Financial and business statistics.
1.10 RESERVES AND MONEY STOCK MEASURES
Percent annual rate of change, seasonally adjusted (1)
2002
Monetary or credit aggregate Q1 Q2 Q3
Reserves of depository
institutions (2)
1 Total -12.6 (r) -13.5 (r) -2.0 (r)
2 Required -12.3 (r) -12.4 (r) -4.8 (r)
3 Nonborrowed -12.2 (r) -14.0 (r) -3.5 (r)
4 Monetary base (3) 8.8 (r) 7.5 (r) 6.9
Concepts of money (4)
5 M1 5.7 -.6 3.1
6 M2 6.7 4.1 9.1 (r)
7 M3 5.8 4.1 7.7
Nontransaction components
8 In M2 (5) 7.0 5.4 10.8
9 In M3 only (6) 3.8 4.2 4.5
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 20.4 15.1 20.1
11 Small time (7) -16.1 -6.3 -6.3
12 Large time (8,9) 5.1 (r) 12.4 3.7
Thrift institutions
13 Savings, including MMDAs 31.0 24.0 20.5 (r)
14 Small time (7) -12.3 -16.6 -12.3 (r)
15 Large time (8) 1.5 -8.1 -3.2 (r)
Money market mutual funds
16 Retail -7.8 -9.2 4.7
17 Institution-only 3.5 (r) 3.9 -.8
Repurchase agreements and
eurodollars
18 Repurchase agreements (10) 3.0 -.7 27.5
19 Eurodollars (10) 3.6 -4.7 .2
2002
Monetary or credit aggregate Q4 (r) Sept. (r) Oct. (r)
Reserves of depository
institutions (2)
1 Total .3 -21.8 -2.1
2 Required -2.1 -17.7 -4.5
3 Nonborrowed 1.2 -18.8 .6
4 Monetary base (3) 5.0 2.7 5.1
Concepts of money (4)
5 M1 4.5 6.3 11.2
6 M2 7.1 5.5 8.3
7 M3 7.5 6.2 .8
Nontransaction components
8 In M2 (5) 7.8 5.3 7.5
9 In M3 only (6) 8.2 7.5 -15.3
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 16.9 16.7 14.3
11 Small time (7) -9.1 -12.2 -8.7
12 Large time (8,9) -4.0 -3.2 9.9
Thrift institutions
13 Savings, including MMDAs 20.5 21.7 22.3
14 Small time (7) -6.4 -10.2 -5.9
15 Large time (8) 11.1 1.1 10.7
Money market mutual funds
16 Retail -4.4 -13.0 -2.8
17 Institution-only 1.9 -8.3 -41.3
Repurchase agreements and
eurodollars
18 Repurchase agreements (10) 45.0 67.8 -4.8
19 Eurodollars (10) 14.4 21.2 11.6
2002 2003
Monetary or credit aggregate Nov. (r) Dec. (r) Jan.
Reserves of depository
institutions (2)
1 Total 15.4 13.0 14.2
2 Required 13.9 1.6 25.5
3 Nonborrowed 11.5 19.0 15.8
4 Monetary base (3) 5.7 7.5 6.8
Concepts of money (4)
5 M1 -.9 7.8 1.8
6 M2 8.1 3.2 6.1
7 M3 17.2 7.4 -.8
Nontransaction components
8 In M2 (5) 10.5 1.9 7.2
9 In M3 only (6) 37.2 16.7 -15.4
Time and savings deposits
Commercial banks
10 Savings, including MMDAs 20.9 3.6 18.6
11 Small time (7) -7.3 -9.0 -8.0
12 Large time (8,9) -13.3 -32.6 14.4
Thrift institutions
13 Savings, including MMDAs 13.9 21.7 21.3
14 Small time (7) -4.4 -2.4 -5.2
15 Large time (8) 16.9 15.6 13.4
Money market mutual funds
16 Retail 1.9 -8.0 -14.6
17 Institution-only 68.7 25.0 -35.3
Repurchase agreements and
eurodollars
18 Repurchase agreements (10) 55.3 77.7 -23.8
19 Eurodollars (10) 12.0 5.7 7.9
(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 (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
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.
(4.) Composition of the money stock measures 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 $100,000), 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), (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.
(5.) Sum of (1) savings deposits (including MMDAs), (2) small time
deposits, and (3) retail money fund balances, each seasonally
adjusted separately.
(6.) Sum of (l) 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, 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 RESERVE BALANCES OF DEPOSITORY INSTITUTIONS (1)
Millions of dollars
Average of
daily figures
2002 2002 2003
Factor Nov. (r) Dec. (r) Jan.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 666,517 690,026 694,979
2 Securities held outright 608,699 621,828 629,416
3 U.S. Treasury (2) 608,689 621,818 629,406
4 Bills (3) 206,652 219,169 226,682
5 Notes and bonds,
nominal (3) 388,566 389,156 389,219
6 Notes and bonds,
inflation-indexed (3) 12,242 12,242 12,242
7 Inflation
compensation (4) 1,228 1,251 1,263
8 Federal agency (3) 10 10 10
9 Repurchase agreements (5) 19,308 29,476 25,395
10 Loans to depository
institutions 273 89 28
11 Primary credit (6) n.a. n.a. 15
12 Secondary credit (6) n.a. n.a. 0
13 Seasonal credit 61 46 11
14 Adjustment credit (6) 213 42 2
15 Float 104 604 565
16 Other Federal Reserve
assets 38,133 38,029 39,575
17 Gold stock 11,042 11,043 11,043
18 Special drawing rights
certificate account 2,200 2,200 2,200
19 Treasury currency outstanding 34,424 34,539 34,597
ABSORBING RESERVE FUNDS
20 Currency in circulation 668,237 678,660 677,745
21 Reverse repurchase
agreements (7) n.a. 12,862 18,534
22 Foreign official and
international accounts n.a. 12,862 18,534
23 Dealers n.a. 0 0
24 Treasury cash holdings 387 370 366
25 Deposits with Federal Reserve
Banks, other than reserve
balances 15,853 16,074 17,053
26 U.S. Treasury, general
account 5,024 4,891 5,773
27 Foreign official 118 134 126
28 Service-related 10,483 10,808 10,907
29 Required clearing
balances 10,184 10,407 10,484
30 Adjustments to compensate
for float 299 402 423 (r)
31 Other 228 242 247
32 Other liabilities and capital 19,765 20,061 19,651
33 Reserve balances with Federal
Reserve Banks (8) 9,943 9,781 9,469
Average of daily figures
for week ending on date
indicated
2002
Factor Dec. 18 (r) Dec. 25 (r)
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 692,554 703,577
2 Securities held outright 626,479 629,410
3 U.S. Treasury (2) 626,469 629,400
4 Bills (3) 223,757 226,682
5 Notes and bonds,
nominal (3) 389,219 389,219
6 Notes and bonds,
inflation-indexed (3) 12,242 12,242
7 Inflation
compensation (4) 1,250 1,256
8 Federal agency (3) 10 10
9 Repurchase agreements (5) 28,179 34,321
10 Loans to depository
institutions 55 59
11 Primary credit (6) n.a. n.a.
12 Secondary credit (6) n.a. n.a.
13 Seasonal credit 49 46
14 Adjustment credit(6) 6 13
15 Float -161 1,078
16 Other Federal Reserve
assets 38,003 38,708
17 Gold stock 11,043 11,043
18 Special drawing rights
certificate account 2,200 2,200
19 Treasury currency outstanding 34,535 34,566
ABSORBING RESERVE FUNDS
20 Currency in circulation 675,482 681,523
21 Reverse repurchase
agreements (7) 18,202 20,908
22 Foreign official and
international accounts 18,202 20,908
23 Dealers 0 0
24 Treasury cash holdings 370 361
25 Deposits with Federal Reserve
Banks, other than reserve
balances 17,216 16,185
26 U.S. Treasury, general
account 5,959 4,678
27 Foreign official 148 114
28 Service-related 10,899 11,181
29 Required clearing
balances 10,450 10,452
30 Adjustments to compensate
for float 450 729
31 Other 210 212
32 Other liabilities and capital 20,203 20,441
33 Reserve balances with Federal
Reserve Banks (8) 8,858 11,969
Average of daily figures
for week ending on date
indicated
2003
Factor Jan. 1 Jan. 8
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 706,734 697,458
2 Securities held outright 629,415 629,416
3 U.S. Treasury (2) 629,405 629,406
4 Bills (3) 226,682 226,682
5 Notes and bonds,
nominal (3) 389,219 389,219
6 Notes and bonds,
inflation-indexed (3) 12,242 12,242
7 Inflation
compensation (4) 1,261 1,263
8 Federal agency (3) 10 10
9 Repurchase agreements (5) 38,107 28,393
10 Loans to depository
institutions 45 27
11 Primary credit (6) n.a. n.a.
12 Secondary credit (6) n.a. n.a.
13 Seasonal credit 40 17
14 Adjustment credit(6) 5 10
15 Float 93 718
16 Other Federal Reserve
assets 39,073 38,904
17 Gold stock 11,043 11,043
18 Special drawing rights
certificate account 2,200 2,200
19 Treasury currency outstanding 34,597 34,597
ABSORBING RESERVE FUNDS
20 Currency in circulation 686,685 683,223
21 Reverse repurchase
agreements (7) 20,865 18,533
22 Foreign official and
international accounts 20,865 18,533
23 Dealers 0 0
24 Treasury cash holdings 368 370
25 Deposits with Federal Reserve
Banks, other than reserve
balances 16,278 16,033
26 U.S. Treasury, general
account 5,016 4,829
27 Foreign official 137 107
28 Service-related 10,648 10,886
29 Required clearing
balances 10,534 10,535
30 Adjustments to compensate
for float 114 (r) 351 (r)
31 Other 476 211
32 Other liabilities and capital 19,918 19,217
33 Reserve balances with Federal
Reserve Banks (8) 10,461 7,922
Average of daily figures for
week ending on date indicated
2003
Factor Jan. 15 Jan. 22 Jan. 29
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 692,996 696,984 690,574
2 Securities held outright 629,416 629,416 629,416
3 U.S. Treasury (2) 629,406 629,406 629,406
4 Bills (3) 226,682 226,682 226,682
5 Notes and bonds,
nominal (3) 389,219 389,219 389,219
6 Notes and bonds,
inflation-indexed (3) 12,242 12,242 12,242
7 Inflation
compensation (4) 1,263 1,263 1,263
8 Federal agency (3) 10 10 10
9 Repurchase agreements (5) 24,428 27,036 20,143
10 Loans to depository
institutions 16 19 52
11 Primary credit (6) 6 12 45
12 Secondary credit (6) 0 0 0
13 Seasonal credit 11 7 7
14 Adjustment credit(6) n.a. n.a. n.a.
15 Float -291 786 744
16 Other Federal Reserve
assets 39,426 39,726 40,220
17 Gold stock 11,043 11,043 11,043
18 Special drawing rights
certificate account 2,200 2,200 2,200
19 Treasury currency outstanding 34,597 34,597 34,597
ABSORBING RESERVE FUNDS
20 Currency in circulation 676,426 675,941 674,782
21 Reverse repurchase
agreements (7) 18,152 18,567 18,397
22 Foreign official and
international accounts 18,152 18,567 18,397
23 Dealers 0 0 0
24 Treasury cash holdings 369 368 360
25 Deposits with Federal Reserve
Banks, other than reserve
balances 16,755 17,637 18,034
26 U.S. Treasury, general
account 5,244 6,133 7,162
27 Foreign official 173 113 114
28 Service-related 11,128 11,166 10,538
29 Required clearing
balances 10,538 10,539 10,355
30 Adjustments to compensate
for float 590 (r) 627 (r) 183
31 Other 210 225 221
32 Other liabilities and capital 19,738 19,916 19,873
33 Reserve balances with Federal
Reserve Banks (8) 9,395 12,395 6,968
End-of-month figures
Factor Nov. (r) Dec. (r) Jan.
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 674,241 708,078 697,826
2 Securities held outright 608,995 629,416 629,416
3 U.S. Treasury (2) 608,985 629,406 629,406
4 Bills (3) 206,937 226,682 226,682
5 Notes and bonds,
nominal (3) 388,566 389,219 389,219
6 Notes and bonds,
inflation-indexed (3) 12,242 12,242 12,242
7 Inflation
compensation (4) 1,239 1,263 1,263
8 Federal agency (3) 10 10 10
9 Repurchase agreements (5) 28,500 39,500 24,750
10 Loans to depository
institutions 59 40 7
11 Primary credit (6) n.a. n.a. 1
12 Secondary credit (6) n.a. n.a. 0
13 Seasonal credit 57 31 6
14 Adjustment credit(6) 2 9 n.a.
15 Float -334 418 3,768
16 Other Federal Reserve
assets 37,022 38,703 39,884
17 Gold stock 11,042 11,043 11,043
18 Special drawing rights
certificate account 2,200 2,200 2,200
19 Treasury currency outstanding 34,472 34,597 34,597
ABSORBING RESERVE FUNDS
20 Currency in circulation 673,853 687,518 674,736
21 Reverse repurchase
agreements (7) n.a. 21,091 18,370
22 Foreign official and
international accounts n.a. 21,091 18,370
23 Dealers n.a. 0 0
24 Treasury cash holdings 377 367 361
25 Deposits with Federal Reserve
Banks, other than reserve
balances 15,943 16,356 16,558
26 U.S. Treasury, general
account 4,928 4,420 5,509
27 Foreign official 78 136 102
28 Service-related 10,684 10,648 10,724
29 Required clearing
balances 10,280 10,534 10,356
30 Adjustments to compensate
for float 404 114 368 (r)
31 Other 253 1,152 223
32 Other liabilities and capital 19,616 18,977 19,478
33 Reserve balances with Federal
Reserve Banks (8) 12,167 11,608 16,163
Wednesday figures
Factor Dec. 18 (r) Dec. 25 (r)
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 698,549 708,372
2 Securities held outright 629,407 629,412
3 U.S. Treasury (2) 629,397 629,402
4 Bills (3) 226,682 226,682
5 Notes and bonds,
nominal (3) 389,219 389,219
6 Notes and bonds,
inflation-indexed (3) 12,242 12,242
7 Inflation
compensation (4) 1,253 1,258
8 Federal agency (3) 10 10
9 Repurchase agreements (5) 30,000 37,250
10 Loans to depository
institutions 45 59
11 Primary credit (6) n.a. n.a.
12 Secondary credit (6) n.a. n.a.
13 Seasonal credit 43 50
14 Adjustment credit(6) 2 9
15 Float 895 2,693
16 Other Federal Reserve
assets 38,202 38,958
17 Gold stock 11,043 11,043
18 Special drawing rights
certificate account 2,200 2,200
19 Treasury currency outstanding 34,535 34,566
ABSORBING RESERVE FUNDS
20 Currency in circulation 678,744 685,083
21 Reverse repurchase
agreements (7) 21,905 20,396
22 Foreign official and
international accounts 21,905 20,396
23 Dealers 0 0
24 Treasury cash holdings 360 367
25 Deposits with Federal Reserve
Banks, other than reserve
balances 17,879 16,184
26 U.S. Treasury, general
account 6,595 4,662
27 Foreign official 172 139
28 Service-related 10,899 11,181
29 Required clearing
balances 10,450 10,452
30 Adjustments to compensate
for float 450 729
31 Other 213 203
32 Other liabilities and capital 19,907 20,670
33 Reserve balances with Federal
Reserve Banks (8) 7,532 13,482
Wednesday figures
Factor Jan. 1 Jan. 8
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 708,471 701,273
2 Securities held outright 629,416 629,416
3 U.S. Treasury (2) 629,406 629,406
4 Bills (3) 226,682 226,682
5 Notes and bonds,
nominal (3) 389,219 389,219
6 Notes and bonds,
inflation-indexed (3) 12,242 12,242
7 Inflation
compensation (4) 1,263 1,263
8 Federal agency (3) 10 10
9 Repurchase agreements (5) 39,500 33,750
10 Loans to depository
institutions 40 18
11 Primary credit (6) n.a. n.a.
12 Secondary credit (6) n.a. n.a.
13 Seasonal credit 31 18
14 Adjustment credit(6) 9 0
15 Float 812 -1,032
16 Other Federal Reserve
assets 38,703 39,122
17 Gold stock 11,043 11,043
18 Special drawing rights
certificate account 2,200 2,200
19 Treasury currency outstanding 34,597 34,597
ABSORBING RESERVE FUNDS
20 Currency in circulation 687,516 680,307
21 Reverse repurchase
agreements (7) 21,091 18,709
22 Foreign official and
international accounts 21,091 18,709
23 Dealers 0 0
24 Treasury cash holdings 370 369
25 Deposits with Federal Reserve
Banks, other than reserve
balances 16,356 16,825
26 U.S. Treasury, general
account 4,420 5,490
27 Foreign official 136 99
28 Service-related 10,648 10,886
29 Required clearing
balances 10,534 10,535
30 Adjustments to compensate
for float 114 (r) 351 (r)
31 Other 1,152 350
32 Other liabilities and capital 18,977 19,383
33 Reserve balances with Federal
Reserve Banks (8) 12,002 13,521
Wednesday figures
Factor Jan. 15 Jan. 22 Jan. 29
SUPPLYING RESERVE FUNDS
1 Reserve Bank credit
outstanding 698,283 711,435 692,303
2 Securities held outright 629,416 629,416 629,416
3 U.S. Treasury (2) 629,406 629,406 629,406
4 Bills (3) 226,682 226,682 226,682
5 Notes and bonds,
nominal (3) 389,219 389,219 389,219
6 Notes and bonds,
inflation-indexed (3) 12,242 12,242 12,242
7 Inflation
compensation (4) 1,263 1,263 1,263
8 Federal agency (3) 10 10 10
9 Repurchase agreements (5) 30,000 36,750 20,500
10 Loans to depository
institutions 15 13 11
11 Primary credit (6) 5 6 4
12 Secondary credit (6) 0 0 0
13 Seasonal credit 10 7 7
14 Adjustment credit(6) n.a. n.a. n.a.
15 Float -507 5,372 1,961
16 Other Federal Reserve
assets 39,359 39,884 40,414
17 Gold stock 11,043 11,043 11,043
18 Special drawing rights
certificate account 2,200 2,200 2,200
19 Treasury currency outstanding 34,597 34,597 34,597
ABSORBING RESERVE FUNDS
20 Currency in circulation 676,076 676,437 675,733
21 Reverse repurchase
agreements (7) 17,813 18,523 18,466
22 Foreign official and
international accounts 17,813 18,523 18,466
23 Dealers 0 0 0
24 Treasury cash holdings 369 360 361
25 Deposits with Federal Reserve
Banks, other than reserve
balances 16,785 17,635 17,882
26 U.S. Treasury, general
account 5,192 6,119 7,030
27 Foreign official 253 122 100
28 Service-related 11,128 11,166 10,538
29 Required clearing
balances 10,538 10,539 10,355
30 Adjustments to compensate
for float 590 (r) 627 (r) 183
31 Other 213 228 214
32 Other liabilities and capital 19,631 19,549 19,574
33 Reserve balances with Federal
Reserve Banks (8) 15,449 26,771 8,127
(1.) Amounts of vault cash held as reserves are shown in
table 1.12, line 2.
(2.) Includes securities lent to dealers, which are fully
collateralized by other U.S. Treasury securities.
(3.) Face value of the securities.
(4.) Compensation that adjusts for the effect of inflation on the
original face value of inflation-indexed securities.
(5.) Cash value of agreements, which are fully collateralized by
U.S. Treasury and federal agency securities.
(6.) The Federal Reserve Banks began offering primary credit and
secondary credit on January 9, 2003. The adjustment credit program
was discontinued.
(7.) Cash value of agreements, which are fully collateralized by
U.S. Treasury securities. The Federal Reserve Banks began using
these agreements on December 13, 2002.
(8.) Excludes required clearing balances and adjustments to
compensate for float.
1.12 RESERVES AND BORROWINGS Depository Institutions (1)
Millions of dollars
Prorated monthly averages
of biweekly averages
2000 2001 2002
Reserve classification Dec. Dec. Dec.
1 Reserve balances with Reserve
Banks (2) 7,022 9,053 9,873
2 Total vault cash (3) 45,245 43,919 43,334
3 Applied vault cash (4) 31,451 32,024 30,300
4 Surplus vault cash (5) 13,794 11,895 13,033
5 Total reserves (6) 38,473 41,077 40,173
6 Required reserves 37,046 39,428 38,176
7 Excess reserve balances at Reserve
Banks (7) 1,427 1,649 1,997
8 Total borrowing at Reserve Banks 210 67 80
9 Primary ... ... ...
10 Secondary ... ... ...
11 Seasonal 111 33 45
12 Adjustment 99 34 35
Prorated monthly averages
of biweekly averages
2002
Reserve classification July Aug. Sept.
1 Reserve balances with Reserve
Banks (2) 8,099 8,520 8,731
2 Total vault cash (3) 42,718 42,892 42,231
3 Applied vault cash (4) 31,313 31,335 30,176
4 Surplus vault cash (5) 11,406 11,557 12,055
5 Total reserves (6) 39,412 39,854 38,907
6 Required reserves 38,038 38,217 37,431
7 Excess reserve balances at Reserve
Banks (7) 1,374 1,637 1,476
8 Total borrowing at Reserve Banks 191 333 229
9 Primary ... ... ...
10 Secondary ... ... ...
11 Seasonal 176 185 169
12 Adjustment 16 148 60
Prorated monthly
averages of
biweekly averages
2002
Reserve classification Oct. Nov.
1 Reserve balances with Reserve
Banks (2) 8,836 9,695
2 Total vault cash (3) 42,933 42,144
3 Applied vault cash (4) 29,849 29,446
4 Surplus vault cash (5) 13,084 12,698
5 Total reserves (6) 38,685 39,141
6 Required reserves 37,134 37,525
7 Excess reserve balances at Reserve
Banks (7) 1,550 1,616
8 Total borrowing at Reserve Banks 143 272
9 Primary ... ...
10 Secondary ... ...
11 Seasonal 120 60
12 Adjustment 23 211
Prorated monthly
averages of
biweekly averages
2002 2003
Reserve classification Dec. Jan.
1 Reserve balances with Reserve
Banks (2) 9,873 10,004
2 Total vault cash (3) 43,334 46,210
3 Applied vault cash (4) 30,300 32,738
4 Surplus vault cash (5) 13,033 13,471
5 Total reserves (6) 40,173 42,743
6 Required reserves 38,176 41,082
7 Excess reserve balances at Reserve
Banks (7) 1,997 1,660
8 Total borrowing at Reserve Banks 80 27
9 Primary ... 12
10 Secondary ... 0
11 Seasonal 45 13
12 Adjustment 35 2
Biweekly averages
of daily figures
for two-week
periods ending on
dates indicated
2002
Reserve classification Oct. 2 Oct. 16
1 Reserve balances with Reserve
Banks (2) 9,543 7,935
2 Total vault cash (3) 43,190 43,452
3 Applied vault cash (4) 31,925 28,939
4 Surplus vault cash (5) 11,265 14,513
5 Total reserves (6) 41,468 36,874
6 Required reserves 39,670 35,337
7 Excess reserve balances at Reserve
Banks (7) 1,797 1,537
8 Total borrowing at Reserve Banks 170 155
9 Primary ... ...
10 Secondary ... ...
11 Seasonal 170 130
12 Adjustment 1 25
Biweekly averages
of daily figures
for two-week
periods ending on
dates indicated
2002
Reserve classification Oct. 30 Nov. 13
1 Reserve balances with Reserve
Banks (2) 9,634 8,864
2 Total vault cash (3) 42,465 41,720
3 Applied vault cash (4) 30,573 28,302
4 Surplus vault cash (5) 11,892 13,418
5 Total reserves (6) 40,207 37,166
6 Required reserves 38,688 35,492
7 Excess reserve balances at Reserve
Banks (7) 1,519 1,674
8 Total borrowing at Reserve Banks 111 366
9 Primary ... ...
10 Secondary ... ...
11 Seasonal 107 67
12 Adjustment 4 299
Biweekly averages of daily
figures for two-week
periods ending on dates
indicated
2002
Reserve classification Nov. 27 Dec. 11 Dec. 25
1 Reserve balances with Reserve
Banks (2) 10,497 9,559 10,408
2 Total vault cash (3) 42,605 41,827 43,740
3 Applied vault cash (4) 30,514 29,419 30,292
4 Surplus vault cash (5) 12,092 12,408 13,448
5 Total reserves (6) 41,010 38,978 40,700
6 Required reserves 39,441 37,394 38,225
7 Excess reserve balances at Reserve
Banks (7) 1,569 1,583 2,475
8 Total borrowing at Reserve Banks 214 133 57
9 Primary ... ... ...
10 Secondary ... ... ...
11 Seasonal 57 50 48
12 Adjustment 157 83 10
Biweekly averages of daily
figures for two-week
periods ending on dates
indicated
2003
Reserve classification Jan. 8 Jan. 22 Feb. 5
1 Reserve balances with Reserve
Banks (2) 9,200 10,894 9,336
2 Total vault cash (3) 45,148 44,363 50,026
3 Applied vault cash (4) 31,935 31,500 35,378
4 Surplus vault cash (5) 13,213 12,863 14,648
5 Total reserves (6) 41,135 42,394 44,714
6 Required reserves 39,495 40,631 43,196
7 Excess reserve balances at Reserve
Banks (7) 1,640 1,763 1,518
8 Total borrowing at Reserve Banks 36 18 34
9 Primary ... 9 28
10 Secondary ... 0 0
11 Seasonal 29 9 6
12 Adjustment 8 ... ...
(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 thrift institutions 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).
