Financial and Business Statistics.Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS
c Corrected
e Estimated
n.a. Not available
p Preliminary
r Revised (Notation appears on column heading
when about half of the figures in that column
are changed.)
* Amounts insignificant in terms of the last decimal
place shown in the table (for example, less than
500,000 when the smallest unit given is millions)
0 Calculated to be zero
... Cell not applicable
ATS Automatic transfer service
BIF Bank insurance fund
CD Certificate of deposit
CMO Collateralized mortgage obligation
CRA Community Reinvestment Act of 1977
FFB Federal Financing Bank
FHA Federal Housing Administration
FHLBB Federal Home Loan Bank Board
FHLMC Federal Home Loan Mortgage Corporation
FmHA Farmers Home Administration
FNMA Federal National Mortgage Association
FSLIC Federal Savings and Loan Insurance Corporation
G-7 Group of Seven
G-10 Group of Ten
GNMA Government National Mortgage Association
GDP Gross domestic product
HUD Department of Housing and Urban
Development
IMF International Monetary Fund
IO Interest only
IPCs Individuals, partnerships, and corporations
IRA Individual retirement account
MMDA Money market deposit account
MSA Metropolitan statistical area
NOW Negotiable order of withdrawal
OCD Other checkable deposit
OPEC Organization of Petroleum Exporting Countries
OTS Office of Thrift Supervision
PMI Private mortgage insurance
PO Principal only
REIT Real estate investment trust
REMIC Real estate mortgage investment conduit
RP Repurchase agreement
RTC Resolution Trust Corporation
SCO Securitized credit obligation
SDR Special drawing right
SIC Standard Industrial Classification
VA Department of Veterans Affairs
GENERAL INFORMATION In many of the tables, components do not sum to totals because of rounding. Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. "U.S. government securities" may include guaranteed issues of U.S. government agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local government" also includes municipalities, special districts, and other political subdivisions. 1.10 RESERVES, MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Percent annual rate of change, seasonally adjusted(1)
1998(r)
Monetary or credit aggregate
Q1 Q2 Q3 Q4
Reserves of depository
institutions(2)
1 Total -1.9 -3.8 -7.4 -1.6
2 Required -1.8 -2.5 -9.0 -2.3
3 Nonborrowed -.6 -4.3 -8.4 0.4
4 Monetary base(3) 6.8 5.3 6.8 8.9
Concepts of money liquid
assets, and debt(4)
5 M1 3.2 1.0 -2.0 5.0
6 M2 7.6 7.5 6.9 11.0
7 M3 10.3 10.1 8.6 13.2
8 Debt 6.2 6.1 6.0 6.4
Nontransaction components
9 In M2(5) 9.1 9.8 9.9 13.0
10 In M3 only(6) 18.6 17.8 13.5 19.6
Time and savings deposits
Commercial banks
11 Savings including MMDAs 12.8 13.4 15.8 17.6
12 Small time(7) 1.0 .1 .1 .4
13 Large time(8,9) 18.1 16.4 3.5 .2
Thrift institutions
14 Savings including MMDAs 5.7 10.8 9.0 10.1
15 Small time(7) -.5 -4.4 -7.2 -6.9
16 Large time(8) 8.6 -4.5 .5 10.4
Money market mutual funds
17 Retail 19.2 20.9 19.0 28.4
18 Institution-only 20.9 34.7 26.6 41.8
Repurchase agreements and
Eurodollars
19 Repurchase agreements(10) 22.9 14.5 11.7 16.4
20 Eurodollars(10) 12.0 -3.3 21.7 7.1
Debt components(4)
21 Federal .0 -1.4 -1.5 -2.0
22 Nonfederal 8.3 8.6 8.5 9.1
1998(r) 1999
Monetary or credit aggregate
Sept. Oct. Nov. Dec. Jan.
Reserves of depository
institutions(2)
1 Total -11.0 -5.4 5.0 9.0 -.9
2 Required -16.1 -2.5 3.8 10.5 .6
3 Nonborrowed -10.5 -3.3 7.5 8.1 -3.2
4 Monetary base(3) 9.8 8.4 8.8 8.3 8.4
Concepts of money liquid
assets, and debt(4)
5 M1 2.8 6.4 9.3 4.6 -3.1
6 M2 12.4 11.6 10.6 10.0 6.1
7 M3 13.1 13.2 14.1 12.2 4.4
8 Debt 6.0 6.6 6.9 6.0 n.a.
Nontransaction components
9 In M2(5) 15.7 13.3 11.0 11.8 9.2
10 In M3 only(6) 15.1 17.5 23.9 18.5 -.4
Time and savings deposits
Commercial banks
11 Savings including MMDAs 19.9 15.9 16.4 19.2 11.6
12 Small time(7) .6 -.4 1.5 -4.2 -8.0
13 Large time(8,9) .2 1.8 16.1 12.8 21.7
Thrift institutions
14 Savings including MMDAs 8.1 12.5 10.9 10.8 14.5
15 Small time(7) -4.7 -2.5 -10.9 -6.6 -5.2
16 Large time(8) 14.0 15.2 2.7 16.4 26.9
Money market mutual funds
17 Retail 37.0 29.0 20.5 22.3 23.2
18 Institution-only 35.1 48.5 42.2 29.5 -2.8
Repurchase agreements and
Eurodollars
19 Repurchase agreements(10) 15.9 .4 25.4 34.0 -25.0
20 Eurodollars(10) 7.0 12.4 1.5 -24.6 -39.2
Debt components(4)
21 Federal -3.3 -3.1 -.5 -.4 n.a.
22 Nonfederal 8.9 9.6 9.2 7.9 n.a.
(1.) Unless otherwise noted, rates of change are calculated from average amounts outstanding during preceding month or quarter. (2.) Figures incorporate adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.20.) (3.) The seasonally adjusted, break-adjusted monetary base consists of (11 seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all weekly reporters whose vault cash exceeds their required reserves Required reserves The dollar amounts, based on reserve ratios, that banks are required to keep on deposit at a Federal Reserve Bank.) the
seasonally adjusted, break-adjusted difference between current vault
cash and the amount applied to satisfy current reserve requirements.(4.) Composition of the money stock measures and debt is as follows: M1: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all commercial banks other than those owed to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float, and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted MI is computed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2: M1 plus (1) savings (including MMDAs), (2) small-denomination time deposits (time deposits--including retail RPs--in amounts of less than $100,0001, and (3) balances in retail money market mutual funds. Excludes individual retirement accounts (IRAs) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is calculated by summing savings deposits, small-denomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more), (2) balances in institutional money funds, (3) RP liabilities (overnight and term) issued by all depository institutions, and (4) Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money market funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted M2. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors--the federal sector (U.S. government, not including government-sponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in the data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels). (5.) Sum of (11 savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances, each seasonally adjusted separately. (6.) Sum of (1) large time deposits, (21 institutional money fund balances, (31 RP liabilities (overnight and term) issued by depository institutions, and (4) Eurodollars (overnight and term) of U.S. addressees, each seasonally adjusted separately. (7.) Small time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. (8.) Large time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. (9.) Large time deposits at commercial banks less those held by money market funds, depository institutions, the U.S. government, and foreign banks and official institutions. (10.) Includes both overnight and term. 1.11 RESERVES OF DEPOSITORY INSTITUTIONS AND RESERVE BANK CREDIT(1)
Millions of dollars
Average of
daily figures
Factor 1998 1999
Nov. Dec. Jan.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 495,325 504,025(r) 504,486
outstanding
U.S. government
securities(2)
2 Bought outright-- 451,629 453,911 453,333
System account(3)
3 Held under repurchase 3,391 7,685 7,056
agreements
Federal agency
obligations
4 Bought outright 373 346 337
5 Held under repurchase 3,864 5,371 4,670
agreements
6 Acceptances 0 0 0
Loans to depository
institutions
7 Adjustment credit 48 90 201
8 Seasonal credit 35 15 6
9 Extended credit 0 0 0
10 Float 544 1,617(r) 2,313
11 Other Federal Reserve 35,440 34,989(r) 36,570
assets
12 Gold stock 11,001 11,041 11,046
13 Special drawing rights 9,200 9,200 9,200
certificate account
14 Treasury currency 26,138(r) 26,225(r) 26,296
outstanding
ABSORBING RESERVE FUNDS
15 Currency in circulation 502,704(r) 510,724(r) 510,104
16 Treasury cash holdings 92 89 87
Deposits, other than res-
erve balances, with
Federal Reserve Banks
17 Treasury 5,135 5,923 6,597
18 Foreign 188 178 186
19 Service-related balan- 6,867 6,850 7,618
ces and adjustments
20 Other 403 322 443
21 Other Federal Reserve 17,476 16,935 16,711
liabilities and capital
22 Reserve balances with 8,839(r) 9,470(r) 9,281
Federal Reserve
Banks(4)
Average of daily figures for week
ending on date indicated
Factor 1998
Dec. 16 Dec. 23 Dec. 30
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 503,105 504,231(r) 510,958(r)
outstanding
U.S. government
securities(2)
2 Bought outright-- 454,019 453,111 454,191
System account(3)
3 Held under repurchase 6,909 8,098 11,000
agreements
Federal agency
obligations
4 Bought outright 338 338 338
5 Held under repurchase 6,380 5,767 5,570
agreements
6 Acceptances 0 0 0
Loans to depository
institutions
7 Adjustment credit 25 8 345
8 Seasonal credit 13 16 20
9 Extended credit 0 0 0
10 Float 575 1,747(r) 3,390(r)
11 Other Federal Reserve 34,846 35,147 36,103
assets
12 Gold stock 11,001 11,041 11,003
13 Special drawing rights 9,200 9,200 9,200
certificate account
14 Treasury currency 26,217(r) 26,235(r) 26,252(r)
outstanding
ABSORBING RESERVE FUNDS
15 Currency in circulation 507,775(r) 511,453(r) 516,782(r)
16 Treasury cash holdings 87 84 85
Deposits, other than res-
erve balances, with
Federal Reserve Banks
17 Treasury 6,324 5,434 7,195
18 Foreign 195 194 174
19 Service-related balan- 6,703 6,977 6,852
ces and adjustments
20 Other 290 231 235
21 Other Federal Reserve 17,113 17,197 17,152
liabilities and capital
22 Reserve balances with 11,077(r) 9,136(r) 8,978(r)
Federal Reserve
Banks(4)
Average of daily figures for week
ending on date indicated
Factor 1999
Jan. 6 Jan. 13
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 515,752 500,410
outstanding
U.S. government
securities(2)
2 Bought outright-- 452,321 454,690
System account(3)
3 Held under repurchase 14,991 3,820
agreements
Federal agency
obligations
4 Bought outright 338 338
5 Held under repurchase 8,174 3,256
agreements
6 Acceptances 0 0
Loans to depository
institutions
7 Adjustment credit 24 697
8 Seasonal credit 12 6
9 Extended credit 0 0
10 Float 2,783 1,624
11 Other Federal Reserve 37,109 35,979
assets
12 Gold stock 11,006 11,046
13 Special drawing rights 9,200 9,200
certificate account
14 Treasury currency 26,270 26,284
outstanding
ABSORBING RESERVE FUNDS
15 Currency in circulation 516,894 511,465
16 Treasury cash holdings 85 85
Deposits, other than res-
erve balances, with
Federal Reserve Banks
17 Treasury 5,992 5,423
18 Foreign 169 189
19 Service-related balan- 7,044 7,892
ces and adjustments
20 Other 1,400 207
21 Other Federal Reserve 16,397 16,874
liabilities and capital
22 Reserve balances with 14,287 4,803
Federal Reserve
Banks(4)
Average of daily figures for week
ending on date indicated
Factor 1999
Jan. 20 Jan. 27
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 505,981 500,962
outstanding
U.S. government
securities(2)
2 Bought outright-- 452,818 452,725
System account(3)
3 Held under repurchase 6,291 6,281
agreements
Federal agency
obligations
4 Bought outright 338 337
5 Held under repurchase 6,046 3,226
agreements
6 Acceptances 0 0
Loans to depository
institutions
7 Adjustment credit 22 105
8 Seasonal credit 4 5
9 Extended credit 0 0
10 Float 4,187 1,381
11 Other Federal Reserve 36,275 36,903
assets
12 Gold stock 11,046 11,006
13 Special drawing rights 9,200 9,200
certificate account
14 Treasury currency 26,298 26,312
outstanding
ABSORBING RESERVE FUNDS
15 Currency in circulation 508,957 506,725
16 Treasury cash holdings 86 88
Deposits, other than res-
erve balances, with
Federal Reserve Banks
17 Treasury 7,296 6,963
18 Foreign 181 184
19 Service-related balan- 7,468 7,865
ces and adjustments
20 Other 212 237
21 Other Federal Reserve 16,871 16,840
liabilities and capital
22 Reserve balances with 11,452 8,616
Federal Reserve
Banks(4)
End-of-month figures
Nov. Dec. Jan.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 500,546 522,252(r) 498,740
outstanding
U.S. government
securities(2)
2 Bought outfight-- 453,991 452,141 454,439
System account(3)
3 Held under repurchase 8,970 19,674 4,485
agreements
Federal agency
obligations
4 Bought outright 368 338 336
5 Held under repurchase 6,172 10,702 2,535
agreements
6 Acceptances 0 0 0
Loans to depository
institutions
7 Adjustment credit 1 1 55
8 Seasonal credit 15 16 5
9 Extended credit 0 0 0
10 Float 462 1,636(r) 164
11 Other Federal Reserve 34,567 37,744(r) 36,721
assets
12 Gold stock 11,041 11,046 11,048
13 Special drawing rights 9,200 9,200 9,200
certificate account
14 Treasury currency 26,182(r) 26,270(r) 26,326
outstanding
ABSORBING RESERVE FUNDS
15 Currency in circulation 507,130(r) 517,484(r) 505,457
16 Treasury cash holdings 99 85 98
Deposits, other than
reserve balances, with
Federal Reserve Banks
17 Treasury 5,219 6,086 7,623
18 Foreign 211 167 234
19 Service-related balances 7,211 7,044(r) 7,830
and adjustments
20 Other 337 1,605 246
21 Other Federal Reserve 16,579 16,354 16,269
liabilities and capital
22 Reserve balances with 14,182 19,941(r) 7,556
Federal Reserve Banks(4)
Wednesday figures
Dec. 16 Dec. 23
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 503,843 508,064(r)
outstanding
U.S. government
securities(2)
2 Bought outfight-- 455,035 454,657
System account(3)
3 Held under repurchase 5,702 7,845
agreements
Federal agency
obligations
4 Bought outright 338 338
5 Held under repurchase 7,181 5,742
agreements
6 Acceptances 0 0
Loans to depository
institutions
7 Adjustment credit 145 21
8 Seasonal credit 14 21
9 Extended credit 0 0
10 Float 729 4,187(r)
11 Other Federal Reserve 34,699 35,254
assets
12 Gold stock 11,041 11,041
13 Special drawing rights 9,200 9,200
certificate account
14 Treasury currency 26,217(r) 26,235(r)
outstanding
ABSORBING RESERVE FUNDS
15 Currency in circulation 509,911(r) 515,739(r)
16 Treasury cash holdings 84 85
Deposits, other than
reserve balances, with
Federal Reserve Banks
17 Treasury 8,628 3,837
18 Foreign 170 175
19 Service-related balances 6,703 6,977
and adjustments
20 Other 263 175
21 Other Federal Reserve 16,965 16,969
liabilities and capital
22 Reserve balances with 7,578(r) 10,583(r)
Federal Reserve Banks(4)
Wednesday figures
Dec. 30 Jan. 6
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 517,601(r) 500,136
outstanding
U.S. government
securities(2)
2 Bought outfight-- 454,772 455,645
System account(3)
3 Held under repurchase 15,549 4,507
agreements
Federal agency
obligations
4 Bought outright 338 338
5 Held under repurchase 7,388 3,353
agreements
6 Acceptances 0 0
Loans to depository
institutions
7 Adjustment credit 1,642 103
8 Seasonal credit 27 6
9 Extended credit 0 0
10 Float 873(r) 4,320
11 Other Federal Reserve 37,013 35,864
assets
12 Gold stock 11,046 11,046
13 Special drawing rights 9,200 9,200
certificate account
14 Treasury currency 26,252(r) 26,270
outstanding
ABSORBING RESERVE FUNDS
15 Currency in circulation 518,332(r) 515,176
16 Treasury cash holdings 85 85
Deposits, other than
reserve balances, with
Federal Reserve Banks
17 Treasury 10,174 4,960
18 Foreign 166 170
19 Service-related balances 6,852 7,005
and adjustments
20 Other 164 162
21 Other Federal Reserve 16,957 16,466
liabilities and capital
22 Reserve balances with 11,371(r) 6,588
Federal Reserve Banks(4)
Wednesday figures
Jan. 13 Jan. 20 Jan. 27
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit 503,126 505,507 506,928
outstanding
U.S. government
securities(2)
2 Bought outfight-- 456,411 453,868 454,538
System account(3)
3 Held under repurchase 3,700 6,140 9,891
agreements
Federal agency
obligations
4 Bought outright 338 338 336
5 Held under repurchase 4,472 3,958 4,027
agreements
6 Acceptances 0 0 0
Loans to depository
institutions
7 Adjustment credit 145 75 7
8 Seasonal credit 7 3 5
9 Extended credit 0 0 0
10 Float 1,938 4,690 435
11 Other Federal Reserve 36,115 36,435 37,689
assets
12 Gold stock 11,046 11,046 11,006
13 Special drawing rights 9,200 9,200 9,200
certificate account
14 Treasury currency 26,284 26,298 26,312
outstanding
ABSORBING RESERVE FUNDS
15 Currency in circulation 510,269 508,616 506,824
16 Treasury cash holdings 86 86 98
Deposits, other than
reserve balances, with
Federal Reserve Banks
17 Treasury 5,006 7,466 7,038
18 Foreign 214 177 168
19 Service-related balances 7,892 7,468 7,865
and adjustments
20 Other 200 206 217
21 Other Federal Reserve 16,613 16,626 16,610
liabilities and capital
22 Reserve balances with 9,376 11,405 14,666
Federal Reserve Banks(4)
(1.) Amounts of cash held as reserves are shown in table 1.12, line 2. (2.) Includes securities loaned--fully guaranteed by U.S. government securities pledged with Federal Reserve Banks--and excludes securities sold and scheduled to be bought back under matched sale-purchase transactions. (3.) Includes compensation that adjusts for the effects of inflation on the principal of inflation-indexed securities. (4.) Excludes required clearing balances and adjustments to compensate for float. 1.12 RESERVES AND BORROWINGS Depository Institutions1
Millions of dollars
Prorated monthly averages of
biweekly averages
Reserve classification 1996 1997 1998
Dec. Dec. Dec.
1 Reserve balances with Reserve 13,395 10,673 9,022(r)
Banks(2)
2 Total vault cash(3) 44,525 44,740(r) 4,305
3 Applied vault cash(4) 37,848 37,206 35,997
4 Surplus vault cash(5) 6,678 7,534(r) 8,308
5 Total reserves(6) 51,242 47,880 45,019(r)
6 Required reserves 49,819 46,196 43,435(r)
7 Excess reserve balances at 1,423 1,683 1,584(r)
Reserve Banks(7)
8 Total borrowings at Reserve 155 324 117
Banks(8)
9 Seasonal borrowings 68 79 15
10 Extended credit(9) 0 0 0
Prorated monthly averages of
biweekly averages
Reserve classification 1998
July Aug. Sept.
1 Reserve balances with Reserve 9,284 9,682 9,284
Banks(2)
2 Total vault cash(3) 42,524(r) 42,123(r) 42,524(r)
3 Applied vault cash(4) 34,909 35,025 34,909(r)
4 Surplus vault cash(5) 7,614(r) 7,098(r) 7,614(r)
5 Total reserves(6) 44,600 44,707 44,193
6 Required reserves 43,235 43,194 42,509
7 Excess reserve balances at 1,365 1,513 1,684
Reserve Banks(7)
8 Total borrowings at Reserve 258 271 251
Banks(8)
9 Seasonal borrowings 215 242 178
10 Extended credit(9) 0 0 0
Prorated monthly averages of
biweekly averages
Reserve classification 1998
Oct. Nov.
1 Reserve balances with Reserve 9,026 8,855
Banks(2)
2 Total vault cash(3) 43,268(r) 43,104(r)
3 Applied vault cash(4) 35,090 35,297
4 Surplus vault cash(5) 8,178(r) 7,807(r)
5 Total reserves(6) 44,115 44,152
6 Required reserves 42,544 42,527
7 Excess reserve balances at 1,572 1,624
Reserve Banks(7)
8 Total borrowings at Reserve 174 84
Banks(8)
9 Seasonal borrowings 107 37
10 Extended credit(9) 0 0
Prorated monthly averages of
biweekly averages
Reserve classification 1998 1999
Dec. Jan.
1 Reserve balances with Reserve 9,022(r) 9,659
Banks(2)
2 Total vault cash(3) 44,305 45,499
3 Applied vault cash(4) 35,997 36,674
4 Surplus vault cash(5) 8,308 8,825
5 Total reserves(6) 45,019(r) 46,333
6 Required reserves 43,435(r) 44,801
7 Excess reserve balances at 1,584(r) 1,532
Reserve Banks(7)
8 Total borrowings at Reserve 117 206
Banks(8)
9 Seasonal borrowings 15 7
10 Extended credit(9) 0 0
Biweekly averages of daily figures
for two week periods ending on
dates indicated
1998
Oct. 7 Oct. 21 Nov. 4
1 Reserve balances with 9,588 8,400 9,509
Reserve Banks(2)
2 Total vault cash(3) 42,821(r) 43,995(r) 42,565(r)
3 Applied vault cash(4) 34,905 35,321 34,897
4 Surplus vault cash(5) 7,916(r) 8,674(r) 7,668(r)
5 Total reserves(6) 4,493 43,720 44,405
6 Required reserves 42,514 42,520 42,599
7 Excess reserve balances 1,978 1,200 1,806
at Reserve Banks(7)
8 Total borrowings at 379 122 103
Reserve Banks(8)
9 Seasonal borrowings 152 105 79
10 Extended credit(9) 0 0 0
Biweekly averages of daily figures
for two week periods ending on
dates indicated
Nov. 18 Dec. 2 Dec. 16
1 Reserve balances with 8,520 9,028 8,949
Reserve Banks(2)
2 Total vault cash(3) 43,080 43,313 43,230
3 Applied vault cash(4) 34,935 35,853 35,273
4 Surplus vault cash(5) 8,145 7,460 7,957
5 Total reserves(6) 43,455 44,880 44,222
6 Required reserves 41,913 43,221 42,917
7 Excess reserve balances 1,542 1,659 1,304
at Reserve Banks(7)
8 Total borrowings at 82 79 26
Reserve Banks(8)
9 Seasonal borrowings 40 20 13
10 Extended credit(9) 0 0 0
Biweekly averages of daily figures
for two week periods ending on
dates indicated
Dec. 30(r) Jan. 13(r)
1 Reserve balances with 9,057 9,551
Reserve Banks(2)
2 Total vault cash(3) 45,470 45,023
3 Applied vault cash(4) 36,748 35,911
4 Surplus vault cash(5) 8,722 9,113
5 Total reserves(6) 45,805 45,462
6 Required reserves 43,999 43,240
7 Excess reserve balances 1,806 2,221
at Reserve Banks(7)
8 Total borrowings at 195 370
Reserve Banks(8)
9 Seasonal borrowings 18 9
10 Extended credit(9) 0 0
Biweekly averages of daily figures
for two week periods ending on
dates indicated
1999
Jan. 27 Feb. 10
1 Reserve balances with 10,025 8,728
Reserve Banks(2)
2 Total vault cash(3) 44,838 49,364
3 Applied vault cash(4) 36,845 38,556
4 Surplus vault cash(5) 7,993 10,808
5 Total reserves(6) 46,870 47,284
6 Required reserves 45,880 46,099
7 Excess reserve balances 990 1,184
at Reserve Banks(7)
8 Total borrowings at 68 158
Reserve Banks(8)
9 Seasonal borrowings 5 8
10 Extended credit(9) 0 0
(1.) Data in this table also appear in the Board's H.3 (502) weekly statistical release. For ordering address, see inside front cover. Data are not break-adjusted or seasonally adjusted. (2.) Excludes required clearing balances and adjustments to compensate for float and includes other off-balance-sheet "as-of" adjustments. (3.) Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrifts that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements, (4.) All vault cash held during the lagged computation period by "bound" institutions (that is, those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (that is, those whose vault cash 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.) Also includes adjustment credit. (9.) Consists of borrowing at the discount window under the terms and conditions established for the extended credit program to help depository institutions deal with sustained liquidity pressures. Because there is not the same need to repay such borrowing promptly as with traditional short-term adjustment credit, the money market effect of extended credit is similar to that of nonborrowed reserves. [TABULAR DATA 1.14 NOT REPRODUCIBLE IN ASCII] 1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS(1)
Requirement
Type of deposit
Percentage of Effective date
deposits
Net transaction accounts(2)
1 $0 million-$46.5 million(3) 3 12/31/98
2 More than $46.5 million(4) 10 12/31/98
3 Nonpersonal time deposits(5) 0 12/27/90
4 Eurocurrency liabilities(6) 0 12/27/90
(1.) Required reserves must be held in the form of deposits with Federal Reserve Banks or vault cash. Nonmember institutions may maintain reserve balances with a Federal Reserve Bank indirectly, on a pass-through basis, with certain approved institutions. For previous reserve requirements, see earlier editions of the Annual Report or the Federal Reserve Bulletin. Under the Monetary Control Act of 1980, depository institutions include commercial banks, savings banks, savings and loan associations, credit unions, agencies and branches of foreign banks, and Edge Act corporations, (2.) Transaction accounts include all deposits against which the account holder is permitted to make withdrawals by negotiable or transferable instruments, payment orders of withdrawal, or telephone or preauthorized transfers for the purpose of making payments to third persons or others. However, accounts subject to the rules that permit no more than six preauthorized, automatic, or other transfers per month (of which no more than three may be by check, draft, debit card, or similar order payable directly to third parties) are savings deposits, not transaction accounts, (3.) The Monetary Control Act of 1980 requires that the amount of transaction accounts against which the 3 percent reserve requirement applies be modified annually by 80 percent of the percentage change in transaction accounts held by all depository institutions, determined as of June 30 of each year. Effective with the reserve maintenance period beginning December 31, 1998, for depository institutions that report weekly, and with the period beginning January 14, 1999, for institutions that report quarterly, the amount was decreased from $47.8 million to $46.5 million, Under the Garn-St Germain Depository Institutions Act of 1982, the Board adjusts the amount of reservable liabilities subject to a zero percent reserve requirement each year for the succeeding calendar year by 80 percent of the percentage increase in the total reservable liabilities of all depository institutions, measured on an annual basis as of June 30. No corresponding adjustment is made in the event of a decrease. The exemption applies only to accounts that would be subject to a 3 percent reserve requirement. Effective with the reserve maintenance period beginning December 31, 1998, for depository institutions that report weekly, and with the period beginning January 14, 1999, for institutions that report quarterly, the exemption was raised from $4.7 million to $4.9 million. (4.) The reserve requirement was reduced from 12 percent to 10 percent on Apr. 2, 1992, for institutions that report weekly, and on Apr. 16, 1992, for institutions that report quarterly. (5.) For institutions that report weekly, the reserve requirement on nonpersonal time deposits with an original maturity of less than 1 1/2 years was reduced from 3 percent to 1 1/2 percent for the maintenance period that began Dec. 13, 1990, and to zero for the maintenance period that began Dec. 27, 1990. For institutions that report quarterly, the reserve requirement on nonpersonal time deposits with an original maturity of less than 1 1/2 years was reduced from 3 percent to zero on Jan. 17, 1991. The reserve requirement on nonpersonal time deposits with an original maturity of 1 1/2 years or more has been zero since Oct. 6, 1983. (6.) The reserve requirement on Eurocurrency liabilities was reduced from 3 percent to zero in the same manner and on the same dates as the reserve requirement on nonpersonal time deposits with an original maturity of less than 1 1/2 years (see note 5). 1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS(1)
Millions of dollars
Type of transaction 1996 1997 1998
and maturity
U.S. TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 9,901 9,147 3,550
2 Gross sales 0 0 0
3 Exchanges 426,928 436,257 450,835
4 For new bills 426,928 435,907 450,835
5 Redemptions 0 0 2,000
Others within one year
6 Gross purchases 524 5,549 6,297
7 Gross sales 0 0 0
8 Maturity shifts 30,512 41,716 46,062
9 Exchanges -41,394 -27,499 -49,434
10 Redemptions 2,015 1,996 2,676
One to five years
11 Gross purchases 3,898 19,680 12,901
12 Gross sales 0 0 0
13 Maturity shifts -25,022 -37,987 -37,777
14 Exchanges 31,459 20,274 37,154
Five to ten years
15 Gross purchases 1,116 3,849 2,294
16 Gross sales 0 0 0
17 Maturity shifts -5,469 -1,954 -5,908
18 Exchanges 6,666 5,215 7,439
More than ten years
19 Gross purchases 1,655 5,897 4,884
20 Gross sales 0 0 0
21 Maturity shifts -20 -1,775 -2,377
22 Exchanges 3,270 2,360 4,842
All maturities
23 Gross purchases 17,094 44,122 29,926
24 Gross sales 0 0 0
25 Redemptions 2,015 1,996 4,676
Matched transactions
26 Gross purchases 3,092,399 3,577,954 4,395,430
27 Gross sales 3,094,769 3,580,274 4,399,330
Repurchase agreements
28 Gross purchases 457,568 810,485 512,671
29 Gross sales 450,359 809,268 514,186
30 Net change in U.S. 19,919 41,022 19,835
Treasury securities
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 0 0 25
33 Redemptions 409 1,540 322
Repurchase agreements
34 Gross purchases 75,354 160,409 284,316
35 Gross sales 74,842 159,369 276,266
36 Net change in 103 -500 7,703
federal agency
obligations
37 Total net change in 20,021 40,522 27,538
System Open Market
Account
Type of transaction 1998
and maturity
June July Aug. Sept.
U.S. TREASURY
SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 0 0 0 0
2 Gross sales 0 0 0 0
3 Exchanges 32,830 40,312 34,607 33,140
4 For new bills 32,830 40,312 34,607 33,140
5 Redemptions 0 0 0 0
Others within one year
6 Gross purchases 0 0 986 1,038
7 Gross sales 0 0 0 0
8 Maturity shifts 1,520 2,638 6,367 2,301
9 Exchanges -5,084 -2,242 -8,964 -2,242
10 Redemptions 0 1,311 0 0
One to five years
11 Gross purchases 0 0 535 3,989
12 Gross sales 0 0 0 0
13 Maturity shifts -1,520 -2,638 -2,168 -2,301
14 Exchanges 5,084 1,842 5,828 2,242
Five to ten years
15 Gross purchases 0 0 303 351
16 Gross sales 0 0 0 0
17 Maturity shifts 0 0 -3,411 0
18 Exchanges 0 0 1,364 0
More than ten years
19 Gross purchases 0 0 1,769 0
20 Gross sales 0 0 0 0
21 Maturity shifts 0 0 -789 0
22 Exchanges 0 400 1,772 0
All maturities
23 Gross purchases 0 0 3,593 5,377
24 Gross sales 0 0 0 0
25 Redemptions 0 1,311 0 0
Matched transactions
26 Gross purchases 369,358 373,285 346,245 380,594
27 Gross sales 370,569 371,142 348,318 382,063
Repurchase agreements
28 Gross purchases 57,098 52,116 39,078 63,924
29 Gross sales 41,414 63,531 38,402 59,731
30 Net change in U.S. 14,473 -10,584 2,196 8,101
Treasury securities
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0 0
32 Gross sales 0 0 25 0
33 Redemptions 25 0 50 48
Repurchase agreements
34 Gross purchases 14,548 11,236 33,431 18,486
35 Gross sales 12,913 12,341 30,625 19,953
0
36 Net change in 1,610 -1,105 2,731 -1,515
federal agency
obligations
37 Total net change in 16,083 -11,689 4,927 6,586
System Open
Market Account
Type of transaction 1998
and maturity
Oct. Nov. Dec.
U.S. TREASURY SECURITIES(2)
Outright transactions
(excluding matched
transactions)
Treasury bills
1 Gross purchases 0 0 0
2 Gross sales 0 0 0
3 Exchanges 40,712 34,957 41,393
4 For new bills 40,712 34,957 41,393
5 Redemptions 0 0 0
Others within one year
6 Gross purchases 741 662 0
7 Gross sales 0 0 0
8 Maturity shifts 2,423 5,444 2,539
9 Exchanges -400 -8,093 -2,555
10 Redemptions 602 0 0
One to five years
11 Gross purchases 725 2,397 0
12 Gross sales 0 0 0
13 Maturity shifts -2,423 -4,574 -2,539
14 Exchanges 0 6,013 2,555
Five to ten years
15 Gross purchases 0 862 0
16 Gross sales 0 0 0
17 Maturity shifts 0 718 0
18 Exchanges 400 1,135 0
More than ten years
19 Gross purchases 1,674 698 0
20 Gross sales 0 0 0
21 Maturity shifts 0 -1,589 0
22 Exchanges 0 945 0
All maturities
23 Gross purchases 3,140 4,619 0
24 Gross sales 0 0 0
25 Redemptions 602 0 0
Matched transactions
26 Gross purchases 402,581 358,438 418,538
27 Gross sales 400,995 359,256 420,397
Repurchase agreements
28 Gross purchases 40,823 23,884 49,296
29 Gross sales 48,672 19,200 38,592
30 Net change in U.S. -3,725 8,484 8,845
Treasury securities
FEDERAL AGENCY
OBLIGATIONS
Outright transactions
31 Gross purchases 0 0 0
32 Gross sales 0 0 0
33 Redemptions 15 20 30
Repurchase agreements
34 Gross purchases 51,471 51,419 48,815
35 Gross sales 50,032 48,785 44,285
36 Net change in 1,424 2,614 4,500
federal agency
obligations
37 Total net change in System -2,301 11,098 13,345
Open Market Account
(1.) Sales, redemptions, and negative figures reduce holdings of the System Open Market Account; all other figures increase such holdings, (2.) Transactions exclude changes in compensation for the effects of inflation on the principal of inflation-indexed securities. 1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note Statements(1)
Millions of dollars
Wednesday
Account 1998 1999
Dec. 30 Jan. 6 Jan. 13
Consolidated condition
statements
ASSETS
1 Gold certificate account 11,046 11,046 11,046
2 Special drawing rights
certificate account 9,200 9,200 9,200
3 Coin 360 353 386
Loans
4 To depository institutions 1,669 108 152
5 Other 0 0 0
6 Acceptances held
under repurchase
agreements 0 0 0
Federal agency obligations
7 Bought outright 338 338 338
8 Held under
repurchase agreements 7,388 3,353 4,472
9 Total U.S. Treasury securities 470,321 460,152 460,111
10 Bought outright(2) 454,772 455,645 456,411
11 Bills 197,404 198,277 199,042
12 Notes 187,895 187,895 187,895
13 Bonds 69,474 69,474 69,474
14 Held under
repurchase agreements 15,549 4,507 3,700
15 Total loans and securities 479,716 463,951 465,073
16 Items in process of collection 8,895 13,060 10,114
17 Bank premises 1,297 1,300 1,300
Other assets
18 Denominated in
foreign currencies(3) 18,980 19,776 19,784
19 All other(4) 16,829 14,748 14,995
20 Total assets 546,322 533,434 531,897
LIABILITIES
21 Federal Reserve notes 492,524 489,345 484,456
22 Total deposits 29,435 19,062 23,150
23 Depository institutions 18,931 13,765 17,730
24 U.S. Treasury--general account 10,174 4,960 5,006
25 Foreign Official accounts 166 170 214
26 Other 164 162 200
27 Deferred credit items 7,406 8,561 7,678
28 Other liabilities
and accrued dividends(5) 4,464 4,089 4,194
29 Total liabilities 533,829 521,057 519,478
CAPITAL ACCOUNTS
30 Capital paid in 5,951 5,960 5,960
31 Surplus 5,246 5,952 5,952
32 Other capital accounts 1,296 465 507
33 Total liabilities
and capital accounts 546,322 533,434 531,897
MEMO
34 Marketable U.S. Treasury
securities held
in custody for
foreign and
international accounts 594,076 599,947 600,099
Federal Reserve
note statement
35 Federal Reserve
notes outstanding
(issued to Banks) 612,055 613,734 617,857
36 LESS: Held by
Federal Reserve Banks 119,530 124,390 133,400
37 Federal Reserve notes, net 492,524 489,345 484,456
Collateral held
against notes, net
38 Gold certificate account 11,046 11,046 11,046
39 Special drawing
rights certificate account 9,200 9,200 9,200
40 Other eligible assets 0 0 0
41 U.S. Treasury and
agency securities 472,278 469,099 464,211
42 Total collateral 492,524 489,345 484,456
Wednesday
Account 1999
Jan. 20 Jan. 27
Consolidated condition
statement
ASSETS
1 Gold certificate account 11,046 11,046
2 Special drawing rights
certificate account 9,200 9,200
3 Coin 410 439
Loans
4 To depository institutions 78 12
5 Other 0 0
6 Acceptances held
under repurchase
agreements 0 0
Federal agency obligations
7 Bought outright 338 336
8 Held under
repurchase agreements 3,958 4,027
9 Total U.S. Treasury securities 460,008 464,429
10 Bought outright(2) 453,868 454,538
11 Bills 196,992 197,662
12 Notes 187,403 187,403
13 Bonds 69,474 69,474
14 Held under
repurchase agreements 6,140 9,891
15 Total loans and securities 464,382 468,804
16 Items in process of collection 16,278 7,289
17 Bank premises 1,300 1,301
Other assets
18 Denominated in
foreign currencies(3) 19,793 19,802
19 All other(4) 15,331 16,548
20 Total assets 537,740 534,429
LIABILITIES
21 Federal Reserve notes 482,814 481,049
22 Total deposits 27,308 29,985
23 Depository institutions 19,459 22,563
24 U.S. Treasury--general account 7,466 7,038
25 Foreign Official accounts 177 168
26 Other 206 217
27 Deferred credit items 10,991 6,785
28 Other liabilities
and accrued dividends(5) 4,226 4,192
29 Total liabilities 525,340 522,011
CAPITAL ACCOUNTS
30 Capital paid in 5,964 5,955
31 Surplus 5,952 5,952
32 Other capital accounts 484 511
33 Total liabilities
and capital accounts 537,740 534,429
MEMO
34 Marketable U.S. Treasury
securities held
in custody for
foreign and
international accounts 605,156 600,443
Federal Reserve note
statement
35 Federal Reserve
notes outstanding
(issued to Banks) 621,030 623,737
36 LESS: Held by
Federal Reserve Banks 138,216 142,688
37 Federal Reserve notes, net 482,814 481,049
Collateral held
against notes, net
38 Gold certificate account 11,046 11,046
39 Special drawing
rights certificate account 9,200 9,200
40 Other eligible assets 0
41 U.S. Treasury and
agency securities 462,569 460,803
42 Total collateral 482,814 481,049
End of month
1998 1999
Account
Nov. 31 Dec. 31 Jan. 31
Consolidated condition
statements
ASSETS
1 Gold certificate account 11,041 11,046 11,048
2 Special drawing rights
certificate account 9,200 9,200 9,200
3 Coin 391 358 459
Loans
4 To depository institutions 17 17 60
5 Other 0 0 0
6 Acceptances held
under repurchase
agreements 0 0 0
Federal agency obligations
7 Bought outright 368 368 336
8 Held under
repurchase agreements 6,172 10,702 2,535
9 Total U.S. Treasury securities 462,961 471,815 458,924
10 Bought outright(2) 453,991 452,141 454,439
11 Bills 196,631 194,772 196,948
12 Notes 187,888 187,895 187,403
13 Bonds 69,472 69,474 70,089
14 Held under
repurchase agreements 8,970 19,674 4,485
15 Total loans and securities 469,517 482,872 461,855
16 Items in process of collection 2,899 6,933 5,325
17 Bank premises 1,294 1,300 1,299
Other assets
18 Denominated in
foreign currencies(3) 18,943 19,767 19,235
19 All other(4) 14,456 16,625 16,165
20 Total assets 527,740 548,101 524,586
LIABILITIES
21 Federal Reserve notes 481,438 491,657 479,689
22 Total deposits 27,260 34,165 23,682
23 Depository institutions 21,493 26,306 15,577
24 U.S. Treasury--general account 5,219 6,086 7,623
25 Foreign Official accounts 211 167 234
26 Other 337 1,605 246
27 Deferred credit items 2,463 5,924 4,948
28 Other liabilities
and accrued dividends(5) 4,456 4,450 4,183
29 Total liabilities 515,617 536,197 512,501
CAPITAL ACCOUNTS
30 Capital paid in 5,931 5,952 5,955
31 Surplus 5,205 5,952 5.94
32 Other capital accounts 987 0 188
33 Total liabilities
and capital accounts 527,740 548,101 524,586
MEMO
34 Marketable U.S. Treasury
securities held
in custody for
foreign and
international accounts 596,157 594,076 600,443
Federal Reserve note statement
35 Federal Reserve
notes outstanding
(issued to Banks) 611,688 625,230
36 LESS: Held by 601,253
Federal Reserve Banks 119,815 120,030 145,541
37 Federal Reserve notes, net 481,438 491,657 479,689
Collateral held
against notes, net
38 Gold certificate account 11,041 11,046 11,048
39 Special drawing
rights certificate account 9,200 9,200 9,200
40 Other eligible assets 0 0 0
41 U.S. Treasury and
agency securities 461,197 471,412 459,441
42 Total collateral 481,438 491,657 479,689
(1.) Some of the data in this table also appear in the Board's H.4.1 (503) weekly statistical release. For ordering address, see inside front cover. (2.) Includes securities loaned--fully guaranteed by U.S. Treasury securities pledged with Federal Reserve Banks--and includes compensation that adjusts for the effects of inflation on the principal of inflation-indexed securities. Excludes securities sold and scheduled to be bought back under matched sale-purchase transactions. (3.) Valued monthly at market exchange rates. (4.) Includes special investment account at the Federal Reserve Bank of Chicago in Treasury bills maturing within ninety days. (5.) Includes exchange-translation account reflecting the monthly revaluation at market exchange rates of foreign exchange commitments. 1.19 FEDERAL RESERVE BANKS Maturity Distribution of Loan and Security Holding
Millions of dollars
Wednesday
Type of holding and maturity 1998 1999
Dec. 30 Jan. 6 Jan. 13
1 Total loans 1,669 108 152
2 Within fifteen days(1) 1,668 105 148
3 Sixteen days to ninety days 1 4 4
4 Total U.S. Treasury securities(2) 465,814 458,877 460,111
5 Within fifteen days(1) 23,470 17,251 12,752
6 Sixteen days to ninety days 97,252 102,434 103,096
7 Ninety-one days to one year 137,252 130,973 136,043
8 One year to five years 107,350 107,730 107,730
9 Five years to ten years 44,822 44,822 44,822
10 More than ten years 55,668 55,669 55,669
11 Total federal agency obligations 4,373 2,966 4,810
12 Within fifteen days(1) 4,035 2,628 4,474
13 Sixteen days to ninety days 27 27 25
14 Ninety-one days to one year 75 75 75
15 One year to five years 61 61 61
16 Five years to ten years 175 175 175
17 More than ten years 0 0 0
Wednesday
Type of holding and maturity 1999
Jan. 20 Jan. 27
1 Total loans 78 12
2 Within fifteen days(1) 78 12
3 Sixteen days to ninety days 0 0
4 Total U.S. Treasury securities(2) 457,933 464,429
5 Within fifteen days(1) 16,543 23,513
6 Sixteen days to ninety days 98,021 97,932
7 Ninety-one days to one year 135,438 135,053
8 One year to five years 107,040 107.04
9 Five years to ten years 45,222 45,222
10 More than ten years 55,669 55,669
11 Total federal agency obligations 3,706 4,362
12 Within fifteen days(1) 3,370 4,027
13 Sixteen days to ninety days 25 25
14 Ninety-one days to one year 75 81
15 One year to five years 61 55
16 Five years to ten years 175 175
17 More than ten years 0 0
End of month
Type of holding and maturity 1998 1999
Nov. 30 Dec. 31 Jan. 29
1 Total loans 16 18 143
2 Within fifteen days(1) 4 18 143
3 Sixteen days to ninety days 12 n.a. 0
4 Total U.S. Treasury securities(2) 462,961 467,308 458,924
5 Within fifteen days(1) 16,007 16,325 10,051
6 Sixteen days to ninety days 100,695 99,127 110,149
7 Ninety-one days to one year 138,427 143,635 130,178
8 One year to five years 107,348 107,730 107,040
9 Five years to ten years 44,817 44,822 45,222
10 More than ten years 55,666 55,668 56,284
11 Total federal agency obligations 6,540 7,687 2,871
12 Within fifteen days(1) 6,202 7,349 2,535
13 Sixteen days to ninety days 2 27 25
14 Ninety-one days to one year 100 75 81
15 One year to five years 51 61 55
16 Five years to ten years 185 175 175
17 More than ten years 0 0 0
(1.) Holdings under repurchase agreements are classified as maturing within fifteen days in accordance with maximum maturity of the agreements. (2.) Includes compensation that adjusts for the effects of inflation on the principal of inflation-indexed securities. 1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND MONETARY BASE(1)
Billions of dollars, averages of daily figures
Item 1995 1996 1997
Dec. Dec. Dec.
