

comprises substantially all open-end investment companies registered with the Securities andExchange Commission. Data reflect underwritings of newly formed companies after theirinitial offering of securities.

1.51 DOMESTIC FINANCE COMPANIES Assets and Liabilities1

Billions of dollars, end of period; not seasonally adjusted

ASSETS

2 Consumer

4 Real estate

5 LESS: Reserves for unearned income

8 All other

9 Total assets

10 Bank loans11 Commercial paper

Debt12 Owed to parent

14 All other liabilities15 Capital, surplus, and undivided profits

16 Total liabilities and capital

1 622 4601.8479.2541.4

44.724 5

1 553 2535.7

2,088.8

142.1160.0

312.2806.5423.6244.4

2,088.8

1 732 7640.3498.0594.4

49.226 6

1 656 8486.4

2,143.3

129.2165.3

338.5849.7424.2236.4

2,143.3

1,761.7707.0522.9531.9

50.133 6

1 678 0498.3

2,176.3

182.0123.5

321.4974.1387.7187.6

2,176.3

Qlr

1,727.9642.7505.4579.8

50.725 5

1 651 6497.7

2,149.4

138.1132.5

327.0963.6387.4200.8

2,149.4

2007

Q2'

1,731.3659.0509.2563.2

50.625 5

1 655 2505.2

2,160.4

153.5127.0

344.4959.8385.1190.6

2,160.4

Q3P

1,756.3688.1507.8560.4

50.228 6

1 677 5515.7

2,193.2

176.7119.8

327.8983.9392.4192.7

2,193.2

Q4'

1,761.7707.0522.9531.9

50.133 6

1 678 0498.3

2,176.3

182.0123.5

321.4974.1387.7187.6

2,176.3

Qlr

1,773.4705.6541.9525.8

51.334 7

1 687 4522.0

2,209.4

183.4113.5

328.71,004.5

391.7187.6

2,209.4

2008

Q2r

1,759.2703.7563.9491.6

49.336 3

1 673 6520.4

2,194.1

197.6112.4

319.9989.3391.5183.4

2,194.1

Q3

1,740.4714.8557.0468.6

48.741 0

1 650 6513.5

2,164.1

169.2103.3

326.9986.7392.4185.7

2,164.1

NOTE: Some of the data presented in the table is available in the Board's monthly G.20(422) statistical release, which is available at www.federalreserve.gov/releases.

1. Includes finance company subsidiaries of bank holding companies but not of retailersand banks. Data are amounts carried on the balance sheets of finance companies; securitizedpools are not shown, as they are not on the books.

2. Before deduction for unearned income and losses. Excludes pools of securitized assets.

1.52 DOMESTIC FINANCE COMPANIES Owned and Managed Receivables1

Billions of dollars, amounts outstanding

Securities Markets and Corporate Finance 31

Type of credit

Apr. May July' Aug. Sept.

Seasonally adjusted

2 Consumer . . .3 Real estate . .4 Business

6 Consumer7 Motor vehicle loans8 Motor vehicle leases9 Revolving2

10 Other3

Securitized assets4

11 Motor vehicle loans12 Motor vehicle leases13 Revolving14 Other15 Real estate16 One- to four-family17 Other

Securitized real estate assets4

18 One- to four-family19 Other20 Business21 Motor vehicles22 Retail loans23 Wholesale loans5

24 Leases25 Equipment26 Loans27 Leases28 Other business receivables6 . . .

Securitized assets4

29 Motor vehicles30 Retail loans31 Wholesale loans32 Leases33 Equipment34 Loans35 Leases36 Other business receivables6 .

775.2560.4559.7

781.4278.0

85.366.3

172.3

112.64.2

14.947.8

565.0489.8

51.6

18.94.8

564.5105.5

15.261.229.0

281.993.6

188.391.8

28.82.7

26.0.1

24.411.612.832.2

2,009.8

819.4609.9580.6

2,049.1'

887.4569.0'592.7

891.2562.0'614.3

891.2552.1'620.3

2,045.2'

885.9529.3'630.0

886.1523.4638.3

881.0512.0640.0


2,026.2

825.4259.8106.079.9

194.7

112.83.6

15.952.8

614.8538.156.2

16.83.7

586.0105.117.155.732.3

299.5102.4197.193.5

38.03.0

34.9.1

15.49.95.5

34.6

2,065.8'

893.5261.5'122.986.0

236.5'

110.7'3.1

25.644.7

573.8'474.2

59.1

34.9'5.6'

598.6105.7

16.456.932.4

319.4106.1213.3

94.4

33.62.6

30.9.1

13.19.23.9

32.4

884.2255.1'125.583.1

245.7

98.1'3.0

25.143.2

560.1'451.9

68.3

34.55.4'

620.7108.5

15.161.631.8

334.6114.6220.0102.8

28.42.6

25.8.1

13.89.74.1

32.6

884.4254.1'125.383.9

246.5

98.3'2.9

24.842.9

552.4'442.670.0

34.45.4'

627.0110.014.863.431.8

342.0114.8227.2103.1

24.72.5

22.1.1

13.79.64.1

33.5

2,044.5'

880.4250.2'121.984.0

247.6

101.0'2.9

24.542.4

528.3'420.4

71.1

31.45.4'

635.7112.814.764.533.6

347.2113.5233.7103.9

23.62.5

21.1.1

13.79.54.2

34.5

883.7252.6122.183.9

250.1

99.22.9

24.541.9

522.4414.371.5

31.35.3

630.3108.314.560.233.6

349.6115.3234.3103.5

22.12.5

19.6.0

13.29.14.1

33.5

883.0256.6120.883.6

252.2

93.82.8

24.641.4

511.2402.0

72.7

31.35.3

630.5101.4

14.453.333.7

354.5118.2236.4102.5

27.52.5

25.0.0

11.97.94.0

32.6

2,017.2

876.0507.8633.4

2,012.8

881.6258.5118.583.3

254.4

90.72.8

24.741.0

504.9395.273.4

31.25.2

626.297.314.152.430.8

356.6119.0237.5103.2

26.12.4

23.7.0

11.67.63.9

31.4

NOTE: This table has been revised to incorporate several changes resulting from thebenchmarking of finance company receivables to the June 1996 Survey of Finance Compa-nies. In that benchmark survey, and in the monthly surveys that have followed, more-detailedbreakdowns have been obtained for some components. In addition, previously unavailabledata on securitized real estate loans are now included in this table. The new information hasresulted in some reclassification of receivables among the three major categories (consumer,real estate, and business) and in discontinuities in some component series between May andJune 1996.

Includes finance company subsidiaries of bank holding companies but not of retailers andbanks. Data in this table also appear in the Board's G.20 (422) monthly statistical release,available at www.federalreserve.gov/releases.

1. Owned receivables are those carried on the balance sheet of the institution. Managedreceivables are outstanding balances of pools upon which securities have been issued; thesebalances are no longer carried on the balance sheets of the loan originator. Data are shown

before deductions for unearned income and losses. Components may not sum to totalsbecause of rounding.

2. Excludes revolving credit reported as held by depository institutions that are subsidiar-ies of finance companies.

3. Includes personal cash loans, mobile home loans, and loans to purchase other types ofconsumer goods, such as appliances, apparel, boats, and recreation vehicles.

4. Outstanding balances of pools upon which securities have been issued; these balancesare no longer carried on the balance sheets of the loan originator.

5. Credit arising from transactions between manufacturers and dealers—that is, floor planfinancing.

6. Includes loans on commercial accounts receivable, factored commercial accounts, andreceivable dealer capital; small loans used primarily for business or farm purposes; andwholesale and lease paper for mobile homes, campers, and travel trailers.


1.53 MORTGAGE MARKETS Mortgages on New Homes

Millions of dollars except as noted

Item

PRIMARY MARKETS

Terms]

1 Purchase price (thousands of dollars)2 Amount of loan (thousands of dollars)3 Loan-to-price ratio (percent)4 Maturity (years)5 Fees and charges (percent of loan amount)2

Yield (percent per year)6 Contract rate1

8 Contract rate (HUD series)4

SECONDARY MARKETS

Yield (percent per year)

10 GNMA securities6

FEDERAL NATIONAL MORTGAGEASSOCIATION

Mortgage holdings (end of period)11 Total12 FHA/VA insured13 Conventional

14 Mortgage transactions purchased (during period)

Mortgage commitments (during period)15 Issued7

16 To sells

FEDERAL HOME LOAN MORTGAGE CORPORATION

Mortgage holdings (end of period)*17 Total18 FHA/VA insured19 Conventional

Mortgage transactions (during period)

21 Sales

22 Mortgage commitments contracted (during period)9

2005 2006 2007

Apr.

Terms and y

326.8238.575.329.2

.54

5.865.93

n.a.

n.a.5.13

727,545n.a.n.a.

146,641

n.a.

710,017n.a.n.a.

n.a.397,867

n.a.

345.7253.475.429.5

.66

6.506.60

n.a.

n.a.5.70

724,400n.a.n.a.

196,017

n.a.

703,629n.a.n.a.

n.a.360,023

n.a.

360.7269.977.129.4

.81

6.306.42

n.a.

n.a.5.71

723,976n.a.n.a.

182,470

n.a.

720,813n.a.n.a.

n.a.470,976

n.a.

346.3252.476.428.9

.64

5.895.98

n.a.

n.a.5.22

May June

2008

July Aug. Sept. Oct.

elds in primary and secondary markets

339.4254.277.329.2

.67

5.926.01

n.a.

n.a.5.27

352.7258.375.629.1

.91

5.996.13

n.a.

n.a.5.76

349.1254.875.529.3

.94

6.156.29

n.a.

n.a.5.66

Activity in secondary markets

728,414n.a.n.a.

17,961

n.a.

737,537n.a.n.a.

n.a.40,779

n.a.

736,925n.a.n.a.

20,001

n.a.

770,383n.a.n.a.

n.a.47,310

n.a.

749,640n.a.n.a.

23,385

n.a.

791,798n.a.n.a.

n.a.43,981

n.a.

758,112n.a.n.a.

18,214

n.a.

798,241n.a.n.a.

n.a.21,712

n.a.

358.1261.275.229.11.03

6.186.33

n.a.

n.a.5.68

759,980n.a.n.a.

13,614

n.a.

760,883n.a.n.a.

n.a.22,072

n.a.

353.5253.473.928.61.07

5.936.09

n.a.

n.a.5.20

761,396n.a.n.a.

14,572

n.a.

736,876n.a.n.a.

n.a.21,994

n.a.


n.a.n.a.n.a.

n.a.5.66

777,112n.a.n.a.

24,606

n.a.

n.a.n.a.n.a.

n.a.n.a.

n.a.

1. Weighted averages based on sample surveys of mortgages originated by major institu-tional lender groups for purchase of newly built homes; compiled by the Federal HousingFinance Board in cooperation with the Federal Deposit Insurance Corporation.

2. Includes all fees, commissions, discounts, and "points" paid (by the borrower or theseller) to obtain a loan.

3. Average effective interest rate on loans closed for purchase of newly built homes,assuming prepayment at the end of ten years.

4. Average contract rate on new commitments for conventional first mortgages; from U.S.Department of Housing and Urban Development (HUD). Based on transactions on the firstday of the subsequent month.

5. Average gross yield on thirty-year, minimum-do wnpayment first mortgages insured bythe Federal Housing Administration (FHA) for immediate delivery in the private secondarymarket. Based on transactions on first day of subsequent month.

6. Average net yields to investors on fully modified pass-through securities backed bymortgages and guaranteed by the Government National Mortgage Association (GNMA),assuming prepayment in twelve years on pools of thirty-year mortgages insured by theFederal Housing Administration or guaranteed by the Department of Veterans Affairs.

7. Does not include standby commitments issued but includes standby commitmentsconverted.

8. Includes participation loans as well as whole loans.9. Includes conventional and government-underwritten loans. The Federal Home Loan

Mortgage Corporation's mortgage commitments and mortgage transactions include activityunder mortgage securities swap programs, whereas the corresponding data for the FederalNational MortgageAssociation exclude swap activity.

1.54 MORTGAGE DEBT OUTSTANDING1


Real Estate 33

Type of holder and propertyQ3 Q4 Q1 Q2 Q3>

1 All holders .

By type of property2 One- to four-family residences3 Multifamily residences4 Nonfarm, nonresidential5 Farm

By type of holder6 Major financial institutions . . .7 C i l b k 2789101112131415161718192021

222324252627282930313233343536373839404142434445464748495051525354

jCommercial banks2

One- to four-familyMultifamilyNonfarm, nonresidentialFarm

Savings institutions3


Life insurance companies .One- to four-familyMultifamilyNonfarm, nonresidentialFarm

Federal and related agenciesGovernment National Mortgage Association

One- to four-familyMultifamily

Farmers Home Administration4


Federal Housing Admin, and Dept. of Veterans AffairsOne- to four-familyMultifamily

Resolution Trust CorporationOne- to four-familyMultifamilyNonfarm, nonresidentialFarm

Federal Deposit Insurance CorporationOne- to four-familyMultifamilyNonfarm, nonresidentialFarm

Federal National Mortgage AssociationOne- to four-familyMultifamily

Federal Land BanksOne- to four-familyFarm

Federal Home Loan Mortgage CorporationOne- to four-familyMultifamily

Federal Agricultural Mortgage CorporationFarm

One- to four-familyMultifamily

Federal Home Loan Mortgage CorporationOne- to four-familyMultifamily

Federal National Mortgage Association . . .One- to four-familyMultifamily

Farmers Home Administration4


Private mortgage conduitsOne- to four-family1"MultifamilyNonfarm, nonresidentialFarm

Federal Agricultural Mortgage CorporationFarm

77 Individuals and others7 . . .78 One- to four-family79 Multifamily80 Nonfarm, nonresidential81 Farm

10,662,680'

8,268,548'617,869

1 679 393'96,872

12,100,210'

9,380,538'688,536'

1,929,622'101,518

13,520,610' 14,736,030' 14,782,480' 14,724,590

10,463,160'744,786'

2,211,189'101,475'

11,032,180'809,997'

2,428,946'106,189'

3,926,3242,595,6051,580,992

118,710860,670

35,2331,057,395

874,19987,54595,052

599273,324

7,87440,453

214,08510,912

704,4384444

070,62413,46411,55642,370

3,2354,7331,3383,394

000

112

70

400,157355,68744,47052,79315,07037,72361,32023,37437,946

887887

4,830,127'441,235409,089

32,1471,189,3931,173,847

15,5461,743,0611,673,339

69,7220

0

01,455,500'1,045,744'

73,068336,688'

0938938

4,396,2432,958,0421,793,029

138,702989,372

36,9391,152,738

953,81998,35299,951

616285,463

7,74642,440

224,25811,019

666,6013434

072,93713,01411,49345,213

3,2174,8191,3703,449

0000081250

366,680314,801

51,87954,64014,51540,12561,42820,37841,050

804804

5,683,271'405,246371,484

33,7621,309,0241,294,521

14,5031,826,7791,753,708

73,0710000

2,141,378'1,616,997'

89,607'434,774'

0844844

4,780,8193,403,0522,084,510'

157,5551,123,210

37,777'1,073,967

867,83195,792

109,604740

303,80011,30144,761

236,71911,019

688,67827270

76,44812,91811,37448,945

3,2125,0231,6253,398

00000

1120

383,045322,70360,34259,89719,016'40,881'65,53620,54344,993

778778

6,612,249'410,021373,88636,135

1,450,7211,442,306

8,4151,973,3291,894,396

78,93300000

2,774,995'

4,989,2893,525,1002,128,841'

164,9651,191,407

39,887'1,146,869

933,51194,773

117,739846

317,32011,00346,910

248,38811,019

712,71424240

78,19212,92011,31050,7583,2044,8871,7223,165

00000

0120

399,420321,95577,46564,85920,631'44,228'71,68022,94648,734

742742

7,243,850'427,255390,856

36,3981,643,2851,633,753

9,5322,167,9802,081,261

86,71900000

3,000,713'

11,164,150'841,640'

2,493,597'107,778'

5,067,1533,645,7242,208,229'

168,4071,228,490

40,598'1,095,256

878,95892,705

122,711882

326,17311,12448,336

255,69411,019

726,4582222

078,41113,02411,28250,8393,2664,9271,7793,147

00000

0010

403,577311,83191,74667,42322,067'45,356'79,77623,87655,900

768768

7,407,994'443,461406,822

36,6401,717,3421,706,684

10,6582,298,1912,206,263

91,92800000

2,944,457'

11,230,370'860,420'

2,536,626'108,610'

5,129,099'3,685,963'2,217,309'

172,942'1,254,801'

40,911'1,111,860'

884,907'94,571'

131,472'910

331,276'11,446'49,091'

259,720'11,019

742,10924240

78,94113,06611,24951,399

3,2284,9171,8533,063

0000020

411,838313,45898,38068,96423,258'45,706'86,10526,80259,303

759759

7,469,775'461,481424,708

36,7721,762,5861,751,647

10,9392,373,8632,278,908

94,9550000

877,218'2,572,606'

109,442

5,113,719'3,662,246'2,157,985'

176,145'1,286,891'

41,2251,115,685'

884,533'96,924'

133,315'913

335,788'11,745'49,762'

263,262'11,019

756,572'38380

80,35713,61111,20552,2713,2715,0211,9103,111

0000020

420,992315,242105,75071,74225,68646,05688,601'26,471'62,130'

784784

7,535,210'510,217473,272

36,9451,802,3121,791,127

11,1852,444,6392,346,853

97,7860000

2,133,784'103,507'537,704'

03,1833,183

2,223,436'125,748'651,529'

04,6184,618

2,156,196'125,498'662,763'

04,5434,543

1,201,792'980,651'

83,275130,521'

7,345

1,354,098'1,119,900'

90,195'136,049'7,954

1,438,866'1,180,423'

99,552'155,005'

3,885'

1,431,461'1,156,445'

104,249'169,123'

1,645'

1,405,565'1,125,756'

105,365'173,098'

1,346'

2,867,392'2,087,689'

122,914'656,788'

04,4534,453

1,395,048'1,104,767'

106,213'182,445'

1,624'

2,773,735'2,002,812'

120,027'650,896'

04,3074,307

1,376,980'1,082,922'

106,220'185,970'

1,867

11,164,450892,947

2,556,704110,490

5,039,5353,814,7852,280,194

210,3991,282,650

41,542883,631691,589

65,203125,966

873341,119

11,81950,595

267,68611,019

754,3703838

079,96213,13111,10152,2713,4604,5621,4063,156

0000061140

407,671294,847112,82474,65928,24946,41097,74431,18766,557

694694

7,581,498576,761539,508

37,2531,812,9171,801,666

11,2512,500,5212,400,500

100,0210000

2,686,5761,928,777

117,789640,010

04,7234,723

1,349,1911,052,533

106,771188,118

1,770

1. Multifamily debt refers to loans on structures of five or more units.2. Includes loans held by nondeposit trust companies but not loans held by bank trust

departments.3. Includes savings banks and savings and loan associations.4. FmHA-guaranteed securities sold to the Federal Financing Bank were reallocated from

FmHA mortgage pools to FmHA mortgage holdings in 1986:Q4 because of accountingchanges by the Farmers Home Administration.

5. Outstanding principal balances of mortgage-backed securities insured or guaranteed bythe agency indicated.

6. Includes securitized home equity loans.7. Other holders include mortgage companies, real estate investment trusts, state and local

credit agencies, state and local retirement funds, noninsured pension funds, credit unions, andfinance companies.

SOURCE: Based on data from various institutional and government sources. Separation ofnonfarm mortgage debt by type of property, if not reported directly, and interpolations andextrapolations, when required for some quarters, are estimated in part by the Federal Reserve.Line 70 from LoanPerformance Corporation and other sources.


1.55 TOTAL OUTSTANDING CONSUMER CREDIT1

Millions of dollars, amounts outstanding, end of period

Holder and type of credit

July' Aug.r Sept/

2 Revolving . . .3 Nonrevolving2

824,4691,460,691

4 Total

By major holder5 Commercial banks6 Finance companies7 Credit unions8 Federal government and Sallie Mae .9 Savings institutions

10 Nonfinancial business11 Pools of securitized assets3

By major type of credit*12 Revolving13 Commercial banks14 Finance companies15 Credit unions16 Federal government and Sallie Mae17 Savings institutions18 Nonfinancial business19 Pools of securitized assets3

20 Nonrevolving21 Commercial banks22 Finance companies23 Credit unions24 Federal government and Sallie Mae25 Savings institutions26 Nonfinancial business27 Pools of securitized assets3

2,313,862

707,039516,534228,588

89,822109,07758,817

603,986

849,975311,20466,30724,688n.a.40,75511,598

395,423

1,463,887395,835450,226203,900

89,82268,32247,219

208,564

Seasonally adjusted

2,387,691

874,6211,513,070

2,519,020'

939,515'1,579,505'

962,9351,602,511

2,574,033

965,6731,608,361

2,581,360

971,7761,609,584

973,7731,601,152

2,581,656

976,2551,605,401


2,418,262

741,200534,354234,532

91,67695,54756,757

664,197

902,316327,30279,87427,388n.a.42,4597,779

417,514

1,515,946413,898454,480207,144

91,67653,08848,978

246,683

2,551,895'

804,096584,056'235,70098,39690,78755,184

683,677'

969,597'353,44686,04631,071n.a.44,750

4,245450,040'

1,582,298'450,650498,010'204,62998,39646,03750,939

233,637'

2,547,640 2,555,818 2,566,264

807,860584,492231,734104,19589,18351,270

678,906

953,675325,992

83,89830,752n.a.44,844

3,709464,479

1,593,965481,868500,595200,982104,19544,33847,561

214,427

812,984581,773231,083104,56690,00351,338

684,071

959,348328,88284,03531,275n.a.45,863

3,749465,544

1,596,470484,102497,737199,808104,56644,14047,589

218,527

820,321586,524233,863105,28089,21651,526

679,535

965,152335,63683,85631,600n.a.45,898

3,745464,416

1,601,112484,685502,667202,263105,28043,31747,781

215,118

2,580,926

832,952592,376235,992106,48988,42951,989

672,699

973,339343,747

83,62731,987n.a.45,934

3,827464,215

1,607,587489,205508,748204,005106,48942,49548,161

208,484

2,590,451

844,105596,257236,874106,89677,77551,923

676,621

975,335356,33283,31032,109n.a.36,076

3,821463,687

1,615,117487,773512,946204,765106,89641,69948,102

212,934

2,578,121

976,0731,602,047

2,583,440

846,586593,293237,518108,37178,67052,053

666,950

973,966363,122

82,34632,047n.a.36,8703,805

455,775

1,609,474483,464510,946205,471108,37141,80048,248

211,175

1. The Board's series on amounts of credit covers most short- and intermediate-term creditextended to individuals, excluding loans secured by real estate. Data in this table also appearin the Board's G.19 (421) monthly statistical release, available at www.federalreserve.gov/releases.