1.14 FEDERAL RESERVE BANK INTEREST RATES
Percent per year
Current and previous levels
Primary credit (1)
Federal Reserve On
Bank 3/14/03 Effective date Previous rate
Boston 2.25 1/9/03 n/a
New York 2.25 1/9/03 n/a
Philadelphia 2.25 1/9/03 n/a
Cleveland 2.25 1/9/03 n/a
Richmond 2.25 1/9/03 n/a
Atlanta 2.25 1/9/03 n/a
Chicago 2.25 1/9/03 n/a
St. Louis 2.25 1/9/03 n/a
Minneapolis 2.25 1/9/03 n/a
Kansas City 2.25 1/9/03 n/a
Dallas 2.25 1/9/03 n/a
San Francisco 2.25 1/9/03 n/a
Secondary credit (2)
Federal Reserve On
Bank 3/14/03 Effective date Previous rate
Boston 2.75 1/9/03 n/a
New York 2.75 1/9/03 n/a
Philadelphia 2.75 1/9/03 n/a
Cleveland 2.75 1/9/03 n/a
Richmond 2.75 1/9/03 n/a
Atlanta 2.75 1/9/03 n/a
Chicago 2.75 1/9/03 n/a
St. Louis 2.75 1/9/03 n/a
Minneapolis 2.75 1/9/03 n/a
Kansas City 2.75 1/9/03 n/a
Dallas 2.75 1/9/03 n/a
San Francisco 2.75 1/9/03 n/a
Seasonal credit (3)
Federal Reserve On
Bank 3/14/03 Effective date Previous rate
Boston 1.25 1/9/03 1.30
New York 1.25 1/9/03 1.30
Philadelphia 1.25 1/9/03 1.30
Cleveland 1.25 1/9/03 1.30
Richmond 1.25 1/9/03 1.30
Atlanta 1.25 1/9/03 1.30
Chicago 1.25 1/9/03 1.30
St. Louis 1.25 1/9/03 1.30
Minneapolis 1.25 1/9/03 1.30
Kansas City 1.25 1/9/03 1.30
Dallas 1.25 1/9/03 1.30
San Francisco 1.25 1/9/03 1.30
Range of rates for primary credit
Range (or F.R. Bank
level)--All of
Effective date F.R. Banks N.Y.
In effect Jan. 9, 2003 2.25 2.25
(beginning of program)
Range of rates for adjustment credit in recent years (4)
Range (or F.R. Bank
level)--All of
Effective date F.R. Banks N.Y.
In effect Dec. 31, 1995 5.25 5.25
1996-Jan. 31 5.00-5.25 5.00
Feb. 3 5.00 5.00
1998-Oct. 15 4.75-5.00 4.75
16 4.75 4.75
Nov. 17 4.50-4.75 4.50
19 4.50 4.50
1999-Aug. 24 4.50-4.75 4.75
26 4.75 4.75
Nov. 16 4.75-5.00 4.75
18 5.00 5.00
2000-Feb. 2 5.00-5.25 5.25
4 5.25 5.25
Mar. 21 5.25-5.50 5.50
23 5.50 5.50
May 16 5.50-6.00 5.50
19 6.00 6.00
2001-Jan. 3 5.75-6.00 5.75
4 5.50-5.75 5.50
5 5.50 5.50
31 5.00-5.50 5.00
Feb. 1 5.00 5.00
Mar. 20 4.50-5.00 4.50
21 4.50 4.50
Apr. 18 4.00-4.50 4.00
20 4.00 4.00
2001-May 15 3.50-4.00 3.50
17 3.50 3.50
2001-June 27 3.25-3.50 3.25
29 3.25 3.25
Aug. 21 3.00-3.25 3.00
23 3.00 3.00
Sept. 17 2.50-3.00 2.50
18 2.50 2.50
Oct. 2 2.00-2.50 2.00
4 2.00 2.00
Nov. 6 1.50-2.00 1.50
8 1.50 1.50
Dec. 11 1.25-1.50 1.25
13 1.25 1.25
2002-Nov. 6 0.75-1.25 0.75
7 0.75 0.75
In effect Jan. 8, 2003 0.75 0.75
(end of program)
(1.) Available for very short terms as a backup source of liquidity
to depository institutions that are in generally sound financial
condition in the judgment of the lending Federal Reserve Bank.
(2.) Available in appropriate circumstances to depository
institutions that do not qualify for primary credit.
(3.) Available to help relatively small depository institutions
meet regular seasonal needs for funds that arise from a clear
pattern of intrayearly movements in their deposits and loans and
that cannot be met through special industry lenders. The discount
rate on seasonal credit takes into account rates charged by market
sources of funds and ordinarily is reestablished on the first
business day of each two-week reserve maintenance period.
(4.) Was available until January 8, 2003, to help depository
institutions meet temporary needs for funds that could not be
met through reasonable alternative sources. For earlier data,
see the following publications of the Board of Governors:
Banking and Monetary Statistics, 1914-1941, and 1941-1970; and
the Statistical Digest, 1970-1979, 1980-1989, and 1990-1995.
See also the Board's Statistics: Releases and Historical Data
web pages (http://www.federalreserve.gov/releases/H15/data.htm).
1.15 RESERVE REQUIREMENTS OF DEPOSITORY INSTITUTIONS (1)
Requirement
Percentage of
Type of deposit deposits Effective date
Net transaction accounts (2)
1 $0 million-$6 million (3) 0 12/26/02
2 More than $6 million-$42.1
million (4) 3 12/26/02
3 More than $42.1 million (5) 10 12/26/02
4 Nonpersonal time deposits (6) 0 12/27/90
5 Eurocurrency liabilities (7) 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 hanks, 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.) 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 26, 2002, for depository
institutions that report weekly, and with the period beginning
January 16, 2003, for institutions that report quarterly, the
exemption was raised from $5.7 million to $6.0 million.
(4.) 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 26, 2002, for depository institutions that
report weekly, and with the period beginning January 16, 2003, for
institutions that report quarterly, the amount was increased from
$41.3 million to $42.1 million.
(5.) The reserve requirement was reduced from 12 percent to 10 percent
on April 2, 1992, for institutions that report weekly, and on
April 16, 1992, for institutions that report quarterly.
(6.) For institutions that report weekly, the reserve requirement on
nonpersonal time deposits with an original maturity of less than 1.5
years was reduced from 3 percent to 1.5 percent for the maintenance
period that began December 13, 1990, and to zero for the maintenance
period that began December 27, 1990. For institutions that report
quarterly, the reserve requirement on nonpersonal time deposits with
an original maturity of less than 1.5 years was reduced from 3
percent to zero on January 17, 1991.
The reserve requirement on nonpersonal time deposits with an original
maturity of 1.5 years or more has been zero since October 6, 1983.
(7.) 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 1.5 years (see note 5).
1.17 FEDERAL RESERVE OPEN MARKET TRANSACTIONS (1)
Millions of dollars
Type of transaction 2000 2001 2002
and maturity
U.S. TREASURY SECURITIES (2)
Outright transactions (excluding
matched transactions)
Treasury bills
1 Gross purchases 8,676 15,503 21,421
2 Gross sales 0 0 0
3 Exchanges 477,904 542,736 657,931
4 For new bills 477,904 542,736 657,931
5 Redemptions 24,522 10,095 0
Others within one year
6 Gross purchases 8,809 15,663 12,720
7 Gross sales 0 0 0
8 Maturity shifts 62,025 70,336 89,108
9 Exchanges -54,656 -72,004 -92,075
10 Redemptions 3,779 16,802 0
One to five years
11 Gross purchases 14,482 22,814 12,748
12 Gross sales 0 0 0
13 Maturity shifts -52,068 -45,211 -73,093
14 Exchanges 46,177 64,519 88,276
Five to ten years
15 Gross purchases 5,871 6,003 5,074
16 Gross sales 0 0 0
17 Maturity shifts -6,801 -21,063 -11,588
18 Exchanges 6,585 6,063 3,800
More than ten years
19 Gross purchases 5,833 8,531 2,280
20 Gross sales 0 0 0
21 Maturity shifts -3,155 -4,062 -4,427
22 Exchanges 1,894 1,423 0
All maturities
23 Gross purchases 43,670 68,513 54,242
24 Gross sales 0 0 0
25 Redemptions 28,301 26,897 0
Matched transactions
26 Gross purchases 4,415,905 4,722,667 4,981,624
27 Gross sales 4,397,835 4,724,743 4,958,437
Repurchase agreements
28 Gross purchases 0 0 0
29 Gross sales 0 0 0
Reverse repurchase agreements
30 Gross purchases 0 0 0
31 Gross sales 0 0 0
32 Net change in U.S. Treasury
securities 33,439 39,540 77,430
FEDERAL AGENCY OBLIGATIONS
Outright transactions
33 Gross purchases 0 0 0
34 Gross sales 0 0 0
35 Redemptions 51 120 0
Repurchase agreements
36 Gross purchases 0 0 0
37 Gross sales 0 0 0
38 Net change in federal agency
obligations -51 -120 0
TRIPARTY OBLIGATIONS
Repurchase agreements
39 Gross purchases 890,236 1,497,713 1,143,126
40 Gross sales 987,501 1,490,838 1,153,876
41 Net change in triparty obligations -97,265 6,875 -10,750
42 Total net change in System Open
Market Account -63,877 46,295 66,680
2002
Type of transaction
and maturity June July Aug.
U.S. TREASURY SECURITIES (2)
Outright transactions (excluding
matched transactions)
Treasury bills
1 Gross purchases 3,656 4,838 529
2 Gross sales 0 0 0
3 Exchanges 53,015 45,828 63,083
4 For new bills 53,015 45,828 63,083
5 Redemptions 0 0 0
Others within one year
6 Gross purchases 0 1,104 445
7 Gross sales 0 0 0
8 Maturity shifts 0 11,052 8,987
9 Exchanges 0 -14,183 -5,040
10 Redemptions 0 0 0
One to five years
11 Gross purchases 0 1,755 1,921
12 Gross sales 0 0 0
13 Maturity shifts 0 -11,052 -629
14 Exchanges 0 13,283 3,396
Five to ten years
15 Gross purchases 542 577 690
16 Gross sales 0 0 0
17 Maturity shifts 0 0 -6,714
18 Exchanges 0 900 1,645
More than ten years
19 Gross purchases 0 63 80
20 Gross sales 0 0 0
21 Maturity shifts 0 0 -1,645
22 Exchanges 0 0 0
All maturities
23 Gross purchases 4,198 8,336 3,665
24 Gross sales 0 0 0
25 Redemptions 0 0 0
Matched transactions
26 Gross purchases 447,555 513,400 495,729
27 Gross sales 448,330 511,902 497,031
Repurchase agreements
28 Gross purchases 0 0 0
29 Gross sales 0 0 0
Reverse repurchase agreements
30 Gross purchases 0 (r) 0 (r) 0 (r)
31 Gross sales 0 0 0
32 Net change in U.S. Treasury
securities 3,423 (r) 9,834 (r) 2,363 (r)
FEDERAL AGENCY OBLIGATIONS
Outright transactions
33 Gross purchases 0 0 0
34 Gross sales 0 0 0
35 Redemptions 0 0 0
Repurchase agreements
36 Gross purchases 0 0 0
37 Gross sales 0 0 0
38 Net change in federal agency
obligations 0 0 0
TRIPARTY OBLIGATIONS
Repurchase agreements
39 Gross purchases 98,850 68,750 84,000
40 Gross sales 94,850 81,250 80,500
41 Net change in triparty obligations 4,000 -12,500 3,500
42 Total net change in System Open
Market Account 7,423 -2,666 5,863
2002
Type of transaction
and maturity Sept. Oct.
U.S. TREASURY SECURITIES (2)
Outright transactions (excluding
matched transactions)
Treasury bills
1 Gross purchases 750 0
2 Gross sales 0 0
3 Exchanges 53,314 62,947
4 For new bills 53,314 62,947
5 Redemptions 0 0
Others within one year
6 Gross purchases 1,286 0
7 Gross sales 0 0
8 Maturity shifts 11,174 6,143
9 Exchanges -15,189 -5,435
10 Redemptions 0 0
One to five years
11 Gross purchases 0 0
12 Gross sales 0 0
13 Maturity shifts -11,174 -6,143
14 Exchanges 15,189 5,435
Five to ten years
15 Gross purchases 51 0
16 Gross sales 0 0
17 Maturity shifts 0 0
18 Exchanges 0 0
More than ten years
19 Gross purchases 0 0
20 Gross sales 0 0
21 Maturity shifts 0 0
22 Exchanges 0 0
All maturities
23 Gross purchases 2,087 0
24 Gross sales 0 0
25 Redemptions 0 0
Matched transactions
26 Gross purchases 449,250 429,029
27 Gross sales 449,986 425,399
Repurchase agreements
28 Gross purchases 0 0
29 Gross sales 0 0
Reverse repurchase agreements
30 Gross purchases 0 (r) 0 (r)
31 Gross sales 0 0
32 Net change in U.S. Treasury
securities 1,351 (r) 3,630 (r)
FEDERAL AGENCY OBLIGATIONS
Outright transactions
33 Gross purchases 0 0
34 Gross sales 0 0
35 Redemptions 0 0
Repurchase agreements
36 Gross purchases 0 0
37 Gross sales 0 0
38 Net change in federal agency
obligations 0 0
TRIPARTY OBLIGATIONS
Repurchase agreements
39 Gross purchases 93,500 72,000
40 Gross sales 94,750 77,250
41 Net change in triparty obligations -1,250 -5,250
42 Total net change in System Open
Market Account 101 -1,620
2002
Type of transaction
and maturity Nov. Dec.
U.S. TREASURY SECURITIES (2)
Outright transactions (excluding
matched transactions)
Treasury bills
1 Gross purchases 250 0
2 Gross sales 0 0
3 Exchanges 51,394 53,374
4 For new bills 51,394 53,374
5 Redemptions 0 0
Others within one year
6 Gross purchases 0 0
7 Gross sales 0 0
8 Maturity shifts 3,688 13,448
9 Exchanges -1,419 -12,059
10 Redemptions 0 0
One to five years
11 Gross purchases 0 339
12 Gross sales 0 0
13 Maturity shifts -2,380 -13,448
14 Exchanges 1,308 12,059
Five to ten years
15 Gross purchases 0 314
16 Gross sales 0 0
17 Maturity shifts 722 0
18 Exchanges 111 0
More than ten years
19 Gross purchases 0 0
20 Gross sales 0 0
21 Maturity shifts -2,030 0
22 Exchanges 0 0
All maturities
23 Gross purchases 250 653
24 Gross sales 0 0
25 Redemptions 0 0
Matched transactions
26 Gross purchases 378,381 195,565
27 Gross sales 377,535 175,820
Repurchase agreements
28 Gross purchases 0 0
29 Gross sales 0 0
Reverse repurchase agreements
30 Gross purchases 0 (r) 231,272
31 Gross sales 0 252,363
32 Net change in U.S. Treasury
securities 1,096 (r) -693
FEDERAL AGENCY OBLIGATIONS
Outright transactions
33 Gross purchases 0 0
34 Gross sales 0 0
35 Redemptions 0 0
Repurchase agreements
36 Gross purchases 0 0
37 Gross sales 0 0
38 Net change in federal agency
obligations 0 0
TRIPARTY OBLIGATIONS
Repurchase agreements
39 Gross purchases 113,501 112,750
40 Gross sales 101,501 101,750
41 Net change in triparty obligations 12,000 11,000
42 Total net change in System Open
Market Account 13,096 10,307
(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. Transactions include the rollover of inflation
compensation into new securities.
1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve Note
Statements (1)
Millions of dollars
Wednesday
Account 2003
Jan. 1 Jan. 8 Jan. 15
ASSETS
1 Gold certificate account 11,039 11,039 11,039
2 Special drawing rights certificate
account 2,200 2,200 2,200
3 Coin 988 996 1,043
4 Securities, repurchase agreements,
and loans 668,956 663,184 659,431
5 Securities held outright 629,416 629,416 629,416
6 U.S. Treasury (2) 629,406 629,406 629,406
7 Bills (3) 226,682 226,682 226,682
8 Notes and bonds, nominal (3) 389,219 389,219 389,219
9 Notes and bonds, inflation-
indexed (5) 12,242 12,242 12,242
10 Inflation compensation (4) 1,263 1,263 1,263
11 Federal agency (3) 10 10 10
12 Repurchase agreements (5) 39,500 33,750 30,000
13 Loans 40 18 15
14 Items in process of collection 10,291 8,353 8,155
15 Bank premises 1,543 1,541 1,542
16 Other assets 37,031 37,483 37,688
17 Denominated in foreign
currencies (6) 16,913 16,847 17,060
18 All other (7) 20,118 20,636 20,629
19 Total assets 732,048 724,796 721,098
LIABILITIES
20 Federal Reserve notes, net of F.R.
Bank holdings 654,272 647,070 642,887
21 Reverse repurchase agreements (8) 21,091 18,709 17,813
22 Deposits 28,249 31,135 32,648
23 Depository institutions 22,541 25,196 26,991
24 U.S. Treasury, general account 4,420 5,490 5,192
25 Foreign official 136 99 253
26 Other 1,152 350 213
27 Deferred availability cash items 9,459 8,499 8,119
28 Other liabilities and accrued
dividends (9) 2,217 2,222 2,235
29 Total liabilities 715,288 707,635 703,702
CAPITAL ACCOUNTS
30 Capital paid in 8,380 8,386 8,389
31 Surplus 8,380 8,348 8,478
32 Other capital accounts 0 426 528
33 Total capital 16,760 17,161 17,395
MEMO
34 Marketable securities held in
custody for foreign official
and international
accounts (3,10) 855,053 859,867 859,411
35 U.S. Treasury 690,003 695,437 692,999
36 Federal agency 165,050 164,430 166,412
Federal Reserve note and
collateral statement
37 Federal Reserve notes, net of F.R.
Bank holdings 654,272 647,070 642,887
38 Collateral held against Federal
Reserve notes 654,272 647,070 642,887
39 Gold certificate account 11,039 11,039 11,039
40 Special drawing rights
certificate account 2,200 2,200 2,200
41 U.S. Treasury and agency
securities pledged (11) 641,034 633,832 629,649
42 Other eligible assets 0 0 0
MEMO
43 Total U.S. Treasury and agency
securities (11) 668,916 663,166 659,416
44 Less: face value of securities
under reverse repurchase
agreements (12) 21,098 18,715 17,818
45 U.S. Treasury and agency securities
eligible to be pledged 647,818 644,451 641,598
Wednesday
Account 2003
Jan. 22 Jan. 29
ASSETS
1 Gold certificate account 11,039 11,039
2 Special drawing rights certificate
account 2,200 2,200
3 Coin 1,085 1,111
4 Securities, repurchase agreements,
and loans 666,179 649,927
5 Securities held outright 629,416 629,416
6 U.S. Treasury (2) 629,406 629,406
7 Bills (3) 226,682 226,682
8 Notes and bonds, nominal (3) 389,219 389,219
9 Notes and bonds, inflation-
indexed (5) 12,242 12,242
10 Inflation compensation (4) 1,263 1,263
11 Federal agency (3) 10 10
12 Repurchase agreements (5) 36,750 20,500
13 Loans 13 11
14 Items in process of collection 16,652 9,250
15 Bank premises 1,541 1,543
16 Other assets 38,273 38747
17 Denominated in foreign
currencies (6) 17,180 17,299
18 All other (7) 21,094 21,448
19 Total assets 736,969 713,818
LIABILITIES
20 Federal Reserve notes, net of F.R.
Bank holdings 643,281 642604
21 Reverse repurchase agreements (8) 18,523 18,466
22 Deposits 44,098 25,671
23 Depository institutions 37,629 18,327
24 U.S. Treasury, general account 6,119 7,030
25 Foreign official 122 100
26 Other 228 214
27 Deferred availability cash items 11,519 7,503
28 Other liabilities and accrued
dividends (9) 2,213 2,242
29 Total liabilities 719,634 696,486
CAPITAL ACCOUNTS
30 Capital paid in 8,390 8,399
31 Surplus 8,380 8,380
32 Other capital accounts 565 552
33 Total capital 17,335 17,332
MEMO
34 Marketable securities held in
custody for foreign official
and international
accounts (3,10) 859,073 858,621
35 U.S. Treasury 691,275 687,352
36 Federal agency 167,798 171,269
Federal Reserve note
and collateral
statement
37 Federal Reserve notes, net of F.R.
Bank holdings 643,281 642,604
38 Collateral held against Federal
Reserve notes 643,281 642,604
39 Gold certificate account 11,039 11,039
40 Special drawing rights
certificate account 2,200 2,200
41 U.S. Treasury and agency
securities pledged (11) 630,042 629,365
42 Other eligible assets 0 0
MEMO
43 Total U.S. Treasury and agency
securities (11) 666,166 649,916
44 Less: face value of securities
under reverse repurchase
agreements (12) 18,528 18,472
45 U.S. Treasury and agency securities
eligible to be pledged 647,638 631,445
End of month
Account 2002 2003
Nov. (r) Dec. (r) Jan.
ASSETS
1 Gold certificate account 11,039 11,039 11,039
2 Special drawing rights certificate
account 2,200 2,200 2,200
3 Coin 1,051 988 1,148
4 Securities, repurchase agreements,
and loans 637,554 668,956 654,173
5 Securities held outright 608,995 629,416 629,416
6 U.S. Treasury (2) 608,985 629,406 629,406
7 Bills (3) 206,937 226,682 226,682
8 Notes and bonds, nominal (3) 388,566 389,219 389,219
9 Notes and bonds, inflation-
indexed (5) 12,242 12,242 12,242
10 Inflation compensation (4) 1,239 1,263 1,263
11 Federal agency (3) 10 10 10
12 Repurchase agreements (5) 28,500 39,500 24,750
13 Loans 59 40 7
14 Items in process of collection 5,147 10,291 9,038
15 Bank premises 1,529 1,543 1,540
16 Other assets 35,501 37,031 38,225
17 Denominated in foreign
currencies (6) 16,161 16,913 17,075
18 All other (7) 19,340 20,118 21,151
19 Total assets 694,021 732,048 717,363
LIABILITIES
20 Federal Reserve notes, net of F.R.
Bank holdings 640,806 654,272 641,644
21 Reverse repurchase agreements (8) n.a. 21,091 18,370
22 Deposits 28,236 28,249 31,982
23 Depository institutions 22,978 22,541 26,147
24 U.S. Treasury, general account 4,928 4,420 5,509
25 Foreign official 78 136 102
26 Other 253 1,152 223
27 Deferred availability cash items 5,364 9,459 5,890
28 Other liabilities and accrued
dividends (9) 2,443 2,217 2,267
29 Total liabilities 676,848 715,288 700,152
CAPITAL ACCOUNTS
30 Capital paid in 8,349 8,380 8,400
31 Surplus 7,312 8,380 8,380
32 Other capital accounts 1,513 0 431
33 Total capital 17,173 16,760 17,211
MEMO
34 Marketable securities held in
custody for foreign official
and international
accounts (3,10) 832,089 855,053 863,815
35 U.S. Treasury 679,885 690,003 694,983
36 Federal agency 152,203 165,050 168,832
Federal Reserve note and
collateral statement
37 Federal Reserve notes, net of F.R.
Bank holdings 640,806 654,272 641,644
38 Collateral held against Federal
Reserve notes 640,806 654,272 641,644
39 Gold certificate account 11,038 11,039 11,039
40 Special drawing rights
certificate account 2,200 2,200 2,200
41 U.S. Treasury and agency
securities pledged (11) 627,567 641,034 628,405
42 Other eligible assets 0 0 0
MEMO
43 Total U.S. Treasury and agency
securities (11) 637,495 668,916 654,166
44 Less: face value of securities
under reverse repurchase
agreements (12) n.a. 21,098 18,379
45 U.S. Treasury and agency securities
eligible to be pledged 637,495 647,818 635,787
(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 lent to dealers, which are fully
collateralized by other U.S. Treasury securities.