ADJUSTED FOR CHANGES Seasonally adjusted
IN RESERVE REQUIREMENTS(2)
1 Total reserves(3) 56.40 50.08 46.67
2 Nonborrowed reserves(4) 56.14 49.93 46.35
3 Nonborrowed reserves plus 56.14 49.93 46.35
extended credit(5)
4 Required reserves 55.12 48.66 44.99
5 Monetary base(6) 434.03(r) 451.60(r) 479.39(r)
Not seasonally adjusted
6 Total reserves(7) 58.02 51.52 47.97
7 Nonborrowed reserves 57.76 51.37 47.65
8 Nonborrowed reserves plus 57.76 51.37 47.65
extended credit(5)
9 Required reserves(8) 56.74 50.10 46.29
10 Monetary base(9) 439.02(r) 456.71(r) 485.05(r)
NOT ADJUSTED FOR CHANGES
IN RESERVE REQUIREMENTS(10)
11 Total reserves(11) 57.90 51.24 47.88
12 Nonborrowed reserves 57.64 51.09 47.56
13 Nonborrowed reserves plus 57.64 51.09 47.56
extended credit(5)
14 Required reserves 56.62 49.82 46.20
15 Monetary base(12) 444.44(r) 463.48(r) 491.86(r)
16 Excess reserves(13) 1.28 1.42 1.68
17 Borrowings from the .26 .16 .32
Federal Reserve
1998
Item 1998
Dec.
June July
ADJUSTED FOR CHANGES Seasonally adjusted
IN RESERVE REQUIREMENTS(2)
1 Total reserves(3) 44.91 45.39 44.81
2 Nonborrowed reserves(4) 44.79 45.14 44.56
3 Nonborrowed reserves plus 44.79 45.14 44.56
extended credit(5)
4 Required reserves 43.32 43.77 43.45
5 Monetary base(6) 512.99(r) 492.40(r) 494.62(r)
Not seasonally adjusted
6 Total reserves(7) 45.17(r) 45.17 44.69
7 Nonborrowed reserves 45.06 44.92 44.43
8 Nonborrowed reserves plus 45.06 44.92 44.43
extended credit(5)
9 Required reserves(8) 43.59 43.55 43.32
10 Monetary base(9) 518.29(r) 491.11(r) 495.28(r)
NOT ADJUSTED FOR CHANGES
IN RESERVE REQUIREMENTS(10)
11 Total reserves(11) 45.02 45.10 44.60
12 Nonborrowed reserves 44.90(r) 44.84 44.34
13 Nonborrowed reserves plus 44.90(r) 44.84 44.34
extended credit(5)
14 Required reserves 43.44(r) 43.48 43.24
15 Monetary base(12) 525.02(r) 497.87(r) 502.13(r)
16 Excess reserves(13) 1.58(r) 1.62 1.37
17 Borrowings from the .12 .25 .26
Federal Reserve
1998
Item
Aug. Sept. Oct.
ADJUSTED FOR CHANGES Seasonally adjusted
IN RESERVE REQUIREMENTS(2)
1 Total reserves(3) 45.00 44.59 44.91
2 Nonborrowed reserves(4) 44.73 44.33 44.21
3 Nonborrowed reserves plus 44.73 44.33 44.21
extended credit(5)
4 Required reserves 43.48 42.90 42.81
5 Monetary base(6) 498.17(r) 502.24(r) 505.77(r)
Not seasonally adjusted
6 Total reserves(7) 44.81 44.31 44.24
7 Nonborrowed reserves 44.54 44.06 44.07
8 Nonborrowed reserves plus 44.54 44.06 44.07
extended credit(5)
9 Required reserves(8) 43.30 42.63 42.67
10 Monetary base(9) 497.49(r) 500.99(r) 504.51(r)
NOT ADJUSTED FOR CHANGES
IN RESERVE REQUIREMENTS(10)
11 Total reserves(11) 44.71 44.19 44.12
12 Nonborrowed reserves 44.44 43.94 43.94
13 Nonborrowed reserves plus 44.44 43.94 43.94
extended credit(5)
14 Required reserves 43.19 42.51 42.54
15 Monetary base(12) 504.39(r) 507.80(r) 511.36(r)
16 Excess reserves(13) 1.51 1.68 1.57
17 Borrowings from the .27 .25 .17
Federal Reserve
1999
Item
Nov. Dec. Jan.
ADJUSTED FOR CHANGES Seasonally adjusted
IN RESERVE REQUIREMENTS(2)
1 Total reserves(3) 44.57 44.91 44.87
2 Nonborrowed reserves(4) 44.49 44.79 44.67
3 Nonborrowed reserves plus 44.49 44.79 44.67
extended credit(5)
4 Required reserves 42.95 43.32 43.34
5 Monetary base(6) 509.49(r) 512.99(r) 516.57
Not seasonally adjusted
6 Total reserves(7) 44.29 45.17(r) 46.33
7 Nonborrowed reserves 44.21 45.06 46.12
8 Nonborrowed reserves plus 44.21 45.06 46.12
extended credit(5)
9 Required reserves(8) 42.67 43.59 44.80
10 Monetary base(9) 510.17(r) 518.29(r) 519.93
NOT ADJUSTED FOR CHANGES
IN RESERVE REQUIREMENTS(10)
11 Total reserves(11) 44.15 45.02 46.33
12 Nonborrowed reserves 44.07 44.90(r) 46.13
13 Nonborrowed reserves plus 44.07 44.90(r) 46.13
extended credit(5)
14 Required reserves 42.53 43.44(r) 44.80
15 Monetary base(12) 516.94(r) 525.02(r) 527.51
16 Excess reserves(13) 1.62 1.58(r) 1.53
17 Borrowings from the .08 .12 .21
Federal Reserve
(1.) Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly statistical release. Historical data starting in 1959 and estimates of the effect on required reserves of changes in reserve requirements are available from the Money and Reserves Projections 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 regulatory changes in reserve requirements. (See also table 1.10.) (3.) Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves (line 4) plus excess reserves (line 16). (4.) Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves (line 1) less total borrowings of depository institutions from the Federal Reserve (line 17). (5.) Extended credit consists of borrowing at the discount window under the terms and conditions established for the extended credit program to help depository institutions deal with sustained liquidity pressures. Because there is not the same need to repay such borrowing promptly as with traditional short-term adjustment credit, the money market effect of extended credit is similar to that of nonborrowed reserves. (6.) The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. (7.) Break-adjusted total reserves equal break-adjusted required reserves (line 9) plus excess reserves (line 16). (8.) To adjust required reserves for discontinuities that are due to regulatory changes in reserve 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 nonpersonal time and savings deposits (but not reservable nondeposit liabilities). (9.) The break-adjusted monetary base equals (1) break-adjusted total reserves (line 6), plus (2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. (10.) Reflects actual reserve requirements, including those on nondeposit liabilities, with no adjustments to eliminate the effects of discontinuities associated with regulatory changes in reserve requirements. (11.) Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. (12.) The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves (line 11), plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" 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 reserve requirements. Since February 1984, currency and vault cash figures have been measured over the computation periods ending on Mondays. (13.) Unadjusted total reserves (line 11) less unadjusted required reserves (line 14). 1.21 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES(1)
Billions of dollars, averages of daily figures
1995 1996 1997
Item Dec.(r) Dec.(r) Dec.(r)
Seasonally adjusted
Measures(2)
1 M1 1,126.7 1,081.3 1,074.9
2 M2 3,649.1 3,823.9 4,046.6
3 M3 4,618.5 4,955.6 5,404.7
4 Debt 13,695.6 14,424.1 15,167.2
M1 components
5 Currency 372.3 394.1 424.5
6 Travelers checks(4) 8.3 8.0 7.7
7 Demand deposits(5) 389.4 403.0 396.5
8 Other checkable deposits(6) 356.7 276.2 246.2
Nontransaction components
9 In M2(7) 2,522.4 2,742.6 2,971.8
10 In M3 only(8) 969.4 1,131.7 1,358.0
Commercial banks
11 Savings deposits, including 775.3 905.2 1,022.9
MMDAs
12 Small time deposits(9) 575.0 593.7 626.1
13 Large time deposits(10), (11) 346.6 414.8 490.2
Thrift institutions
14 Savings deposits including 359.8 367.1 377.3
MMDAs
15 Small time deposits(9) 356.7 353.8 343.2
16 Large time deposits(10) 74.5 78.4 85.9
Money market mutual funds
17 Retail 455.5 522.8 602.3
18 Institution-only 255.9 313.3 379.9
Repurchase agreements and
Eurodollars
19 Repurchase agreements(12) 198.7 211.3 252.8
20 Eurodollars(12) 93.7 113.9 149.2
Debt components
21 Federal debt 3,638.9 3,780.6 3,798.4
22 Nonfederal debt 10,056.7 10,643.5 11,368.8
Not seasonally adjusted
Measures(2)
23 M1 1,152.4 1,104.9 1,097.4
24 M2 3,671.7 3,843.7 4,064.8
25 M3 4,638.0 4,972.5 5,420.8
26 Debt 13,697.0 14,424.4 15,166.8
M1 components
27 Currency(3) 376.2 397.9 428.9
28 Travelers checks(4) 8.5 8.3 7.9
29 Demand deposits(5) 407.2 419.9 412.3
30 Other checkable deposits(6) 360.5 278.8 248.3
Nontransaction components
31 In M2(7) 2,519.3 2,738.9 2,967.4
32 In M3 only(8) 966.4 1,128.8 1,356.0
Commercial banks
33 Savings deposits including 774.1 903.3 1,020.4
MMDAs
34 Small time deposits 573.8 592.7 625.3
35 Large time deposits(10, 11) 345.8 413.3 487.7
Thrift institutions
36 Savings deposits, including 359.2 366.3 376.4
MMDAs
37 Small time deposits 355.9 353.2 342.8
38 Large time deposits(10) 74.3 78.1 85.4
Money market mutual funds
39 Retail 456.1 523.2 602.5
40 Institution-only 257.7 316.0 384.5
Repurchase agreements and
Eurodollars
41 Repurchase agreements 193.8 205.7 246.1
42 Eurodollars 94.9 115.7 152.3
Debt components
43 Federal debt 3,645.9 3,787.9 3,805.8
44 Nonfederal debt 10,051.1 10,636.5 11,361.0
1998(r)
1998
Item Dec.(r)
Oct. Nov.
Seasonally adjusted
Measures(2)
1 M1 1,093.0 1,080.4 1,088.8
2 M2 4,401.5 4,327.0 4,365.1
3 M3 6,005.9 5,876.3 5,945.3
4 Debt 16,128.1 15,956.7 16,048.3
M1 components
5 Currency 459.2 453.3 456.4
6 Travelers checks(4) 7.8 8.3 7.9
7 Demand deposits(5) 377.3 374.7 376.8
8 Other checkable deposits(6) 248.7 244.2 247.6
Nontransaction components
9 In M2(7) 3,308.4 3,246.6 3,276.3
10 In M3 only(8) 1,604.5 1,549.3 1,580.2
Commercial banks
11 Savings deposits, including 1,189.8 1,155.3 1,171.1
MMDAs
12 Small time deposits(9) 626.1 627.5 628.3
13 Large time deposits(10), (11) 548.5 535.5 542.7
Thrift institutions
14 Savings deposits including 415.2 407.8 411.5
MMDAs
15 Small time deposits(9) 325.7 330.5 327.5
16 Large time deposits(10) 89.1 87.7 87.9
Money market mutual funds
17 Retail 751.6 725.5 737.9
18 Institution-only 516.2 486.7 503.8
Repurchase agreements and
Eurodollars
19 Repurchase agreements(12) 297.7 283.5 289.5
20 Eurodollars(12) 153.0 156.0 156.2
Debt components
21 Federal debt 3,747.4 3,750.3 3,748.8
22 Nonfederal debt 12,380.8 12,206.4 12,299.5
Not seasonally adjusted
Measures(2)
23 M1 1,115.0 1,076.2 1,094.1
24 M2 4,418.3 4,311.8 4,365.5
25 M3 6,022.0 5,861.3 5,950.2
26 Debt 16,128.5 15,918.3 16,030.4
M1 components
27 Currency(3) 464.1 452.6 457.5
28 Travelers checks(4) 8.0 8.2 8.1
29 Demand deposits(5) 392.1 373.2 381.6
30 Other checkable deposits(6) 250.7 242.2 247.0
Nontransaction components
31 In M2(7) 3,303.3 3,235.6 3,271.4
32 In M3 only(8) 1,603.8 1,549.5 1,584.6
Commercial banks
33 Savings deposits including 1,186.7 1,147.6 1,167.9
MMDAs
34 Small time deposits 625.5 628.1 628.4
35 Large time deposits(10, 11) 544.9 538.9 544.9
Thrift institutions
36 Savings deposits, including 414.1 405.1 410.4
MMDAs
37 Small time deposits 325.4 330.8 327.6
38 Large time deposits(10) 88.5 88.2 88.3
Money market mutual funds
39 Retail 751.6 724.1 737.2
40 Institution-only 523.3 482.9 504.9
Repurchase agreements and
Eurodollars
41 Repurchase agreements 290.3 282.6 290.0
42 Eurodollars 156.8 156.8 156.6
Debt components
43 Federal debt 3,754.9 3,727.8 3,746.6
44 Nonfederal debt 12,373.5 12,190.5 12,283.9
1998(r) 1999
Item
Dec. Jan.
Seasonally adjusted
Measures(2)
1 M1 1,093.0 1,090.2
2 M2 4,401.5 4,424.0
3 M3 6,005.9 6,027.9
4 Debt 16,128.1 n.a.
M1 components
5 Currency 459.2 462.6
6 Travelers checks(4) 7.8 7.8
7 Demand deposits(5) 377.3 370.7
8 Other checkable deposits(6) 248.7 249.2
Nontransaction components
9 In M2(7) 3,308.4 3,333.8
10 In M3 only(8) 1,604.5 1,604.0
Commercial banks
11 Savings deposits, including 1,189.8 1,201.3
MMDAs
12 Small time deposits(9) 626.1 621.9
13 Large time deposits(10), (11) 548.5 558.4
Thrift institutions
14 Savings deposits including 415.2 420.2
MMDAs
15 Small time deposits(9) 325.7 324.3
16 Large time deposits(10) 89.1 91.1
Money market mutual funds
17 Retail 751.6 766.1
18 Institution-only 516.2 515.0
Repurchase agreements and
Eurodollars
19 Repurchase agreements(12) 297.7 291.5
20 Eurodollars(12) 153.0 148.0
Debt components
21 Federal debt 3,747.4 n.a.
22 Nonfederal debt 12,380.8 n.a.
Not seasonally adjusted
Measures(2)
23 M1 1,115.0 1,097.5
24 M2 4,418.3 4,427.4
25 M3 6,022.0 6,035.8
26 Debt 16,128.5 n.a.
M1 components
27 Currency(3) 464.1 462.4
28 Travelers checks(4) 8.0 7.9
29 Demand deposits(5) 392.1 375.3
30 Other checkable deposits(6) 250.7 251.9
Nontransaction components
31 In M2(7) 3,303.3 3,329.9
32 In M3 only(8) 1,603.8 1,608.4
Commercial banks
33 Savings deposits including 1,186.7 1,196.3
MMDAs
34 Small time deposits 625.5 622.6
35 Large time deposits(10, 11) 544.9 544.4
Thrift institutions
36 Savings deposits, including 414.1 418.5
MMDAs
37 Small time deposits 325.4 324.6
38 Large time deposits(10) 88.5 88.8
Money market mutual funds
39 Retail 751.6 767.8
40 Institution-only 523.3 529.3
Repurchase agreements and
Eurodollars
41 Repurchase agreements 290.3 292.9
42 Eurodollars 156.8 153.1
Debt components
43 Federal debt 3,754.9 n.a.
44 Nonfederal debt 12,373.5 n.a.
(1.) Latest monthly and weekly figures are available from the Board's H.6 (508) weekly statistical release. Historical data starting in 1959 are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. (2.) Composition of the money stock measures and debt is as follows: M1: (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions, (2) travelers checks of nonbank issuers, (3) demand deposits at all commercial banks other than those owed to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float, and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted M1 is computed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. M2: M1 plus (1) savings deposits (including MMDAs), (2) small-denomination time deposits (time deposits--including retail RPs--in amounts of less than $100,000), and (3) balances in retail money market mutual funds. Excludes individual retirement accounts (IRAs) and Keogh balances at depository institutions and money market funds. Seasonally adjusted M2 is calculated by summing savings deposits, small-denomination time deposits, and retail money fund balances, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. M3: M2 plus (1) large-denomination time deposits (in amounts of $100,000 or more) issued by all depository institutions, (2) balances in institutional money funds, (3) RP liabilities (overnight and term) issued by all depository institutions, and (4) Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money market funds, and foreign banks and official institutions. Seasonally adjusted M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and adding this result to seasonally adjusted M2. Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors--the federal sector (U.S. government, not including government-sponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans, commercial paper, and other loans. The data, which are derived from the Federal Reserve Board's flow of funds accounts, are break-adjusted (that is, discontinuities in the data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels). (3.) Currency outside the U.S. Treasury, Federal Reserve Banks, and vaults of depository institutions. (4.) Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits. (5.) Demand deposits at commercial banks and foreign-related institutions other than those owed to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the process of collection and Federal Reserve float. (6.) Consists of NOW and ATS account balances at all depository institutions, credit union share draft account balances, and demand deposits at thrift institutions. (7.) Sum of(l) savings deposits (including MMDAs), (2) small time deposits, and (3) retail money fund balances. (8.) Sum of (1) large time deposits, (2) institutional money fund balances, (3) RP liabilities (overnight and term) issued by depository institutions, and (4) Eurodollars (overnight and term) of U.S. addressees. (9.) Small time deposits--including retail RPs--are those issued in amounts of less than $100,000. All IRAs and Keogh accounts at commercial banks and thrift institutions are subtracted from small time deposits. (10.) Large time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities. (11.) Large time deposits at commercial banks less those held by money market funds, depository institutions, the U.S. government, and foreign banks and official institutions. (12.) Includes both overnight and term. 1.26 -- COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities(1)
A. All commercial banks
Billions of dollars
Monthly averages
Account 1998 1998
Jan. July Aug.
Seasonally adjusted
Assets
1 Bank credit 4,155.4(r) 4,280.5 4,341.6
2 Securities in 1,110.4 1,130.4 1,156.5
bank credit
3 U.S. government
securities 762.9 760.7 771.2
4 Other securities 347.5 369.8 385.3
5 Loans and leases
in bank credit(2) 3,045.0 3,150.1 3,185.1(r)
6 Commercial
and industrial 864.2 897.7 906.3(r)
7 Real estate 1,234.2 1,271.9(r) 1,281.5(r)
8 Revolving
home equity 98.0 97.5 97.6
9 Other 1,136.2 1,174.4(r) 1,183.8(r)
10 Consumer 503.5 496.0(r) 494.5(r)
11 Security(3) 117.6 131.9 137.7
12 Other loans 325.6 352.5 365.1(r)
and leases
13 Interbank loans 201.8 213.2 206.1
14 Cash assets(4) 261.2 243.5 251.6
15 Other assets(5) 295.4 312.7 318.1
16 Total assets(6) 4,857.0(r) 4,992.2 5,060.2
Liabilities
17 Deposits 3,121.1 3,191.2 3,221.7
18 Transaction 682.4 664.7 665.3
19 Nontransaction 2,438.7 2,526.5 2,556.4
20 Large time 645.9 668.1 680.3
21 Other 1,792.9 1,858.3 1,876.0
22 Borrowings 828.1 857.7 859.9
23 From banks in the U.S. 290.9 295.3 298.1
24 From others 537.1 562.5 561.9(r)
25 Net due to related
foreign offices 235.0 187.6 203.8
26 Other liabilities 298.2 322.1 334.9
27 Total liabilities 4,482.4 4,558.6 4,620.4(r)
28 Residual (assets 374.6(r) 433.7 439.8(r)
less liabilities)(7)
Not seasonally adjusted
29 Bank credit 4,162.4 4,274.4 4,328.0(r)
30 Securities in
bank credit 1,110.7 1,124.8 1,147.9
31 U.S. government
securities 759.5 756.8 766.3
32 Other securities 351.2 368.0 381.6
33 Loans and leases
in bank credit(2) 3,051.7 3,149.6(r) 3,180.1(r)
34 Commercial
and industrial 861.8 897.3 900.3(r)
35 Real estate 1,234.3 1,274.0(r) 1,285.0(r)
36 Revolving
home equity 98.2 97.6 97.8
37 Other 1,136.1(r) 1,176.4(r) 1,187.3(r)
38 Consumer 510.2 494.1(r) 496.2(r)
39 Security(3) 117.8 129.7 133.2
40 Other loans
and leases 327.6 354.5(r) 365.4(r)
41 Interbank loans 208.7 206.8 199.0
42 Cash assets(4) 272.1 239.1 239.3
43 Other assets(5) 293.8 314.0 320.0
44 Total assets(6) 4,880.5 4,976.6 5,028.9
Liabilities
45 Deposits 3,127.2 3,183.7 3,211.5(r)
46 Transaction 694.4 659.8 651.9
47 Nontransaction 2,432.8 2,523.8 2,559.6
48 Large time 644.1 664.8 679.4
49 Other 1,788.7 1,859.0 1,880.2
50 Borrowings 834.5 862.1 852.6
51 From banks
in the U.S. 294.4 295.4 294.1
52 From others 540.1 566.6 558.6(r)
53 Net due to related
foreign offices 235.6 189.1 203.6
54 Other liabilities 298.2 321.4 334.9
55 Total liabilities 4,495.6 4,556.3 4,602.6
56 Residual (assets
less liabilities)(7) 385.0(r) 420.3 426.2(r)
MEMO
57 Revaluation gains on
off-balance-
sheet items(8) 94.4 92.9(r) 96.1(r)
58 Revaluation losses on
off-balance-
sheet items(8) 95.9 90.6 96.4(r)
Monthly averages
Account 1999
Sept. Oct.(r) Nov.(r)
Seasonally adjusted
Assets
1 Bank credit 4,398.9 4,488.3 4,528.2
2 Securities in 1,177.1 1,217.9 1,226.7
bank credit
3 U.S. government
securities 767.4 774.6 791.0
4 Other securities 409.7 443.3 435.7
5 Loans and leases
in bank credit(2) 3,221.8(r) 3,270.5 3,301.5
6 Commercial
and industrial 918.5(r) 939.1 947.2
7 Real estate 1,283.7(r) 1,287.8 1,309.3
8 Revolving
home equity 97.9 96.9 97.3
9 Other 1,185.8(r) 1,190.9 1,212.0
10 Consumer 497.4(r) 496.7 498.7
11 Security(3) 142.9 158.9 152.5
12 Other loans 379.4(r) 388.1 393.8
and leases
13 Interbank loans 219.8 220.3 219.8
14 Cash assets(4) 253.3 242.9 249.6
15 Other assets(5) 323.3 322.7 327.1
16 Total assets(6) 5,137.8(r) 5,216.5 5,266.7
Liabilities
17 Deposits 3,244.2 3,267.9 3,310.9
18 Transaction 675.1(r) 665.9 665.7
19 Nontransaction 2,569.2(r) 2,602.0 2,645.2
20 Large time 685.8(r) 697.4 709.0
21 Other 1,883.3 1,904.6 1,936.1
22 Borrowings 888.8 939.4 978.3
23 From banks in the U.S. 308.4 318.6 327.9
24 From others 580.4 620.8 650.3
25 Net due to related
foreign offices 202.7 226.1 218.5
26 Other liabilities 344.2 358.6 340.3
27 Total liabilities 4,680.0(r) 4,792.0 4,847.9
28 Residual (assets 457.8(r) 424.5 418.8
less liabilities)(7)
Not seasonally adjusted
29 Bank credit 4,385.7(r) 4,491.8 4,536.6
30 Securities in
bank credit 1,164.9 1,214.2 1,226.3
31 U.S. government
securities 762.3 772.0 792.2
32 Other securities 402.6 442.1 434.1
33 Loans and leases
in bank credit(2) 3,220.9 3,277.7 3,310.3
34 Commercial
and industrial 913.0(r) 937.0 945.8
35 Real estate 1,288.6(r) 1,294.5 1,316.0
36 Revolving
home equity 98.6 97.8 98.0
37 Other 1,190.1(r) 1,196.8 1,218.0
38 Consumer 500.2(r) 498.5 501.2
39 Security(3) 139.5 159.3 153.8
40 Other loans
and leases 379.5(r) 388.3 393.6
41 Interbank loans 214.2 216.4 226.3
42 Cash assets(4) 251.2 246.7 258.9
43 Other assets(5) 324.5 321.9 328.2
44 Total assets(6) 5,117.8(r) 5,219.0 5,291.8
Liabilities
45 Deposits 3,248.4 3,271.7 3,329.4
46 Transaction 670.4(r) 661.9 676.4
47 Nontransaction 2,578.0(r) 2,609.7 2,653.0
48 Large time 687.6 70l.4 715.2
49 Other 1,890.5 1,908.3 1,937.8
50 Borrowings 892.0(r) 935.4 974.1
51 From banks
in the U.S. 307.2 314.5 328.2
52 From others 584.8(r) 620.8 645.9
53 Net due to related
foreign offices 202.3 223.7 216.6
54 Other liabilities 343.9 358.3 341.6
55 Total liabilities 4,686.6 4,789.0 4,861.7
56 Residual (assets
less liabilities)(7) 431.2(r) 430.0 430.0
MEMO
57 Revaluation gains on
off-balance-
sheet items(8) 110.4(r) 130.7 110.6
58 Revaluation losses on
off-balance-
sheet items(8) 110.6(r) 128.0 109.3
Monthly Wednesday
averages figures
Account 1998 1999 1998
Dec.(r) Jan. Jan. 6
Seasonally adjusted
Assets
1 Bank credit 4,549.1 4,523.1 4,520.3
2 Securities in 1,235.9 1,216.6 1,216.0
bank credit
3 U.S. government
securities 793.1 793.9 794.1
4 Other securities 442.8 422.7 421.8
5 Loans and leases
in bank credit(2) 3,313.2 3,306.6 3,304.3
6 Commercial
and industrial 945.1 942.2 939.8
7 Real estate 1,323.0 1,324.4 1,324.5
8 Revolving
home equity 97.2 96.7 96.6
9 Other 1,225.8 1,227.8 1,227.9
10 Consumer 501.7 503.1 500.2
11 Security(3) 151.4 152.7 153.3
12 Other loans 392.0 384.1 386.4
and leases
13 Interbank loans 214.9 217.0 209.1
14 Cash assets(4) 249.9 263.5 258.5
15 Other assets(5) 328.9 333.2 330.4
16 Total assets(6) 5,284.7 52,788.0 5,260.4
Liabilities
17 Deposits 3,319.2 3,339.4 3,341.1
18 Transaction 664.7 661.7 647.8
19 Nontransaction 2,654.5 2,677.7 2,693.3
20 Large time 702.0 713.4 709.8
21 Other 1,952.5 1,964.3 1,983.4
22 Borrowings 987.4 973.4 965.0
23 From banks in the U.S. 325.2 321.2 319.9
24 From others 662.2 652.2 645.0
25 Net due to related
foreign offices 217.1 214.5 212.7
26 Other liabilities 342.0 341.0 341.0
27 Total liabilities 4,865.7 4,868.3 4,859.8
28 Residual (assets 419.0 410.6 400.6
less liabilities)(7)
Not seasonally adjusted
29 Bank credit 4,559.8 4,532.3 4,544.6
30 Securities in
bank credit 1,231.0 1,218.9 1,220.7
31 U.S. government
securities 791.7 791.3 792.1
32 Other securities 439.4 427.6 428.6
33 Loans and leases
in bank credit(2) 3,328.8 3,313.4 3,323.9
34 Commercial
and industrial 943.1 939.3 940.5
35 Real estate 1,326.6 1,324.4 1,326.7
36 Revolving
home equity 97.5 96.9 97.2
37 Other 1,229.1 1,227.5 1,229.5
38 Consumer 508.0 509.9 510.5
39 Security(3) 154.3 153.1 152.2
40 Other loans
and leases 396.9 386.7 393.9
41 Interbank loans 224.8 224.0 222.2
42 Cash assets(4) 268.2 274.2 274.8
43 Other assets(5) 329.0 331.2 330.2
44 Total assets(6) 5,323.6 5,304.0 5,314.1
Liabilities
45 Deposits 3,351.2 3,344.3 3,383.1
46 Transaction 698.4 673.2 687.2
47 Nontransaction 2,652.8 2,671.2 2,695.8
48 Large time 707.2 711.5 708.8
49 Other 1,945.6 1,959.7 1,987.0
50 Borrowings 982.5 979.7 955.6
51 From banks
in the U.S. 329.3 324.8 318.6
52 From others 653.2 654.9 637.0
53 Net due to related
foreign offices 218.2 216.1 212.6
54 Other liabilities 342.9 341.1 340.7
55 Total liabilities 48,943.0 4,881.3 4,891.9
56 Residual (assets
less liabilities)(7) 428.9 422.6 422.2
MEMO
57 Revaluation gains on
off-balance-
sheet items(8) 117.2 111.6 111.3
58 Revaluation losses on
off-balance-
sheet items(8) 115.0 107.6 107.4
Wednesday figures
Account 1999
Jan. 13 Jan. 20 Jan. 27
Seasonally adjusted
Assets
1 Bank credit 4,526.9 4,532.4 4,518.7
2 Securities in 1,219.8 1,218.8 1,217.5
bank credit
3 U.S. government
securities 795.1 792.2 796.7
4 Other securities 424.7 426.6 420.8
5 Loans and leases
in bank credit(2) 3,307.1 3,313.5 3,301.3
6 Commercial
and industrial 941.2 944.6 942.8
7 Real estate 1,329.5 1,323.4 1,318.8
8 Revolving
home equity 96.6 96.7 96.8
9 Other 1,233.0 1,226.7 1,222.0
10 Consumer 502.5 504.3 504.5
11 Security(3) 150.1 158.3 152.5
12 Other loans 383.8 382.9 382.6
and leases
13 Interbank loans 213.9 220.0 221.5
14 Cash assets(4) 256.8 279.5 262.9
15 Other assets(5) 331.8 337.6 332.4
16 Total assets(6) 52,713.0 5,311.5 5,277.7
Liabilities
17 Deposits 3,332.4 3,353.7 3,326.3
18 Transaction 648.7 684.2 672.7
19 Nontransaction 2,683.7 2,669.5 2,653.6
20 Large time 713.3 715.1 713.3
21 Other 1,970.4 1,954.3 1,940.4
22 Borrowings 974.5 987.1 977.0
23 From banks in the U.S. 325.7 320.5 320.6
24 From others 648.7 666.6 656.4
25 Net due to related
foreign offices 213.6 209.6 213.7
26 Other liabilities 343.5 347.0 337.6
27 Total liabilities 4,864.1 4,897.4 4,854.6
28 Residual (assets 407.3 414.1 423.2
less liabilities)(7)
Not seasonally adjusted
29 Bank credit 4,539.9 4,536.2 4,514.4
30 Securities in
bank credit 1,221.2 1.217.6 1,217.1
31 U.S. government
securities 793.1 789.2 791.9
32 Other securities 428.0 428.4 425.1
33 Loans and leases
in bank credit(2) 3,318.7 3,318.6 3,297.4
34 Commercial
and industrial 937.2 940.7 938.1
35 Real estate 1,332.5 1,323.2 1,315.9
36 Revolving
home equity 97.0 97.0 96.9
37 Other 1,235.6 1,226.3 1,219.1
38 Consumer 510.9 510.7 509.5
39 Security(3) 151.6 158.0 152.4
40 Other loans
and leases 386.4 386.0 381.4
41 Interbank loans 224.4 224.4 220.0
42 Cash assets(4) 268.2 268.2 257.5
43 Other assets(5) 328.9 328.9 329.2
44 Total assets(6) 5,303.5 5,346.5 5,263.8
Liabilities
45 Deposits 3,354.2 3,361.3 3,288.2
46 Transaction 669.3 700.3 653.0
47 Nontransaction 2,684.9 2,661.0 2,635.2
48 Large time 711.9 712.0 711.4
49 Other 1,973.0 1,949.0 1,923.8
50 Borrowings 971.1 1,004.6 992.8
51 From banks
in the U.S. 327.0 328.0 326.5
52 From others 644.2 676.6 666.3
53 Net due to related
foreign offices 214.5 211.8 219.7
54 Other liabilities 343.2 346.8 338.4
55 Total liabilities 4,883.0 4,883.0 4,839.1
56 Residual (assets
less liabilities)(7) 420.5 422.0 424.7
MEMO
57 Revaluation gains on
off-balance-
sheet items(8) 110.5 112.4 111.1
58 Revaluation losses on
off-balance-
sheet items(8) 107.3 107.7 107.0
Footnotes appear p. A21.
1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and
Liabilities(1)
B. Domestically chartered commercial banks
Billions of dollars
Monthly averages
Account 1998
Jan. July Aug.
Seasonally adjusted
Assets
1 Bank credit 3,580.5 3,708.4 3,753.2
2 Securities in
bank credit 910.8(r) 929.3 944.1
3 U.S. government 679.3 669.6 677.1
securities
4 Other securities 231.4 259.6 266.9
5 Loans and leases
in bank credit(2) 2,669.8 2,779.1 2,809.1(r)
6 Commercial and
industrial 642.6 683.6 692.2(r)
7 Real estate 1,206.6 1,247.9(r) 1,257.6(r)
8 Revolving
home equity 98.0 97.5 97.6
9 Other 1,108.6 1,150.4(r) 1,160.2
10 Consumer 503.5 496.0(r) 494.5(r)
11 Security(3) 61.3 69.9 73.5
12 Other loans
and leases 255.8 281.6 291.2(r)
13 Interbank loans 173.5 192.3 186.1
14 Cash assets(4) 227.8 208.5 217.8
15 Other assets(5) 254.7 278.7 282.4
16 Total assets(6) 4,180.0(r) 4,330.4 4,382.6
Liabilities
17 Deposits 2,844.0 2,893.6 2,915.8
18 Transaction 670.7 651.0 653.1
19 Nontransaction 2,173.4(r) 2,242.6 2,262.7
20 Large time 383.8 385.1 385.1
21 Other 1,789.6 1,857.5 1,877.7
22 Borrowings 678.5 690.1(r) 694.7
23 From banks
in the U.S 267.2 269.5 276.1
24 From others 411.3 420.5 418.6(r)
25 Net due to related
foreign offices 90.8 79.8 93.6
26 Other liabilities 201.2 228.6 235.5
27 Total liabilities 3,814.5 3,892.0 3,939.7(r)
28 Residual (assets
less
liabilities)(7) 365.4 438.4 443.0
Not seasonally adjusted
29 Bank credit 3,590.9(r) 3,699.5 3,737.2
30 Securities in
bank credit 916.6 920.9 931.3
31 U.S. government
securities 678.0 666.1 671.5
32 Other securities 238.6 254.8 259.8
33 Loans and leases
in bank credit(2) 2,674.3 2,778.6 2,805.9
34 Commercial
and industrial 639.4 683.5 687.3(r)
35 Real estate 1,206.7 1,250.3(r) 1,261.3(r)
36 Revolving
home equity 98.2 97.6 97.8
37 Other 1,108.5(r) 1,152.7(r) 1,163.5(r)
38 Consumer 510.2 494.1(r) 496.2(r)
39 Security(3) 61.4 68.3 69.8
40 Other loans
and leases 256.6 282.4 291.3(r)
41 Interbank loans 180.4 185.9 179.1
42 Cash assets(4) 238.7 204.2 205.5
43 Other assets(5) 252.7 280.3 283.5
44 Total assets(6) 4,206.4 4,312.4 4,347.9(r)
Liabilities
45 Deposits 2,852.1 2,887.9 2,906.9
46 Transaction 682.8 646.0 639.7
47 Nontransaction 2,169.3 2,241.9 2,267.2
48 Large time 383.1 384.0 387.4(r)
49 Other 1,786.2 1,857.9 1,879.8
50 Borrowings 684.9 694.4 687.4
51 From banks
in the U.S 270.6 269.7 272.1
52 From others 414.2 424.7 415.3(r)
53 Net due to related
foreign offices 86.5 84.9 96.7
54 Other liabilities 201.2 228.6 235.5
55 Total liabilities 3,824.8 3,895.8(r) 3,926.6(r)
56 Residual (assets
less
liabilities)(7) 381.7(r) 416.7 421.4(r)
MEMO
57 Revaluation gains on
off-balance-
sheet items(8) 49.9 51.0 51.9
58 Revaluation losses on
off-balance-
sheet items(8) 52.7 50.4 54.2
59 Mortgage-backed
securities(9) 289.9 293.0(r) 301.2(r)
Monthly averages
Account 1998
Sept. Oct.(r) Nov.(r)
Seasonally adjusted
Assets
1 Bank credit 3,794.3(r) 3,863.6 3,908.0
2 Securities in
bank credit 961.6 995.9 1,002.8
3 U.S. government 685.2 694.4 710.5
securities
4 Other securities 276.5 301.5 292.2
5 Loans and leases
in bank credit(2) 2,832.7 2,867.7 2,905.3
6 Commercial and
industrial 700.5(r) 715.3 723.3
7 Real estate 1,260.1(r) 1,264.5 1,287.3
8 Revolving
home equity 97.9 96.9 97.3
9 Other 1,162.3(r) 1,167.6 1,190.0
10 Consumer 497.4(r) 496.7 498.7
11 Security(3) 75.2 89.3 87.6
12 Other loans
and leases 299.4(r) 302.0 308.4
13 Interbank loans 191.4 194.9 193.3
14 Cash assets(4) 219.3 207.6 216.1
15 Other assets(5) 285.5 283.5 290.5
16 Total assets(6) 4,433.3 4,492.0 4,550.2
Liabilities
17 Deposits 2,929.7 2,949.1 2,995.6
18 Transaction 659.8(r) 650.7 653.4
19 Nontransaction 2,270.0 2,298.3 2,342.2
20 Large time 384.2(r) 397.4 410.3
21 Other 1,885.7 1,900.9 1,932.0
22 Borrowings 709.9(r) 753.9 792.7
23 From banks
in the U.S 278.2 286.6 294.5
24 From others 431.7(r) 467.3 498.2
25 Net due to related
foreign offices 105.6 116.9 116.3
26 Other liabilities 240.2 251.2 237.9
27 Total liabilities 3,985.4 4,071.1 4,142.5
28 Residual (assets
less
liabilities)(7) 447.9 420.9 407.6
Not seasonally adjusted
29 Bank credit 3,786.4 3,867.8 3,924.0
30 Securities in
bank credit 952.8 991.9 1,007.7
31 U.S. government
securities 680.1 691.3 710.8
32 Other securities 272.8 300.6 296.9
33 Loans and leases
in bank credit(2) 2,833.5(r) 2,875.9 2,916.3
34 Commercial
and industrial 696.1(r) 713.4 722.2
35 Real estate 1,265.1(r) 1,271.0 1,293.7
36 Revolving
home equity 98.6 97.8 98.0
37 Other 1,166.5(r) 1,173.2 1,195.7
38 Consumer 500.2(r) 498.5 501.2
39 Security(3) 72.2 89.6 89.1
40 Other loans
and leases 300.0(r) 303.4 310.1
41 Interbank loans 185.8 190.9 199.8
42 Cash assets(4) 217.1 211.1 224.5
43 Other assets(5) 286.7 283.6 291.1
44 Total assets(6) 4,418.4 4,495.8 4,581.5
Liabilities
45 Deposits 2,932.3 2,953.3 3,015.1
46 Transaction 654.4 646.7 664.1
47 Nontransaction 2,277.9(r) 2,306.6 2,351.1
48 Large time 387.7(r) 400.8 415.3
49 Other 1,890.2 1,905.8 1,935.7
50 Borrowings 713.0 749.9 788.5
51 From banks
in the U.S 277.0 282.6 294.8
52 From others 436.0(r) 467.3 493.7
53 Net due to related
foreign offices 106.8 115.5 113.7
54 Other liabilities 240.2 251.2 237.9
55 Total liabilities 3,992.3 4,069.9 4,155.3
56 Residual (assets
less
liabilities)(7) 426.0(r) 425.9 426.1
MEMO
57 Revaluation gains on
off-balance-
sheet items(8) 61.7 78.7 62.7
58 Revaluation losses on
off-balance-
sheet items(8) 65.1 80.5 65.1
59 Mortgage-backed
securities(9) 313.7(r) 336.0 346.3
Monthly Wednesday
averages figures
Account 1998 1999 1999
Dec.(r) Jan. Jan. 6
Seasonally adjusted
Assets
1 Bank credit 3,948.0 3,927.6 3,930.1
2 Securities in
bank credit 1,019.1 997.3 999.2
3 U.S. government 712.1 709.7 711.4
securities
4 Other securities 307.0 287.6 287.9
5 Loans and leases
in bank credit(2) 2,928.8 2,930.3 2,930.8
6 Commercial and
industrial 727.1 729.0 729.2
7 Real estate 1,302.3 1,303.7 1,304.0
8 Revolving
home equity 97.2 96.7 96.6
9 Other 1,205.1 1,207.0 1,207.3
10 Consumer 501.7 503.1 500.2
11 Security(3) 85.4 84.0 85.7
12 Other loans
and leases 312.3 310.6 311.8
13 Interbank loans 187.8 188.8 184.2
14 Cash assets(4) 216.0 228.3 223.4
15 Other assets(5) 289.8 295.1 292.5
16 Total assets(6) 4,583.8 4,582.0 4,572.4
Liabilities
17 Deposits 3,011.9 3,023.2 3,029.8
18 Transaction 654.0 649.3 636.0
19 Nontransaction 2,357.9 2,373.9 2,393.8
20 Large time 409.0 412.3 414.1
21 Other 1,948.9 1,961.6 1,979.7
22 Borrowings 808.0 797.7 792.6
23 From banks
in the U.S 296.7 297.1 298.0
24 From others 511.3 500.6 494.6
25 Net due to related
foreign offices 114.8 115.3 110.9
26 Other liabilities 241.2 243.8 244.4
27 Total liabilities 4,175.9 4,180.0 4,177.8
28 Residual (assets
less
liabilities)(7) 407.9 401.9 394.7
Not seasonally adjusted
29 Bank credit 3,960.2 3,940.7 3,955.8
30 Securities in
bank credit 1,018.4 1,005.8 1,009.7
31 U.S. government
securities 711.0 709.3 711.2
32 Other securities 307.5 296.5 298.5
33 Loans and leases
in bank credit(2) 2,941.7 2,934.9 2,946.1
34 Commercial
and industrial 724.2 725.2 727.5
35 Real estate 1,305.8 1,303.6 1,305.9
36 Revolving
home equity 97.5 96.9 97.2
37 Other 1,208.3 1,206.7 1,208.8
38 Consumer 508.0 509.9 510.5
39 Security(3) 87.2 84.2 84.3
40 Other loans
and leases 316.6 311.9 317.9
41 Interbank loans 197.7 195.8 197.2
42 Cash assets(4) 232.7 239.1 239.2
43 Other assets(5) 289.2 292.6 291.8
44 Total assets(6) 4,621.9 4,610.7 4,626.7
Liabilities
45 Deposits 3,040.7 3,030.4 3,073.5
46 Transaction 687.2 660.9 675.2
47 Nontransaction 2,353.5 2,369.5 2,398.3
48 Large time 409.4 411.3 412.8
49 Other 1,944.1 1,958.2 1,985.5
50 Borrowings 803.1 804.1 783.2
51 From banks
in the U.S 300.8 300.8 296.7
52 From others 502.3 503.3 486.5
53 Net due to related
foreign offices 111.3 112.8 106.5
54 Other liabilities 241.2 243.8 244.4
55 Total liabilities 4,196.4 4,191.0 4,207.6
56 Residual (assets
less
liabilities)(7) 425.5 419.7 419.1
MEMO
57 Revaluation gains on
off-balance-
sheet items(8) 69.1 65.7 65.4
58 Revaluation losses on
off-balance-
sheet items(8) 70.5 65.5 65.4
59 Mortgage-backed
securities(9) 345.9 342.0 346.0
Wednesday figures
Account 1999
Jan. 13 Jan. 20 Jan. 27
Seasonally adjusted
Assets
1 Bank credit 33,931.8 3,934.3 3,916.0
2 Securities in
bank credit 1,001.0 999.4 994.6
3 U.S. government 711.8 708.6 710.0
securities
4 Other securities 289.2 290.7 284.6
5 Loans and leases
in bank credit(2) 2,930.8 2,934.9 2,921.4
6 Commercial and
industrial 728.8 730.2 728.5
7 Real estate 1,308.6 1,302.8 1,298.1
8 Revolving
home equity 96.6 96.7 96.8
9 Other 1,212.0 1,206.1 1,201.4
10 Consumer 502.5 504.3 504.5
11 Security(3) 81.0 87.4 82.1
12 Other loans
and leases 309.8 310.3 308.2
13 Interbank loans 186.9 189.3 192.3
14 Cash assets(4) 220.8 241.7 229.5
15 Other assets(5) 293.5 297.5 295.8
16 Total assets(6) 4,575.1 4,605.2 4,576.1
Liabilities
17 Deposits 3,014.0 3,035.3 3,010.5
18 Transaction 636.9 671.5 660.1
19 Nontransaction 2,377.2 2,363.8 2,350.4
20 Large time 409.9 411.8 412.1
21 Other 1,967.2 1,952.0 1,938.3
22 Borrowings 800.5 806.0 799.4
23 From banks
in the U.S 301.5 296.2 296.4
24 From others 498.9 509.8 503.0
25 Net due to related
foreign offices 114.7 111.0 119.2
26 Other liabilities 245.2 249.7 240.0
27 Total liabilities 4,174.3 4,201.9 4,169.0
28 Residual (assets
less
liabilities)(7) 400.8 403.3 407.1
Not seasonally adjusted
29 Bank credit 3,948.1 3,944.2 3,918.4
30 Securities in
bank credit 1,007.8 1,005.9 1,001.6
31 U.S. government
securities 711.2 707.8 708.8
32 Other securities 296.6 298.1 292.7
33 Loans and leases
in bank credit(2) 2,940.2 2,938.3 2,916.8
34 Commercial
and industrial 723.8 725.8 723.5
35 Real estate 1,311.6 1,302.6 1,295.4
36 Revolving
home equity 97.0 97.0 96.9
37 Other 1,214.6 1,205.6 1,198.5
38 Consumer 510.9 510.7 509.5
39 Security(3) 82.6 87.0 82.4
40 Other loans
and leases 311.4 312.2 306.1
41 Interbank loans 197.4 195.8 190.8
42 Cash assets(4) 232.2 270.0 224.4
43 Other assets(5) 289.9 294.1 292.2
44 Total assets(6) 4,610.0 4,646.6 4,568.6
Liabilities
45 Deposits 3,038.5 3,046.0 2,973.5
46 Transaction 657.6 687.6 640.8
47 Nontransaction 2,381.0 2,358.4 2,332.7
48 Large time 409.5 411.0 410.5
49 Other 1,971.4 1,947.4 1,922.2
50 Borrowings 797.1 823.5 815.2
51 From banks
in the U.S 302.8 303.7 302.4
52 From others 494.4 519.8 512.8
53 Net due to related
foreign offices 111.6 109.0 118.3
54 Other liabilities 245.2 249.7 240.0
55 Total liabilities 4,192.4 4,228.2 4,147.0
56 Residual (assets
less
liabilities)(7) 417.6 418.4 421.7
MEMO
57 Revaluation gains on
off-balance-
sheet items(8) 63.8 66.7 65.8
58 Revaluation losses on
off-balance-
sheet items(8) 64.4 65.5 65.4
59 Mortgage-backed
securities(9) 343.7 338.6 338.7
Footnotes appear on p. A21 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities(1) C. Large domestically chartered commercial banks
Billions of dollars
Monthly averages
Account 1998 1998
Jan. July Aug.