2. Comprises motor vehicle loans, mobile home loans, and all other loans that are notincluded in revolving credit, such as loans for education, boats, trailers, or vacations. Theseloans may be secured or unsecured.

3. Outstanding balances of pools upon which securities have been issued; these balancesare no longer carried on the balance sheets of the loan originator.

4. Totals include estimates for certain holders for which only consumer credit totals areavailable.

1.56 TERMS OF CONSUMER CREDIT1

Percent per year except as noted

Item

INTEREST RATES

Commercial banks2

2 24-month personal

Credit card plan3 All accounts4 Accounts assessed interest

Auto finance companies5 New car

OTHER TERMS3

Maturity (months)7 New car

Loan-to-value ratio9 New car

10 Used car

Amount financed (dollars)11 New car12 Used car

2005

7.0812.05

12.5114.55

6.028 81

60.058 6

8898

24,13316,228

2006

7.7212.41

13.2114.73

4.999 61

63.059 4

9499

26,62016,671

2007

7.7712.39

13.3814.67

4.879 24

62.060 7

95100

28,28717,095

Apr.

n.a.n.a.

n.a.n.a.

4.548 34

63.160 6

9496

27,39717,281

May

6.8411.14

11.8713.48

5.828 23

64.060 5

9297

24,57917,114

June

n.a.n.a.

n.a.n.a.

5.498 36

63.560 2

9397

24,50516,163

2008

July

n.a.n.a.

n.a.n.a.

3.288 43

67.260 1

9596

27,58216,679

Aug.

6.9511.43

11.9313.64

5.118 42

64.659 8

8897

26,92016,446

Sept.

n.a.n.a.

n.a.n.a.

6.248 46

64.359 4

8598

25,42716,296

Oct.

n.a.n.a.

n.a.n.a.

6.418 52

63.9

86

25,391n.a.

1. The Board's series on amounts of credit covers most short- and intermediate-term creditextended to individuals. Data in this table also appear in the Board's G.19 (421) monthlystatistical release, available at www.federalreserve.gov/releases.

2. Data are available for only the second month of each quarter.3. At auto finance companies.

1.57 FUNDS RAISED IN U.S. CREDIT MARKETS1

Billions of dollars; quarterly data at seasonally adjusted annual rates

Flow of Funds 35

Transaction category or sector

Q3 Q4 Q1 Q2 Q3 Q4 Q1

Nonfinancial sectors

1 Total net borrowing by domestic nonfinancial sectors

By instrument2 Commercial paper3 Treasury securities4 Agency- and GSE-backed securities5 Municipal securities and loans6 Corporate bonds7 Bank loans n.e.c8 Other loans and advances9 Mortgages

10 Home11 Multifamily residential12 Commercial13 Farm14 Consumer credit

By borrowing sector15 Household16 Nonfinancial business17 Corporate18 Nonfarm noncorporate19 Farm20 State and local government21 Federal government

22 Foreign net borrowing in United States

23 Commercial paper24 Bonds25 Bank loans n.e.c26 Other loans and advances

27 Total domestic plus foreign

28 Total net borrowing by financial sectors

By instrument29 Open market paper30 Government-sponsored enterprise securities31 Agency- and GSE-backed mortgage pool securities32 Corporate bonds33 Bank loans n.e.c34 Other loans and advances35 Mortgages

By borrowing sector36 Commercial banking37 Savings institutions38 Credit unions39 Life insurance companies40 Government-sponsored enterprises41 Agency- and GSE-backed mortgage pools42 Issuers of asset-backed securities (ABSs)43 Finance companies44 Real estate investment trusts (REITs)45 Brokers and dealers46 Funding corporations

1,398.6

-57.9257.1

.5159.4129.3

-106.615.7

893.1758.6

37.190.56.9

107.9

832.9164.2

9.1148.0

7.1143.9257.6

93.4

58.831.65.3

-2 .3

1,491.9

1,667.7

-37.3398.4-2.4137.6150.4

-77.05.5

988.2798.9

71.2119.4-1.3104.4

981.0170.480.092.1-1.6120.3396.0

42.4

18.328.7-2.5-2.1

1,710.1

1,957.7

15.3362.5

- .6130.574.410.820.4

1,229.31,028.1

48.3150.2

2.7115.0

1,064.0416.6165.8244.7

6.1115.3361.9

130.7

68.761.83.8

-3.6

2,088.5

2,247.3

-7.7307.3

- . 4195.053.6

137.647.7

1,419.81,106.0

71.7237.5

4.694.5

1,180.9587.9243.6331.6

12.7171.6306.9

102.6

38.254.514.5

-4.6

2,349.9

2,332.4

22.4183.7

- . 3177.3213.4173.454.8

1,403.21,072.3

52.7270.7

7.5104.4

1,196.9800.9433.4349.1

18.4151.2183.4

254.4

97.1150.913.8

-7.4

2,586.8

2,029.5

-21.5172.4-1.0169.2133.8163.1

-36.11,330.01,006.0

35.9280.5

7.6119.7

1,112.8598.1248.2336.1

13.9147.2171.4

523.0

362.8180.2

-12.2-7.7

2,552.6

2,308.1

111.1135.8

.5252.8315.9223.268.5

1,091.5730.9

68.0285.0

7.6108.9

937.91,015.8

634.4358.822.6

218.2136.3

253.6

8.6218.031.6-4.6

2,561.7

2,307.5

18.9327.5-1 .3249.1282.2

85.281.3

1,149.4846.0

63.1231.9

8.3115.1

905.4851.0528.0297.4

25.6224.9326.2

136.1

-19.8174.8

-16.0-3.0

2,443.6

2,101.0

40.9-70.7

- .1246.7377.5

92.379.6

1,197.0784.8

95.2308.6

8.4137.7

942.81,016.5

625.5379.9

11.1212.4-70.8

227.4

22.4167.340.7-2.9

2,328.4

2,742.5

-30.6435.9

- . 8165.5225.2420.1299.1

1,026.1577.2104.5335.8

8.5202.1

856.21,312.7

767.7532.4

12.6138.5435.0

2.9

-193.8173.226.3-2.9

2,745.3

2,315.5

16.0257.1

.7198.7371.6397.9

3.7971.4618.5129.7214.7

8.598.5

829.91,062.8

577.4461.2

24.2164.8257.8

21.7

-78.356.145.3-1.3

2,337.2

Financial sectors

2,036.3

54.6487.5

1.3152.8274.8257.7101.7559.8313.069.0

174.53.3

146.1

481.0927.0575.1321.530.4

139.5488.8

277.1

214.639.823.8-1.1

870.3

-99.9219.8326.8384.8

21.16.8

11.0

49.7-23.4

2.02.0

219.8326.8212.3

66.227.3

-1.7-10.7

1,060.8

-62.9250.9330.6481.4

21.431.28.2

48.534.52.22.9

250.9330.6244.2111 .131.56.4

-1.9

968.7

22.275.047.9

665.558.174.125.9

78.489.02.33.0

75.047.9

427.3134.398.315.2

-2.2

1,064.0

214.6-84.0167.3691.0

17.044.413.9

85.123.83.3

.4-84.0167.3669.233.559.8

.1105.6

1,287.7

197.635.6

295.4795.0-64.1

21.27.0

177.4-111.9

4.22.7

35.6295.4772.0

34.841.1

6.429.9

931.3

72.2-83.5284.4663.2-42.8

29.97.8

51.617.12.02.4

-83.5284.4701.1-36.6

32.85.0

-44.9

1,249.0

174.340.7

278.9981.5

-216.8-3.9-5 .8

400.6-463.3

8.44.3

40.7278.9910.969.014.0

-20.96.4

1,264.2

233.566.7

482.5476.3

51.0-30.5-15.2

90.9-20.7-10.5

4.966.7

482.5428.8

13.92.2

59.5146.0

1,398.0

362.6161.4534.9280.848.9

.49.0

147.1-24.6

10.612.6

161.4534.9472.8

9.3-21.2

39.955.3

2,348.0

-689.5556.6622.2997.8101.6746.2

12.9

496.2363.5

37.926.9

556.6622.2

97.7122.1

-14.7-29.4

69.0

1,356.3

-360.0344.8866.3274.627.5

187.016.1

318.671.115.713.7

344.8866.3

-285.2-45.6

10.4-85.9132.4

-191.4119.9534.1

-14.8176.7156.420.8

228.167.0

-15.29.6

119.9534.1

-305.073.9

-40.362.3

-91.7


1.57 FUNDS RAISED IN U.S. CREDIT MARKETS1—Continued

Billions of dollars; quarterly data at seasonally adjusted annual rates


Q3 Q4 Q1 Q2 Q3 Q4 Q1

58 Corporate equities59 Nonfmancial corporations60 Foreign shares purchased by U.S. residents61 Financial corporations62 Mutual fund shares

47 Total net borrowing, all sectors . . . .

48 Open market paper49 Treasury securities50 Agency- and GSE-backed securities . .51 Municipal securities52 Corporate and foreign bonds53 Bank loans n.e.c54 Other loans and advances55 Mortgages56 Consumer credit

57 Total net issues .

2^62.2

-99.1257.1547.2159.4545.7-80.2

20.2904.1107.9

2,770.9

-82.0398.4579.1137.6660.5-58.1

34.6996.4104.4

3,057.2

106.2362.5122.3130.5801.872.790.9

1,255.2115.0

3,413.9

245.1307.382.8

195.0799.0169.187.4

1,433.894.5

3,874.5

317.1183.7330.6177.3

1,159.3123.168.6

1,410.3104.4

3,483.9

413.6172.4199.9169.2977.2108.1

-13.91,337.8

119.7

3,810.8

294.1135.8320.1252.8

1,515.438.060.0

1,085.7108.9

3,707.8

232.6327.5547.9249.1933.4120.247.8

1,134.2115.1

3,726.4

426.0-70.7696.2246.7825.6181.977.0

1,206.0137.7

5,093.3

-913.9435.9

1,178.0165.5

1,396.3548.0

1,042.31,039.0

202.1

3,693.5

-422.4257.1

1,211.9198.7702.2470.7189.4987.598.5

3,115.1

77.7487.5655.2152.8299.8458.3256.9580.6146.1

Funds raised through mutual funds and corporate equities

227.4

46.4-41.6

17.071.0

181.1

427.5

138.9-42.0118.062.9

288.6

366.0

67.7-126.6

84.8109.5298.2

110.9

-149.3-363.4

142.671.5

260.2

-80.4

-417.2-614.1

138.558.4

336.8

-274.8

-512.6-534.0

41.8-20.4237.8

16.6

-349.1-751.2

251.0151.2365.6

193.6

-315.0-572.8

174.083.8

508.6

-80.6

-604.5-814.0

161.548.0

523.9

-207.1

-453.5-831.2

227.6150.1246.4

-657.4

-840.3-1,124.8

-39.2323.6183.0

131.2

-75.3-562.2

135.2351.7206.5

1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables F.2through F.4, available at www.federalreserve.gov/releases.

1.58 SUMMARY OF FINANCIAL TRANSACTIONS1

Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates

Flow of Funds 37


Q3 Q4 Q1 Q2 Q3 Q4 Q1

NET LENDING IN CREDIT MARKETS2

1 Total net lending in credit markets

2 Domestic nonfinancial sectors3 Household4 Nonfinancial corporate business5 Nonfarm noncorporate business6 State and local governments7 Federal government8 Rest of the world9 Financial sectors

10 Monetary authority11 Commercial banking12 U.S.-chartered commercial banks13 Foreign banking offices in United States . .14 Bank holding companies15 Banks in U.S.-affiliated areas16 Savings institutions17 Credit unions18 Property-casualty insurance companies . . . .19 Life insurance companies20 Private pension funds21 State and local government retirement funds22 Federal government retirement funds23 Money market mutual funds24 Mutual funds25 Closed-end funds26 Exchange-traded funds27 Government-sponsored enterprises28 Agency- and GSE-backed mortgage pools29 Asset-backed securities issuers (ABSs)30 Finance companies31 Real estate investment trusts (REITs)32 Brokers and dealers33 Funding corporations

RELATION OF LIABILITIESTO FINANCIAL ASSETS

34 Net flows through credit markets

Other financial sources35 Official foreign exchange36 Special drawing rights certificates37 Treasury currency38 Foreign deposits39 Net interbank transactions40 Checkable deposits and currency41 Small time and savings deposits42 Large time deposits43 Money market fund shares44 Security repurchase agreements45 Corporate equities46 Mutual fund shares47 Trade payables48 Security credit49 Life insurance reserves50 Pension fund reserves51 Taxes payable52 Noncorporate proprietors' equity53 Miscellaneous

54 Total financial sources

Liabilities not identified as assets (-)55 Treasury currency56 Foreign deposits57 Net interbank liabilities58 Security repurchase agreements59 Taxes payable60 Miscellaneous

Floats not included in assets (-)61 Federal government checkable deposits62 Other checkable deposits63 Trade credit

2,362.2

152.035.925.8- . 886.24.9

467.21,743.1

77.7404.4393.8

6.23.11.3

33.444.239.9

233.0-8.6

-50.712.7

-17.7138.7

8.63.7

224.1326.8219.0103.723.828.4

-102.1

2,362.2

3.2.0

1.021.017.4

-8 .3325.4

50.0-16.7106.646.4

181.186.7

-87.060.1

262.922.2

-84.1505.3

3,855.6

- .621.57.2

36.019.7

-23.0

-1.6- .7

164.9

2,770.9

157.8103.4-3.2

1.558.3

-2.1582.8

2,030.237.2

332.9352.2-38.5

8.610.6

127.351.267.0

180.669.218.86.0

-95.9138.035.5

.7241.0330.6233.2122.925.779.628.6

2,770.9

- . 9.0.6

36.0-14.5

85.0307.4

55.8-207.5

218.7138.9288.6

22.4120.066.8

258.5-1.145.0

456.9

4,647.3

- . 352.8

-4.3-33.9-42.6-26.2

-8.9.0

20.6

64 Total identified to sectors as assets .

3,057.2

291.6173.931.111.572.4

2.7854.4

1,911.151.2

608.0571.1

.013.9

103.539.873.6

173.0- . 317.84.7

-124.9116.6

11.03.8

48.947.9

416.2214.9

87.9-29.2

47.0

-3.2.0.7

89.919.484.8

281.6252.9

-136.588.167.7

298.2194.4179.433.1

288.428.5

-18.01,616.0

6,422.6

61.914.9

-139.9-20.2198.8

27.9- . 89.4

6,270.9

3,413.9

284.5109.342.311.4

124.1-2.7

749.02,380.4

26.4658.4507.9144.5-4.210.2

199.336.266.9

110.344.518.17.7

-5.5124.1

1.56.8

-69.1167.3673.6117.266.982.347.5

-9.6.0.8

67.8-12.4

3.5314.4284.4127.0350.8

-149.3260.2336.6

.216.1

238.328.1

-137.81,389.1

6,522.1

.740.6-3.7134.2

-18.1177.8

-6.6- .9

-31.7

6,229.9

3,874.5

293.8203.7

-10.912.384.64.0

855.02,725.7

34.7761.7656.3103.7

3.3-1.7

-98.130.147.775.614.076.3

8.4220.0184.9

6.75.7

46.6295.4725.8

89.757.5

106.236.9

-2.6.0.6

98.8-11.2-18.7347.0261.2305.3496.0

-417.2336.8217.4211.565.6

198.219.9

-54.01,724.0

7,653.1

-1.1114.3-1.9297.9

1.9-201.2

-3.0- . 596.6

7,350.0

3,483.9

286.6277.2

-70.512.681.3

-14.0724.1

2,473.221.4

154.557.394.0

6.6-3.3258.1

7.931.848.638.914.47.6

362.1130.8-4.9

2.8-30.4284.4721.3158.144.5

162.558.6

-4.2.0

1.0-38.7

43.9-73.0336.8344.7418.0602.2

-512.6237.8123.3173.076.3

161.821.3

-26.62,007.7

7,376.6

.637.048.1

144.624.1

-123.7

16.4- .9

76.9

7,153.6

3,810.8

332.8181.0

7.512.5

122.98.9

952.22,525.8

21.41,274.71,165.9

100.38.0

.5-859.7

27.750.67.7

41.643.7

2.5216.5232.6

5.57.9

51.7278.9728.6-5.887.1

218.594.1

-5.9.0.0

-64.4116.5

-75.2578.7-3.6378.8619.1

-349.1365.6211.0274.275.4

216.928.4

-62.61,538.5

7,653.2

- . 5-138.0-71.8601.823.7

-44.5

-19.1- . 8

140.0

7,162.5

3,707.8

90.5-185.6

98.712.1

145.020.3

1,017.92,599.4

13.0204.139.3

188.2-16.8-6.5189.139.832.894.330.7-8.414.9

431.1285.2

- .96.8

-86.9482.5585.256.5

-36.2279.7-13.9

3,707.8

.1

.0

.4284.6

-487.091.9

386.4276.7441.4707.9

-315.0508.6295.5105.528.4

136.433.115.0

1,208.9

7,426.7

297.050.5

-73.6-29.2

-958.6

-5.9- . 8

276.7

7,870.9

3,726.4

189.678.6

-62.414.0

144.914.6

866.52,670.3

44.7678.4489.7194.9-5 .3

- .967.424.634.799.539.618.63.4

290.4365.6

13.915.681.0

534.9484.0-34.7-48.8

-199.0156.4

3,726.4

- . 3.0

1.3395.322.2

-99.2205.8107.4442.5116.6

-604.5523.9334.0365.736.4

149.211.9

-48.43,550.3

9,236.7

.7377.1-54.5-33.9-23.0647.3

- . 5- 1 . 3

-54 .1

8,378.8

5,093.3

645.1867.6

-195.617.3

-40.1-4.2587.2

3,861.0-33.7963.4704.5238.1

21.4- .7

136.840.934.099.350.161.317.5

444.2184.4

-18.09.6

673.3622.2167.1110.5

-135.8436.3-2.5

.1

.01.4

185.7205.5124.0329.4529.0

1,260.4222.3

-453.5246.4283.6-19.1

28.9164.426.1

-122.02,225.8

10,331.7

.949.0

-12.6103.8

-24.3-172.5

13.5- . 8

-8.5

10,383.2

3,693.5

515.4631.3-86.2

16.4-57.0

11.0835.2

2,342.8-177.21,157.4

882.2185.793.0

-3.5-130.6

35.74.4

45.514.049.111.1

396.9249.3

5.918.9

288.6866.3

-242.1-92.9

8.6362.0

-528.3

3,693.5

- .1.0

- . 441.3

100.8.9

223.8365.3819.9

-670.4-840.3

183.0221.5653.943.1

227.725.4

-107.51,049.5

6,030.6

- .6-59.5

23.7-814.6

-5.5934.5

-2.4-1.2

8.4

5,947.9

3,115.1

-1,014.9-921.9-92.7

11.8-31.9

19.8996.0

3,133.9-430.9

592.5427.3160.9

4.0.3

8.345.048.390.831.642.940.1

1,293.4252.8-6.017.5

298.0534.1

-292.388.6

-39.4174.2344.7

.0- .950.0

-231.374.8

461.9320.6

1,549.396.3

-75.3206.5275.4313.323.4

149.525.4

-18.31,424.4

7,760.4

- .9-11.1-15.8-18.9-69.3

79.2

-5.7-1.025.9

7,777.9

1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables F.Iand F.5, available at www.federalreserve.gov/releases.