(3.) Face value of the securities.
(4.) Compensation that adjusts for the effect of inflation
on the original face value of inflation-indexed securities.
(5.) Cash value of agreements, which are fully collateralized
by U.S. Treasury and federal agency securities.
(6.) Valued daily at market exchange rates.
(7.) Includes special investment account at the Federal
Reserve Bank of Chicago in Treasury bills maturing within
ninety days.
(8.) Cash value of agreements, which are fully collateralized
by U.S. Treasury securities. The Federal Reserve Banks began
using these agreements on December 13, 2002.
(9.) Includes exchange-translation account reflecting the
daily revaluation at market exchange rates of foreign
exchange commitments.
(10.) Includes U.S. Treasury STRIPS and other zero coupon
bonds at face value.
(11.) Includes face value of U.S. Treasury and agency
securities held outright, compensation to adjust for the
effect of inflation on the original face value of
inflation-indexed securities, and cash value of repurchase
agreements.
(12.) Face value of agreements, which are fully collateralized
by U.S. Treasury securities. The Federal Reserve Banks began
using these agreements on December 13, 2002.
1.19 FEDERAL RESERVE BANKS Maturity Distribution
of Loan and Security Holding
Millions of dollars
Wednesday
Type of holding and maturity 2003
Jan. 1 Jan. 8 Jan. 15
1 Total loans 40 18 15
2 Within fifteen days (1) 35 8 6
3 Sixteen days to ninety days 5 10 9
4 91 days to 1 year 0 0 0
5 Total U.S. Treasury securities (2) 629,406 629,406 629,406
6 Within fifteen days (1) 27,444 42,439 43,631
7 Sixteen days to ninety days 154,225 138,513 136,918
8 Ninety-one days to one year 141,840 142,557 142,959
9 One year to five years 172,758 172,758 174,818
10 Five years to ten years 53,300 53,300 51,240
11 More than ten years 79,840 79,840 79,840
12 Total federal agency obligations 10 10 10
13 Within fifteen days (1) 0 0 0
14 Sixteen days to ninety days 0 0 0
15 Ninety-one days to one year 10 10 10
16 One year to five years 0 0 0
17 Five years to ten years 0 0 0
18 More than ten years 0 0 0
Wednesday
Type of holding and maturity 2003
Jan. 22 Jan. 29
1 Total loans 13 11
2 Within fifteen days (1) 13 11
3 Sixteen days to ninety days 0 0
4 91 days to 1 year 0 0
5 Total U.S. Treasury securities (2) 629,406 629,406
6 Within fifteen days (1) 50,618 49,592
7 Sixteen days to ninety days 129,676 130,709
8 Ninety-one days to one year 143,215 143,207
9 One year to five years 174,818 174,818
10 Five years to ten years 51,240 51,240
11 More than ten years 79,840 79,840
12 Total federal agency obligations 10 10
13 Within fifteen days (1) 0 0
14 Sixteen days to ninety days 0 0
15 Ninety-one days to one year 10 10
16 One year to five years 0 0
17 Five years to ten years 0 0
18 More than ten years 0 0
End of month
Type of holding and maturity 2002 2003
Nov. Dec. Jan.
1 Total loans 59 40 7
2 Within fifteen days (1) 44 35 6
3 Sixteen days to ninety days 15 5 1
4 91 days to 1 year 0 0 0
5 Total U.S. Treasury securities (2) 608,985 629,406 629,406
6 Within fifteen days (1) 12,306 27,444 32,974
7 Sixteen days to ninety days 147,874 154,225 147,674
8 Ninety-one days to one year 142,194 141,840 142,243
9 One year to five years 173,805 172,758 175,436
10 Five years to ten years 52,975 53,300 51,240
11 More than ten years 79,830 79,840 79,840
12 Total federal agency obligations 10 10 10
13 Within fifteen days (1) 0 0 0
14 Sixteen days to ninety days 0 0 0
15 Ninety-one days to one year 0 10 10
16 One year to five years 10 0 0
17 Five years to ten years 0 0 0
18 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
1999 2000 2001
Item Dec. (r) Dec. (r) Dec. (r)
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (2)
1 Total reserves (3) 41.81 38.54 41.24
2 Nonborrowed reserves (4) 41.49 38.33 41.18
3 Required reserves 40.51 37.11 39.60
4 Monetary base (5) 593.14 584.72 635.56
Not seasonally adjusted
5 Total reserves (6) 41.89 38.53 41.20
6 Nonborrowed reserves 41.57 38.32 41.13
7 Required reserves (7) 40.59 37.10 39.55
8 Monetary base (8) 600.72 590.06 639.91
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (9)
9 Total reserves (10) 41.65 38.47 41.08
10 Nonborrowed reserves 41.33 38.26 41.01
11 Required reserves 40.36 37.05 39.43
12 Monetary base (11) 608.02 596.98 648.74
13 Excess reserves (12) 1.30 1.43 1.65
14 Borrowings from the Federal Reserve .32 .21 .07
2002 2002
Item Dec. (r) June (r) July (r)
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (2)
1 Total reserves (3) 40.12 39.47 39.67
2 Nonborrowed reserves (4) 40.04 39.33 39.48
3 Required reserves 38.12 38.23 38.30
4 Monetary base (5) 681.77 662.37 666.91
Not seasonally adjusted
5 Total reserves (6) 40.03 38.54 39.32
6 Nonborrowed reserves 39.95 38.40 39.13
7 Required reserves (7) 38.03 37.30 37.94
8 Monetary base (8) 686.17 662.87 668.75
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (9)
9 Total reserves (10) 40.17 38.62 39.41
10 Nonborrowed reserves 40.09 38.47 39.22
11 Required reserves 38.18 37.38 38.04
12 Monetary base (11) 697.09 673.01 678.98
13 Excess reserves (12) 2.00 1.24 1.37
14 Borrowings from the Federal Reserve .08 .14 .19
2002
Item Aug. (r) Sept. (r) Oct. (r)
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (2)
1 Total reserves (3) 39.98 39.25 39.18
2 Nonborrowed reserves (4) 39.64 39.02 39.04
3 Required reserves 38.34 37.78 37.63
4 Monetary base (5) 669.93 671.45 674.30
Not seasonally adjusted
5 Total reserves (6) 39.74 38.78 38.54
6 Nonborrowed reserves 39.41 38.55 38.40
7 Required reserves (7) 38.10 37.31 36.99
8 Monetary base (8) 669.31 669.71 671.48
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (9)
9 Total reserves (10) 39.85 38.91 38.69
10 Nonborrowed reserves 39.52 38.68 38.54
11 Required reserves 38.22 37.43 37.13
12 Monetary base (11) 679.55 679.96 681.83
13 Excess reserves (12) 1.64 1.48 1.55
14 Borrowings from the Federal Reserve .33 .23 .14
2002 2003
Item Nov. (r) Dec. (r) Jan.
Seasonally adjusted
ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (2)
1 Total reserves (3) 39.69 40.12 40.61
2 Nonborrowed reserves (4) 39.41 40.04 40.58
3 Required reserves 38.07 38.12 38.95
4 Monetary base (5) 677.52 681.77 685.62
Not seasonally adjusted
5 Total reserves (6) 38.98 40.03 42.73
6 Nonborrowed reserves 38.71 39.95 42.70
7 Required reserves (7) 37.37 38.03 41.07
8 Monetary base (8) 676.66 686.17 688.30
NOT ADJUSTED FOR
CHANGES IN RESERVE REQUIREMENTS (9)
9 Total reserves (10) 39.14 40.17 42.74
10 Nonborrowed reserves 38.87 40.09 42.72
11 Required reserves 37.53 38.18 41.08
12 Monetary base (11) 687.23 697.09 699.21
13 Excess reserves (12) 1.62 2.00 1.66
14 Borrowings from the Federal Reserve .27 .08 .03
(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.) 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.
(6.) Break-adjusted total reserves equal break-adjusted
required reserves (line 9) plus excess reserves (line 16).
(7.) 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).
(8.) 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.
(9.) 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.
(10.) Reserve balances with Federal Reserve Banks plus vault
cash used to satisfy reserve requirements.
(11.) The monetary base, not break-adjusted and not seasonally
adjusted, consists of(l)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.
(12.) Unadjusted total reserves (line 11) less unadjusted
required reserves (line 14).
1.21 MONEY STOCK MEASURES (1)
Billions of dollars, averages of daily figures
1999 2000 2001 2002
Item Dec. Dec. Dec. Dec.
Seasonally adjusted
Measures (2)
1 M1 1,121.9 1,084.9 1,173.4 1,210.5
2 M2 4,648.0 4,926.9 5,440.6 5,796.5
3 M3 6,528.6 7,090.5 7,993.5 8,510.7
MI components
4 Currency (3) 517.5 531.0 581.4 626.7
5 Travelers checks (4) 8.3 8.0 7.8 7.5
6 Demand deposits (5) 352.2 306.7 325.6 296.4
7 Other checkable deposits (6) 244.0 239.2 258.8 279.9
Nontransaction components
8 In M2 (7) 3,526.0 3,842.0 4,267.1 4,586.0
9 In M3 only (8) 1,880.6 2,163.6 2,552.9 2,714.2
Commercial banks
10 Savings deposits, including
MMDAs 1,288.8 1,422.3 1,734.5 2,047.4
11 Small time deposits (9) 634.7 698.8 634.2 583.6
12 Large time deposits (10,11) 650.2 717.4 670.8 683.2
Thrift institutions
13 Savings deposits, including
MMDAs 449.6 451.7 569.0 710.3
14 Small time deposits (9) 320.3 344.4 338.7 300.4
15 Large time deposits (10) 91.0 102.9 114.9 116.7
Money market mutual funds
16 Retail 832.7 924.8 990.7 944.3
17 Institution-only 634.4 788.2 1,189.7 1,233.0
Repurchase agreements
and euro dollars
18 Repurchase agreements (12) 335.7 363.5 375.0 468.6
19 Eurodollars (12) 169.2 191.5 202.5 212.6
Not seasonally adjusted
Measures (2)
20 M1 1,148.3 1,112.3 1,203.5 1,240.4
21 M2 4,675.0 4,962.3 5,483.5 5,845.8
22 M3 6,571.1 7,145.0 8,065.2 8,588.2
MI components
23 Currency (3) 521.5 535.2 584.9 629.9
24 Travelers checks (4) 8.4 8.1 7.9 7.7
25 Demand deposits (5) 371.8 326.5 347.6 316.8
26 Other checkable deposits (6) 246.6 242.5 263.2 286.0
Nontransaction components
27 In M2 (7) 3,526.7 3,849.9 4,280.0 4,605.4
28 In M3 only (8) 1,896.2 2,182.8 2,581.7 2,742.4
Commercial banks
29 Savings deposits, including
MMDAs 1,288.8 1,426.9 1,742.3 2,059.9
30 Small time deposits (9) 635.7 700.0 635.2 584.3
31 Large time deposits (10,11) 651.7 717.6 669.7 681.6
Thrift institutions
32 Savings deposits, including
MMDAs 449.6 453.1 571.5 714.7
33 Small time deposits (9) 320.8 345.0 339.2 300.7
34 Large time deposits (10) 91.2 103.0 114.7 116.4
Money market mutual funds
35 Retail 832.0 925.0 991.8 945.8
36 Institution-only 648.2 805.6 1,217.7 1,260.8
Repurchase agreements
and eurodollars
37 Repurchase agreements (12) 334.7 364.2 376.5 470.4
38 Eurodollars (12) 170.4 192.4 203.0 213.2
2002 2003
Item Oct. (r) Nov. (r) Dec. (r) Jan.
Seasonally adjusted
Measures (2)
1 M1 1,203.6 1,202.7 1,210.5 1,212.3
2 M2 5,742.4 5,781.3 5,796.5 5,825.8
3 M3 8,338.9 8,458.3 8,510.7 8,505.2
MI components
4 Currency (3) 620.4 623.0 626.7 630.2
5 Travelers checks (4) 7.7 7.5 7.5 7.6
6 Demand deposits (5) 299.3 294.0 296.4 295.4
7 Other checkable deposits (6) 276.2 278.3 279.9 279.1
Nontransaction components
8 In M2 (7) 4,538.8 4,578.6 4,586.0 4,613.5
9 In M3 only (8) 2,596.5 2,677.0 2,714.2 2,679.4
Commercial banks
10 Savings deposits, including
MMDAs 2,006.4 2,041.3 2,047.4 2,079.1
11 Small time deposits (9) 591.6 588.0 583.6 579.7
12 Large time deposits (10,11) 710.2 702.3 683.2 691.4
Thrift institutions
13 Savings deposits, including
MMDAs 689.7 697.7 710.3 722.9
14 Small time deposits (9) 302.1 301.0 300.4 299.1
15 Large time deposits (10) 113.6 115.2 116.7 118.0
Money market mutual funds
16 Retail 949.1 950.6 944.3 932.8
17 Institution-only 1,142.4 1,207.8 1,233.0 1,196.7
Repurchase agreements
and euro dollars
18 Repurchase agreements (12) 420.7 440.1 468.6 459.3
19 Eurodollars (12) 209.5 211.6 212.6 214.0
Not seasonally adjusted
Measures (2)
20 M1 1,193.3 1,201.4 1,240.4 1,219.3
21 M2 5,721.6 5,795.8 5,845.8 5,834.8
22 M3 8,282.3 8,474.0 8,588.2 8,549.2
MI components
23 Currency (3) 617.8 622.6 629.9 628.1
24 Travelers checks (4) 7.7 7.6 7.7 7.7
25 Demand deposits (5) 294.9 296.1 316.8 300.1
26 Other checkable deposits (6) 272.8 275.1 286.0 283.4
Nontransaction components
27 In M2 (7) 4,528.3 4,594.4 4,605.4 4,615.5
28 In M3 only (8) 2,560.7 2,678.3 2,742.4 2,714.4
Commercial banks
29 Savings deposits, including
MMDAs 2,002.0 2,054.5 2,059.9 2,074.4
30 Small time deposits (9) 592.5 589.4 584.3 579.8
31 Large time deposits (10,11) 712.4 704.5 681.6 685.7
Thrift institutions
32 Savings deposits, including
MMDAs 688.2 702.2 714.7 721.3
33 Small time deposits (9) 302.6 301.7 300.7 299.1
34 Large time deposits (10) 113.9 115.5 116.4 117.0
Money market mutual funds
35 Retail 943.0 946.6 945.8 940.8
36 Institution-only 1,119.4 1,211.8 1,260.8 1,234.0
Repurchase agreements
and eurodollars
37 Repurchase agreements (12) 408.6 435.5 470.4 462.8
38 Eurodollars (12) 206.2 211.0 213.2 214.8
(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 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.
(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 (1) 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 BANK IN THE UNITED STATES Assets and Liabilities (1)
A. All commercial banks
Billions of dollars
Monthly averages
Account 2002 2002
Jan. July
Seasonally adjusted
Assets
1 Bank credit 5,428.7 5,591.2 (r)
2 Securities in bank credit 1,491.0 1,594.6
3 U.S. government securities 839.2 918.9
4 Other securities 651.8 675.8
5 Loans and leases in bank credit (2) 3,937.8 3,996.6 (r)
6 Commercial and industrial 1,022.2 981.7 (r)
7 Real estate 1,781.0 1,869.1 (r)
8 Revolving home equity 158.7 192.9
9 Other 1,622.4 (r) 1,676.2 (r)
10 Consumer 560.9 564.6 (r)
11 Security (3) 152.0 178.1
12 Other loans and leases 421.7 403.0
13 Interbank loans 293.7 288.6
14 Cash assets (4) 299.4 309.4
15 Other assets (5) 487.7 484.0
16 Total assets (6) 6,434.3 6,597.9 (r)
Liabilities
17 Deposits 4,253.7 4,414.0
18 Transaction 635.8 612.2
19 Nontransaction 3,617.9 3,801.8
20 Large time 996.8 1,048.1
21 Other 2,621.1 2,753.7
22 Borrowings 1,233.5 1,231.7
23 From banks in the U.S. 399.3 386.1
24 From others 834.2 845.6
25 Net due to related foreign offices 124.4 99.2
26 Other liabilities 344.3 408.0
27 Total liabilities 5,956.0 6,152.9
28 Residual (assets less liabilities) (7) 478.3 445.0 (r)
Not seasonally adjusted
Assets
29 Bank credit 5,446.1 5,564.5 (r)
30 Securities in bank credit 1,499.0 1,580.5
31 U.S. government securities 844.3 910.6
32 Other securities 654.6 669.9
33 Loans and leases in bank credit (2) 3,947.2 3,984.0 (r)
34 Commercial and industrial 1,017.7 (r) 980.7 (r)
35 Real estate 1,780.2 1,868.5
36 Revolving home equity 158.4 192.7
37 Other 1,621.8 (r) 1,675.7 (r)
38 Consumer 568.7 558.8 (r)
39 Credit cards and related plans 228.0 215.3
40 Other 340.6 343.5 (r)
41 Security (3) 156.0 173.5
42 Other loans and leases 424.5 402.6
43 Interbank loans 291.8 282.8
44 Cash assets (4) 312.3 300.2
45 Other assets (5) 489.3 482.8
46 Total assets (6) 6,464.5 6,555.1 (r)
Liabilities
47 Deposits 4,279.6 4,384.9
48 Transaction 648.9 604.7
49 Nontransaction 3,630.7 3,780.1
50 Large time 1,009.5 1,037.1
51 Other 2,621.2 2,743.0
52 Borrowings 1,246.9 1,221.7
53 From banks in the U.S. 404.3 382.1
54 From others 842.6 839.7
55 Net due to related foreign offices 131.8 90.0
56 Other liabilities 350.2 399.1
57 Total liabilities 6,008.5 6,095.7
58 Residual (assets less liabilities) (7) 455.9 459.4 (r)
Monthly averages
Account 2002
Aug. Sept.
Seasonally adjusted
Assets
1 Bank credit 5,672.8 (r) 5,730.1 (r)
2 Securities in bank credit 1,632.9 1,643.5
3 U.S. government securities 946.3 963.0 (r)
4 Other securities 686.6 680.5 (r)
5 Loans and leases in bank credit (2) 4,039.9 (r) 4,086.6 (r)
6 Commercial and industrial 981.6 (r) 974.9 (r)
7 Real estate 1,900.6 (r) 1,935.0
8 Revolving home equity 197.7 200.9
9 Other 1,702.9 (r) 1,734.1 (r)
10 Consumer 574.7 (r) 582.7 (r)
11 Security (3) 176.7 181.4
12 Other loans and leases 406.3 412.6
13 Interbank loans 305.6 318.3
14 Cash assets (4) 318.1 317.2
15 Other assets (5) 499.5 498.7
16 Total assets (6) 6,721.0 (r) 6,789.2 (r)
Liabilities
17 Deposits 4,460.5 4,473.4
18 Transaction 599.1 584.0
19 Nontransaction 3,861.4 3,889.4
20 Large time 1,049.2 1,043.3 (r)
21 Other 2,812.2 2,846.2
22 Borrowings 1,292.7 1,322.2
23 From banks in the U.S. 405.0 416.3
24 From others 887.7 905.9
25 Net due to related foreign offices 94.1 100.3
26 Other liabilities 430.4 435.4
27 Total liabilities 6,277.7 6,331.4
28 Residual (assets less liabilities) (7) 443.3 (r) 457.8 (r)
Not seasonally adjusted
Assets
29 Bank credit 5,650.4 (r) 5,723.2 (r)
30 Securities in bank credit 1,624.3 1,639.7
31 U.S. government securities 940.0 959.5 (r)
32 Other securities 684.3 680.3
33 Loans and leases in bank credit (2) 4,026.1 (r) 4,083.5 (r)
34 Commercial and industrial 976.1 (r) 972.8 (r)
35 Real estate 1,901.7 (r) 1,937.1 (r)
36 Revolving home equity 197.8 201.9
37 Other 1,703.9 (r) 1,735.2 (r)
38 Consumer 571.2 (r) 582.2 (r)
39 Credit cards and related plans 224.4 231.2
40 Other 346.8 (r) 351.0 (r)
41 Security (3) 172.2 179.6
42 Other loans and leases 404.9 411.8
43 Interbank loans 299.2 310.5
44 Cash assets (4) 303.8 314.1
45 Other assets (5) 496.8 501.2
46 Total assets (6) 6,675.0 (r) 6,773.7 (r)
Liabilities
47 Deposits 4,413.7 4,441.4
48 Transaction 583.8 577.8
49 Nontransaction 3,829.9 3,863.6
50 Large time 1,033.5 1,028.7 (r)
51 Other 2,796.4 2,834.9
52 Borrowings 1,272.6 1,319.6
53 From banks in the U.S. 399.8 409.5
54 From others 872.8 910.2 (r)
55 Net due to related foreign offices 91.1 100.9
56 Other liabilities 427.6 435.5
57 Total liabilities 6,205.0 6,297.5
58 Residual (assets less liabilities) (7) 470.0 (r) 476.2 (r)
Monthly averages
Account 2002
Oct. (r) Nov. (r)
Seasonally adjusted
Assets
1 Bank credit 5,759.5 5,837.2
2 Securities in bank credit 1,643.2 1,688.1
3 U.S. government securities 972.4 1,001.4
4 Other securities 670.8 686.7
5 Loans and leases in bank credit (2) 4,116.3 4,149.1
6 Commercial and industrial 969.7 967.3
7 Real estate 1,967.4 2,000.0
8 Revolving home equity 204.9 207.8
9 Other 1,762.6 1,792.2
10 Consumer 584.7 585.4
11 Security (3) 183.1 186.7
12 Other loans and leases 411.3 409.7
13 Interbank loans 326.8 328.3
14 Cash assets (4) 318.7 315.0
15 Other assets (5) 512.0 517.9
16 Total assets (6) 6,841.6 6,922.7
Liabilities
17 Deposits 4,482.9 4,500.1
18 Transaction 611.4 606.2
19 Nontransaction 3,871.5 3,894.0
20 Large time 1,020.0 1,002.4
21 Other 2,851.5 2,891.5
22 Borrowings 1,332.7 1,364.5
23 From banks in the U.S. 415.1 420.8
24 From others 917.6 943.7
25 Net due to related foreign offices 119.4 122.3
26 Other liabilities 440.0 444.4
27 Total liabilities 6,375.0 6,431.4
28 Residual (assets less liabilities) (7) 466.5 491.3
Not seasonally adjusted
Assets
29 Bank credit 5,763.5 5,853.8
30 Securities in bank credit 1,642.6 1,692.4
31 U.S. government securities 968.6 1,002.3
32 Other securities 673.9 690.1
33 Loans and leases in bank credit (2) 4,121.0 4,161.4
34 Commercial and industrial 971.0 968.5
35 Real estate 1,969.6 2,005.1
36 Revolving home equity 205.5 208.5
37 Other 1,764.1 1,796.6
38 Consumer 585.3 588.0
39 Credit cards and related plans 232.2 232.0
40 Other 353.0 356.0
41 Security (3) 185.5 190.3
42 Other loans and leases 409.6 409.5
43 Interbank loans 321.4 332.2
44 Cash assets (4) 321.1 325.0
45 Other assets (5) 510.7 519.1
46 Total assets (6) 6,841.6 6,954.2
Liabilities
47 Deposits 4,467.8 4,520.0
48 Transaction 606.2 611.8
49 Nontransaction 3,861.6 3,908.2
50 Large time 1,013.8 1,009.4
51 Other 2,847.7 2,898.8
52 Borrowings 1,334.6 1,367.7
53 From banks in the U.S. 413.3 418.0
54 From others 921.3 949.7
55 Net due to related foreign offices 118.8 126.0
56 Other liabilities 440.1 450.1
57 Total liabilities 6,361.3 6,463.7
58 Residual (assets less liabilities) (7) 480.3 490.5
Monthly averages
Account 2002 2003
Dec. (r) Jan.