Seasonally adjusted
Assets
1 Bank credit 2,199.7(r) 2,275.1(r) 2,305.7(r)
2 Securities
in bank credit 513.5(r) 521.6(r) 532.3(r)
3 U.S. government
securities 366.5(r) 355.5(r) 361.4(r)
4 Trading account 29.1 20.4 21.3
5 Investment account 337.4(r) 335.1(r) 340.1(r)
6 Other securities 147.0 166.1 170.9
7 Trading account 69.6 81.1 83.1
8 Investment account 77.4 85.0 87.7
9 State and
local government 22.5 22.4 22.6
10 Other 54.9 62.6 65.1
11 Loans and leases
in bank credit(3) 1,686.2(r) 1,753.3(r) 1,773.4(r)
12 Commercial and
industrial 465.4 497.6 503.1(1)
13 Bankers
acceptances 1.2 1.3 1.3
14 Other 464.2(r) 496.4(r) 501.7
15 Real estate 673.6(r) 686.9(r) 688.1(r)
16 Revolving
home equity 69.8 68.7 68.6
17 Other 603.8(r) 618.2(r) 619.5(r)
18 Consumer 301.8(r) 294.7(r) 295.9(r)
19 Security(3) 56.0 63.9 67.4
20 Federal funds
sold to and
repurchase
agreements with
broker-dealers 39.6 44.9 48.0
21 Other 16.4 19.0 19.4
22 State and 11.6 11.1 11.5
local government
23 Agricultural 9.9 10.0 10.0
24 Federal funds sold
to and
repurchase
agreements
with others 8.0 8.9 10.0
25 All other loans 74.3 83.9 88.9
26 Lease-financing 85.5 96.3 98.7
receivables
27 Interbank loans 122.4 124.0(r) 115.7
28 Federal funds
sold to
and repurchase
agreements with
commercial banks 81.2(r) 70.1 62.5
29 Other 41.2 53.8 53.2
30 Cash assets(4) 164.7(r) 143.9(r) 151.3(r)
31 Other assets(5) 196.7 215.8(r) 19.3
52 Total assets(6) 2,645.9(r) 2,720.6(r) 2,754.6(r)
Liabilities
33 Deposits 1,612.5(r) 1,620.6(r) 1,628.3(r)
54 Transaction 386.6(r) 367.9(r) 369.4(r)
35 Nontransaction 1,225.9(r) 1,252.7(r) 1,258.9(r)
36 Large time 219.8(r) 216.2(r) 215.0(r)
37 Other 1,006.1(r) 1,036.6(r) 1,043.9(r)
38 Borrowings 528.9(r) 526.7(r) 531.9(r)
39 From banks in the U.S 198.3 190.5 197.6(r)
10 From others 330.6(r) 336.2(r) 334.3(r)
41 Net due to related
foreign offices 86.5 76.1 89.9
42 Other liabilities 173.7 198.5 204.9
43 Total liabilities 2,401.6(r) 2,422.0(r) 2,454.9(r)
44 Residual (assets
less liabilities)(7) 244.3(r) 298.7(r) 299.7
Account Sept. Oct.(r) Nov.(r)
Seasonally adjusted
Assets
1 Bank credit 2,336.8(r) 2,392.6 2,412.7
2 Securities
in bank credit 547.1(r) 572.7 569.5
3 U.S. government
securities 367.9(r) 371.9 380.2
4 Trading account 22.0 20.9 23.4
5 Investment account 345.9(r) 351.00 356.80
6 Other securities 179.2 200.8 189.3
7 Trading account 89.5 109.1 92.8
8 Investment account 89.8 91.7 96.5
9 State and
local government 23.2 23.9 24.6
10 Other 66.6 67.8 71.9
11 Loans and leases
in bank credit(3) 1,789.6(r) 1819.8 1843.2
12 Commercial and
industrial 508.9 521.6 527.9
13 Bankers
acceptances 1.3 1.2 1.2
14 Other 507.7(r) 520.3 526.6
15 Real estate 685.9(r) 686.5 698.9
16 Revolving
home equity 68.8 68.0 67.7
17 Other 617.2 618.5 631.2
18 Consumer 298.8(r) 299.6 300.6
19 Security(3) 68.9 82.7 80.8
20 Federal funds
sold to and
repurchase
agreements with
broker-dealers 50.1 64.7 63.6
21 Other 18.8 18.0 17.3
22 State and 11.5 11.6 11.9
local government
23 Agricultural 10.0 9.9 10.0
24 Federal funds sold
to and
repurchase
agreements
with others 12.4 12.9 12.4
25 All other loans 93.2 93.5 97.9
26 Lease-financing 100.0 101.4 102.8
receivables
27 Interbank loans 117.6(r) 119.0 119.3
28 Federal funds
sold to
and repurchase
agreements with
commercial banks 64.2 73.6 75.3
29 Other 53.4 45.4 44.0
30 Cash assets(4) 151.3 141.0 147.9
31 Other assets(5) 219.9(r) 215.9 218.2
52 Total assets(6) 2,788.0(r) 2830.6 2860.3
Liabilities
33 Deposits 1,628.7(r) 1640.2 1666.8
54 Transaction 373.1 366.7 368.3
35 Nontransaction 1,255.6(r)r 1273.5 1298.5
36 Large time 209.9(r) 221.5 230.4
37 Other 1,045.7(r) 1052.0 1068.1
38 Borrowings 544.6(r) 579.6 610.4
39 From banks in the U.S 198.4 203.5 207.7
10 From others 346.2 376.1 402.7
41 Net due to related
foreign offices 101.8 112.3 112.7
42 Other liabilities 209.6 219.9 205.8
43 Total liabilities 2,484.8(r) 2552.0 2595.7
44 Residual (assets
less liabilities)(7) 303.2 278.6 264.6
Account 1999
Dec.(r) Jan. Jan. 6
Seasonally adjusted
Assets
1 Bank credit 2,434.7 2,413.5 2,409.3
2 Securities
in bank credit 577.8 555.7 554.3
3 U.S. government
securities 376.7 375.4 374.5
4 Trading account 24.0 26.3 26.8
5 Investment account 352.70 349.10 347.70
6 Other securities 201.1 180.3 179.8
7 Trading account 101.7 82.1 80.4
8 Investment account 99.3 98.2 99.4
9 State and
local government 25.0 25.0 25.2
10 Other 74.4 73.2 74.1
11 Loans and leases
in bank credit(3) 1856.9 1857.8 1855.0
12 Commercial and
industrial 529.7 531.3 531.3
13 Bankers
acceptances 1.2 1.3 1.3
14 Other 528.5 5.30.1 531.6
15 Real estate 706.3 703.0 703.0
16 Revolving
home equity 67.5 67.3 66.9
17 Other 638.8 635.7 636.1
18 Consumer 301.7 305.4 301.0
19 Security(3) 79.0 77.9 79.4
20 Federal funds
sold to and
repurchase
agreements with
broker-dealers 62.8 61.7 61.9
21 Other 16.3 16.2 17.4
22 State and 11.6 11.6 11.5
local government
23 Agricultural 10.1 10.2 10.2
24 Federal funds sold
to and
repurchase
agreements
with others 16.2 12.6 13.9
25 All other loans 96.5 97.5 97.5
26 Lease-financing 105.7 108.2 107.2
receivables
27 Interbank loans 120.6 122.0 117.4
28 Federal funds
sold to
and repurchase
agreements with
commercial banks 73.7 77.9 74.4
29 Other 46.9 44.1 43.0
30 Cash assets(4) 148.3 158.4 155.5
31 Other assets(5) 216.4 220.6 217.1
52 Total assets(6) 2882.1 2876.6 2861.4
Liabilities
33 Deposits 1673.2 1671.2 1676.6
54 Transaction 367.4 363.0 355.6
35 Nontransaction 1305.8 1308.1 1321.0
36 Large time 230.2 230.0 232.0
37 Other 1075.6 1078.1 1089.0
38 Borrowings 621.8 614.6 605.4
39 From banks in the U.S 209.0 214.5 212.3
10 From others 412.8 400.1 393.1
41 Net due to related
foreign offices 111.2 112.3 107.4
42 Other liabilities 209.2 212.7 212.8
43 Total liabilities 2615.4 2610.7 2602.3
44 Residual (assets
less liabilities)(7) 266.7 266.0 259.1
Account 1999
Jan. 13 Jan. 20 Jan. 27
Seasonally adjusted
Assets
1 Bank credit 2,417.3 2,421.7 2,405.7
2 Securities
in bank credit 558.1 558.9 555.3
3 U.S. government
securities 376.1 375.2 377.3
4 Trading account 28.3 27.1 27.6
5 Investment account 347.90 348.10 349.70
6 Other securities 182.0 183.7 178.1
7 Trading account 82.7 86.0 81.1
8 Investment account 99.3 97.7 96.9
9 State and
local government 24.9 25.0 25.0
10 Other 74.4 72.7 72.0
11 Loans and leases
in bank credit(3) 1859.2 1862.8 1850.4
12 Commercial and
industrial 531.1 532.2 531.2
13 Bankers
acceptances 1.3 1.3 1.2
14 Other 529.9 530.9 529.9
15 Real estate 708.9 702.2 697.3
16 Revolving
home equity 67.2 67.4 67.6
17 Other 641.7 634.8 629.8
18 Consumer 305.2 306.8 307.1
19 Security(3) 74.9 81.4 76.3
20 Federal funds
sold to and
repurchase
agreements with
broker-dealers 59.7 63.1 61.2
21 Other 15.1 18.3 15.1
22 State and 11.8 11.6 11.5
local government
23 Agricultural 10.2 10.2 10.2
24 Federal funds sold
to and
repurchase
agreements
with others 12.6 12.3 12.1
25 All other loans 97.0 98.4 96.5
26 Lease-financing 107.5 107.7 108.1
receivables
27 Interbank loans 120.7 122.3 124.5
28 Federal funds
sold to
and repurchase
agreements with
commercial banks 76.9 79.5 78.5
29 Other 43.8 42.8 46.1
30 Cash assets(4) 152.3 169.6 158.6
31 Other assets(5) 217.4 223.3 222.4
52 Total assets(6) 2869.7 2899.1 2873.5
Liabilities
33 Deposits 1663.8 1682.6 1658.3
54 Transaction 355.3 380.9 366.1
35 Nontransaction 1308.6 1301.7 1292.2
36 Large time 227.7 229.4 229.7
37 Other 1080.8 1072.3 1062.5
38 Borrowings 617.9 623.2 617.5
39 From banks in the U.S 219.1 213.2 214.9
10 From others 398.8 409.9 402.6
41 Net due to related
foreign offices 111.6 108.3 116.4
42 Other liabilities 213.7 218.8 209.1
43 Total liabilities 2607.0 2632.9 2601.3
44 Residual (assets
less liabilities)(7) 262.7 266.2 272.1
1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities(1) C. Large domestically chartered commercial banks
Monthly averages
Account 1998 1998
Jan. July Aug.
Not seasonally adjusted
Assets
45 Bank credit 2,215.3(r) 2,268.0(r) 2,290.2(r)
46 Securities in bank 521.0(r) 514.6)r) 520.6(r)
credit
47 U.S. government 366.6(r) 353.3(r) 356.6(r)
securities
48 Trading account 28.2 19.9 21.2
49 Investment account 338.4(r) 333.4(r) 335.4(r)
50 Mortgage-backed 225.5(r) 219.0(r) 225.8(r)
securities
51 Other 113.0 114.4(r) 109.7
52 One year or 28.9 30.4 29.0
less
53 One to five 55.7(r) 52.1 48.9
years
54 More than five 28.3 31.9 31.8
years
55 Other securities 154.4 161.3 164.0
56 Trading account 76.3 77.0 76.8
57 Investment account 78.1 84.3 87.2
58 State and local 22.5 22.3 22.7
government
59 Other 55.6 62.1 64.6
60 Loans and leases in 1,694.3(r) 1,753.4(r) 1,769.5(r)
bank credit(2)
61 Commercial and 463.0(r) 497.7 499.6(r)
industrial
62 Bankers acceptances 1.2 1.2 1.3
63 Other 461.8(r) 496.5 498.3
64 Real estate 676.7(r) 689.2(r) 691.4(r)
65 Revolving home 70.1 68.9 68.9
equity
66 Other 369.9(r) 383.4(r) 384.9(r)
67 Commercial 236.6(r) 236.9(r) 237.6(r)
68 Consumer 306.8(r) 294.5(r) 297.4(r)
69 Security(3) 56.1 62.3 63.7
70 Federal funds sold
to and repurchase
agreements wit
broker-dealers 39.6 43.9 45.1
71 Other 16.4 18.5 18.6
72 State and local 11.5 11.1 11.5
government
73 Agricultural 9.9 10.3 10.3
74 Federal funds sold
to and repurchase
agreements
with others 8.0 8.9 10.0
75 All other loans 75.0 83.5 88.2
76 Lease-financing 87.3 95.8 97.5
receivables
77 Interbank loans 127.8 122.9 113.2(r)
78 Federal funds sold to
and repurchase
agreements with
commercial banks 85.1 69.4 60.7
79 Other 42.7 53.5 52.5
80 Cash assets(4) 174.5 140.2 141.2(r)
81 Other assets(5) 196.7 215.8(r) 219.3
82 Total assets(6) 2,677.1(r) 2,708.9(r) 2,726.1(r)
Liabilities
83 Deposits 1,622.0(r) 1,620.6(r) 1,625.9(r)
84 Transaction 396.3(r) 365.7(r) 360.3(r)
85 Nontransaction 1,225.6(r) 1,254.9(r) 1,265.7(r)
86 Large time 219.1(r) 215.0 217.4(r)
87 Other 1,006.6(r) 1,039.8(r) 1,048.3(r)
88 Borrowings 534.4(r) 531.0(r) 523.2(r)
89 From banks in the U.S. 201.3 190.5 192.7
90 From nonbanks in the 333.1(r) 340.5(r) 330.5(r)
U.S.
91 Net due to related 82.3 81.2 92.9
foreign offices
92 Other liabilities 173.7 198.5 204.9
93 Total liabilities 2,412.4(r) 2,431.3(r) 2,447.0(r)
94 Residual (assets less 264.7(r) 277.7(r) 279.1
liabilities)(7)
MEMO
95 Revaluation gains on
off-balance-sheet 49.9 51.0 51.9
items(8)
96 Revaluation losses on
off-balance-sheet 52.7 50.4 54.2
items(8)
97 Mortgage-backed 244.8(r) 242.9(r) 249.6(r)
securities(9)
98 Pass-through 164.2(r) 158.0(r) 161.3(r)
securities
99 CMOs, REMICs, and
other mortgage- 80.6(r) 84.9(r) 88.3(r)
backed securities
100 Net unrealized gains
(losses) on avail-
able-for-sale 3.0 3.5 3.1
securities
101 Offshore credit to U.S. 35.5 35.3 35.6
residents(11)
Monthly averages
Account 1999
Sept. Oct.(r) Nov.(r)
Not seasonally adjusted
Assets
45 Bank credit 2,326.7(r) 2,396.9 2,429.4
46 Securities in bank 539.1(r) 571.7 577.8
credit
47 U.S. government 363.2(r) 371.1 383.3
securities
48 Trading account 21.9 21.9 24.6
49 Investment account 341.3(r) 349.1 358.7
50 Mortgage-backed 236.4(r) 255.2 258.2
securities
51 Other 104.9(r) 93.9 100.6
52 One year or 27.7 26.1 27.2
less
53 One to five 44.2 37.2 38.2
years
54 More than five 33.0 30.6 35.2
years
55 Other securities 175.9 200.7 194.5
56 Trading account 86.4 108.8 96.8
57 Investment account 89.4 91.9 97.7
58 State and local 23.2 24.0 24.6
government
59 Other 66.2 67.9 73.1
60 Loans and leases in 1,787.6(r) 1825.2 1851.7
bank credit(2)
61 Commercial and 506.0 521.3 528.0
industrial
62 Bankers acceptances 1.3 1.3 1.3
63 Other 504.7(r) 520.0 526.6
64 Real estate 689.1(r) 690.5 703.2
65 Revolving home 69.4 68.6 68.4
equity
66 Other 380.8(r) 382.8 393.9
67 Commercial 239.0(r) 239.0 240.9
68 Consumer 300.8(r) 300.5 301.5
69 Security(3) 65.8 83.1 82.3
70 Federal funds sold
to and repurchase
agreements wit
broker-dealers 47.6 65.2 65.0
71 Other 18.2 17.9 17.3
72 State and local 11.6 11.7 12.0
government
73 Agricultural 10.3 10.1 10.1
74 Federal funds sold
to and repurchase
agreements
with others 12.4 12.9 12.4
75 All other loans 92.7 94.1 99.4
76 Lease-financing 98.9 101.0 102.8
receivables
77 Interbank loans 116.4(r) 116.2 121.4
78 Federal funds sold to
and repurchase
agreements with
commercial banks 63.7 71.0 77.0
79 Other 52.7 45.2 44.4
80 Cash assets(4) 149.8 144.6 154.1
81 Other assets(5) 219.9(r) 215.9 218.2
82 Total assets(6) 2,774.9(r) 2,835.7 2,885.0
Liabilities
83 Deposits 1,634.8(r) 1,646.5 1,680.1
84 Transaction 370.0 364.5 375.0
85 Nontransaction 1,264.7(r) 1,282.0 1,305.1
86 Large time 213.3 224.9 235.4
87 Other 1,051.4(r) 1,057.1 1,069.7
88 Borrowings 544.4(r) 575.1 606.8
89 From banks in the U.S. 196.1(r) 200.0 209.1
90 From nonbanks in the 348.3 375.1 397.7
U.S.
91 Net due to related 103.0 110.9 110.1
foreign offices
92 Other liabilities 209.6 219.9 205.8
93 Total liabilities 2,491.8(r) 2552.4 2602.7
94 Residual (assets less 283.1(r) 283.4 282.3
liabilities)(7)
MEMO
95 Revaluation gains on
off-balance-sheet 61.7 78.7 62.7
items(8)
96 Revaluation losses on
off-balance-sheet 65.1 80.5 65.1
items(8)
97 Mortgage-backed 260.5(r) 280.7 287.0
securities(9)
98 Pass-through 167.3(r) 189.5 196.6
securities
99 CMOs, REMICs, and
other mortgage- 93.2(r) 91.1 90.3
backed securities
100 Net unrealized gains
(losses) on avail-
able-for-sale 3.7 4.4 3.1
securities
101 Offshore credit to U.S. 36.8 38.5 39.1
residents(11)
Monthly Wednesday
averages figures
Account 1998 1999 1999
Dec.(r) Jan. Jan. 6
Not seasonally adjusted
Assets
45 Bank credit 2,446.5 2,432.2 2,442.1
46 Securities in bank 579.0 565.7 567.7
credit
47 U.S. government 377.2 376.3 376.7
securities
48 Trading account 23.6 25.5 25.6
49 Investment account 353.6 350.8 351.1
50 Mortgage-backed 253.5 250.0 253.6
securities
51 Other 100.1 100.8 97.5
52 One year or 26.6 27.4 25.9
less
53 One to five 38.4 37.5 36.6
years
54 More than five 35.2 35.9 34.9
years
55 Other securities 201.8 189.4 191.1
56 Trading account 101.5 90.3 90.2
57 Investment account 100.4 99.1 100.9
58 State and local 25.0 24.9 25.2
government
59 Other 75.4 74.2 75.6
60 Loans and leases in 1,867.5 1,866.5 1,874.3
bank credit(2)
61 Commercial and 527.3 528.4 530.3
industrial
62 Bankers acceptances 1.3 1.3 1.3
63 Other 526.0 527.2 529.1
64 Real estate 708.9 706.2 708.5
65 Revolving home 67.8 67.7 67.7
equity
66 Other 398.4 393.9 397.3
67 Commercial 242.6 244.7 243.5
68 Consumer 305.7 310.6 310.3
69 Security(3) 80.8 78.2 77.9
70 Federal funds sold
to and repurchase
agreements wit
broker-dealers 63.7 62.0 60.8
71 Other 17.1 16.2 17.2
72 State and local 11.7 11.6 11.5
government
73 Agricultural 10.1 10.1 10.4
74 Federal funds sold
to and repurchase
agreements
with others 16.2 12.6 13.9
75 All other loans 100.6 98.2 101.8
76 Lease-financing 106.0 110.5 109.5
receivables
77 Interbank loans 125.7 127.3 124.1
78 Federal funds sold to
and repurchase
agreements with
commercial banks 77.5 81.7 79.5
79 Other 48.2 45.5 44.6
80 Cash assets(4) 161.7 168.1 167.0
81 Other assets(5) 216.4 220.6 217.1
82 Total assets(6) 2,912.3 2,910.5 2,912.7
Liabilities
83 Deposits 1,694.7 1,679.9 1,711.1
84 Transaction 390.5 372.5 380.8
85 Nontransaction 1,304.2 1,307.5 1,330.2
86 Large time 230.7 229 230.7
87 Other 1,073.5 1,078.5 1,099.6
88 Borrowings 616.2 620.2 601
89 From banks in the U.S. 213.1 217.7 213.3
90 From nonbanks in the 403.1 402.4 387.8
U.S.
91 Net due to related 107.7 109.8 103
foreign offices
92 Other liabilities 209.2 212.7 212.8
93 Total liabilities 2,627.8 2,622.5 2,627.9
94 Residual (assets less 284.5 288.0 284.8
liabilities)(7)
MEMO
95 Revaluation gains on
off-balance-sheet 69.1 65.7 65.4
items(8)
96 Revaluation losses on
off-balance-sheet 70.5 65.5 65.4
items(8)
97 Mortgage-backed 284.0 279.6 283.3
securities(9)
98 Pass-through 194.8 191.9 194.5
securities
99 CMOs, REMICs, and
other mortgage- 89.2 87.7 88.8
backed securities
100 Net unrealized gains
(losses) on avail-
able-for-sale 3.0 3.0 3.2
securities
101 Offshore credit to U.S. 38.5 38.9 39.3
residents(11)
Wednesday figures
Account 1999
Jan. 13 Jan. 20 Jan. 27
Not seasonally adjusted
Assets
45 Bank credit 2,438.1 2,436.4 2,413.0
46 Securities in bank 566.0 566.3 563.2
credit
47 U.S. government 376.4 375.3 377.2
securities
48 Trading account 27.3 26.8 26.5
49 Investment account 349.0 348.5 350.7
50 Mortgage-backed 251.4 246.2 247.3
securities
51 Other 97.7 102.4 103.4
52 One year or 26.2 28.7 28.2
less
53 One to five 36.1 37.8 38.7
years
54 More than five 35.4 35.9 36.5
years
55 Other securities 189.6 191.0 186.0
56 Trading account 89.2 92.5 88.6
57 Investment account 100.4 98.5 97.3
58 State and local 24.8 24.9 24.9
government
59 Other 75.6 73.6 72.4
60 Loans and leases in 1,872.1 1,870.1 1,849.9
bank credit(2)
61 Commercial and 527.2 528.7 527.1
industrial
62 Bankers acceptances 1.3 1.3 1.2
63 Other 525.9 527.5 525.9
64 Real estate 714.8 705.2 697.8
65 Revolving home 67.7 67.7 67.7
equity
66 Other 403.0 392.9 384.8
67 Commercial 244.1 244.6 245.3
68 Consumer 311.6 311.3 310.0
69 Security(3) 76.5 81.1 76.6
70 Federal funds sold
to and repurchase
agreements wit
broker-dealers 61.2 62.7 61.3
71 Other 15.2 18.3 15.3
72 State and local 11.8 11.6 11.5
government
73 Agricultural 10.2 10.0 10.0
74 Federal funds sold
to and repurchase
agreements
with others 12.6 12.3 12.1
75 All other loans 97.5 99.7 94.5
76 Lease-financing 110.0 110.2 110.3
receivables
77 Interbank loans 127.2 128.7 126.7
78 Federal funds sold to
and repurchase
agreements with
commercial banks 81.9 83.8 79.5
79 Other 45.3 44.8 47.2
80 Cash assets(4) 162.8 194.3 156.6
81 Other assets(5) 217.4 223.3 222.4
82 Total assets(6) 2,907.7 2,945.1 2,881.4
Liabilities
83 Deposits 1,686.0 1,694.6 1,636.3
84 Transaction 370.7 394.7 356.5
85 Nontransaction 1,315.4 1,299.9 1,279.8
86 Large time 227.3 228.6 228.1
87 Other 1,088.0 1,071.3 1,051.7
88 Borrowings 614.5 637.4 629.1
89 From banks in the U.S. 220.3 219.1 218.9
90 From nonbanks in the 394.2 418.2 410.2
U.S.
91 Net due to related 108.5 106.3 115.5
foreign offices
92 Other liabilities 213.7 218.8 209.1
93 Total liabilities 2,622.7 2,657.1 2,590.1
94 Residual (assets less 285.0 288.0 291.3
liabilities)(7)
MEMO
95 Revaluation gains on
off-balance-sheet 63.8 66.7 65.8
items(8)
96 Revaluation losses on
off-balance-sheet 64.4 65.5 65.4
items(8)
97 Mortgage-backed 281.1 276.2 276.6
securities(9)
98 Pass-through 192.7 189.4 191.1
securities
99 CMOs, REMICs, and
other mortgage- 88.4 86.8 85.4
backed securities
100 Net unrealized gains
(losses) on avail-
able-for-sale 3.2 2.8 2.8
securities
101 Offshore credit to U.S. 39.0 39.0 38.2
residents(11)
1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities(1) E. Foreign-related institutions Billions of dollars
Monthly averages
1998 1998
Account Jan. July Aug. Sept.
Seasonally adjusted
Assets
1 Bank credit 574.9 572.1 588.4 604.6
2 Securities in
bank credit 199.6 201.1 212.4 215.4
3 U.S. government
securities 83.5 91.0 94.1 82.2
4 Other securities 116.1 110.1 118.4 133.2
5 Loans and leases
in bank credit(2) 375.2 371.0 376.0 389.2
6 Commercial and
industrial 221.6 214.1 214.1 218.0
7 Real estate 27.6 23.9 23.9 23.6
8 Security(3) 56.3 62.0 64.2 67.6
9 Other loans and
leases 69.8 70.9 73.9 80.0
10 Interbank loans 28.3 21.0 20 28.4
11 Cash assets(4) 33.4 35.0 33.8 34.0
12 Other assets(5) 40.7 34.1 35.7 37.9
13 Total assets(6) 677.0 661.9 677.6 704.6
Liabilities
14 Deposits 277.1 297.6 305.9 314.5
15 Transaction 11.7 13.7 12.3 15.3
16 Nontransaction 265.4 283.9 293.6 299.2
17 Borrowings 149.6 167.7 165.2 178.9
18 From banks in
the U.S. 23.8 25.8 21.9 30.2
19 From others 125.8 141.9 143.3 148.8
20 Net due to related
foreign offices 144.3 107.8 110.2 97.1
21 Other liabilities 96.9 93.5 99.3 104.0
22 Total liabilities 667.9 666.6 680.7 694.6
23 Residual (assets
less liabilities)(7) 9.1 -4.7 -3.1 10.0
Not seasonally adjusted
Assets
24 Bank credit 571.5 574.9 590.8 599.3
25 Securities in
bank credit 194.1 203.9 216.6 212.0
26 U.S. government
securities 81.5 90.7 94.8 82.2
27 Trading account 14.7 25.3(r) 31.0(r) 20.6(r)
28 Investment account 66.8 65.4(r) 63.8(r) 61.6(r)
29 Other securities 112.6 113.2 121.7 129.8
30 Trading account 70.4(r) 70.7(r) 76.5(r) 84.8(r)
31 Investment account 42.2 42.5(r) 45.2(r) 45.0(r)
32 Loans and leases
in bank credit(2) 377.5 371.1 374.3 387.3
33 Commercial and
industrial 222.4 213.9 213.0 216.9
34 Real estate 27.6 23.7 23.7 23.5
35 Security(3) 56.4 61.4 63.4 67.4
36 Other loans
and leases 71.0 72.1 74.2 79.5
37 Interbank loans 28.3 21.0 20.0 28.4
38 Cash assets(4) 33.4 34.8 33.8 34.1
39 Other assets(5) 41.1 33.7 36.5 37.9
40 Total assets(6) 674.1 664.2 680.9 699.4
Liabilities
41 Deposits 275.1 295.8 304.6 316.1
42 Transaction 11.6 13.8 12.2 15.9
43 Nontransaction 263.5 282.0 292.4 300.1
44 Borrowings 149.6 167.7 165.2 178.9
45 From banks in
the U.S. 23.8 25.8 21.9 30.2
46 From others 125.8 141.9 143.3 148.8
47 Net due to related
foreign offices 149.1 104.2 106.9 95.6
48 Other liabilities 97.0 92.8 99.3 103.7
49 Total liabilities 670.8 660.5 676.0 694.3
50 Residual (assets
less liabilities)(7) 3.3 3.6 4.9 5.2
MEMO
51 Revaluation gains
on off-balance-sheet
items(8) 44.5 41.9(r) 44.2(r) 48.7(r)
52 Revaluation losses
on off-balance-sheet
items(8) 43.2 40.2 42.2(r) 45.4(r)
Monthly averages
1998 1999
Account Oct. Nov. Dec. Jan.
Seasonally adjusted
Assets
1 Bank credit 624.8(r) 620.2(r) 601.2(r) 595.6
2 Securities in
bank credit 222.0(r) 223.9 216.8(r) 219.3
3 U.S. government
securities 80.2 80.5 81.0 84.1
4 Other securities 141.8(r) 143.4 135.8(r) 135.1
5 Loans and leases
in bank credit(2) 402.8 396.3(r) 384.4 376.3
6 Commercial and
industrial 223.8 223.9 218.0 213.2
7 Real estate 23.3 22.0 20.7 20.8
8 Security(3) 69.6 65.0 66.0 68.8
9 Other loans and
leases 86.1 85.4 79.7 73.5
10 Interbank loans 25.4 26.5 27.1 28.2
11 Cash assets(4) 35.4 33.5 33.9 35.2
12 Other assets(5) 39.2 36.6 39.1 38.1
13 Total assets(6) 724.5 716.5(r) 701.0(r) 696.9
Liabilities
14 Deposits 318.9 315.2(r) 307.3 316.2
15 Transaction 15.2 12.3 10.7 12.4
16 Nontransaction 303.7 302.9(r) 296.6 303.8
17 Borrowings 185.5 185.6 179.4 175.6
18 From banks in
the U.S. 32.0 33.4 28.5 24.0
19 From others 153.5 152.2 150.9 151.6
20 Net due to related
foreign offices 109.1 102.2(r) 102.3 99.2
21 Other liabilities 107.4(r) 102.3 100.8(r) 97.2
22 Total liabilities 720.9(r) 705.4(r) 689.8 688.3
23 Residual (assets
less liabilities)(7) 3.6 11.1 11.2 8.6
Not seasonally adjusted
Assets
24 Bank credit 624.1(r) 612.6(r) 599.7(r) 591.6
25 Securities in
bank credit 222.3(r) 218.6(r) 212.6 213.1
26 U.S. government
securities 80.8 81.4 80.7 82.0
27 Trading account 16.7(r) 14.4(r) 15.6 17.9
28 Investment account 64.1(r) 67.0(r) 65.2 64.1
29 Other securities 141.5 137.2(r) 131.9 131.1
30 Trading account 91.8(r) 84.3(r) 79.6 79.8
31 Investment account 49.8(r) 52.8(r) 52.3 51.3
32 Loans and leases
in bank credit(2) 401.8(r) 394.0 387.0 378.5
33 Commercial and
industrial 223.7 223.6(r) 218.9 214.1
34 Real estate 23.5 22.3 20.8 20.8
35 Security(3) 69.7 64.7 67.1 68.8
36 Other loans
and leases 84.8 83.5(r) 80.3 74.8
37 Interbank loans 25.4 26.5 27.1 28.2
38 Cash assets(4) 35.7 34.4 35.5 35.1
39 Other assets(5) 38.3 37.0 39.8 38.6
40 Total assets(6) 723.2(r) 710.3(r) 701.8(r) 693.3
Liabilities
41 Deposits 318.4 314.2(r) 310.5 314.0
42 Transaction 15.2 12.3 11.2 12.3
43 Nontransaction 303.1 302.0 299.3 301.7
44 Borrowings 185.5 185.6 179.4 175.6
45 From banks in
the U.S. 32.0 33.4 28.5 24.0
46 From others 153.5 152.2 150.9 151.6
47 Net due to related
foreign offices 108.1 102.9(r) 106.9 103.4
48 Other liabilities 107.1(r) 103.7(r) 101.7 97.3
49 Total liabilities 719.1(r) 706.4(r) 698.3 690.3
50 Residual (assets
less liabilities)(7) 4.1 3.9 3.0 3.0
MEMO
51 Revaluation gains
on off-balance-sheet
items(8) 52.0(r) 47.9(r) 48.1 46.0
52 Revaluation losses
on off-balance-sheet
items(8) 47.6(r) 44.2(r) 44.5 42.1
Weekly figures
1999
Account Jan. 6 Jan. 13 Jan. 20 Jan. 27
Seasonally adjusted
Assets
1 Bank credit 590.2 595.1 598.1 602.7
2 Securities in
bank credit 216.8 218.8 219.4 222.8
3 U.S. government
securities 82.8 83.2 83.6 86.6
4 Other securities 134.0 135.5 135.9 136.2
5 Loans and leases
in bank credit(2) 373.4 376.4 378.6 379.9
6 Commercial and
industrial 210.6 212.5 214.4 214.4
7 Real estate 20.6 20.9 20.7 20.7
8 Security(3) 67.6 69.0 71.0 70.5
9 Other loans and
leases 74.6 73.9 72.6 74.4
10 Interbank loans 25.0 27.0 30.7 29.2
11 Cash assets(4) 35.1 36.0 37.8 33.4
12 Other assets(5) 38.0 38.3 40.1 36.6
13 Total assets(6) 688.0 696.2 706.3 701.7
Liabilities
14 Deposits 311.3 318.4 318.4 315.8
15 Transaction 11.8 11.9 12.8 12.6
16 Nontransaction 299.5 306.5 305.6 303.2
17 Borrowings 172.4 174.0 181.1 177.6
18 From banks in
the U.S. 21.9 24.2 24.3 24.2
19 From others 150.5 149.8 156.8 153.5
20 Net due to related
foreign offices 101.8 99.0 98.7 94.5
21 Other liabilities 96.6 98.3 97.3 97.6
22 Total liabilities 682.0 689.7 695.5 685.6
23 Residual (assets
less liabilities)(7) 5.9 6.5 10.8 16.1
Not seasonally adjusted
Assets
24 Bank credit 588.8 591.8 592.0 596.0
25 Securities in
bank credit 211.0 213.3 211.7 215.5
26 U.S. government
securities 80.9 81.9 81.3 83.1
27 Trading account 16.8 17.9 16.9 19.7
28 Investment account 64.1 64.0 64.5 63.4
29 Other securities 130.1 131.4 130.4 132.4
30 Trading account 77.5 79.6 78.7 82.4
31 Investment account 52.6 51.8 51.7 50.0
32 Loans and leases
in bank credit(2) 377.8 378.5 380.3 380.5
33 Commercial and
industrial 213.0 213.5 214.9 214.6
34 Real estate 20.7 21.0 20.7 20.6
35 Security(3) 68.0 69.0 71.0 70.0
36 Other loans
and leases 76.1 75.0 73.7 75.3
37 Interbank loans 25.0 27.0 30.7 29.2
38 Cash assets(4) 35.5 36.0 37.4 33.1
39 Other assets(5) 38.3 39.0 40.0 37.0
40 Total assets(6) 687.4 693.5 699.9 695.1
Liabilities
41 Deposits 309.6 315.7 315.3 314.7
42 Transaction 12.0 11.8 12.7 12.2
43 Nontransaction 297.6 303.9 302.6 302.5
44 Borrowings 172.4 174.0 181.1 177.6
45 From banks in
the U.S. 21.9 24.2 24.3 24.2
46 From others 150.5 149.8 156.8 153.5
47 Net due to related
foreign offices 106.1 103.0 102.8 101.4
48 Other liabilities 96.3 98.0 97.1 98.4
49 Total liabilities 684.3 690.6 696.3 692.1
50 Residual (assets
less liabilities)(7) 3.1 2.9 3.6 3.0
MEMO
51 Revaluation gains
on off-balance-sheet
items(8) 45.9 46.7 45.7 45.4
52 Revaluation losses
on off-balance-sheet
items(8) 42.0 42.9 42.2 41.6
Footnotes appear on p. A21. 1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities(1) D. Small domestically chartered commercial banks Billions of dollars
Monthly averages
1998 1998(r)
Account Jan.(r) July Aug. Sept.