2. Excludes corporate equities and mutual fund shares.


1.59 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING'

Billions of dollars, end of period


1 Total credit market debt owed bydomestic nonfinancial sectors

By instrument2 Commercial paper3 Treasury securities4 Agency- and GSE-backed securities5 Municipal securities and loans6 Corporate bonds7 Bank loans n.e.c8 Other loans and advances9 Mortgages

10 Home11 Multifamily residential12 Commercial13 Farm14 Consumer credit

By borrowing sector15 Households16 Nonfinancial business17 Corporate18 Nonfarm noncorporate19 Farm20 State and local government21 Federal government

22 Foreign credit market debt held inUnited States

23 Commercial paper24 Bonds25 Bank loans n.e.c26 Other loans and advances

27 Total credit market debt owed by nonfinancialsectors, domestic and foreign

28 Total credit market debt owed byfinancial sectors

By instrument29 Open market paper30 Government-sponsored enterprise securities31 Agency- and GSE-backed mortgage pool

securities32 Corporate bonds33 Bank loans n.e.c34 Other loans and advances35 Mortgages

By borrowing sector36 Commercial banks37 Bank holding companies38 Savings institutions39 Credit unions40 Life insurance companies41 Government-sponsored enterprises42 Agency- and GSE-backed mortgage pools43 Issuers of asset-backed securities (ABSs)44 Brokers and dealers45 Finance companies46 Real estate investment trusts (REITs)47 Funding corporations

48 Total credit market debt, domestic and foreign .

49 Open market paper50 Treasury securities51 Agency- and GSE-backed securities52 Municipal securities53 Corporate and foreign bonds54 Bank loans n.e.c55 Other loans and advances56 Mortgages57 Consumer credit

2003 2004 2005 2006

2006

Q3 Q4 Ql

2007

Q2 Q3 Q4

2008

Ql

Nonfinancial sectors

22,327.3

82.54,008.2

24.91,900.52,870.11,088.4

955.49 293 17,230.5

543.61.424.8

94.12.104.4

9.499.57,227.24,860.32,198.8

168.11,567.64,033.1

1,258.1

275.5874.4

66.142.2

23,585.4

24,299.8

97.84,370.7

24.32,031.02,944.51,099.2

975.810 537 28.273.4

591.91.575.0

96.92.219.4

10.578.27,643.75,026.02,443.5

174.21,682.84,395.0

1,445.7

344.2993.0

69.938.6

25,745.5

26,547.1

90.14,678.0

23.82,225.92,998.11,236.81,023.5

11 957 09.379.4

663.61.812.5

101.52.313.9

11.759.28,231.65,269.62,775.0

186.91,854.44,701.9

1,528.9

382.41.028.2

84.434.0

28,076.0

28,876.2

112.54,861.7

23.52,403.23,211.51,410.21,075.1

13 360 210.451.7

716.32.083.2

109.02.418.3

12.956.19,029.35,699.83,124.2

205.32,005.64,885.3

1,785.1

479.51.180.8

98.326.6

30,661.3

28,268.7

110.64,803.2

23.42,332.73,132.51,361.61,046.2

13 091 510.279.0

699.32.006.2

107.12.367.0

12.715.48,781.35,548.53,033.1

199.71,945.44,826.6

1,716.9

474.31.124.6

90.427.7

29,985.6

28,876.2

112.54,861.7

23.52,403.23,211.51,410.21,075.1

13 360 210.451.7

716.32.083.2

109.02.418.3

12.956.19,029.35,699.83,124.2

205.32,005.64,885.3

1,785.1

479.51.180.8

98.326.6

30,661.3

29,463.5

126.25,014.3

23.22,465.63,282.11,433.91,087.3

13 631 510.652.4

732.12.135.9

111.12.399.5

13.129.09,234.75,829.23,198.1

207.42,062.45,037.4

1,799.0

474.01.224.5

74.725.8

31,262.5

29,956.2

154.34,904.0

23.22,533.83,376.41,466.21,118.7

13,946.310,862.2

755.82.215.0

113.22.433.3

13.378.29,529.66,023.33,293.4

212.92,121.24,927.2

1,848.5

472.21.266.3

84.925.1

31,804.7

30,622.2

131.45,010.0

23.02,560.83,432.71,572.71,176.0

14,209.511,015.8

782.02.296.3

115.42.506.1

13.628.09,817.86,175.03,425.1

217.72,143.55,032.9

1,849.6

424.21.309.6

91.524.4

32,471.8

31,249.3

123.85,099.2

23.12,618.23,525.61,665.61,191.0

14,446.211,158.3

814.42.356.0

117.52.556.6

13.839.710,096.66,331.03,541.9

223.72,190.75,122.3

1,862.6

412.21.323.6

102.824.0

33,111.9

31,763.0

140.05,299.1

23.52,656.93,594.31,727.31,208.2

14,570.911,226.5

831.72.394.4

118.32.542.9

13.906.710,307.26,458.63,621.8

226.92,226.65,322.6

1,926.3

460.21.333.6

108.823.7

33,689.3

Financial sectors

10,875.5

935.02,601.3

3 326 73 242 1

164.0501.7104.7

338.6321.8296.8

9.18.0

2.601.33,326.72,181.7

47.0995.3230.0519.3

11,859.0

957.12,676.3

3,374.63,922.5

222.1575.8130.6

357.4381.3385.8

11.411.1

2.676.33,374.62,609.0

62.21.129.6

343.2517.1

12,868.5

1,171.72,592.2

3,541.94,559.0

239.1620.2144.5

394.3429.5409.6

14.711.5

2.592.23,541.93,278.3

62.41.108.6

402.9622.7

14,153.7

1.366.02,627.8

3,837.35,354.8

175.0641.4151.5

498.3499.7297.8

18.914.2

2.627.83,837.34,050.3

68.81.144.2

444.0652.5

13,816.8

1.280.52,617.6

3,763.15,129.9

229.0643.7153.0

424.1476.2412.4

16.813.1

2.617.63,763.13,816.8

74.01.119.5

440.5642.6

14,153.7

1.366.02,627.8

3,837.35,354.8

175.0641.4151.5

498.3499.7297.8

18.914.2

2.627.83,837.34,050.3

68.81.144.2

444.0652.5

14,449.0

1.403.52,644.5

3,955.75,489.9

183.3624.4147.7

495.3520.3288.3

16.215.4

2.644.53,955.74,155.3

83.71.133.6

444.6696.1

14,800.4

1.483.32,684.8

4,075.85,567.8

196.8642.0150.0

511.0551.5289.5

18.918.6

2.684.84,075.84,280.5

93.61.135.2

439.3701.8

15,384.9

1.302.02,824.0

4,243.25,815.5

225.2821.8153.2

597.5586.8375.928.425.3

2.824.04,243.24,294.9

86.31.173.3

435.6713.8

15,745.3

1.252.62,910.2

4,463.75,862.1

232.2867.1157.2

630.1631.1395.132.328.7

2.910.24,463.74,228.8

64.81.169.1

438.2753.2

15,925.1

1.184.42,940.2

4,594.65,875.3

271.8896.4162.4

647.5665.4407.2

28.531.1

2.940.24,594.64,150.9

80.41.173.3

428.1738.1

All sectors

34,460.9

1 292 94.008.25,952.91,900.56,986.61,318.41.499.39 397 72.104.4

37,604.5

1,399.14,370.76,075.22,031.07,860.01,391.21.590.2

10,667.72,219.4

40,944.6

1,644.24,678.06,158.02,225.98,585.21,560.31.677.6

12,101.52,313.9

44,814.9

1,958.04,861.76,488.62,403.29,747.01,683.41.743.0

13,511.72,418.3

43,802.4

1,865.34,803.26,404.12,332.79,387.01,681.01.717.6

13,244.52,367.0

44,814.9

1,958.04,861.76,488.62,403.29,747.01,683.41.743.0

13,511.72,418.3

45,711.5

2,003.75,014.36,623.42,465.69,996.41,692.01.737.5

13,779.22,399.5

46,605.1

2,109.84,904.06,783.82,533.8

10,210.51,747.91.785.8

14,096.22,433.3

47,856.7

1,857.65,010.07,090.22,560.8

10,557.91,889.42.022.1

14,362.72,506.1

48,857.2

1,788.65,099.27,397.12,618.2

10,711.42,000.62.082.1

14,603.42,556.6

49,614.4

1,784.65,299.17,558.22,656.9

10,803.22,107.92.128.3

14,733.32,542.9

1. Data in this table appear in the Board's Z.I quarterly statistical release, tables L.2through L.4, available at www.federalreserve.gov/releases.

1.60 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES1

Billions of dollars except as noted, end of period

Flow of Funds 39

Transaction category or sectorQ3 Q4 Q1 Q2 Q3 Q4 Q1

CREDIT MARKET DEBT OUTSTANDING2

1 Total credit market assets

Domestic nonfinancial sectorsHouseholdNonfinancial corporate businessNonfarm noncorporate businessState and local governmentsFederal government

Rest of the worldFinancial sectors

Monetary authorityCommercial banking

U.S.-chartered commercial banksForeign banking offices in United States . .Bank holding companiesBanks in U.S.-affiliated areas

Savings institutionsCredit unionsProperty-casualty insurance companies . . . .Life insurance companiesPrivate pension fundsState and local government retirement fundsFederal government retirement fundsMoney market mutual fundsMutual fundsClosed-end fundsExchange-traded fundsGovernment-sponsored enterprisesAgency- and GSE-backed mortgage poolsAsset-backed securities (ABSs) issuersFinance companiesReal estate investment trusts (REITs)Brokers and dealersFunding corporations

RELATION OF LIABILITIESTO FINANCIAL ASSETS

34 Total credit market debt

Other liabilities35 Official foreign exchange36 Special drawing rights certificates .37 Treasury currency38 Foreign deposits39 Net interbank liabilities40 Checkable deposits and currency .41 Small time and savings deposits . .42 Large time deposits43 Money market fund shares44 Security repurchase agreements . .45 Mutual fund shares46 Security credit47 Life insurance reserves48 Pension fund reserves49 Trade payables50 Taxes payable51 Miscellaneous


Financial assets not included in liabilities (+)53 Gold and special drawing rights54 Corporate equities55 Household equity in noncorporate business . .

Liabilities not identified as assets ( - )56 Treasury currency57 Foreign deposits58 Net interbank transactions59 Security repurchase agreements60 Taxes payable61 Miscellaneous

Floats not included in assets ( - )62 Federal government checkable deposits63 Other checkable deposits64 Trade credit

65 Totals identified to sectors as assets

34,460.9

4,686.62,947.1

266.273.9

1,125.6

37,604.5

5,085.83,228.4

297.485.4

273.83,836.1

25,938.1666.7

5,994.35,390.6

276.54,634.7

27,884.0717.8

6,602.35,961.8

490.336.476.9

1,293.9516.6625.2

2,488.3646.5657.563.6

1,471.3

513.336.490.8

1,417.4556.4

2,661.4646.1675.3

68.21,346.3

1,506.4152.6

4.52,564.2

1,623.0163.6

8.22,613.0

3,326.72,081.51,204.9

97.5424.1152.0

34,460.9

62.3

26.0867.1193.0

1,436.9

3,374.62,497.71,419.8

200.1394.9198.9

37,604.5

62.22.2

26.7957.0212.2

1,521.74,003.31,226.82,016.41,559.1

4,284.91,505.11,879.81,647.2

4,654.2858.8

1,013.29,722.4

5,436.31,038.21,060.4

10,632.62,465.3

240.412,423.3

77,231.3

23.715,618.55,393.3

-9.5705.3

12.7392.769.2

-3,471.3

-17.920.823.3

100,541.3

2,659.7268.9

13,914.7

84,714.1

24.617,389.35,981.3

-9.7767.2

27.3248.3

97.0-3,536.2

11.220.032.7

110,451.6

40,944.6

5,498.03,465.6

339.696.8

1,322.2273.8

5,188.330,258.2

744.27,260.76,469.7

657.832.2

101.01,616.7

592.6765.8

2,765.4690.6693.476.0

1,340.81,747.1

165.115.0

2,543.93,541.93,171.31,537.1

267.0477.2246.4

40,944.6

45.92.2

27.51,024.7

201.31,525.24,599.31,789.52,006.91,998.06,048.91,038.41,082.6

11,368.92,996.3

297.014,897.7

91,894.8

19.318,512.06,641.6

-9.1807.9

25.2382.4

96.7-3,702.5

1.819.2

.9

119,445.1

44,814.9

5,832.23,709.6

328.8109.1

1,406.8277.9

6,040.532,942.3

778.98,019.17,122.7

761.635.699.3

1,518.6622.7813.5

2,806.1704.6769.7

84.31,560.81,932.0

171.820.7

2,590.53,837.33,897.11,626.8

324.5583.4279.9

46.02.2

28.11,123.5

190.01,506.54,946.32,050.82,312.12,494.07,068.31,249.91,163.7

12,301.63,217.0

316.916,089.5

100,921.3

19.920,909.37,303.7

-10.1922.2

23.2474.1

53.0-4,500.9

.111.4

100.8

43,802.4

5,705.43,624.3

320.2106.0

1,376.9278.0

5,807.532,289.5

768.97,696.96,828.0

736.233.699.1

1,744.5618.9800.8

2,842.5694.2758.7

83.71,461.21,874.0

170.418.7

2,579.03,763.13,709.21,608.2

302.7537.3256.4

46.52.2

28.11,139.6

147.51,491.14,792.12,055.92,168.22,368.26,627.91,191.51,133.5

11,772.23,159.7

323.115,320.4

97,570.0

19.719,595.77,168.8

-10.0956.741.4

374.458.8

-4,341.2

2.710.4

-12.8

44,814.9

5,832.23,709.6

328.8109.1

1,406.8277.9

6,040.532,942.3

778.98,019.17,122.7

761.635.699.3

1,518.6622.7813.5

2,806.1704.6769.7

84.31,560.81,932.0

171.820.7

2,590.53,837.33,897.11,626.8

324.5583.4279.9

46.02.2

28.11,123.5

190.01,506.54,946.32,050.82,312.12,494.07,068.31,249.91,163.7

12,301.63,217.0

316.916,089.5

100,921.3

19.920,909.37,303.7

-10.1922.223.2

474.153.0

-4,500.9

.111.4

100.8

45,711.5

5,891.13,721.1

332.0112.1

1,442.6283.2

6,292.433,528.0

780.98,025.97,091.0

805.931.497.6

1,577.5629.2821.7

2,831.7712.3767.5

88.11,649.52,005.4

171.622.4

2,558.43,955.74,041.21,617.6

315.4677.2278.8

46.62.2

28.21,194.7

50.51,501.45,076.12,118.92,389.72,678.47,328.71,289.01,172.7

12,408.33,282.2

335.416,250.8

102,865.1

20.021,133.97,510.3

-10.2996.433.0

475.258.8

-4,890.6

1.310.0

100.5

134,754.9

46,605.1

5,909.83,707.6

317.2115.6

1,484.9284.5

6,516.634,178.8

790.58,217.47,234.7

855.330.197.4

1,595.2641.0830.4

2,855.7722.2772.2

88.91,699.72,093.5

175.126.3

2,596.74,075.84,169.21,615.8

303.2583.8326.4

46,605.1

46.12.2

28.51,293.5

65.61,498.55,111.92,146.52,489.72,727.87,805.21,379.51,191.1

12,867.63,369.8

336.916,513.6

105,479.3

20.122,208.57,687.4

-10.01,090.7

19.9479.8

55.3-5,060.1

10.058.7

138,751.9

47,856.7

6,063.73,905.1

280.2119.9

1,470.6287.9

6,659.335,133.7

779.68,465.07,417.6

914.835.497.2

1,628.9652.6838.9

2,882.2734.7787.5

93.31,802.72,141.6

170.628.7

2,758.94,243.24,201.01,637.0

269.3718.2299.8

47,856.7

48.72.2

28.81,339.9

112.61,499.65,165.12,282.02,801.62,789.47,989.31,374.51,199.6

12,980.13,441.4

348.216,886.6

108,146.5

20.322,429.67,810.4

-9 .81,103.0

20.8527.843.7

-5,261.9

6.476.2

141,899.9

48,857.2

6,192.34,057.6

267.4124.0

1,455.0288.3

6,867.235,797.7

740.68,757.07,638.7

963.358.796.4

1,584.3657.9840.0

2,890.8738.2799.8

96.11,951.52,203.1

172.033.5

2,829.54,463.74,145.71,636.6

271.4803.1182.9

48,857.2

50.02.2

28.71,350.3

147.11,535.95,232.62,370.43,053.22,588.17,829.01,526.41,201.5

12,764.93,500.6

341.016,815.4

109,194.7

20.521,477.27,892.1

-9.91,088.1

21.7269.5

26.3-5,561.9

2.810.3

156.4

142,581.2

49,614.4

5,981.73,894.6

219.8127.0

1,446.8293.5

7,114.136,518.5

631.08,875.37,718.61,000.6

59.796.4

1,598.8665.5852.0

2,915.5746.1810.5106.1

2,253.42,269.2

170.537.8

2,893.44,594.64,071.01,634.5

261.6869.6262.1

49,614.4

54.8

28.51,362.8

73.01,526.55,381.02,448.93,407.82,623.47,271.71,618.11,184.0

12,162.63,561.1

358.317,387.6

110,066.6

20.919,360.87,934.7

-10.21,085.3

15.0287.6

2.9-5,739.2

8.911.291.4

141,629.9

1. Data in this table also appear in the Board's Z.I quarterly statistical release, tables L.Iand L.5, available at www.federalreserve.gov/releases.

2. Excludes corporate equities and mutual fund shares.


2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION'

Seasonally adjusted

Series

1 Total Industry

2 Manufacturing3 Manufacturing (NAICS)

4 Durable manufacturing5 Primary metal

6 Fabricated metal products

8 Computer and electronic products9 Electrical equipment, appliances,

and components10 Motor vehicles and parts11 Aerospace and miscellaneous

transportation equipment12 Nondurable manufacturing13 Food, beverage, and tobacco products . . . .14 Textile and product mills

15 Paper16 Petroleum and coal products17 Chemical18 Plastics and rubber products19 Other manufacturing (non-NAICS)

20 Mining21 Electric and gas utilities

MEMOS22 Computers, communications equipment, and

semiconductors

23 Total excluding computers, communicationsequipment, and semiconductors

24 Manufacturing excluding computers,communications equipment, andsemiconductors

2007

Q4 Q1

2008

Q2' Q3'

Output (2002=100)

112.2

113.7115.0

122.6111.3

113.3115.5195.7

105.195.5

126.2106.7110.277.3

95.6108.5114.6104.891.9

102.7108.6

247.1

107.3

107.6

112.3

113.4114.8

122.5113.9

113.5115.1202.3

105.591.9

125.9106.3110.275.0

94.9110.6113.8102.691.2

103.6110.7

257.7

107.2

107.1

111.3

112.2113.7

120.7110.3

111.3112.3209.3

106.384.5

124.7105.9110.373.0

94.9110.5113.1101.788.7

104.1109.4

269.5

106.0

105.6

108.8

109.7111.1

118.5109.0

109.6111.4206.5

104.683.0

116.5103.0109.072.3

93.2105.2108.5100.886.7

102.0106.4

264.5

103.5

103.1

2007

Q4 Q1

2008

Q2 Q3

Capacity (percent of 2002 output)

138.5

143.4145.1

157.6132.8

139.3149.6251.4

126.0132.0

157.0131.8135.8112.4

115.7122.1145.2123.9116.2

114.2126.3

306.7

132.4

135.9

139.1

144.1145.8

158.9133.2

139.7150.3259.7

126.7131.7

157.6132.0136.2111.5

115.6122.1145.8124.5116.3

114.5127.1

321.5

132.7

136.2

139.7

144.8146.5

160.1133.5

140.0150.9267.1

127.5131.7

158.2132.2136.5110.6

115.4122.0146.2125.1116.4

114.7127.8

335.1

133.0

136.5

140.2

145.3147.1

161.2133.9

140.2151.5274.0

128.2131.9

159.0132.4136.8109.8

115.3122.0146.7125.7116.5

114.9128.5

347.8

133.3

136.7

2007

Q4 Q1

2008

Q2' Q3'

Capacity utilization rate (percent)2

81.0

79.379.3

77.883.8

81.377.277.8

83.472.3

80.481.081.168.8

82.688.879.084.679.1

89.985.9

80.6

81.0

79.2

80.7

78.778.7

77.185.5

81.376.677.9

83.369.7

79.980.680.967.3

82.190.678.182.478.4

90.587.1

80.1

80.7

78.6

79.7

77.577.6

75.482.6

79.674.478.4

83.464.1

78.880.180.866.0

82.290.677.381.376.2

90.885.6

80.4

79.7

77.4

77.6

75.575.5

73.581.4

78.273.575.4

81.662.9

73.377.879.665.8

80 886.374.080.274.4

88.882.8

76.1

77.7

75.4

Selected Measures 41

2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION1—CONTINUED

Seasonally adjusted

Series

1 Total Industry


4 Durable manufacturing5 Primary metal

6 Fabricated metal products . . . .7 Machinery8 Computer and electronic

products9 Electrical equipment,

appliances, andcomponents

10 Motor vehicles and parts11 Aerospace and

miscellaneoustransportation equipment .

12 Nondurable manufacturing13 Food, beverage, and tobacco

products14 Textile and product mills

15 Paper16 Petroleum and coal products . .17 Chemical18 Plastics and rubber products . .19 Other manufacturing (non-NAICS) .

20 Mining21 Electric and gas utilities

MEMOS22 Computers, communications

equipment, and semiconductors .

23 Total excluding computers,communications equipment,and semiconductors

24 Manufacturing excluding computers,communicationsequipment, and semiconductors .

1973

High

88.8

88.388.4

89.4101.9

91.794.6

87.0

99.395.8

75.987.6

86.389.5

96.792.185.396.186.2

93.496.2

84.4

89.1

88.4

1975

Low

74.0

71.571.3

69.669.8

69.974.3

66.0

68.054.8

68.172.3

77.561.8

74.180.869.161.775.6

87.682.9

62.3

74.4

71.9

Previous cycle2

High

86.6

86.286.2

86.790.1

83.192.7

90.0

91.995.1

87.185.8

84.289.6

95.491.083.590.188.0

93.889.0

89.6

86.8

86.4

Low

70.9

68.567.8

62.946.9

61.858.0

77.4

64.644.9

69.075.4

80.472.1

81.468.867.971.886.7

79.677.7

75.1

70.6

68.0

Latest cycle3

High

85.0

85.485.3

84.693.8

81.785.3

81.9

89.189.5

87.486.7

86.091.1

92.688.285.089.891.1

86.392.7

81.7

85.3

85.8

Low

Capacity ut

78.6

77.177.0

73.575.0

72.774.0

76.7

77.056.0

81.081.4

80.977.6

86.182.479.976.480.4

83.684.1

75.3

78.7

77.2

2007

Nov. June'

lization rate (percent)4

81.1

79.379.3

77.983.5

81.677.1

78.0

83.472.6

80.880.9

81.068.6

82.488.579.085.079.0

90.086.3

80.7

81.1

79.2

79.6

77.377.4

75.382.2

78.674.2

77.8

83.665.9

79.279.7

80.465.6

82.090.277.081.776.0

90.985.9

79.4

79.6

77.2

July'

79.5

77.177.2

75.383.7

78.373.5

76.9

83.267.7

78.179.4

79.965.9

81.390.476.781.874.9

92.184.9

78.1

79.5

77.1

2008

Aug.' Sept.'

78.3

76.276.3

73.982.4

78.674.6

75.5

82.360.2

77.578.9

79.766.6

82.089.075.880.274.4

91.580.9

76.1

78.4

76.2

75.0

73.173.0

71.378.1

77.772.5

73.7

79.360.9

64.175.0

79.365.0

79.279.469.578.674.0

82.882.7

74.0

75.0

73.0

Oct.'

76.0

73.473.4

69.671.8

76.370.9

72.4

79.358.7

62.077.6

80.064.7

77.787.973.976.774.3

88.783.1

72.1

76.2

73.5

Nov.p

75.4

72.372.2

68.566.4

74.569.2

70.9

77.457.0

69.876.3

80.062.8

76.287.971.274.373.8

90.984.3

69.9

75.7

72.4

NOTE: The statistics in this release cover output, capacity, and capacity utilization in theindustrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining,and electric and gas utilities. Mining is defined as all industries in sector 21 of the NorthAmerican Industry Classification System, or NAICS; electric and gas utilities are those inNAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33)plus the logging industry and the newspaper, periodical, book, and directory publishingindustries. Logging and publishing are classified elsewhere in NAICS (under agriculture andinformation respectively), but historically they were considered to be manufacturing and wereincluded in the industrial sector under the Standard Industrial Classification (SIC) system. InDecember 2002, the Federal Reserve reclassified all its industrial output data from the SICsystem to NAICS.

1. Data in this table appear in the Board's G. 17(419) monthly statistical release. The dataare also available on the Board's website, www.federalreserve.gov/releases/gl7. The latesthistorical revision of the industrial production index and the capacity utilization rates wasreleased on March 28, 2008. The 2008 annual revision is described in an article in the FederalReserve Bulletin titled "Industrial Production and Capacity Utilization: The 2008 Revision,"www.federalreserve.gov/pubs/bulletin/2008/pdf/Industrial08.pdf.