Seasonally adjusted
Assets
1 Bank credit 5,885.9 5,892.2
2 Securities in bank credit 1,714.7 1,722.2
3 U.S. government securities 1,012.2 1,013.1
4 Other securities 702.4 709.1
5 Loans and leases in bank credit (2) 4,171.2 4,170.0
6 Commercial and industrial 965.0 960.6
7 Real estate 2,020.5 2,038.4
8 Revolving home equity 212.4 216.9
9 Other 1,808.1 1,821.5
10 Consumer 586.8 592.7
11 Security (3) 191.6 176.8
12 Other loans and leases 407.3 401.5
13 Interbank loans 331.5 309.3
14 Cash assets (4) 317.8 314.4
15 Other assets (5) 517.7 517.0
16 Total assets (6) 6,977.0 6,956.1
Liabilities
17 Deposits 4,484.1 4,503.4
18 Transaction 613.9 606.1
19 Nontransaction 3,870.2 3,897.3
20 Large time 978.5 988.2
21 Other 2,891.8 2,909.1
22 Borrowings 1,396.3 1,334.3
23 From banks in the U.S. 416.0 378.5
24 From others 980.3 955.8
25 Net due to related foreign offices 150.3 151.4
26 Other liabilities 453.8 460.3
27 Total liabilities 6,484.5 6,449.4
28 Residual (assets less liabilities) (7) 492.5 506.7
Not seasonally adjusted
Assets
29 Bank credit 5,922.7 5,912.0
30 Securities in bank credit 1,723.7 1,732.2
31 U.S. government securities 1,017.9 1,019.5
32 Other securities 705.7 712.7
33 Loans and leases in bank credit (2) 4,199.0 4,179.8
34 Commercial and industrial 964.8 956.4
35 Real estate 2,025.3 2,037.5
36 Revolving home equity 212.6 216.6
37 Other 1,812.7 1,820.9
38 Consumer 596.9 601.1
39 Credit cards and related plans 239.2 236.4
40 Other 357.7 364.7
41 Security (3) 200.5 182.5
42 Other loans and leases 411.6 402.3
43 Interbank loans 338.4 307.1
44 Cash assets (4) 338.4 328.0
45 Other assets (5) 521.1 519.0
46 Total assets (6) 7,044.7 6,989.4
Liabilities
47 Deposits 4,533.8 4,527.8
48 Transaction 641.4 618.5
49 Nontransaction 3,892.4 3,909.3
50 Large time 992.4 1,000.2
51 Other 2,900.0 2,909.2
52 Borrowings 1,395.9 1,347.5
53 From banks in the U.S. 417.4 383.3
54 From others 978.5 964.2
55 Net due to related foreign offices 156.8 158.7
56 Other liabilities 460.9 468.6
57 Total liabilities 6,547.4 6,502.6
58 Residual (assets less liabilities) (7) 497.3 486.8
Wednesday figures
Account 2003
Jan. 8 Jan. 15
Seasonally adjusted
Assets
1 Bank credit 5,884.2 5,886.7
2 Securities in bank credit 1,724.2 1,719.4
3 U.S. government securities 1,020.7 1,019.2
4 Other securities 703.5 700.2
5 Loans and leases in bank credit (2) 4,160.0 4,167.3
6 Commercial and industrial 961.0 961.4
7 Real estate 2,036.6 2,034.6
8 Revolving home equity 213.6 216.9
9 Other 1,823.1 1,817.7
10 Consumer 590.1 591.1
11 Security (3) 173.5 176.8
12 Other loans and leases 398.9 403.3
13 Interbank loans 296.5 315.0
14 Cash assets (4) 313.5 297.0
15 Other assets (5) 521.2 506.2
16 Total assets (6) 6,938.2 6,928.0
Liabilities
17 Deposits 4,474.0 4,519.9
18 Transaction 567.5 587.0
19 Nontransaction 3,906.6 3,933.0
20 Large time 975.3 990.2
21 Other 2,931.3 2,942.8
22 Borrowings 1,331.0 1,314.9
23 From banks in the U.S. 376.4 385.9
24 From others 954.6 929.0
25 Net due to related foreign offices 171.1 142.1
26 Other liabilities 464.6 453.9
27 Total liabilities 6,440.7 6,430.8
28 Residual (assets less liabilities) (7) 497.5 497.2
Not seasonally adjusted
Assets
29 Bank credit 5,909.1 5,915.2
30 Securities in bank credit 1,739.2 1,728.8
31 U.S. government securities 1,027.7 1,025.3
32 Other securities 711.5 703.5
33 Loans and leases in bank credit (2) 4,169.9 4,186.4
34 Commercial and industrial 957.8 956.8
35 Real estate 2,035.5 2,036.6
36 Revolving home equity 213.0 216.5
37 Other 1,822.5 1,820.0
38 Consumer 599.4 600.2
39 Credit cards and related plans 238.5 237.1
40 Other 361.0 363.1
41 Security (3) 175.1 186.9
42 Other loans and leases 402.2 405.9
43 Interbank loans 299.5 318.4
44 Cash assets (4) 321.4 324.6
45 Other assets (5) 525.3 510.5
46 Total assets (6) 6,978.5 6,992.1
Liabilities
47 Deposits 4,515.3 4,567.1
48 Transaction 582.3 616.0
49 Nontransaction 3,933.0 3,951.1
50 Large time 988.1 1,002.8
51 Other 2,944.9 2,948.2
52 Borrowings 1,336.9 1,329.8
53 From banks in the U.S. 380.1 391.4
54 From others 956.8 938.5
55 Net due to related foreign offices 175.5 148.4
56 Other liabilities 469.2 461.3
57 Total liabilities 6,496.9 6,506.6
58 Residual (assets less liabilities) (7) 481.6 485.5
Wednesday figures
Account 2003
Jan. 22 Jan. 29
Seasonally adjusted
Assets
1 Bank credit 5,898.4 5,893.4
2 Securities in bank credit 1,724.4 1,711.6
3 U.S. government securities 1,009.2 998.5
4 Other securities 715.3 713.1
5 Loans and leases in bank credit (2) 4,174.0 4,181.8
6 Commercial and industrial 962.2 959.9
7 Real estate 2,037.0 2,042.2
8 Revolving home equity 217.8 218.8
9 Other 1,819.2 1,823.4
10 Consumer 595.5 594.9
11 Security (3) 176.4 183.1
12 Other loans and leases 402.9 401.6
13 Interbank loans 315.5 307.5
14 Cash assets (4) 338.4 307.9
15 Other assets (5) 505.5 528.7
16 Total assets (6) 6,980.9 6,960.7
Liabilities
17 Deposits 4,512.6 4,499.4
18 Transaction 630.4 641.6
19 Nontransaction 3,882.1 3,857.8
20 Large time 987.2 998.9
21 Other 2,894.9 2,858.9
22 Borrowings 1,334.6 1,343.6
23 From banks in the U.S. 377.8 365.7
24 From others 956.8 977.9
25 Net due to related foreign offices 160.8 134.6
26 Other liabilities 458.0 466.4
27 Total liabilities 6,465.9 6,444.1
28 Residual (assets less liabilities) (7) 514.9 516.6
Not seasonally adjusted
Assets
29 Bank credit 5,909.7 5,904.3
30 Securities in bank credit 1,732.2 1,718.4
31 U.S. government securities 1,014.5 1,004.7
32 Other securities 717.8 713.7
33 Loans and leases in bank credit (2) 4,177.5 4,186.0
34 Commercial and industrial 956.4 955.2
35 Real estate 2,035.1 2,039.6
36 Revolving home equity 217.4 218.7
37 Other 1,817.7 1,820.9
38 Consumer 603.4 602.6
39 Credit cards and related plans 237.8 234.4
40 Other 365.6 368.1
41 Security (3) 181.1 189.2
42 Other loans and leases 401.4 399.5
43 Interbank loans 306.5 298.8
44 Cash assets (4) 356.7 308.1
45 Other assets (5) 503.8 528.7
46 Total assets (6) 7,000.0 6,963.3
Liabilities
47 Deposits 4,516.8 4,495.4
48 Transaction 635.8 638.2
49 Nontransaction 3,881.0 3,857.2
50 Large time 998.8 1,010.7
51 Other 2,882.2 2,846.6
52 Borrowings 1,355.0 1,357.3
53 From banks in the U.S. 383.8 369.7
54 From others 971.2 987.6
55 Net due to related foreign offices 169.9 144.7
56 Other liabilities 467.9 478.1
57 Total liabilities 6,509.6 6,475.5
58 Residual (assets less liabilities) (7) 490.4 487.8
B. Domestically chartered commercial banks
Billions of dollars
Monthly averages
Account 2002 2002
Jan. July
Seasonally adjusted
Assets
1 Bank credit 4,843.0 4,976.9 (r)
2 Securities in bank credit 1,257.1 1,353.4
3 U.S. government securities 765.1 842.4
4 Other securities 492.0 (r) 511.0
5 Loans and leases in bank credit (2) 3,585.9 3,623.4 (r)
6 Commercial and industrial 828.5 (r) 790.5 (r)
7 Real estate 1,763.5 (r) 1,850.3 (r)
8 Revolving home equity 158.7 192.9
9 Other 1,604.9 (r) 1,657.5
10 Consumer 560.9 564.6 (r)
11 Security (3) 76.7 87.2
12 Other loans and leases 356.3 330.8
13 Interbank loans 268.2 271.1
14 Cash assets (4) 259.0 263.4
15 Other assets (5) 456.9 454.5
16 Total assets (6) 5,752.2 5,891.0 (r)
Liabilities
17 Deposits 3,789.2 3,915.2
18 Transaction 624.8 602.3
19 Nontransaction 3,164.4 3,312.8
20 Large time 545.7 562.3
21 Other 2,618.7 2,750.5
22 Borrowings 1,049.5 1,030.4
23 From banks in the U.S. 377.9 365.3
24 From others 671.5 665.1
25 Net due to related foreign offices 180.2 181.0
26 Other liabilities 263.1 317.1
27 Total liabilities 5,282.0 5,443.7
28 Residual (assets less liabilities) (7) 470.2 447.3 (r)
Not seasonally adjusted
Assets
29 Bank credit 4,854.7 4,956.3 (r)
30 Securities in bank credit 1,265.1 1,339.3
31 U.S. government securities 770.3 834.1
32 Other securities 494.9 505.2
33 Loans and leases in bank credit (2) 3,589.6 3,617.0 (r)
34 Commercial and industrial 823.3 (r) 790.8 (r)
35 Real estate 1,762.7 1,849.7 (r)
36 Revolving home equity 158.4 192.7
37 Other 1,604.3 (r) 1,656.9 (r)
38 Consumer 568.7 558.8 (r)
39 Credit cards and related plans 228.0 215.3
40 Other 340.6 343.5 (r)
41 Security (3) 76.5 85.9
42 Other loans and leases 358.4 331.8
43 Interbank loans 266.3 265.3
44 Cash assets (4) 269.7 256.1
45 Other assets (5) 457.7 454.4
46 Total assets (6) 5,773.7 5,857.3 (r)
Liabilities
47 Deposits 3,804.4 3,895.0
48 Transaction 637.6 594.9
49 Nontransaction 3,166.9 3,300.1
50 Large time 548.1 560.2
51 Other 2,618.7 2,739.9
52 Borrowings 1,062.9 1,020.4
53 From banks in the U.S. 382.9 361.3
54 From others 680.0 659.1
55 Net due to related foreign offices 184.4 175.8
56 Other liabilities 267.5 310.4
57 Total liabilities 5,319.3 5,401.7
58 Residual (assets less liabilities) (7) 454.4 (r) 455.6 (r)
Monthly averages
Account 2002
Aug. Sept.
Seasonally adjusted
Assets
1 Bank credit 5,051.9 (r) 5,111.3 (r)
2 Securities in bank credit 1,383.0 1,396.0
3 U.S. government securities 864.4 876.3 (r)
4 Other securities 518.5 519.8
5 Loans and leases in bank credit (2) 3,668.9 (r) 3,715.3 (r)
6 Commercial and industrial 791.7 (r) 789.4 (r)
7 Real estate 1,881.7 (r) 1,916.0
8 Revolving home equity 197.7 200.9
9 Other 1,684.0 1,715.1
10 Consumer 574.7 (r) 582.7 (r)
11 Security (3) 86.2 86.7
12 Other loans and leases 334.7 340.6
13 Interbank loans 287.1 296.6
14 Cash assets (4) 271.6 271.2
15 Other assets (5) 470.5 470.2
16 Total assets (6) 6,006.5 (r) 6,074.8 (r)
Liabilities
17 Deposits 3,965.5 3,987.4
18 Transaction 589.1 573.9
19 Nontransaction 3,376.4 3,413.5
20 Large time 569.9 573.3
21 Other 2,806.5 2,840.2 (r)
22 Borrowings 1,078.9 1,098.2
23 From banks in the U.S. 383.4 393.6
24 From others 695.5 704.6
25 Net due to related foreign offices 179.7 184.1
26 Other liabilities 333.6 342.7
27 Total liabilities 5,557.7 5,612.4
28 Residual (assets less liabilities) (7) 448.8 (r) 462.4 (r)
Not seasonally adjusted
Assets
29 Bank credit 5,035.6 (r) 5,107.8 (r)
30 Securities in bank credit 1,374.3 1,392.3
31 U.S. government securities 858.1 872.8 (r)
32 Other securities 516.1 519.5 (r)
33 Loans and leases in bank credit (2) 3,661.3 (r) 3,715.5 (r)
34 Commercial and industrial 787.8 (r) 787.4 (r)
35 Real estate 1,882.9 (r) 1,918.1
36 Revolving home equity 197.8 201.9
37 Other 1,685.1 (r) 1,716.2
38 Consumer 571.2 (r) 582.2 (r)
39 Credit cards and related plans 224.4 231.2
40 Other 346.8 (r) 351.0 (r)
41 Security (3) 85.0 87.7
42 Other loans and leases 334.5 340.2
43 Interbank loans 280.7 288.8
44 Cash assets (4) 258.7 268.0
45 Other assets (5) 468.3 472.2
46 Total assets (6) 5,968.5 (r) 6,062.0 (r)
Liabilities
47 Deposits 3,933.0 3,967.4
48 Transaction 574.0 567.6
49 Nontransaction 3,359.1 3,399.8
50 Large time 568.3 570.7
51 Other 2,790.8 2,829.1
52 Borrowings 1,058.8 1,095.6
53 From banks in the U.S. 378.2 386.8
54 From others 680.6 708.8
55 Net due to related foreign offices 178.7 183.6
56 Other liabilities 332.0 342.2
57 Total liabilities 5,502.6 5,588.8
58 Residual (assets less liabilities) (7) 466.0 (r) 473.2 (r)
Monthly averages
Account 2002
Oct. Nov.
Seasonally adjusted
Assets
1 Bank credit 5,145.4 (r) 5,216.4 (r)
2 Securities in bank credit 1,398.2 (r) 1,439.1 (r)
3 U.S. government securities 883.6 908.6
4 Other securities 514.6 (r) 530.5 (r)
5 Loans and leases in bank credit (2) 3,747.2 (r) 3,777.2 (r)
6 Commercial and industrial 788.3 (r) 788.2
7 Real estate 1,947.9 1,980.2 (r)
8 Revolving home equity 204.9 207.8 (r)
9 Other 1,743.0 1,772.4 (r)
10 Consumer 584.7 (r) 585.4 (r)
11 Security (3) 86.0 81.5
12 Other loans and leases 340.2 (r) 341.9
13 Interbank loans 301.9 301.8
14 Cash assets (4) 273.3 274.1
15 Other assets (5) 476.9 479.8
16 Total assets (6) 6,122.5 (r) 6,196.8 (r)
Liabilities
17 Deposits 4,016.6 4,051.6
18 Transaction 601.6 596.7
19 Nontransaction 3,415.0 3,454.9
20 Large time 571.3 571.7
21 Other 2,843.7 2,883.2
22 Borrowings 1,098.8 1,109.9
23 From banks in the U.S. 391.9 (r) 395.3 (r)
24 From others 706.9 (r) 714.6 (r)
25 Net due to related foreign offices 191.9 196.8
26 Other liabilities 340.3 345.3
27 Total liabilities 5,647.5 5,703.7 (r)
28 Residual (assets less liabilities) (7) 474.9 (r) 493.1 (r)
Not seasonally adjusted
Assets
29 Bank credit 5,149.5 (r) 5,230.2 (r)
30 Securities in bank credit 1,397.5 (r) 1,443.4 (r)
31 U.S. government securities 879.8 909.5 (r)
32 Other securities 517.7 (r) 533.9 (r)
33 Loans and leases in bank credit (2) 3,751.9 (r) 3,786.8 (r)
34 Commercial and industrial 788.9 (r) 788.0
35 Real estate 1,950.0 (r) 1,985.3
36 Revolving home equity 205.5 (r) 208.5
37 Other 1,744.6 1,776.7 (r)
38 Consumer 585.3 (r) 588.0 (r)
39 Credit cards and related plans 232.2 232.0
40 Other 353.0 (r) 356.0 (r)
41 Security (3) 88.3 83.9
42 Other loans and leases 339.4 341.6 (r)
43 Interbank loans 296.5 305.6
44 Cash assets (4) 274.8 281.6
45 Other assets (5) 476.2 (r) 481.3
46 Total assets (6) 6,122.2 (r) 6,223.2 (r)
Liabilities
47 Deposits 4,008.9 4,067.8
48 Transaction 596.3 602.2
49 Nontransaction 3,412.5 3,465.7
50 Large time 572.5 575.2 (r)
51 Other 2,840.1 2,890.4
52 Borrowings 1,100.8 1,113.1
53 From banks in the U.S. 390.2 (r) 392.5 (r)
54 From others 710.5 (r) 720.6 (r)
55 Net due to related foreign offices 192.5 201.5
56 Other liabilities 341.2 351.7
57 Total liabilities 5,643.3 5,734.1
58 Residual (assets less liabilities) (7) 478.9 (r) 489.1 (r)
Monthly averages
Account 2002 2003
Dec. (r) Jan.