Seasonally adjusted
Assets
1 Bank credit 1,380.8 1,433.4 1,447.5 1,457.5
2 Securities in
bank credit 397.2 407.6 411.8 414.5
3 U.S. government
securities 312.8 314.2 315.7 317.3
4 Other securities 84.4 93.5 96.1 97.3
5 Loans and leases
in bank credit(2) 983.6 1,025.8 1,035.7 1,043.0
6 Commercial and
industrial 177.2 186.0 189.2 191.6
7 Real estate 533.0 561.1 569.5 574.3
8 Revolving home
equity 28.2 28.8 29.0 29.0
9 Other 504.8 532.2 540.5 545.3
10 Consumer 201.6 201.3 198.7 198.5
11 Security(3) 5.3 6.0 6.1 6.3
12 Other loans and
leases 66.4 71.4 72.2 72.3
13 Interbank loans 51.1 68.3 70.4 73.9
14 Cash assets(4) 63.1 64.6 66.6 68.0
15 Other assets(5) 58.0 62.9 63.1 65.6
16 Total assets(6) 1,534.0 1,609.7 1,628.0 1,645.2
Liabilities
17 Deposits 1,231.5 1,273.0 1,287.5 1,301.0
18 Transaction 284.1 283.1 283.7 286.6
19 Nontransaction 947.5 989.9 10,033.0 1,014.4
20 Large time 1,640.0 168.9 170.1 174.3
21 Other 78,315.0 820.9 833.8 840.0
22 Borrowings 149.6 163.3 162.9 165.3
23 From banks in
the U.S. 68.9 79.0 78.6 79.8
24 From others 80.7 84.4 84.3 85.4
25 Net due to related
foreign offices 27.5 3.7 3.7 3.7
26 Other liabilities 4.2 30.1 30.7 30.6
27 Total liabilities 14,129.0 1,470.1 1,484.8 1,500.6
28 Residual (assets
less liabilities)(7) 121.1 139.7 143.2 144.6
Not seasonally adjusted
Assets
29 Bank credit 1,375.6 1,431.5 1,447.0 1,459.7
30 Securities in
bank credit 395.6 406.3 410.7 413.8
31 US government
securities 311.4 312.9 314.9 316.9
32 Other securities 84.2 93.5 95.8 96.9
33 Loans and leases in
bank credit(2) 980.0 1,025.2 1,036.3 1,045.9
34 Commercial and
industrial 176.4 185.8 187.7 190.1
35 Real estate 530.0 561.1 569.9 576.0
36 Revolving home
equity 28.1 28.7 28.9 29.2
Other 501.9 532.4 541.0 546.8
38 Consumer 203.4 199.6 198.8 199.4
39 Security(3) 5.3 6.0 6.1 6.3
40 Other loans and
leases 64.6 72.7 73.8 74.2
41 Interbank loans 52.5 63.0 65.9 69.5
42 Cash assets(4) 64.2 64.0 64.3 67.2
43 Other assets(5) 56.0 64.6 64.2 66.8
44 Total assets(6) 1,529.4 1,603.5 1,621.8 1,643.5
Liabilities
45 Deposits 1,230.1 1,267.4 1,281.0 1,297.6
46 Transaction 286.4 280.4 279.5 284.4
47 Nontransaction 943.7 987.0 1,001.5 1,013.2
48 Large time 164.0 168.9 170.1 174.3
49 Other 779.7 818.1 831.5 838.8
50 Borrowings 150.5 163.4 164.2 168.6
51 From banks in the US 69.3 79.2 79.4 81.0
52 From others 81.2 84.2 84.8 87.7
53 Net due to related
foreign offices 4.2 3.7 3.7 3.7
54 Other liabilities 27.5 30.1 30.7 30.6
55 Total liabilities 1,412.4 1,464.5 1,479.6 1,500.5
56 Residual (assets
less liabilities)(7) 117.0 139.0 142.2 143.0
Memo
57 Mortgage-backed
securities(9) 45.1 50.1 51.6 53.2
Monthly averages
1998(r) 1999
Assets Oct. Nov. Dec. Jan.
Seasonally adjusted
1 Bank credit 1,471.0 1,495.3 1,513.2 1,514.0
2 Securities in
bank credit 423.1 433.3 441.4 441.6
3 U.S. government
securities 322.4 330.3 335.4 334.3
4 Other securities 100.7 103.0 106.0 107.2
5 Loans and leases
in bank credit(2) 1,047.9 1,062.1 1,071.9 1,072.5
6 Commercial and
industrial 193.7 195.5 197.4 197.6
7 Real estate 578.1 588.4 596.0 600.7
8 Revolving home
equity 29.0 29.6 29.7 29.4
9 Other 549.1 558.8 566.3 571.3
10 Consumer 197.1 198.1 200.0 197.7
11 Security(3) 6.5 6.7 64.0 6.0
12 Other loans and
leases 72.5 73.4 7,212.0 70.4
13 Interbank loans 75.9 74.0 67.3 66.7
14 Cash assets(4) 66.5 68.1 67.7 69.9
15 Other assets(5) 67.6 72.3 73.4 74.5
16 Total assets(6) 1,661.4 1,689.8 1,701.7 17,053.0
Liabilities
17 Deposits 1,308.8 1,328.8 1,338.7 1,352.1
18 Transaction 284.0 285.0 286.6 286.3
19 Nontransaction 1,024.8 1,043.8 1,052.1 1,065.8
20 Large time 175.9 179.9 178.7 182.3
21 Other 848.9 863.8 873.4 883.4
22 Borrowings 174.3 182.3 186.2 183.1
23 From banks in
the U.S. 83.1 86.8 87.6 82.6
24 From others 91.2 95.5 98.5 100.5
25 Net due to related
foreign offices 4.7 3.6 3.6 3.0
26 Other liabilities 31.4 32.2 32.1 31.1
27 Total liabilities 1,519.1 1,546.8 1,560.5 1,569.3
28 Residual (assets
less liabilities)(7) 142.3 143.0 141.1 136.0
Not seasonally adjusted
Assets
29 Bank credit 1,470.8 1,494.6 1,513.7 1,508.6
30 Securities in
bank credit 420.1 4,30.0 439.4 440.1
31 US government
securities 320.2 327.5 333.8 333.0
32 Other securities 99.9 102.5 105.6 107.1
33 Loans and leases in
bank credit(2) 1,050.7 1,064.6 1,074.3 1,068.4
34 Commercial and
industrial 192.0 194.3 196.8 196.8
35 Real estate 580.5 590.5 596.9 597.4
36 Revolving home
equity 29.1 29.6 29.6 29.3
Other 551.4 560.9 567.3 568.1
38 Consumer 198.0 199.7 202.4 199.4
39 Security(3) 6.5 6.7 6.4 6.0
40 Other loans and
leases 73.7 73.4 72.0 68.9
41 Interbank loans 74.8 78.4 72.0 68.5
42 Cash assets(4) 66.4 70.4 71.0 71.0
43 Other assets(5) 67.8 72.9 72.8 72.0
44 Total assets(6) 1,660.1 1,696.4 1,709.6 1,700.2
Liabilities
45 Deposits 1,306.8 1,335.1 1,346.0 1,350.4
46 Transaction 282.2 289.1 296.7 288.4
47 Nontransaction 1,024.6 1,046.0 1,049.3 1,062.0
48 Large time 175.9 179.9 178.7 182.3
49 Other 848.8 866.1 870.6 879.7
50 Borrowings 174.7 181.8 186.9 183.9
51 From banks in the US 82.6 85.7 87.7 83.0
52 From others 92.2 96.1 99.2 100.9
53 Net due to related
foreign offices 4.7 3.6 3.6 3.0
54 Other liabilities 31.4 32.2 32.1 31.1
55 Total liabilities 1,517.6 1,552.6 1,568.6 1,568.5
56 Residual (assets
less liabilities)(7) 142.5 143.8 141.0 131.7
Memo
57 Mortgage-backed
securities(9) 55.3 59.3 61.9 62.5
Wednesday figures
1999
Assets Jan. 6 Jan. 13 Jan. 20 Jan. 27
Seasonally adjusted
1 Bank credit 1,520.8 1,514.5 1,512.6 1,510.3
2 Securities in
bank credit 444.9 443.0 440.5 439.3
3 U.S. government
securities 336.8 335.7 333.4 332.8
4 Other securities 108.1 107.2 107.1 106.5
5 Loans and leases
in bank credit(2) 1,075.9 1,071.6 1,072.1 1,071.1
6 Commercial and
industrial 197.9 197.6 198.0 197.3
7 Real estate 600.9 590.7 600.6 600.8
8 Revolving home
equity 29.7 29.4 29.3 29.2
9 Other 571.2 570.3 571.3 571.6
10 Consumer 199.3 197.3 197.4 197.4
11 Security(3) 6.3 6.1 60.0 5.8
12 Other loans and
leases 71.5 70.7 7,011.0 69.8
13 Interbank loans 66.8 66.2 67.0 67.8
14 Cash assets(4) 67.9 68.4 70.1 70.9
15 Other assets(5) 75.4 76.1 74.3 73.4
16 Total assets(6) 1,711.0 1,705.5 1,706.2 17,026.0
Liabilities
17 Deposits 1,353.2 1,350.2 1,352.7 1,352.2
18 Transaction 280.4 281.6 290.5 294.0
19 Nontransaction 1,072.8 1,068.6 1,062.1 1,058.2
20 Large time 182.1 182.2 182.4 182.4
21 Other 890.6 886.4 879.7 875.8
22 Borrowings 187.2 182.6 182.8 181.9
23 From banks in
the U.S. 85.7 82.4 82.9 81.5
24 From others 101.5 100.1 99.9 100.4
25 Net due to related
foreign offices 3.5 3.1 2.7 2.8
26 Other liabilities 31.6 31.5 30.9 30.8
27 Total liabilities 1,575.5 1,567.4 1,569.0 15,677.0
28 Residual (assets
less liabilities)(7) 135.6 138.1 137.1 134.9
Not seasonally adjusted
Assets
29 Bank credit 1,513.7 1,510.0 1,507.8 1,505.4
30 Securities in
bank credit 442.0 441.9 439.6 438.4
31 US government
securities 334.5 334.9 332.5 331.7
32 Other securities 107.5 107.0 107.0 106.7
33 Loans and leases in
bank credit(2) 1,071.8 1,068.1 1,068.2 1,067.0
34 Commercial and
industrial 197.2 196.6 197.0 196.4
35 Real estate 597.4 596.8 597.4 597.6
36 Revolving home
equity 29.4 29.3 29.3 29.2
Other 568.0 567.5 568.1 568.3
38 Consumer 200.1 199.3 199.4 199.5
39 Security(3) 6.3 6.1 6.0 5.8
40 Other loans and
leases 70.7 69.3 68.5 67.8
41 Interbank loans 73.1 70.2 67.1 64.1
42 Cash assets(4) 72.2 69.5 75.7 67.8
43 Other assets(5) 74.8 72.4 70.8 69.8
44 Total assets(6) 1,714.0 1,702.3 1,701.5 1,687.2
Liabilities
45 Deposits 1,362.4 1,352.5 1,351.4 1,337.2
46 Transaction 294.4 286.9 292.9 284.3
47 Nontransaction 1,068.0 1,065.6 1,058.5 1,052.9
48 Large time 182.1 182.2 182.4 182.4
49 Other 885.9 883.4 876.2 870.5
50 Borrowings 182.2 182.6 186.2 186.1
51 From banks in the US 83.4 82.5 84.6 83.5
52 From others 98.7 100.1 101.6 102.6
53 Net due to related
foreign offices 3.5 3.1 2.7 2.8
54 Other liabilities 31.6 31.5 30.9 30.8
55 Total liabilities 1,579.7 1,569.7 1,571.1 1,556.9
56 Residual (assets
less liabilities)(7) 134.3 132.6 130.4 130.4
Memo
57 Mortgage-backed
securities(9) 62.7 62.7 62.4 62.1
NOTES TO TABLE 1.26 NOTE. Tables 1.26, 1.27, and 1.28 have been revised to reflect changes in the Board's H.8 statistical release, "Assets and Liabilities of Commercial Banks in the United States." Table 1.27, "Assets and Liabilities of Large Weekly 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 Bulletin. Instead, abbreviated balance sheets for both large and small domestically chartered 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 and agencies of foreign banks have been replaced by balance sheet estimates of all foreign-related institutions and are included in table 1.26, part E. These data are break-adjusted. The not-seasonally-adjusted data for all tables now contain additional balance sheet items, which were available as of October 2, 1996. (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 (large domestic); other domestically chartered commercial banks (small domestic); branches and agencies of foreign banks, and Edge Act and agreement corporations (foreign-related institutions). Excludes International Banking Facilities. Data are Wednesday values or pro rata averages of Wednesday values. Large domestic banks constitute a universe; data for small domestic banks and foreign-related institutions are estimates based on weekly samples and on quarter-end condition reports. Data are adjusted for breaks caused by reclassifications of assets and liabilities. The data for large and small domestic banks presented on pp. A17-19 are adjusted to remove the estimated effects of mergers between these two groups. The adjustment for mergers changes past levels to make them comparable with current levels. Estimated quantities of balance sheet items acquired in mergers are removed from past data for the bank group that contained the acquired bank and put into past data for the group containing the acquiring bank. Balance sheet data for acquired banks are obtained from Call Reports, and a ratio procedure is used to adjust past levels. (2.) Excludes federal funds sold to, reverse RPs with, and loans made to commercial banks in the United States, all of which are included in "Interbank loans." (3.) Consists of reverse RPs with brokers and dealers and loans to purchase and carry securities. (4.) Includes vault cash, cash items in process of collection, balances due from depository institutions, and balances due from Federal Reserve Banks. (5.) Excludes the due-from position with related foreign offices, which is included in "Net due to related foreign offices." (6.) Excludes unearned income, reserves for losses on loans and leases, and reserves for transfer risk. Loans are reported gross of these items. (7.) This balancing item is not intended as a measure of equity capital for use in capital adequacy analysis. On a seasonally adjusted basis this item reflects any differences in the seasonal patterns estimated for total assets and total liabilities. (8.) Fair value of derivative contracts (interest rate, foreign exchange rate, other commodity and equity contracts) in a gain/loss position, as determined under FASB Interpretation No. 39. (9.) Includes mortgage-backed securities issued by U.S. government agencies, U.S. government-sponsored enterprises, and private entities. (10.) 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 are restated to include an estimate of these tax effects. (11.) Mainly commercial and industrial loans but also includes an unknown amount of credit extended to other than nonfinancial businesses. 1.32 COMMERCIAL PAPER AND BANKERS DOLLAR ACCEPTANCES OUTSTANDING
A. Commercial Paper
Millions of dollars, seasonally adjusted, end of period
Year ending December
Item 1994 1995 1996 1997
Dec. Dec. Dec. Dec.
1 All issuers 555,075 595,382 674,904 775,371
Financial companies(1)
Dealer-placed
paper(2), total 218,947 223,038 275,815 361,147
Directly placed
paper(3), total 180,389 207,701 210,829 229,662
4 Nonfinancial
companies(4) 155,739 164,643 188,260 184,563
Year
Ending
December 1998
Item 1998 July Aug. Sept.
Dec.
1 All issuers 966,699 1,091,554 1,102,307 1,119,816
Financial companies(1)
Dealer-placed
paper(2), total 513,307 597,193 616,382 606,355
Directly placed
paper(3), total 252,536 276,476 266,022 281,927
4 Nonfinancial
companies(4) 200,857 217,885 219,904 231,534
1998
Item Oct. Nov. Dec.
1 All issuers 1,152,337 1,150,213 1,159,027
Financial companies(1)
Dealer-placed
paper(2), total 639,571 627,170 621,246
Directly placed
paper(3), total 271,526 289,184 304,545
4 Nonfinancial
companies(4) 241,239 233,859 233,236
(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 all financial-company paper sold by dealers in the open market, (3.) As reported by financial companies that place their paper directly with investors. (4.) Includes public utilities and firms engaged primarily in such activities as communications, construction, manufacturing, mining, wholesale and retail trade, transportation, and services. B. Bankers Dollar Acceptances(1) Millions of dollars, not seasonally adjusted, year ending September(2) Item 1995 1996 1997 1998 1 Total amount of reporting banks' acceptances in existence 29,242 25,832 25,774 14,363 2 Amount of other banks' eligible acceptances held by reporting banks 1,249 709 736 523 3 Amount of own eligible acceptances held by reporting banks (included in item 1) 10,516 7,770 6,862 4,884 4 Amount of eligible acceptances representing goods stored in, or shipped between, foreign countries (included in item 1) 11,373 9,361 10,467 5,413 (1.) Includes eligible, dollar-denominated bankers acceptances legally payable in the United States. Eligible acceptances are those that are eligible for discount by Federal Reserve Banks; that is, those acceptances that meet the criteria of Paragraph 7 of Section 13 of the Federal Reserve Act (12 U.S.C. [sections] 372). (2.) Data on bankers dollar acceptances are gathered from approximately 65 institutions; includes U.S. chartered commercial banks (domestic and foreign offices), U.S. branches and agencies of foreign banks, and Edge and agreement corporations. The reporting group is revised every year.
1.33 PRIME RATE CHARGED BY BANKS Short-Term Business Loans(1)
Percent per year
Date of Rate Period Average Period Average
change rate rate
1996--Jan. 1 8.50 1996 8.27 1997--Jan 8.25
Feb. 1 8.25 1997 8.44 Feb 8.25
1998 8.35 Mar 8.30
1997--Mar. 26 8.50 Apr 8.50
1996--Jan 8.50 May 8.50
1998--Sep. 30 8.25 Feb 8.25 June 8.50
Oct. 16 8.00 Mar 8.25 July 8.50
Nov. 18 7.75 Apr 8.25 Aug 8.50
May 8.25 Sept 8.50
June 8.25 Oct 8.50
July 8.25 Nov 8.50
Aug 8.25 Dec 8.50
Sept 8.25
Oct 8.25
Nov 8.25
Dec 8.25
Date of Period Average
change rate
1996--Jan. 1 1998--Jan 8.50
Feb. 1 Feb 8.50
Mar 8.50
1997--Mar. 26 Apr 8.50
May 8.50
1998--Sep. 30 June 8.50
Oct. 16 July 8.50
Nov. 18 Aug 8.50
Sept 8.49
Oct 8.12
Nov 7.89
Dec 7.75
1999--Jan 7.75
(1) The prime rate is one of several base rates that banks use to price short-term business loans The table shows the date on which a new rate came to be the predominant one quoted by 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.15 (519) weekly and G.13 (415) monthly statistical releases. For ordering address, see inside front cover.
1.35 INTEREST RATES Money and Capital Markets
Percent per year; figures are averages of business day data
unless otherwise noted
Item 1996 1997 1998
MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 5.30 5.46 5.35
2 Discount window
borrowing(2,4) 5.02 5.00 4.92
Commercial paper(3,5,6)
Non financial
3 1-month n.a. 5.57 5.40
4 2-month n.a. 5.57 5.38
5 3-month n.a. 5.56 5.34
Financial
6 1-month n.a. 5.59 5.42
7 2-month n.a. 5.59 5.40
8 3-month n.a. 5.60 5.37
Commercial paper
(historical)(3,5,7)
9 1-month 5.43 5.54 n.a.
10 3-month 5.41 5.58 n.a.
11 6-month 5.42 5.62 n.a.
Finance paper, directly
placed (historical)(3,5,8)
12 1-month 5.31 5.44 n.a.
13 3-month 5.29 5.48 n.a.
14 6-month 5.21 5.48 n.a.
Bankers
acceptances(3,5,9)
15 3-month 5.31 5.54 5.39
16 6-month 5.31 5.57 5.30
Certificates of deposit,
secondary marker(3,10)
17 1-month 5.35 5.54 5.49
18 3-month 5.39 5.62 5.47
19 6-month 5.47 5.73 5.44
20 Eurodollar deposits,
3-month(3,11) 5.38 5.61 5.45
US. Treasury bills
Secondary market(3,5)
21 3-month 5.01 5.06 4.78
22 6-month 5.08 5.18 4.83
23 1-year 5.22 5.32 4.80
Auction high(3,5,12)
24 3-month 5.02 5.07 4.81
25 6-month 5.09 5.18 4.85
26 1-year 5.23 5.36 4.85
U.S. TREASURY NOTES
AND BONDS
Constant maturities(13)
27 1-year 5.52 5.63 5.05
28 2-year 5.84 5.99 5.13
29 3-year 5.99 6.10 5.14
30 5-year 6.18 6.22 5.15
31 7-year 6.34 6.33 5.28
32 10-year 6.44 6.35 5.26
33 20-year 6.83 6.69 5.72
34 30-year 6.71 6.61 5.58
Composite
35 More than 10 years
(long-term) 6.80 6.67 5.69
STATE AND LOCAL NOTES
AND BONDS
Moody's series(14)
36 Aaa 5.52 5.32 4.93
37 Baa 5.79 5.50 5.14
38 Bond Buyer series(15) 5.76 5.52 5.09
CORPORATE BONDS
39 Seasoned issues, all
industries(16) 7.66 7.54 6.87
Rating group
40 Aaa 7.37 7.27 6.53
41 Aa 7.55 7.48 6.80
42 A 7.69 7.54 6.93
43 Baa 8.05 7.87 7.22
MEMO
Dividend-price ratio(17)
44 Common stocks 2.19 1.77 1.49
Item 1998 1999
Oct. Nov. Dec. Jan.
MONEY MARKET INSTRUMENTS
1 Federal funds(1,2,3) 5.07 4.83 4.68 4.63
2 Discount window
borrowing(2,4) 4.86 4.63 4.50 4.50
Commercial paper(3,5,6)
Non financial
3 1-month 5.14 5.00 5.24 4.80
4 2-month 5.08 5.14 5.12 4.78
5 3-month 5.04 5.06 5.00 4.77
Financial
6 1-month 5.18 5.04 5.31 4.83
7 2-month 5.12 5.19 5.13 4.81
8 3-month 5.09 5.15 5.04 4.81
Commercial paper
(historical)(3,5,7)
9 1-month n.a. n.a. n.a. n.a.
10 3-month n.a. n.a. n.a. n.a.
11 6-month n.a. n.a. n.a. n.a.
Finance paper, directly
placed (historical)(3,5,8)
12 1-month n.a. n.a. n.a. n.a.
13 3-month n.a. n.a. n.a. n.a.
14 6-month n.a. n.a. n.a. n.a.
Bankers
acceptances(3,5,9)
15 3-month 5.12 5.15 5.08 4.80
16 6-month 4.88 4.92 4.91 4.73
Certificates of deposit,
secondary marker(3,10)
17 1-month 5.24 5.16 5.47 4.89
18 3-month 5.21 5.24 5.14 4.89
19 6-month 4.99 5.07 5.01 4.90
20 Eurodollar deposits,
3-month(3,11) 5.17 5.21 5.13 4.88
US. Treasury bills
Secondary market(3,5)
21 3-month 3.96 4.41 4.39 4.34
22 6-month 4.05 4.42 4.40 4.33
23 1-year 3.95 4.33 4.32 4.31
Auction high(3,5,12)
24 3-month 4.08 4.44 4.42 4.34
25 6-month 4.15 4.43 4.43 4.36
26 1-year 4.06 4.40 4.31 4.34
U.S. TREASURY NOTES
AND BONDS
Constant maturities(13)
27 1-year 4.12 4.53 4.52 4.51
28 2-year 4.09 4.54 4.51 4.62
29 3-year 4.18 4.57 4.48 4.61
30 5-year 4.18 4.54 4.45 4.60
31 7-year 4.46 4.78 4.65 4.80
32 10-year 4.53 4.83 4.65 4.72
33 20-year 5.30 5.48 5.36 5.45
34 30-year 5.01 5.25 5.06 5.16
Composite
35 More than 10 years
(long-term) 5.24 5.43 5.29 5.39
STATE AND LOCAL NOTES
AND BONDS
Moody's series(14)
36 Aaa 4.76 4.87 4.83 4.85
37 Baa 5.10 5.15 5.17 5.21
38 Bond Buyer series(15) 4.93 5.03 4.98 5.01
CORPORATE BONDS
39 Seasoned issues, all
industries(16) 6.77 6.87 6.72 6.76
Rating group
40 Aaa 6.37 6.41 6.22 6.24
41 Aa 6.70 6.79 6.65 6.68
42 A 6.85 6.95 6.80 6.84
43 Baa 7.18 7.34 7.23 7.29
MEMO
Dividend-price ratio(17)
44 Common stocks 1.59 1.43 1.37 1.30
Item 1999, week ending
Jan. Jan. Jan. Jan. Jan.
MONEY MARKET INSTRUMENTS 1 8 15 22 29
1 Federal funds(1,2,3) 4.48 4.30 4.75 4.64 4.66
2 Discount window
borrowing(2,4) 4.50 4.50 4.50 4.50 4.50
Commercial paper(3,5,6)
Non financial
3 1-month 5.24 4.81 4.81 4.78 4.79
4 2-month 5.02 4.80 4.79 4.77 4.76
5 3-month 4.95 4.78 4.79 4.76 4.75
Financial
6 1-month 5.21 4.85 4.85 4.80 4.81
7 2-month 5.04 4.84 4.84 4.79 4.77
8 3-month 5.02 4.84 4.84 4.79 4.78
Commercial paper
(historical)(3,5,7)
9 1-month n.a. n.a. n.a. n.a. n.a.
10 3-month n.a. n.a. n.a. n.a. n.a.
11 6-month n.a. n.a. n.a. n.a. n.a.
Finance paper, directly
placed (historical)(3,5,8)
12 1-month n.a. n.a. n.a. n.a. n.a.
13 3-month n.a. n.a. n.a. n.a. n.a.
14 6-month n.a. n.a. n.a. n.a. n.a.
Bankers
acceptances(3,5,9)
15 3-month 5.14 4.85 4.80 4.76 4.78
16 6-month 4.99 4.78 4.73 4.68 4.72
Certificates of deposit,
secondary marker(3,10)
17 1-month 5.29 4.94 4.90 4.86 4.86
18 3-month 5.09 4.93 4.91 4.87 4.86
19 6-month 5.03 4.93 4.92 4.88 4.87
20 Eurodollar deposits,
3-month(3,11) 5.06 4.93 4.90 4.84 4.83
US. Treasury bills
Secondary market(3,5)
21 3-month 4.44 4.36 4.35 4.26 4.35
22 6-month 4.45 4.38 4.33 4.30 4.30
23 1-year 4.38 4.35 4.30 4.29 4.30
Auction high(3,5,12)
24 3-month 4.52 4.38 4.39 4.28 4.31
25 6-month 4.53 4.42 4.41 4.31 4.28
26 1-year n.a. 4.34 n.a. n.a. n.a.
U.S. TREASURY NOTES
AND BONDS
Constant maturities(13)
27 1-year 4.59 4.55 4.51 4.49 4.51
28 2-year 4.61 4.64 4.61 4.63 4.59
29 3-year 4.60 4.63 4.61 4.62 4.58
30 5-year 4.59 4.63 4.61 4.60 4.56
31 7-year 4.75 4.81 4.83 4.80 4.74
32 10-year 4.70 4.76 4.75 4.70 4.67
33 20-year 5.42 5.47 5.49 5.44 5.39
34 30-year 5.12 5.20 5.17 5.14 5.12
Composite
35 More than 10 years
(long-term) 5.36 5.42 5.43 5.38 5.32
STATE AND LOCAL NOTES
AND BONDS
Moody's series(14)
36 Aaa 4.86 4.89 4.91 4.85 4.75
37 Baa 5.19 5.21 5.21 5.22 5.19
38 Bond Buyer series(15) 5.00 5.05 5.02 5.01 4.96
CORPORATE BONDS
39 Seasoned issues, all
industries(16) 6.77 6.81 6.78 6.74 6.71
Rating group
40 Aaa 6.26 6.28 6.26 6.22 6.19
41 Aa 6.68 6.73 6.71 6.66 6.63
42 A 6.83 6.88 6.86 6.82 6.79
43 Baa 7.27 7.34 7.30 7.27 7.24
MEMO
Dividend-price ratio(17)
44 Common stocks 1.33 1.27 1.31 1.29 1.31
(1.) The daily effective federal funds rate is a weighted average of rates on trades through New York brokers, (2.) Weekly figures are averages of seven calendar days ending on Wednesday of the current week; monthly figures include each calendar day in the month. (3.) Annualized using a 360-day year or bank interest. (4.) Rate for the Federal Reserve Bank of New York. (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 or direct issuers to investors (that is, the offer side). See Board's Commercial Paper Web pages (http://www.federalreserve.gov/releases/cp) for more information. (7.) An average of offering rates on commercial paper for firms whose bond rating is AA or the equivalent. Series ended August 29, 1997. (8.) An average of offering rates on paper directly placed by finance companies. Series ended August 29, 1997. (9.) Representative closing yields for acceptances of the highest-rated money center banks. (10.) An average of dealer offering rates on nationally traded certificates of deposit. (11.) Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time. Data are for indication purposes only. (12.) Auction date for daily data; weekly and monthly averages computed on an issue-date basis. On or after October 28, 1998, data are stop yields from uniform-price auctions. Before that, they are weighted average yields from multiple-price auctions. (13.) Yields on actively traded issues adjusted to constant maturities. Source: U.S. Department of the Treasury. (14.) General obligation bonds based on Thursday figures; Moody's Investors Service. (15.) State and local government general obligation bonds maturing in twenty years are used in compiling this index. The twenty-bond index has a rating roughly equivalent to Moodys' A1 rating. Based on Thursday figures. (16.) Daily figures from Moody's Investors Service. Based on yields to maturity on selected long-term bonds. (17.) Standard & Poor's corporate series. Common stock ratio is based on the 500 stocks in the price index. NOTE. Some of the data in this table also appear in the Board's H.15 (519) weekly and G.13 (415) monthly statistical releases. For ordering address, see inside front cover. [TABULAR DATA 1.36 NOT REPRODUCIBLE IN ASCII]
1.38 FEDERAL FISCAL AND FINANCING OPERATIONS
Millions of dollars
Fiscal year
Type of account or operation 1996 1997 1998(r)
U.S. budget(1)
1 Receipts, total 1,453,062 1,579,292 1,721,798
2 On-budget 1,085,570 1,187,302 1,305,999
3 Off-budget 367,492 391,990 415,799
4 Outlays, total 1,560,512 1,601,235 1,652,552
5 On-budget 1,259,608 1,290,609 1,335,948
6 Off-budget 300,904 310,626 316,604
7 Surplus or deficit (-), total -107,450 -21,943 69,246
8 On-budget -174,038 -103,307 -29,949
9 Off-budget 66,588 81,364 99,195
Source of financing (total)
10 Borrowing from the public 129,712 38,171 -51,049
11 Operating cash -6,276 604 4,743
(decrease, or increase (-))
12 Other(2) -15,986 -16,832 -22,940
MEMO
13 Treasury operating balance
(level, end of period) 44,225 43,621 38,878
14 Federal Reserve Banks 7,700 7,692 4,952
15 Tax and loan accounts 36,525 35,930 33,926
Calendar year
Type of account or operation 1998
Aug. Sept. Oct.
U.S. budget(1)
1 Receipts, total 111,741 180,936 119,974
2 On-budget 79,135 149,726 90,064
3 Off-budget 32,606 31,210 29,910
4 Outlays, total 122,907 142,725 152,436
5 On-budget 92,555 107,900 123,687
6 Off-budget 30,352 34,814 28,749
7 Surplus or deficit (-), total -11,166 38,222 -32,462
8 On-budget -13,420 41,826 -33,623
9 Off-budget 2,254 -3,604 1,161
Source of financing (total)
10 Borrowing from the public 33,989 -46,413 15,330
11 Operating cash -362 -2,451 2,661
(decrease, or increase (-))
12 Other(2) -22,461 10,642 14,471
MEMO
13 Treasury operating balance
(level, end of period) 36,427 38,878 36,217
14 Federal Reserve Banks 6,704 4,952 4,440
15 Tax and loan accounts 29,722 33,926 31,776
Calendar year
Type of account or operation 1998 1999
Nov. Dec. Jan.
U.S. budget(1)
1 Receipts, total 113,978 178,646 171,722
2 On-budget 81,836 143,337 129,921
3 Off-budget 32,142 35,309 41,801
4 Outlays, total 131,095 184,056 101,386
5 On-budget 100,078 149,401 102,489
6 Off-budget 31,017 34,655 -1,103
7 Surplus or deficit (-), total -17,117 -5,410 70,336
8 On-budget -18,242 -6,064 27,432
9 Off-budget 1,125 654 42,904
Source of financing (total)
10 Borrowing from the public 22,364 -5,390 -31,249
11 Operating cash 20,335 -1,621 -39,567
(decrease, or increase (-))
12 Other(2) -25,582 12,421 480
MEMO
13 Treasury operating balance
(level, end of period) 15,882 17,503 57,070
14 Federal Reserve Banks 5,219 6,086 7,623
15 Tax and loan accounts 10,663 11,417 49,446
(1). Since 1990, off-budget items have been the social security trust funds (federal old-age survivors insurance and federal disability insurance) and the U.S. Postal Service. (2.) Includes special drawing rights (SDRs); reserve position on the U.S. quota in the International Monetary Fund (IMF); loans to the IMF; other cash and monetary assets; accrued interest payable to the public; allocations of SDRs; deposit funds; miscellaneous liability (including checks outstanding) and asset accounts; seigniorage Seigniorage The difference between the value of money and the cost to produce it.Notes: Seigniorage may be counted as revenue for a government when the money that is created is worth more than it costs to produce it. This revenue is often used by governments to finance a portion of their expenditures without having to collect taxes. If, for example, it costs the U.S. Government $0.05 to produce a $1 bill, the seigniorage is $0.;
increment on gold; net gain or loss for U.S. currency valuation
adjustment; net gain or loss for IMF loan-valuation adjustment; and
profit on sale of gold.SOURCE. Monthly totals: U.S. Department of the Treasury, Monthly Treasury Statement of Receipts and Outlays of the U.S. Government; fiscal year totals: U.S. Office of Management and Budget, Budget of the US. Government.
1.39 U.S. BUDGET RECEIPTS AND OUTLAYS(1)
Millions of dollars
Calendar
Source or type Fiscal year year
1997 1998 1997
H1
RECEIPTS
1 All sources 1,579,292 1,721,798 845,527
2 Individual income taxes, net 737,466 828,586 400,436
3 Withheld 580,207 646,483 292,252
4 Nonwithheld 250,753 281,527 191,050
5 Refunds 93,560 99,476 82,926
Corporation income taxes
6 Gross receipts 204,493 213,249 106,451
7 Refunds 22,198 24,593 9,635
8 Social insurance taxes 539,371 571,831 288,251
and contributions, net
9 Employment taxes 506,751 540,014 268,357
and contributions(2)
10 Unemployment insurance 28,202 27,484 17,709
11 Other net receipts(3) 4,418 4,333 2,184
12 Excise taxes 56,924 57,673 28,084
13 Customs deposits 17,928 18,297 8,619
14 Estate and gift taxes 19,845 24,076 10,477
15 Miscellaneous receipts(4) 25,465 32,658 12,866
OUTLAYS
16 All types 1,601,235 1,652,552 797,418
17 National defense 270,473 268,456 132,698
18 International affairs 15,228 13,109 5,740
19 General science, space, 17,174 18,219 8,938
and technology
20 Energy 1,483 1,270 803
21 Natural resources 21,369 22,396 9,628
and environment
22 Agriculture 9,032 12,206 1,465
23 Commerce and housing credit -14,624 1,014 -7,575
24 Transportation 40,767 40,332 16,847
25 Community and regional 11,005 9,720 5,678
development
26 Education, training,
employment, and 53,008 54,919 25,080
social services
27 Health 123,843 131,440 61,809
28 Social security and Medicare 555,273 572,047 278,863
29 Income security 230,886 233,202 124,034
30 Veterans benefits and services 39,313 41,781 17,697
31 Administration of justice 20,197 22,832 10,670
32 General government 12,768 13,444 6,623
33 Net interest(5) 244,013 243,359 122,655
34 Undistributed offsetting -49,973 -47,194 -24,235
receipts(6)
Calendar year
Source or type 1997 1998
H2 H1 H2
RECEIPTS
1 All sources 773,812 922,632 824,998
2 Individual income taxes, net 354,072 447,514 392,332
3 Withheld 306,865 316,309 339,144
4 Nonwithheld 58,069 219,136 65,204
5 Refunds 10,869 87,989 12,032
Corporation income taxes
6 Gross receipts 104,659 109,353 104,163
7 Refunds 10,135 14,220 14,250
8 Social insurance taxes 260,795 312,713 268,466
and contributions, net
9 Employment taxes 247,794 293,520 256,142
and contributions(2)
10 Unemployment insurance 10,724 17,080 10,121
11 Other net receipts(3) 2,280 2,112 2,202
12 Excise taxes 31,133 29,922 33,366
13 Customs deposits 9,679 8,546 9,838
14 Estate and gift taxes 10,262 12,971 12,359
15 Miscellaneous receipts(4) 13,348 15,837 18,735
OUTLAYS
16 All types 824,370 815,886 877,026
17 National defense 140,873 129,351 140,196
18 International affairs 9,420 4,610 8,296
19 General science, space, 10,040 9,426 10,142
and technology
20 Energy 411 957 699
21 Natural resources 11,106 10,051 12,671
and environment
22 Agriculture 10,590 2,387 16,757
23 Commerce and housing credit -3,526 -2,483 4,046
24 Transportation 20,414 16,196 20,834
25 Community and regional 5,749 4,863 6,972
development
26 Education, training,
employment, and 26,851 25,928 27,245
social services
27 Health 63,552 65,053 67,836
28 Social security and Medicare 283,109 286,305 316,809
29 Income security 106,353 125,196 109,481
30 Veterans benefits and services 22,077 19,615 22,750
31 Administration of justice 10,212 11,287 12,041
32 General government 7,302 6,139 9,079
33 Net interest(5) 122,620 122,345 116,954
34 Undistributed offsetting -22,795 -21,340 -25,795
receipts(6)
Source or type 1998 1999
Nov. Dec. Jan.
RECEIPTS
1 All sources 113,978 178,646 171,722
2 Individual income taxes, net 51,341 75,988 99,857
3 Withheld 52,530 69,628 58,527
4 Nonwithheld 2,214 7,094 42,324
5 Refunds 3,404 734 994
Corporation income taxes
6 Gross receipts 4,805 45,123 7,185
7 Refunds 1,364 2,749 2,055
8 Social insurance taxes 45,926 48,601 54,928
and contributions, net
9 Employment taxes 42,940 47,869 53,725
and contributions(2)
10 Unemployment insurance 2,655 315 867
11 Other net receipts(3) 331 417 337
12 Excise taxes 6,021 5,446 4,806
13 Customs deposits 1,380 1,472 1,286
14 Estate and gift taxes 2,132 2,239 2,206
15 Miscellaneous receipts(4) 3,738 2,527 3,509
OUTLAYS
16 All types 131,095 184,056 101,386
17 National defense 18,173 27,178 19,270
18 International affairs 4,924 822 1,179
19 General science, space, 1,558 1,918 1,398
and technology
20 Energy -218 151 -107
21 Natural resources 2,080 2,545 1,458
and environment
22 Agriculture 5,620 3,238 3,939
23 Commerce and housing credit -701 -1,821 745
24 Transportation 3,447 3,400 2,558
25 Community and regional 1,405 1,505 709
development
26 Education, training,
employment, and 4,111 5,465 5,136
social services
27 Health 10,477 11,757 10,984
28 Social security and Medicare 43,728 79,633 15,248
29 Income security 14,644 21,945 17,349
30 Veterans benefits and services 1,841 5,305 1,828
31 Administration of justice 2,067 2,132 2,090
32 General government 1,418 2,198 188
33 Net interest(5) 19,350 20,029 19,947
34 Undistributed offsetting -2,828 -3,343 -2,530
receipts(6)
(1.) Functional details do not sum to total outlays for calendar year data because revisions to monthly totals have not been distributed among functions. Fiscal year total for receipts and outlays do not correspond to calendar year data because revisions from the Budget have not been fully distributed across months. (2.) Old-age, disability, and hospital insurance, and railroad retirement accounts. (3.) Federal employee retirement contributions and civil service retirement and disability fund. (4.) Deposits of earnings by Federal Reserve Banks and other miscellaneous receipts. (5.) Includes interest received by trust funds. (6.) Rents and royalties for the outer continental shelf, U.S. government contributions for employee retirement, and certain asset sales. SOURCE. Fiscal year totals: U.S. Office of Management and Budget, Budget of the US. Government, Fiscal Year 2000; monthly and half-year totals: U.S. Department of the Treasury, Monthly Treasury Statement of Receipts and Outlays of the US. Government.
1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars, end of month
1996 1997
Item Dec. 31 Mar. 31 June 30
1 Federal debt outstanding 5,357 5,415 5,410
2 Public debt securities 5,323 5,381 5,376
3 Held by public 3,826 3,874 3,805
4 Held by agencies 1,497 1,507 1,572
5 Agency securities 34 34 34
6 Held by public 27 26 26
7 Held by agencies 8 8 7
8 Debt subject to statutory limit 5,237 5,294 5,290
9 Public debt securities 5,237 5,294 5,290
10 Other debt(1) 0 0 0
MEMO
11 Statutory debt limit 5,500 5,500 5,500
1997 1998
Item Sept. 30 Dec. 31 Mar. 31
1 Federal debt outstanding 5,446 5,536 5,573
2 Public debt securities 5,413 5,502 5,542
3 Held by public 3,815 3,847 1,670
4 Held by agencies 1,599 1,656 31
5 Agency securities 33 34 26
6 Held by public 26 27 5
7 Held by agencies 7 74 5,457
8 Debt subject to statutory limit 5,328 5,417 5,456
9 Public debt securities 5,328 5,416 0
10 Other debt(1) 0 0
MEMO
11 Statutory debt limit 5,950 5,950 5,950
1998
Item June 30 Sept. 30 Dec. 31
1 Federal debt outstanding 5,578 5,556 5,643
2 Public debt securities 5,548 5,526 5,614
3 Held by public 3,790 3,761 n.a.
4 Held by agencies 1,758 1,766 n.a.
5 Agency securities 30 29 29
6 Held by public 26 26 n.a.
7 Held by agencies 4 4 n.a.
8 Debt subject to statutory limit 5,460 5,440 5,530
9 Public debt securities 5,460 5,139 5,530
10 Other debt(1) 0 0 0
MEMO
11 Statutory debt limit 5,950 5,950 5,950
(1.) Consists of guaranteed debt of U.S. Treasury and other federal agencies, specified participation certificates, notes to international lending organizations, and District of Columbia stadium bonds. SOURCE. U.S. Department of the Treasury, Monthly Statement of the Public Debt of the United States and Treasury Bulletin.