2. Monthly highs, 1978-80; monthly lows, 1982.3. Monthly highs, 1988-89; monthly lows, 1990-91.4. Capacity utilization is calculated as the ratio of the Federal Reserve's seasonally

adjusted index of industrial production to the corresponding index of capacity.


2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1

Monthly data seasonally adjusted

Group

2002pro-por-tion

2007

Apr. May Aug.r Sept/

MAJOR MARKETS

1 Total IP

Market groups2 Final products and nonindustrial supplies . .3 Consumer goods4 Durable5 Automotive products6 Home electronics7 Appliances, furniture, carpeting . . .8 Miscellaneous goods9 Nondurable

10 Non-energy11 Foods and tobacco12 Clothing13 Chemical products14 Paper products15 Energy

16 Business equipment17 Transit18 Information processing19 Industrial and other20 Defense and space equipment

21 Construction supplies22 Business supplies

23 Materials24 Non-energy25 Durable26 Consumer parts27 Equipment parts28 Other29 Nondurable30 Textile31 Paper32 Chemical33 Energy

SPECIAL AGGREGATES

34 Total excluding computers, communicationequipment, and semiconductors

35 Total excluding motor vehicles and parts . .

36 Final products and nonindustrialsupplies

37 Final products38 Consumer goods . . .39 Equipment total

40 Nonindustrial supplies .

58.530.88.94.7

.41.42.4

21.918.19.7

.95.02.03.9

10.21.83.15.31.8

4.311.0

41.530.519.04.06.68.4

11.5.8

2.74.5

11.0

94.692.6

43.130.8

111.5107.5103.2100.9155.896.0

104.0108.8109.1109.978.0

117.696.2

108.4

128.4124.2155.6115.7117.1

106.0108.7

111.3115.5123.593.7

167.1109.1103.576.697.7

112.4101.6

107.0112.3

Index (2002=100)

112.3

111.807.402.901.167.692.903.208.808.809.576.2

118.095.209.0

30.223.262.7

116.220.2

04.509.2

113.0117.226.492.976.5

110.403.573.197.7

112.503.3

07.4113.4

112.4

111.9107.4102.7101.6170.191.7

102.3108.8109.2109.678.0

118.595.9

108.1

131.2123.9164.8116.7119.9

104.2108.9

113.1116.9125.890.7

176.7110.0103.772.699.3

112.3104.1

107.4113.5

112.6

112.3108.0101.199.6

167.789.1

101.9110.1109.3109.377.2

119.196.5

112.6

131.4122.5165.2117.4120.9

103.6109.3

113.0116.7126.090.1

178.3109.8103.171.097.8

111.9104.2

107.6113.8

112.3

112.0107.9100.098.5

168.187.3

100.9110.4109.1109.276.5

119.096.6

113.8

131.1121.1167.5116.5119.6

102.3109.2

112.6116.0126.089.1

179.9109.6101.471.095.9

109.9104.5

107.2113.5

112.0

111.4106.797.893.8

169.787.3

101.4109.5109.5110.275.3

118.197.2

109.7

132.3120.7169.9117.6119.6

102.3108.5

112.8116.4126.487.6

182.8109.5101.869.696.6

109.7104.3

106.8113.5

111.4

110.8106.294.587.2

177.486.9

100.8109.8109.1109.874.8

118.794.9

111.7

130.0118.1172.0113.8119.5

101.4108.6

112.3115.7125.786.0

182.3109.2101.168.995.8

109.4104.1

106.1113.2

111.2

110.5105.894.987.9

179.986.3

100.9109.1109.2109.973.7

118.795.2

109.4

130.4118.6172.8114.0119.0

101.7107.9

112.2115.4125.085.7

181.6108.4101.269.297.8

109.1104.2

105.9113.0

111.3

110.7106.296.792.3

174.285.4

100.8109.1109.0109.275.0

119.095.8

109.8

130.4120.1172.6113.5120.3

101.3107.5

112.1115.4125.486.4

182.4108.4100.867.495.1

108.9104.1

105.9112.8

111.3

110.6106.297.493.6

179.484.9

100.8108.9108.7108.775.6

119.494.5

109.6

129.8120.6169.6113.6119.0

101.9107.4

112.2115.0125.487.0

182.2108.399.967.894.5

108.0104.9

105.9112.7

109.8

109.0103.991.383.2

175.381.599.8

107.8108.6108.576.3

118.994.5

106.3

129.3115.4167.8115.0119.2

100.9106.6

110.7113.8123.981.5

182.8107.699.169.694.6

106.0103.1

104.5111.7

105.2

106.1102.490.384.4

168.078.097.6

106.1108.4108.275.2

119.493.8

101.2

119.976.0

166.1112.6116.4

99.0103.5

104.2107.9121.381.0

178.9104.989.667.192.587.595.6

100.1106.8

106.8

106.6104.088.281.4

165.976.796.2

108.8108.8109.273.1

119.394.2

109.0

116.867.7

165.5110.3117.8

97.6104.4

107.0108.9118.577.8

176.7102.294.866.491.999.5

101.5

101.7108.6

Gross value (billions of 2000 dollars, annual rates)

12.3

15.4

3,034.7

2,311.51,606.3

715.4

724.5

2,318.11,606.9

722.4

724.7

3,043.1

2,321.01,605.5

728.0

723.6

2,337.61,621.4

727.2

726.2

2,330.61,616.8

724.7

722.4

3,026.8

2,310.51,593.9

730.7

717.9

2,288.11,581.4

719.5

718.8

2,998.4

2,283.61,576.3

720.8

716.1

2,292.01,583.0

722.2

713.9

2,296.31,588.4

720.1

716.3

2,953.1

2,244.71,544.8

715.2

709.4

2,167.71,507.1

668.8

684.1

106.3103.385.579.3

163.073.792.9

108.7108.6109.173.0

118.993.6

109.2

120.695.6

164.3108.2win

94.4103.4

106.0105.4114.975.0

173.298.591.763.690.494.1

104.4

101.1108.1

2,892.3

2,205.41,551.3

654.4

688.4

2,204.21,537.9

672.3

Selected Measures 43

2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value1—Continued

Monthly data seasonally adjusted

Group

INDUSTRY GROUPS


43 Durable manufacturing44 Wood products45 Nonmetallic mineral

products46 Primary metal47 Fabricated metal products .48 Machinery49 Computer and electronic

products50 Electrical equipment,

appliances, andcomponents

51 Motor vehicles and parts . .52 Aerospace and

miscellaneoustransportationequipment

53 Furniture and relatedproducts

54 Miscellaneous

55 Nondurable manufacturing . .56 Food, beverage, and

tobacco products . . . .57 Textile and product mills . .58 Apparel and leather59 Paper60 Printing and support61 Petroleum and coal

products62 Chemical63 Plastics and rubber

products

64 Other manufacturing(non-NAICS)

65 Mining66 Utilities67 Electric68 Natural gas

69 Manufacturing excludingcomputers, communicationsequipment, andsemiconductors

70 Manufacturing excluding motorvehicles and parts

NAICScode2

321

327331332333

334

3353361-3

3364-9

337339

311,2313,4315,6

322323

324325

326

1133,5111

212211,2

22112212

2002pro-por-tion

83.278.5

43.21.5

2.32.35.75.3

8.1

2.27.4

3.5

1.83.3

35.3

11.31.41.03.12.4

1.810.7

3.8

4.7

7.29.68.21.4

77.8

75.7

2007avg.

112.9114.2

121.099.2

108.1110.3112.0116.0

183.4

104.997.2

122.3

102.0115.9

106.6

110.180.578.595.899.8

108.7114.2

103.4

92.9

101.4108.2110.498.2

107.6

114.3

2007

Nov. Dec. Jan. Feb. Mar. Apr. May

2008

June' July' Aug.' Sept.' Oct.' Nov.'

Index (2002=100)

113.8115.1

122.994.2

109.7111.0113.7115.4

196.2

105.095.8

126.9

101.4116.0

106.6

110.077.176.895.499.4

108.1114.7

105.4

91.7

102.9109.1111.199.4

107.7

115.3

113.8115.1

122.894.3

105.9112.9113.1114.6

198.1

106.195.5

126.4

100.1117.2

106.8

110.177.278.797.399.0

108.5114.6

104.5

91.9

103.9108.2109.7101.2

107.6

115.4

113.8115.2

122.992.3

106.1115.2113.4115.2

198.5

106.193.9

127.4

98.1117.8

106.8

110.075.377.896.098.4

111.7114.6

103.0

91.3

103.2110.8112.4103.2

107.6

115.5

113.1114.5

122.291.0

104.9114.1113.5114.1

202.2

104.493.0

125.2

96.4115.3

106.0

109.775.277.193.797.3

110.6113.6

102.8

91.2

103.6112.6113.5107.9

106.8

114.8

113.3114.6

122.491.4

106.5112.3113.6116.0

206.2

106.088.6

125.1

95.9117.1

106.2

111.074.776.095.198.4

109.5113.2

102.0

91.0

103.9108.7110.4101.0

106.7

115.3

112.3113.7

120.790.2

104.9111.5112.4112.4

208.9

105.783.1

124.4

94.6116.3

106.0

110.673.375.693.897.4

110.6113.2

101.3

89.1

104.0110.4111.8103.4

105.6

114.7

112.3113.7

120.689.6

105.0109.5111.5112.3

209.5

106.683.4

124.0

94.4116.6

106.2

110.473.474.596.497.0

110.9113.4

101.5

88.5

104.1108.0109.2102.0

105.6

114.7

112.1113.5

120.989.0

103.8109.9110.1112.1

209.7

106.786.9

125.6

93.7116.1

105.5

109.972.475.994.694.2

110.0112.7

102.4

88.4

104.2110.0112.399.4

105.4

114.2

111.9113.4

121.188.0

105.1112.0109.7111.1

208.9

106.489.2

124.0

92.8116.6

105.2

109.372.576.693.892.6

110.3112.3

102.7

87.2

105.7108.9111.398.1

105.3

113.8

110.8112.2

119.287.3

104.1110.3110.2112.9

206.9

105.579.4

123.3

89.2118.8

104.5

109.073.277.194.594.0

108.6111.2

100.9

86.6

105.1103.9105.795.4

104.2

113.4

106.3107.6

115.384.3

101.4104.6108.9110.0

203.6

101.880.4

102.1

87.6116.7

99.3

108.771.276.191.393.2

96.8102.1

99.0

86.2

95.1106.4108.795.8

99.9

108.5

107.0108.3

112.779.8

102.196.3

107.0107.7

201.5

102.077.5

98.9

84.8116.0

102.8

109.770.773.989.593.2

107.2108.6

96.7

86.5

102.0107.1109.397.2

100.7

109.5

105.5106.7

111.278.1

98.489.1

104.6105.2

199.1

99.875.3

111.6

82.3114.1

101.2

109.768.473.787.792.3

107.1104.7

93.8

86.0

104.6108.8111.098.8

99.2

108.0

NOTE: The statistics in this release cover output, capacity, and capacity utilization in theindustrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining,and electric and gas utilities. Mining is defined as all industries in sector 21 of the NorthAmerican Industry Classification System, or NAICS; electric and gas utilities are those inNAICS sectors 2211 and 2212. Manufacturing comprises NAICS industries (sector 31-33)plus the logging industry and the newspaper, periodical, book, and directory publishingindustries. Logging and publishing are classified elsewhere in NAICS (under agriculture andinformation respectively), but historically they were considered to be manufacturing and wereincluded in the industrial sector under the Standard Industrial Classification (SIC) system. InDecember 2002, the Federal Reserve reclassified all its industrial output data from the SICsystem to NAICS.

1. Data in this table appear in the Board's G. 17(419) monthly statistical release. The dataare also available on the Board's website, www.federalreserve.gov/releases/gl7. The latesthistorical revision of the industrial production index and the capacity utilization rates wasreleased on March 28, 2008. The 2008 annual revision is described in an article in the FederalReserve Bulletin titled "Industrial Production and Capacity Utilization: The 2008 Revision,"www.federalreserve.gov/pubs/bulletin/2008/pdf/Industrial08.pdf.

2. North American Industry Classification System.


3.10 U.S. INTERNATIONAL TRANSACTIONS Summary

Millions of dollars; quarterly data seasonally adjusted except as noted1

Item credits or debits

Q3 Q4 Q1 Q2' Q3

1 Balance on current account2 Balance on goods and services . . .3 Exports4 Imports5 Income, net6 Investment, net7 Direct8 Portfolio9 Compensation of employees . . .

10 Unilateral current transfers, net . . .

11 Change in U.S. government assets other than officialreserve assets, net (increase, —)

12 Change in U.S. official reserve assets (increase, —)13 Gold14 Special drawing rights (SDRs)15 Reserve position in International Monetary Fund16 Foreign currencies

17 Change in U.S. private assets abroad (increase, —)18 Bank-reported claims2

19 Nonbank-reported claims20 U.S. purchase of foreign securities, net21 U.S. direct investments abroad, net

22 Change in foreign official assets in United States (increase, +)23 U.S. Treasury securities24 Other U.S. government obligations25 Other U.S. government liabilities2

26 Other U.S. liabilities reported by U.S. banks2

27 Other foreign official assets3

28 Change in foreign private assets in United States (increase, +)29 U.S. bank-reported liabilities4

30 U.S. nonbank-reported liabilities31 Foreign private purchases of U.S. Treasury securities, net . .32 U.S. currency flows33 Foreign purchases of other U.S. securities, net34 Foreign direct investments in United States, net

35 Capital account transactions, net5

36 Discrepancy37 Due to seasonal adjustment38 Before seasonal adjustment

MEMOChanges in official assets

39 U.S. official reserve assets (increase, - )40 Foreign official assets in United States, excluding line 25

(increase, +)

-728,993-711,5671,283,753

-1,995,32072,35878,758

173,205-94,447

-6,400-89,784

5,539

14,0960

4,51110,200-615

-566,266-207,625-71,207

-251,199-36,235

259,268112,841100,493

-42126,26020,095

988,079214,73669,572

132,3008,447

450,386112,638

-4,03632,313

14,096

259,689

-788,116-753,2831,457,015

-2,210,29857,19463,804

184,146-120,342

-6,609-92,027

5,346

2,3740

- 2 2 33,331- 7 3 4

-1,259,469-488,424-164,597-365,204-241,244

487,939208,564219,837

2,81622,36534,357

1,573,174461,100242,727-58,204

2,227683,363241,961

-3,880-47,078

2,374

485,123

-731,214-700,2581,645,726

-2,345,98481,74988,776

233,861-145,085

-7,027-112,705

-1220

-1541,021-989

-1,267,459-644,751

-706-288,731-333,271

411,05858,865

171,4655,342

108,69566,691

1,646,645532,813156,290156,825

-10,675573,850237,542

-1,843-41,287

-122

405,716

-172,952-168,114

424,873-592,986

22,95824,72959,710

-34,981-1,771

-27,796

623

- 5 40

- 3 7230

- 2 4 7

-171,045-88,697

80,012-100,317

-62,043

13,469-25,810

18,022913

9,87310,471

253,00753,92555,59967,406

655-30,486105,908

-61771,627

-21,80593,431

- 5 4

12,556

-167,241-173,783

435,465-609,248

36,32738,15174,835

-36,684-1,824

-29,784

- 2 20

- 3 5285

-272

-130,990-115,926

100,043-4,202

-110,905

145,49742,72812,1094,132

52,53733,991

234,905123,987

-111,84660,059-3,530110,48955,746

-571-45,600

8,892-54,491

- 2 2

141,365

-175,640-177,110

451,645-628,756

33,21235,00970,261

-35,252-1,797

-31,742

-29112

-359

-263,634-221,316

81,848-35,066-89,100

173,53388,64979,234

1,645-26,930

30,935

285,48479,08884,08563,263

-914-20,475

80,437

-14,1319,271

-23,403

-276

171,888

-180,944-180,079

475,498-655,578

28,16429,94564,868

-34,923-1,780

-29,028

-22-955-290

145,558213,85949,324

-33,576-84,049

145,39158,14393,1452,439

-30,05521,719

-122,672-256,616-54,350

65,692

17,068105,304

-63158,677

-3,36862,045

-1,267

142,952

41 Change in Organization of Petroleum Exporting Countries officialassets in United States (part of line 22)

-174,091-176,536

489,053-665,589

30,83532,63665,299

-32,663-1,800

-28,390

- 3 0256

-405

235,678151,99453,78786,768

-56,871

117,663116,479-8,361

1,7149,617

-1,786

8,029-147,874

83,59889,506

5,845-89,163

66,117

-59339,487

-33,73973,226

-179

115,949

1. Seasonal factors are not calculated for lines 11-16, 18-20, 22-35, and 38-41.2. Associated primarily with military sales contracts and other transactions arranged with

or through foreign official agencies.3. Consists of investments in U.S. corporate stocks and in debt securities of private

corporations and state and local governments.4. Reporting banks included all types of depository institutions as well as some brokers

and dealers.

5. Consists of capital transfers (such as those of accompanying migrants entering orleaving the country and debt forgiveness) and the acquisition and disposal of nonproducednonfinancial assets.

SOURCE: U.S. Department of Commerce, Bureau of Economic Analysis, Survey of CurrentBusiness.

3.12 U.S. RESERVE ASSETS


Asset

1 Total

2 Gold stock1

3 Special drawing rights2-3

4 Reserve position in International MonetaryFund2

5 Foreign currencies4

2005

65,127

11,0438,210

8,03637,838

2006

65,895

11,0418,870

5,04040,943

2007

70,565

11,0419,476

4,24445,804

2008

Apr.

74,372

11,0419,767

4,25349,311

May

75,170

11,0419,771

5,11149,247

June

75,740

11,0419,849

5,23749,613

July

74,832

11,0419,772

4,93049,089

Aug.

72,560

11,0419,494

4,77447,252

Sept.

71,834

11,0419,418

4,75046,626

Oct.

69,763

11,0419,001

4,43345,288

Nov.'

73,378

11,0419,023

7,34445,970

NOTE: The data presented in this table are available in the monthly statistical release "U.S.Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board'swebsite at www.federalreserve.gov/releases.

1. Gold held "under earmark" at Federal Reserve Banks for foreign and internationalaccounts is not included in the gold stock of the United States; see table 3.13, line 3. Goldstock is valued at $42.22 per fine troy ounce.

2. Special drawing rights (SDRs) are valued according to a technique adopted by theInternational Monetary Fund (IMF) in July 1974. Values are based on a weighted average ofexchange rates for the currencies of member countries. From July 1974 through December1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S.SDR holdings and reserve positions in the IMF have also been valued on this basis since July1974.

3. Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the yearindicated, as follows: 1970—$867 million; 1971—$717 million; 1972—$710 million; 1979—$1,139 million; 1980—$1,152 million; 1981—$1,093 million; plus net transactions in SDRs.

4. Valued at current market exchange rates. Excludes outstanding reciprocal currencyswaps with foreign central banks. At end-November 2008 swaps outstanding were $506,818billion: $264,113 billion with the European Central Bank, $20,851 billion with the SwissNational Bank, $54,295 billion with the Bank of England, $96,990 billion with the Bank ofJapan, $21,620 billion with the Reserve Bank of Australia, $25 billion with the Bank ofSweden, $15 billion with the National Bank of Denmark, and $8,950 billion with the Bank ofNorway.

Summary Statistics 45

3.13 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS'


Asset

1 Deposits

Held in custody2 U.S. Treasury securities2

3 Earmarked gold3

2005

83

1,069,0148,967

2006

98

1,133,9698,967

2007

96

1,191,7068,710

2008

Apr.

105

1,310,6498,548

May

99

1,315,6168,534

June

211

1,348,9888,521

July

103

1,375,1998,494

Aug.

99

1,397,6928,487

Sept.

121

1,443,4218,440

Oct.

184

1,521,4458,426

Nov.'

187

1,555,9618,412

NOTE: The data presented in this table are available in the monthly statistical release "U.S.Reserve Assets; Foreign Official Assets Held at Federal Reserve Banks," on the Board'swebsite at www.federalreserve.gov/releases.

1. Excludes deposits and U.S. Treasury securities held for international and regionalorganizations.

2. Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasurysecurities, in each case measured at face (not market) value.

3. Held in foreign and international accounts and valued at $42.22 per fine troy ounce; notincluded in the gold stock of the United States.

3.15 SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS


Item

1 Total1

By type2 Liabilities reported by banks in the United States2

U.S. Treasury bonds and notes

5 Nonmarketable4

6 U.S. securities other than U.S. Treasury securities5

By area7 Europe1

9 Latin America and Caribbean

11 Africa

2006

2,585,038

284,827176,829

1 271 1741,026

851,182

435,0627,078

175,7461 915 375

12,42239,354

2007

3,239,548

398,233196,344

1 443 6911,111

1,200,169

602,97611,370

267,4432 292 778

25,26239,719

2006

June"

2,490,430

308,842184,847

1 211 819986

783,937

414,9867,859

159,4441,851,832

15,95540,354

June8

2,490,430

308,842184,847

1,211,819986

783,937

414,9867,859

159,4441,851,832

15,95540,354

Dec.

2,585,038

284,827176,829

1,271,1741,026

851,182

435,0627,078

175,7461,915,375

12,42239,354

2008

July

3,417,787'

364,629'232,464

1,533,9561,163

1,285,574

646,522'11,340

289,4002,392,984

33,96843,573

Aug.

3,418,207

362,166245,562

1,538,8041,171

1,270,503

639,14411,264

289,7992,408,081

31,40938,509

Sept.

3,437,945'

355,513'276,781

1,543,7481,179

1,260,724

624,139'11,336

284,7572,444,758'

32,89940,056'

Oct.p

3,452,305

303,323360,550

1,542,6641,187

1,244,581

592,26112,942

279,3192,486,409

36,73144,643

1. For data before June 2006, includes the Bank for International Settlements.2. Principally demand deposits, time deposits, bankers acceptances, commercial paper,

negotiable time certificates of deposit, and borrowings under repurchase agreements.3. Includes nonmarketable certificates of indebtedness and Treasury bills issued to official

institutions of foreign countries.4. Excludes notes issued to foreign official nonreserve agencies. Includes current value of

zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginningMarch 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturityissue; Argentina, beginning April 1993, 30-year maturity issue.

5. Debt securities of U.S. government corporations and federally sponsored agencies, andU.S. corporate stocks and bonds.

6. Data in the two columns shown for this date reflect different benchmark bases forforeigners' holdings of selected U.S. long-term securities. Figures in the first column arecomparable to those for earlier dates; figures in the second column are based in part on abenchmark survey as of end-June 2006 and are comparable to those shown for the followingdates.