Seasonally adjusted
Assets
1 Bank credit 5,251.1 5,267.3
2 Securities in bank credit 1,450.7 1,456.7
3 U.S. government securities 911.3 911.8
4 Other securities 539.4 544.9
5 Loans and leases in bank credit (2) 3,800.4 3,810.6
6 Commercial and industrial 786.8 785.6
7 Real estate 2,001.1 2,019.7
8 Revolving home equity 212.4 216.9
9 Other 1,788.7 1,802.8
10 Consumer 586.8 592.7
11 Security (3) 81.4 71.4
12 Other loans and leases 344.1 341.2
13 Interbank loans 299.6 278.4
14 Cash assets (4) 275.3 276.5
15 Other assets (5) 476.5 470.3
16 Total assets (6) 6,227.2 6,216.1
Liabilities
17 Deposits 4,060.1 4,071.4
18 Transaction 604.4 596.4
19 Nontransaction 3,455.7 3,475.0
20 Large time 570.7 580.5
21 Other 2,885.0 2,894.5
22 Borrowings 1,113.4 1,056.5
23 From banks in the U.S. 386.1 347.4
24 From others 727.3 709.1
25 Net due to related foreign offices 211.4 223.1
26 Other liabilities 353.9 363.3
27 Total liabilities 5,738.7 5,714.3
28 Residual (assets less liabilities) (7) 488.5 501.8
Not seasonally adjusted
Assets
29 Bank credit 5,278.9 5,279.8
30 Securities in bank credit 1,459.7 1,466.6
31 U.S. government securities 917.0 918.1
32 Other securities 542.7 548.5
33 Loans and leases in bank credit (2) 3,819.1 3,813.2
34 Commercial and industrial 785.1 780.8
35 Real estate 2,006.0 2,018.8
36 Revolving home equity 212.6 216.6
37 Other 1,793.4 1,802.1
38 Consumer 596.9 601.1
39 Credit cards and related plans 239.2 236.4
40 Other 357.7 364.7
41 Security (3) 84.4 71.2
42 Other loans and leases 346.8 341.3
43 Interbank loans 306.6 276.2
44 Cash assets (4) 293.3 288.1
45 Other assets (5) 478.9 471.1
46 Total assets (6) 6,282.1 6,238.9
Liabilities
47 Deposits 4,098.1 4,086.0
48 Transaction 631.2 608.5
49 Nontransaction 3,466.9 3,477.5
50 Large time 573.8 583.2
51 Other 2,893.1 2,894.3
52 Borrowings 1,113.0 1,069.7
53 From banks in the U.S. 387.5 352.1
54 From others 725.4 717.5
55 Net due to related foreign offices 215.6 228.0
56 Other liabilities 359.5 369.9
57 Total liabilities 5,786.2 5,753.6
58 Residual (assets less liabilities) (7) 495.9 485.4
Wednesday figures
Account 2003
Jan. 8 Jan. 15
Seasonally adjusted
Assets
1 Bank credit 5,256.5 5,265.4
2 Securities in bank credit 1,457.2 1,455.0
3 U.S. government securities 920.5 918.1
4 Other securities 536.7 536.9
5 Loans and leases in bank credit (2) 3,799.3 3,810.5
6 Commercial and industrial 785.8 786.1
7 Real estate 2,017.7 2,015.6
8 Revolving home equity 213.6 216.9
9 Other 1,804.1 1,798.7
10 Consumer 590.1 591.1
11 Security (3) 68.1 73.9
12 Other loans and leases 337.7 343.7
13 Interbank loans 267.0 283.0
14 Cash assets (4) 274.2 259.1
15 Other assets (5) 479.1 460.9
16 Total assets (6) 6,200.0 6,192.0
Liabilities
17 Deposits 4,053.0 4,088.5
18 Transaction 557.9 577.1
19 Nontransaction 3,495.1 3,511.4
20 Large time 572.4 582.2
21 Other 2,922.7 2,929.2
22 Borrowings 1,059.0 1,039.6
23 From banks in the U.S. 347.5 354.5
24 From others 711.5 685.1
25 Net due to related foreign offices 235.5 212.3
26 Other liabilities 361.9 354.9
27 Total liabilities 5,709.5 5,695.3
28 Residual (assets less liabilities) (7) 490.5 496.7
Not seasonally adjusted
Assets
29 Bank credit 5,277.3 5,283.9
30 Securities in bank credit 1,472.3 1,464.4
31 U.S. government securities 927.5 924.2
32 Other securities 544.8 540.2
33 Loans and leases in bank credit (2) 3,805.0 3,819.5
34 Commercial and industrial 781.4 780.8
35 Real estate 2,016.5 2,017.5
36 Revolving home equity 213.0 216.5
37 Other 1,803.5 1,801.0
38 Consumer 599.4 600.2
39 Credit cards and related plans 238.5 237.1
40 Other 361.0 363.1
41 Security (3) 67.7 75.6
42 Other loans and leases 339.9 345.3
43 Interbank loans 270.0 286.5
44 Cash assets (4) 280.1 284.4
45 Other assets (5) 481.8 463.6
46 Total assets (6) 6,232.7 6,242.0
Liabilities
47 Deposits 4,084.3 4,125.8
48 Transaction 572.6 605.8
49 Nontransaction 3,511.7 3,520.0
50 Large time 575.5 585.7
51 Other 2,936.2 2,934.3
52 Borrowings 1,064.9 1,054.5
53 From banks in the U.S. 351.2 359.9
54 From others 713.8 694.5
55 Net due to related foreign offices 238.0 216.7
56 Other liabilities 365.2 361.0
57 Total liabilities 5,752.5 5,758.0
58 Residual (assets less liabilities) (7) 480.2 484.1
Wednesday figures
Account 2003
Jan. 22 Jan. 29
Seasonally adjusted
Assets
1 Bank credit 5,276.1 5,264.6
2 Securities in bank credit 1,460.2 1,447.8
3 U.S. government securities 908.6 895.8
4 Other securities 551.7 552.0
5 Loans and leases in bank credit (2) 3,815.9 3,816.8
6 Commercial and industrial 786.3 785.3
7 Real estate 2,018.0 2,024.0
8 Revolving home equity 217.8 218.8
9 Other 1,800.2 1,805.2
10 Consumer 595.5 594.9
11 Security (3) 73.2 71.3
12 Other loans and leases 342.9 341.2
13 Interbank loans 280.3 279.9
14 Cash assets (4) 300.6 271.1
15 Other assets (5) 457.3 477.7
16 Total assets (6) 6,237.6 6,217.0
Liabilities
17 Deposits 4,082.1 4,056.1
18 Transaction 620.8 631.7
19 Nontransaction 3,461.3 3,424.4
20 Large time 581.9 584.8
21 Other 2,879.4 2,839.6
22 Borrowings 1,048.8 1,064.2
23 From banks in the U.S. 345.8 333.1
24 From others 703.0 731.1
25 Net due to related foreign offices 230.6 215.9
26 Other liabilities 366.9 371.8
27 Total liabilities 5,728.5 5,708.0
28 Residual (assets less liabilities) (7) 509.1 509.0
Not seasonally adjusted
Assets
29 Bank credit 5,280.7 5,268.7
30 Securities in bank credit 1,468.0 1,454.6
31 U.S. government securities 913.9 901.9
32 Other securities 554.2 552.6
33 Loans and leases in bank credit (2) 3,812.6 3,814.1
34 Commercial and industrial 780.3 780.3
35 Real estate 2,016.1 2,021.4
36 Revolving home equity 217.4 218.7
37 Other 1,798.7 1,802.7
38 Consumer 603.4 602.6
39 Credit cards and related plans 237.8 234.4
40 Other 365.6 368.1
41 Security (3) 71.7 70.9
42 Other loans and leases 341.1 338.8
43 Interbank loans 271.3 271.3
44 Cash assets (4) 316.7 269.5
45 Other assets (5) 454.8 476.7
46 Total assets (6) 6,247.1 6,209.9
Liabilities
47 Deposits 4,076.9 4,041.7
48 Transaction 626.1 628.0
49 Nontransaction 3,450.9 3,413.7
50 Large time 584.5 586.8
51 Other 2,866.4 2,826.9
52 Borrowings 1,069.2 1,077.9
53 From banks in the U.S. 351.8 337.0
54 From others 717.4 740.9
55 Net due to related foreign offices 236.9 222.7
56 Other liabilities 375.1 381.2
57 Total liabilities 5,758.2 5,723.5
58 Residual (assets less liabilities) (7) 489.0 486.5
C. Large domestically chartered commercial banks
Billions of dollars
Monthly averages
2002 2002
Jan. July
Account
Seasonally adjusted
1 Bank credit 2,624.6 2,675.0
2 Securities in bank credit 633.6 713.6
3 U.S. government securities 366.0 411.1
4 Trading account 32.6 43.1
5 Investment account 333.4 368.0
6 Other securities 267.7 302.5
7 Trading account 128.4 168.8
8 Investment account 139.2 133.7
9 State and local government 27.3 28.3
10 Other 111.9 105.5
11 Loans and leases in bank credit (2) 1,991.0 1,961.4
12 Commercial and industrial 528.6 488.7
13 Bankers acceptances .0 .0
14 Other 528.6 488.7
15 Real estate 853.1 882.1
16 Revolving home equity 100.1 121.6
17 Other 753.1 760.5
18 Consumer 281.5 282.2
19 Security (3) 69.0 79.4
20 Federal funds sold to and
repurchase agreements
with broker-dealers 55.1 66.4
21 Other 13.8 13.0
22 State and local government 14.3 12.8
23 Agricultural 9.8 9.0
24 Federal funds sold to and
repurchase agreements with
others 26.9 13.7
25 All other loans 75.9 67.1
26 Lease-financing receivables 132.0 126.3
27 Interbank loans 174.1 165.0
28 Federal funds sold to and
repurchase agreements with
commercial banks 97.8 77.2
29 Other 76.3 87.7
30 Cash assets (4) 147.1 142.5
31 Other assets (5) 323.5 314.1
32 Total assets (6) 3,225.1 3,252.6
Liabilities
33 Deposits 1,806.1 1,847.1
34 Transaction 319.2 292.3
35 Nontransaction 1,486.9 1,554.9
36 Large time 244.1 261.5
37 Other 1,242.8 1,293.4
38 Borrowings 713.2 685.7
39 From banks in the U.S. 258.3 240.3
40 From others 454.9 445.4
41 Net due to related foreign offices 171.2 171.2
42 Other liabilities 205.4 253.0
43 Total liabilities 2,895.9 2,957.0
44 Residual (assets less liabilities) (7) 329.2 295.6
Assets Not Seasonally adjusted
45 Bank credit 2,634.4 2,659.7
46 Securities in bank credit 640.6 701.6
47 U.S. government securities 370.0 404.9
48 Trading account 32.9 42.4
49 Investment account 337.1 362.5
50 Mortgage-backed securities 270.4 287.5
51 Other 66.6 75.0
52 One year or less 15.5 18.7
53 One to five years 37.8 43.7
54 More than five years 13.4 12.7
55 Other securities 270.5 296.7
56 Trading account 129.8 165.5
57 Investment account 140.8 131.2
58 State and local government 27.6 27.7
59 Other 113.1 103.5
60 Loans and leases in bank credit (2) 1,993.8 1,958.1
61 Commercial and industrial 524.4 488.4
62 Bankers acceptances .0 .0
63 Other 524.4 488.4
64 Real estate 852.7 882.4
65 Revolving home equity 99.7 121.9
66 Other 440.4 448.8
67 Commercial 312.6 311.7
68 Consumer 285.4 280.3
69 Credit cards and related plans 113.5 110.0
70 Other 171.8 170.4
71 Security (3) 69.0 78.3
72 Federal funds sold to and
repurchase agreements
with broker-dealers 55.2 65.5
73 Other 13.8 12.8
74 State and local government 14.3 12.8
75 Agricultural 9.7 9.2
76 Federal funds sold to and
repurchase agreements
with others 28.6 13.7
77 All other loans 75.6 67.3
78 Lease-financing receivables 134.1 125.6
79 Interbank loans 173.5 164.0
80 Federal funds sold to and
repurchase agreements
with commercial banks 97.5 76.8
81 Other 76.0 87.2
82 Cash assets (4) 155.3 137.1
83 Other assets (5) 324.3 313.9
84 Total assets (6) 3,243.4 3,230.9
Liabilities
85 Deposits 1,811.0 1,839.1
86 Transaction 327.8 287.3
87 Nontransaction 1.483.2 1,551.8
88 Large time 246.6 259.4
89 Other 1,236.6 1,292.4
90 Borrowings 726.6 675.7
91 From banks in the U.S. 263.3 236.3
92 From nonbanks in the U.S. 463.3 439.4
93 Net due to related foreign offices 175.5 166.0
94 Other liabilities 209.9 246.4
95 Total liabilities 2,922.9 2,927.1
96 Residual (assets less liabilities) (7) 320.5 303.8
Monthly averages
2002
Aug. Sept.
Account
Seasonally adjusted
1 Bank credit 2,724.4 2,762.5
2 Securities in bank credit 736.9 745.8
3 U.S. government securities 427.7 432.1
4 Trading account 48.0 42.6
5 Investment account 379.6 389.5
6 Other securities 309.3 313.7
7 Trading account 174.5 172.7
8 Investment account 134.8 141.0
9 State and local government 28.0 28.4
10 Other 106.8 112.6
11 Loans and leases in bank credit (2) 1,987.5 2,016.6
12 Commercial and industrial 487.7 484.2
13 Bankers acceptances .0 .0
14 Other 487.7 484.2
15 Real estate 901.1 922.0
16 Revolving home equity 124.6 126.8
17 Other 776.6 795.2
18 Consumer 289.2 296.0
19 Security (3) 78.2 78.5
20 Federal funds sold to and
repurchase agreements
with broker-dealers 66.3 67.9
21 Other 11.9 10.5
22 State and local government 12.9 13.0
23 Agricultural 8.2 8.2
24 Federal funds sold to and
repurchase agreements with
others 16.6 19.8
25 All other loans 67.5 69.2
26 Lease-financing receivables 126.1 125.9
27 Interbank loans 176.5 182.0
28 Federal funds sold to and
repurchase agreements with
commercial banks 86.8 89.2
29 Other 89.7 92.9
30 Cash assets (4) 146.9 144.4
31 Other assets (5) 325.2 323.1
32 Total assets (6) 3,329.8 3,369.0
Liabilities
33 Deposits 1,872.9 1,883.6
34 Transaction 282.4 268.4
35 Nontransaction 1,590.5 1,615.2
36 Large time 268.3 270.8
37 Other 1,322.1 1,344.4
38 Borrowings 720.6 724.0
39 From banks in the U.S. 251.3 258.0
40 From others 469.3 466.0
41 Net due to related foreign offices 171.2 175.4
42 Other liabilities 267.3 274.5
43 Total liabilities 3,032.0 3,057.5
44 Residual (assets less liabilities) (7) 297.8 311.6
Assets Not Seasonally adjusted
45 Bank credit 2,711.1 2,756.9
46 Securities in bank credit 730.6 743.1
47 U.S. government securities 423.7 429.7
48 Trading account 47.6 42.4
49 Investment account 376.1 387.3
50 Mortgage-backed securities 304.7 308.2
51 Other 71.4 79.1
52 One year or less 17.4 19.9
53 One to five years 42.2 46.3
54 More than five years 11.8 12.9
55 Other securities 306.9 313.4
56 Trading account 173.l 172.6
57 Investment account 133.8 140.9
58 State and local government 27.8 28.4
59 Other 105.9 112.5
60 Loans and leases in bank credit (2) 1,980.5 2,013.8
61 Commercial and industrial 485.3 483.8
62 Bankers acceptances .0 .0
63 Other 485.3 483.8
64 Real estate 901.6 922.4
65 Revolving home equity 124.9 127.3
66 Other 464.5 482.2
67 Commercial 312.2 312.9
68 Consumer 287.0 293.5
69 Credit cards and related plans 114.2 117.9
70 Other 172.8 175.6
71 Security (3) 77.1 79.7
72 Federal funds sold to and
repurchase agreements
with broker-dealers 65.3 69.1
73 Other 11.7 10.7
74 State and local government 12.9 13.0
75 Agricultural 8.2 8.2
76 Federal funds sold to and
repurchase agreements
with others 16.6 19.8
77 All other loans 67.0 69.4
78 Lease-financing receivables 124.8 124.0
79 Interbank loans 172.0 177.0
80 Federal funds sold to and
repurchase agreements
with commercial banks 84.6 86.8
81 Other 87.4 90.2
82 Cash assets (4) 137.9 141.6
83 Other assets (5) 323.0 325.1
84 Total assets (6) 3,300.5 3,357.5
Liabilities
85 Deposits 1,856.4 1,874.8
86 Transaction 271.0 264.0
87 Nontransaction 1,585.5 1,610.9
88 Large time 266.7 268.3
89 Other 1,318.8 1,342.6
90 Borrowings 700.6 721.4
91 From banks in the U.S. 246.1 251.1
92 From nonbanks in the U.S. 454.4 470.3
93 Net due to related foreign offices 170.2 175.0
94 Other liabilities 265.7 274.0
95 Total liabilities 2,992.9 3,045.2
96 Residual (assets less liabilities) (7) 307.6 312.3
Monthly averages
2002
Oct. Nov.
Assets
Seasonally adjusted
1 Bank credit 2,775.6 2,828.5
2 Securities in bank credit 743.7 780.1
3 U.S. government securities 435.4 455.6
4 Trading account 37.8 48.1
5 Investment account 397.6 407.5
6 Other securities 308.3 324.5
7 Trading account 161.5 171.8
8 Investment account 146.7 152.7
9 State and local government 28.7 29.1
10 Other 118.0 123.6
11 Loans and leases in bank credit (2) 2,031.9 2,048.4
12 Commercial and industrial 482.5 480.9
13 Bankers acceptances .0 .0
14 Other 482.5 480.9
15 Real estate 941.5 965.0
16 Revolving home equity 129.5 131.7
17 Other 811.9 833.2
18 Consumer 296.5 295.2
19 Security (3) 77.6 73.2
20 Federal funds sold to and
repurchase agreements
with broker-dealers 66.8 62.0
21 Other 10.8 11.3
22 State and local government 12.9 12.1
23 Agricultural 8.1 8.1
24 Federal funds sold to and
repurchase agreements with
others 19.2 18.5
25 All other loans 69.4 72.4
26 Lease-financing receivables 124.2 123.0
27 Interbank loans 181.7 180.3
28 Federal funds sold to and
repurchase agreements with
commercial banks 84.0 87.3
29 Other 97.7 93.0
30 Cash assets (4) 144.1 145.0
31 Other assets (5) 331.8 331.7
32 Total assets (6) 3,390.2 3,442.3
Liabilities
33 Deposits 1,899.9 1,924.4
34 Transaction 286.9 282.6
35 Nontransaction 1,612.9 1,641.8
36 Large time 266.4 265.3
37 Other 1,346.6 1,376.5
38 Borrowings 721.7 733.5
39 From banks in the U.S. 257.8 264.2
40 From others 463.9 469.3
41 Net due to related foreign offices 179.5 185.5
42 Other liabilities 271.3 274.4
43 Total liabilities 3,072.3 3,117.8
44 Residual (assets less liabilities) (7) 317.9 324.5
Not Seasonally adjusted
45 Bank credit 2,774.3 2,836.6
46 Securities in bank credit 744.2 784.5
47 U.S. government securities 432.8 456.6
48 Trading account 37.6 48.2
49 Investment account 395.2 408.4
50 Mortgage-backed securities 313.1 324.6
51 Other 82.2 83.8
52 One year or less 21.8 23.2
53 One to five years 49.9 47.1
54 More than five years 10.4 13.5
55 Other securities 311.4 327.9
56 Trading account 163.2 173.6
57 Investment account 148.2 154.3
58 State and local government 29.0 29.4
59 Other 119.2 124.9
60 Loans and leases in bank credit (2) 2,030.1 2,052.1
61 Commercial and industrial 483.2 481.7
62 Bankers acceptances .0 .0
63 Other 483.2 481.7
64 Real estate 940.3 966.9
65 Revolving home equity 129.5 131.9
66 Other 495.3 518.7
67 Commercial 315.5 316.4
68 Consumer 293.6 293.9
69 Credit cards and related plans 116.4 114.0
70 Other 177.2 180.0
71 Security (3) 80.0 75.3
72 Federal funds sold to and
repurchase agreements
with broker-dealers 68.8 63.7
73 Other 11.1 11.6
74 State and local government 12.9 12.1
75 Agricultural 8.0 8.0
76 Federal funds sold to and
repurchase agreements
with others 19.2 18.5
77 All other loans 69.3 72.9
78 Lease-financing receivables 123.6 122.7
79 Interbank loans 177.3 182.1
80 Federal funds sold to and
repurchase agreements
with commercial banks 82.0 88.2
81 Other 95.3 93.9
82 Cash assets (4) 145.1 148.0
83 Other assets (5) 331.1 333.1
84 Total assets (6) 3,385.1 3,456.5
Liabilities
85 Deposits 1,896.8 1,933.4
86 Transaction 283.0 285.5
87 Nontransaction 1,613.9 1,647.9
88 Large time 267.6 268.9
89 Other 1,346.3 1,379.0
90 Borrowings 723.6 736.6
91 From banks in the U.S. 256.0 261.3
92 From nonbanks in the U.S. 467.6 475.3
93 Net due to related foreign offices 180.2 190.2
94 Other liabilities 272.2 280.8
95 Total liabilities 3,072.8 3,141.1
96 Residual (assets less liabilities) (7) 312.3 315.4
Monthly averages
2002 2003
Dec. Jan.