1.41 GROSS PUBLIC DEBT OF U.S. TREASURY Types and Ownership
Billions of dollars, end of period
Type and holder 1995 1996 1997 1998
1 Total gross public debt 4,877.7 5,323.2 5,502.4 5,614.2
By type
2 Interest-bearing 4,964.4 5,317.2 5,494.9 5,605.4
3 Marketable 3,307.2 3,459.7 3,456.8 3,355.5
4 Bills 760.7 777.4 715.4 691.0
5 Notes 2,010.3 2,112.3 2,106.1 1,960.7
6 Bonds 521.2 555.0 587.3 621.2
7 Inflation-indexed
notes and bonds(1) n.a. n.a. 33.0 50.6
8 Nonmarketable(2) 1,657.2 1,857.5 2,038.1 2,249.9
9 State and local
government series 104.5 101.3 124.1 165.3
10 Foreign issues(3) 40.8 37.4 36.2 34.3
11 Government 40.8 47.4 36.2 34.3
12 Public .0 .0 .0 .0
13 Savings bonds and
notes 181.9 182.4 181.2 180.3
14 Government account
series(4) 1,299.6 1,505.9 1,666.7 1,840.0
15 Non-interest-bearing 24.3 6.0 7.5 8.8
By holder(5)
16 U.S. Treasury and other
federal agencies and 1,304.5 1,497.2 1,655.7 n.a.
trust funds
17 Federal Reserve Banks 391.0 410.9 451.9 n.a.
18 Private investors 3,294.9 3,411.2 3,393.4 n.a.
19 Commercial banks 278.7 261.8 269.8 n.a.
20 Money market funds 71.5 91.6 88.9 n.a.
21 Insurance companies 241.5 214.1 224.9 n.a.
22 Other companies 228.8 258.5 265.0 n.a.
23 State and local
treasuries(6,7) 469.6 482.5 493.0 n.a.
Individuals
24 Savings bonds 185.0 187.0 186.5 n.a.
25 Other securities 162.7 169.6 168.4 n.a.
26 Foreign and
international(8) 862.2 1,135.6 1,278.0 n.a.
27 Other miscellaneous
investors(7,9) 794.9 610.5 418.8 n.a.
1998
Type and holder Q1 Q2 Q3 Q4
1 Total gross public debt 5,542.4 5,547.9 5,526.2 5,614.2
By type
2 Interest-bearing 5,535.3 5,540.2 5,518.7 5,605.4
3 Marketable 3,467.1 3,369.5 3,331.0 3,355.5
4 Bills 720.1 641.1 637.7 691.0
5 Notes 2,091.9 2,064.6 2,009.1 1,960.7
6 Bonds 598.7 598.7 41.9 621.2
7 Inflation-indexed
notes and bonds(1) 41.5 50.1 2,187.7 50.6
8 Nonmarketable(2) 2,068.2 2,170.7 164.4 2,249.9
9 State and local
government series 139.1 155.0 35.1 165.3
10 Foreign issues(3) 35.4 36.0 35.1 34.3
11 Government 36.4 36.0 34.3
12 Public .0 .0 .0 .0
13 Savings bonds and
notes 181.2 180.7 180.8 180.3
14 Government account
series(4) 1,681.5 1,769.1 1,777.3 1,840.0
15 Non-interest-bearing 7.2 7.7 7.5 8.8
By holder(5)
16 U.S. Treasury and other
federal agencies and 1,670.4 1,757.6 1,765.6 n.a.
trust funds
17 Federal Reserve Banks 400.0 458.4 458.1 n.a.
18 Private investors 3,430.7 3,330.6 3,301.0 n.a.
19 Commercial banks 278.6 263.7 260.0 n.a.
20 Money market funds 84.8 82.7 84.2 n.a.
21 Insurance companies 182.2 185.0 188.0 n.a.
22 Other companies 268.1 267.2 271.4 n.a.
23 State and local
treasuries(6,7) 444.8 464.7 469.0 n.a.
Individuals
24 Savings bonds 186.3 186.0 186.0 n.a.
25 Other securities 165.8 165.0 166.4 n.a.
26 Foreign and
international(8) 1,240.3 1,248.6 1,217.2 n.a.
27 Other miscellaneous
investors(7,9) 579.8 467.7 458.9 n.a.
(1.) The U.S. Treasury first issued inflation-indexed securities during the first quarter of 1997. (2.) Includes (not shown separately) securities issued to the Rural Electrification Administration, depository bonds, retirement plan bonds, and individual retirement bonds. (3.) Nonmarketable series denominated in dollars, and series denominated in foreign currency 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.) Includes state and local pension funds. (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 "State and local treasuries." The data shown here have been revised accordingly. (8.) Consists of investments of foreign balances and international accounts in the United States. (9.) Includes savings and loan associations, nonprofit institutions, credit unions, mutual savings banks, corporate pension trust funds, dealers and brokers, certain U.S. Treasury deposit accounts, and federally sponsored agencies. SOURCE U.S. Treasury Department, data by type of security, Monthly Statement of the Public Debt of the United States; data by holder, Treasury Bulletin.
1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions(1)
Millions of dollars, daily averages
Item 1998
Oct. Nov. Dec. Dec. 2
OUTRIGHT TRANSACTIONS(2)
By type of security
1 U.S. Treasury bills 30,362 35,010 30,397 39,754
Coupon securities, by
maturity
2 Five years or less 131,248 111,370 76,147 93,540
years
3 More than five 94,390 73,238 47,464 61,330
years
4 Inflation-indexed 1,497 602 415 259
Federal agency
5 Discount notes 46,265 43,274 38,998 40,902
Coupon securities, by
maturity
6 One year or less 700 856 716 693
7 More than one year, 4,864 3,461 3,491r 4,599
but less than or
equal to five
years
8 More than five 4,640 3,894 2,413 2,048
years
9 Mortgage-backed 92,708 68,053 59,167 62,512
By type of
counterparty
With interdealer
broker
10 U.S. Treasury 146,311 121,806 84,186 104,774
11 Federal agency 3,478 2,223 2,193 2,327
12 Mortgage-backed 31,293 22,926 20,854 20,633
With other
13 U.S. Treasury 111,185 98,413 70,237 90,109
14 Federal agency 52,991 49,261 43,424r 45,914
15 Mortgage-backed 61,415 45,127 38,314 41,879
FUTURES TRANSACTIONS(3)
By type of deliverable
security
16 U.S. Treasury bills 0 50 108 34
Coupon securities, by
maturity
17 Five years or less 3,296 3,281 2,731 4,526
years
18 More than five 19,467 16,164 10,292 14,928
years
19 Inflation-indexed 0 0 0 0
Federal agency
20 Discount notes 0 0 0 0
Coupon securities,
by maturity
21 One year or less 0 0 0 0
22 More than one year, 0 0 0 0
but less than or
equal to five
years
23 More than five 0 0 0 0
years
24 Mortgage-backed 0 0 0 0
OPTIONS TRANSACTIONS(4)
By type of
counterparty
With interdealer
broker
25 U.S. Treasury bills 0 0 0 0
Coupon securities, by
maturity
26 Five years or less 1,685 1,145 934 1,209
years
27 More than five 8,125 5,621 3,004 4,418
years
28 Inflation-indexed 0 0 0 0
Federal agency
29 Discount notes 0 0 0 0
Coupon securities,
by maturity
30 One year or less 0 0 0 0
31 More than one year, 0 0 0 0
but less than or
equal to five
years
32 More than five 0 0 0 0
years
33 Mortgage-backed 862 912 806 822
Item 1998, week ending
Dec. 9 Dec. 16 Dec. 23 Dec. 30
OUTRIGHT TRANSACTIONS(2)
By type of security
1 U.S. Treasury bills 35,490 31,544 22,028 27,504
Coupon securities, by
maturity
2 Five years or less 97,507 78,916 61,226 56,767
years
3 More than five 59,804 52,035 40,259 25,372
years
4 Inflation-indexed 386 239 236 157
Federal agency
5 Discount notes 41,600 38,054 36,437 36,404
Coupon securities, by
maturity
6 One year or less 454 975 953 254
7 More than one year, 6,101 2,720 2,527 1,616
but less than or
equal to five
years
8 More than five 2,896 2,230 2,378 1,377
years
9 Mortgage-backed 99,250 63,416 37,763 24,278
By type of
counterparty
With interdealer
broker
10 U.S. Treasury 107,472 91,709 65,449 56,682
11 Federal agency 3,568 1,806 1,517 1,390
12 Mortgage-backed 34,264 23,038 14,505 8,562
With other
13 U.S. Treasury 85,715 71,025 58,300 53,118
14 Federal agency 47,483 42,172 40,778 38,260
15 Mortgage-backed 64,986 40,379 23,259 15,716
FUTURES TRANSACTIONS(3)
By type of deliverable
security
16 U.S. Treasury bills 80 166 n.a. n.a.
Coupon securities, by
maturity
17 Five years or less 2,717 2,936 2,718 1,820
years
18 More than five 12,523 11,200 8,845 5,211
years
19 Inflation-indexed 0 0 0 0
Federal agency
20 Discount notes 0 0 0 0
Coupon securities,
by maturity
21 One year or less 0 0 0 0
22 More than one year, 0 0 0 0
but less than or
equal to five
years
23 More than five 0 0 0 0
years
24 Mortgage-backed 0 0 0 0
OPTIONS TRANSACTIONS(4)
By type of
counterparty
With interdealer
broker
25 U.S. Treasury bills 0 0 0 0
Coupon securities, by
maturity
26 Five years or less 684 1,242 864 733
years
27 More than five 3,474 3,189 2,737 1,471
years
28 Inflation-indexed 0 0 0 0
Federal agency
29 Discount notes 0 0 0 0
Coupon securities,
by maturity
30 One year or less 0 0 0 0
31 More than one year, 0 0 0 0
but less than or
equal to five
years
32 More than five 0 0 0 0
years
33 Mortgage-backed 1,258 781 326 743
Item 1999, week ending
Jan. 6 Jan. 13 Jan. 20 Jan. 27
OUTRIGHT TRANSACTIONS(2)
By type of security
1 U.S. Treasury bills 33,896 33,260 36,190 26,287
Coupon securities, by
maturity
2 Five years or less 72,845 118,962 104,193 96,151
years
3 More than five 59,579 86,526 65,107 59,782
years
4 Inflation-indexed 3,681 1,200 814 1,188
Federal agency
5 Discount notes 50,075 41,964 44,280 38,565
Coupon securities, by
maturity
6 One year or less 1,443 1,252 993 866
7 More than one year, 4,396 5,894 8,140 5,777
but less than or
equal to five
years
8 More than five 5,965 4,790 2,150 3,425
years
9 Mortgage-backed 77,398 122,401 61,252 72,919
By type of
counterparty
With interdealer
broker
10 U.S. Treasury 92,672 132,703 117,858 103,225
11 Federal agency 3,582 4,185 4,001 3,347
12 Mortgage-backed 24,238 36,511 17,826 22,547
With other
13 U.S. Treasury 77,329 107,245 88,445 80,182
14 Federal agency 58,297 49,715 51,561 45,285
15 Mortgage-backed 53,160 85,891 43,425 50,372
FUTURES TRANSACTIONS(3)
By type of deliverable
security
16 U.S. Treasury bills n.a. 0 n.a. n.a.
Coupon securities, by
maturity
17 Five years or less 1,901 2,933 2,153 1,844
years
18 More than five 12,874 21,370 14,667 13,964
years
19 Inflation-indexed 0 0 0 0
Federal agency
20 Discount notes 0 0 0 0
Coupon securities,
by maturity
21 One year or less 0 0 0 0
22 More than one year, 0 0 0 0
but less than or
equal to five
years
23 More than five 0 0 0 0
years
24 Mortgage-backed 0 0 0 0
OPTIONS TRANSACTIONS(4)
By type of
counterparty
With interdealer
broker
25 U.S. Treasury bills 0 0 0 0
Coupon securities, by
maturity
26 Five years or less 1,241 1,632 1,818 2,054
years
27 More than five 4,366 5,064 4,433 4,867
years
28 Inflation-indexed 0 0 0 0
Federal agency
29 Discount notes 0 0 0 0
Coupon securities,
by maturity
30 One year or less 0 0 0 0
31 More than one year, 0 0 0 0
but less than or
equal to five
years
32 More than five 0 0 0 0
years
33 Mortgage-backed 1,287 1,242 2,319 674
(1.) Transactions are market purchases and sales of securities as reported to the Federal Reserve Bank of New York by the U.S. government securities dealers on its published list of primary dealers Monthly averages are based on the number of trading days in the month. Transactions are assumed to be evenly distributed among the trading days of the report week. Immediate, forward, and futures transactions are reported at principal value, which does not include accrued interest; options transactions are reported at the face value of the underlying securities. Dealers report cumulative transactions for each week ending Wednesday. (2.) Outright transactions include immediate and forward transactions. Immediate delivery refers to purchases or sales of securities (other than mortgage-backed federal agency securities) for which delivery is scheduled in five business days or less and "when-issued" securities that settle on the issue date of offering Transactions for immediate delivery of mortgage-backed agency securities include purchases and sales for which delivery is scheduled in thirty business days or less. Stripped securities are reported at market value by maturity of coupon or corpus. Forward transactions are agreements made in the over-the-counter market that specify delayed delivery. Forward contracts for U.S. Treasury securities and federal agency debt securities are included when the time to delivery is more than five business days. Forward contracts for mortgage-backed agency securities are included when the time to delivery is more than thirty business days. (3.) Futures transactions are standardized agreements arranged on an exchange. All futures transactions are included regardless of time to delivery. (4.) Options transactions are purchases or sales of put and call options, whether arranged on an organized exchange or in the over-the-counter market, and include options on futures contracts on U.S. Treasury and federal agency securities. NOTE. "n.a." indicates that data are not published because of insufficient activity.
1.43 US GOVERNMENT SECURITIES DEALERS Positions and Financing(1)
Millions of dollars
1998
Item Oct. Nov. Dec. Dec. 2
NET OUTRIGHT POSITIONS(3)
By type of security
1 U.S. Treasury bills -9,335 -6,782 -4,551 2,294
Coupon securities, by
maturity
2 Five years or less 1,196 558 -5,388 -2,286
3 More than five years 6,412 7,272 3,180 5,717
4 Inflation-indexed 2,705 1,798 1,186 1,517
Federal agency
5 Discount notes 18,395 17,666 20,788 17,333
Coupon securities, by
maturity
6 One year or less 18,740 2,188 2,075 2,251
7 More than one year, 5,119 3,208 3,093 3,396
but less than
or equal to five
years
8 More than five years 6,797 5,584 3,499 4,866
9 Mortgage-backed 48,954 37,219 38,689 33,233
NET FUTURES POSITIONS(4)
By type of delivery
security
10 U.S. Treasury bills n.a. 271 507 551
Coupon securities, by
maturity
11 Five years or less -9,070 -4,399 -4,012 -6,203
12 More than five years -24,562 -27,583 -24,757 -26,539
13 Inflation-indexed 0 0 0 0
Federal agency
14 Discount notes 0 0 0 0
Coupon securities, by
maturity
15 One year or less 0 0 0 0
16 More than one year, 0 0 0 0
but less than
or equal to five
years
17 More than five years 0 0 0 0
18 Mortgage-backed 0 0 0 0
NET OPTIONS POSITIONS
By type of delivery
security
19 U.S. Treasury bills 0 0 0 0
Coupon securities, by
maturity
20 Five years or less -1,301 -2,128 -3,155 -2,418
21 More than five years -3,788 -1,602 -1,387 -752
22 Inflation-indexed n.a. n.a. 0 0
Federal agency 0
23 Discount notes 0 0 0 0
Coupon securities, by
maturity
24 One year or less 0 0 0 0
25 More than one year, 0 0 0 0
but less than
or equal to five
years
26 More than five years n.a. n.a. n.a. n.a.
27 Mortgage-backed 3,160 2,380 1,213 1,458
Reverse repurchase
agreements
28 Overnight and 278,468 240,639 242,653 248,942
continuing
29 Term 847,663 780,552 807,304 730,585
Securities borrowed
30 Overnight and 234,431 210,066 205,654 209,357
continuing
31 Term 109,805 107,922 112,684 109,554
Securities received as
pledge
32 Overnight and 2,851 3,174 2,952 3,186
continuing
33 Term 0 63 67 67
Repurchase agreements
34 Overnight and 666,957 588,736 608,988 614,567
continuing
35 Term 777,445 709,894 713,037 634,759
Securities loaned
36 Overnight and 8,157 8,943 9,369 9,424
continuing
37 Term 3,947 4,008 3,567 3,904
Securities pledged
38 Overnight and 53,861 46,851 47,565 42,728
continuing
39 Term 5,112 3,556 5,075 4,576
Collateralized loans
40 Total 21,841 23,528 21,850 24,391
1998, week ending
Item Dec. 9 Dec. 16 Dec. 23 Dec. 30
NET OUTRIGHT POSITIONS(3)
By type of security
1 U.S. Treasury bills 4,374 -11,472 -9,773 -4,368
Coupon securities, by
maturity
2 Five years or less -5,282 -7,691 -5,142 -4,058
3 More than five years 4,007 3,512 3,304 1,075
4 Inflation-indexed 1,241 1,089 1,104 1,099
Federal agency
5 Discount notes 21,969 22,540 22,223 17,475
Coupon securities, by
maturity
6 One year or less 1,958 2,297 1,895 2,000
7 More than one year, 4,026 4,415 2,257 1,647
but less than
or equal to five
years
8 More than five years 5,302 4,338 1,964 1,839
9 Mortgage-backed 41,692 39,932 37,331 37,624
NET FUTURES POSITIONS(4)
By type of delivery
security
10 U.S. Treasury bills 495 n.a. n.a. n.a.
Coupon securities, by
maturity
11 Five years or less -5,845 -4,215 -2,998 -2,852
12 More than five years -26,034 -26,745 -23,356 -22,324
13 Inflation-indexed 0 0 0 0
Federal agency
14 Discount notes 0 0 0 0
Coupon securities, by
maturity
15 One year or less 0 0 0 0
16 More than one year, 0 0 0 0
but less than
or equal to five
years
17 More than five years 0 0 0 0
18 Mortgage-backed 0 0 0 0
NET OPTIONS POSITIONS
By type of delivery
security
19 U.S. Treasury bills 0 0 0 0
Coupon securities, by
maturity
20 Five years or less -2,535 -3,260 -3,928 -3,282
21 More than five years -721 -1,275 -1,858 -1,624
22 Inflation-indexed 0 0 0 0
Federal agency 0 0 0 0
23 Discount notes 0 0 0 0
Coupon securities, by
maturity
24 One year or less 0 0 0 0
25 More than one year, 0 0 0 0
but less than
or equal to five
years
26 More than five years n.a. n.a. n.a. n.a.
27 Mortgage-backed 479 1,087 1,815 1,286
Reverse repurchase
agreements
28 Overnight and 250,409 265,083 226,311 228,433
continuing
29 Term 778,286 814,651 850,670 820,439
Securities borrowed
30 Overnight and 206,947 205,544 203,289 204,256
continuing
31 Term 110,517 111,511 112,705 117,152
Securities received as
pledge
32 Overnight and 2,816 3,203 3,304 2,478
continuing
33 Term 67 n.a. n.a. n.a.
Repurchase agreements
34 Overnight and 612,649 646,524 598,564 576,474
continuing
35 Term 685,047 705,563 758,512 738,282
Securities loaned
36 Overnight and 9,863 9,803 7,669 9,987
continuing
37 Term 4,409 3,763 2,434 n.a.
Securities pledged
38 Overnight and 45,538 48,618 48,429 48,920
continuing
39 Term 4,610 5,279 5,207 5,287
Collateralized loans
40 Total 22,408 26,182 20,734 18,012
1999, week ending
Item Jan. 6 Jan. 13 Jan. 20
NET OUTRIGHT POSITIONS(3)
By type of security
1 U.S. Treasury bills 2,991 4,374 88
Coupon securities, by
maturity
2 Five years or less -7,257 -9,810 -9,523
3 More than five years 3,875 2,353 -1,570
4 Inflation-indexed 1,999 2,020 2,015
Federal agency
5 Discount notes 20,326 20,409 16,352
Coupon securities, by
maturity
6 One year or less 2,780 2,726 2,832
7 More than one year, 2,665 3,578 4,664
but less than
or equal to five
years
8 More than five years 4,621 3,873 4,622
9 Mortgage-backed 36,834 24,444 20,520
NET FUTURES POSITIONS(4)
By type of delivery
security
10 U.S. Treasury bills n.a. n.a. n.a.
Coupon securities, by
maturity
11 Five years or less -598 -490 -716
12 More than five years -25,164 -20,011 -18,637
13 Inflation-indexed 0 0 0
Federal agency
14 Discount notes 0 0 0
Coupon securities, by
maturity
15 One year or less 0 0 0
16 More than one year, 0 0 0
but less than
or equal to five
years
17 More than five years 0 0 0
18 Mortgage-backed 0 0 0
NET OPTIONS POSITIONS
By type of delivery
security
19 U.S. Treasury bills 0 0 0
Coupon securities, by
maturity
20 Five years or less -1,935 -58 838
21 More than five years -3,135 -1,569 -323
22 Inflation-indexed 0 0 0
Federal agency 0 0 0
23 Discount notes 0 0 0
Coupon securities, by
maturity
24 One year or less 0 0 0
25 More than one year, 0 0 0
but less than
or equal to five
years
26 More than five years n.a. n.a. n.a.
27 Mortgage-backed 2,032 3,064 3,736
Reverse repurchase
agreements
28 Overnight and 232,698 231,128 249,350
continuing
29 Term 716,925 789,354 804,992
Securities borrowed
30 Overnight and 216,303 221,630 226,469
continuing
31 Term 110,907 104,063 105,938
Securities received as
pledge
32 Overnight and 2,537 2,480 2,537
continuing
33 Term n.a. n.a. n.a.
Repurchase agreements
34 Overnight and 610,018 620,080 674,334
continuing
35 Term 622,805 668,796 702,050
Securities loaned
36 Overnight and 10,325 9,871 10,455
continuing
37 Term n.a. n.a. n.a.
Securities pledged
38 Overnight and 48,513 47,819 48,445
continuing
39 Term 5,483 5,777 5,725
Collateralized loans
40 Total 17,205 17,062 16,285
(1.) Data for positions and financing are obtained from reports submitted to the Federal Reserve Bank of New York by the U.S. government securities dealers on its published list of primary dealers. Weekly figures are close-of-business Wednesday data. Positions for calendar days of the report week are assumed to be constant. Monthly averages are based on the number of calendar days in the month. (2.) Securities positions are reported at market value. (3.) Net outright positions include immediate and forward positions. Net immediate positions include securities purchased or sold (other than mortgage-backed agency securities) that have been delivered or are scheduled to be delivered in five business days or less and "when-issued" securities that settle on the issue date of offering Net immediate positions for mortgage-backed agency securities include securities purchased or sold that have been delivered or are scheduled to be delivered in thirty business days or less. Forward positions reflect agreements made in the over-the-counter market that specify delayed delivery. Forward contracts for U.S. Treasury securities and federal agency debt securities are included when the time to delivery is more than five business days. Forward contracts for mortgage-backed agency securities are included when the time to delivery is more than thirty business days. (4.) Futures positions reflect standardized agreements arranged on an exchange. All futures positions are included regardless of time to delivery. (5.) Overnight financing refers to agreements made on one business day that mature on the next business day; continuing contracts are agreements that remain in effect for more than one business day but have no specific maturity and can be terminated without advance notice by either party; term agreements have a fixed maturity of more than one business day. Financing data are reported in terms of actual funds paid or received, including accrued interest. NOTE: "n.a." indicates that data are not published because of insufficient activity.
1.44 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt
Outstanding
Millions of dollars, end of period
Agency 1994 1995 1996 1997
1 Federal and federally 738,928 844,611 925,823 1,022,609
sponsored agencies
2 Federal agencies 39,186 37,347 29,380 27,792
3 Defense Department 6 6 6 6
4 Export-Import 3,455 2,050 1,447 552
Bank(2,3)
5 Federal Housing 116 97 84 102
Administration(4)
6 Government National
Mortgage Association
certificates of
participation n.a. n.a. n.a. n.a.
7 Postal Service 8,073 5,765 n.a. n.a.
8 Tennessee Valley 27,536 29,429 27,853 27,786
Authority
9 United States Railway n.a. n.a. n.a. n.a.
Association(6)
10 Federally sponsored 699,742 807,264 896,443 994,817
agencies(7)
11 Federal Home Loan 205,817 243,194 263,404 313,919
Banks
12 Federal Home Loan 93,279 119,961 156,980 169,200
Mortgage Corporation
13 Federal National 257,230 299,174 331,270 369,774
Mortgage Association
14 Farm Credit Banks(8) 53,175 57,379 60,053 63,517
15 Student Loan 50,335 47,529 44,763 37,717
Marketing
Association(9)
16 Financing 8,170 8,170 8,170 8,170
Corporation(10)
17 Farm Credit Financial 1,261 1,261 1,261 1,261
Assistance
Corporation(11)
18 Resolution Funding 29,996 29,996 29,996 29,996
Corporation(12)
MEMO
19 Federal Financing Bank 103,817 78,681 58,172 49,090
debt(13)
Lending to federal and
federally sponsored
agencies
20 Export-Import Bank(3) 3,449 2,044 1,431 552
21 Postal Service 8,073 5,765 n.a. n.a.
22 Student Loan Marketing n.a. n.a. n.a. n.a.
Association
23 Tennessee Valley 3,200 3,200 n.a. n.a.
Authority
24 United States Railway n.a. n.a. n.a. n.a.
Association(6)
Other lending(14)
25 Farmers Home 33,719 21,015 18,325 13,530
Administration
26 Rural Electrification 17,392 17,144 16,702 14,898
Administration
27 Other 37,984 29,513 21,714 20,110
1998
Agency July Aug. Sept.
1 Federal and federally n.a. n.a. 1,172,575
sponsored agencies
2 Federal agencies 26,990 26,668 26,691
3 Defense Department 6 6 6
4 Export-Import Bank(2,3) n.a. n.a. n.a.
5 Federal Housing 156 155 174
Administration(4)
6 Government National
Mortgage Association
certificates of
participation n.a. n.a. n.a.
7 Postal Service n.a. n.a. n.a.
8 Tennessee Valley 26,984 26,507 26,685
Authority
9 United States Railway n.a. n.a. n.a.
Association(6)
10 Federally sponsored 1,90,715 1,103,596 1,145,884
agencies(7)
11 Federal Home Loan 328,009 334,494 343,188
Banks
12 Federal Home Loan 208,800 213,800 232,994
Mortgage Corporation
13 Federal National 415,229 423,188 430,582
Mortgage Association
14 Farm Credit Banks(8) 64,528 57,910 64,332
15 Student Loan 33,270 33,350 33,760
Marketing
Association(9)
16 Financing 8,170 8,170 8,170
Corporation(10)
17 Farm Credit Financial 1,261 1,261 1,261
Assistance
Corporation(11)
18 Resolution Funding 29,996 29,996 29,996
Corporation(12)
MEMO
19 Federal Financing Bank 42,610 42,396 45,955
debt(13)
Lending to federal and
federally sponsored
agencies
20 Export-Import Bank(3) n.a. n.a. n.a.
21 Postal Service n.a. n.a. n.a.
22 Student Loan Marketing n.a. n.a. n.a.
Association
23 Tennessee Valley n.a. n.a. n.a.
Authority
24 United States Railway n.a. n.a. n.a.
Association(6)
Other lending(14)
25 Farmers Home 10,900 9,756 9,500
Administration
26 Rural Electrification 14,126 14,284 14,166
Administration
27 Other 17,584 18,356 22,289
Agency Oct. Nov.
1 Federal and federally n.a. n.a.
sponsored agencies
2 Federal agencies 26,350 26,315
3 Defense Department 6 6
4 Export-Import Bank(2,3) n.a. n.a.
5 Federal Housing 188 205
Administration(4)
6 Government National
Mortgage Association
certificates of
participation n.a. n.a.
7 Postal Service n.a. n.a.
8 Tennessee Valley 26,344 26,309
Authority
9 United States Railway n.a. n.a.
Association(6)
10 Federally sponsored n.a. n.a.
agencies(7)
11 Federal Home Loan 367,274 373,755
Banks
12 Federal Home Loan 246,708 267,890
Mortgage Corporation
13 Federal National 431,300 446,377
Mortgage Association
14 Farm Credit Banks(8) 60,720 66,086
15 Student Loan n.a. n.a.
Marketing
Association(9)
16 Financing 8,170 8,170
Corporation(10)
17 Farm Credit Financial 1,261 1,261
Assistance
Corporation(11)
18 Resolution Funding 29,996 29,996
Corporation(12)
MEMO
19 Federal Financing Bank 44,952 44,824
debt(13)
Lending to federal and
federally sponsored
agencies
20 Export-Import Bank(3) n.a. n.a.
21 Postal Service n.a. n.a.
22 Student Loan Marketing n.a. n.a.
Association
23 Tennessee Valley n.a. n.a.
Authority
24 United States Railway n.a. n.a.
Association(6)
Other lending(14)
25 Farmers Home 9,500 9,500
Administration
26 Rural Electrification 14,191 14,199
Administration
27 Other 21,261 21,125
(1.) Consists of mortgages assumed by the Defense Department between 1957 and 1963 under 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 Department of Health, Education, and Welfare, the Department of Housing and Urban Development, the Small 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 data are estimated. (8.) Excludes borrowing by the Farm Credit Financial Assistance Corporation, which is shown 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 Federal Savings and Loan Insurance Corporation, undertook its first borrowing in October 1987. (11.) The Farm Credit Financial Assistance Corporation, established in January 1988 to provide assistance to the Farm Credit System, undertook its first borrowing in July 1988. (12.) The Resolution Funding Corporation, established by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, undertook its first borrowing in October 1989. (13.) The FFB, which began operations in 1974, is authorized to purchase or sell obligations issued, sold, or guaranteed by other federal agencies. Because FFB incurs debt solely for the purpose of lending to other agencies, its debt is not included in the main portion of the table to avoid double counting. (14.) Includes FFB purchases of agency assets and guaranteed loans; the latter are loans guaranteed by numerous agencies, with the amounts guaranteed by any one agency generally being small. The Farmers Home Administration entry consists exclusively of agency assets, whereas the Rural Electrification Administration entry consists of both agency assets and guaranteed loans.
1.45 NEW SECURITY ISSUES Tax-Exempt State and Local Governments
Millions of dollars
Type of issue or issuer, 1996 1997 1998
or use
1 All issues, new and 171,222 214,694 262,342
refunding(1)
By type of issue
2 General obligation 60,409 69,934 87,015
3 Revenue 110,813 134,989 175,327
By type of issuer
4 State 13,651 18,237 23,506
5 Special district or 113,228 134,919 178,421
statutory authority(2)
6 Municipality, county, 44,343 70,558 60,173
or township
7 Issues for new capital 112,298 135,519 160,568
By use of proceeds
8 Education 26,851 31,860 36,904
9 Transportation 12,324 13,951 19,926
10 Utilities and 9,791 12,219 21,037
conservation
11 Social welfare 24,583 27,794 n.a.
12 Industrial aid 6,287 6,667 8,594
13 Other purposes 32,462 35,095 42,450
Type of issue or issuer, 1998
or use
June July Aug. Sept.
1 All issues, new and 29,665 22,599 20,344 17,526
refunding(1)
By type of issue
2 General obligation 10,135 6,515 5,812 5,619
3 Revenue 19,530 16,084 14,532 11,907
By type of issuer
4 State 2,809 1,972 1,483 1,280
5 Special district or 18,099 16,244 14,233 12,490
statutory authority(2)
6 Municipality, county, 7,220 5,673 4,628 3,756
or township
7 Issues for new capital 19,341 15,895 11,258 9,106
By use of proceeds
8 Education 4,911 2,733 2,435 2,041
9 Transportation 2,962 3,677 1,982 918
10 Utilities and 2,368 795 1,179 831
conservation
11 Social welfare n.a. n.a. n.a. n.a.
12 Industrial aid 563 1,002 709 315
13 Other purposes 5,279 4,674 2,764 2,726
Type of issue or issuer, 1998 1999
or use
Oct. Nov. Dec. Jan.
1 All issues, new and 19,528 19,325 24,288 16,926
refunding(1)
By type of issue
2 General obligation 6,791 5,433 8,632 6,925
3 Revenue 12,737 13,892 15,656 10,001
By type of issuer
4 State 1,865 778 2,561 318
5 Special district or 12,924 13,473 15,937 12,929
statutory authority(2)
6 Municipality, county, 4,739 5,073 5,790 3,679
or township
7 Issues for new capital 12,736 12,452 14,517 11,917
By use of proceeds
8 Education 2,605 2,353 2,766 2,936
9 Transportation 1,598 806 1,800 1,706
10 Utilities and 2,785 2,225 984 672
conservation
11 Social welfare n.a. n.a. n.a. n.a.
12 Industrial aid 471 638 1,376 452
13 Other purposes 3,359 3,242 4,477 4,439
(1.) Par amounts of long-term issues based on date of sale. (2.) Includes school districts. SOURCE. Securities Data Company beginning January 1990; Investment Dealer's Digest before then.
1.46 NEW SECURITY ISSUES U.S. Corporations
Millions of dollars
Type of issue, offering, 1996 1997 1998
or issuer
1 All issues(1) n.a. n.a. n.a.
2 Bonds(2) n.a. n.a. n.a.
By type of offering
3 Public, domestic 465,489 537,880 n.a.
4 Private placement, n.a. n.a. n.a.
domestic(3)
5 Sold abroad 83,433 103,188
By industry group
6 Nonfinancial n.a. n.a. n.a.
7 Financial 429,157 510,953 n.a.
8 Stocks(2) 122,006 117,880 126,577
By type of offering
9 Public 122,006 117,880 126,577
10 Private placement(3) n.a. n.a. n.a.
By industry group
11 Nonfinancial 80,460 60,386 73,944
12 Financial 41,546 57,494 52,633
Type of issue, offering, 1998
or issuer
May June July Aug.
1 All issues(1) 84,449 109,687 77,750 60,708
2 Bonds(2) 70,313 93,243 68,133 57,145
By type of offering
3 Public, domestic 56,965 78,280 54,266 45,745
4 Private placement, 7,600 7,600 7,600 7,600
domestic(3)
5 Sold abroad 5,748 7,363 6,267 3,800
By industry group
6 Nonfinancial 20,456 24,444 24,821 20,399
7 Financial 49,857 68,799 43,313 36,746
8 Stocks(2) 14,700 17,111 9,772 3,725
By type of offering
9 Public 14,700 17,111 9,772 3,725
10 Private placement(3) n.a. n.a. n.a. n.a.
By industry group
11 Nonfinancial 9,271 10,248 6,390 2,560
12 Financial 5,429 6,863 3,382 1,165
Type of issue, offering, 1998
or issuer
Sept. Oct. Nov.(r) Dec.
1 All issues(1) 85,833 70,907 104,288 73,001
2 Bonds(2) 81,352 62,692 95,910 65,140
By type of offering
3 Public, domestic 71,134 48,256 80,556 54,279
4 Private placement, 7,600 7,600 7,600 7,600
domestic(3)
5 Sold abroad 2,618 6,837 7,754 3,261
By industry group
6 Nonfinancial 16,562 16,632 31,911 20,400
7 Financial 64,790 46,060 63,999 44,741
8 Stocks(2) 4,640 8,655 8,902 8,492
By type of offering
9 Public 4,640 8,655 8,902 8,492
10 Private placement(3) n.a. n.a. n.a. n.a.
By industry group
11 Nonfinancial 2,266 5,879 6,145 7,390
12 Financial 2,374 2,776 2,757 1,102
(1.) Figures represent gross proceeds of issues maturing in more than one year; they are the principal amount or number of units calculated by multiplying by the offering price. Figures exclude secondary offerings, employee stock plans, investment companies other than closed-end, intracorporate transactions, and Yankee bonds. Stock data include ownership securities issued by limited partnerships. (2.) Monthly data cover only public offerings. (3.) Monthly data are not available. SOURCE. Beginning July 1993, Securities Data Company and the Board of Governors of the Federal Reserve System.
1.47 OPEN-END INVESTMENT COMPANIES Net Sales and Assets(1)
Millions of dollars
Item 1997 1998(r)
1 Sales of own 1,190,900 1,461,430
shares(2)
2 Redemptions of own 918,728 1,217,022
shares
3 Net sales(3) 272,172 244,408
4 Assets(4) 3,409,315 4,173,531
5 Cash(5) 174,154 191,393
6 Other 3,235,161 3,982,138
Item 1998
June July Aug. Sept.
1 Sales of own 122,288 134,801 111,587 118,478
shares(2)
2 Redemptions of own 97,899 107,368 118,812 107,049
shares
3 Net sales(3) 24,389 27,433 -7,225 11,429
4 Assets(4) 3,986,952 3,957,093 3,479,401 3,625,841
5 Cash(5) 199,135 195,966 194,435 211,253
6 Other 3,787,817 3,761,127 3,284,967 3,414,588
Item 1998 1999
Oct. Nov. Dec.(r) Jan.
1 Sales of own 116,471 112,627 140,700 160,486
shares(2)
2 Redemptions of own 108,838 89,702 134,289 135,683
shares
3 Net sales(3) 7,633 22,925 6,412 24,802
4 Assets(4) 3,804,591 4,002,089 4,173,531 4,301,012
5 Cash(5) 210,026 207,422 191,393 203,663
6 Other 3,594,565 3,794,667 3,982,138 4,097,349
(1.) Data include stock, hybrid, and bond mutual funds and exclude money market mutual funds. (2.) Excludes reinvestment of net income dividends and capital gains distributions and share issue 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 money market 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 and Exchange Commission. Data reflect underwritings of newly formed companies after their initial offering of securities. 1.48 CORPORATE PROFITS AND THEIR DISTRIBUTION
Billions of dollars; quarterly data at seasonally adjusted annual
rates
Account 1996 1997 1998
1 Profits with inventory
valuation and capital
consumption adjustment 750.4 817.9 n.a.
2 Profits before taxes 680.2 734.4 n.a.
3 Profits-tax liability 226.1 246.1 n.a.
4 Profits after taxes 454.1 488.3 n.a.
5 Dividends 261.9 275.1 279.2
6 Undistributed profits 192.3 213.2 n.a.
7 Inventory valuation -1.2 6.9 n.a.
8 Capital consumption adjustment 71.4 76.6 92.2
Account 1997
Q1 Q2 Q3 Q4
1 Profits with inventory
valuation and capital
consumption adjustment 794.3 815.5 840.9 820.8
2 Profits before taxes 712.4 729.8 758.9 736.4
3 Profits-tax liability 238.8 241.9 254.2 249.3
4 Profits after taxes 473.6 487.8 504.7 487.1
5 Dividends 274.1 274.7 275.1 276.4
6 Undistributed profits 199.5 213.2 229.5 210.6
7 Inventory valuation 8.1 10.3 4.8 4.3
8 Capital consumption adjustment 73.8 75.5 77.2 80.1
Account 1998
Q1 Q2 Q3 Q4
1 Profits with inventory
valuation and capital
consumption adjustment 829.2 820.6 827.0 n.a.
2 Profits before taxes 719.1 723.5 720.5 n.a.
3 Profits-tax liability 239.9 241.6 243.2 n.a.
4 Profits after taxes 479.2 481.8 477.3 n.a.
5 Dividends 277.3 278.1 279.0 282.3
6 Undistributed profits 201.8 203.7 198.3 n.a.
7 Inventory valuation 25.3 7.8 11.7 n.a.
8 Capital consumption adjustment 84.9 89.4 94.8 99.7
SOURCE. U.S. Department of Commerce, Survey of Current Business.
1.51 DOMESTIC FINANCE COMPANIES Assets and Liabilities(1)
Billions of dollars, end of period; not seasonally adjusted
Account 1994 1995 1996
ASSETS
1 Accounts receivable, gross(2) 543.7 607.0 637.1
2 Consumer 201.9 233.0 244.9
3 Business 274.9 301.6 309.5
4 Real estate 66.9 72.4 82.7
5 LESS: Reserves for unearned 52.9 60.7 55.6
income
6 Reserves for loses 11.3 12.8 13.1
7 Accounts receivable, net 479.5 533.5 568.3
8 All other 216.8 250.9 290.0
9 Total assets 696.3 784.4 858.3
LIABILITIES AND CAPITAL
10 Bank loans 14.8 15.3 19.7
11 Commercial paper 171.6 168.6 177.6
Debt
12 Owed to parent 41.8 51.1 60.3
13 Not elsewhere classified 247.4 300.0 332.5
14 All other liabilities 146.2 163.6 174.7
15 Capital, surplus, and 74.6 85.9 93.5
undivided profits
16 Total liabilities and capital 696.3 784.4 858.3
Account 1997
Q1 Q2 Q3 Q4
ASSETS
1 Accounts receivable, gross(2) 648.0 651.6 660.5 663.3
2 Consumer 249.4 255.1 254.5 256.8
3 Business 315.2 311.7 319.5 318.5
4 Real estate 83.4 84.8 86.4 87.9
5 LESS: Reserves for unearned 51.3 57.2 54.6 52.7
income
6 Reserves for loses 12.8 13.3 12.7 13.0
7 Accounts receivable, net 583.9 581.2 593.1 597.6
8 All other 289.6 306.8 289.1 312.4
9 Total assets 873.4 887.9 882.3 910.0
LIABILITIES AND CAPITAL
10 Bank loans 18.4 18.8 20.4 24.1
11 Commercial paper 185.3 193.7 189.6 201.5
Debt
12 Owed to parent 61.0 60.0 61.6 64.7
13 Not elsewhere classified 324.6 345.3 322.8 328.8
14 All other liabilities 189.2 171.4 190.1 189.6
15 Capital, surplus, and 94.9 98.7 97.9 101.3
undivided profits
16 Total liabilities and capital 873.4 887.9 882.3 910.0
Account 1998
Q1 Q2 Q3
ASSETS
1 Accounts receivable, gross(2) 667.2 676.0 688.6
2 Consumer 251.7 251.3 254.9
3 Business 325.9 334.9 335.1
4 Real estate 89.6 89.9 98.5
5 LESS: Reserves for unearned 52.1 53.2 52.4
income
6 Reserves for loses 13.1 13.2 13.2
7 Accounts receivable, net 601.9 609.6 622.9
8 All other 329.7 340.1 313.7
9 Total assets 931.6 949.7 936.6
LIABILITIES AND CAPITAL
10 Bank loans 22.0 22.3 24.9
11 Commercial paper 211.7 225.9 226.9
Debt
12 Owed to parent 64.6 60.0 58.3
13 Not elsewhere classified 338.2 348.7 337.6
14 All other liabilities 193.1 188.9 185.4
15 Capital, surplus, and 102.1 103.9 103.6
undivided profits
16 Total liabilities and capital 931.6 949.7 936.6
(1.) Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data are amounts carried on the balance sheets of finance companies; securitized pools are not shown, as they are not on the books. (2.) Before deduction for unearned income and losses.