SOURCE: Based on U.S. Department of the Treasury data and on data reported to theTreasury by banks (including Federal Reserve Banks) and securities dealers in the UnitedStates, and in periodic benchmark surveys of foreign portfolio investment in the UnitedStates.

3.16 LIABILITIES TO, AND CLAIMS ON, FOREIGNERS Reported by Banks in the United States1

Payable in Foreign Currencies


Item

2 Deposits3 Other liabilities

5 Deposits

8 Deposits

2004

98,34952,41045,939

129,54451,02978,515

32,0568,519

23,537

2005

91,69359,24132,452

100,14443,94256,202

56,10020,93135,169

2006

140,87397,08843,785

131,53059,15272,378

64,55834,90129,657

2007

Dec'

261,508121,159140,349

170,11373,62996,484

74,69350,26324,430

2008

Mar.'

257,938115,014142,924

184,35477,098

107,256

84,29957,79726,502

June'

233,44999,032

134,417

160,37771,74888,629

80,66350,28230,381

Sept.

225,85995,247

130,612

142,50865,88276,626

72,39540,99231,403

Data on claims exclude foreign currencies held by U.S. monetary authorities. 2. Assets owned by customers of the reporting bank located in the United States thatrepresent claims on foreigners held by reporting banks for the accounts of the domesticcustomers.


3.17 LIABILITIES TO FOREIGNERS Reported by Banks in the United States1

Payable in U.S. dollars


Apr. May July Aug. Sept/

BY HOLDER AND TVPE OF LIABILITY

1 Total, all foreigners

2 Banks' own liabilitiesBy type of liability

3 Deposits2

4 Other5 Of which: repurchase agreements3

6 Banks' custody liabilities4

By type of liability7 U.S. Treasury bills and certificates5

8 Other negotiable and readily transferableinstruments'"

9 Of which: negotiable timecertificates of deposit held in custodyfor foreigners

10 Of which: short-term agency securities7 . . .11 Other

12 International and regional organizations5

13 Banks' own liabilities14 Deposits2

15 Other161718

Banks' custody liabilities4

U.S. Treasury bills and certificates5

Other negotiable and readily transferableinstruments'"

19 Official institutions9


22 Other

23 Banks' custody liabilities4

24 U.S. Treasury bills and certificates5

25 Other negotiable and readily transferableinstruments'"

26 Banks10


OtherBanks' custody liabilities4

U.S. Treasury bills and certificates5

Other negotiable and readilytransferable instruments'' . . .

Other

29303132

34 Other foreigners"35 Banks' own liabilities36 Deposits2

37 Other

383940

Banks' custodial liabilitiesU.S. Treasury bills and certificates5

Other negotiable and readilytransferable instruments'' . . .

Other

MEMO42 Own foreign offices12

BY AREA OR COUNTRY


44 Foreign countries . .

45 Europe46 Austria47 Belgium48 Denmark49 Finland50 France51 Germany52 Greece53 Ireland54 Italy55 Luxembourg56 Netherlands57 Norway58 Portugal59 Russia60 Spain61 Sweden62 Switzerland63 Turkey64 United Kingdom65 Channel Islands and Isle of Man66 Yugoslavia13

67 Other Europe and other former U.S.S.R.1

3,080,907

! ,299,950

3,851,558

2,924,438

4,426,986

3,301,255

4,455,418

3,264,288

4,397,986

3,197,513

4,245,262

3,075,427 3,049,733

4,263,327'

3,055,511'

4,248,314

3,027,478

1,043,8011,256,149

713,327780,957

259,843

53,594136,783201,516

20,79315,6128,3617,2515,1811,085

4,096

498,510170,98445,426125,558

327,526201,863

1,315,2901,609,1481,028,974

927,120

250,886

371,732

66,155113,865304,502

29,42525,77019,0216,7493,655

800

2,855

461,656178,95451,380

127,574

282,702176,829

1,541,2231,760,0321,107,7511,125,731

300,130

504,923

97,990200,312320,678

27,16422,92917,7845,1454,235

250

3,985

594,577216,22149,204

167,017

378,356196,344

1,507,0011,757,2871,092,2431,191,130

357,172

517,824

126,418180,566316,134

24,77619,10514,5994,5065,671

416

5,255

567,009188,20147,003

141,198

378,808215,711

1,447,3631,750,1501,088,3851,200,473

368,610

513,050

133,182165,199318,813

28,07520,31613,9976,3197,7592,447

5,312

568,467197,72246,554

151,168

370,745219,976

1,464,9311,610,496

987,456

1,169,835

375,094

477,412

89,021168,155317,329

24,39818,45613,3975,0595,9421,073

4,869

570,865191,50144,817

146,684

379,364226,625

152,739

1,428,3461,621,387

995,842

1,185,606

379,321

489,478

107,231163,923316,807

26,158'19,726'16,1613,565'6,432

547

5,885

597,093'205,475'

51,079154,396'

391,618232,464

159,154

1,370,019'1,685,492'1,026,746'1,207,816'

410,908'

486,532'

115,149'154,520310,376

27,68121,46515,8925,5736,216

435

5,781

607,728211,12650,701

160,425

396,602245,562

151,040

1,458,3681,569,110

895,475

1,220,836

501,815

432,149

100,729156,136286,872

23,67217,80912,3465,4635,863

286

5,577

632,294212,82353,973

158,850

419,471276,781

142,690

,792,040,566,967

2,258,1151,917,300

2,491,6532,149,292

!,426,372!,063,664

2,337,2931,969,420

841,248725,719225,07323,771

48,776152,526

769,564546,387148,766397,621

223,17733,124

142,18847,865

1,025,334891,966340,81531,153

66,378243,284

1,102,362802,414219,555582,859

299,94842,104

196,72861,116

1,174,296974,996342,361

38,383

64,309239,669

1,313,592912,813299,939612,874

400,77965,153

255,61880,008

1,127,346936,318362,70849,461

85,471227,776

1,437,261993,318318,053675,265

443,94391,584

265,65486,705

1,068,700900,720367,87343,778

90,848233,247

1,464,1511,010,055

318,112691,943

454,096102,409

266,61185,076

2,277,1591,939,3061,073,172

866,134337,85344,589

63,914229,350

1,372,840926,164333,545592,619

446,676102,807

259,05884,811

3,080,907

3,060,114

3,851,558

3,822,133

4,426,986

4,399,822

4,455,418

4,430,642

4,397,986

4,369,911

4,245,262

4,220,864

2,228,8561,893,6711,023,076

870,595335,18544,756

62,299228,130

1,383,232930,861338,030592,831

452,371101,554

265,35185,466

4,235,339

4,209,181'

2,232,359'1,897,551'

971,224'926,327'334,808'49,430'

62,897'222,481

1,395,559'925,369'332,202'593,167'

470,190'115,481

268,322'86,387

4,263,327'

4,235,646'

2,314,2881,979,6671,036,052

943,615334,62150,151

65,340219,130

1,278,060817,179355,997461,182

460,881174,597

218,54267,742

4,248,314

4,224,642

,229,3383,604

16,0221,5373,612

71,48658,960

1,20068,6607,075

61,06514,50227,921

2,716101,335

9,5354,771

140,1409,895

563,25329,559

11932,371

1,482,7883,841

14,528931

3,20469,07869,894

1,48884,0857,350

73,09925,30942,383

2,25062,7118,9413,715

54,62210,369

888,94533,360

29522,389

1,757,7754,988

18,249768

1,26364,69797,585

1,348113,306

8,076106,91824,85748,261

2,993104,709

11,4777,677

51,91412,098

1,013,96325,192

53236,904

,780,8364,310

24,682761

1,85680,92696,112

1,215160,903

6,300112,17734,72530,358

2,25391,50213,6876,961

43,10518,587

979,30619,374

41251,326

1,734,8924,409

20,3521,0281,284

70,39693,325

1,530166,359

8,525107,77542,63829,512

2,91688,32212,5543,606

40,54816,510

956,95715,860

53049,958

1,612,2725,388

15,6284,7491,326

66,47686,847

1,824162,424

6,457103,95535,76930,7783,260

92,66712,8504,711

37,43818,471

859,75113,745

33447,424

,623,128'3,893'

14,276'4,7741,475'

62,551'90,813'

2,041'162,339'

6,599'101,25139,464'33,939

2,361'91,49013,076'2,647

35,96821,594

863,33815,984

30352,952

1,648,072'5,835

12,7674,1711,334

64,06288,697

1,345171,007'

8,394104,849'39,380'36,313

2,09087,06313,2763,166

38,376'22,729

876,10313,639'

29353,185

,527,7083,366

13,8953,9761,551

81,81495,566

1,030147,128

9,64497,70941,50423,821

2,20279,15415,01012,22544,35519,977

778,18913,298

14442,150

4,456,710

3,143,522

1,641,4281,502,094

752,539

1,313,188

649,175

376,384

90,717131,585287,629

24,18310,1226,5383,584

14,0617,929

6,132

663,873198,52654,820

143,706

465,347360,550

104,797

2,568,8812,226,1891,241,327

984,862342,692

66,714

57,859218,119

1,199,773708,685338,743369,942

491,088213,982

207 59969,507

4,456,710

4,432,527

1,492,1763,307

12,9633,9711,482

80,86989,8772,104

150,0989,080

96,61644,11121,323

1,94477,25418,8465,064

57,84617,212

745,68414,297

16138,068

Footnotes appear on next page.

3.17 LIABILITIES TO FOREIGNERS Reported by Banks in the United States1—Continued



Bank-Reported Data 47

Apr. Aug. Sept.

MEMO68 European Union1-

69 Canada .

70 Latin America71 Argentina

BrazilChileColombiaEcuadorGuatemalaMexicoPanamaPeruUruguayVenezuelaOther Latin America

7273747576777879808182

83 Caribbean .848586878889909192

BahamasBermudaBritish Virgin Islands .Cayman IslandsCubaJamaicaNetherlands Antilles . .Trinidad and Tobago .Other Caribbean

n.a.

33,552

133,6379,674

11,9008,9616,4773,3931,643

42,5325,2623,0514,939

27,2618,544

1,214,058211,45952,132n.a.

907,840

44,613

156,73110,50616,06716,83911,6573,4091,420

45,3497,1254,2676,116

22,75911,217

1,669,856256,17355,12921,493

1,297,459

59,391

172,93111,97424,41815,53910,9713,2731,816

52,3546,9965,1686,367

23,02911,026

1,838,464284,53948,52433,579

1,417,794

70,047

169,28012,64115,22016,15810,4723,7021,893

52,1777,6676,9006,188

23,60712,655

1,851,603288,58644,89841,082

1,434,281

73,165

180,44912,17628,08013,38011,0013,7971,919

51,7917,6136,2356,362

25,91812,177

1,817,175284,69546,06139,140

1,404,289

75,690

173,46411,55824,02213,95311,0113,4312,005

49,7857,1556,5645,748

25,84412,388

1,816,528291,79849,26438,805

1,395,234

70,679

175,92911,59422,68113,55810,9973,4371,685

54,7287,4006,4675,665

25,21912,498

1,773,526301,699

50,16239,892

1,341,814

66,884'

180,862'11,57424,213'13,57211,389'3,3751,684

58,553'6,923'6,3215,481

25,96611,811

,768,378'280,458'45,13441,247'

,361,148'

67,864

176,36313,30517,99414,47412,1973,6951,642

56,1287,6245,3965,583

26,10612,219

1,806,228300,86944,70541,915

1,374,349

1,283,018

78,981

193,90812,99120,72316,64312,1743,7521,744

65,5808,0595,8965,911

27,72812,707

1,908,446

93 AsiaChina

94 Mainland95 Hong Kong96 India97 Indonesia98 Israel99 Japan

100 Korea (South)101 Philippines102 Taiwan103 Thailand104 Middle Eastern oil-exporting countries105 Other

106 Africa107 Egypt108 Morocco109 South Africa110 Oil-exporting countries17

111 Other

112 Other countries113 Australia114 New Zealand115 All other

116 International and regional organizations .117 International15

118 Regional"

120916

6,3962,830

32,365

408,192

46,43933,97213,7024,2129,802

156,24527,094

3,77623,252

9,96149,46330,274

20,0954,953

1383,0496,8585,097

21,24217,7693,007

466

20,79315,6845,109

821,0238,4563,346

26,695

422,744

44,41043,11118,8084,3867,318

127,60627,786

3,85222,917

8,31869,49244,740

14,7812,252

1981,3964,4386,497

30,62025,2774,505

838

29,42525,2024,223

801,323

10,0863,301

39,238

527,061

94,36744,48118,2135,2127,770

146,35034,7694,834

26,05614,18880,13350,688

25,8163,682

1801,6296,117

14,208

18,38414,1303,1101,144

27,16423,1074,057

921,1009,2502,808

29,506

494,703

84,25142,14812,2263,7689,742

133,29421,5793,308

24,25415,00893,42751,698

35,1534,781

2112,9853,727

23,449

29,02024,8233,0461,151

24,77620,4134,363

941,0928,2492,822

30,733

495,419

68,39146,21012,930

3,11311,862

132,36921,743

2,92823,99019,679

105,05747,147

36,8674,035

1703,3844,168

25,110

31,94427,783

3,175986

28,07523,7714,304

931,4587,2503,976

28,650

480,912

58,49640,68314,8054,723

12,085131,45321,6073,698

22,15917,837

105,34248,024

36,9844,486

2742,9644,665

24,595

25,01421,0373,213

764

24,39819,7044,694

921,4136,4542,979

29,021

500,045

65,08940,68015,6445,099

10,079136,02721,6043,596

22,71218,919

112,79147,805

39,4805,101

3492,6625,405

25,963

26,39422,2203,0591,115

26,158'21,371'4,787

941,3125,4213,220

30,344

526,972'

73,215'40,57917,4836,558'8,606

142,04420,155'

3,69422,502'18,005'

125,30948,822'

21,5253,855

2422,9914,315

10,122

22,95317,3874,772

794

27,68123,3244,357

941,1534,7173,757

34,669

599,338

124,71352,51318,2018,271

11,248150,03616,4524,101

29,91214,364

121,77847,749

24,7877,321

5322,9673,965

10,002

22,35417,6813,990

683

23,67218,3045,368

47 03540,985

1,485,02893

1,0115,1183,266

37,082

705,227

183,60961,32221,4616,068

14,635166,695

14,3086,456

33,75018,727

125,98952,207

29,64810,536

5423,1744,351

11,045

24,14118,8894,540

712

24,18320,2753,908

1. Reporting banks include all types of depository institutions as well as some banks/financial holding companies and brokers and dealers. Excludes bonds and notes of maturitieslonger than one year. Effective February 2003, coverage is expanded to include liabilities ofbrokers and dealers to affiliated foreign offices.

2. Non-negotiable deposits and brokerage balances.3. Data available beginning January 2001.4. Financial claims on residents of the United States, other than long-term securities, held

by or through reporting banks for foreign customers. Effective February 2003, also includesloans to U.S. residents in managed foreign offices of U.S. reporting institutions.

5. Includes nonmarketable certificates of indebtedness and Treasury bills issued to officialinstitutions of foreign countries.

6. Principally bankers acceptances, commercial paper, negotiable time certificates ofdeposit, and short-term agency securities.

7. Data available beginning January 2001.8. Principally the International Bank for Reconstruction and Development, the Inter-

American Development Bank, and the Asian Development Bank. Excludes "holdings ofdollars" of the International Monetary Fund. Beginning with data for June 2006, alsoincludes the Bank for International Settlements.

9. Foreign central banks and foreign central governments. Before June 2006, also includesthe Bank for International Settlements.

10. Excludes central banks, which are included in "Official institutions." Includes posi-tions with affiliated banking offices also included in memo line (44) above.

11. As of February 2003, includes positions with affiliated non-banking offices alsoincluded in memo line (44) above.

12. For U.S. banks, includes amounts owed to own foreign branches and foreign subsidiar-ies consolidated in the quarterly Consolidated Reports of Condition filed with bank regulatory

agencies. For agencies, branches, and majority-owned subsidiaries of foreign banks, consistsprincipally of amounts owed to the head office or parent foreign office, and to foreignbranches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank.Effective February 2003, includes amounts owed to affiliated foreign offices of U.S. brokersand dealers.

13. In February 2003, Yugoslavia changed its name to Serbia and Montenegro. Data forother entities of the former Yugoslavia recognized as independent states by the United Statesare reported under "Other Europe.''

14. For data prior to June 2006, also includes the Bank for International Settlements andthe European Central Bank.

15. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the CzechRepublic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy,Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia,Spain, Sweden, and the United Kingdom. Data available beginning in June 2006. As ofJanuary 2007, also includes Bulgaria and Romania.

16. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United ArabEmirates (Trucial States).

17. Comprises Algeria, Gabon, Libya, and Nigeria.18. Principally the International Bank for Reconstruction and Development. Excludes

"holdings of dollars" of the International Monetary Fund. Beginning with data for June 2006,also includes the Bank for International Settlements.

19. African, Asian, Caribbean, European, Latin American, and Middle Eastern regionalorganizations.


3.18 BANKS' OWN CLAIMS ON FOREIGNERS Reported by Banks in the United States1



Area or countryApr. May July Aug. Sept.


2 Foreign countries

3 Europe4 Austria5 Belgium6 Denmark7 Finland8 France9 Germany

10 Greece11 Ireland12 Italy13 Luxembourg14 Netherlands15 Norway16 Portugal17 Russia18 Spain19 Sweden20 Switzerland21 Turkey22 United Kingdom23 Channel Islands and Isle of Man24 Other Europe and other former U.S.S.R.2

MEMO

25 European Union3

26 Canada

27 Latin America28 Argentina29 Brazil30 Chile31 Colombia32 Ecuador33 Guatemala34 Mexico35 Panama36 Peru37 Uruguay38 Venezuela39 Other Latin America4

40 Caribbean41 Bahamas42 Bermuda43 British Virgin Islands4

44 Cayman Islands45 Jamaica46 Netherlands Antilles47 Trinidad and Tobago48 Other Caribbean4

49 AsiaChina

50 Mainland51 Hong Kong52 India53 Indonesia54 Israel55 Japan56 Korea (South)57 Philippines58 Taiwan59 Thailand60 Middle Eastern oil-exporting countries5

61 Other

62 Africa63 Egypt64 Morocco65 South Africa66 Oil-exporting countries'"67 Other

68 Other countries69 Australia70 New Zealand71 Allother

72 International and regional organizations7 .

1,864,834

1,857,584

918,6604.139

11,900864

9,24788,87330,027

9716,42618,4828,201

20,95814,688

8321,2648,3729,452

143,8923,270

487,49232,5667,618

n.a.

64,104

51,1702,290

15,1116,6422,438

582872

14,6012,0761,226

4642,2732,595

620,474113,45817,846n.a.

475,227444

4,444907

8,148

190,610

14,8078,4122,518

4404,288

106,37717,254

1,7908,6267,796

12,3305,972

1,621422

63331317488

10,94510,226

541178

7,250

2,291,340

2,282,166

1,188,9194,277

13,5921,1569,434

112,40618,189

25024,30430,9917,144

29,57831,032

9241,7459,8348,907

105,3683,741

732,43036,893

6,724

71,325

59,1952,763

19,8946,6892,900

6041,031

16,5692,3161,446

3552,2812,347

724,316120,90417,7772,807

572,273669

2,4841,0556,347

221,858

15,4486,8882,827

5195,319

140,32924,484

9963,1665,729

10,5795,574

1,853597

56255403542

14,70013,195

1,263242

9,174

2,791,032

2,780,727

2,980,086

2,970,340

2,987,770

2,980,137

2,855,584

2,850,292

2,874,606'

2,868,459'

2,887,355'

2,881,301'

2,781,644'

2,776,233'

2,690,423

2,685,948

1,587,2184,055

20,5662,828

28,445162,29533,725

11045,96035,87013,26052,12222,684

1,3641,800

20,4487,279

191,9703,426

900,34924,35714,306

1,341,415

85,145

83,0423,978

30,3408,8493,567

9621,314

21,7833,8592,995

3382,3352,722

801,309151,18710,6513,328

622,637657

4,114673

8,062

185,695

18,4898,8204,385

9853,724

83,65227,383

1,2071,2225,960

23,1606,708

8,164312

27493442

6,890

30,15428,716

1,122316

10,305

1,725,8554,998

40,4576,451

32,133201,697

51,589341

67,36847,231

9,14253,15213,8201,5521,797

49,1239,431

186,3203,658

911,71612,20121,678

91,367

83,4584,825

24,7619,7873,524

8111,296

24,9064,4083,857

2711,8983,114

856,318147,173

16,1103,881

669,531742

4,409855

13,617

169,445

15,5649,2694,2931,0863,387

84,31622,182

1,1331,5484,045

15,5967,026

16,679356

60562891

14,810

27,21825,527

1,236455

9,746

1,680,9185,335

33,8886,159

27,073188,78653,633

34773,66849,445

8,36654,96615,4121,6262,033

55,1608,576

145,3973,663

916,7148,733

21,938

1,503,879

92,996

96,0733,866

38,62610,1923,527

8351,311

23,7524,5884,144

3111,9562,965

892,761154,129

17,8323,905

701,914769

4,229766

9,217

172,807

23,0328,9455,3521,3295,419

78,83621,090

1,0281,2073,629

16,1096,831

17,578367

18450608

16,135

27,00425,159

1,440405

7,633

1,593,2215,416

31,0294,021

29,854181,17357,384

27568,57448,22410,76759 29015,0731,4172,244

47,4967,433

116,6753,675

874,3816,730

22,090

88,786

96,7344,224

37 79610,3533,625

7861,377

23,9025,0204,517

2971,8732,964

865,530147,091

13,2893,996

686,156818

4,053807

9,320

158,654

19,5018,8865,6541,1444,109

74,83819,4641,4481,6341,116

13,2657,595

18,614367

30374696

17,147

28,75327,317

1,012424

5,292

1,584,3105,717

26,4765,804

22,469190,23347,686

25166,09252,3769,216

53,64216,8101,7452,667

47,6307,032

106,3513,928

890,0705,110

23,003

1,447,679

81,114

97,5764,763

37,28010,5243,529

7781,323

24,7574,8834,239

2911,8193,390

884,107'157,522

14,0554,161

691,654'811

3,656755

11,493

171,371

21,7029,4816,6381,0626,618

79,22718,2831,2141,2052,930

13,6709,341

20,2971,353

11387950

17,596

29,68427,926

1,298460

6,147

1,621,268'8,435'

32,824'4,188

24,164'193,272'47,820'

136'70,475'57,180'8,958'

57,473'16,4131,433'2,455

45,796'8,132

106,3013,839

905,8994,883

21,192

91,539

103,7945,356

41,78710,9743,591

7611,387

25,2985,0014,586

3201,7742,959

869,000'152,480

11,8765,705

683,884'814

3,530864

9,847

165,375'

23,65310,0565,9831,0885,564

70,62017,262'

9931,1651,134

17,30510,552

2,838417

6532940943

27,48725,799

1,223465

6,054'

1,607,640'4,624

21,7302,321

25,807'171,946'49,736

14963,66849,84411,50846,49823,912

1,3702,518

46,326'7,899

107,3123,782

947,9294,356

14,405

1,464,034'

94,104'

92,891'4,816'

31,086'11,0783,770

8311,355

25,4444,8424,540

3331,8052,991

816,595'141,424

13,1785,324

637,837'808

3,400592

14,032

138,417'

10,49713,8845,882

2,87969,40213,773'

8641,954

9010,9897,092

3,968397

8895964

1,704

22,61821,276

817525

5,411

1,511,1484,329

18,6532,485

22,106167,16640,699

37868,27440,27310,66044,54514,0681,3592,532

40,6567,139

121,3193,741

884,6467,1478,973

85,654

95,3164,806

33,83010,0213,712

8261,349

25,7275,3954,440

3421,7933,075

828,655174,971

9,7674,776

616,495836

3,493671

17,646

139,697

3,77011,0945,1461,0581,848

81,66713,797

8501,135

10911,2347,989

2,835358

519656

1,299

22,64321,136

921586

4,475

1. Reporting banks include all types of depository institutions as well as bank/financialholding companies and brokers and dealers. Effective February 2003, coverage is expanded toinclude claims of brokers and dealers on affiliated foreign offices and cross-border brokeragebalances.