Assets
Seasonally adjusted
1 Bank credit 2,855.6 2,864.8
2 Securities in bank credit 787.9 794.1
3 U.S. government securities 455.6 456.8
4 Trading account 44.5 41.3
5 Investment account 411.1 415.4
6 Other securities 332.4 337.3
7 Trading account 176.2 183.2
8 Investment account 156.2 154.1
9 State and local government 29.4 29.6
10 Other 126.8 124.5
11 Loans and leases in bank credit (2) 2,067.7 (r) 2,070.7
12 Commercial and industrial 478.8 476.2
13 Bankers acceptances .0 .0
14 Other 478.8 476.2
15 Real estate 983.9 1,000.0
16 Revolving home equity 135.7 138.9
17 Other 848.3 861.1
18 Consumer 295.0 297.1
19 Security (3) 73.0 62.9
20 Federal funds sold to and
repurchase agreements
with broker-dealers 62.0 51.9
21 Other 11.0 11.0
22 State and local government 11.8 11.9
23 Agricultural 8.1 8.1
24 Federal funds sold to and
repurchase agreements with
others 22.4 22.9
25 All other loans 72.7 (r) 71.8
26 Lease-financing receivables 121.8 119.9
27 Interbank loans 178.7 156.1
28 Federal funds sold to and
repurchase agreements with
commercial banks 85.3 86.7
29 Other 93.4 69.4
30 Cash assets (4) 146.6 (r) 145.8
31 Other assets (5) 326.1 (r) 319.6
32 Total assets (6) 3,464.0 (r) 3,442.3
Liabilities
33 Deposits 1,936.4 (r) 1,947.1
34 Transaction 288.5 (r) 283.1
35 Nontransaction 1,647.9 1,664.0
36 Large time 261.8 272.0
37 Other 1,386.2 1,391.9
38 Borrowings 724.9 652.9
39 From banks in the U.S. 246.3 (r) 192.9
40 From others 478.7 460.0
41 Net due to related foreign offices 199.0 207.9
42 Other liabilities 283.2 (r) 285.9
43 Total liabilities 3,143.6 (r) 3,093.8
44 Residual (assets less liabilities) (7) 320.5 348.4
Not Seasonally adjusted
45 Bank credit 2,870.0 2,875.6
46 Securities in bank credit 794.1 802.8
47 U.S. government securities 458.4 461.9
48 Trading account 44.8 41.8
49 Investment account 413.7 420.0
50 Mortgage-backed securities 317.0 323.1
51 Other 96.6 96.9
52 One year or less 24.1 21.3
53 One to five years 56.2 58.2
54 More than five years 16.3 17.4
55 Other securities 335.7 341.0
56 Trading account 177.9 185.1
57 Investment account 157.8 155.8
58 State and local government 29.7 30.0
59 Other 128.1 125.9
60 Loans and leases in bank credit (2) 2,075.9 2,072.8
61 Commercial and industrial 477.0 472.4
62 Bankers acceptances .0 .0
63 Other 477.0 472.4
64 Real estate 985.8 999.4
65 Revolving home equity 135.2 138.3
66 Other 534.7 544.9
67 Commercial 315.9 316.1
68 Consumer 298.2 301.9
69 Credit cards and related plans 116.9 116.2
70 Other 181.3 185.7
71 Security (3) 75.9 62.9
72 Federal funds sold to and
repurchase agreements
with broker-dealers 64.5 51.9
73 Other 11.4 11.0
74 State and local government 11.8 11.9
75 Agricultural 8.1 8.1
76 Federal funds sold to and
repurchase agreements
with others 22.4 22.9
77 All other loans 74.5 71.5
78 Lease-financing receivables 122.3 (r) 121.9
79 Interbank loans 182.9 155.7
80 Federal funds sold to and
repurchase agreements
with commercial banks 87.3 86.5
81 Other 95.5 69.2
82 Cash assets (4) 157.5 (r) 154.4
83 Other assets (5) 328.4 (r) 320.4
84 Total assets (6) 3,495.6 (r) 3,462.2
Liabilities
85 Deposits 1,952.6 (r) 1,950.7
86 Transaction 305.0 (r) 291.0
87 Nontransaction 1,647.6 1,659.8
88 Large time 264.8 274.8
89 Other 1,382.8 1,385.0
90 Borrowings 724.5 666.1
91 From banks in the U.S. 247.7 197.7
92 From nonbanks in the U.S. 476.8 (r) 468.4
93 Net due to related foreign offices 203.2 212.8
94 Other liabilities 288.9 (r) 292.5
95 Total liabilities 3,169.3 (r) 3,122.2
96 Residual (assets less liabilities) (7) 326.3 (r) 340.0
Wednesday figures
2003
Jan. 8 Jan. 15
Assets
Seasonally adjusted
1 Bank credit 2,857.7 2,866.6
2 Securities in bank credit 791.2 792.5
3 U.S. government securities 462.2 463.2
4 Trading account 44.5 39.0
5 Investment account 417.8 424.1
6 Other securities 329.0 329.3
7 Trading account 176.1 174.3
8 Investment account 152.8 155.1
9 State and local government 29.3 29.7
10 Other 123.6 125.4
11 Loans and leases in bank credit (2) 2,066.5 2,074.1
12 Commercial and industrial 478.1 477.6
13 Bankers acceptances n.a. n.a.
14 Other 478.1 477.6
15 Real estate 998.2 997.5
16 Revolving home equity 135.9 139.2
17 Other 862.3 858.3
18 Consumer 298.2 296.4
19 Security (3) 59.9 65.3
20 Federal funds sold to and
repurchase agreements
with broker-dealers 49.1 55.1
21 Other 10.8 10.2
22 State and local government 11.9 11.8
23 Agricultural 8.2 8.2
24 Federal funds sold to and
repurchase agreements with
others 20.5 26.0
25 All other loans 70.7 71.7
26 Lease-financing receivables 120.8 119.5
27 Interbank loans 152.7 160.4
28 Federal funds sold to and
repurchase agreements with
commercial banks 84.2 92.8
29 Other 68.6 67.6
30 Cash assets (4) 145.0 132.4
31 Other assets (5) 322.7 310.1
32 Total assets (6) 3,433.5 3,425.4
Liabilities
33 Deposits 1,932.4 1,964.6
34 Transaction 260.9 271.9
35 Nontransaction 1,671.5 1,692.6
36 Large time 264.7 273.6
37 Other 1,406.8 1,419.1
38 Borrowings 659.7 638.7
39 From banks in the U.S. 196.5 199.5
40 From others 463.2 439.3
41 Net due to related foreign offices 218.3 197.8
42 Other liabilities 285.4 277.6
43 Total liabilities 3,095.9 3,078.7
44 Residual (assets less liabilities) (7) 337.6 346.7
Not Seasonally adjusted
45 Bank credit 2,877.1 2,880.8
46 Securities in bank credit 805.1 800.3
47 U.S. government securities 468.2 467.7
48 Trading account 45.0 39.4
49 Investment account 423.1 428.2
50 Mortgage-backed securities 327.2 333.1
51 Other 95.9 95.2
52 One year or less 21.4 22.2
53 One to five years 57.9 56.2
54 More than five years 16.6 16.8
55 Other securities 337.0 332.6
56 Trading account 180.1 176.0
57 Investment account 156.6 156.6
58 State and local government 30.0 30.0
59 Other 126.6 126.6
60 Loans and leases in bank credit (2) 2,072.0 2,080.5
61 Commercial and industrial 474.5 473.3
62 Bankers acceptances n.a. n.a.
63 Other 474.5 473.3
64 Real estate 999.3 999.0
65 Revolving home equity 135.3 138.5
66 Other 547.5 544.5
67 Commercial 316.5 316.0
68 Consumer 304.0 301.3
69 Credit cards and related plans 119.0 117.2
70 Other 185.1 184.2
71 Security (3) 59.5 67.1
72 Federal funds sold to and
repurchase agreements
with broker-dealers 48.8 56.6
73 Other 10.7 10.5
74 State and local government 11.9 11.8
75 Agricultural 8.3 8.1
76 Federal funds sold to and
repurchase agreements
with others 20.5 26.0
77 All other loans 70.8 72.1
78 Lease-financing receivables 123.1 121.7
79 Interbank loans 150.6 162.0
80 Federal funds sold to and
repurchase agreements
with commercial banks 83.0 93.8
81 Other 67.6 68.3
82 Cash assets (4) 148.4 150.0
83 Other assets (5) 325.5 312.8
84 Total assets (6) 3,457.3 3,461.7
Liabilities
85 Deposits 1,943.0 1,982.8
86 Transaction 267.2 291.0
87 Nontransaction 1,675.8 1,691.8
88 Large time 267.9 277.0
89 Other 1,407.9 1,414.8
90 Borrowings 665.6 653.7
91 From banks in the U.S. 200.2 204.9
92 From nonbanks in the U.S. 465.4 448.8
93 Net due to related foreign offices 220.9 202.2
94 Other liabilities 288.7 283.7
95 Total liabilities 3,118.2 3,122.4
96 Residual (assets less liabilities) (7) 339.1 339.4
Wednesday figures
2003
Jan. 22 Jan. 29
Assets
Seasonally adjusted
1 Bank credit 2,873.5 2,856.3
2 Securities in bank credit 801.0 786.6
3 U.S. government securities 456.6 442.5
4 Trading account 36.0 43.4
5 Investment account 420.6 399.1
6 Other securities 344.3 344.1
7 Trading account 188.9 191.1
8 Investment account 155.4 153.1
9 State and local government 29.7 29.9
10 Other 125.7 123.1
11 Loans and leases in bank credit (2) 2,072.5 2,069.6
12 Commercial and industrial 476.3 474.4
13 Bankers acceptances n.a. n.a.
14 Other 476.3 474.4
15 Real estate 997.8 1,003.1
16 Revolving home equity 139.8 140.3
17 Other 858.0 862.8
18 Consumer 298.4 296.0
19 Security (3) 64.5 62.6
20 Federal funds sold to and
repurchase agreements
with broker-dealers 53.6 50.2
21 Other 10.8 12.4
22 State and local government 11.8 12.0
23 Agricultural 8.1 8.0
24 Federal funds sold to and
repurchase agreements with
others 22.5 22.5
25 All other loans 73.3 71.7
26 Lease-financing receivables 119.9 119.5
27 Interbank loans 155.4 152.7
28 Federal funds sold to and
repurchase agreements with
commercial banks 86.2 83.2
29 Other 69.2 69.5
30 Cash assets (4) 165.9 139.4
31 Other assets (5) 308.8 332.6
32 Total assets (6) 3,459.6 3,437.1
Liabilities
33 Deposits 1,955.6 1,933.2
34 Transaction 300.2 301.3
35 Nontransaction 1,655.4 1,631.9
36 Large time 273.7 276.0
37 Other 1,381.8 1,355.8
38 Borrowings 643.2 654.8
39 From banks in the U.S. 189.9 175.4
40 From others 453.3 479.4
41 Net due to related foreign offices 214.7 202.0
42 Other liabilities 288.9 293.3
43 Total liabilities 3,102.4 3,083.2
44 Residual (assets less liabilities) (7) 357.1 353.9
Not Seasonally adjusted
45 Bank credit 2,877.8 2,860.3
46 Securities in bank credit 807.8 792.5
47 U.S. government securities 461.0 447.7
48 Trading account 36.4 43.9
49 Investment account 424.6 403.8
50 Mortgage-backed securities 328.4 304.2
51 Other 96.3 99.7
52 One year or less 21.3 20.8
53 One to five years 57.8 60.1
54 More than five years 17.2 18.7
55 Other securities 346.8 344.8
56 Trading account 190.3 191.4
57 Investment account 156.5 153.3
58 State and local government 29.9 30.0
59 Other 126.7 123.4
60 Loans and leases in bank credit (2) 2,070.0 2,067.8
61 Commercial and industrial 471.5 470.6
62 Bankers acceptances n.a. n.a.
63 Other 471.5 470.6
64 Real estate 995.8 1,000.2
65 Revolving home equity 139.1 139.9
66 Other 540.2 544.6
67 Commercial 316.5 315.7
68 Consumer 302.8 300.3
69 Credit cards and related plans 117.0 113.0
70 Other 185.8 187.3
71 Security (3) 63.4 62.8
72 Federal funds sold to and
repurchase agreements
with broker-dealers 52.8 50.4
73 Other 10.7 12.4
74 State and local government 11.8 12.0
75 Agricultural 8.0 7.9
76 Federal funds sold to and
repurchase agreements
with others 22.5 22.5
77 All other loans 72.4 70.6
78 Lease-financing receivables 121.6 121.1
79 Interbank loans 153.5 152.4
80 Federal funds sold to and
repurchase agreements
with commercial banks 85.2 83.1
81 Other 68.3 69.4
82 Cash assets (4) 178.5 140.5
83 Other assets (5) 306.3 331.6
84 Total assets (6) 3,472.3 3,441.1
Liabilities
85 Deposits 1,947.4 1,921.3
86 Transaction 305.1 301.0
87 Nontransaction 1,642.4 1,620.3
88 Large time 276.3 278.0
89 Other 1,366.1 1,342.3
90 Borrowings 663.6 668.5
91 From banks in the U.S. 195.9 179.4
92 From nonbanks in the U.S. 467.7 489.2
93 Net due to related foreign offices 221.0 208.9
94 Other liabilities 297.1 302.6
95 Total liabilities 3,129.2 3,101.4
96 Residual (assets less liabilities) (7) 343.1 339.7
D. Small domestically chartered commercial banks
Billions of dollars
Monthly averages
Account 2002
Jan. July
Seasonally adjusted
Assets
1 Bank credit 2,218.4 2,301.9 (r)
2 Securities in bank credit 623.5 639.9
3 U.S. government securities 399.2 431.4
4 Other securities 224.3 208.5
5 Loans and leases in bank credit (2) 1,594.9 1,662.0 (r)
6 Commercial and industrial 299.9 301.8 (r)
7 Real estate 910.4 (r) 968.2 (r)
8 Revolving home equity 58.6 71.3
9 Other 851.8 (r) 896.9 (r)
10 Consumer 279.4 282.5 (r)
11 Security (3) 7.7 7.7
12 Other loans and leases 97.5 101.9
13 Interbank loans 94.1 106.1
14 Cash assets (4) 111.9 120.9
15 Other assets (5) 133.4 140.5
16 Total assets (6) 2,527.1 2,638.4 (r)
Liabilities
17 Deposits 1,983.1 2,068.1
18 Transaction 305.7 310.1
19 Nontransaction 1,677.5 1,758.0
20 Large time 301.6 300.8
21 Other 1,375.9 1,457.2
22 Borrowings 336.3 344.7
23 From banks in the U.S. 119.6 125.0
24 From others 216.7 219.7
25 Net due to related foreign offices 9.0 9.8
26 Other liabilities 57.6 64.1
27 Total liabilities 2,386.0 2,486.7
28 Residual (assets less liabilities) (7) 141.0 151.8 (r)
Not seasonally adjusted
Assets
29 Bank credit 2,220.3 2,296.6 (r)
30 Securities in bank credit 624.6 637.7
31 U.S. government securities 400.2 429.2
32 Other securities 224.3 208.5
33 Loans and leases in bank credit (2) 1,595.8 1,658.9 (r)
34 Commercial and industrial 298.9 (r) 302.4 (r)
35 Real estate 910.0 967.3 (r)
36 Revolving home equity 58.7 70.9
37 Other 851.3 (r) 896.4 (r)
38 Consumer 283.3 278.5
39 Credit cards and related plans 114.5 105.3
40 Other 168.8 173.1 (r)
41 Security (3) 7.5 7.6
42 Other loans and leases 96.0 103.2
43 Interbank loans 92.8 101.3
44 Cash assets (4) 114.5 119.0
45 Other assets (5) 133.4 140.5
46 Total assets (6) 2,530.3 2,626.4 (r)
Liabilities
47 Deposits 1,993.4 2,055.9
48 Transaction 309.8 307.6
49 Nontransaction 1,683.7 1,748.3
50 Large time 301.6 300.8
51 Other 1,382.1 1,447.5
52 Borrowings 336.3 344.7
53 From banks in the U.S. 119.6 125.0
54 From others 216.7 219.7
55 Net due to related foreign offices 9.0 9.8
56 Other liabilities 57.6 64.1
57 Total liabilities 2,396.3 2,474.5
58 Residual (assets less liabilities) (7) 133.9 151.8 (r)
Monthly averages
Account 2002
Aug. Sept.
Seasonally adjusted
Assets
1 Bank credit 2,327.5 (r) 2,348.9 (r)
2 Securities in bank credit 646.0 650.2
3 U.S. government securities 436.8 444.1
4 Other securities 209.2 206.1
5 Loans and leases in bank credit (2) 1,681.4 (r) 1,698.6 (r)
6 Commercial and industrial 304.0 (r) 305.3 (r)
7 Real estate 980.6 (r) 993.9 (r)
8 Revolving home equity 73.1 74.1
9 Other 907.5 (r) 919.8 (r)
10 Consumer 285.5 (r) 286.7 (r)
11 Security (3) 8.0 8.2
12 Other loans and leases 103.3 104.6
13 Interbank loans 110.6 114.6
14 Cash assets (4) 124.7 126.9
15 Other assets (5) 145.2 147.1
16 Total assets (6) 2,676.7 (r) 2,705.7 (r)
Liabilities
17 Deposits 2,092.6 2,103.8
18 Transaction 306.7 305.5
19 Nontransaction 1,785.9 1,798.3
20 Large time 301.6 302.5 (r)
21 Other 1,484.3 1,495.9
22 Borrowings 358.3 374.2
23 From banks in the U.S. 132.1 135.6
24 From others 226.2 238.6
25 Net due to related foreign offices 8.5 8.6
26 Other liabilities 66.3 68.2
27 Total liabilities 2,525.7 2,554.9
28 Residual (assets less liabilities) (7) 151.0 (r) 150.8 (r)
Not seasonally adjusted
Assets
29 Bank credit 2,324.5 (r) 2,350.9 (r)
30 Securities in bank credit 643.7 649.2
31 U.S. government securities 434.4 443.1 (r)
32 Other securities 209.2 206.1
33 Loans and leases in bank credit (2) 1,680.8 (r) 1,707.7 (r)
34 Commercial and industrial 302.5 (r) 303.6 (r)
35 Real estate 981.2 (r) 995.6 (r)
36 Revolving home equity 72.9 74.6
37 Other 908.4 (r) 921.0 (r)
38 Consumer 284.2 288.7 (r)
39 Credit cards and related plans 110.2 113.3
40 Other 174.1 175.4 (r)
41 Security (3) 7.9 8.0
42 Other loans and leases 104.9 105.8
43 Interbank loans 108.7 111.8
44 Cash assets (4) 120.9 126.4
45 Other assets (5) 145.2 147.1
46 Total assets (6) 2,668.0 (r) 2,704.5 (r)
Liabilities
47 Deposits 2,076.6 2,092.6
48 Transaction 303.0 303.6
49 Nontransaction 1,773.6 1,789.0
50 Large time 301.6 302.5 (r)
51 Other 1,472.0 1,486.5
52 Borrowings 358.3 374.2
53 From banks in the U.S. 132.1 135.6
54 From others 226.2 238.6
55 Net due to related foreign offices 8.5 8.6
56 Other liabilities 66.3 68.2
57 Total liabilities 2,509.6 2,543.6
58 Residual (assets less liabilities) (7) 158.4 (r) 160.9 (r)
Monthly averages
Account 2002
Oct. Nov. (r)
Seasonally adjusted
Assets
1 Bank credit 2,369.8 (r) 2,378.8
2 Securities in bank credit 654.5 (r) 659.0
3 U.S. government securities 448.2 453.0
4 Other securities 206.3 (r) 206.0
5 Loans and leases in bank credit (2) 1,715.3 (r) 1,728.8
6 Commercial and industrial 305.9 (r) 307.3
7 Real estate 1,006.4 1,015.2
8 Revolving home equity 75.4 (r) 76.0
9 Other 931.1 939.2
10 Consumer 288.2 (r) 290.2
11 Security (3) 8.4 8.3
12 Other loans and leases 106.4 107.8
13 Interbank loans 120.2 121.5
14 Cash assets (4) 129.2 129.1
15 Other assets (5) 145.1 148.1
16 Total assets (6) 2,732.3 (r) 2,754.4
Liabilities
17 Deposits 2,116.7 2,127.2
18 Transaction 314.7 314.1
19 Nontransaction 1,802.0 1,813.1
20 Large time 304.9 306.4
21 Other 1,497.1 1,506.7
22 Borrowings 377.2 376.5
23 From banks in the U.S. 134.2 (r) 131.2
24 From others 243.0 245.3
25 Net due to related foreign offices 12.3 11.3
26 Other liabilities 69.0 70.9
27 Total liabilities 2,575.2 2,585.9
28 Residual (assets less liabilities) (7) 157.1 (r) 168.5
Not seasonally adjusted
Assets
29 Bank credit 2,375.2 (r) 2,393.6
30 Securities in bank credit 653.3 (r) 658.8
31 U.S. government securities 447.0 452.8
32 Other securities 206.3 (r) 206.0
33 Loans and leases in bank credit (2) 1,721.9 (r) 1,734.7
34 Commercial and industrial 305.7 (r) 306.3
35 Real estate 1,009.7 1,018.3
36 Revolving home equity 75.9 76.6
37 Other 933.8 941.7
38 Consumer 291.7 (r) 294.1
39 Credit cards and related plans 115.8 118.0
40 Other 175.9 (r) 176.0
41 Security (3) 8.3 8.6
42 Other loans and leases 106.4 107.4
43 Interbank loans 119.2 123.5
44 Cash assets (4) 129.7 133.7
45 Other assets (5) 145.1 148.1
46 Total assets (6) 2,737.1 (r) 2,766.8
Liabilities
47 Deposits 2,112.0 2,134.4
48 Transaction 313.4 316.6
49 Nontransaction 1,798.7 1,817.8
50 Large time 304.9 306.4
51 Other 1,493.8 1,511.4
52 Borrowings 377.2 376.5
53 From banks in the U.S. 134.2 (r) 131.2
54 From others 243.0 (r) 245.3
55 Net due to related foreign offices 12.3 11.3
56 Other liabilities 69.0 70.9
57 Total liabilities 2,570.5 2,593.1
58 Residual (assets less liabilities) (7) 166.6 (r) 173.7
Monthly averages
Account 2002 2003
Dec. (r) Jan.
Seasonally adjusted
Assets
1 Bank credit 2,395.5 2,402.5
2 Securities in bank credit 662.8 662.6
3 U.S. government securities 455.8 455.1
4 Other securities 207.0 207.6
5 Loans and leases in bank credit (2) 1,732.7 1,739.9
6 Commercial and industrial 308.0 309.4
7 Real estate 1,017.2 1,019.7
8 Revolving home equity 76.8 78.1
9 Other 940.5 941.6
10 Consumer 291.8 295.6
11 Security (3) 8.4 8.5
12 Other loans and leases 107.3 106.7
13 Interbank loans 120.9 122.3
14 Cash assets (4) 128.7 130.7
15 Other assets (5) 150.5 150.7
16 Total assets (6) 2,763.2 2,773.8
Liabilities
17 Deposits 2,123.7 2,124.4
18 Transaction 315.9 313.3
19 Nontransaction 1,807.8 1,811.1
20 Large time 309.0 308.5
21 Other 1,498.9 1,502.6
22 Borrowings 388.4 403.6
23 From banks in the U.S. 139.9 154.5
24 From others 248.6 249.1
25 Net due to related foreign offices 12.4 15.2
26 Other liabilities 70.6 77.4
27 Total liabilities 2,595.1 2,620.5
28 Residual (assets less liabilities) (7) 168.0 153.3
Not seasonally adjusted
Assets
29 Bank credit 2,408.9 2,404.2
30 Securities in bank credit 665.6 663.8
31 U.S. government securities 458.6 456.3
32 Other securities 207.0 207.6
33 Loans and leases in bank credit (2) 1,743.3 1,740.4
34 Commercial and industrial 308.1 308.4
35 Real estate 1,020.2 1,019.4
36 Revolving home equity 77.4 78.3
37 Other 942.8 941.1
38 Consumer 298.7 299.2
39 Credit cards and related plans 122.3 120.2
40 Other 176.4 179.0
41 Security (3) 8.6 8.3
42 Other loans and leases 107.7 105.1
43 Interbank loans 123.7 120.5
44 Cash assets (4) 135.8 133.7
45 Other assets (5) 150.5 150.7
46 Total assets (6) 2,786.5 2,776.7
Liabilities
47 Deposits 2,145.5 2,135.2
48 Transaction 326.2 317.5
49 Nontransaction 1,819.3 1,817.7
50 Large time 309.0 308.5
51 Other 1,510.3 1,509.2
52 Borrowings 388.4 403.6
53 From banks in the U.S. 139.9 154.5
54 From others 248.6 249.1
55 Net due to related foreign offices 12.4 15.2
56 Other liabilities 70.6 77.4
57 Total liabilities 2,616.9 2,631.3
58 Residual (assets less liabilities) (7) 169.5 145.4
Wednesday figures
Account 2003
Jan. 8 Jan. 15
Seasonally adjusted
Assets
1 Bank credit 2,398.9 2,398.8
2 Securities in bank credit 666.0 662.5
3 U.S. government securities 458.3 454.9
4 Other securities 207.8 207.6
5 Loans and leases in bank credit (2) 1,732.8 1,736.3
6 Commercial and industrial 307.7 308.5
7 Real estate 1,019.5 1,018.1
8 Revolving home equity 77.7 77.7
9 Other 941.8 940.3
10 Consumer 291.9 294.7
11 Security (3) 8.2 8.6
12 Other loans and leases 105.6 106.5
13 Interbank loans 114.3 122.7
14 Cash assets (4) 129.3 126.7
15 Other assets (5) 156.4 150.8
16 Total assets (6) 2,766.5 2,766.5
Liabilities
17 Deposits 2,120.6 2,124.0
18 Transaction 297.0 305.2
19 Nontransaction 1,823.6 1,818.8
20 Large time 307.7 308.6
21 Other 1,516.0 1,510.1
22 Borrowings 399.3 400.8
23 From banks in the U.S. 151.0 155.0
24 From others 248.3 245.8
25 Net due to related foreign offices 17.2 14.5
26 Other liabilities 76.5 77.3
27 Total liabilities 2,613.6 2,616.5
28 Residual (assets less liabilities) (7) 152.9 150.0
Not seasonally adjusted
Assets
29 Bank credit 2,400.2 2,403.1
30 Securities in bank credit 667.1 664.1
31 U.S. government securities 459.3 456.6
32 Other securities 207.8 207.6
33 Loans and leases in bank credit (2) 1,733.0 1,739.0
34 Commercial and industrial 306.9 307.5
35 Real estate 1,017.2 1,018.5
36 Revolving home equity 77.7 78.1
37 Other 939.5 940.4
38 Consumer 295.4 298.9
39 Credit cards and related plans 119.5 120.0
40 Other 175.9 178.9
41 Security (3) 8.2 8.5
42 Other loans and leases 105.3 105.6
43 Interbank loans 119.4 124.4
44 Cash assets (4) 131.7 134.4
45 Other assets (5) 156.4 150.8
46 Total assets (6) 2,775.4 2,780.3
Liabilities
47 Deposits 2,141.3 2,143.0
48 Transaction 305.4 314.9
49 Nontransaction 1,835.9 1,828.2
50 Large time 307.7 308.6
51 Other 1,528.3 1,519.6
52 Borrowings 399.3 400.8
53 From banks in the U.S. 151.0 155.0
54 From others 248.3 245.8
55 Net due to related foreign offices 17.2 14.5
56 Other liabilities 76.5 77.3
57 Total liabilities 2,634.3 2,635.6
58 Residual (assets less liabilities) (7) 141.1 144.7
Wednesday figures
Account 2003
Jan. 22 Jan. 29
Seasonally adjusted
Assets
1 Bank credit 2,402.6 2,408.4
2 Securities in bank credit 659.3 661.2
3 U.S. government securities 451.9 453.3
4 Other securities 207.3 207.9
5 Loans and leases in bank credit (2) 1,743.4 1,747.2
6 Commercial and industrial 309.9 311.0
7 Real estate 1,020.3 1,021.0
8 Revolving home equity 78.0 78.5
9 Other 942.3 942.4
10 Consumer 297.1 299.0
11 Security (3) 8.8 8.7
12 Other loans and leases 107.3 107.6
13 Interbank loans 124.9 127.3
14 Cash assets (4) 134.7 131.7
15 Other assets (5) 148.4 145.1
16 Total assets (6) 2,778.0 2,779.9
Liabilities
17 Deposits 2,126.5 2,123.0
18 Transaction 320.7 330.4
19 Nontransaction 1,805.9 1,792.6
20 Large time 308.2 308.8
21 Other 1,497.7 1,483.8
22 Borrowings 405.6 409.4
23 From banks in the U.S. 155.9 157.7
24 From others 249.7 251.7
25 Net due to related foreign offices 15.9 13.8
26 Other liabilities 78.0 78.5
27 Total liabilities 2,626.1 2,624.7
28 Residual (assets less liabilities) (7) 152.0 155.1
Not seasonally adjusted
Assets
29 Bank credit 2,402.9 2,408.4
30 Securities in bank credit 660.2 662.1
31 U.S. government securities 452.9 454.2
32 Other securities 207.3 207.9
33 Loans and leases in bank credit (2) 1,742.7 1,746.4
34 Commercial and industrial 308.8 309.8
35 Real estate 1,020.3 1,021.3
36 Revolving home equity 78.3 78.8
37 Other 942.0 942.5
38 Consumer 300.6 302.3
39 Credit cards and related plans 120.8 121.5
40 Other 179.8 180.8
41 Security (3) 8.2 8.1
42 Other loans and leases 104.7 104.8
43 Interbank loans 178.8 118.8
44 Cash assets (4) 138.3 129.1
45 Other assets (5) 148.4 145.1
46 Total assets (6) 2,774.8 2,768.9
Liabilities
47 Deposits 2,129.5 2,120.4
48 Transaction 321.0 327.0
49 Nontransaction 1,808.5 1,793.3
50 Large time 308.2 308.8
51 Other 1,500.3 1,484.6
52 Borrowings 405.6 409.4
53 From banks in the U.S. 155.9 157.7
54 From others 249.7 251.7
55 Net due to related foreign offices 15.9 13.8
56 Other liabilities 78.0 78.5
57 Total liabilities 2,629.0 2,622.1
58 Residual (assets less liabilities) (7) 145.8 146.8
Footnotes appear on p. A21.