1.52 DOMESTIC FINANCE COMPANIES Owned and managed Receivables(1)
Billions of dollars, amounts outstanding
Type of credit 1996 1997 1998
1 Total 761.9 809.8 885.1
2 Consumer 307.7 327.7 356.2
3 Real estate 111.9 121.1 135.3
4 Business 342.4 361.0 393.6
5 Total 769.7 818.1 894.3
6 Consumer 310.6 330.9 359.8
7 Motor vehicle loans 86.7 87.0 103.1
8 Motor vehicle leases 92.5 96.8 93.0
9 Revolving(2) 32.5 38.6 36.0
10 Other(3) 33.2 34.4 33.2
Securitized assets(4)
11 Motor vehicle loans 36.8 44.3 54.8
12 Motor vehicle leases 8.7 10.8 14.7
13 Revolving 0.0 0.0 6.7
14 Other 20.1 19.0 18.1
15 Real estate 111.9 121.1 135.3
16 One- to four-family 52.1 59.0 75.1
17 Other 30.5 28.9 31.1
Securitized real estate assets(4)
18 One- to four-family 28.9 33.0 29.0
19 Other 0.4 0.2 0.1
20 Business 347.2 366.1 399.2
21 Motor vehicles 67.1 63.5 74.9
22 Retail loans 25.1 25.6 29.3
23 Wholesale loans(5) 33.0 27.7 33.5
24 Leases 9.0 10.2 12.1
25 Equipment 194.8 203.9 221.4
26 Loans 59.9 51.5 51.9
27 Leases 134.9 152.3 169.5
28 Other business receivables(6) 47.6 51.1 59.2
Securitized assets(4)
29 Motor vehicles 24.0 33.0 27.0
30 Retail loans 2.7 2.4 2.3
31 Wholesale loans 21.3 30.5 24.7
32 Leases 0.0 0.0 0.0
33 Equipment 11.3 10.7 11.5
34 Loans 4.7 4.2 5.2
35 Leases 6.6 6.5 6.3
36 Other business receivables(6) 2.4 4.0 5.3
Type of credit 1998
July Aug. Sept.
Seasonally adjusted
1 Total 840.6 846.4 853.5
2 Consumer 336.6 339.1 343.9
3 Real estate 125.2 128.1 128.8
4 Business 378.7 379.2 380.7
Not seasonally adjusted
5 Total 835.2 842.6 850.0
6 Consumer 338.5 340.5 344.9
7 Motor vehicle loans 91.7 95.3 96.2
8 Motor vehicle leases 97.3 96.9 94.9
9 Revolving(2) 29.6 30.2 29.3
10 Other(3) 35.0 34.7 34.6
Securitized assets(4)
11 Motor vehicle loans 50.2 49.2 51.8
12 Motor vehicle leases 10.8 10.7 14.2
13 Revolving 5.3 5.3 5.3
14 Other 18.5 18.2 18.8
15 Real estate 125.2 128.1 128.8
16 One- to four-family 65.9 68.6 68.4
17 Other 28.5 28.7 30.1
Securitized real estate assets(4)
18 One- to four-family 30.6 30.7 30.2
19 Other 0.1 0.1 0.1
20 Business 371.5 374.0 376.2
21 Motor vehicles 61.1 62.5 65.5
22 Retail loans 29.2 29.6 30.0
23 Wholesale loans(5) 21.0 22.0 24.2
24 Leases 10.9 10.9 11.3
25 Equipment 212.8 212.0 210.8
26 Loans 51.6 51.8 47.9
27 Leases 161.2 160.2 162.9
28 Other business receivables(6) 54.5 57.0 58.9
Securitized assets(4)
29 Motor vehicles 26.3 25.9 24.5
30 Retail loans 2.2 2.1 2.0
31 Wholesale loans 24.1 23.8 22.5
32 Leases 0.0 0.0 0.0
33 Equipment 11.5 11.4 11.3
34 Loans 5.1 4.9 4.9
35 Leases 6.4 6.4 6.4
36 Other business receivables(6) 5.4 5.2 5.3
Type of credit 1998
Oct. Nov. Dec.
1 Total 867.2 872.7 885.1
2 Consumer 351.7 353.8 356.2
3 Real estate 132.3 134.3 135.3
4 Business 383.2 384.7 393.6
5 Total 865.5 874.4 894.3
6 Consumer 351.2 353.9 359.8
7 Motor vehicle loans 97.6 99.0 103.1
8 Motor vehicle leases 94.6 94.4 93.0
9 Revolving(2) 34.6 34.7 36.0
10 Other(3) 34.6 34.6 33.2
Securitized assets(4)
11 Motor vehicle loans 51.6 53.4 54.8
12 Motor vehicle leases 14.4 14.2 14.7
13 Revolving 5.3 5.3 6.7
14 Other 18.6 18.4 18.1
15 Real estate 132.3 134.3 135.3
16 One- to four-family 72.2 74.1 75.1
17 Other 30.2 30.7 31.1
Securitized real estate assets(4)
18 One- to four-family 29.8 29.4 29.0
19 Other 0.1 0.1 0.1
20 Business 382.0 386.3 399.2
21 Motor vehicles 68.5 70.9 74.9
22 Retail loans 30.4 29.4 29.3
23 Wholesale loans(5) 27.0 30.3 33.5
24 Leases 11.1 11.2 12.1
25 Equipment 211.5 212.0 221.4
26 Loans 47.2 47.8 51.9
27 Leases 164.3 164.2 169.5
28 Other business receivables(6) 59.6 60.4 59.2
Securitized assets(4)
29 Motor vehicles 25.0 25.8 27.0
30 Retail loans 1.9 2.4 2.3
31 Wholesale loans 23.2 23.4 24.7
32 Leases 0.0 0.0 0.0
33 Equipment 12.0 11.8 11.5
34 Loans 5.6 5.4 5.2
35 Leases 6.4 6.4 6.3
36 Other business receivables(6) 5.2 5.3 5.3
NOTE. This table has been revised to incorporate several changes benchmarking of finance company receivables to the June 1996 Survey of Finance Companies. In that benchmark survey, and in the monthly surveys that have followed, more detailed breakdowns have been obtained for some components. In addition, previously unavailable data on securitized real estate loans are now included in this table. The new information has resulted in some reclassification of receivables among the three major categories (consumer, real estate, and business) and in discontinuities in some component series between May and June 1996. Includes finance company subsidiaries of bank holding companies but not of retailers and banks. Data in this table also appear in the Board's G.20 (422) monthly statistical release. For ordering address, see inside front cover. (1.) Owned receivables are those carried on the balance sheet of the institution. Managed receivables are outstanding balances of pools upon which securities have been issued; these balances 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 totals because of rounding. (2.) Excludes revolving credit reported as held by depository institutions that are subsidiaries of finance companies. (3.) Includes personal cash loans, mobile home loans, and loans to purchase other types of consumer goods such as appliances, apparel, boats, and recreation vehicles. (4.) Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. (5.) Credit arising from transactions between manufacturers and dealers, that is, floor plan financing. (6.) Includes loans on commercial accounts receivable, factored commercial accounts, and receivable dealer capital; small loans used primarily for business or farm purposes: and wholesale and lease paper for mobile homes, campers, and travel trailers. [TABULAR DATA 1.53 - 1.54 NOT REPRODUCIBLE IN ASCII]
1.55 CONSUMER CREDIT(1)
Millions of dollars, amounts outstanding, end of period
Holder and type of credit 1996 1997 1998
Seasonally adjusted
1 Total 1,181,913 1,233,099 1,308,376
2 Automobile 392,321 413,369 447,181
3 Revolving 499,486 531,140 558,592
4 Other(2) 290,105 288,590 302,603
Not seasonally adjusted
5 Total 1,211,590 1,264,103 1,340,919
6 Commercial banks 526,769 512,563 513,558
7 Finance companies 152,391 160,022 172,406
8 Credit unions 144,148 152,362 157,066
9 Savings institutions 44,711 47,172 52,284
10 Nonfinancial business(3) 77,745 78,927 74,894
11 Pools of securitized 265,826 313,057 370,711
assets(4)
By major type of credit(5)
12 Automobile 395,609 416,962 451,138
13 Commercial hanks 157,047 155,254 157,928
14 Finance companies 86,690 87,015 103,115
15 Pools of securitized 51,719 64,950 72,955
assets(4)
16 Revolving 522,860 555,858 584,516
17 Commercial banks 228,615 219,826 207,838
18 Finance companies 32,493 38,608 36,047
19 Nonfinancial business(3) 44,901 44,966 39,193
20 Pools of securitized 188,712 221,465 270,594
assets(4)
21 Other 293,121 291,283 305,265
22 Commercial banks 141,107 137,483 147,792
23 Finance companies 33,208 34,399 33,244
24 Nonfinancial business(3) 32,844 33,961 35,701
25 Pools of securitized 25,395 26,642 27,162
assets(4)
Holder and type of credit July Aug. Sept.
Seasonally adjusted
1 Total 1,269,844 1,277,412 1,285,346
2 Automobile 428,121 432,240 434,964
3 Revolving 543,612 548,747 552,462
4 Other(2) 298,111 296,425 297,920
Not seasonally adjusted
5 Total 1,262,958 1,277,611 1,288,362
6 Commercial banks 491,507 498,219 497,860
7 Finance companies 156,366 160,151 160,078
8 Credit unions 153,735 154,146 155,167
9 Savings institutions 48,989 49,648 50,307
10 Nonfinancial business(3) 65,478 66,004 65,557
11 Pools of securitized 346,883 349,443 359,393
assets(4)
By major type of credit(5)
12 Automobile 429,723 434,924 438,965
13 Commercial hanks 153,203 155,508 156,287
14 Finance companies 91,741 95,257 96,183
15 Pools of securitized 72,470 70,766 72,146
assets(4)
16 Revolving 537,349 545,564 549,786
17 Commercial banks 197,646 200,424 197,615
18 Finance companies 29,605 30,155 29,312
19 Nonfinancial business(3) 33,807 34,009 33,743
20 Pools of securitized 246,635 251,165 259,348
assets(4)
21 Other 295,886 297,123 299,611
22 Commercial banks 140,658 142,287 143,958
23 Finance companies 35,020 34,739 34,583
24 Nonfinancial business(3) 31,671 31,995 31,814
25 Pools of securitized 27,778 27,512 27,899
assets(4)
Holder and type of credit Oct. Nov. Dec.
Seasonally adjusted
1 Total 1,297,171 1,301,122(r) 1,308,376
2 Automobile 436,966 441,342(r) 447,181
3 Revolving 557,093 556,404(r) 558,592
4 Other(2) 303,113 303,376(r) 302,603
Not seasonally adjusted
5 Total 1,299,809 1,309,001(r) 1,340,919
6 Commercial banks 501,982 500,383 513,558
7 Finance companies 166,861 168,262 172,406
8 Credit unions 156,043 156,521(r) 157,066
9 Savings institutions 50,966 51,625 52,284
10 Nonfinancial business(3) 65,949 66,632 74,894
11 Pools of securitized 358,008 365,578 370,711
assets(4)
By major type of credit(5)
12 Automobile 442,255 445,467(r) 451,138
13 Commercial hanks 156,788 157,126 157,928
14 Finance companies 97,637 98,954 103,115
15 Pools of securitized 71,788 72,582 72,955
assets(4)
16 Revolving 555,456 559,080(r) 584,516
17 Commercial banks 199,234 195,377 207,838
18 Finance companies 34,597 34,696 36,047
19 Nonfinancial business(3) 33,762 33,787 39,193
20 Pools of securitized 258,139 265,311 270,594
assets(4)
21 Other 302,098 304,454(r) 305,265
22 Commercial banks 145,960 147,880 147,792
23 Finance companies 34,627 34,612 33,244
24 Nonfinancial business(3) 32,187 32,845 35,701
25 Pools of securitized 28,081 27,685 27,162
assets(4)
(1) The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly statistical release. For ordering address, see inside front cover. (2.) Comprises mobile home loans and all other loans that are not included in automobile or revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be secured or unsecured. (3.) Includes retailers and gasoline companies. (4.) Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originator. (5.) Totals include estimates for certain holders for which only consumer credit totals are available.
1.56 TERMS OF CONSUMER CREDIT(1)
Percent per year except as noted
Item 1996 1997 1998
INTEREST RATES
Commercial banks(2)
1 48-month new car 9.05 9.02 8.72
2 24-month personal 13.54 13.90 13.74
Credit card plan
3 All accounts 15.63 15.77 15.71
4 Accounts assessed interest 15.50 15.57 15.63
Auto finance companies
5 New car 9.84 7.12 6.30
6 Used car 13.53 13.27 12.64
OTHER TERMS(3)
Maturity (months)
7 New car 51.60 54.10 52.1
8 Used car 51.40 51.00 53.5
Loan-to-value ratio
9 New car 91 92 92
10 Used car 100 99 99
Amount financed (dollars)
11 New car 16,987 18,077 19,083
12 Used car 12,182 12,281 12,691
Item 1998
June July Aug. Sept.
INTEREST RATES
Commercial banks(2)
1 48-month new car n.a. n.a. 8.71 n.a.
2 24-month personal n.a. n.a. 13.45 n.a.
Credit card plan
3 All accounts n.a. n.a. 15.83 n.a.
4 Accounts assessed interest n.a. n.a. 15.85 n.a.
Auto finance companies
5 New car 6.02 6.23 6.00 5.92
6 Used car 12.63 12.51 12.68 12.65
OTHER TERMS(3)
Maturity (months)
7 New car 50.9 51.7 53.0 53.1
8 Used car 54.0 54.1 54.1 54.2
Loan-to-value ratio
9 New car 91 92 93 93
10 Used car 100 100 101 101
Amount financed (dollars)
11 New car 8,878 19,084 19,068 19,028
12 Used car 2,698 12,733 12,407 12,731
Item 1998
Oct. Nov. Dec.
INTEREST RATES
Commercial banks(2)
1 48-month new car n.a. 8.62 n.a.
2 24-month personal n.a. 13.75 n.a.
Credit card plan
3 All accounts n.a. 15.69 n.a.
4 Accounts assessed interest n.a. 15.72 n.a.
Auto finance companies
5 New car 6.33 6.79 6.43
6 Used car 12.58 12.41 12.31
OTHER TERMS(3)
Maturity (months)
7 New car 53.1 52.8 52.2
8 Used car 54.2 54.3 54.2
Loan-to-value ratio
9 New car 92 91 91
10 Used car 100 100 100
Amount financed (dollars)
11 New car 19,199 19,590 19,734
12 Used car 12,914 13,112 13,202
(1.) The Board's series on amounts of credit covers most short- and intermediate-term credit extended to individuals. Data in this table also appear in the Board's G.19 (421) monthly statistical release. For ordering address, see inside front cover. (2.) Data are available for only the second month of each quarter. (3.) At auto finance companies. [TABULAR DATA 1.57 - 1.60 NOT REPRODUCIBLE IN ASCII]
2.10 NONFINANCIAL BUSINESS ACTIVITY Selected Measures
Monthly data seasonally adjusted, and indexes 1992= 100, except as
noted
1998
Measure 1996 1997 1998 May
1 Industrial
production(1) 119.5 126.8 131.4 131.9
Market groupings
2 Products, total 114.4 119.6 123.6(r) 124.5
3 Final, total 115.5 121.1 125.5(r) 126.6
4 Consumer goods 111.3 114.1 115.2(r) 116.8
5 Equipment 122.7 133.9 144.1(r) 144.2
6 Intermediate 110.9 115.2 118.0(r) 118.2
7 Materials 127.8 138.2 144.0 143.6
Industry groupings
8 Manufacturing 121.4 129.7 135.1 135.4
9 Capacity utilization,
manufacturing
(percent)(2) 81.4 82.0 80.8(r) 81.6
10 Construction
contracts(3) 130.9 142.6(r) 151.0(r) 153.0(r)
11 Nonagricultural
employment, total(4) 117.3 120.3 123.4 123.2
12 Goods-producing, total 2.4 2.4 2.3 102.5
13 Manufacturing, total 97.4 98.2 98.5 99.0
14 Manufacturing,
production workers 98.6 99.6 99.6 100.1
15 Service-producing 123.1 126.5 130.1 129.7
16 Personal income, total 165.2 174.5 183.2 182.2
17 Wages and salary
disbursements 159.8 171.2 182.6 181.5
18 Manufacturing 135.7 144.7 151.1 151.5
19 Disposable personal
income(5) 164.0 171.7 178.6 177.5
20 Retail sales(5) 159.6 166.9 175.3 175.8
Prices(6)
21 Consumer (1982-84
= 100) 156.9 160.5 163.0 162.8
22 Producer finished
goods (1982 = 100) 131.3 131.8 130.7 130.6
1998
Measure June July Aug. Sept.
1 Industrial
production(1) 130.6 130.5 132.4 131.9
Market groupings
2 Products, total 123.6 123.3 124.9 124.1
3 Final, total 125.5 124.7 126.8 126.0
4 Consumer goods 115.1 114.0 116.1 114.8
5 Equipment 144.1 143.9 146.0 146.2
6 Intermediate 118.0 119.1 119.1 118.3
7 Materials 141.8 141.9 144.4 144.4
Industry groupings
8 Manufacturing 133.7 133.6 135.7 135.2
9 Capacity utilization,
manufacturing
(percent)(2) 80.2 79.8 80.7 80.1
10 Construction
contracts(3) 152.0(r) 155.0(r) 154.0 150.0(r)
11 Nonagricultural
employment, total(4) 123.3 123.5 123.8 123.9
12 Goods-producing, total 102.6 101.9 102.4 102.3
13 Manufacturing, total 98.9 97.9 98.4 98.4
14 Manufacturing,
production workers 99.9 98.4 99.1 99.3
15 Service-producing 130.0 130.4 130.6 130.9
16 Personal income, total 182.7 183.4 184.2 184.8
17 Wages and salary
disbursements 181.8 182.8 184.1 184.6
18 Manufacturing 150.5 149.6 151.3 152.1
19 Disposable personal
income(5) 177.9 178.7 179.4 179.9
20 Retail sales(5) 176.0 174.8 174.9 175.6
Prices(6)
21 Consumer (1982-84
= 100) 163.0 163.2 163.4 163.6
22 Producer finished
goods (1982 = 100) 130.7 131.0 130.7 130.6
1999
Measure Oct.(r) Nov.(r) Dec. Jan.
1 Industrial
production(1) 132.4 132.3 132.5(r) 132.5
Market groupings
2 Products, total 124.9 124.5 124.7(r) 124.6
3 Final, total 126.7 126.3 126.2(r) 126.0
4 Consumer goods 115.2 115.1 115.4(r) 115.4
5 Equipment 147.5 146.4 145.5(r) 145.0
6 Intermediate 119.0 119.1 120.2(r) 120.4
7 Materials 144.5 144.8 145.2(r) 145.3
Industry groupings
8 Manufacturing 136.1 136.4 136.6(r) 136.7
9 Capacity utilization,
manufacturing
(percent)(2) 80.3 80.1 79.9 79.6
10 Construction
contracts(3) 148.0 152.0 153.0(r) 147.0
11 Nonagricultural
employment, total(4) 124.1 124.4 124.7 124.9
12 Goods-producing, total 102.2 102.1 102.4 102.4
13 Manufacturing, total 98.1 97.8 97.7 97.6
14 Manufacturing,
production workers 99.0 98.6 98.5 98.5
15 Service-producing 131.1 131.5 131.8 132.1
16 Personal income, total 185.5 186.3 187.3 n.a.
17 Wages and salary
disbursements 185.6 186.6 187.5 n.a.
18 Manufacturing 151.7 151.4 151.8 n.a.
19 Disposable personal
income(5) 180.7 181.4 182.3 n.a.
20 Retail sales(5) 177.7 178.9 180.7(r) 181.1
Prices(6)
21 Consumer (1982-84
= 100) 164.0 164.0 163.9 164.3
22 Producer finished
goods (1982 = 100) 131.4 130.8 131.0 131.5
(1.) Data in this table appear in the Board's G. 17 (419) monthly statistical release. The data are also available on the Board's web site, http://www.federalreserve.gov/releases/gl7. The latest historical revision of the industrial production index and the capacity utilization rates was released in November 1998. The recent annual revision is described in an article in the January 1999 issue of the Bulletin. For a description of the methods of estimating industrial production and capacity utilization, see "Industrial Production and Capacity Utilization: Historical Revision and Recent Developments," Federal Reserve Bulletin, vol. 83 (February 1997), pp. 67-92, and the references cited therein. For details about the construction of individual industrial production series, see "Industrial Production: 1989 Developments and Historical Revision," Federal Reserve Bulletin, vol. 76 (April 1990), pp. 187-204. (2.) Ratio of index of production to index of capacity. Based on data from the Federal Reserve, DRI McGraw-Hill, U.S. Department of Commerce, and other sources. (3.) Index of dollar value of total construction contracts, including residential, nonresidential, and heavy engineering, from McGraw-Hill Information Systems Company, EW. Dodge Division. (4.) Based on data from U.S. Department of Labor, Employment and Earnings. Series covers employees only, excluding personnel in the armed forces. (5.) Based on data from U.S. Department of Commerce, Survey of Current Business. (6.) Based on data not seasonally adjusted. Seasonally adjusted data for changes in the price indexes can be obtained from the U.S. Department of Labor, Bureau of Labor Statistics, Monthly Labor Review. NOTE. Basic data (not indexes) for series mentioned in notes 4 and 5, and indexes for series mentioned in notes 3 and 6, can also be found in the Survey of Current Business.
2.11 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
Thousands of persons; monthly data seasonally adjusted
1998
Category 1996 1997 1998 June
HOUSEHOLD SURVEY DATA(1)
1 Civilian labor force(2) 133,943 136,297 137,673 137,498
Employment
2 Nonagricultural
industries(3) 123,264 126,159 128,085 127,890
3 Agriculture 3,443 3,399 3,378 3,363
Unemployment
4 Number 7,236 6,739 6,210 6,245
5 Rate (percent of
civilian labor force) 5.4 4.9 4.5 4.5
ESTABLISHMENT SURVEY DATA
6 Nonagricultural payroll
employment(4) 119,608 122,690 125,833 125,751
7 Manufacturing 18,495 18,657 18,716 18,780
8 Mining 580 592 575 578
9 Contract construction 5,418 5,686 5,965 5,946
10 Transportation and
public utilities 6,253 6,395 6,551 6,538
11 Trade 28,079 28,659 29,299 29,269
12 Finance 6,911 7,091 7,341 7,333
13 Service 34,454 36,040 37,525 37,494
14 Government 19,419 19,570 19,862 19,813
Category July Aug. Sept. Oct.
HOUSEHOLD SURVEY DATA(1)
1 Civilian labor force(2) 137,407 137,481 138,081 138,116
Employment
2 Nonagricultural
industries(3) 127,753 127,772 128,348 128,300
3 Agriculture 3,423 3,492 3,470 3,558
Unemployment
4 Number 6,231 6,217 6,263 6,258
5 Rate (percent of
civilian labor force) 4.5 4.5 4.5 4.5
ESTABLISHMENT SURVEY DATA
6 Nonagricultural payroll
employment(4) 125,869 126,191 126,363 126,527
7 Manufacturing 18,594 18,693 18,692 18,633
8 Mining 571 571 568 564
9 Contract construction 5,970 5,989 5,981 6,012
10 Transportation and
public utilities 6,550 6,570 6,579 6,595
11 Trade 29,374 29,383 29,454 29,453
12 Finance 7,370 7,372 7,393 7,417
13 Service 37,614 37,691 37,768 37,905
14 Government 19,826 19,922 19,928 19,948
1999
Category Nov.(r) Dec.(r) Jan.
HOUSEHOLD SURVEY DATA(1)
1 Civilian labor force(2) 138,193 138,547 139,347
Employment
2 Nonagricultural
industries(3) 128,765 129,304 130,097
3 Agriculture 3,348 3,222 3,299
Unemployment
4 Number 6,080 6,021 5,950
5 Rate (percent of
civilian labor force) 4.4 4.3 4.3
ESTABLISHMENT SURVEY DATA
6 Nonagricultural payroll
employment(4) 126,804 127,102 127,347
7 Manufacturing 18,573 18,557 18,544
8 Mining 560 555 546
9 Contract construction 6,051 6,150 6,165
10 Transportation and
public utilities 6,604 6,629 6,651
11 Trade 29,549 29,595 29,653
12 Finance 7,441 7,459 7,481
13 Service 38,040 38,137 38,251
14 Government 19,986 20,020 20,056
(1.) Beginning January 1994, reflects redesign of current population survey and population controls from the 1990 census. (2.) Persons sixteen years of age and older, including Resident Armed Forces. Monthly figures are based on sample data collected during the calendar week that contains the twelfth day; annual data are averages of monthly figures. By definition, seasonality does not exist in population figures. (3.) Includes self-employed, unpaid family, and domestic service workers. (4.) Includes all full- and pact-time employees who worked during, or received pay for, the pay period that includes the twelfth day of the month; excludes proprietors, self-employed persons, household and unpaid family workers, and members of the armed forces. Data are adjusted to the March 1992 benchmark, and only seasonally adjusted data are available at this time. SOURCE. Based on data from U.S. Department of Labor, Employment and Earnings. [TABULAR DATA 2.12 - 2.14 NOT REPRODUCIBLE IN ASCII]
2.15 CONSUMER AND PRODUCERS PRICES
Percentage changes based on seasonally adjusted data except as
noted
Change from 12
months earlier
Item 1998 1999
Jan. Jan.
CONSUMER PRICES(2)
(1982-84 = 100)
1 All items 1.6 1.7
2 Food 2.2 2.3
3 Energy items -6.5 -7.4
4 All items less food
and energy 2.2 2.4
5 Commodities .4 1.2
6 Services 3.0 2.8
PRODUCER PRICES
(1982=100)
7 Finished goods -1.7 0.9
8 Consumer foods -.7 1.9
9 Consumer energy -10.4 -7.5
10 Other consumer goods .4 4.0
11 Capital equipment -.8 -.1
Intermediate materials
12 Excluding foods and
feeds -1.5 -2.4
13 Excluding energy .1 -1.6
Crude materials
14 Foods -6.0 -3.7
15 Energy -37.3 -16.7
16 Other -3.9 -14.5
Change from 3 months earlier
(annual rate)
Item 1998(r)
CONSUMER PRICES(2)
(1982-84 = 100) Mar. June Sept. Dec.
1 All items .7 2.2 1.5 2.0
2 Food 1.3 2.3 2.5 2.8
3 Energy items -17.2 -3.4 -9.0 -5.1
4 All items less food
and energy 2.4 2.6 2.3 2.5
5 Commodities .0 1.7 1.1 2.5
6 Services 3.5 2.8 3.0 2.5
PRODUCER PRICES
(1982=100)
7 Finished goods -2.7 .3 .6 1.5
8 Consumer foods .9 .6 1.8 .3
9 Consumer energy -25.5 -3.1 -9.2 -10.4
10 Other consumer goods 4.2 1.4 3.0 8.0
11 Capital equipment .0 -1.2 .9 .3
Intermediate materials
12 Excluding foods and
feeds -4.1 -1.6 -2.2 -3.8
13 Excluding energy .9 -2.4 -1.8 -2.4
Crude materials
14 Foods -14.6 -3.3 -19.6 -6.2
15 Energy -53.5 -14.6 -25.3 -1.3
16 Other -12.4 -5.8 -19.9 -24.6
Change from 1 month earlier
Item 1998
CONSUMER PRICES(2)
(1982-84 = 100) Sept. Oct. Nov. Dec.
1 All items .1(r) .2 .2 .1
2 Food .1(r) .5(r) .1 .1(r)
3 Energy items -1.2(r) .1(r) -.3(r) -1.1(r)
4 All items less food
and energy .2 .2 .1(r) .3
5 Commodities -.1 .1(r) .1 .6
6 Services .3 .2 .3 .2
PRODUCER PRICES
(1982=100)
7 Finished goods .2 .2 -.2 .4
8 Consumer foods .2 .4 -.4(r) .0(r)
9 Consumer energy -.4(r) 1.1(r) -1.5(r) -2.3
10 Other consumer goods .3(r) .0 .1 1.8(r)
11 Capital equipment .3 -.1(r) .1 .0(r)
Intermediate materials
12 Excluding foods and
feeds .2 .2 -.3(r) -.5(r)
13 Excluding energy -.3(r) -.2(r) .2 -.2
Crude materials
14 Foods -.9(r) 2.9(r) -.3(r) -4.1(r)
15 Energy -3.6(r) 5.1(r) .0 -5.2
16 Other -1.2(r) -2.7 -2.7(r) -1.6(r)
Item Index
level,
CONSUMER PRICES(2) Jan.
(1982-84 = 100) 1999 1999 (1)
1 All items .1 164.3
2 Food .5 163.6
3 Energy items -.2 98.1
4 All items less food
and energy .1 175.3
5 Commodities .0 143.7
6 Services .2 193.2
PRODUCER PRICES
(1982=100)
7 Finished goods .5 131.5
8 Consumer foods 1.6 135.6
9 Consumer energy 1.8 71.7
10 Other consumer goods -.1 151.6
11 Capital equipment -.1 137.7
Intermediate materials
12 Excluding foods and
feeds .1 121.5
13 Excluding energy -.2 132.1
Crude materials
14 Foods 5.1 101.6
15 Energy .6 62.4
16 Other .2 128.7
(1.) Not seasonally adjusted. (2.) Figures for consumer prices are for all urban consumers and reflect a rental-equivalence measure of homeownership. Source: U.S. Department of Labor, Bureau of Labor Statistics.
2.16 GROSS DOMESTIC PRODUCT AND INCOME
Billions of current dollars except as noted; quarterly data at
seasonally adjusted annual rates
Account 1996 1997 1998
GROSS DOMESTIC PRODUCT
1 Total 7,661.6 8,110.9 8,508.9
By source
2 Personal consumption
expenditures 5,215.7 5,493.7 5,806.0
3 Durable goods 643.3 673.0 723.5
4 Nondurable go 1,539.2 1,600.6 1,662.0
5 Services 3,033.2 3,220.1 3,420.5
6 Gross private domestic
investment 1,131.9 1,256.0 1,369.2
7 Fixed investment 1,099.8 1,188.6 1,308.8
8 Nonresidential 787.9 860.7 939.4
9 Structures 216.9 240.2 246.8
10 Producers' durable
equipment 571.0 620.5 692.6
11 Residential structures 311.8 327.9 369.4
12 Change in business
inventories 32.1 67.4 60.4
13 Nonfarm 24.5 63.1 53.7
14 Net exports of goods and
services -91.2 -93.4 -154.1
15 Exports 873.8 965.4 958.5
16 Imports 965.0 1,058.8 1,112.6
17 Government consumption
expenditures
and gross investment 1,405.2 1,454.6 1,487.8
18 Federal 518.4 520.2 520.7
19 State and local 886.8 934.4 967.1
By major type of product
20 Final sales, total 7,629.5 8,043.5 8,448.5
21 Goods 2,780.3 2,911.2 3,041.4
22 Durable 1,228.8 1,310.1 1,389.3
23 Nondurable 1,551.6 1,601.0 1,652.1
24 Services 4,179.5 4,414.1 4,641.0
25 Structures 669.7 718.3 766.1
26 Change in business
inventories 32.1 67.4 60.4
27 Durable goods 20.8 33.6 25.8
28 Nondurable goods 11.4 33.8 34.6
MEMO
29 Total GDP in chained
1992 dollars 6,994.8 7,269.8 7,549.9
NATIONAL INCOME
30 Total 6,256.0 6,646.5 n.a.
31 Compensation of
employees 4,409.0 4,687.2 4,980.3
32 Wages and salaries 3,640.4 3,893.6 4,153.2
33 Government and
government
enterprises 640.9 664.2 689.5
34 Other 2,999.5 3,229.4 3,463.7
35 Supplement to wages
and salaries 768.6 793.7 827.1
36 Employer contributions
for
social insurance 381.7 400.7 420.2
37 Other labor income 387.0 392.9 406.9
38 Proprietors' income(1) 527.7 551.2 575.5
39 Business and
professional(1) 488.8 515.8 548.4
40 Farm(1) 38.9 35.5 27.1
41 Rental income of
persons(2) 150.2 158.2 162.0
42 Corporate profits(1) 750.4 817.9 n.a.
43 Profits before tax(3) 680.2 734.4 n.a.
44 Inventory valuation
adjustment -1.2 6.9 n.a.
45 Capital consumption
adjustment 71.4 76.6 92.2
46 Net interest 418.6 432.0 n.a.
1997 1998
Q4 Q1 Q2
GROSS DOMESTIC PRODUCT
1 Total 8,254.5 8,384.2 8,440.6
By source
2 Personal consumption
expenditures 5,593.2 5,676.5 5,773.7
3 Durable goods 682.2 705.1 720.1
4 Nondurable go 1,613.2 1,633.1 1,655.2
5 Services 3,297.8 3,338.2 3,398.4
6 Gross private domestic
investment 1,292.0 1,366.6 1,345.0
7 Fixed investment 1,220.1 1,271.1 1,305.8
8 Nonresidential 882.8 921.3 941.9
9 Structures 246.4 245.0 245.4
10 Producers' durable
equipment 636.4 676.3 696.6
11 Residential structures 337.4 349.8 363.8
12 Change in business
inventories 71.9 95.5 39.2
13 Nonfarm 66.9 90.5 31.5
14 Net exports of goods and
services 98.8 -123.70 -159.30
15 Exports 988.6 973.3 949.6
16 Imports 1,087.4 1,097.1 1,108.9
17 Government consumption
expenditures
and gross investment 1,468.1 1,464.9 1,481.2
18 Federal 520.1 511.6 520.7
19 State and local 947.9 953.3 960.4
By major type of product
20 Final sales, total 8,182.6 8,288.7 8,401.3
21 Goods 2,948.7 3,005.8 3,025.3
22 Durable 1,334.3 1,376.9 1,380.8
23 Nondurable 1,614.4 1,628.8 1,644.4
24 Services 4,501.2 4,538.4 4,619.5
25 Structures 732.7 744.6 756.6
26 Change in business
inventories 71.9 95.5 39.2
27 Durable goods 34.0 49.9 4.5
28 Nondurable goods 37.9 45.6 34.7
MEMO
29 Total GDP in chained
1992 dollars 7,364.6 7,464.7 7,498.6
NATIONAL INCOME
30 Total 6,767.9 6,875.0 6,945.5
31 Compensation of
employees 4,798.0 4,882.8 4,945.2
32 Wages and salaries 3,993.6 4,065.9 4,121.6
33 Government and
government
enterprises 671.4 679.5 685.8
34 Other 3,322.2 3,386.4 3,435.8
35 Supplement to wages
and salaries 804.4 816.8 823.5
36 Employer contributions
for
social insurance 407.4 414.1 417.9
37 Other labor income 397.0 402.8 405.7
38 Proprietors' income(1) 558.0 564.2 571.7
39 Business and
professional(1) 526.6 536.8 544.0
40 Farm(1) 31.4 27.4 27.7
41 Rental income of
persons(2) 158.8 158.3 161.0
42 Corporate profits(1) 820.8 829.2 820.6
43 Profits before tax(3) 736.4 719.1 723.5
44 Inventory valuation
adjustment 4.3 25.3 7.8
45 Capital consumption
adjustment 80.1 84.9 89.4
46 Net interest 432.4 440.5 447.1
1998
Q3 Q4
GROSS DOMESTIC PRODUCT
1 Total 8,537.9 8,672.8
By source
2 Personal consumption
expenditures 5,846.7 5,927.1
3 Durable goods 718.9 749.8
4 Nondurable go 1,670.0 1,689.5
5 Services 3,457.7 3,487.8
6 Gross private domestic
investment 1,364.4 1,400.9
7 Fixed investment 1,307.5 1,350.9
8 Nonresidential 931.6 962.9
9 Structures 246.2 250.6
10 Producers' durable
equipment 685.4 712.3
11 Residential structures 375.8 388.1
12 Change in business
inventories 57.0 50.0
13 Nonfarm 49.3 43.3
14 Net exports of goods and
services -165.5 167.8
15 Exports 936.2 975.1
16 Imports 1,101.7 1,142.9
17 Government consumption
expenditures
and gross investment 1,492.3 1,512.6
18 Federal 519.4 531.0
19 State and local 972.9 981.6
By major type of product
20 Final sales, total 8,480.9 8,622.8
21 Goods 3,029.0 3,105.6
22 Durable 1,373.0 1,426.5
23 Nondurable 1,655.9 1,679.1
24 Services 4,678.5 4,727.7
25 Structures 773.5 789.6
26 Change in business
inventories 57.0 50.0
27 Durable goods 19.5 29.4
28 Nondurable goods 37.5 20.5
MEMO
29 Total GDP in chained
1992 dollars 7,566.5 7,670.0
NATIONAL INCOME
30 Total 7,032.3 n.a.
31 Compensation of
employees 5,011.6 5,081.8
32 Wages and salaries 4,181.1 4,244.1
33 Government and
government
enterprises 692.7 700.1
34 Other 3,488.4 3,543.9
35 Supplement to wages
and salaries 830.5 837.7
36 Employer contributions
for
social insurance 422.1 426.7
37 Other labor income 408.4 411.0
38 Proprietors' income(1) 576.1 590.0
39 Business and
professional(1) 550.9 561.7
40 Farm(1) 25.2 28.3
41 Rental income of
persons(2) 163.6 165.0
42 Corporate profits(1) 827.0 n.a.
43 Profits before tax(3) 720.5 n.a.
44 Inventory valuation
adjustment 11.7 n.a.
45 Capital consumption
adjustment 94.8 99.7
46 Net interest 454.0 n.a.
(1.) With inventory valuation and capital consumption adjustments. (2.) With capital consumption adjustment. (3.) For after-tax profits, dividends, and the like, see table 1.48. SOURCE. U.S. Department of Commerce, Survey of Current Business.
2.17 PERSONAL INCOME AND SAVING
Billions of current dollars except as noted; quarterly data
at seasonally adjusted annual rates
Account 1996 1997 1998
PERSONAL INCOME AND SAVING
1 Total personal income 6,425.2 6,784.0 7,123.6
2 Wage and salary 3,631.1 3,889.8 4,149.2
disbursements
3 Commodity-producing 909.0 975.0 1,026.9
industries
4 Manufacturing 674.6 719.5 751.5
5 Distributive industries 823.3 879.8 938.5
6 Service industries 1,257.9 1,370.8 1,494.3
7 Government and government 640.9 664.2 689.5
enterprises
8 Other labor income 387.0 392.9 406.9
9 Proprietors' income(1) 527.7 551.2 575.5
10 Business and 488.8 515.8 548.4
professional(1)
11 Farm(1) 38.9 35.5 27.1
12 Rental income of persons(2) 150.2 158.2 162.0
13 Dividends 248.2 260.3 263.1
14 Personal interest income 719.4 747.3 764.9
15 Transfer payments 1,068.0 1,110.4 1,149.5
16 Old-age survivors, 538.0 565.9 586.7
disability, and health
insurance benefits
17 LESS: Personal 306.3 326.2 347.4
contributions for
social insurance
18 EQUALS: Personal income 6,425.2 6,784.0 7,123.6
19 LESS: Personal tax and 890.5 989.0 1,098.1
nontax payments
20 EQUALS: Disposable personal 5,534.7 5,795.1 6,025.5
income
21 LESS: Personal outlays 5,376.2 5,674.1 5,998.1
22 EQUALS: Personal saving 158.5 121.0 27.4
MEMO
Per capita (chained
1992 dollars)
23 Gross domestic product 26,335.8 27,136.2 27,942.0
24 Personal consumption 17,893.1 18,340.9(r) 19,064.4
expenditures
25 Disposable personal income 18,989.0 19,349.0 19,785.0
26 Saving rate (percent) 2.9 2.1 0.5
GROSS SAVING
27 Gross saving 1,274.5 14,063.0 n.a.
28 Gross private saving 1,114.5 1,141.6 n.a.
29 Personal saving 158.5 121.0 27.4
30 Undistributed corporate 262.4 296.7 n.a.
profits(1)
31 Corporate inventory -1.2 6.9 n.a.
valuation adjustment
Capital consumption allowances
32 Corporate 452.0 477.3 500.7
33 Noncorporate 232.3 242.8 252.6
34 Gross government saving 160.0 264.7 n.a.
35 Federal -39.6 49.5 n.a.
36 Consumption of fixed 70.6 70.6 69.7
capital
37 Current surplus or -110.3 -21.1 n.a.
deficit (-), national
accounts
38 State and local 199.7 215.2 n.a.
39 Consumption of 77.1 81.1 85.0
fixed capital
40 Current surplus or 122.6 134.1 n.a.
deficit (-), national
accounts
41 Gross investment 1,242.3 1,350.5 n.a.
42 Gross private domestic 1,131.9 1,256.0 1,369.2
investment
43 Gross government investment 229.7 235.4 237.4
44 Net foreign investment -119.2 -140.9 n.a.
45 Statistical discrepancy -32.2 -55.8 n.a.
Account 1998
Q4 Q1 Q2
PERSONAL INCOME AND SAVING
1 Total personal income 6,904.9 7,003.9 7,081.9
2 Wage and salary 3,989.9 4,061.9 4,117.6
disbursements
3 Commodity-producing 1,003.7 1,019.0 1,023.2
industries
4 Manufacturing 741.3 750.4 750.8
5 Distributive industries 904.5 918.9 932.2
6 Service industries 1,410.2 1,444.5 1,476.4
7 Government and government 671.4 679.5 685.8
enterprises
8 Other labor income 397.0 402.8 405.7
9 Proprietors' income(1) 558.0 564.2 571.7
10 Business and 526.6 536.8 544.0
professional(1)
11 Farm(1) 31.4 27.4 27.7
12 Rental income of persons(2) 158.8 158.3 161.0
13 Dividends 261.3 261.6 262.1
14 Personal interest income 753.0 757.0 763.0
15 Transfer payments 1,120.5 1,139.0 1,145.8
16 Old-age survivors, 572.2 581.6 585.0
disability, and health
insurance benefits
17 LESS: Personal 333.6 340.9 345.1
contributions for
social insurance
18 EQUALS: Personal income 6,904.9 7,003.9 7,081.9
19 LESS: Personal tax and 1,025.5 1,066.8 1,092.9
nontax payments
20 EQUALS: Disposable personal 5,879.4 5,937.1 5,988.9
income
21 LESS: Personal outlays 5,781.2 5,864.0 5,963.3
22 EQUALS: Personal saving 98.2 73.0 25.6
MEMO
Per capita (chained
1992 dollars)
23 Gross domestic product 27,398.2 27,718.8 27,783.0
24 Personal consumption 18,530.5 18,771.1 19,007.8
expenditures
25 Disposable personal income 19,478.0 19,632.0 19,719.0
26 Saving rate (percent) 1.7 1.2 0.4
GROSS SAVING
27 Gross saving 1,428.0 1,482.5 1,448.5
28 Gross private saving 1,131.6 1,130.1 1,079.0
29 Personal saving 98.2 73.0 25.6
30 Undistributed corporate 295.0 312.0 300.9
profits(1)
31 Corporate inventory 4.3 25.3 7.8
valuation adjustment
Capital consumption allowances
32 Corporate 487.7 492.5 497.8
33 Noncorporate 247.0 248.6 250.7
34 Gross government saving 296.4 352.4 369.4
35 Federal 72.3 128.7 143.9
36 Consumption of fixed 70.2 69.9 69.5
capital
37 Current surplus or 2.2 58.8 74.4
deficit (-), national
accounts
38 State and local 224.1 223.7 225.6
39 Consumption of 82.7 83.5 84.3
fixed capital
40 Current surplus or 141.4 140.2 141.3
deficit (-), national
accounts
41 Gross investment 1,360.7 1,428.4 1,362.7
42 Gross private domestic 1,292.0 1,366.6 1,345.0
investment
43 Gross government investment 236.5 237.4 232.5
44 Net foreign investment -167.8 -175.6 -214.8
45 Statistical discrepancy -67.3 -54.1 -85.7
Account 1998
Q3 Q4
PERSONAL INCOME AND SAVING
1 Total personal income 7,160.8 7,247.9
2 Wage and salary 4,177.1 4,240.0
disbursements
3 Commodity-producing 1,028.0 1,037.3
industries
4 Manufacturing 750.9 753.9
5 Distributive industries 945.8 957.1
6 Service industries 1,510.6 1,545.5
7 Government and government 692.7 700.1
enterprises
8 Other labor income 408.4 411.0
9 Proprietors' income(1) 576.1 590.0
10 Business and 550.9 561.7
professional(1)
11 Farm(1) 25.2 28.3
12 Rental income of persons(2) 163.6 165.0
13 Dividends 263.0 265.7
14 Personal interest income 769.2 770.2
15 Transfer payments 1,152.9 1,160.2
16 Old-age survivors, 589.0 591.3
disability, and health
insurance benefits
17 LESS: Personal 349.5 354.2
contributions for
social insurance
18 EQUALS: Personal income 7,160.8 7,247.9
19 LESS: Personal tax and 1,108.4 1,124.3
nontax payments
20 EQUALS: Disposable personal 6,052.4 6,123.6
income
21 LESS: Personal outlays 6,039.8 6,125.4
22 EQUALS: Personal saving 12.6 -1.8
MEMO
Per capita (chained
1992 dollars)
23 Gross domestic product 27,972.1 28,292.1
24 Personal consumption 19,156.3 19,320.5
expenditures
25 Disposable personal income 19,829.0 19,958.0
26 Saving rate (percent) .2 .0
GROSS SAVING
27 Gross saving 1,474.5 n.a.
28 Gross private saving 1,078.7 n.a.
29 Personal saving 12.6 -1.8
30 Undistributed corporate 304.8 n.a.
profits(1)
31 Corporate inventory 11.7 n.a.
valuation adjustment
Capital consumption allowances
32 Corporate 503.1 509.4
33 Noncorporate 254.2 257.2
34 Gross government saving 395.7 n.a.
35 Federal 161.6 n.a.
36 Consumption of fixed 69.6 69.7
capital
37 Current surplus or 92.0 n.a.
deficit (-), national
accounts
38 State and local 234.2 n.a.
39 Consumption of 85.4 86.6
fixed capital
40 Current surplus or 148.7 n.a.
deficit (-), national
accounts
41 Gross investment 1,372.5 n.a.
42 Gross private domestic 1,364.4 1,400.9
investment
43 Gross government investment 239.7 239.9
44 Net foreign investment -231.6 n.a.
45 Statistical discrepancy -102.0 n.a.
(1.) With inventory valuation and capital consumption adjustments. (2.) With capital consumption adjustment. SOURCE. U.S. Department of Commerce, Survey of Current Business.