2. For data prior to June 2006, also includes the Bank for International Settlements and theEuropean Central Bank.

3. As of May 2004, the European Union includes Austria, Belgium, Cyprus, the CzechRepublic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy,Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia,Spain, Sweden, and the United Kingdom. Data available beginning in June 2006. As of

January 2007, also includes Bulgaria and Romania.4. Before June 2006, data for the British Virgin Islands were included in "Other

Caribbean.''5. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab

Emirates (Trucial States).6. Comprises Algeria, Gabon, Libya, and Nigeria.7. Includes the International Bank for Reconstruction and Development, as well as

African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organiza-tions. Beginning with data for June 2006, also includes the Bank for InternationalSettlements.

Bank-Reported Data 49

3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Reported by Banks in the United States1



Type of claim

1 Total claims reported by banks

2 Banks' own claims on foreigners3 Foreign official institutions2

5 Other foreigners4

6 Claims on banks' domestic customers5

7 Non-negotiable deposits8 Negotiable CDs9 Other short-term negotiable instruments6 . .

10 Other claims

MEMO11 Non-negotiable deposits7

12 Negotiable CDs7

13 Other short-term negotiable

14 Other claims7

16 Loans collateralized by repurchase

2005

2,344,155

1,864,83472,919

1 391 775400,140

479,321227,685

91,196140,863

19,577

748,3202,414

7,3241,106,7761 304 277

482,090

2006

2,944,476

2 291 34098,010

1 662 805530,525

653,136277,734168,304185,13421,964

923,9586,272

9,2361,351,8741 639 474

664,373

2007

3,547,969

2 791 032108,326

2 067 163615,543

756,937394,043'167,311173,42322,160'

978,1825,830

42,2521,764,7681 928 520

764,821

2008

Apr.

2 980 08692,643

2 234 603652,840

1,076,6572,190

42,5861,858,6532 070 008

814,026

May

2 987 770117,571

2 230 628639,571

1,106,9763,277

40,3211,837,1962 050 758

813,211

June

3,554,284'

2 855 58496,578

2 134 480624,526

698,700'339,572'172,688'171,143

15,297'

1,092,8472,610

39,7731,720,3541 980 944

742,200

July'

2 874 606104,736

2 144 305625,565

1,076,9202,692

45,0961,749,8981,948,816

795,782

Aug.'

2 887 355109,073

2 166 694611,588

1,072,9852,653

38,0851,773,6321,957,281

807,559

Sept.

3,423,529

2 781 644'76,817'

2 115 684'589,143'

641,885308,280171,364146,54515,696

991,5542,256

40,0751,747,759'1,952,210'

748,798

Oct.'

2 690 42358,037

2 087 529544,857

1,021,929616

42,4801,625,3981,866,243

672,962

1. For banks' claims, data are monthly; for claims of banks' domestic customers, data arefor the quarter ending with the month indicated.

Reporting banks include all types of depository institutions as well as banks/financialholding companies and brokers and dealers. Effective February 2003, coverage is expanded toinclude claims of brokers and dealers on affiliated foreign offices and cross-border balances.

2. Prior to February 2003, reflects claims on all foreign public borrowers.3. Includes positions with affiliated banking offices also included in memo line (15) above.4. As of February 2003, includes positions with affiliated non-banking offices also in-

cluded in memo line (15) above.5. Assets held by reporting banks in the accounts of their domestic customers. Effective

March 2003, includes balances in off-shore sweep accounts.

6. Primarily bankers acceptances and commercial paper. Prior to February 2003, alsoincludes negotiable certificates of deposit.

7. Data available beginning February 2003.8. For U.S. banks, includes amounts due from own foreign branches and foreign subsidiar-

ies consolidated in quarterly Consolidated Reports of Condition filed with bank regulatoryagencies. For agencies, branches, and minority-owned subsidiaries of foreign banks, consistsprincipally of amounts due from the head office or parent foreign bank, and from foreignbranches, agencies, or wholly owned subsidiaries of the head office or parent foreign bank.Effective February 2003, includes amounts due from affiliated foreign offices of U.S. brokersand dealers.

9. Data available beginning January 2001.


3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States


Type of liability, and area or countrySept. Sept.p

1 Total

By type2 Financial liabilities3 Short-term negotiable securities'

4 Other liabilities'Of which:

5 Borrowings'6 Repurchase agreements'

By currency7 U.S. dollars8 Foreign currency2

9 Canadian dollars10 Euros11 United Kingdom pounds sterling12 Japanese yen13 All other currencies

By area or country14 Europe15 Belgium-Luxembourg16 France17 Germany18 Netherlands19 Switzerland20 United Kingdom

MEMO:

21 Euro area3

22 Canada

23 Latin America and Caribbean24 Bahamas25 Bermuda26 Brazil27 British West Indies4

28 Cayman Islands29 Mexico30 Venezuela31 Asia32 Japan33 Middle Eastern oil-exporting countries1

34 Africa35 Oil-exporting countries'"

36 All other7

92,009

62,84711,759

n.a.n.a.

29,57533,2722,3999,067

18,3371,5641,905

38,690775

1,3492,911

363514

29,473

8,715208

n.a.7,178

2618

4,7241,648

36

13194

76,710

39,2499,050

24,00315,2462,3544,0523,1692,0183,653

22,697342761

2,533406124

12,712

5,955

2,530

7,6030

99170

n.a.6,446

251

5,3231,383

173

99797

89,217

48,71211,617

10,12018,573

35,03313,6792,8064,6294,0241,393

827

30,184936995

11,1741,183

34614,308

14,659

3,986

12,43500

n.a.12,265

300

1,9241,346

100

310

106,508

52,6496,783

12,21924,908

31,58921,060

1,32811,4144,0442,3971,877

34,443863621

6,264204313

24,956

8,567

2,361

12,64500

15

12,3883514

3,1061,3921,088

270

112,853

55,0514,663

13,53615,048

29,10325,948

83413,0064,0073,3194,782

35,076460

1,4666,164

242289

23,664

9,496

3,232

14,1967

13,9942716

2,4451,676

56

260

103,835'

47,9194,923

14,1307,625

26,47421,445

1,1938,4963,9483,5364,272

28,175467

1,4532,940

256287

20,230

6,369

2,104

15,01700

29n.a.

14,8022818

2,4701,563

53

310

111,287'

46,1757,751

15,0155,027

23,99522,180

8999,9683,9673,8493,497

26,207225

1,5221,843

28590

21,680

1,964

15,1060

5826

n.a.14,833

3616

2,6881,864

123

880

107,533'

39,2856,374

14,0864,614

21,64617,639

8798,8934,3192 3351,213

22,846985485

1,553284

9118,638

3,892

1,391

13,0811

9364

n.a.12,635

7013

1,694810

50

960

103,044

36,0586,163

15,2693,906

23,02113,037

8705,3813,1902,694

902

17,909701590

1,739238112

13,964

3,588

1,311

14,0960

6537

n.a.13,743

7713

2,5781,640

88

1034

Nonbank-Reported Data 51

3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States—Continued


Type of liability, and area or country

38 Trade payables39 Advance payments and other liabilities

By currency40 Payable in U.S. dollars

42 Canadian dollars

44 United Kingdom pounds sterling

46 All other currencies

By area or countryCommercial liabilities

47 Europe

49 France50 Germany

52 Switzerland

MEMO54 Euro area3

55 Canada

56 Latin America and Caribbean

58 Bermuda59 Brazil60 British West Indies4

61 Cayman Islands62 Mexico

64 Asia

66 Middle Eastern oil-exporting countries5

67 Africa

69 All other7

2004

29,16218,18110,981

25,8113,351

2241,058

704296

1,069

9,030123

1,0191,024

305564

3 407

3,730

2,145

4,27632

515113

n.a.101

1,942433

12,2394,2212,910

947424

525

2005

37,46123,05014,411

34,7252,736

171989471308797

10,574109

1,8701,113

4891,1132 882

5,405

2,375

5,74870

713218

n.a.76

2,209680

17,4275,9713,986

916493

421

2006

40,50525,67314,832

37,2983,207

730610470377

1,020

10,962222

1,5671,217

526724

3 046

5,226

3,708

5,75770

777241

n.a.539

2,120353

18,7555,8643,855

849283

474

June

53,85928,23725,622

50,4403,419

707617541381

1,173

14,876209

1,5592,201

7551,3704 313

6,850

4,737

7,817163

1,008360

n.a.647

2,512663

24,0495,6885,803

1,267637

1,113

2007

Sept.

57,80229,32228,480

54,9692,833

666482300354

1,031

15,069220

1,6672,161

9291,2913 928

7,279

4,271

8,546122

1,160425

n.a.728

2,936586

26,8325,4767,324

1,453763

1,631

Dec.

55,916'27,86628,050'

52,687'3,229

969579319372990

15,330'260

1,7122,037

9381,418'3 328

7,677

5,663

8,35889

707911

n.a.1,1672,820

557

23,4105,3257,105

1,458655

1,697

Mar.

65,112'32,27232,840'

61,122'3,9901,756

528294400

1,012

15,641'280

1,7741,284

7511,937'3 730

7,162

5,365

9,671180

1,2641,142n.a.

9973,076

870

30,462'6,1669,945

2,1411 069

1,832

2008

June

68,248'37,77230,476'

65,066'3,182

911731270262

1,008

17,781'377

1,6881,3591,1332,743'4 425

7,114'

5,846

10,767'162

1,0101,049n.a.

8594,130'1 174

30,1875,564

12,254

1,9201 108

1,747

Sept.p

66,98633,41633,570

64,3202,6661,025

370158254859

17,845537

2,0471,317

7302,8713 696

8,344

5,930

8,508108663

1,070n.a.

7472,5541 325

31,3725,8889,982

1,587739

1,744

1. Data available beginning March 2003. For data on borrowings and repurchase agree-ments, data available on a consistently defined basis beginning in June 2006.

2. Foreign currency detail available beginning March 2003.3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,

Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. AlthoughSlovenia joined the euro area January 2007, separate data for Slovenia are not available.

4. Beginning March 2003, data for the Cayman Islands replaced data for the British WestIndies.

5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emir-ates (Trucial States).

6. Comprises Algeria, Gabon, Libya, and Nigeria.7. Includes international and regional organizations.


3.23 CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States


Type of claim, and area or countrySept. Sept.p

1 Total

By type2 Financial claims3 Non-negotiable deposits .4 Negotiable securities

Of which:5 Negotiable CDs'6 Other claims

Of which:7 Loans'8 Repurchase agreements'

By currency9 U.S. dollars

10 Foreign currency2


By area or country16 Europe17 Belgium-Luxembourg .18 France19 Germany20 Netherlands21 Switzerland22 United Kingdom

MEMO:23 Euro area3

24 Canada

2526272829303132

333435

3637

Latin America and CaribbeanBahamasBermudaBrazilBritish West Indies4

Cayman IslandsMexicoVenezuela

AsiaJapanMiddle Eastern oil-exporting countries5

AfricaOil-exporting countries'" . .

143,232

110,51747,270

9,892

10353,355

n.a.n.a.

67,44543,072

1,32920,6519,2197,3454,528

38 All other7

48,7142,1771,4525,3867,389

97823,982

6,412

47,1491,5764,7081,823n.a.

36,1601,738

155

6,840993137

3068

1,096

144,950

111,39450,14913,180

6548,065

75,80235,5929,3489,3087,6353,5375,764

42,7361,7432,7522,7293,0331,152

22,111

16,702

13,372

45,0631,5901,5901,950n.a.

36,3552,019

159

7,223568242

1,29137

126,032

88,64631,909

2,744

1553,993

10,05717,842

66,87121,775

8,4545,8434,014

7462,718

34,070328

1,3108,5062,842

70613,713

14,118

34,8903,9011,2311,982n.a.

25,7281,175

102

3,238882

60

34534

137,231

93,79427,2282,223

2064,343

14,26818,789

66,62527,1693,729

15 3393,850

8683,383

47,6292,9853,5579,0585,138

80618,377

25,150

11,312

28,0362,0861,2691,580n.a.

20,7471,166

158

4,7451,4651,111

36633

144,477

100,78436,820

1,344

1462,620

14,67817,506

65,14635,6384,387

15,4983,6119,1133,029

44,6512,2702,8507,5433,690

82020,467

20,564

11,208

30,8262,4661,3971,463n.a.

23,0351,217

150

11,7381,395

111

36832

136,416'

88,03129,8911,245

3156,895

12,87510,765

66,72621,3054,5838,7173,4611,0593,485

39,4821,3933,8413,2883,005

77719,251

11,203

23,4812,145

5681,658n.a.

16,4921,222

194

11,5331,536

150

42536

138,809'

91,83834,052

1,354

2856,432

13,0838,814

72,08419,7544,6927,7912,981

8863,404

39,4293,8563,5764,1322,142

88216,753

18,374

10,747

35,2311,862

4661,695n.a.

28,0281,232

195

3,8311,352

148

45536

146,367'

95,28743,002

1,387

3750,898

10,911'7,196

75,22820,0594,5128,5353,486

9082,618

43,9312,9512,6566,1243,5921,128

18,675

21,581

11,254

32,5971,602

4951,600n.a.

26,1031,419

170

4,5251,296

166

52055

118,962

72,57223,220

950

4948,402

11,7315,836

52,91119,6615,1226,9673,189

9733,410

34,6783,2521,0692,8622,343

75614,461

16,356

10,992

19,771296710

1,508n.a.

14,6331,267

177

3,6161,097

179

52966

Nonbank-Reported Data 53

3.23 CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Nonbanking Business Enterprises in the United States—Continued


Type of claim, and area or countrySept. Sept.p

39 Commercial claims40 Trade receivables41 Advance payments and other claims

By currency42 Payable in U.S. dollars43 Payable in foreign currencies2


By area or countryCommercial claims

49 Europe50 Belgium-Luxembourg51 France52 Germany53 Netherlands54 Switzerland55 United Kingdom

MEMO

56 Euro area3

57 Canada

58 Latin America and Caribbean59 Bahamas60 Bermuda61 Brazil62 British West Indies4

63 Cayman Islands64 Mexico65 Venezuela66 Asia67 Japan68 Middle Eastern oil-exporting countries5 .

69 Africa70 Oil-exporting countries'"

71 All other7

32.71529,2293,486

27,4395,276

5121,5611,586

2381,379

13,457257

2,2611,401

4941,5283,742

2,017

6,47755

650935

n.a.160

2,018319

8,9431,8551,071

629154

1,192

33,55629,2314,325

29,8983,658

4811,335

706187949

12,084470

2,3111,509

354724

2,677

7,663

2,750

6,75741

6481,022

612,089

380

10,0732,1281,558

830258

37,38632,8024,584

33,1604,226

7401,108

661281

1,436

14,105443

2,1101,642

728718

3,789

3,402

7,14648

503945

n.a.323

2,067379

11,0112,4671,754

43,43736,0017,436

39,6443,793

6581,233

707257938

16,762488

1,9561,780

6651,0875,118

4,109

8,08933

1,267922

n.a.585

1,952451

12,5073,1561,686

982321

43,69336,5207,173

40,1363,557

6371,124

663285848

16,501368

1,9721,713

745948

5,734

8,436

3,595

8,74727

1,528946

4522,196

474

13,0272,9482,114

1,007261

48,38541,792

6,593

43,3445,041

7882,116

749319

1,069

16,667333

2,2201,638

9841,3664,520

5,215

8,84955

1,1361,024n.a.

4952,283

475

15,6873,9822,402

964314

46,97139,5367,435

42,9054,0661,0591,171

631253952

16,800256

1,9701,701

6301,1385,139

4,555

9,17247

1,310971

n.a.335

2,307500

14,3153,8951,922

1,297316

51,08043,7757,305

47,9453,135

3991,311

550156719

18,819309

2,6252,6361,082

9725,501

10,619

4,803

10,88248

1,2981,223

6392,935

501

14,4864,0131,915

1,330341

46,39040,290

6,100

44,5951,795

258540310115572

15,388251

2,2132,333

396836

4,804

8,229

4,384

9,61857

1,1411,124

4602,708

414

14,9694,1342,614

1,216313

1. Data available beginning March 2003. For data on loans and repurchase agreements,data available on a consistently defined basis beginning in June 2006.

2. Foreign currency detail available beginning March 2003.3. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,

Netherlands, Portugal, and Spain. As of December 2001, also includes Greece. AlthoughSlovenia joined the euro area January 2007, separate data for Slovenia are not available.

4. Beginning March 2003, data for the Cayman Islands replaced data for the British WestIndies.

5. Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emir-ates (Trucial States).

6. Comprises Algeria, Gabon, Libya, and Nigeria.7. Includes international and regional organizations.


3.24 FOREIGN TRANSACTIONS IN SECURITIES

Millions of dollars

Transaction, and area or countryJan.-Oct. Apr. May July Aug. Sept.

U.S. corporate securities

STOCKS

1 Foreign purchases

2 Foreign sales

3 Net purchases, or sales (-)

4 Foreign countries5 Of which: by foreign official institutions6 Europe7 Belgium8 France9 Germany

10 Ireland11 Luxembourg12 Netherlands13 Switzerland14 United Kingdom15 Channel Islands and Isle of Man16 Canada17 Latin America18 Caribbean19 Middle East Oil Exporters'20 Other Asia21 China, Mainland22 Hong Kong23 Japan24 Africa25 Other countries

26 International and regional organizations2 . .

U.S. GOVERNMENT AGENCY BONDS

27 Foreign purchases

28 Foreign sales


30 Foreign countries31 Of which: by foreign official institutions . . .32 Europe33 Belgium34 France35 Germany36 Ireland37 Luxembourg38 Netherlands39 Switzerland40 United Kingdom41 Channel Islands and Isle of Man42 Canada43 Latin America44 Caribbean45 Middle East Oil Exporters'46 Other Asia47 China, Mainland48 Hong Kong49 Japan50 Africa51 Other countries


CORPORATE BONDS3

6,718,156

150,3715,766

97,0661,625

21,735-8,040-1,78811,608

-5,3631,180

75,764102

11,8182,166

35,0687,974

-4,490471

-463-669

89680

44

1,572,1601,285,696

286,464

286,22892,632

86,320-274-2614,4714,1335,028-655-186

51,0721,5289,507

13,97139,7417,037

128,75037,40131,65944,761

-1981,100

236


54 Foreign sales


56 Foreign countries57 Of which: by foreign official institutions .58 Europe59 Belgium60 France61 Germany62 Ireland63 Luxembourg64 Netherlands65 Switzerland66 United Kingdom67 Channel Islands and Isle of Man68 Canada69 Latin America70 Caribbean71 Middle East Oil Exporters'72 Other Asia73 China, Mainland74 Hong Kong75 Japan76 Africa77 Other countries

78 International and regional organizations3

1,678,4641,167,658

509,78328,556

316,130-2,09722,144

-11,83113,9373,3653,1979,739

253,76210,3888,052

10,02991,3094,666

72,28231,15814,81012,646-1887,503

1,023

10,443,794

195,522

195,56215,107

89,259-1,16819,521

60028

-7,1436,887

-2,97769,473

8778,086

78048,59012,24031,734

3,99335,434-4,973

-3005,173

-40

2,050,4511,824,365

226,086

225,707119,057

82,025-1,808

4,293290

1,115-8,520

-585-1,90660,3064,8233,2326,376

-7,9298,353

132,58673,73330,72214,061

381,026

379

1,913,3071,519,952

393,355

392,10850,566

207,482-7,413

4,2615,4198,658

-14,650-6523,581

208,956-6,71712,2745,097

41,6943,803

116,18741,67512,78039,565

-1695,740

1,247

10.776.03C

30,87219,094

-2,232-1,077-7,974

-19,184358

-6,971-8623,377

16,769397

6,6223,764

-24,3827,139

43,932-961

26,71213,308

-4,597626

29

2,335,3782,293,883

41,495

42,079-7,030

66,787-1,275

3,673-3,080

-558-22,120

-974-790

95,574-1,497

6,1926,961

-69,474-13,834

46,14222,90623,36813,782

-1,350655

-584

1,246,0781,177,408

68,81132,348

-17,004-9,679-3,527

5,350-11,095-7,707-1,099

607607

-12,3355,5971,916

15,8604,521

58,31627,910

5,12222,988

-190-205

-141

958,436970,005

-11,569436

-11354

-7,604-5,545

437-2363,572

3366,538

-351,370

105-14,716

952,887-1861,9651,131

-1,717520

0

259,359244,088

15,271

15,25611,012

10,954-52135294

-379-3,584

-365-154

14,168-12

1,2103,660

-19,896-2,10020,79111,8915,3322,605

149488

15

164,754139,751

24,8877,513

6,762- 8

-367246880

1,219- 3 8306

5,435-734

58026

7,306551

9,7756,947

7471,107

19-132

116

997,461981,481

15,980

15,97636

4,045308

2,437-8,451

744- 6 0

-403804

3,94646

1,571394

2,601489

6,167130

7,670- 3 3- 3 2741

255,882227,727

28,155

28,27511,036

11,893-130-677

343-605

-4,615110

-15818,424

- 7 02,5851,468

-9,626-1,34423,51914,8594,3534,474

- 4 4-176

-120

189,665129,823

59,842

59,7659,088

16,149-926

210289444

-1,366681678

21,155-4,757

1,511262

23,141654

17,0789,2381,6424,640

- 2 0990

77

1,066,1251,067,942

-1,817

-1,820527

560-401

-1,711-2,182

-362-69

-5231,1483,073

2241,088

437-9,763

-403,979-2132,721

8171,471

448

3

227,298195,834

31,464

31,4159,142

4,190- 5 8

1,995-1,273

53-3,945

88407

6,713-20208

-28911,884-480

15,9999,6414,567

770-181

84

49

124,990120,305

4,685

4,7374,102

-2,745-1,430

- 86,549

-1,041-1,702

- 9-264

-3,132-1,748

1,130-470

-2,6761,2588,2283,817

6403,648

1,273,5581,279,336

-5,7831,069

5,328-62

3,806-128

182-927-859-3132,590-185

-1,698970

-4,844187

-4,995-736-127

920-814

83

173,505213,612

-40,107

-40,049-16,160

-8,58052

-1,817726

-754-3,427

-125-118

-1,517-67156

-2,800-12,044

-3,371-12,410

-3,3671,187

-5,518-412-588

-58

97,810101,948

-4,128172

-4,567-130-353-120

-2,532-648-106

-6249

- 8 416

-3,203786

4,3781,567

6563,573

- 4 8-1,469

-10

905,531906,513

-987-1,415

5,19768

-1,1611,533

210-317

-1,403-1,388

5,241652

1,836689

-5,212-396

-1,818-37592132

-920-363

155,794179,983'