E. Foreign-related institutions
Billions of dollars
Monthly averages
2002 2002
Account Jan. July
Seasonally adjusted
Assets
1 Bank credit 585.7 614.3
2 Securities in bank credit 233.8 241.2
3 U.S. government securities 74.1 76.4
4 Other securities 159.8 164.8
5 Loans and leases in bank credit (2) 351.9 373.1
6 Commercial and industrial 193.7 191.2
7 Real estate 17.5 18.8
8 Security (3) 75.3 91.0
9 Other loans and leases 65.4 72.1
10 Interbank loans 25.5 17.5
11 Cash assets (4) 40.4 46.0
12 Other assets (5) 30.8 29.4
13 Total assets (6) 682.1 706.9
Liabilities
14 Deposits 464.5 498.9
15 Transaction 11.0 9.9
16 Nontransaction 453.5 489.0
17 Borrowings 184.0 201.3
18 From banks in the U.S. 21.4 20.8
19 From others 162.7 180.5
20 Net due to related foreign offices -55.8 -81.8
21 Other liabilities 81.2 90.9
22 Total liabilities 674.0 709.3
23 Residual (assets less liabilities) (7) 8.1 -2.4
Not seasonally
adjusted
Assets
24 Bank credit 591.4 608.2
25 Securities in bank credit 233.8 241.2
26 U.S. government securities 74.1 76.4
27 Trading account 10.0 10.7
28 Investment account 64.1 65.8
29 Other securities 159.8 164.8
30 Trading account 102.5 108.4
31 Investment account 57.3 56.4
32 Loans and leases in bank credit (2) 357.6 367.0
33 Commercial and industrial 194.4 189.9
34 Real estate 17.5 18.8
35 Security (3) 79.5 87.5
36 Other loans and leases 66.2 70.8
37 Interbank loans 25.5 17.5
38 Cash assets (4) 42.6 44.1
39 Other assets (5) 31.6 28.3
40 Total assets (6) 690.7 697.8
Liabilities
41 Deposits 475.2 489.8
42 Transaction 11.3 9.8
43 Nontransaction 463.9 480.0
44 Borrowings 184.0 201.3
45 From banks in the U.S. 21.4 20.8
46 From others 162.7 180.5
47 Net due to related foreign offices -52.6 -85.8
48 Other liabilities 82.6 88.7
49 Total liabilities 689.2 694.0
50 Residual (assets less liabilities) (7) 1.5 3.8
Monthly averages
2002
Account Aug. Sept.
Seasonally adjusted
Assets
1 Bank credit 620.9 618.7
2 Securities in bank credit 250.0 247.4
3 U.S. government securities 81.8 86.7
4 Other securities 168.1 160.8
5 Loans and leases in bank credit (2) 370.9 371.3
6 Commercial and industrial 189.9 185.5
7 Real estate 18.8 19.0
8 Security (3) 90.5 94.8
9 Other loans and leases 71.7 72.0
10 Interbank loans 18.5 21.7
11 Cash assets (4) 46.5 46.0
12 Other assets (5) 29.0 28.5
13 Total assets (6) 714.5 714.5
Liabilities
14 Deposits 495.1 486.1
15 Transaction 10.1 10.1
16 Nontransaction 485.0 475.9
17 Borrowings 213.8 224.0
18 From banks in the U.S. 21.6 22.7
19 From others 192.1 201.3
20 Net due to related foreign offices -85.6 -83.8 (r)
21 Other liabilities 96.8 92.7
22 Total liabilities 720.0 719.1
23 Residual (assets less liabilities) (7) -5.5 -4.6
Not seasonally
adjusted
Assets
24 Bank credit 614.7 615.4
25 Securities in bank credit 250.0 247.4
26 U.S. government securities 81.8 86.7
27 Trading account 13.0 15.2
28 Investment account 68.8 71.5
29 Other securities 168.1 160.8
30 Trading account 109.8 103.9
31 Investment account 58.4 56.9
32 Loans and leases in bank credit (2) 364.8 367.9
33 Commercial and industrial 188.3 185.4
34 Real estate 18.8 19.0
35 Security (3) 87.2 91.9
36 Other loans and leases 70.4 71.6
37 Interbank loans 18.5 21.7
38 Cash assets (4) 45.1 46.1
39 Other assets (5) 28.6 29.0
40 Total assets (6) 706.5 711.7
Liabilities
41 Deposits 480.6 474.0
42 Transaction 9.8 10.3
43 Nontransaction 470.8 463.7
44 Borrowings 213.8 224.0
45 From banks in the U.S. 21.6 22.7
46 From others 192.1 201.3
47 Net due to related foreign offices -87.6 -82.7
48 Other liabilities 95.6 93.3 (r)
49 Total liabilities 702.4 708.6
50 Residual (assets less liabilities) (7) 4.1 3.1
Monthly averages
2002
Account Oct. Nov.
Seasonally adjusted
Assets
1 Bank credit 614.1 620.8
2 Securities in bank credit 245.0 249.0
3 U.S. government securities 88.8 92.8
4 Other securities 156.2 156.2
5 Loans and leases in bank credit (2) 369.0 371.8
6 Commercial and industrial 181.4 179.1
7 Real estate 19.5 19.8
8 Security (3) 97.1 105.1
9 Other loans and leases 71.0 67.8
10 Interbank loans 24.9 26.6
11 Cash assets (4) 45.4 40.9
12 Other assets (5) 35.1 38.0
13 Total assets (6) 719.1 725.9
Liabilities
14 Deposits 466.4 (r) 448.5
15 Transaction 9.8 9.5
16 Nontransaction 456.6 (r) 439.1
17 Borrowings 233.9 (r) 254.6 (r)
18 From banks in the U.S. 23.1 25.5
19 From others 210.7 (r) 229.1 (r)
20 Net due to related foreign offices -72.4 -74.4
21 Other liabilities 99.7 99.1
22 Total liabilities 727.5 727.8 (r)
23 Residual (assets less liabilities) (7) -8.4 -1.8
Not seasonally
adjusted
Assets
24 Bank credit 614.0 623.6
25 Securities in bank credit 245.0 249.0
26 U.S. government securities 88.8 92.8
27 Trading account 18.6 20.2
28 Investment account 70.2 72.7
29 Other securities 156.2 156.2
30 Trading account 100.5 99.3
31 Investment account 55.8 56.9
32 Loans and leases in bank credit (2) 369.0 374.6
33 Commercial and industrial 182.0 180.6
34 Real estate 19.5 19.8
35 Security (3) 97.2 106.4
36 Other loans and leases 70.2 67.8
37 Interbank loans 24.9 26.6
38 Cash assets (4) 46.3 43.3
39 Other assets (5) 34.5 37.8
40 Total assets (6) 719.4 730.9
Liabilities
41 Deposits 458.9 452.1
42 Transaction 9.9 9.6
43 Nontransaction 449.0 442.5
44 Borrowings 233.9 (r) 254.6 (r)
45 From banks in the U.S. 23.1 25.5
46 From others 210.7 (r) 229.1 (r)
47 Net due to related foreign offices -73.7 -75.5 (r)
48 Other liabilities 98.9 98.3 (r)
49 Total liabilities 718.0 729.6 (r)
50 Residual (assets less liabilities) (7) 1.4 1.4
Monthly averages
2002 2003
Account Dec. (r) Jan.
Seasonally adjusted
Assets
1 Bank credit 634.7 624.9
2 Securities in bank credit 263.9 265.5
3 U.S. government securities 100.9 101.3
4 Other securities 163.0 164.2
5 Loans and leases in bank credit (2) 370.8 359.4
6 Commercial and industrial 178.2 175.0
7 Real estate 19.4 18.7
8 Security (3) 110.2 105.4
9 Other loans and leases 63.1 60.3
10 Interbank loans 31.8 30.9
11 Cash assets (4) 42.5 37.9
12 Other assets (5) 41.2 46.7
13 Total assets (6) 749.8 740.0
Liabilities
14 Deposits 424.1 432.0
15 Transaction 9.5 9.7
16 Nontransaction 414.5 422.2
17 Borrowings 282.9 277.9
18 From banks in the U.S. 29.9 31.2
19 From others 253.0 246.7
20 Net due to related foreign offices -61.0 -71.7
21 Other liabilities 99.9 97.0
22 Total liabilities 745.8 735.1
23 Residual (assets less liabilities) (7) 4.0 4.9
Not seasonally
adjusted
Assets
24 Bank credit 643.8 632.2
25 Securities in bank credit 263.9 265.5
26 U.S. government securities 100.9 101.3
27 Trading account 30.3 31.6
28 Investment account 70.6 69.7
29 Other securities 163.0 164.2
30 Trading account 99.7 98.9
31 Investment account 63.3 65.3
32 Loans and leases in bank credit (2) 379.9 366.6
33 Commercial and industrial 179.7 175.6
34 Real estate 19.4 18.7
35 Security (3) 116.0 111.2
36 Other loans and leases 64.8 61.0
37 Interbank loans 31.8 30.9
38 Cash assets (4) 45.1 39.9
39 Other assets (5) 42.3 47.9
40 Total assets (6) 762.6 750.5
Liabilities
41 Deposits 435.7 441.8
42 Transaction 10.2 10.0
43 Nontransaction 425.5 431.9
44 Borrowings 282.9 277.9
45 From banks in the U.S. 29.9 31.2
46 From others 253.0 246.7
47 Net due to related foreign offices -58.8 -69.3
48 Other liabilities 101.4 98.7
49 Total liabilities 761.2 749.1
50 Residual (assets less liabilities) (7) 1.4 1.4
Wednesday figures
2003
Account Jan. 8 Jan. 15
Seasonally adjusted
Assets
1 Bank credit 627.7 621.3
2 Securities in bank credit 266.9 264.4
3 U.S. government securities 100.2 101.1
4 Other securities 166.7 163.3
5 Loans and leases in bank credit (2) 360.7 356.8
6 Commercial and industrial 175.2 175.3
7 Real estate 19.0 19.0
8 Security (3) 105.4 102.9
9 Other loans and leases 61.2 59.6
10 Interbank loans 29.5 32.0
11 Cash assets (4) 39.3 38.0
12 Other assets (5) 42.1 45.3
13 Total assets (6) 738.2 736.1
Liabilities
14 Deposits 421.0 431.4
15 Transaction 9.5 9.8
16 Nontransaction 411.5 421.6
17 Borrowings 272.0 275.3
18 From banks in the U.S. 28.9 31.4
19 From others 243.1 243.9
20 Net due to related foreign offices -64.4 -70.2
21 Other liabilities 102.7 99.0
22 Total liabilities 731.2 735.5
23 Residual (assets less liabilities) (7) 7.0 .5
Not seasonally
adjusted
Assets
24 Bank credit 631.9 631.3
25 Securities in bank credit 266.9 264.4
26 U.S. government securities 100.2 101.1
27 Trading account 32.2 31.9
28 Investment account 68.0 69.2
29 Other securities 166.7 163.3
30 Trading account 101.5 98.0
31 Investment account 65.2 65.3
32 Loans and leases in bank credit (2) 364.9 366.9
33 Commercial and industrial 176.3 176.0
34 Real estate 19.0 19.0
35 Security (3) 107.3 111.3
36 Other loans and leases 62.3 60.5
37 Interbank loans 29.5 32.0
38 Cash assets (4) 41.3 40.3
39 Other assets (5) 43.5 46.9
40 Total assets (6) 745.8 750.1
Liabilities
41 Deposits 431.0 441.3
42 Transaction 9.8 10.2
43 Nontransaction 421.3 431.1
44 Borrowings 272.0 275.3
45 From banks in the U.S. 28.9 31.4
46 From others 243.1 243.9
47 Net due to related foreign offices -62.6 -68.3
48 Other liabilities 104.0 100.3
49 Total liabilities 744.4 748.7
50 Residual (assets less liabilities) (7) 1.4 1.4
Wednesday figures
2003
Account Jan. 22 Jan. 29
Seasonally adjusted
Assets
1 Bank credit 622.3 628.7
2 Securities in bank credit 264.2 263.8
3 U.S. government securities 100.6 102.7
4 Other securities 163.6 161.1
5 Loans and leases in bank credit (2) 358.1 365.0
6 Commercial and industrial 175.9 174.6
7 Real estate 19.0 18.2
8 Security (3) 103.2 111.8
9 Other loans and leases 60.0 60.4
10 Interbank loans 35.3 27.5
11 Cash assets (4) 37.9 36.8
12 Other assets (5) 48.2 50.9
13 Total assets (6) 743.2 743.7
Liabilities
14 Deposits 430.4 443.3
15 Transaction 9.6 10.0
16 Nontransaction 420.8 433.3
17 Borrowings 285.8 279.4
18 From banks in the U.S. 32.0 32.6
19 From others 253.8 246.8
20 Net due to related foreign offices -69.8 -81.2
21 Other liabilities 91.0 94.6
22 Total liabilities 737.4 736.1
23 Residual (assets less liabilities) (7) 5.8 7.5
Not seasonally
adjusted
Assets
24 Bank credit 629.0 635.6
25 Securities in bank credit 264.2 263.8
26 U.S. government securities 100.6 102.7
27 Trading account 30.7 31.5
28 Investment account 69.9 71.3
29 Other securities 163.6 161.1
30 Trading account 98.0 97.2
31 Investment account 65.7 63.8
32 Loans and leases in bank credit (2) 364.8 371.8
33 Commercial and industrial 176.1 174.8
34 Real estate 19.0 18.2
35 Security (3) 109.4 118.2
36 Other loans and leases 60.3 60.6
37 Interbank loans 35.3 27.5
38 Cash assets (4) 39.9 38.6
39 Other assets (5) 49.0 52.0
40 Total assets (6) 752.8 753.4
Liabilities
41 Deposits 439.9 453.7
42 Transaction 9.7 10.1
43 Nontransaction 430.2 443.6
44 Borrowings 285.8 279.4
45 From banks in the U.S. 32.0 32.6
46 From others 253.8 246.8
47 Net due to related foreign offices -67.0 -78.0
48 Other liabilities 92.8 96.9
49 Total liabilities 751.4 752.0
50 Residual (assets less liabilities) (7) 1.4 1.4
F. Memo items
Billion of dollars
Monthly averages
Account 2002 2002
Jan. July
Not seasonally adjusted
MEMO
Large domestically chartered banks,
adjusted for mergers
1 Revaluation gains on off-balance-sheet
items (8) 86.3 105.8
2 Revaluation losses on off-balance-
sheet items (8) 66.6 89.7
3 Mortgage-backed securities (9) 308.9 320.4
4 Pass-through 210.3 236.7
5 CMO, REMIC, and other 98.6 83.7
6 Net unrealized gains (losses) on
available-for-sale securities (10) 2.3 8.3
7 Off-shore credit to U.S. residents
(11) 19.5 19.1
8 Securitized consumer loans (12) 133.4 144.1
9 Credit cards and related plans 122.5 128.1
10 Other 10.9 16.0
11 Securitized business loans (12) 19.4 17.1
Small domestically chartered
commercial banks, adjusted for
mergers
12 Mortgage-backed securities (9) 276.2 297.1
13 Securitized consumer loans (12) 214.2 203.0
14 Credit cards and related plans 206.4 199.4
15 Other 7.9 3.6
Foreign-related institutions
16 Revaluation gains on off-balance-
sheet items (8) 55.2 61.5
17 Revaluation losses on off-balance-
sheet items (8) 51.5 57.4
18 Securitized business loans (12) 13.1 9.4
Monthly averages
Account 2002
Aug. Sept.
Not seasonally adjusted
MEMO
Large domestically chartered banks,
adjusted for mergers
1 Revaluation gains on off-balance-sheet
items (8) 112.3 119.1
2 Revaluation losses on off-balance-
sheet items (8) 94.2 100.5
3 Mortgage-backed securities (9) 338.5 343.9
4 Pass-through 253.7 255.0
5 CMO, REMIC, and other 84.8 88.9
6 Net unrealized gains (losses) on
available-for-sale securities (10) 9.1 11.5
7 Off-shore credit to U.S. residents
(11) 19.0 19.0
8 Securitized consumer loans (12) 141.5 140.6
9 Credit cards and related plans 125.5 125.0
10 Other 16.0 15.6
11 Securitized business loans (12) 17.8 17.7
Small domestically chartered
commercial banks, adjusted for
mergers
12 Mortgage-backed securities (9) 298.7 304.2
13 Securitized consumer loans (12) 202.1 199.9
14 Credit cards and related plans 199.0 195.9
15 Other 3.1 3.9
Foreign-related institutions
16 Revaluation gains on off-balance-
sheet items (8) 65.1 62.5
17 Revaluation losses on off-balance-
sheet items (8) 64.8 61.5
18 Securitized business loans (12) 9.1 8.1
Monthly averages
Account 2002
Oct. Nov.
Not seasonally adjusted
MEMO
Large domestically chartered banks,
adjusted for mergers
1 Revaluation gains on off-balance-sheet
items (8) 110.9 117.1
2 Revaluation losses on off-balance-
sheet items (8) 94.2 100.8
3 Mortgage-backed securities (9) 355.2 370.4
4 Pass-through 261.7 274.6
5 CMO, REMIC, and other 93.5 95.8
6 Net unrealized gains (losses) on
available-for-sale securities (10) 12.5 11.8
7 Off-shore credit to U.S. residents
(11) 18.4 18.5
8 Securitized consumer loans (12) 142.7 146.8
9 Credit cards and related plans 127.5 131.4
10 Other 15.2 15.3
11 Securitized business loans (12) 17.5 17.1
Small domestically chartered
commercial banks, adjusted for
mergers
12 Mortgage-backed securities (9) 307.0 308.9
13 Securitized consumer loans (12) 198.3 198.7
14 Credit cards and related plans 189.3 189.8
15 Other 8.9 8.9
Foreign-related institutions
16 Revaluation gains on off-balance-
sheet items (8) 61.9 63.2
17 Revaluation losses on off-balance-
sheet items (8) 60.2 60.4
18 Securitized business loans (12) 7.6 7.3
Monthly averages
Account 2002 2003
Dec. Jan.
Not seasonally adjusted
MEMO
Large domestically chartered banks,
adjusted for mergers
1 Revaluation gains on off-balance-sheet
items (8) 124.4 130.5
2 Revaluation losses on off-balance-
sheet items (8) 105.6 108.8
3 Mortgage-backed securities (9) 363.1 368.8
4 Pass-through 265.6 271.2
5 CMO, REMIC, and other 97.4 97.6
6 Net unrealized gains (losses) on
available-for-sale securities (10) 11.0 12.2
7 Off-shore credit to U.S. residents
(11) 18.7 18.3
8 Securitized consumer loans (12) 148.5 (r) 148.3
9 Credit cards and related plans 133.2 132.2
10 Other 15.3 (r) 16.1
11 Securitized business loans (12) 16.9 16.7
Small domestically chartered
commercial banks, adjusted for
mergers
12 Mortgage-backed securities (9) 311.1 (r) 306.7
13 Securitized consumer loans (12) 201.2 205.6
14 Credit cards and related plans 192.5 197.1
15 Other 8.7 8.5
Foreign-related institutions
16 Revaluation gains on off-balance-
sheet items (8) 64.1 (r) 66.5
17 Revaluation losses on off-balance-
sheet items (8) 60.1 (r) 63.0
18 Securitized business loans (12) 6.9 5.8
Wednesday figures
Account 2003
Jan. 8 Jan. 15
Not seasonally adjusted
MEMO
Large domestically chartered banks,
adjusted for mergers
1 Revaluation gains on off-balance-sheet
items (8) 127.2 123.5
2 Revaluation losses on off-balance-
sheet items (8) 105.0 102.0
3 Mortgage-backed securities (9) 372.7 379.2
4 Pass-through 275.3 280.6
5 CMO, REMIC, and other 97.5 98.7
6 Net unrealized gains (losses) on
available-for-sale securities (10) 11.6 11.9
7 Off-shore credit to U.S. residents
(11) 18.4 18.3
8 Securitized consumer loans (12) 146.4 147.7
9 Credit cards and related plans 130.3 131.7
10 Other 16.2 16.1
11 Securitized business loans (12) 16.6 16.5
Small domestically chartered
commercial banks, adjusted for
mergers
12 Mortgage-backed securities (9) 309.4 306.2
13 Securitized consumer loans (12) 206.6 205.3
14 Credit cards and related plans 198.1 196.8
15 Other 8.5 8.5
Foreign-related institutions
16 Revaluation gains on off-balance-
sheet items (8) 65.2 65.2
17 Revaluation losses on off-balance-
sheet items (8) 63.6 62.0
18 Securitized business loans (12) 6.7 6.7
Wednesday figures
Account 2003
Jan. 22 Jan. 29
Not seasonally adjusted
MEMO
Large domestically chartered banks,
adjusted for mergers
1 Revaluation gains on off-balance-sheet
items (8) 136.3 133.2
2 Revaluation losses on off-balance-
sheet items (8) 114.4 111.7
3 Mortgage-backed securities (9) 374.8 348.7
4 Pass-through 276.9 252.9
5 CMO, REMIC, and other 97.8 95.8
6 Net unrealized gains (losses) on
available-for-sale securities (10) 12.9 12.4
7 Off-shore credit to U.S. residents
(11) 17.9 18.8
8 Securitized consumer loans (12) 147.7 150.4
9 Credit cards and related plans 131.7 134.3
10 Other 16.0 16.1
11 Securitized business loans (12) 16.5 17.3
Small domestically chartered
commercial banks, adjusted for
mergers
12 Mortgage-backed securities (9) 304.2 304.6
13 Securitized consumer loans (12) 205.2 205.0
14 Credit cards and related plans 196.7 196.5
15 Other 8.5 8.5
Foreign-related institutions
16 Revaluation gains on off-balance-
sheet items (8) 67.1 67.9
17 Revaluation losses on off-balance-
sheet items (8) 60.2 65.4
18 Securitized business loans (12) 4.9 4.9
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.
(12.) Total amount outstanding.
1.32 COMMERCIAL PAPER OUTSTANDING
Millions of dollars, seasonally adjusted, end of period
Year ending December
Item
1998 1999 2000 2001
1 All issuers 1,163,303 1,403,023 1,615,341 1,438,764
Financial companies (1)
2 Dealer-placed paper,
total (2) 614,142 786,643 973,060 989,364
3 Directly placed paper,
total (3) 322,030 337,240 298,848 224,553
4 Nonfinancial companies
(4) 227,132 279,140 343,433 224,847
Year
ending 2002
December
Item
2002 July Aug. Sept.
1 All issuers 1,321,517 1,345,922 1,375,414 1,338,119
Financial companies (1)
2 Dealer-placed paper,
total (2) 949,683 959,798 863,215 856,037
3 Directly placed paper,
total (3) 217,787 206,942 343,733 322,729
4 Nonfinancial companies
(4) 154,047 179,182 168,466 159,353
2002
Item
Oct. Nov. Dec.
1 All issuers 1,350,182 1,351,428 1,321,517
Financial companies (1)
2 Dealer-placed paper,
total (2) 973,150 982,239 949,683
3 Directly placed paper,
total (3) 219,581 211,574 217,787
4 Nonfinancial companies
(4) 157,451 157,615 154,047
(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.
1.33 PRIME RATE CHARGED BY BANKS Short-Term Business Loans (1)
Percent per year
Date of change Rate Period Average Period Average
rate rate
2000--Jan. 1 8.50 2000 9.23 2001--Jan. 9.05
Feb. 3 8.75 2001 6.91 Feb. 8.50
Mar. 22 9.00 2002 4.67 Mar. 8.32
May 17 9.50 Apr. 7.80
2000--Jan. 8.50 May 7.24
2001--Jan. 4 9.00 Feb. 8.73 June 6.98
Feb. 1 8.50 Mar. 8.83 July 6.75
Mar. 21 8.00 Apr. 9.00 Aug. 6.67
Apr. 19 7.50 May 9.24 Sept. 6.28
May 16 7.00 June 9.50 Oct. 5.53
June 28 6.75 July 9.50 Nov. 5.l0
Aug. 22 6.50 Aug. 9.50 Dec. 4.84
Sept. 18 6.00 Sept. 9.50
Oct. 3 5.50 Oct. 9.50
Nov. 7 5.00 Nov. 9.50
Dec. 12 4.75 Dec. 9.50
2002--Nov. 7 4.25
Period Average
rate
2002--Jan. 4.75
Feb. 4.75
Mar. 4.75
Apr. 4.75
May 4.75
June 4.75
July 4.75
Aug. 4.75
Sept. 4.75
Oct. 4.75
Nov. 4.35
Dec. 4.25
2003--Jan. 4.25
Feb. 4.25
(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
2002
Item 2000 2001 2002
Oct.
MONEY MARKET INSTRUMENTS
1 Federal funds (1,2,3) 6.24 3.88 1.67 1.75
2 Discount window primary credit
(2,4) n.a. n.a. n.a. n.a.