3.10 U.S. INTERNATIONAL TRANSACTIONS Summary
Millions of dollars; quarterly data seasonally adjusted
except as noted(1)
Item credits or debits 1995 1996 1997
1 Balance on current account -115,254 -134,915 -155,215
2 Merchandise trade balance(2) -173,729 -191,337 -197,954
3 Merchandise exports 575,845 611,983 679,325
4 Merchandise imports -749,574 -803,320 -877,279
5 Military transactions, net 4,769 4,684 6,781
6 Other service transactions, net 69,069 78,079 80,967
7 Investment income, net 19,275 14,236 -5,318
8 U.S. government grants -11,170 -15,023 -12,090
9 U.S. government pensions and -3,433 -4,442 -4,193
other transfers
10 Private remittances and -20,035 -21,112 -23,408
other transfers
11 Change in U.S. government
assets other than official
reserve assets, -589 -708 174
net (increase, -)
12 Change in U.S. official -9,742 6,668 -1,010
reserve assets (increase, -)
13 Gold 0 0 0
14 Special drawing rights (SDRs) -808 370 -350
15 Reserve position in -2,466 -1,280 -3,575
International Monetary Fund
16 Foreign currencies -6,468 7,578 2,915
17 Change in U.S. private assets -317,122 -374,761 -477,666
abroad (increase, -)
18 Bank-reported claims(3) -75,108 -91,555 -147,439
19 Nonbank-reported claims -45,286 -86,333 -120,403
20 U.S. purchases of foreign -100,074 -115,801 -87,981
securities, net
21 U.S. direct investments -96,654 -81,072 -121,843
abroad, net
22 Change in foreign official 109,768 127,344 15,817
assets in United States
(increase, +)
23 U.S. Treasury securities 68,977 115,671 -7,270
24 Other U.S. government 3,735 5,008 4,334
obligations
25 Other U.S. government -217 -362 -2,521
liabilities(4)
26 Other U.S. liabilities 34,008 5,704 21,928
reported by U.S. banks(3)
27 Other foreign official 3,265 1,323 -654
assets(5)
28 Change in foreign private 355,681 436,013 717,624
assets United States
(increase, +)
29 U.S. bank-reported 30,176 16,478 148,059
liabilities(3)
30 U.S. nonbank-reported 59,637 39,404 107,779
liabilities
31 Foreign private purchases of 99,548 154,996 146,710
U.S. Treasury securities, net
32 U.S. currency flows 12,300 17,362 24,782
33 Foreign purchases of other 96,367 130,151 196,845
U.S. securities, net
34 Foreign direct investments 57,653 77,622 93,449
in United States, net
35 Allocation of special 0 0 0
drawing rights
36 Discrepancy -22,742 -59,641 -99,724
37 Due to seasonal adjustment ... ... ...
38 Before seasonal adjustment -22,742 -59,641 -99,724
MEMO
Changes in official assets
39 U.S. official reserve -9,742 6,668 -1,010
assets (increase, -)
40 Foreign official assets in
United States, excluding
line 25 (increase, +) 109,985 127,706 18,338
41 Change in Organization of
Petroleum Exporting Countries
official assets in United
States (part of line 22) 4,239 14,911 10,822
Item credits or debits
Q3 Q4
1 Balance on current account -38,094 -45,043
2 Merchandise trade balance(2) -49,296 -49,839
3 Merchandise exports 172,302 174,284
4 Merchandise imports -221,598 -224,123
5 Military transactions, net 1,945 1,103
6 Other service transactions, net 20,246 20,277
7 Investment income, net -1,544 -4,247
8 U.S. government grants -2,362 -5,213
9 U.S. government pensions and -1,056 -1,069
other transfers
10 Private remittances and -6,027 -6,055
other transfers
11 Change in U.S. government
assets other than official
reserve assets, 436 29
net (increase, -)
12 Change in U.S. official -730 -4,524
reserve assets (increase, -)
13 Gold 0 0
14 Special drawing rights (SDRs) -139 -150
15 Reserve position in -463 -4,221
International Monetary Fund
16 Foreign currencies -128 -153
17 Change in U.S. private assets -123,023 -118,946
abroad (increase, -)
18 Bank-reported claims(3) -29,577 -27,539
19 Nonbank-reported claims -24,791 -47,907
20 U.S. purchases of foreign -41,167 -8,030
securities, net
21 U.S. direct investments -27,488 -35,470
abroad, net
22 Change in foreign official 21,258 -26,979
assets in United States
(increase, +)
23 U.S. Treasury securities 6,686 -24,578
24 Other U.S. government 2,667 86
obligations
25 Other U.S. government -1,167 -244
liabilities(4)
26 Other U.S. liabilities 12,439 -3,250
reported by U.S. banks(3)
27 Other foreign official 633 1,007
assets(5)
28 Change in foreign private 160,180 247,470
assets United States
(increase, +)
29 U.S. bank-reported 12,606 89,643
liabilities(3)
30 U.S. nonbank-reported 26,275 47,390
liabilities
31 Foreign private purchases of 35,432 35,301
U.S. Treasury securities, net
32 U.S. currency flows 6,576 9,900
33 Foreign purchases of other 60,327 36,783
U.S. securities, net
34 Foreign direct investments 18,964 28,453
in United States, net
35 Allocation of special 0 0
drawing rights
36 Discrepancy -20,027 -52,007
37 Due to seasonal adjustment -10,018 3,528
38 Before seasonal adjustment -10,009 -55,535
MEMO
Changes in official assets
39 U.S. official reserve -730 -4,524
assets (increase, -)
40 Foreign official assets in
United States, excluding
line 25 (increase, +) 22,425 -26,735
41 Change in Organization of
Petroleum Exporting Countries
official assets in United
States (part of line 22) 3,031 -1,282
Item credits or debits
Q1 Q2 Q3
1 Balance on current account -46,735 -56,690 -61,299
2 Merchandise trade balance(2) -55,698 -64,443 -64,360
3 Merchandise exports 171,469 164,821 163,560
4 Merchandise imports -227,167 -229,264 -227,920
5 Military transactions, net 1,527 1,043 1,101
6 Other service transactions, net 19,164 19,529 17,504
7 Investment income, net -2,248 -3,377 -5,460
8 U.S. government grants -2,266 -2,063 -2,582
9 U.S. government pensions and -1,126 -1,126 -1,132
other transfers
10 Private remittances and -6,088 -6,253 -6,370
other transfers
11 Change in U.S. government
assets other than official
reserve assets, -388 -433 194
net (increase, -)
12 Change in U.S. official -444 -1,945 -2,026
reserve assets (increase, -)
13 Gold 0 0 0
14 Special drawing rights (SDRs) -182 72 188
15 Reserve position in -85 -1,031 -2,078
International Monetary Fund
16 Foreign currencies -177 -986 -136
17 Change in U.S. private assets -44,816 -107,409 -46,220
abroad (increase, -)
18 Bank-reported claims(3) 3,074 -24,615 -28,335
19 Nonbank-reported claims -6,596 -14,327 ...
20 U.S. purchases of foreign -6,973 -27,878 16,970
securities, net
21 U.S. direct investments -34,321 -40,589 -21,243
abroad, net
22 Change in foreign official 11,324 -10,274 -46,370
assets in United States
(increase, +)
23 U.S. Treasury securities 11,336 -20,318 -32,811
24 Other U.S. government 2,610 254 1,906
obligations
25 Other U.S. government -1,059 -422 -414
liabilities(4)
26 Other U.S. liabilities -607 9,380 -12,607
reported by U.S. banks(3)
27 Other foreign official -956 832 -2,444
assets(5)
28 Change in foreign private 84,205 175,133 159,232
assets United States
(increase, +)
29 U.S. bank-reported -50,497 37,670 82,680
liabilities(3)
30 U.S. nonbank-reported 32,707 18,040 ...
liabilities
31 Foreign private purchases of -1,701 26,916 -257
U.S. Treasury securities, net
32 U.S. currency flows 746 2,349 7,277
33 Foreign purchases of other 77,019 71,017 22,938
U.S. securities, net
34 Foreign direct investments 25,931 19,141 27,065
in United States, net
35 Allocation of special 0 0 0
drawing rights
36 Discrepancy -3,146 1,618 -3,511
37 Due to seasonal adjustment 6,217 1,474 -10,760
38 Before seasonal adjustment -9,363 144 7,249
MEMO
Changes in official assets
39 U.S. official reserve -444 -1,945 -2,026
assets (increase, -)
40 Foreign official assets in
United States, excluding
line 25 (increase, +) 12,383 -9,852 -45,956
41 Change in Organization of
Petroleum Exporting Countries
official assets in United -968 -494 -12,013
States (part of line 22)
(1.) Seasonal factors are not calculated for lines 12-16, 18-20, 22-34, and 38-40. (2.) Data are on an international accounts basis. The data differ from the Census basis data, shown in table 3.11, for reasons of coverage and timing. Military exports are excluded from merchandise trade data and are included in line 5. (3.) Reporting banks include all types of depository institutions as well as some brokers and dealers. (4.) Associated primarily with military sales contracts and other transactions arranged with or through foreign official agencies. (5.) Consists of investments in U.S. corporate stocks and in debt securities of private corporations and state and local governments. SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis, Survey of Current Business.
3.11 U.S. FOREIGN TRADE(l)
Millions of dollars; monthly data seasonally adjusted
Item 1996(r) 1997(r) 1998
1 Goods and services, balance -108,574 -110,207 -168,587
2 Merchandise -191,337 -197,955 -247,985
3 Services 82,763 87,748 79,398
4 Goods and services, exports 850,775 937,593 931,315
5 Merchandise 611,983 679,325 671,055
6 Services 238,792 258,268 260,260
7 Goods and services, imports -959,349 -1,047,799 -1,099,902
8 Merchandise -803,320 -877,279 -919,040
9 Services -156,029 -170,520 -180,862
Item 1998
June(r) July(r) Aug.(r)
1 Goods and services, balance -14,325 -15,028 -16,785
2 Merchandise -20,642 -21,140 -22,846
3 Services 6,317 6,112 6,061
4 Goods and services, exports 76,132 74,902 74,895
5 Merchandise 54,674 53,733 53,769
6 Services 21,458 21,169 21,126
7 Goods and services, imports -90,457 -89,930 -91,680
8 Merchandise -75,316 -74,873 -76,615
9 Services -15,141 -15,057 -15,065
1998
Item Sept.(r) Oct.(r) Nov. Dec.(p)
1 Goods and services,
balance -14,481 -13,700 -15,257 -13,786
2 Merchandise -20,913 -20,279 -21,668 -20,328
3 Services 6,432 6,579 6,411 6,542
4 Goods and services,
exports 77,374 80,126 78,958 78,496
5 Merchandise 55,912 58,246 57,110 56,552
6 Services 21,462 21,880 21,848 21,944
7 Goods and services,
imports -91,855 -93,826 -94,215 -92,282
8 Merchandise -76,825 -78,525 -78,778 -76,880
9 Services -15,030 -15,301 -15,437 -15,402
(1.) Data show monthly values consistent with quarterly figures in the U.S. balance of payments accounts. SOURCE. FT900, U.S. Department of Commerce, Bureau of the Census and Bureau of Economic Analysis.
3.12 U.S. RESERVE ASSETS
Millions of dollars, end of period
1998
Asset 1995 1996 1997 June
1 Total 85,832 75,090 69,954 71,161
2 Gold stock, including
Exchange Stabilization 11,050 11,049 11,050 11,047
Fund(1)
3 Special drawing rights(2, 3) 11,037 10,312 10,027 10,001
4 Reserve position in
International Monetary 14,649 15,435 18,071 18,945
Fund(2)
5 Foreign currencies(4) 49,096 38,294 30,809 31,168
Asset 1998
July Aug. Sept. Oct.
1 Total 72,264 73,544 75,66 79,183
2 Gold stock, including
Exchange Stabilization 11,046 11,046 11,044 11,041
Fund(1)
3 Special drawing rights(2, 3) 9,586 9,891 10,106 10,379
4 Reserve position in
International Monetary 20,780 21,161 21,644 22,278
Fund(2)
5 Foreign currencies(4) 30,852 31,446 32,882 35,485
Asset 1998 1999
Nov. Dec. Jan.(p)
1 Total 77,683 81,755 80,675
2 Gold stock, including
Exchange Stabilization 11,041 11,041 11,046
Fund(1)
3 Special drawing rights(2, 3) 10,393 10,603 10,465
4 Reserve position in
International Monetary 22,049 24,111 24,129
Fund(2)
5 Foreign currencies(4) 34,200 36,001 35,035
(1.) Gold held "under earmark" at Federal Reserve Banks for foreign and international accounts is not included in the gold stock of the United States; see table 3.13, line 3. Gold stock is valued at $42.22 per fine troy ounce. (2.) Special drawing fights (SDRs) are valued according to a technique adopted by the International Monetary Fund (IMF) in July 1974. Values are based on a weighted average of exchange rates for the currencies of member countries. From July 1974 through December 1980, sixteen currencies were used; since January 1981, five currencies have been used. U.S. SDR holdings and reserve positions in the IMF also have been valued on this basis since July 1974. (3.) Includes allocations of SDRs by the International Monetary Fund on Jan. 1 of the year indicated, 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.
3.13 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS(1)
Millions of dollars, end of period
1998
Asset 1995 1996 1997 June
1 Deposits 386 167 457 200
Held in custody
2 U.S. Treasury 522,170 638,049 620,885 616,569
securities(2)
3 Earmarked gold(3) 11,702 11,197 10,763 10,617
Asset 1998
July Aug. Sept. Oct.
1 Deposits 161 161 347 154
Held in custody
2 U.S. Treasury 613,893 588,337 578,403 588,768
securities(2)
3 Earmarked gold(3) 10,586 10,510 10,457 10,403
Asset 1998 1999
Nov. Dec. Jan.(p)
1 Deposits 211 167 233
Held in custody
2 U.S. Treasury 608,060 607,574 612,670
securities(2)
3 Earmarked gold(3) 10,355 10,343 10,343
(1.) Excludes deposits and U.S. Treasury securities held for international and regional organizations. (2.) Marketable U.S. Treasury bills, notes, and bonds and nonmarketable U.S. Treasury securities, 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; not included in the gold stock of the United States.
3.15 SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS
Millions of dollars, end of period
1998
Item 1996 1997 June
1 Total(1) 758,624 778,596 781,205
By type
2 Liabilities reported by 113,098 135,384 144,235
banks in the United
States(2)
3 U.S. Treasury bills and 198,921 148,301 134,324
certificates
U.S. Treasury bonds
and notes
4 Marketable 379,497 423,456 428,216
5 Nonmarketable(4) 5,968 5,994 6,229
6 U.S. securities other than 61,140 65,461 68,201
U.S. Treasury
securities(5)
By area
7 Europe(1) 257,915 263,221 264,718
8 Canada 21,295 18,749 19,396
9 Latin America and Caribbean 80,623 97,616 100,924
10 Asia 385,484 382,363 378,113
11 Africa 7,379 10,118 11,555
12 Other countries 5,926 6,527 6,497
Item 1998
July Aug. Sept.
1 Total(1) 775,372 760,864 735,121
By type
2 Liabilities reported by 142,375 144,120 131,551
banks in the United
States(2)
3 U.S. Treasury bills and 131,089 130,398 128,146
certificates
U.S. Treasury bonds
and notes
4 Marketable 428,685 411,765 401,461
5 Nonmarketable(4) 6,269 6,311 6,350
6 U.S. securities other than 66,954 68,270 67,613
U.S. Treasury
securities(5)
By area
7 Europe(1) 270,355 266,600 258,234
8 Canada 19,963 16,387 16,170
9 Latin America and Caribbean 100,901 98,480 79,838
10 Asia 367,687 363,902 365,631
11 Africa 11,904 11,501 11,721
12 Other countries 4,560 3,992 3,525
Item 1998
Oct. Nov. Dec.(p)
1 Total(1) 747,243(r) 753,706(r) 759,061
By type
2 Liabilities reported by 134,822(r) 125,265(r) 122,947
banks in the United
States(2)
3 U.S. Treasury bills and 128,598 133,702 134,152
certificates
U.S. Treasury bonds
and notes
4 Marketable 410,462 422,305 427,579
5 Nonmarketable(4) 5,997 6,035 6,067
6 U.S. securities other than 67,364 66,399 68,316
U.S. Treasury
securities(5)
By area
7 Europe(1) 270,630(r) 271,960(r) 266,558
8 Canada 17,216 19,457 19,287
9 Latin America and Caribbean 78,143(r) 77,433(r) 80,004
10 Asia 367,784(r) 371,578(r) 380,459
11 Africa 11,113 10,221 10,196
12 Other countries 2,355 3,055 2,555
(1.) 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, beginning March 1988, 20-year maturity issue and beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. (5.) Debt securities of U.S. government corporations and federally sponsored agencies, and U.S. corporate stocks and bonds. SOURCE. Based on U.S. Department of the Treasury data and on data reported to the department by banks (including Federal Reserve Banks) and securities dealers in the United States, and on the 1989 benchmark survey of foreign portfolio investment in the United States.
3.16 LIABILITIES TO, AND CLAIMS ON, FOREIGNERS Reported by Banks
in the United States(1)
Payable in Foreign Currencies
Millions of dollars, end of period
1997
Item 1994 1995 1996 Dec.
1 Banks' liabilities 89,258 109,713 103,383 117,524
2 Banks' claims 60,711 74,016 66,018 83,038
3 Deposits 19,661 22,696 22,467 28,661
4 Other claims 41,050 51,320 43,551 54,377
5 Claims of banks' 10,878 6,145 10,978 8,191
domestic customers(2)
Item 1998
Mar. June Sept.
1 Banks' liabilities 100,638 87,889 93,815
2 Banks' claims 82,209 68,286 67,813
3 Deposits 28,127 27,387 27,293
4 Other claims 54,082 40,899 40,520
5 Claims of banks' 7,926 7,354 8,453
domestic customers(2)
(1.) 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 that represent claims on foreigners held by reporting banks for the accounts of the domestic customers. [TABULAR DATA 3.17 NOT REPRODUCIBLE IN ASCII]
3.18 BANKS' OWN CLAIMS ON FOREIGNERS Reported by Banks in the
United States(1) Payable in U.S. Dollars
Millions of dollars, end of period
Area or country 1996 1997 1998
1 Total, all foreigners 599,925 708,225 737,207
2 Foreign countries 597,321 705,762 733,589
3 Europe 165,769 199,880 234,477
4 Austria 1,662 1,354 1,043
5 Belgium and 6,727 6,641 7,187
Luxembourg
6 Denmark 492 980 2,584
7 Finland 971 1,233 1,070
8 France 15,246 16,239 15,251
9 Germany 8,472 12,676 15,922
10 Greece 568 402 575
11 Italy 6,457 6,230 7,283
12 Netherlands 7,117 6,141 5,733
13 Norway 808 555 827
14 Portugal 418 777 694
15 Russia 1,669 1,248 775
16 Spain 3,211 2,942 5,736
17 Sweden 1,739 1,854 4,223
18 Switzerland 19,798 28,846 46,942
19 Turkey 1,109 1,558 1,981
20 United Kingdom 85,234 103,143 106,713
21 Yugoslavia(2) 115 52 53
22 Other Europe and 3,956 7,009 9,885
other former
other former
U.S.S.R.(3)
23 Canada 26,436 27,189 47,212
24 Latin America and 274,153 343,730 343,496
Caribbean
25 Argentina 7,400 8,924 9,518
26 Bahamas 71,871 89,379 97,906
27 Bermuda 4,129 8,782 4,908
28 Brazil 17,259 21,696 16,222
29 British West Indies 105,510 145,471 153,138
30 Chile 5,136 7,913 8,312
31 Colombia 6,247 6,945 6,493
32 Cuba 0 0 0
33 Ecuador 1,031 1,311 1,399
34 Guatemala 620 886 1,126
35 Jamaica 345 424 333
36 Mexico 18,425 19,428 21,126
37 Netherlands 25,209 17,838 6,779
Antilles
38 Panama 2,786 4,364 3,614
39 Peru 2,720 3,491 3,260
40 Uruguay 589 629 1,126
41 Venezuela 1,702 2,129 3,103
42 Other 3,174 4,120 5,133
43 Asia 122,478 125,092 98,656
China
44 Mainland 1,40 1 1,579 1,311
45 Taiwan 1,894 922 1,042
46 Hong Kong 12,802 13,991 9,069
47 India 1,946 2,200 1,468
48 Indonesia 1,762 2,651 1,951
49 Israel 633 768 1,166
50 Japan 59,967 59,549 46,712
51 Korea (South) 18,901 18,162 8,003
52 Philippines 1,697 1,689 1,471
53 Thailand 2,679 2,259 1,835
54 Middle Eastern 10,424 10,790 16,269
oil-exporting
countries(4)
55 Other 8,372 10,532 8,359
56 Africa 2,776 3,530 3,122
57 Egypt 247 247 257
58 Morocco 524 511 372
59 South Africa 584 805 643
60 Zaire 0 0 0
61 Oil-exporting 420 1,212 936
countries(5)
62 Other 1,001 755 914
63 Other 5,709 6,341 6,626
64 Australia 4,577 5,300 6,167
65 Other 1,132 1,041 459
66 Nonmonetary 2,604 2,463 3,618
international and
regional
organizations(6)
Area or country 1998
June July Aug. Sept.
1 Total, all foreigners 727,960 740,227 764,878 768,427
2 Foreign countries 725,045 735,817 760,488 763,105
3 Europe 223,277 229,928 227,688 234,967
4 Austria 1,259 1,892 1,856 1,849
5 Belgium and 7,782 8,459 6,779 8,200
Luxembourg
6 Denmark 1,198 933 1,374 1,059
7 Finland 1,146 1,032 1,161 1,073
8 France 15,474 14,421 17,314 17,077
9 Germany 15,751 11,327 12,029 15,375
10 Greece 364 450 530 373
11 Italy 6,435 6,345 8,617 6,510
12 Netherlands 5,763 5,642 4,321 4,803
13 Norway 680 553 1,110 640
14 Portugal 888 1,156 725 975
15 Russia 1,057 1,345 1,209 920
16 Spain 5,560 6,424 5,225 7,980
17 Sweden 3,069 4,553 4,456 4,319
18 Switzerland 34,970 49,359 49,258 55,798
19 Turkey 2,414 2,010 1,990 1,900
20 United Kingdom 109,755 104,397 99,174 97,436
21 Yugoslavia(2) 53 79 53 53
22 Other Europe and 9,659 9,551 10,507 8,627
other former
other former
U.S.S.R.(3)
23 Canada 32,701 36,007 41,402 41,165
24 Latin America and 365,814 359,277 379,383 373,237
Caribbean
25 Argentina 8,518 8,421 8,724 8,777
26 Bahamas 77,595 78,770 77,875 86,867
27 Bermuda 9,452 10,622 9,629 10,610
28 Brazil 24,552 24,187 23,530 19,073
29 British West Indies 176,825 166,203 192,334 182,757
30 Chile 8,497 8,434 8,307 8,345
31 Colombia 7,102 6,914 6,905 6,813
32 Cuba 0 0 0 0
33 Ecuador 1,430 1,649 1,518 1,458
34 Guatemala 932 911 950 1,166
35 Jamaica 320 335 318 305
36 Mexico 20,371 20,062 20,078 20,677
37 Netherlands 14,294 16,278 12,939 10,294
Antilles
38 Panama 4,233 4,308 4,157 4,226
39 Peru 3,965 4,009 4,061 3,829
40 Uruguay 959 1,154 1,055 955
41 Venezuela 2,495 2,436 2,649 2,638
42 Other 4,274 4,584 4,354 4,447
43 Asia 94,825 100,187 102,382 104,614
China
44 Mainland 1,989 1,679 2,703 1,380
45 Taiwan 836 585 651 1,031
46 Hong Kong 12,870 11,045 13,821 10,548
47 India 1,972 1,822 1,878 1,823
48 Indonesia 2,098 2,010 2,031 2,108
49 Israel 954 1,116 898 941
50 Japan 43,005 45,566 44,822 52,213
51 Korea (South) 11,027 12,863 11,508 9,823
52 Philippines 1,541 1,244 1,259 1,280
53 Thailand 1,889 1,820 1,883 2,129
54 Middle Eastern 8,448 11,207 12,136 12,681
oil-exporting
countries(4)
55 Other 8,196 9,230 8,792 8,657
56 Africa 2,484 3,497 3,262 3,012
57 Egypt 283 294 279 272
58 Morocco 430 471 426 390
59 South Africa 653 630 653 694
60 Zaire 0 0 0 0
61 Oil-exporting 308 1,331 1,046 787
countries(5)
62 Other 810 771 858 869
63 Other 5,944 6,921 6,371 6,110
64 Australia 5,438 6,067 5,999 5,783
65 Other 506 854 372 327
66 Nonmonetary 2,915 4,410 4,390 5,322
international and
regional
organizations(6)
Area or country 1998
Oct. Nov. Dec.(p)
1 Total, all foreigners 749,543(r) 756,099(r) 737,207
2 Foreign countries 744,153(r) 751,861(r) 733,589
3 Europe 224,661 228,922(r) 234,477
4 Austria 2,358(r) 2,311 1,043
5 Belgium and 9,245(r) 7,409 7,187
Luxembourg
6 Denmark 1,768 2,524 2,584
7 Finland 1,149 1,050(r) 1,070
8 France 16,307 18,881(r) 15,251
9 Germany 15,121 17,997 15,922
10 Greece 415 510 575
11 Italy 7,153 6,544(r) 7,283
12 Netherlands 5,230 5,686 5,733
13 Norway 662 385 827
14 Portugal 885 679 694
15 Russia 883 760 775
16 Spain 6,051 5,234 5,736
17 Sweden 4,508 5,087 4,223
18 Switzerland 43,337 45,858 46,942
19 Turkey 1,848 1,915 1,981
20 United Kingdom 98,746 97,072 106,713
21 Yugoslavia(2) 53 53 53
22 Other Europe and 8,942 8,967 9,885
other former
other former
U.S.S.R.(3)
23 Canada 37,316 44,830(r) 47,212
24 Latin America and 368,394 368,212(r) 343,496
Caribbean
25 Argentina 9,087 9,225 9,518
26 Bahamas 88,923 91,171 97,906
27 Bermuda 6,585 5,702 4,908
28 Brazil 17,644 17,801(r) 16,222
29 British West Indies 183,122 179,223(r) 153,138
30 Chile 8,549 8,824(r) 8,312
31 Colombia 6,764 6,639 6,493
32 Cuba 0 0 0
33 Ecuador 1,444 1,351(r) 1,399
34 Guatemala 947 1,483 1,126
35 Jamaica 330 299 333
36 Mexico 22,039 22,483 21,126
37 Netherlands 7,323 7,696 6,779
Antilles
38 Panama 4,011 3,864(r) 3,614
39 Peru 3,706 3,618(r) 3,260
40 Uruguay 958 1,040 1,126
41 Venezuela 2,689 2,788 3,103
42 Other 4,273 5,005 5,133
43 Asia 104,781(r) 100,759(r) 98,656
China
44 Mainland 2,275 2,488(r) 1,311
45 Taiwan 1,079 957 1,042
46 Hong Kong 8,244 8,238 9,069
47 India 1,582 1,533 1,468
48 Indonesia 2,044(r) 2,069(r) 1,951
49 Israel 1,504 916(r) 1,166
50 Japan 52,904 48,406 46,712
51 Korea (South) 9,733 8,947(r) 8,003
52 Philippines 1,128 1,619 1,471
53 Thailand 1,952 1,884 1,835
54 Middle Eastern 13,531 15,079 16,269
oil-exporting
countries(4)
55 Other 8,805 8,623 8,359
56 Africa 2,785 2,611 3,122
57 Egypt 322 259 257
58 Morocco 405 390 372
59 South Africa 665 704 643
60 Zaire 0 0 0
61 Oil-exporting 533 454 936
countries(5)
62 Other 860 804 914
63 Other 6,216 6,527 6,626
64 Australia 5,809 6,008 6,167
65 Other 407 519 459
66 Nonmonetary 5,390 4,238 3,618
international and
regional
organizations(6)
(1.) Reporting banks include all types of depository institutions as well as some brokers and dealers. (2.) Since December 1992, has excluded Bosnia, Croatia, and Slovenia. (3.) Includes the Bank for International Settlements. Since December 1992, has included all parts of the former U.S.S.R. (except Russia), and Bosnia, Croatia, and Slovenia. (4.) Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). (5.) Comprises Algeria, Gabon, Libya, and Nigeria. [TABULAR DATA 3.19 NOT REPRODUCIBLE IN ASCII]
3.20 BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS Reported by
Banks in the United States(1) Payable in U.S. Dollars
Millions of dollars, end of period
Maturity, by borrower and area(2) 1994 1995 1996
1 Total 202,282 224,932 258,106
By borrower
2 Maturity of one year or less 170,411 178,857 211,859
3 Foreign public borrowers 15,435 14,995 15,411
4 All other foreigners 154,976 163,862 196,448
5 Maturity of more than one year 31,871 46,075 46,247
6 Foreign public borrowers 7,838 7,522 6,790
7 All other foreigners 24,033 38,553 39,457
By area
Maturity of one year or less
8 Europe 56,381 55,622 55,690
9 Canada 6,690 6,751 8,339
10 Latin America and Caribbean 59,583 72,504 103,254
11 Asia 40,567 40,296 38,078
12 Africa 1,379 1,295 1,316
13 All other(3) 5.81 2,389 5,182
Maturity of more than one year
14 Europe 4,358 4,995 6,965
15 Canada 3,505 2,751 2,645
16 Latin America and Caribbean 15,717 27,681 24,943
17 Asia 5,323 7,941 9,392
18 Africa 1,583 1,421 1,361
19 All other(3) 1,385 1,286 941
Maturity, by borrower and area(2) 1997
Dec.
1 Total 276,550
By borrower
2 Maturity of one year or less 205,781
3 Foreign public borrowers 12,081
4 All other foreigners 193,700
5 Maturity of more than one year 70,769
6 Foreign public borrowers 8,499
7 All other foreigners 62,270
By area
Maturity of one year or less
8 Europe 58,294
9 Canada 9,917
10 Latin America and Caribbean 97,207
11 Asia 33,964
12 Africa 2,211
13 All other(3) 4,188
Maturity of more than one year
14 Europe 13,240
15 Canada 2,525
16 Latin America and Caribbean 42,049
17 Asia 10,235
18 Africa 1.24
19 All other(3) 1,484
Maturity, by borrower and area(2) 1998
Mar. June Sept.
1 Total 285,570 292,747 281,085
By borrower
2 Maturity of one year or less 214,779 211,347 208,392
3 Foreign public borrowers 16,965 16,997 14,613
4 All other foreigners 197,814 194,350 193,779
5 Maturity of more than one year 70,791 81,400 72,693
6 Foreign public borrowers 11,265 10,647 10,875
7 All other foreigners 59,526 70,753 61,818
By area
Maturity of one year or less
8 Europe 69,150 73,787 69,010
9 Canada 9,297 8,766 8,953
10 Latin America and Caribbean 101,070 99,611 99,650
11 Asia 28,751 23,570 22,330
12 Africa 2,227 1,116 1,762
13 All other(3) 4,284 4,497 6,687
Maturity of more than one year
14 Europe 15,118 15,606 15,381
15 Canada 2,765 2,571 2,982
16 Latin America and Caribbean 39,363 47,969 39,134
17 Asia 10,786 12,589 12,122
18 Africa 1,254 1,259 1,170
19 All other(3) 1,505 1,406 1,904
(1.) Reporting banks include all types of depository institutions as well as some brokers and dealers. (2.) Maturity is time remaining until maturity. (3.) Includes nonmonetary international and regional organizations.
3.21 CLAIMS ON FOREIGN COUNTRIES Held by U.S. and Foreign Offices
of U.S. Banks(1)
Billions of dollars, end of period
1996
Area or country 1994 1995
Sept. Dec.
1 Total 499.5 551.9 586.2 645.3
2 G-10 countries and 191.2 206.0 220.0 228.3
Switzerland
3 Belgium and Luxembourg 7.2 13.6 11.3 11.7
4 France 19.1 19.4 17.4 16.6
5 Germany 24.7 27.3 33.9 29.8
6 Italy 11.8 11.5 15.2 16.0
7 Netherlands 3.6 3.7 5.9 4.0
8 Sweden 2.7 2.7 3.0 2.6
9 Switzerland 5.1 6.7 6.3 5.3
10 United Kingdom 85.8 82.4 90.5 104.7
11 Canada 10.0 10.3 14.8 14.0
12 Japan 21.1 28.5 21.7 23.7
13 Other industrialized 45.7 50.2 62.1 65.7
countries
14 Austria 1.1 .9 1.0 1.1
15 Denmark 1.3 2.6 1.7 1.5
16 Finland 0.9 .8 .6 .8
17 Greece 4.5 5.7 6.1 6.7
18 Norway 2.0 3.2 3.0 8.0
19 Portugal 1.2 1.3 1.4 .9
20 Spain 13.6 11.6 16.1 13.2
21 Turkey 1.6 1.9 2.8 2.7
22 Other Western Europe 3.2 4.7 4.8 4.7
23 South Africa 1.0 1.2 1.7 2.0
24 Australia 15.4 16.4 22.8 24.0
25 OPEC(2) 24.1 22.1 19.2 19.7
26 Ecuador .7 .9 1.1
27 Venezuela 3.7 2.7 2.3 2.4
28 Indonesia 3.8 4.8 5.4 5.2
29 Middle East countries 15.3 13.3 10.2 10.7
30 African countries 0.9 .6 .4 .4
31 Non-OPEC developing countries 96.0 112.6 124.4 130.3
Latin America
32 Argentina 11.2 12.9 15.0 14.3
33 Brazil 8.4 13.7 17.8 20.7
34 Chile 6.1 6.8 6.6 7.0
35 Colombia 2.6 2.9 3.1 4.1
36 Mexico 18.4 17.3 16.3 16.2
37 Peru .8 1.3 1.6
38 Other 2.7 2.8 3.0 3.3
Asia
China
39 Mainland 1.1 1.8 2.6 2.5
40 Taiwan 9.2 9.4 10.4 10.3
41 India 4.2 4.4 3.8 4.3
42 Israel 0.4 .5 .5 .5
43 Korea (South) 16.2 19.1 21.9 21.5
44 Malaysia 3.1 4.4 5.5 6.0
45 Philippines 3.3 4.1 5.4 5.8
46 Thailand 2.l 4.9 4.8 5.7
47 Other Asia 4.7 4.5 4.1 4.1
Africa
48 Egypt .3 .4 .6 .7
49 Morocco .6 .7 .7 .7
50 Zaire .0 .0 .0 .1
51 Other Africa(3) .8 .9 1.0 .9
52 Eastern Europe 2.7 4.2 5.3 6.9
53 Russia(4) 1.0 1.8 3.7
54 Other 1.9 3.2 3.5 3.2
55 Offshore banking centers 72.9 99.2 105.2 134.7
56 Bahamas 10.2 11.0 14.2 20.3
57 Bermuda 8.4 6.3 4.0 4.5
58 Cayman Islands and other 21.4 32.4 32.0 37.2
countries
59 Netherlands Antilles 1.6 10.3 11.7 26.1
60 Panama(5) 1.3 1.4 1.7 2.0
61 Lebanon .1 .1 .1 .1
62 Hong Kong, China 20.0 25.0 26.0 27.9
63 Singapore 10.1 13.1 15.5 16.7
64 Other(6) .1 .1 .1 .1
65 Miscellaneous and 66.9 57.6 50.0 59.6
unallocated(7)
1997
Area or country
Mar. June Sept. Dec.
1 Total 647.6 678.8 711.0 726.0
2 G-10 countries and 231.4 250.0 247.8 242.8
Switzerland
3 Belgium and Luxembourg 14.1 9.4 11.4 11.0
4 France 19.7 17.9 20.2 15.4
5 Germany 32.1 34.1 34.7 28.6
6 Italy 14.4 20.2 19.3 15.5
7 Netherlands 4.5 6.4 7.2 6.2
8 Sweden 3.4 3.6 4.1 3.3
9 Switzerland 6.0 5.4 4.8 7.2
10 United Kingdom 99.2 110.6 108.3 113.4
11 Canada 16.3 15.7 15.1 13.7
12 Japan 21.7 26.8 22.6 28.6
13 Other industrialized 66.4 71.7 73.8 64.5
countries
14 Austria 1.9 1.5 1.7 1.5
15 Denmark 1.7 2.8 3.7 2.4
16 Finland .7 1.4 1.9 1.3
17 Greece 6.3 6.1 6.2 5.1
18 Norway 5.3 4.7 4.6 3.6
19 Portugal 1.0 1.1 1.4 .9
20 Spain 14.4 15.4 13.9 11.7
21 Turkey 2.8 3.4 4.4 4.5
22 Other Western Europe 6.3 5.5 6.1 8.2
23 South Africa 1.9 1.9 1.9 2.2
24 Australia 24.4 27.8 28.0 23.1
25 OPEC(2) 21.8 22.3 22.9 26.0
26 Ecuador 1.1 .9 1.2 1.3
27 Venezuela 1.9 2.1 2.2 2.5
28 Indonesia 4.9 5.6 6.5 6.7
29 Middle East countries 13.2 12.5 11.8 14.4
30 African countries .7 1.2 1.1 1.2
31 Non-OPEC developing countries 128.1 140.6 137.0 138.7
Latin America
32 Argentina 14.3 16.4 17.1 18.4
33 Brazil 22.0 27.3 26.1 28.6
34 Chile 6.8 7.6 8.0 8.7
35 Colombia 3.7 3.3 3.4 3.4
36 Mexico 17.2 16.6 16.4 17.4
37 Peru 1.6 1.4 1.8 2.0
38 Other 3.4 3.4 3.6 4.1
Asia
China
39 Mainland 2.7 3.6 4.3 3.2
40 Taiwan 10.5 10.6 9.7 9.0
41 India 4.9 5.3 4.9 4.9
42 Israel .6 .8 1.0 .7
43 Korea (South) 14.6 16.3 16.2 15.6
44 Malaysia 6.5 6.4 5.6 5.1
45 Philippines 6.0 7.0 5.7 5.7
46 Thailand 6.8 7.3 6.2 5.4
47 Other Asia 4.3 4.7 4.5 4.3
Africa
48 Egypt .9 1.1 .9 .9
49 Morocco .6 .7 .7 .6
50 Zaire .0 .0 .0 .0
51 Other Africa(3) .9 .9 .9 .8
52 Eastern Europe 8.9 7.1 9.8 9.1
53 Russia(4) 3.5 4.2 5.1 5.1
54 Other 5.4 2.9 4.7 4.0
55 Offshore banking centers 131.3 129.6 138.9 145.7
56 Bahamas 20.9 16.1 19.8 29.9
57 Bermuda 6.7 7.9 9.8 9.8
58 Cayman Islands and other 32.8 35.1 45.7 43.4
countries
59 Netherlands Antilles 19.9 15.8 21.7 14.6
60 Panama(5) 2.0 2.6 2.1 3.1
61 Lebanon .1 .1 .1 .1
62 Hong Kong, China 30.8 35.2 27.2 32.2
63 Singapore 17.9 16.7 12.7 12.7
64 Other(6) .1 .3 .1 .1
65 Miscellaneous and 59.6 57.6 80.8 99.1
unallocated(7)
1998
Area or country
Mar. June Sept.