-24,189'

-24,391'-13,146

-4,827'41

204-1,221'

-909 '-3,444'

210'- 5 8 '

2,707'17'

-1,654'25

-2,131'-3,037'

-11,901'-7,154'

138'-2,913'

-555 '-311 '

202

80,58793,717

-13,077-510

-11,574-1,361-1,003

-778-1,774-2,863

-349343

-2,634-520

236254

-3,721628

1,177-778

1991,711-116

39

-53

1,168,9131,157,394

11,52148

-2,949-489

-6,787-703-561

-1,365-856-6739,715

745697656

13,656-155-242

491,803

720-85-57

- 2

190,743184,572

6,171

6,504-8,677

227-76

-2,102-1,159

-859-1,280

239176

4,695- 7

-5753,244

15,664-1,490

-10,628-7,730

-195-1,281

60

93,860'102,298'

-8,367'-1,150

-4,382'-495-188-832

-2,268-1,621

-385-4552,903'-654

7727

-43392

-3,645-2,599

-347-529

-90- 1 3

-71

1,018,2291,024,350

-6,121

-6,120-135

-15,788-46

-2,681-2,113

-244-975

-1,586179

-6,673-728

- 7 3-1,181

4,760- 6 8

7,37513

2,2554,617

80-1,225

- 1

201,719251,935

-50,216

-50,169-16,747

-11,537-70

-1,420396

-775-361

39-364

-5,756-134-126

614-22,466

-552-15,902-4,863

-155-2,136

100-300

-47

90,843103,947

-13,104

-13,096739

-7,755-1,714

-583-506

-2,680-901

27- 1 8-56

-639750

-165-4,525

-104-1,376

1,491-185-390

98-19

3.24 FOREIGN TRANSACTIONS IN SECURITIES—ContinuedMillions of dollars

Securities Holdings and Transactions 55

Transaction, and area or country

79 Stocks, net purchases or sales (-)4


82 Bonds, net purchases or sales (-)4


85 Net purchases, or sales (-) of stocks and bonds4

86 Foreign countries87 Europe

89 United Kingdom

91 Latin America

93 Asia

95 Africa

97 Nonmonetary international andregional organizations2

2006 2007

2008

Jan.-Oct.

2008

Apr. May June July Aug. Sept. Oct.'

Foreign securities

-106,4553,636,1853 742 640

-144,452

1,879,7132 024 165

-250,907

-256,016-220,413-54,927

-157,698-18,153-12,714

25,656-18,652

2,159-2,252-9,488

5,109

-95,2985,215,7655 311 063

-129,015

2,971,8033,100,818

-224,313

-240,242-218,683-62,543

-154,906-10,935

-7,948-18,442

27,0664,0321,112

-12,412

15,929

-1,2254,884,9404 886 165

72,126

2,037,2571,965,131

70,901

61,45738,95722,522-7,202-5,10817,608

-38,10767,55011,8301,264

-20,707

9,444

-245505.496505,741

10,728

193,225182,497

10,483

8,529-5,690-3,927-6,145-2,397

2,8994,420

10,532-1,188

-217-1,018

1,954

-18,106494,660512,766

-8,303

182,056190,359

-26,409

-26,401-18,064-1,544

-19,134-6,351-5,117-2,136

7,7265,233-591

-1,868

-8

1,562499,993498,431

-11,517

188,259199,776

-9,955

-9,858812

-1,739-856

-2,2163,603

-7,2963,663

-1,658- 2 2

-8,402

-97

16,894560,901544,007

17,278

158,503141,225

34,172

34,15812,10317,610

-2,4701,444

4772,253

16,7548,144

296831

14

2,851428,218425,367

17,366'

157,238139,872'

20,217'

17,750'23,181'8,768'

11,140'1,734

-1,133-13,624

5,977'591601

1,014

2,467

-2,445482,941485,386

37,810

227,068189,258

35,365

34,41533,67314,3258,6552,3171,019

-8,6252,861

-1,116185

2,985

950

21,795458,842437,047

14,513

177,088162,575

36,308

35,93024,674

-21019,993

-1,6773,832

4076,114

-1,185697

1,883

378

1. Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar,Saudi Arabia, and United Arab Emirates (Trucial States).

2. Includes the International Bank for Reconstruction and Development, as well asAfrican, Asian, Caribbean, European, Latin American, and Middle Eastern regional organiza-tions. Beginning with data for June 2006, also includes the Bank for International Settle-ments.

3. Includes state and local securities. Also includes issues of new debt securities soldabroad by U.S. corporations organized to finance direct investment abroad.

4. Net foreign sales (-) of foreign securities are equivalent to net U.S. purchases of foreignsecurities.

5. Comprises Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg,Netherlands, Portugal, and Spain. As of December 2001, also includes Greece.

3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES Foreign Transactions1

Millions of dollars; net purchases, or sales (—), during period

Area or countryJan.-Oct. Apr. July Aug.' Sept.

1 Total reported

2 Foreign countries3 Of which: by foreign official institutions . . .

4 Europe5 Belgium6 France7 Germany8 Ireland9 Luxembourg

10 Netherlands11 Norway12 Sweden13 Switzerland14 United Kingdom15 Channel Islands and Isle of Man16 Other Europe and former U.S.S.R17 Canada

18 Latin America19 Brazil20 Mexico21 Venezuela22 All other Latin America

23 Caribbean

24 Asia25 China, Mainland26 Hong Kong27 Japan28 Korea29 Middle East Oil Exporters2

30 All other Asia

31 Africa

32 African oil exporters3

33 Other countries


195,536

194.71469,639

98,982357

-1,6002,116

-1,325-1,293

6845,063

702-2,89891,782

-2965,690

14,161

21,83823,100

-322242

-1,182

-9,838

68,69440,63316,257

1,3126,1684,548-224

3,5152,400

-2,638

822

201,9882,994

178,485-3,100-7,827-3,358

1,734- 2 8

1,471-27,339

2,176-2,560

208,792-9749,498

-1,936

86,16077,066

1,735-1967,555

2,380

-67,850-7,968

2,056-47,384-17,874

1,8051,515

6,1274,568

-1,378

-1,048

340,21598,973

192,376-1,592

-11,920640

-12,944-775

-4,29325,945-2,276

-470190,455

1,0288,577

-1,658

5,3032,605

-3,704-3916,793

27,512

111,16090,49111,63115,462

-6,37717,738

-17,785

8,2819,527

-2,759

-299

76,958

76,94422,298

51,683- 5 6

-2,8202,539-327

435677770- 2 6986

46,640-1232,9884,514

-602597

-2,07524

852

5,485

15,01112,8492,705

-3,791-3901,4682,170

591448

262

14

5,673

5,726-3,724

17,160-289

-6,3151,675

-5,216-225

4111,754

72-725

24,047- 3 3

2,0034,727

3,683819

1,401119

1,344

-13,296

-10,66211,692

-92-13,432-1,735

817-7,912

4,6625,297

-548

- 5 3

27,9921,105

3,966-1201,038

-3,945-1,784

-139-607

-3,636-8122,4039,790-1661,945

-2,571

4,5661,1662,541- 1 6875

20,878

467-302-9154,520

-1,9011,697

-2,632

988

1,745

- 3 0 2

334

34,65810,068

7,487-1461,377- 7 4

-1,677374

-210-1,476

- 5 4-7149,230

198660

69

-5,921-2,751-4,350

-1871,367

3,910

27,44613,665-485

11,962-1,111

8032,612

1,736865

-69

-368

32,837

33,0404,848

16,842-1924,326

251297

-752-1,066

-577374

-1,01815,558

136-494

787

-5,719-2,772-2,098

15-864

12,273

9,12918,262

446-10,263

2,4931,353

-3,162

4391,271

- 7 1 1

- 2 0 3

20,737

20,4614,944

29,080-116

-1,602-581-301-268

-1,98310,992

-1,095232

29,57672

-5,846-7,447

-3,280-4,705

- 9 327

1,491

10,470

-5,7714,171

968-7,889-1,684

6,765-8,102

-3,097-1,951

506

276

34,665

35,185-1,084

11,758- 6 5

1,305237

-1,685168

-686-1,689

81216,380

172-2,970-4,161

-9,847-8,093-2,028

- 6 8342

11,601

26,4349,9812,294

12,940-4,114

4,0681,265

5661,842

-1,166

-520

1. Official and private transactions in marketable U.S. Treasury securities having anoriginal maturity of more than one year. Data are based on monthly transactions reports.Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreigncountries.

2. Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United ArabEmirates (Trucial States).

3. Comprises Algeria, Gabon, Libya, and Nigeria.4. Includes the International Bank for Reconstruction and Development, as well as

African, Asian, Caribbean, European, Latin American, and Middle Eastern regional organiza-tions. Beginning with data for June 2006, also includes the Bank for International Settle-ments.


3.28 FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE VALUE OF THE U.S. DOLLAR1

Currency units per U.S. dollar except as noted

2008

May July Aug. Sept.

Exchange rates

COUNTRY/CURRENCY UNIT

1 Australia/dollar2

2 Brazil/real3 Canada/dollar4 China, P.R./yuan5 Denmark/krone6 European Monetary Union/euro3 . .7 Hong Kong/dollar8 India/rupee9 Japan/yen

10 Malaysia/ringgit11 Mexico/peso12 New Zealand/dollar2

13 Norway/krone14 Singapore/dollar15 South Africa/rand16 South Korea/won17 Sri Lanka/rupee18 Sweden/krona19 Switzerland/franc20 Taiwan/dollar21 Thailand/baht22 United Kingdom/pound2

23 Venezuela/bolivar

NOMINAL

24 Broad (January 1997=100)s

25 Major currencies (March 1973=100)''26 Other important trading partners (January

1997=100)7

REAL

27 Broad (March 1973=100)s

28 Major currencies (March 1973=100)s

29 Other important trading partners (March1973=100)7

0.76272.43521.21158.19365.99531.24497.7775

44.00110.11

3.786910.8940.70496.44121.66396.3606

1,023.75100.383

7.47101.2459

32.13140.252

1.82042.11

110.7183.71

97.9890.63

0.75352.17381.13407.97235.94221.25637.7681

45.19116.31

3.666110.9060.64926.40951.58826.7668

954.32103.940

7.37181.2532

32.50737.8761.84342.14

0.83911.94611.07347.60585.44131.37117.8016

41.18117.76

3.435410.9280.73655.85571.50657.0477

928.97110.620

6.75501.1999

32.85532.2032.00202.14

0.94921.65850.99936.97254.79631.55547.7988

42.00104.36

3.212710.4380.77775.05711.36597.6076

1,034.13107.771

5.98871.0448

30.58932.026

1.96502.14

0.95111.61791.01666.89934.79261.55627.8073

42.76106.92

3.256810.3270.76165.13511.36797.9367

1,031.49107.763

6.02491.0371

30.37133.175

1.96642.14

0.96201.59001.01306.83554.73351.57597.8001

42.70106.85

3.247610.2090.75465.10581.35917.6114

1,015.05107.609

6.00151.0283

30.41433.471

1.98882.14

0.88151.61271.05356.84624.98941.49557.8076

42.91109.36

3.330010.1150.70915.33311.40527.6651

1,046.11107.718

6.28451.0841

31.22133.8201.88652.14

0.81681.80311.05826.83075.20201.43427.7854

45.53106.57

3.440510.6630.67395.69581.42978.0753

1,134.87107.823

6.68161.1102

31.99234.2381.79732.14

108.5282.46

96.8790.55

103.4077.84

92.28'86.40'

95.8370.75

85.94'79.99'

96.0971.42

86.55'81.06'

95.4070.91

85.98'80.66'

97.9374.09

87.88'83.87'

100.3075.51

89.73'85.26'

0.68702.18101.18476.83585.62531.32667.7588

48.6299.973.5222

12.6590.60776.49731.47849.7800

1,329.19108.166

7.44351.1429

32.70334.4211.68622.14

106.9580.42

94.5790.07

1. Averages of certified noon buying rates in New York for cable transfers. Data in thistable also appear in the Board's G.5 (405) monthly statistical release, available atwww.federalreserve.gov/releases.

2. U.S. dollars per currency unit.3. The euro is reported in place of the individual euro area currencies. By convention, the

rate is reported in U.S. dollars per euro.4. Starting with the January 2004 Statistical Supplement to the Federal Reserve Bulletin,

revised index values resulting from the periodic revision of data that underlie the calculatedtrade weights are reported. For more information on the indexes of the foreign exchange valueof the dollar, see Federal Reserve Bulletin, vol. 91 (Winter 2005), pp. 1-8.

5. Weighted average of the foreign exchange value of the U.S. dollar against the currenciesof a broad group of U.S. trading partners. The weight for each currency is computed as anaverage of U.S. bilateral import shares from and export shares to the issuing country and of a

measure of the importance to U.S. exporters of that country's trade in third country markets.The source for exchange rates not listed in the table above but used in the calculation of thisindex is Bloomberg LLP.

6. Weighted average of the foreign exchange value of the U.S. dollar against a subset ofbroad index currencies that circulate widely outside the country of issue. The weight for eachcurrency is its broad index weight scaled so that the weights of the subset of currencies in theindex sum to one.

7. Weighted average of the foreign exchange value of the U.S. dollar against a subset ofbroad index currencies that do not circulate widely outside the country of issue. The weightfor each currency is its broad index weight scaled so that the weights of the subset ofcurrencies in the index sum to one. The source for exchange rates not listed in the table abovebut used in the calculation of this index is Bloomberg LLP.

Guide to Special Tables

57

SPECIAL TABLES—Data Published Irregularly, with Latest Bulletin or Supplement Reference

Title, Table Number, and Reporting Date for Data Issue Page Reference

Assets and liabilities of commercial banks, 4.20December 31,2007 March 2008 58 SupplementMarch 31,2008 June 2008 58 SupplementJune 30, 2008 September 2008 58 SupplementSeptember 30, 2008 December 2008 58 Supplement

Terms of lending at commercial banks, 4.23November 2007 February 2008 58 SupplementFebruary 2008 May 2008 58 SupplementMay 2008 August 2008 58 SupplementAugust 2008 November 2008 58 Supplement

Assets and liabilities of U.S. branches and agencies of foreign banks, 4.30September 30,2007 February 2008 64 SupplementDecember 31,2007 May 2008 64 SupplementMarch 31,2008 August 2008 64 SupplementJune 30, 2008 November 2008 64 Supplement

Pro forma financial statements for Federal Reserve priced services, 4.31*March 31,2001 August 2001 A76 BulletinJune 30, 2001 October 2001 A64 BulletinSeptember 30, 2001 January 2002 A64 Bulletin

Residential lending reported under the Home Mortgage Disclosure Act, 4.34-4.4111989-2001 September 2002 A58 Bulletin1990-2002 September 2003 A58 Bulletin1991-2003 September 2004 58 Supplement

Disposition of applications for private mortgage insurance, 4.42-4.451998-2001 September 2002 A67 Bulletin1999-2002 September 2003 A67 Bulletin2000-2003 September 2004 67 Supplement

Small loans to businesses and farms, 4.46-4.481997-2003 September 2004 70 Supplement1998-2004 September 2005 60 Supplement1999-2005 September 2006 60 Supplement2000-2006 September 2007 60 Supplement2001-2007 September 2008 60 Supplement

Community development lending reported under the Community Reinvestment Act, 4.492003 September 2004 73 Supplement2004 September 2005 63 Supplement2005 September 2006 63 Supplement2006 September 2007 63 Supplement2007 September 2008 63 Supplement

*The pro forma financial statements for Federal Reserve priced services are no longer published in the Bulletin after the January 2002 issue.The statements are in the Board's yearly Annual Report to the Congress (www.federalreserve.gov/boarddocs/rptcongress).


4.20 DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities

Consolidated Report of Condition, September 30, 2008


Domestictotal

Banks with foreign offices'Banks withdomestic

offices only2

1 Total assets

2 Cash and balances due from depository institutions3 Cash items in process of collection, unposted debits, and currency and coin4 Cash items in process of collection and unposted debits5 Currency and coin6 Balances due from depository institutions in the United States7 Balances due from banks in foreign countries and foreign central banks8 Balances due from Federal Reserve Banks

9 Total securities, held-to-maturity (amortized cost) and avail able-for-sale (fair value)10 U.S. Treasury securities11 U.S. government agency and corporation obligations (excludes mortgage-backed

securities)12 Issued by U.S. government agencies13 Issued by U.S. government-sponsored agencies14 Securities issued by states and political subdivisions in the United States15 Mortgage-backed securities (MBS)16 Pass-through securities17 Guaranteed by GNMA18 Issued by FNMA and FHLMC19 Other pass-through securities20 Other mortgage-backed securities (includes CMOs, REMICs, and stripped MBS)21 Issued or guaranteed by FNMA, FHLMC or GNMA22 Collateralized by MBS issued or guaranteed by FNMA, FHLMC, or GNMA23 All other mortgage-backed securities24 Asset-backed securities25 Credit card receivables26 Home equity lines27 Automobile loans28 Other consumer loans29 Commercial and industrial loans30 Other31 Other debt securities32 Other domestic debt securities33 Foreign debt securities34 Investments in mutual funds and other equity securities with readily determinable

fair value

35 Federal funds sold and securities purchased under agreements to resell36 Federal funds sold in domestic offices37 Securities purchased under agreements to resell

38 Total loans and leases (gross) and lease-financing receivables (net)39 LESS: Unearned income on loans40 LESS: Loans and leases held for sale41 Total loans and leases (net of unearned income)42 LESS: Allowance for loan and lease losses43 Loans and leases, net of unearned income and allowance

Total loans and leases, gross, by category44 Loans secured by real estate45 Construction and land development46 Farmland47 One- to four-family residential properties48 Revolving, open-end loans, extended under lines of credit

Closed-end loans secured by one- to four-family residential properties49 Secured by first liens50 Secured by junior liens51 Multifamily (five or more) residential properties52 Nonfarm n on residential properties53 Loans to depository institutions and acceptances of other banks54 Commercial banks in the United States55 Other depository institutions in the United States56 Banks in foreign countries57 Loans to finance agricultural production and other loans to farmers58 Commercial and industrial loans59 U.S. addressees (domicile)60 Non-U.S. addressees (domicile)61 Loans to individuals for household, family, and other personal expenditures (includes

purchased paper)62 Credit cards63 Other revolving credit plans64 Other consumer loans (including single-payment, installment, and all student loans)65 Obligations (other than securities) of states and political subdivisions in the United States

(includes nonrated industrial development obligations)66 All other loans67 Loans to foreign governments and official institutions68 Other loans69 Loans for purchasing and carrying securities70 All other loans (excludes consumer loans)71 Lease-financing receivables

72 Trading assets73 Premises and fixed assets (including capitalized leases)74 Other real estate owned75 Investments in un con soli dated subsidiaries and associated companies76 Net due from own foreign offices, Edge Act and agreement subsidiaries, and IBFs77 Intangible assets78 Goodwill79 Other intangible assets80 All other assets

11,942^57

689,458

1,701,78534,967

145,1006,058

139,042136,348

1,029,014662,22567,862

580,87013,493

366,788142,45912,464

211,865210,11832,713

9,93812,01814,64615,665

124,180128,75932,95495,806

17,479

717,725219,999497,726

6,875,9902,645

141,0926,732,253

135,6446,596,609

3,820,356n.a.n.a.n.a.n.a.

n.a.n.a.n.a.n.a.135,613n.a.n.a.n.a.59,116

1,423,353n.a.n.a.

986,454371,15268,247

547,054

52,457275,371

1,914273,457n.a.n.a.123,271

898,214106,11118,92320,541n.a.

451,593332,538119,055600,304

10^99,782

449,782nnnnnn

nn

nnn

.a.

.a.

.a.

.a.

.a.

.a.

.a.

.a.

.a.

.a.

.a.

545,700219,999325,701

6,359,9712,341

3,752,914547,28561,581

2,075,484576,062

1,307,073192,348148,935919,629102,459

58,3441,220,342

849,997305,77356,741

487,484

52,453209,984

542209,442

9,207,521

600,657133,323n.a.n.a.69,315

231,948166,071

1,273,22525,931

38,5002,717

35,78257,700

830,164533,433

52,791468,064

12,578296,731

89,58511,366

195,780205,085

30,5759,708

11,80114,46115,225

123,316106,13020,24685,884

9,716

634,136172,487461,650

4,938,2161,608

107,1534,829,455

105,6644,723,790

114,85147,05110,28157,51914,519

1,110,010898,355211,656

817,846311,38863,822

442,636

40,889256,920

1,897255,023

108,971

863,53761,33910,28320,058n.a.

405,086299,349105,737508,256

7,664,946

360,981128,21995,25332,96654,79811,899

166,065

n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

462,112172,487289,625

4,422,1971,304

n.a.n.a.n.a.n.a.

2,406,767273,914

10,6941,587,041

492,545

940,434154,06196,070

439,04981,69746,51510,27824,90413,747

907,000887,212

19,787

681,389246,00852,315

383,066

40,885191,533

525191,00838,260

152,74899,180

n.a.n.a.n.a.n.a.20,329n.a.n.a.n.a.n.a.

2,734,835

88,801

428,5609,036

106,6003,341

103,26078,648

198,850128,792

15,071112,806

91570,05752,875

1,09816,0855,0332,139

229217185440864

22,63012,7089,922

7,762

83,58947,51336,076

1,937,7741,037

33,9391,902,799

29,9801,872,819

1,346,146273,371

50,887488,443

83,517

366,63938,28752,865

480,58020,762

44,597313,342

168,60859,7654,426

104,418

11,56818,451

1718,434

14,299

34,67844,771

8,640483

n.a.46,50733,18913,31892,049

Special Tables 59

4.20 DOMESTIC AND FOREIGN OFFICES Insured Commercial Bank Assets and Liabilities—Continued

Consolidated Report of Condition, September 30, 2008


Domestictotal

Banks with foreign offices'Banks withdomestic

offices only2

81 Total liabilities, minority interest, and equity capital


83 Total deposits84 Individuals, partnerships, and corporations (include all certified and official checks) . . . .85 U.S. government86 States and political subdivisions in the United States87 Commercial banks and other depository institutions in the United States88 Banks in foreign countries89 Foreign governments and official institutions (including

foreign central banks)

90 Total transaction accounts91 Individuals, partnerships, and corporations (include all certified and official checks) . .92 U.S. government93 States and political subdivisions in the United States94 Commercial banks and other depository institutions in the United States95 Banks in foreign countries96 Foreign governments and official institutions (including foreign central banks) . . . .

97 Total demand deposits

98 Total nontransaction accounts99 Individuals, partnerships, and corporations (include all certified and official checks) . .

100 U.S. government101 States and political subdivisions in the United States102 Commercial banks and other depository institutions in the United States103 Banks in foreign countries104 Foreign governments and official institutions (including foreign central banks)

105 Federal funds purchased and securities sold under agreements to repurchase106 Federal funds purchased in domestic offices107 Securities sold under agreements to repurchase108 Trading liabilities109 Other borrowed money (includes mortgage indebtedness and obligations under capitalized

leases)110 Subordinated notes and debentures to deposits111 Net due to own foreign offices, Edge Act and agreement subsidiaries, and IBFs112 All other liabilities113 Minority interest in consolidated subsidiaries

114 Total equity capital

MEMO115 Trading assets at large banks2

116 U.S. Treasury securities (domestic offices)117 U.S. government agency obligations (excluding MBS)118 Securities issued by states and political subdivisions in the United States119 Mortgage-backed securities120 Other debt securities121 Other trading assets122 Trading assets in foreign offices123 Revaluation gains on interest rate, foreign exchange rate, and other

commodity and equity contracts124 Total individual retirement (IRA) and Keogh plan accounts125 Total brokered deposits126 Fully insured brokered deposits127 Issued in denominations of less than $100,000128 Issued in denominations of $100,000, or in denominations greater than $100,000 and

participated out by the broker in shares of $100,000 or less129 Money market deposit accounts (MMDAs)130 Other savings deposits (excluding MMDAs)131 Total time deposits of less than $100,000132 Total time deposits of $100,000 or more

133 Number of banks

11,942,357

10,770,631

7.711.5976,961,043

n .a.n .a.149.428176.866

n.a.

9,228,560

6.206.8665,773,293

5,180318,05982,32522.710

n .a.n .a.n .a.n .a.

n .a.n .a.n .a.n .a.n .a.n .a.n .a.

855,954298,839557,114356,666

1,328,263173,781n .a.344,371

15,744

1,155,982

5,300

722,104607,499

2,33069,81333,313

8,357792

540,862

5,484,7625,165,794

2,850248,24649,01214,3524,507

694,929298,839396,090

848,183n .a.n .a.n .a.n .a.n .a.n .a.273,930

313,228n .a.n .a.n .a.n .a.

n .a.n .a.n .a.n .a.n .a.

454,18436,958

8,01927,42679,43680,76828,418

0

193,159229,487526,129384,024329,715

54,3082,471,453

706,6061,179,2001,127,502

9,207,521

8,325,182

5,720,6245,135,445

n .a.n .a.

119,971176,695

100,407

n .a.n .a.n .a.

711,307215,581495,726356,127

1,061,882165,577n .a.

309,66614,628

867,711

6,783,111

4,215,8933,947,695

4,338183,16152,86822,539

5,292

449,553373,120

1,98836,60228,781

8,274788

374,609

3,766,3403,574,575

2,350146,55924,08814,2654,504

550,282215,581334,702n .a.

940,557n .a.

532,970n .a.n .a.

n .a.

2,445,449

1,990,9731,825,598

843134,89829,457

171

272,551234,379

34233,2114,532

83

166,253

1,718,4221,591,219

500101,68624,925

144,64783,25961,388

539

266,3808,204

n.a.34,705

1,115

288,271

419,57436,863

6,85527,34075,42555,54125,629

0

191,920125,144255,915154,082135,865

18,2171,895,188

463,123625,075782,954

34,61095

1,16485

4,01125,2272,789

0

1,239104,343270,214229,941193,850

36,091576,266243,482554,125344,549

7,003

NOTE. The notation "n.a." indicates the lesser detail available from banks that do not haveforeign offices, the inapplicability of certain items to banks that have only domestic offices, orthe absence of detail on a fully consolidated basis for banks that have foreign offices.

1. All transactions between domestic and foreign offices of a bank are reported in "net duefrom" and "net due to" lines. All other lines represent transactions with parties other than thedomestic and foreign offices of each bank. Because these intra-office transactions are nullifiedby consolidation, total assets and total liabilities for the entire bank may not equal the sum ofassets and liabilities, respectively, of the domestic and foreign offices.

Foreign offices include branches in foreign countries, Puerto Rico, and U.S.-affiliatedinsular areas; subsidiaries in foreign countries; all offices of Edge Act and agreementcorporations wherever located; and international banking facility (IBF).

2. Components of "Trading Assets at Large Banks" are reported only by banks thatreported trading assets of $2 million or more any quarter of the preceding calendar year.

60

Index to Statistical Tables

ACCEPTANCES, bankers (See Bankers acceptances)Assets and liabilities (See also Foreigners)

Commercial banks, 15-21, 58-59Domestic finance companies, 30, 31Federal Reserve Banks, 10Foreign-related institutions, 20

AutomobilesConsumer credit, 34Production, 42, 43

BANKERS acceptances, 5, 10Bankers balances, 15-21 (See also Foreigners)

Bonds (See also U.S. government securities)New issues, 29Rates, 23

Business loans (See Commercial and industrial loans)

CAPACITY utilization, 40, 41Capital accounts

Commercial banks, 15-21, 58-59Federal Reserve Banks, 10

Certificates of deposit, 23Commercial and industrial loans

Commercial banks, 15-21, 58-59Weekly reporting by banks, 17, 18

Commercial banksAssets and liabilities, 15-21, 58-59Commercial and industrial loans, 15-21, 58-59Consumer loans held, by type and terms, 34Real estate mortgages held, by holder and property, 33Time and savings deposits, 4

Commercial paper, 22, 23, 30Condition statements (See Assets and liabilities)Consumer credit, 34Corporations

Security issues, 29, 55Credit unions, 34Currency in circulation, 5, 13Customer credit, stock market, 24

DEBT (See securities and U.S. government securities)Demand deposits, 15-21Depository institutions

Reserve requirements, 8Reserves and related items, 4—6, 12

DepositsCommercial banks, 4, 15-21, 58-59Federal Reserve Banks, 5, 10

Discount rates at Reserve Banks and at foreign central banks andforeign countries (See Interest rates)

Discounts and advances by Reserve Banks (See Loans)

EXCHANGE rates, foreign, 56

FARM mortgage loans, 33Federal agency obligations, 5, 9-11, 26, 27Federal credit agencies, 28Federal finance

Debt subject to statutory limitation, and types and ownership ofgross debt, 25

Federal Financing Bank, 28Federal funds, 23Federal Home Loan Banks, 28Federal Home Loan Mortgage Corporation, 28, 32, 33Federal Housing Administration, 28, 32, 33Federal Land Banks, 33Federal National Mortgage Association, 28, 32, 33Federal Reserve Banks

Condition statement, 10

Discount rates (See Interest rates)U.S. government securities held, 5, 10, 11, 25

Federal Reserve credit, 5, 6, 10, 12Federal Reserve notes, 10Federally sponsored credit agencies, 28Finance companies

Assets and liabilities, 30Business credit, 31Loans, 34Paper, 22, 23

Float, 5Flow of funds, 35-39Foreign currency operations, 10Foreign deposits in U.S. banks, 5Foreign exchange rates, 56Foreign-related institutions, 20Foreigners

Claims on, 45, 48^19, 52-53Liabilities to, 45^17, 50-51, 54, 55

GOLDCertificate account, 10Stock, 5, 45

Government National Mortgage Association, 28, 32, 33

INDUSTRIAL production, 42, 43Insurance companies, 25, 33Interest rates

Bonds, 23Consumer credit, 34Federal Reserve Banks, 7Money and capital markets, 23Mortgages, 32Prime rate, 22

International capital transactions of United States, 44-55International organizations, 45, 46^17, 48, 50-55Investment companies, issues and assets, 30Investments

Commercial banks, 4, 15-21Federal Reserve Banks, 10, 11Financial institutions, 33

LIFE insurance companies (See Insurance companies)Loans

Commercial banks, 15-21, 58-59Federal Reserve Banks, 5-7, 10, 11Financial institutions, 33Insured or guaranteed by United States, 32, 33

MANUFACTURINGCapacity utilization, 40, 41Production, 42, 43

Margin requirements, 24Member banks, reserve requirements, 8Mining production, 43Monetary and credit aggregates, 4, 12Money and capital market rates, 23Money stock measures and components, 4, 13Mortgages (See Real estate loans)Mutual funds, 13, 30Mutual savings banks (See Thrift institutions)

OPEN market transactions, 9

Index to Statistical Tables 61

PRICESStock market, 24

Prime rate, 22Production, 42, 43

REAL estate loansBanks, 15-21, 33Terms, yields, and activity, 32Type and holder and property mortgaged, 33

Reserve requirements, 8Reserves

Commercial banks, 15-21Depository institutions, 4—6Federal Reserve Banks, 10U.S. reserve assets, 45

Residential mortgage loans, 32, 33Retail credit, 34

SAVINGFlow of funds, 33, 34, 35-39

Savings deposits (See Time and savings deposits)Savings institutions, 33, 34, 35-39Securities (See also U.S. government securities)

Federal and federally sponsored credit agencies, 28Foreign transactions, 54New issues, 29Prices, 24

Special drawing rights, 5, 10, 44State and local governments

Holdings of U.S. government securities, 25New security issues, 29Rates on securities, 23

Stock market, selected statistics, 24Stocks (See also Securities)

New issues, 29Prices, 24

Student Loan Marketing Association, 28

THRIFT institutions, 4 (See also Credit unions and Savingsinstitutions)

Time and savings deposits, 4, 13, 15-21, 58-59Treasury cash, Treasury currency, 5Treasury deposits, 5, 10

U.S. GOVERNMENT balancesCommercial bank holdings, 15-21Treasury deposits at Reserve Banks, 5, 10

U.S. government securitiesBank holdings, 15-21, 25Dealer transactions, positions, and financing, 27Federal Reserve Bank holdings, 5, 10, 11, 25Foreign and international holdings and transactions, 10, 25, 55Open market transactions, 9Outstanding, by type and holder, 25, 26Rates, 23

U.S. international transactions, 44—55Utilities, production, 43

VETERANS Affairs, Department of, 32, 33

WEEKLY reporting by banks, 17, 18

YIELDS (See Interest rates)


Federal Reserve Board Publications

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BOOKS AND MISCELLANEOUS PUBLICATIONS

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63

STAFF STUDIES: Only Summaries Printed in theBULLETIN

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159. NEW DATA ON THE PERFORMANCE OF NONBANK SUBSIDIAR-IES OF BANK HOLDING COMPANIES, by Nellie Liang andDonald Savage. February 1990. 12 pp.

160. BANKING MARKETS AND THE USE OF FINANCIAL SER-VICES BY SMALL AND MEDIUM-SIZED BUSINESSES, byGregory E. Elliehausen and John D. Wolken. September1990. 35 pp.

162. EVIDENCE ON THE SIZE OF BANKING MARKETS FROM MORT-GAGE LOAN RATES IN TWENTY CITIES, by Stephen A.Rhoades. February 1992. 11 pp.

164. THE 1989-92 CREDIT CRUNCH FOR REAL ESTATE, byJames T. Fergus and John L. Goodman, Jr. July 1993.20 pp.

167. A SUMMARY OF MERGER PERFORMANCE STUDIES IN BANK-ING, 1980-93, AND AN ASSESSMENT OF THE "OPERATINGPERFORMANCE" AND "EVENT STUDY" METHODOLOGIES, byStephen A. Rhoades. July 1994. 37 pp.

170. THE COST OF IMPLEMENTING CONSUMER FINANCIAL REGULA-TIONS: AN ANALYSIS OF EXPERIENCE WITH THE TRUTH INSAVINGS ACT, by Gregory Elliehausen and Barbara R.Lowrey. December 1997. 17 pp.

171. THE COST OF BANK REGULATION: A REVIEW OF THE EVI-DENCE, by Gregory Elliehausen. April 1998. 35 pp.

172. USING SUBORDINATED DEBT AS AN INSTRUMENT OF MARKETDISCIPLINE, by Study Group on Subordinated Notesand Debentures, Federal Reserve System. December 1999.69 pp.

173. IMPROVING PUBLIC DISCLOSURE IN BANKING, by StudyGroup on Disclosure, Federal Reserve System. March 2000.35 pp.

174. BANK MERGERS AND BANKING STRUCTURE IN THE UNITEDSTATES, 1980-98, by Stephen Rhoades. August 2000. 33 pp.

175. THE FUTURE OF RETAIL ELECTRONIC PAYMENTS SYSTEMS:INDUSTRY INTERVIEWS AND ANALYSIS, Federal Reserve Staff,for the Payments System Development Committee, FederalReserve System. December 2002. 27 pp.

176. BANK MERGER ACTIVITY IN THE UNITED STATES, 1994-2003, by Steven J. Pilloff. May 2004. 23 pp.


ANTICIPATED SCHEDULE OF RELEASE DATES FOR PERIODIC STATISTICAL RELEASES OF THE BOARD OFGOVERNORS OF THE FEDERAL RESERVE SYSTEM

For ordering assistance, write PUBLICATIONS FULFILLMENT, MS-127, Board of Governors of the Federal ReserveSystem, 20th Street and Constitution Ave., N.W., Washington, DC 20551, or telephone (202) 452-3244, or FAX (202)728-5886. You may also use the publications order form available on the Board's website (www.federalreserve.gov). When acharge is indicated, payment should accompany request and be made payable to the Board of Governors of the FederalReserve System or may be ordered via MasterCard, VISA, or American Express. Payment from foreign residents should bedrawn on a U.S. bank.

Release number and title

Weekly Releases

H.2. Actions of the Board:Applications and ReportsReceived

H.3. Aggregate Reserves ofDepository Institutions andthe Monetary Base3

H.4.1. Factors Affecting Reserve Balancesof Depository Institutions andCondition Statement ofFederal Reserve Banks3

H.6. Money Stock Measures3

H.8. Assets and Liabilities ofCommercial Banks in theUnited States3

H. 10. Foreign Exchange Rates 3

H.15. Selected Interest Rates3

Monthly Releases

G.5. Foreign Exchange Rates3

G. 15. Research Library—Recent Acquisitions

G.17. Industrial Production andCapacity Utilization 3

G.19. Consumer Credit3

G.20. Finance Companies3

Annualmailrate

$55.00

$20.00

$20.00

$35.00

$30.00

$20.00

$20.00

$ 5.00

No charge

$15.00

$ 5.00

$ 5.00

Annualfaxrate

n.a.

n.a.

n.a.

n.a.

n.a.

$20.00

$20.00

$ 5.00

n.a.

n.a.

$ 5.00

n.a.

Approximatereleasedays1

Friday

Thursday

Thursday

Thursday

Friday

Monday

Monday

First of month

First of month

Midmonth

Fifth working dayof month

End of month

which data refer

Week endingpreviousSaturday

Week endingpreviousWednesday


Week endingMonday ofprevious week


Week endingpreviousFriday

Week endingpreviousFriday

Previous month

Previous month

Previous month

Second monthprevious

Second monthprevious

CorrespondingBulletin orStatistical

Supplementtable numbers2

1.20

1.11, 1.18

1.21

1.26A-F

3.28

1.35

3.28

2.12,2.13

1.55, 1.56

1.51, 1.52

65

Release number and titleAnnual Annual

mail faxrate rate

Approximatereleasedays1

Period or date towhich data refer

CorrespondingBulletin orStatistical

Supplementtable numbers2

Quarterly Releases

E.2. Survey of Terms of BusinessLending 3

E. 11. Geographical Distribution ofsets and Liabilities of

Major Foreign Branches ofU.S. Banks

E.16. Country Exposure LendingSurvey 3

Z.I. Flow of Funds Accountsof the United States:Flows and Outstandings3

As-

5.00

5.00

$ 5.00

$25.00

Midmonth ofMarch, June,September, andDecember

15th of March,June,September, andDecember

January, April,July, andOctober

Second week ofMarch, June,September, andDecember

February, May,August, andNovember

Previous quarter

Previous quarter

Previous quarter

4.23

1.57, 1.58,1.59, 1.60

1. Please note that for some releases, there is normally a certain vari-ability in the release date because of reporting or processing procedures.Moreover, for all series unusual circumstances may, from time to time,result in a release date being later than anticipated.

2. Beginning with the Winter 2004 issue (vol. 90, no. 1) of the Bulletin,the corresponding table for the statistical release no longer appears in the

Bulletin. Statistical tables are now published in the Statistical Supplementto the Federal Reserve Bulletin; the table numbers, however, remain thesame.

3. These releases are also available on the Board's website,www.federalreserve.gov/releases.

n.a. Not available.


Publications of Interest

FEDERAL RESERVE REGULATORY SERVICE

To promote public understanding of its regulatory func-tions, the Board publishes the Federal Reserve Regu-latory Service, a four-volume loose-leaf service con-taining all Board regulations as well as related statutes,interpretations, policy statements, rulings, and staffopinions. For those with a more specialized interest inthe Board's regulations, parts of this service are pub-lished separately as handbooks pertaining to monetarypolicy, securities credit, consumer affairs, and the pay-ment system.

These publications are designed to help those whomust frequently refer to the Board's regulatory materi-als. They are updated monthly, and each contains cita-tion indexes and a subject index.

The Monetary Policy and Reserve RequirementsHandbook contains Regulations A, D, and Q, plusrelated materials.

The Securities Credit Transactions Handbook con-tains Regulations T, U, and X, which deal with exten-sions of credit for the purchase of securities, and relatedstatutes, Board interpretations, rulings, and staff opin-ions. Also included is the Board's list of foreign marginstocks.

The Consumer and Community Affairs Handbookcontains Regulations B, C, E, G, M, P, Z, AA, BB, andDD, and associated materials.

The Payment System Handbook deals with expeditedfunds availability, check collection, wire transfers, andrisk-reduction policy. It includes Regulations CC, J, andEE, related statutes and commentaries, and policystatements on risk reduction in the payment system.

For domestic subscribers, the annual rate is $200 forthe Federal Reserve Regulatory Service and $75 foreach handbook. For subscribers outside the UnitedStates, the price, which includes additional airmail costs,is $250 for the service and $90 for each handbook.

The Federal Reserve Regulatory Service is also avail-able on CD-ROM for use on personal computers. For astandalone PC, the annual subscription fee is $300. Fornetwork subscriptions, the annual fee is $300 for 1 con-current user, $750 for a maximum of 10 concurrentusers, $2,000 for a maximum of 50 concurrent users,and $3,000 for a maximum of 100 concurrent users.Subscribers outside the United States should add $50to cover additional airmail costs. For further informa-tion, call (202) 452-3244.

All subscription requests must be accompanied by acheck or money order payable to the Board of Gover-nors of the Federal Reserve System. Orders should beaddressed to Publications Fulfillment, Mail Stop 127,Board of Governors of the Federal Reserve System,Washington, DC 20551.

GUIDE TO THE FLOW OF FUNDS ACCOUNTS

A new edition of Guide to the Flow of Funds Accountsis now available from the Board of Governors. The newedition incorporates changes to the accounts since theinitial edition was published in 1993. Like the earlierpublication, it explains the principles underlying theflow of funds accounts and describes how the accountsare constructed. It lists each flow series in the Board'sflow of funds publication, "Flow of Funds Accounts ofthe United States" (the Z.I quarterly statistical release),

and describes how the series is derived from sourcedata. The Guide also explains the relationship betweenthe flow of funds accounts and the national income andproduct accounts and discusses the analytical uses offlow of funds data. The publication can be purchased,for $20.00, from Publications Fulfillment, Mail Stop127, Board of Governors of the Federal Reserve Sys-tem, Washington, DC 20551.

67

Federal Reserve Statistical ReleasesAvailable on the Commerce Department'sEconomic Bulletin Board

The Board of Governors of the Federal Reserve Sys- For further information regarding a subscription totern makes some of its statistical releases available to the economic bulletin board, please call (202) 482-the public through the U.S. Department of Com- 1986. The releases transmitted to the economic bulle-merce's economic bulletin board. Computer access tin board, on a regular basis, are the following:to the releases can be obtained by subscription.

ReferenceNumber

H.3

H.4.1

H.6

H.8

H.10

H.15

G.5

G.17

G.19

Z.I

Statistical release

Aggregate Reserves

Factors Affecting Reserve Balances

Money Stock

Assets and Liabilities of Insured Domestically Charteredand Foreign Related Banking Institutions

Foreign Exchange Rates

Selected Interest Rates

Foreign Exchange Rates

Industrial Production and Capacity Utilization

Consumer Installment Credit

Flow of Funds

Frequency of release

Weekly/Thursday

Weekly/Thursday

Weekly/Thursday

Weekly/Monday

Weekly/Monday

Weekly/Monday

Monthly/end of month

Monthly/midmonth

Monthly/fifth business day

Quarterly

Statistical Supplement to the Federal Reserve Bulletin December … · 2018-11-07 · Preface The...

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