1 Total 739.1 746.6 723.0(r)
2 G-10 countries and 249.0 275.0 258.5
Switzerland
3 Belgium and Luxembourg 11.2 13.1 10.9
4 France 15.5 20.5 19.9
5 Germany 25.5 28.7 28.9
6 Italy 19.7 19.5 17.9(r)
7 Netherlands 7.3 8.3 8.1(r)
8 Sweden 4.8 3.1 2.1
9 Switzerland 5.6 6.9 7.4
10 United Kingdom 120.1 134.8 125.1(r)
11 Canada 13.5 16.5 15.5
12 Japan 25.8 23.7 22.7
13 Other industrialized 74.3 72.0 71.4(r)
countries
14 Austria 1.7 1.9 2.1
15 Denmark 2.0 2.1 2.8
16 Finland 1.5 1.4 1.6
17 Greece 6.1 5.8 5.7
18 Norway 4.0 3.4 3.3
19 Portugal .7 1.3 1.0
20 Spain 16.5 15.1 17.5(r)
21 Turkey 4.9 6.5 5.2
22 Other Western Europe 9.9 9.6 10.3(r)
23 South Africa 3.7 5.0 3.7
24 Australia 23.2 20.0 18.2
25 OPEC(2) 25.7 25.3 25.8
26 Ecuador 1.3 1.2 1.2
27 Venezuela 3.3 3.2 3.1
28 Indonesia 5.5 5.1 4.7
29 Middle East countries 14.3 15.5 16.1
30 African countries 1.4 .3 .8
31 Non-OPEC developing countries 147.4 144.4 138.2(r)
Latin America
32 Argentina 19.3 20.2 22.3
33 Brazil 32.4 29.9 23.4
34 Chile 9.0 9.1 8.5
35 Colombia 3.3 3.6 3.4
36 Mexico 17.7 17.9 18.4
37 Peru 2.1 2.2 2.2
38 Other 4.0 4.4 4.6
Asia
China
39 Mainland 4.2 3.9 2.8
40 Taiwan 11.7 11.3 12.1
41 India 5.0 4.9 5.3
42 Israel .7 .9 .9
43 Korea (South) 16.2 14.5 12.9
44 Malaysia 4.5 4.7 5.0
45 Philippines 5.0 5.4 4.7
46 Thailand 5.5 4.9 5.3
47 Other Asia 4.2 3.7 3.1
Africa
48 Egypt 1.0 1.5 1.7
49 Morocco .6 .6 .5
50 Zaire .0 .0 .0
51 Other Africa(3) 1.1 .8 1.1
52 Eastern Europe 12.0 10.9 6.0
53 Russia(4) 7.5 6.8 2.8
54 Other 4.6 4.1 3.2
55 Offshore banking centers 129.3 123.5 118.6(r)
56 Bahamas 29.2 22.7 28.9(r)
57 Bermuda 9.0 9.3 10.4
58 Cayman Islands and other 24.9 33.9 27.4
countries
59 Netherlands Antilles 14.0 10.5 6.0
60 Panama(5) 3.2 3.3 4.0
61 Lebanon .1 .1 .2
62 Hong Kong, China 33.8 30.0 30.6
63 Singapore 15.0 13.5 11.1
64 Other(6) .1 .2 .2
65 Miscellaneous and 101.3 95.6 104.5(r)
unallocated(7)
(1.) The banking offices covered by these data include U.S. offices and foreign branches of U.S. banks, including U.S. banks that are subsidiaries of foreign banks. Offices not covered include U.S. agencies and branches of foreign banks. Beginning March 1994, the data include large foreign subsidiaries of U.S. banks. The data also include other types of U.S. depository institutions as well as some types of brokers and dealers. To eliminate duplication, the data are adjusted to exclude the claims on foreign branches held by a U.S. office or another foreign branch of the same banking institution. These data are on a gross claims basis and do not necessarily reflect the ultimate country risk or exposure of U.S. banks. More complete data on the country risk exposure of U.S. banks are available in the quarterly Country Exposure Lending Survey published by the Federal Financial Institutions Examination Council. (2.) Organization of Petroleum Exporting Countries, shown individually; other members of OPEC (Algeria, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, and United Arab Emirates); and Bahrain and Oman (not formally members of OPEC). (3.) Excludes Liberia. Beginning March 1994 includes Namibia. (4.) As of December 1992, excludes other republics of the former Soviet Union. (5.) Includes Canal Zone. (6.) Foreign branch claims only. (7.) Includes New Zealand, Liberia, and international and regional organizations.
3.22 LIABILITIES TO UNAFFILIATED FOREIGNERS Reported by Nonbanking
Business Enterprises in the United States
Millions of dollars, end of period
Type of liability, and area or
country 1994 1995 1996(r)
1 Total 54,309 46,448 61,782
2 Payable in dollars 38,298 33,903 39,542
3 Payable in foreign 16,011 12,545 22,240
currencies
By type
4 Financial liabilities 32,954 24,241 33,049
5 Payable in dollars 18,818 12,903 11,913
6 Payable in foreign 14,136 11,338 21,136
currencies
7 Commercial liabilities 21,355 22,207 28,733
8 Trade payables 10,005 11,013 12,720
9 Advance receipts and 11,350 11,194 16,013
other liabilities
10 Payable in dollars 19,480 21,000 27,629
11 Payable in foreign 1,875 1,207 1,104
currencies
By area or country
Financial liabilities
12 Europe 21,703 15,622 23,179
13 Belgium and Luxembourg 495 369 632
14 France 1,727 999 1,091
15 Germany 1,961 1,974 1,834
16 Netherlands 552 466 556
17 Switzerland 688 895 699
18 United Kingdom 15,543 10,138 17,161
19 Canada 629 632 1,401
20 Latin America and 2,034 1,783 1,668
Caribbean
21 Bahamas 101 59 236
22 Bermuda 80 147 50
23 Brazil 207 57 78
24 British West Indies 998 866 1,030
25 Mexico 0 12 17
26 Venezuela 5 2 1
27 Asia 8,403 5,988 6,423
28 Japan 7,314 5,436 5,869
29 Middle Eastern oil- 35 27 25
exporting countries(1)
30 Africa 135 150 38
31 Oil-exporting 123 122 0
countries(2)
32 All other(3) 50 66 340
Commercial liabilities
33 Europe 6,773 7,700 9,767
34 Belgium and Luxembourg 241 331 479
35 France 728 481 680
36 Germany 604 767 1,002
37 Netherlands 722 500 766
38 Switzerland 327 413 624
39 United Kingdom 2,444 3,568 4,303
40 Canada 1,037 1,040 1,090
41 Latin America and 1,857 1,740 2,574
Caribbean
42 Bahamas 19 1 63
43 Bermuda 345 205 297
44 Brazil 161 98 196
45 British West Indies 23 56 14
46 Mexico 574 416 665
47 Venezuela 276 221 328
48 Asia 10,741 10,421 13,422
49 Japan 4,555 3,315 4,614
50 Middle Eastern oil- 1,576 1,912 2,168
exporting countries(1)
51 Africa 428 619 1,040
52 Oil-exporting 256 254 532
countries(2)
53 Other(3) 519 687 840
Type of liability, and area or
country
June Sept. Dec.
1 Total 56,445(r) 55,891 60,037(r)
2 Payable in dollars 38,651 39,746 41,956(r)
3 Payable in foreign 17,794(r) 16,145 18,081(r)
currencies
By type
4 Financial liabilities 28,207(r) 26,461 29,532(r)
5 Payable in dollars 11,442 11,487 13,043(r)
6 Payable in foreign 16,765(r) 14,974 16,489(r)
currencies
7 Commercial liabilities 28,238 29,430 30,505
8 Trade payables 11,040 10,885 10,904
9 Advance receipts and 17,198 18,545 19,601
other liabilities
10 Payable in dollars 27,209 28,259 28,913
11 Payable in foreign 1,029 1,171 1,592
currencies
By area or country
Financial liabilities
12 Europe 18,474(r) 18,019 19,657(r)
13 Belgium and Luxembourg 238 89 186
14 France 1,280 1,334 1,684
15 Germany 1,765 1,730 2,018
16 Netherlands 466 507 494
17 Switzerland 591 645 776
18 United Kingdom 12,912(r) 12,165 12,737(r)
19 Canada 1,616 651 2,392
20 Latin America and 1,285 1,067 1,386
Caribbean
21 Bahamas 124 10 141
22 Bermuda 55 64 229
23 Brazil 97 52 143
24 British West Indies 775 669 604
25 Mexico 15 76 26
26 Venezuela 1 1 1
27 Asia 6,248 6,239 5,394
28 Japan 5,668 5,725 5,085
29 Middle Eastern oil- 39 23 32
exporting countries(1)
30 Africa 29
31 Oil-exporting 0 0 0
countries(2)
32 All other(3) 555 452 643
Commercial liabilities
33 Europe 8,683 9,343 10,228
34 Belgium and Luxembourg 736 703 666
35 France 708 782 764
36 Germany 845 945 1,274
37 Netherlands 288 452 439
38 Switzerland 429 400 375
39 United Kingdom 3,818 3,829 4,086
40 Canada 1,136 1,150 1,175
41 Latin America and 2,500 2,224 2,176
Caribbean
42 Bahamas 33 38 16
43 Bermuda 397 180 203
44 Brazil 225 233 220
45 British West Indies 26 23 12
46 Mexico 594 562 565
47 Venezuela 304 322 261
48 Asia 13,875 14,628 14,966
49 Japan 4,430 4,553 4,500
50 Middle Eastern oil- 2,420 2,984 3,111
exporting countries(1)
51 Africa 941 929 874
52 Oil-exporting 423 504 408
countries(2)
53 Other(3) 1,103 1,156 1,086
Type of liability, and area or
country
Mar. June Sept.
1 Total 58,040 51,370(r) 49,215
2 Payable in dollars 42,258 39,963(r) 38,346
3 Payable in foreign 15,782 11,407(r) 10,869
currencies
By type
4 Financial liabilities 28,050 22,322 19,331
5 Payable in dollars 13,568 11,988 9,812
6 Payable in foreign 14,482 10,334 9,519
currencies
7 Commercial liabilities 29,990 29,048(r) 29,884
8 Trade payables 10,107 9,537(r) 10,276
9 Advance receipts and 19,883 19,511 19,608
other liabilities
10 Payable in dollars 28,690 27,975(r) 28,534
11 Payable in foreign 1,300 1,073(r) 1,350
currencies
By area or country
Financial liabilities
12 Europe 20,307 15,468 12,905
13 Belgium and Luxembourg 127 75 150
14 France 1,795 1,699 1,457
15 Germany 2,578 2,441 2,167
16 Netherlands 472 484 417
17 Switzerland 345 189 179
18 United Kingdom 13,145 8,765 6,610
19 Canada 1,045 539 389
20 Latin America and 965 1,320 1,351
Caribbean
21 Bahamas 17 6 1
22 Bermuda 86 49 73
23 Brazil 91 76 154
24 British West Indies 517 845 834
25 Mexico 21 51 23
26 Venezuela 1 1 1
27 Asia 5,024 4,315 4,005
28 Japan 4,767 3,869 3,754
29 Middle Eastern oil- 23 0 0
exporting countries(1)
30 Africa
31 Oil-exporting 0 0 0
countries(2)
32 All other(3) 676 651 650
Commercial liabilities
33 Europe 9,951 9,924(r) 10,947
34 Belgium and Luxembourg 565 557 623
35 France 840 612(r) 740
36 Germany 1,068 1,219(r) 1,408
37 Netherlands 443 485(r) 440
38 Switzerland 407 349(r) 507
39 United Kingdom 4,041 3,743(r) 4,286
40 Canada 1,347 1,206 1,504
41 Latin America and 2,051 2,285(r) 1,840
Caribbean
42 Bahamas 27 14 48
43 Bermuda 174 209 168
44 Brazil 249 246 256
45 British West Indies 5 27 5
46 Mexico 520 557 511
47 Venezuela 219 196 230
48 Asia 14,672 13,611(r) 13,538
49 Japan 4,372 3,995(r) 3,779
50 Middle Eastern oil- 3,138 3,194 3,582
exporting countries(1)
51 Africa 833 921 810
52 Oil-exporting 376 354 372
countries(2)
53 Other(3) 1,136 1,101 1,245
(1.) Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). (2.) Comprises Algeria, Gabon, Libya, and Nigeria. (3.) Includes nonmonetary international and regional organizations.
3.23 CLAIMS ON UNAFFILIATED FOREIGNERS Reported by Nonbanking
Business Enterprises in the United States
Millions of dollars, end of period
Type of claim, and area or
country 1994 1995 1996(r)
1 Total 57,888 52,509 65,897
2 Payable in dollars 53,805 48,711 59,156
3 Payable in foreign
currencies 4,083 3,798 6,741
By type
4 Financial claims 33,897 27,398 37,523
5 Deposits 18,507 15,133 21,624
6 Payable in dollars 18,026 14,654 20,852
7 Payable in foreign
currencies 481 479 772
8 Other financial claims 15,390 12,265 15,899
9 Payable in dollars 14,306 10,976 12,374
10 Payable in foreign
currencies 1,084 1,289 3,525
11 Commercial claims 23,991 25,111 28,374
12 Trade receivables 21,158 22,998 25,751
13 Advance payments and
other claims 2,833 2,113 2,623
14 Payable in dollars 21,473 23,081 25,930
15 Payable in foreign
currencies 2,518 2,030 2,444
By area or country
Financial claims
16 Europe 7,936 7,609 11,085
17 Belgium and Luxembourg 86 193 185
18 France 800 803 694
19 Germany 540 436 276
20 Netherlands 429 517 493
21 Switzerland 523 498 474
22 United Kingdom 4,649 4,303 7,922
23 Canada 3,581 2,851 3,442
24 Latin America and
Caribbean 19,536 14,500 20,032
25 Bahamas 2,424 1,965 1,553
26 Bermuda 27 81 140
27 Brazil 520 830 1,468
28 British West Indies 15,228 10,393 15,536
29 Mexico 723 554 457
30 Venezuela 35 32 31
31 Asia 1,871 1,579 2,221
32 Japan 953 871 1,035
33 Middle Eastern
oil-exporting
countries(1) 141 3 22
34 Africa 373 276 174
35 Oil-exporting
countries(2) 0 5 14
36 All other(3) 600 583 569
Commercial claims
37 Europe 9,540 9,824 10,443
38 Belgium and Luxembourg 213 231 226
39 France 1,881 1,830 1,644
40 Germany 1,027 1,070 1,337
41 Netherlands 311 452 562
42 Switzerland 557 520 642
43 United Kingdom 2,556 2,656 2,946
44 Canada 1,988 1,951 2,165
45 Latin America and 4,117 4,364 5,276
Caribbean
46 Bahamas 9 30 35
47 Bermuda 234 272 275
48 Brazil 612 898 1,303
49 British West Indies 83 79 190
50 Mexico 1,243 993 1,128
51 Venezuela 348 285 357
52 Asia 6,982 7,312 8,376
53 Japan 2,655 1,870 2,003
54 Middle Eastern
oil-exporting
countries(1) 708 974 971
55 Africa 454 654 746
56 Oil-exporting
countries(2) 67 87 166
57 Other(3) 910 1,006 1,368
Type of claim, and area or 1997
country June Sept. Dec.
1 Total 68,264(r) 70,506(r) 68,128(r)
2 Payable in dollars 62,080(r) 64,144 62,173
3 Payable in foreign
currencies 6,184 6,362(r) 5,955(r)
By type
4 Financial claims 40,715(r) 41,805(r) 36,959(r)
5 Deposits 24,106(r) 23,951(r) 22,909(r)
6 Payable in dollars 22,615(r) 22,392(r) 21,060(r)
7 Payable in foreign
currencies 1,491 1,559 1,849
8 Other financial claims 16,609(r) 17,854(r) 14,050(r)
9 Payable in dollars 13,352(r) 14,795(r) 11,806(r)
10 Payable in foreign
currencies 3,257 3,059(r) 2,244(r)
11 Commercial claims 27,549 28,701 31,169
12 Trade receivables 24,858 25,110 27,536
13 Advance payments and
other claims 2,691 3,591 3,633
14 Payable in dollars 26,113 26,957 29,307
15 Payable in foreign
currencies 1,436 1,744 1,862
By area or country
Financial claims
16 Europe 12,904 15,608(r) 14,999(r)
17 Belgium and Luxembourg 203 360 406
18 France 680 1,112 1,015
19 Germany 281 352 427
20 Netherlands 519 764 677
21 Switzerland 447 448 434
22 United Kingdom 9,814 11,000(r) 10,337(r)
23 Canada 6,420(r) 4,279 3,313
24 Latin America and
Caribbean 18,725 19,176 15,543
25 Bahamas 2,064 2,442 2,308(r)
26 Bermuda 188 190 108
27 Brazil 1,617 1,501 1,313
28 British West Indies 13,553 12,957 10,462(r)
29 Mexico 497 508 537
30 Venezuela 21 15 36
31 Asia 1,934 2,015 2,133
32 Japan 766 999 823
33 Middle Eastern
oil-exporting
countries(1) 20 15 11
34 Africa 179 174 319
35 Oil-exporting
countries(2) 15 16 15
36 All other(3) 553 553 652
Commercial claims
37 Europe 9,603 10,486 12,120
38 Belgium and Luxembourg 327 331 328
39 France 1,377 1,642 1,796
40 Germany 1,229 1,395 1,614
41 Netherlands 613 573 597
42 Switzerland 389 381 554
43 United Kingdom 2,836 2,904 3,660
44 Canada 2,464 2,649 2,660
45 Latin America and 5,241 5,028 5,750
Caribbean
46 Bahamas 29 22 27
47 Bermuda 197 128 244
48 Brazil 1,136 1,101 1,162
49 British West Indies 98 98 109
50 Mexico 1,140 1,219 1,392
51 Venezuela 451 418 576
52 Asia 8,460 8,576 8,713
53 Japan 2,079 2,048 1,976
54 Middle Eastern
oil-exporting
countries(1) 1,014 987 1,107
55 Africa 618 764 680
56 Oil-exporting
countries(2) 81 207 119
57 Other(3) 1,163 1,198 1,246
1998
Type of claim, and area or
country Mar. June Sept.
1 Total 71,004 63,265(r) 68,039(r)
2 Payable in dollars 65,359 57,664(r) 62,097(r)
3 Payable in foreign
currencies 5,645 5,601(r) 5,942(r)
By type
4 Financial claims 40,301 32,355(r) 37,262
5 Deposits 20,863 14,762 15,406
6 Payable in dollars 19,155 13,084 13,374
7 Payable in foreign
currencies 1,708 1,678 2,032
8 Other financial claims 19,438 17,593(r) 21,856
9 Payable in dollars 16,981 14,918(r) 19,867
10 Payable in foreign
currencies 2,457 2,675 1,989
11 Commercial claims 30,703 30,910(r) 30,777(r)
12 Trade receivables 26,888 26,827(r) 26,393(r)
13 Advance payments and
other claims 3,815 4,083 4,384
14 Payable in dollars 29,223 29,662(r) 28,856(r)
15 Payable in foreign
currencies 1,480 1,248(r) 1,921(r)
By area or country
Financial claims
16 Europe 14,187 14,105(r) 14,473
17 Belgium and Luxembourg 378 518 496
18 France 902 810(r) 1,140
19 Germany 393 290 359
20 Netherlands 911 975 867
21 Switzerland 401 403 409
22 United Kingdom 9,289 9,639 9,849
23 Canada 4,688 3,020 4,090
24 Latin America and
Caribbean 18,207 11,967 15,758
25 Bahamas 1,316 1,306 2,105
26 Bermuda 66 48 63
27 Brazil 1,408 1,394 710
28 British West Indies 13,551 7,349 10,960
29 Mexico 967 1,089 1,122
30 Venezuela 47 57 50
31 Asia 2,174 2,376 2,121
32 Japan 791 886 928
33 Middle Eastern
oil-exporting
countries(1) 9 12 13
34 Africa 325 155 157
35 Oil-exporting
countries(2) 16 15 16
36 All other(3) 720 732 663
Commercial claims
37 Europe 12,854 12,945(r) 13,092(r)
38 Belgium and Luxembourg 232 216(r) 219(r)
39 France 1,939 1,955(r) 2,098(r)
40 Germany 1,670 1,757(r) 1,502(r)
41 Netherlands 534 492(r) 463(r)
42 Switzerland 476 418(r) 546(r)
43 United Kingdom 4,828 4,664(r) 4,681(r)
44 Canada 2,882 2,779 2,291(r)
45 Latin America and 5,481 6,082(r) 5,773(r)
Caribbean
46 Bahamas 13 12 39
47 Bermuda 238 359(r) 173(r)
48 Brazil 1,128 1,183 1,062
49 British West Indies 88 110 91
50 Mexico 1,302 1,462 1,356
51 Venezuela 441 585 566
52 Asia 7,638 7,367(r) 7,190(r)
53 Japan 1,713 1,757(r) 1,789(r)
54 Middle Eastern
oil-exporting
countries(1) 987 1,127 967
55 Africa 613 657 740
56 Oil-exporting
countries(2) 122 116 128
57 Other(3) 1,235 1,080 1,691
(1) Comprises Bahrain, Iran, Kuwait, Oman, Qatar, Saudi, and United Arab Emirates (Trucial States).
3.24 FOREIGN TRANSACTIONS IN SECURITIES
Millions of dollars
1998 1998
Transaction, and Jan-
area or country 1997 1998 Dec June
US corporate securities
STOCKS
1 Foreign purchases 1,097,958 1,596,136 1,596,136 146,147
2 Foreign sales 1,028,361 1,542,003 1,542,003 142,591
3 Net purchases, or 69,597 54,133 54,133 3,556
4 Foreign countries 69,754 54,513 54,513 3,581
5 Europe 62,688 72,338 72,338 7,227
6 France 6,641 6,099 6,099 1,734
7 Germany 9,059 10,609 10,609 1,020
8 Netherlands 3,831 8,326 8,326 830
9 Switzerland 7,848 6,269 6,269 1,490
10 United Kingdom 22,478 24,336 24,336 695
11 Canada -1,406 -4,764 -4,764 -1,600
12 Latin America and
Caribbean 5,203 781 781 1,798
13 Middle East(1) 383 -1,082 -1,082 286
14 Other Asia 2,072 -12,554 -12,554 -3,949
15 Japan 4,787 -1,407 -1,407 -540
16 Africa 472 624 624 204
17 Other countries 342 -830 -830 -385
18 Nonmonetary
international
and regional
organizations -157 -380 -380 -25
BONDS(2)
19 Foreign purchases 610,116 905,268 905,268 74,891
20 Foreign sales 475,958 727,855 727,855 53,464
21 Net purchases, or
sales (-) 134,158 177,413 177,413 21,427
22 Foreign countries 133,595 177,756 177,756 21,328
23 Europe 71,631 127,943 127,943 12,630
24 France 3,300 3,390 3,390 667
25 Germany 2,742 4,381 4,381 203
26 Netherlands 3,576 3,490 3,490 369
27 Switzerland 187 4,856 4,856 404
28 United Kingdom 54,134 97,694 97,694 9,283
29 Canada 6,264 6,077 6,077 607
30 Latin America and
Caribbean 34,733 24,727 24,727 6,346
31 Middle East(1) 2,155 4,994 4,994 162
32 Other Asia 16,996 12,679 12,679 1,253
33 Japan 9,357 8,381 8,381 527
34 Africa 1,005 190 190 101
35 Other countries 811 1,146 1,146 229
36 Nonmonetary
International
and regional
organizations 563 -343 -343 99
Foreign securities
37 Stocks, net
purchases
or sales (-) -40,942 8,009 8,009 2,502
38 Foreign
purchases 756,015 940,506 940,506 88,610
39 Foreign sales 796,957 932,497 932,497 86,108
40 Bonds, net
purchases
or sales (-) -48,171 -18,695 -18,695 -12,413
41 Foreign
purchases 1,451,704 1,335,274 1,335,274 151,482
42 Foreign sales 1,499,875 1,353,969 1,353,969 163,895
43 Net purchases, or
sales (-) of
stocks and bonds -89,113 -10,686 -10,686 -9,911
44 Foreign countries -88,921 -10,357 -10,357 -9,885
45 Europe -29,874 10,469 10,469 -7,273
46 Canada -3,085 -1,163 -1,163 161
47 Latin America
and Caribbean -25,258 -12,423 -12,423 -2,553
48 Asia -25,123 -3,326 -3,326 516
49 Japan -10,001 -1,663 -1,663 -38
50 Africa -3,293 -1,411 -1,411 -32
51 Other countries -2,288 -2,503 -2,503 -704
52 Nonmonetary
international
and regional
organizations -192 -329 -329 -26
1998
Transaction, and
area or country July Aug. Sept.
US corporate securities
STOCKS
1 Foreign purchases 152,833 141,566 137,418
2 Foreign sales 150,308 139,722 139,722
3 Net purchases, or 2,525 1,844 -10,473
4 Foreign countries 2,739 1,843 -10,430
5 Europe 6,893 5,459 2,182
6 France 199 988 85
7 Germany 1,503 1,326 1,281
8 Netherlands 1,265 163 876
9 Switzerland 1,092 -277 -307
10 United Kingdom 1,154 1,740 700
11 Canada -443 -276 -195
12 Latin America and
Caribbean -614 610 -11,766
13 Middle East(1) -134 -157 148
14 Other Asia -2,905 -4,112 -678
15 Japan -306 214 519
16 Africa -14 159 -98
17 Other countries -134 160 -23
18 Nonmonetary
international
and regional
organizations -214 1 -43
BONDS(2)
19 Foreign purchases 74,951 67,529 100,186
20 Foreign sales 64,461 58,678 92,663
21 Net purchases, or
sales (-) 10,490 8,851 7,523
22 Foreign countries 10,567 8,813 7,473
23 Europe 8,650 5,813 12,323
24 France 451 233 184
25 Germany 806 139 268
26 Netherlands -859 32 275
27 Switzerland 234 100 1,003
28 United Kingdom 5,665 3,924 9,760
29 Canada 640 439 443
30 Latin America and
Caribbean 1,730 1,592 -2,927
31 Middle East(1) 171 -188 -58
32 Other Asia -597 1,709 -1,847
33 Japan -511 -10 -713
34 Africa -48 -17 -61
35 Other countries 21 -535 -400
36 Nonmonetary
International
and regional
organizations -77 38 50
Foreign securities
37 Stocks, net
purchases
or sales (-) -3,537 5,557 6,107
38 Foreign
purchases 82,247 74,376 89,496
39 Foreign sales 85,784 68,819 83,389
40 Bonds, net
purchases
or sales (-) 3,076 1,049 3,384
41 Foreign
purchases 118,922 139,393 152,881
42 Foreign sales 115,846 138,344 149,497
43 Net purchases, or
sales (-) of
stocks and bonds -461 6,606 9,491
44 Foreign countries -390 6,623 9,492
45 Europe 2,281 1,202 6,007
46 Canada 2,201 2,667 -1,118
47 Latin America
and Caribbean -4,838 -1,196 1,214
48 Asia -59 4,227 3,550
49 Japan -316 1,741 2,239
50 Africa -269 -122 -163
51 Other countries 294 -155 2
52 Nonmonetary
international
and regional
organizations -71 -17 -1
1998
Transaction, and
area or country Oct. Nov. Dec.(p)
US corporate securities
STOCKS
1 Foreign purchases 145,588 126,494 138,900
2 Foreign sales 142,831 118,996 134,256
3 Net purchases, or 2,757 7,498 4,644
4 Foreign countries 2,754 7,515 4,642
5 Europe -249 4,386 2,450
6 France 360 50 -614
7 Germany 68 372 -189
8 Netherlands 1,009 1,816 332
9 Switzerland -1,974 -420 -314
10 United Kingdom 632 1,902 3,154
11 Canada -507 -198 -977
12 Latin America and
Caribbean 2,058 3,691 3,088
13 Middle East(1) -177 -334 -219
14 Other Asia 1,823 -8 155
15 Japan 597 822 141
16 Africa -217 41 16
17 Other countries 23 -63 129
18 Nonmonetary
international
and regional
organizations 3 -17 2
BONDS(2)
19 Foreign purchases 108,678(r) 81,941(r) 58,882
20 Foreign sales 105,437(r) 60,480(r) 41,130
21 Net purchases, or
sales (-) 3,241(r) 21,461(r) 17,752
22 Foreign countries 3,230(r) 22,431(r) 17,674
23 Europe 12,062(r) 16,717(r) 9,110
24 France 701 235 -170
25 Germany -135 435 217
26 Netherlands 704 64 996
27 Switzerland -50 251 -36
28 United Kingdom 10,182(r) 13,777(r) 6,874
29 Canada 292 558 184
30 Latin America and
Caribbean -11,135 2,293 2,686
31 Middle East(1) 2 835 2,472
32 Other Asia 1,185 1,904(r) 3,152
33 Japan 1,624 1,194 2,238
34 Africa 55 24 16
35 Other countries 769 100 54
36 Nonmonetary
International
and regional
organizations 11 -970 78
Foreign securities
37 Stocks, net
purchases
or sales (-) 8,046 -2,644(r) 262
38 Foreign
purchases 90,407 70,245(r) 69,563
39 Foreign sales 82,361 72,889(r) 69,301
40 Bonds, net
purchases
or sales (-) 15,980 -918(r) -4,422
41 Foreign
purchases 102,202 55,573 56,805
42 Foreign sales 86,222 56,491(r) 61,227
43 Net purchases, or
sales (-) of
stocks and bonds 24,026 -3,562(r) -4,160
44 Foreign countries 24,119 -3,556(r) -4,000
45 Europe 10,792 2,243(r) 2,485
46 Canada 946 562 -4,828
47 Latin America
and Caribbean 4,585 -3,907 251
48 Asia 6,699 -2,064(r) -1,489
49 Japan 6,134 -2,390 -1,882
50 Africa 4 -56 5
51 Other countries 1,093 -334 -424
52 Nonmonetary
international
and regional
organizations -93 -6 -160
(1.) Comprises oil-exporting countries as follows: Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). (2.) Includes state and local government securities and securities of U.S. government agencies and corporations. Also includes issues of new debt securities sold abroad by U.S. corporations organized to finance direct investments abroad.
3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES Foreign
Transactions(1)
Millions of dollars; net purchases, or sales (-) during period
Area or country 1997 1998 1998
Jan.-
Dec.
1 Total estimated 184,171 46,677 46,677
2 Foreign countries 183,688 44,208 44,208
3 Europe 144,921 21,586 21,586
4 Belgium and Luxembourg 3,427 3,805 3,805
5 Germany 22,471 148 148
6 Netherlands 1,746 -5,533 -5,533
7 Sweden -465 1,486 1,486
8 Switzerland 6,028 5,240 5,240
9 United Kingdom 98,253 12,120 12,120
10 Other Europe and 13,461 4,320 4,320
former U.S.S.R
11 Canada -811 572 572
12 Latin America and Caribbean -2,554 -3,735 -3,735
13 Venezuela 655 59 59
14 Other Latin America -549 9,450 9,450
and Caribbean
15 Netherlands Antilles -2,660 -13,244 -13,244
16 Asia 39,567 27,383 27,383
17 Japan 20,360 13,048 13,048
18 Africa 1,524 751 751
19 Other 1,041 -2,349 -2,349
20 Nonmonetary international 483 2,469 2,469
and regional organizations
21 International 621 1,502 1,502
22 Latin American regional 170 199 199
MEMO
23 Foreign countries 183,688 44,208 44,208
24 Official institutions 43,959 4,123 4,123
25 Other foreign 139,729 40,085 40,085
Oil-exporting countries
26 Middle East(2) 7,636 -16,554 -16,554
27 Africa(3) -12 2 2
Area or country 1998
June July Aug.
1 Total estimated 1,506 -4,454 -15,795
2 Foreign countries 1,810 -4,507 -15,795
3 Europe 229 -6,465 -2,823
4 Belgium and Luxembourg -513 215 667
5 Germany -1,381 82 -1,799
6 Netherlands 543 -675 -3,081
7 Sweden 335 239 -152
8 Switzerland -973 -827 -680
9 United Kingdom -1,543 -5,921 8,000
10 Other Europe and 3,761 422 -5,778
former U.S.S.R
11 Canada 483 -619 -2,088
12 Latin America and Caribbean 2,912 685 -5,940
13 Venezuela 818 308 -1,308
14 Other Latin America 3,722 2,185 3,914
and Caribbean
15 Netherlands Antilles -1,628 -1,808 -8,546
16 Asia -1,152 1,326 -3,856
17 Japan -2,442 774 299
18 Africa 145 -22 62
19 Other -241 588 -1,150
20 Nonmonetary international -304 53 0
and regional organizations
21 International -318 -135 -10
22 Latin American regional 0 192 8
MEMO
23 Foreign countries 1,810 -4,507 -15,795
24 Official institutions -3,486 469 -16,920
25 Other foreign 5,296 -4.98 1,125
Oil-exporting countries
26 Middle East(2) -1.388 -2,578 -4,160
27 Africa(3) 0 0 1
Area or country 1998
Sept. Oct. Nov. Dec.(p)
1 Total estimated -5,270 -2,193(r) 25,456(r) 10,549
2 Foreign countries -5,261 -2,855(r) 25,556(r) 9,426
3 Europe -2,771 -9,869(r) 5,475(r) 8,077
4 Belgium and
Luxembourg 113 -606 510 2,148
5 Germany 894 1,171 307 -556
6 Netherlands -579 1,543 -1,156 898
7 Sweden -330 193 586 581
8 Switzerland 363 2,811 531 175
9 United Kingdom 2,217 -13,168 3,207 3,074
10 Other Europe and -5,449 -1,813(r) 1,490(r) 1,757
former U.S.S.R
11 Canada -663 -1,188 3,694 614
12 Latin America and
Caribbean -1,233 -491 1,961 -3,817
13 Venezuela 6 -35 327 108
14 Other Latin
America 2,982 -1,288 -5,411 -165
and Caribbean
15 Netherlands
Antilles -4,221 832 7,045 -3,760
16 Asia -207 7,756 13,632(r) 4,347
17 Japan 128 1,233 7,311 3,750
18 Africa 81 87 145 16
19 Other -468 850 649 189
20 Nonmonetary
international -9 662 -100 1,123
and regional
organizations
21 International -288 645 -19 1,084
22 Latin American
regional -5 0 -6 2
MEMO
23 Foreign countries -5,261 -2,855(r) 25,556(r) 9,426
24 Official
institutions -10,304 9,001 11,843 5,274
25 Other foreign 5,043 -11,856(r) 13,713(r) 4,152
Oil-exporting countries
26 Middle East(2) -5,837 -276 233 -2,442
27 Africa(3) 0 0 0 0
(1.) Official and private transactions in marketable U.S. Treasury securities having an original 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 foreign countries. (2.) Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial States). (3.) Comprises Algeria, Gabon, Libya, and Nigeria.
3.28 FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE
VALUE OF THE U.S. DOLLAR(1)
Currency units per dollar except as noted
Item 1996 1997 1998
Exchange Rates
COUNTRY/CURRENCY UNIT
1 Australia/dollar(2) 78.28 74.37 62.91
2 Australia/schilling 10.589 12.206 12.379
3 Belgium/franc 30.97 35.81 36.31
4 Brazil/real 1.0051 1.0779 1.1605
5 Canada/dollar 1.3638 1.3849 1.4836
6 China, P.R./yuan 8.3389 8.3193 8.3008
7 Denmark/krone 5.8003 6.6092 6.7030
8 Monetary Union/euro(3) n.a. n.a. n.a.
9 Finland/franc 4.5948 5.1956 5.3473
10 France/franc 5.1158 5.8393 5.8995
11 Germany/deutsche mark 1.5049 1.7348 1.7597
12 Greece/drachma 240.82 273.28 295.70
13 Hong Kong/dollar 7.7345 7.7431 7.7467
14 India/rupee 35.51 36.36 41.36
15 Ireland/pound(2) 159.95 151.63 142.48
16 Italy/lira 1,542.76 1,703.81 1,736.85
17 Japan/yen 108.78 121.06 130.99
18 Malaysia/ringgit 2.5154 2.8173 3.9254
19 Mexico/peso 7.6000 7.9180 9.1520
20 Netherlands/guilder 1.6863 1.9525 1.9837
21 New Zealand/dollar(2) 68.77 66.25 53.61
22 Norway/krone 6.4594 7.0857 7.5521
23 Portugal/escudo 154.28 175.44 180.25
24 Singapore/dollar 1.4100 1.4857 1.6722
25 South Africa/rand 4.3011 4.6072 5.5417
26 South Korea/won 805.00 950.77 1,400.40
27 Spain/peseta 126.68 146.53 149.41
28 Sri Lanka/rupee 55.289 59.026 65.006
29 Sweden/krona 6.7082 7.6446 7.9522
30 Switzerland/franc 1.2361 1.4514 1.4506
31 Taiwan/dollar 27.468 28.775 33.547
32 Thailand/baht 25.359 31.072 41.262
33 United Kingdom/pound 156.07 163.76 165.73
34 Venezuela/bolivar 417.19 488.39 548.39
Indexes(3)
NOMINAL
35 G-10 (March 1973= 100)(4) 87.34 96.38 98.85
36 Broad 97.43 104.47 116.25
(January 1997= 100)(5)
37 Major currencies 85.23 91.85 96.52
(March 1973= 100)(6)
38 Other important trading
permers (January 9,825 104.67 125.70
1997= 100)(7)
REAL
39 Broad (March 1973=100)(5) 85.95 90.56 98.43
40 Major currencies 85.83 93.20 98.33
(March 1973= 100)(6)
41 Other important trading
partners 92.52 93.62 105.83
(March 1973=100)(7)
1998
Item Sept. Oct. Nov.
COUNTRY/CURRENCY UNIT
1 Australia/dollar(2) 58.89 61.79 63.49
2 Australia/schilling 11.955 11.524 11.840
3 Belgium/franc 35.05 33.81 34.71
4 Brazil/real 1.1805 1.1889 1.1932
5 Canada/dollar 1.5218 1.5452 1.5404
6 China, P.R./yuan 8.3055 8.2778 8.2778
7 Denmark/krone 6.4717 6.2294 6.3960
8 Monetary Union/euro(3) n.a. n.a. n.a.
9 Finland/franc 5.1734 4.9845 5.1163
10 France/franc 5.6969 5.4925 5.6422
11 Germany/deutsche mark 1.6990 1.6381 1.6827
12 Greece/drachma 292.47 281.64 282.64
13 Hong Kong/dollar 7.7480 7.7483 7.7432
14 India/rupee 42.58 42.39 42.43
15 Ireland/pound(2) 147.24 152.21 147.77
16 Italy/lira 1,678.92 1,620.96 1,664.91
17 Japan/yen 134.48 121.05 120.29
18 Malaysia/ringgit 3.8050 3.8000 3.8000
19 Mexico/peso 10.2190 10.1590 9.9690
20 Netherlands/guilder 1.9169 1.8479 1.8969
21 New Zealand/dollar(2) 50.44 52.13 53.40
22 Norway/krone 7.5564 7.4294 7.4562
23 Portugal/escudo 174.19 168.01 172.52
24 Singapore/dollar 1.7226 1.6378 1.6378
25 South Africa/rand 6.0966 5.7991 5.6511
26 South Korea/won 1,375.54 1,344.14 1,294.01
27 Spain/peseta 144.33 139.23 143.05
28 Sri Lanka/rupee 66.260 66.345 67.578
29 Sweden/krona 7.8816 7.8395 8.0140
30 Switzerland/franc 1.4000 1.3373 1.3852
31 Taiwan/dollar 34.646 33.121 32.603
32 Thailand/baht 40.402 38.118 36.527
33 United Kingdom/pound 168.23 169.44 166.11
34 Venezuela/bolivar 583.85 570.68 569.66
NOMINAL Indexes(3)
35 G-10 (March 1973= 100)(4) 97.17 93.69 95.46
36 Broad 11.885 115.46 115.34
(January 1997= 100)(5)
37 Major currencies 96.99 93.46 94.23
(March 1973= 100)(6)
38 Other important trading
permers (January 131.38 129.02 127.31
1997= 100)(7)
REAL
39 Broad (March 1973=100)(5) 100.11 97.10 96.67
40 Major currencies 99.04 95.47 96.21
(March 1973= 100)(6)
41 Other important trading
partners 109.02 106.62 104.45
(March 1973=100)(7)
1998 1999
Item Dec. Jan. Feb.
COUNTRY/CURRENCY UNIT
1 Australia/dollar(2) 61.82 63.20 63.99
2 Australia/schilling 11.746 n.a. n.a.
3 Belgium/franc 34.44 n.a. n.a.
4 Brazil/real 1.2052 1.5120 1.9261
5 Canada/dollar 1.5433 1.5194 1.4977
6 China, P.R./yuan 8.2780 8.2789 8.2755
7 Denmark/krone 6.3531 6.4194 6.6379
8 Monetary Union/euro(3) n.a. 1.16 1.12
9 Finland/franc 5.0769 n.a.
n.a.
10 France/franc 5.5981 n.a. n.a.
11 Germany/deutsche mark 1.6698 n.a. n.a.
12 Greece/drachma 280.43 278.91 287.41
13 Hong Kong/dollar 7.7471 7.7486
14 India/rupee 42.59 42.55
15 Ireland/pound(2) 148.76 n.a.
16 Italy/lira 1,653.23
17 Japan/yen 117.07 113.29 116.67
18 Malaysia/ringgit 3.8014 3.8000 3.8000
19 Mexico/peso 9.9070 10.1280 10.0060
20 Netherlands/guilder 1.8816 n.a. n.a.
21 New Zealand/dollar(2) 52.23 53.88 54.35
22 Norway/krone 7.6050 7.4532 7.7240
23 Portugal/escudo 171.19 n.a. n.a.
24 Singapore/dollar 1.6515 1.6791 1.7004
25 South Africa/rand 5.9030 5.9931 6.1146
26 South Korea/won 1,213.22 1,175.11 1,188.84
27 Spain/peseta 142.08 n.a. n.a.
28 Sri Lanka/rupee 68.117 68.630 69.070
29 Sweden/krona 8.0716 7.8188 7.9532
30 Switzerland/franc 1.3604 1.3856 1.4272
31 Taiwan/dollar 32.337 32.300 32.564
32 Thailand/baht 36.276 36.622 37.137
33 United Kingdom/pound 167.08 164.98 162.76
34 Venezuela/bolivar 565.89 569.80 577.32
NOMINAL Indexes(3)
35 G-10 (March 1973= 100)(4) 94.61 n.a. n.a.
36 Broad 114.56 114.68(r) 116.37
(January 1997= 100)(5)
37 Major currencies 93.40 92.37(r) 93.76
(March 1973= 100)(6)
38 Other important trading
permers (January 126.80 128.98(r) 130.83
1997= 100)(7)
REAL
39 Broad (March 1973=100)(5) 95.89 95.86 96.89
40 Major currencies 95.44 94.61 96.09
(March 1973= 100)(6)
41 Other important trading
partners 103.59 104.71 105.18
(March 1973=100)(7)
(1.) Averages of certified noon buying rates in New York for cable transfers. Data in this table also appear in the Board's G.5 (405) monthly statistical release. For ordering address, see inside front cover. (2.) Value in U.S. cents. (3.) As of January 1999, the euro is reported in place of the individual euro-area currencies. These currency rates can be derived from the euro rate by using the fixed conversion rates (in currencies per euro) as shown below: Euro equals 13.7603 Austrian schillings 40.3399 Belgian francs 5.94573 Finnish markkas 6.55957 French francs 1.95583 German marks .787564 Irish pounds 1936.27 Italian lire 40.3399 Luxembourg francs 2.20371 Netherlands guilders 200.482 Portuguese escudos 166.386 Spanish pesetas (4.) For more information on the indexes of the foreign exchange value of the dollar, sec Federal Reserve Bulletin, vol. 84 (October 1998), pp. 811-18. (5.) Weighted average of the foreign exchange value of the U.S. dollar against the currencies of the other G-10 countries. The weight for each of the ten countries is the 1972-76 average world trade of that country divided by the average world trade of all ten countries combined. Series revised as of August 1978 (see Federal Reserve Bulletin, vol. 64 (August 1978), p. 700). (6.) Weighted average of the foreign exchange value of the U.S. dollar against the currencies of a broad group of U.S. trading partners. The weight for each currency is computed as an average 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. (7.) Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one. (8.) Weighted average of the foreign exchange value of the U.S. dollar against a subset of broad index currencies that do not circulate widely outside the country of issue. The weight for each currency is its broad index weight scaled so that the weights of the subset of currencies in the index sum to one.3 |
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