Commercial paper (3,5,6)
Nonfinancial
3 1-month 6.27 3.78 1.67 1.72
4 2-month 6.29 3.68 1.67 1.70
5 3-month 6.31 3.65 1.69 1.70
Financial
6 1-month 6.28 3.80 1.68 1.73
7 2-month 6.30 3.71 1.69 1.72
8 3-month 6.33 3.65 1.70 1.71
Certificates of deposit,
secondary market (3,7)
9 1-month 6.35 3.84 1.72 1.77
10 3-month 6.46 3.71 1.73 1.73
11 6-month 6.59 3.66 1.81 1.69
12 Eurodollar deposits, 3-month
(3,8) 6.45 3.70 1.73 1.73
US. Treasury bills
Secondary market (3,5)
13 4-week n.a. 2.43 1.60 1.60
14 3-month 5.82 3.40 1.61 1.58
15 6-month 5.90 3.34 1.68 1.56
U.S. TREASURY NOTES AND BONDS
Constant maturities (9)
16 1-year 6.11 3.49 2.00 1.65
17 2-year 6.26 3.83 2.64 1.91
18 3-year 6.22 4.09 3.10 2.25
19 5-year 6.16 4.56 3.82 2.95
20 7-year 6.20 4.88 4.30 3.54
21 10-year 6.03 5.02 4.61 3.94
22 20-year 6.23 5.63 5.43 5.00
Treasury long-term average (10,11)
23 25 years and above n.a. n.a. 5.41 5.07
STATE AND LOCAL NOTES AND BONDS
Moody's series (12)
24 Aaa 5.58 4.99 4.87 4.66
25 Baa 6.19 5.75 5.64 5.47
26 Bond Buyer series (13) 5.71 5.15 5.04 4.88
CORPORATE BONDS
27 Seasoned issues, all industries
(14) 7.98 7.49 7.10 6.93
Rating group
28 Aaa (15) 7.62 7.08 6.49 6.32
29 Aa 7.83 7.26 6.93 6.73
30 A 8.11 7.67 7.18 6.95
31 Baa 8.37 7.95 7.80 7.73
MEMO
Dividend-price ratio (16)
32 Common stocks 1.15 1.32 1.61 1.86
2003,
week
2002 2003 ending
Item
Nov. Dec. Jan. Jan. 3
MONEY MARKET INSTRUMENTS
1 Federal funds (1,2,3) 1.34 1.24 1.24 1.20
2 Discount window primary credit
(2,4) n.a. n.a. n.a. n.a.
Commercial paper (3,5,6)
Nonfinancial
3 1-month 1.34 1.31 1.25 1.28
4 2-month 1.35 1.32 1.26 1.28
5 3-month 1.36 1.31 1.26 1.30
Financial
6 1-month 1.34 1.31 1.26 1.28
7 2-month 1.37 1.32 1.27 1.29
8 3-month 1.37 1.32 1.27 1.28
Certificates of deposit,
secondary market (3,7)
9 1-month 1.39 1.37 1.29 133
10 3-month 1.39 1.34 1.29 1.31
11 6-month 1.40 1.36 1.30 1.32
12 Eurodollar deposits, 3-month
(3,8) 1.39 1.35 1.29 132
US. Treasury bills
Secondary market (3,5)
13 4-week 1.24 1.18 1.15 1.16
14 3-month 1.23 1.19 1.17 1.20
15 6-month 1.27 1.24 1.20 1.22
U.S. TREASURY NOTES AND BONDS
Constant maturities (9)
16 1-year 1.49 1.45 1.36 1.38
17 2-year 1.92 1.84 1.74 1.70
18 3-year 2.32 2.23 2.18 2.09
19 5-year 3.05 3.03 3.05 2.91
20 7-year 3.64 3.63 3.60 3.48
21 10-year 4.05 4.03 4.05 3.94
22 20-year 5.04 5.01 5.02 4.93
Treasury long-term average (10,11)
23 25 years and above 5.10 5.06 5.07 5.00
STATE AND LOCAL NOTES AND BONDS
Moody's series (12)
24 Aaa 4.77 4.70 4.72 4.68
25 Baa 5.62 5.57 5.61 5.55
26 Bond Buyer series (13) 4.95 4.85 4.90 4.84
CORPORATE BONDS
27 Seasoned issues, all industries
(14) 6.88 6.77 6.72 6.71
Rating group
28 Aaa (15) 6.31 6.21 6.17 6.16
29 Aa 6.71 6.63 6.59 6.57
30 A 6.89 6.80 6.77 6.75
31 Baa 7.62 7.45 7.35 7.37
MEMO
Dividend-price ratio (16)
32 Common stocks 1.73 1.77 1.81 1.81
2003, week ending
Item
Jan. l0 Jan. 17 Jan. 24 Jan. 31
MONEY MARKET INSTRUMENTS
1 Federal funds (1,2,3) 1.20 1.26 1.23 1.24
2 Discount window primary credit
(2,4) n.a. 2.25 2.25 2.25
Commercial paper (3,5,6)
Nonfinancial
3 1-month 1.25 1.25 1.25 1.24
4 2-month 1.25 1.29 1.25 1.24
5 3-month 1.26 1.29 1.26 1.24
Financial
6 1-month 1.27 1.25 1.25 1.25
7 2-month 1.28 1.27 1.26 1.25
8 3-month 1.29 1.28 1.26 1.25
Certificates of deposit,
secondary market (3,7)
9 1-month 1.31 1.30 1.28 1.27
10 3-month 1.31 1.30 1.28 1.27
11 6-month 1.32 1.31 1.28 1.27
12 Eurodollar deposits, 3-month
(3,8) 1.30 1.30 1.28 1.26
US. Treasury bills
Secondary market (3,5)
13 4-week 1.15 1.15 1.14 1.15
14 3-month 1.18 1.17 1.15 1.16
15 6-month 1.23 1.21 1.18 1.17
U.S. TREASURY NOTES AND BONDS
Constant maturities (9)
16 1-year 1.41 1.38 1.32 1.32
17 2-year 1.80 1.75 1.67 1.72
18 3-year 2.24 2.21 2.10 2.16
19 5-year 3.12 3.11 2.96 3.01
20 7-year 3.66 3.66 3.51 3.56
21 10-year 4.10 4.10 3.97 4.01
22 20-year 5.08 5.07 4.96 4.96
Treasury long-term average (10,11)
23 25 years and above 5.13 5.11 5.00 5.00
STATE AND LOCAL NOTES AND BONDS
Moody's series (12)
24 Aaa 4.76 4.74 4.72 4.72
25 Baa 5.67 5.65 5.61 5.59
26 Bond Buyer series (13) 4.94 4.95 4.89 4.90
CORPORATE BONDS
27 Seasoned issues, all industries
(14) 6.79 6.76 6.67 6.63
Rating group
28 Aaa (15) 6.24 6.22 6.11 6.09
29 Aa 6.65 6.64 6.55 6.48
30 A 6.81 6.78 6.72 6.73
31 Baa 7.44 7.39 7.30 7.21
MEMO
Dividend-price ratio (16)
32 Common stocks 1.75 1.80 1.85 1.86
NOTE. Some of the data in this table also appear in the Board's H.15
(519) weekly statistical release. For ordering address, see inside
front cover.
(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.) The rate charged for primary credit under an amendment to the
Board's Regulation A, which became effective January 9, 2003. This rate
replaces that for adjustment credit, which was discontinued after
January 8, 2003. For further information, see: http://
www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/
default.htm. The rate is that reported for the Federal Reserve Bank of
New York. Historical series for the rate on adjustment credit is
available at: http://www.federalreserve.gov/releases.gov/releases/hl5/
data.htm.
(5.) Quoted on a discount basis.
(6.) Interest rates interpolated from data on certain commercial paper
trades settled by the Depository Trust Company. The trades represent
sales of commercial paper by dealers or direct issuers to investors
(that is, the offer side). See the Board's Commercial Paper web pages
(http://www.federalreserve.gov/releases/cp) for more information.
(7.) An average of dealer offering rates on nationally traded
certificates of deposit.
(8.) Bid rates for eurodollar deposits collected around 9:30 a.m.
Eastern time. Data are for indication purposes only.
(9.) Yields on actively traded issues adjusted to constant maturities.
(10.) Based on the unweighted average of the bid yields for all
Treasury fixed-coupon securities with remaining terms to maturity of 25
years and over.
(11.) A factor for adjusting the daily long-term average in order to
estimate a 30-year rate can be found at http://www.treas.gov/offices/
domestic-finanee/debt-management/interest-rate/ltcompositeindex.html.
(12.) General obligation bonds based on Thursday figures; Moody's
Investors Service.
(13.) 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 Moody's A1 rating. Based on Thursday
figures.
(14.) Daily figures are averages of Aaa, Aa, A, and Baa yields from
Moody's Investors Service. Based on yields to maturity on selected
long-term bonds.
(15) Effective December 7, 2001, the Moody's Aaa yield includes yields
oonly for industrial firms. Prior to December 7, 2001, the Aaa yield
represented both utilities and industrial.
(16.) Standard & Poor's corporate series. Common stock ratio is based
on the 500 stocks in the price index.
SOURCE: U.S. Department of the Treasury.
1.36 STOCK MARKET Selected Statistics
Indicator 2000 2001 2002
Prices and trading volume (averages of
daily figures)
Common stock prices
(indexes)
1 New York Stock Exchange
(Dec. 31, 1965 = 50) 6,806.46 6,407.95 5,571.46
2 Industrial 809.40 749.46 656.44
3 Transportation 414.73 444.45 430.63
4 Utility 478.99 377.72 260.50
5 Finance 552.48 596.61 554.88
6 Standard & Poor's
Corporation (1941-43
= 10) (1) 1,427.22 1,194.18 993.94
7 American Stock Exchange
(Aug. 31, 1973 = 50)
(2) 922.22 879.08 860.11
Volume of trading
(thousands of
shares)
8 New York Stock Exchange 1,026,867 1,216,529 1,411,689
9 American Stock Exchange 51,437 68,074 n.a.
Customer financing (millions of dollars,
end-of-period balances)
10 Margin credit at
broker-dealers (3) 198,790 150,450 134,380
Free credit balances at
brokers (4)
11 Margin accounts (5) 100,680 101,640 95,690
12 Cash accounts 84,400 78,040 73,340
Margin requirements (percent of market
value and effective date) (6)
Mar. 11, 1968 June 8, 1968 May 6, 1970
13 Margin stocks 70 80 65
14 Convertible bonds 50 60 50
15 Short sales 70 80 65
2002
Indicator May June July
Prices and trading volume (averages of
daily figures)
Common stock prices
(indexes)
1 New York Stock Exchange
(Dec. 31, 1965 = 50) 6,087.85 5,755.89 5,139.94
2 Industrial 718.12 677.58 603.04
3 Transportation 459.55 449.42 416.07
4 Utility 287.10 265.21 230.21
5 Finance 603.15 577.05 524.01
6 Standard & Poor's
Corporation (1941-43
= 10) (1) 1,079.27 1,014.05 903.59
7 American Stock Exchange
(Aug. 31, 1973 = 50)
(2) 935.10 911.59 840.76
Volume of trading
(thousands of
shares)
8 New York Stock Exchange 1,215,786 1,539,282 1,848,962
9 American Stock Exchange n.a. n.a. n.a.
Customer financing (millions of dollars,
end-of-period balances)
10 Margin credit at
broker-dealers (3) 150,860 146,270 136,160
Free credit balances at
brokers (4)
11 Margin accounts (5) 92,950 95,830 98,080
12 Cash accounts 66,120 68,280 68,860
Margin requirements (percent of market
value and effective date) (6)
Dec. 6, 1971 Nov. 24, 1972 Jan. 3, 1974
13 Margin stocks 55 65 50
14 Convertible bonds 50 50 50
15 Short sales 55 65 50
2002
Indicator Aug. Sept. Oct.
Prices and trading volume
(averages of daily figures)
Common stock prices
(indexes)
1 New York Stock Exchange
(Dec. 31, 1965 = 50) 5,200.62 4,980.65 4,862.70
2 Industrial 611.34 589.14 574.45
3 Transportation 409.96 388.19 383.41
4 Utility 225.52 210.76 207.83
5 Finance 533.60 506.05 494.06
6 Standard & Poor's
Corporation (1941-43
= 10) (1) 912.55 867.81 854.63
7 American Stock Exchange
(Aug. 31, 1973 = 50)
(2) 843.89 852.03 807.38
Volume of trading
(thousands of
shares)
8 New York Stock Exchange 1,317,105 1,370,143 1,619,896
9 American Stock Exchange n.a. n.a. n.a.
Customer financing (millions of
dollars, end-of-period balances)
10 Margin credit at
broker-dealers (3) 132,800 130,210 130,570
Free credit balances at
brokers (4)
11 Margin accounts (5) 95,400 98,630 96,620
12 Cash accounts 63,700 67,550 66,780
2002 2003
Indicator Nov. Dec. Jan.
Prices and trading volume
(averages of daily figures)
Common stock prices
(indexes)
1 New York Stock Exchange
(Dec. 31, 1965 = 50) 5,104.89 5,075.76 5,055.78
2 Industrial 597.45 593.15 587.78
3 Transportation 405.03 401.39 394.60
4 Utility 229.41 236.71 236.42
5 Finance 523.50 519.72 522.51
6 Standard & Poor's
Corporation (1941-43
= 10) (1) 909.93 899.18 895.84
7 American Stock Exchange
(Aug. 31, 1973 = 50)
(2) 820.62 823.77 824.64
Volume of trading
(thousands of
shares)
8 New York Stock Exchange 1,427,254 1,210,332 1,441,846
9 American Stock Exchange n.a. n.a. n.a.
Customer financing (millions of
dollars, end-of-period balances)
10 Margin credit at
broker-dealers (3) 133,060 134,380 134,910
Free credit balances at
brokers (4)
11 Margin accounts (5) 91,240 95,690 96,430
12 Cash accounts 67,380 73,340 66,200
(1.) In July 1976 a financial group, composed of banks and insurance
companies, was added to the group of stocks on which the index is
based. The index is now based on 400 industrial stocks (formerly 425),
20 transportation (formerly 15 rail), 40 public utility (formerly 60),
and 40 financial.
(2.) On July 5, 1983, the American Stock Exchange rebased its index,
effectively cutting previous readings in half.
(3.) Since July 1983, under the revised Regulation T, margin credit at
broker-dealers has included credit extended against stocks, convertible
bonds, stocks acquired through the exercise of subscription rights,
corporate bonds, and government securities. Separate reporting of data
for margin stocks, convertible bonds, and subscription issues was
discontinued in April 1984.
(4.) Free credit balances are amounts in accounts with no unfulfilled
commitments to brokers and are subject to withdrawal by customers on
demand.
(5.) Series initiated in June 1984.
(6.) Margin requirements, stated in regulations adopted by the Board of
Governors pursuant to the Securities Exchange Act of 1934, limit the
amount of credit that can be used to purchase and carry "margin
securities" (as defined in the regulations) when such credit is
collateralized by securities. Margin requirements on securities are the
difference between the market value (100 percent) and the maximum loan
value of collateral as prescribed by the Board. Regulation T was
adopted effective Oct. 15, 1934; Regulation U, effective May 1, 1936;
Regulation G, effective Mar. 11, 1968; and Regulation X, effective Nov.
1, 1971.
On Jan. 1, 1977, the Board of Governors for the first time established
in Regulation T the initial margin required for writing options on
securities, setting it at 30 percent of the current market value of the
stock underlying the option. On Sept. 30, 1985, the Board changed the
required initial margin, allowing it to be the same as the option
maintenance margin required by the appropriate exchange or self-
regulatory organization; such maintenance margin rules must be approved
by the Securities and Exchange Commission.
1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION
Billions of dollars, end of month
2000 2001
Item
Dec. 31 Mar. 31 June 30 Sept. 30 Dec. 31
1 Federal debt
outstanding 5,803.5 5,800.6 5,753.9 5,834.5 5,970.3
2 Public debt securities 5,662.2 5,773.7 5,726.8 5,807.5 5,943.4
3 Held by public 3,527.4 3,434.4 3,274.2 3,338.7 3,393.8
4 Held by agencies 2,248.7 2,339.4 2,452.6 2,468.8 2,549.7
5 Agency securities 27.4 26.8 27.1 27.0 26.8
6 Held by public 27.3 26.8 27.1 27.0 26.8
7 Held by agencies .1 .1 .0 .0 .0
8 Debt subject to
statutory limit 5,580.5 5,692.5 5,645.0 5,732.6 5,871.4
9 Public debt securities 5,580.2 5,692.3 5,644.8 5,732.4 5,871.2
10 Other debt (1) .2 .2 .2 .2 .3
MEMO
11 Statutory debt limit 5,950.0 5,950.0 5,950.0 5,950.0 5,950.0
2002
Item
Mar. 31 June 30 Sept. 30 Dec. 31
1 Federal debt
outstanding 6,032.4 6,153.3 6,255.4 6,433.0
2 Public debt securities 6,006.0 6,126.5 6,228.2 6,405.7
3 Held by public 3,443.7 3,463.5 3,552.6 3,647.4
4 Held by agencies 2,562.4 2,662.9 2,675.6 2,758.3
5 Agency securities 26.4 26.8 27.2 27.3
6 Held by public 26.4 26.8 27.2 27.3
7 Held by agencies .0 .0 .0 .0
8 Debt subject to
statutory limit 5,935.1 6,058.3 6,161.4 6,359.4
9 Public debt securities 5,935.0 6,058.1 6,161.1 6,359.1
10 Other debt (1) .2 .2 .3 .3
MEMO
11 Statutory debt limit 5,950.0 6,400.0 6,400.0 6,400.0
(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 Monthly Treasury Statement.
1.41 GROSS PUBLIC DEBT OF U.S. TREASURY Types and Ownership
Billions of dollars, end of period
Type and bolder 1999 2000 2001
1 Total gross public debt 5,776.1 5,662.2 5,943.4
By type
2 Interest-bearing 5,766.1 5,618.1 5,930.8
3 Marketable 3,281.0 2,966.9 2,982.9
4 Bills 737.1 646.9 811.3
5 Notes 1,784.5 1,557.3 1,413.9
6 Bonds 643.7 626.5 602.7
7 Inflation-indexed
notes and bonds
(1) 100.7 121.2 140.1
8 Nonmarketable (2) 2,485.1 2,651.2 2,947.9
9 State and local
government
series 165.7 151.0 146.3
10 Foreign issues (3) 31.3 27.2 15.4
11 Government 31.3 27.2 15.4
12 Public .0 .0 .0
13 Savings bonds and
notes 179.4 176.9 181.5
14 Government account
series (4) 2,078.7 2,266.1 2,574.8
15 Non-interest-bearing 10.0 44.2 12.7
By holder (5)
16 U.S. Treasury and other
federal agencies
and trust funds 2,064.2 2,270.1 2,572.2
17 Federal Reserve Banks
(6) 478.0 511.7 551.7
18 Private investors 3,233.9 2,880.4 2,819.5
19 Depository
institutions 248.7 201.5 181.5
20 Mutual funds 228.6 220.8 257.5
21 Insurance companies 123.4 110.2 105.7
22 State and local
treasuries (7) 266.8 236.2 256.5
Individuals
23 Savings bonds 186.4 184.8 190.3
24 Pension funds 321.0 304.1 281.6
25 Private 109.8 108.4 104.2
26 State and Local 211.2 195.7 177.4
27 Foreign and
international (8) 1,268.7 1,034.2 1,053.1
28 Other miscellaneous
investors (7,9) 590.3 (r) 588.7 (r) 493.3 (r)
2002
Type and bolder 2002
Q1 Q2
1 Total gross public debt 6,405.7 6,006.0 6,126.5
By type
2 Interest-bearing 6,391.4 5,962.2 6,087.0
3 Marketable 3,205.1 3,003.3 3,024.8
4 Bills 888.8 834.4 822.5
5 Notes 1,580.8 1,411.7 1,446.9
6 Bonds 588.7 596.7 592.9
7 Inflation-indexed
notes and bonds
(1) 146.9 145.6 147.5
8 Nonmarketable (2) 3,186.3 2,958.9 3,062.2
9 State and local
government
series 153.4 141.1 142.8
10 Foreign issues (3) 11.2 14.6 13.3
11 Government 11.2 14.6 13.3
12 Public .0 .0 .0
13 Savings bonds and
notes 184.8 183.6 184.8
14 Government account
series (4) 2,806.9 2,589.7 2,691.4
15 Non-interest-bearing 14.3 43.8 39.5
By holder (5)
16 U.S. Treasury and other
federal agencies
and trust funds 2,757.8 2,581.4 2,686.0
17 Federal Reserve Banks
(6) 629.4 575.4 590.7
18 Private investors 3,018.5 2,849.2 2,849.8
19 Depository
institutions 223.2 187.6 204.4
20 Mutual funds 278.1 264.9 250.0
21 Insurance companies 117.4 108.4 110.3
22 State and local
treasuries (7) 274.2 261.2 271.7
Individuals
23 Savings bonds 194.9 191.9 192.7
24 Pension funds 284.2 293.3 286.0
25 Private 111.4 106.3 108.8
26 State and Local 172.8 187.0 177.2
27 Foreign and
international (8) 1,174.2 1,056.5 (r) 1,068.1 (r)
28 Other miscellaneous
investors (7,9) n.a. 485.4 (r) 466.5 (r)
2002
Type and bolder
Q3 Q4
1 Total gross public debt 6,228.2 6,405.7
By type
2 Interest-bearing 6,216.3 6,391.4
3 Marketable 3,136.6 3,205.1
4 Bills 868.3 888.8
5 Notes 1,521.5 1,580.8
6 Bonds 592.9 588.7
7 Inflation-indexed
notes and bonds
(1) 138.9 146.9
8 Nonmarketable (2) 3,079.6 3,186.3
9 State and local
government
series 144.3 153.4
10 Foreign issues (3) 12.5 11.2
11 Government 12.5 11.2
12 Public .0 .0
13 Savings bonds and
notes 185.6 184.8
14 Government account
series (4) 2,707.3 2,806.9
15 Non-interest-bearing 12.0 14.3
By holder (5)
16 U.S. Treasury and other
federal agencies
and trust funds 2,701.3 2,757.8
17 Federal Reserve Banks
(6) 604.2 629.4
18 Private investors 2,924.8 3,018.5
19 Depository
institutions 210.4 (r) 223.2
20 Mutual funds 253.6 (r) 278.1
21 Insurance companies 116.0 (r) 117.4
22 State and local
treasuries (7) 269.4 274.2
Individuals
23 Savings bonds 193.3 194.9
24 Pension funds 284.9 (r) 284.2
25 Private 110.9 111.4
26 State and Local 174.1 (r) 172.8
27 Foreign and
international (8) 1,128.6 (r) 1,174.2
28 Other miscellaneous
investors (7,9) 471.1 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.) U.S. Treasury securities bought outright by Federal Reserve Banks,
see Bulletin table 1.18.
(7.) In March 1996, in a redefinition of series, fully defeased debt
backed by nonmarketable federal securities was removed from "Other
miscellaneous investors" and added to "State and local treasuries." The
data shown here have been revised accordingly.
(8.) Includes nonmarketable foreign series Treasury securities and
Treasury deposit funds. Excludes Treasury securities held under
repurchase agreements in custody accounts at the Federal Reserve Bank
of New York.
(9.) Includes individuals, government-sponsored enterprises, brokers
and dealers, bank personal trusts and estates, corporate and
noncorporate businesses, and other investors.
SOURCES. Data by type of security, U.S. Treasury Department, Monthly
Statement of the Public Debt of the United States; data by holder,
Federal Reserve Board of Governors, Flow of Funds Accounts of the
United States and U.S. Treasury Department, Treasury Bulletin,
unless otherwise noted.
1.42 U.S. GOVERNMENT SECURITIES DEALERS Transactions (1)
Millions of dollars, daily averages
2002
Item
Oct. Nov. Dec.
By type of security
1 U.S. Treasury bills 44,804 48,070 44,252
Treasury coupon securities by maturity
2 Three years or less 133,181 141,467 98,091
3 More than three but less than or
equal to six years 114,643 118,430 78,534
4 More than six but less than or equal
to eleven years 99,139 98,012 61,252
5 More than eleven 21,405 20,833 15,748
6 Inflation-indexed (2) 4,122 2,603 2,380
Federal agency and government-
sponsored enterprises
7 Discount notes 50,271 51,785 54,947
Coupon securities by maturity
8 Three years or less 11,841 12,727 8,787
9 More than three years but less than
or equal to six years 9,301 8,893 6,270
10 More than six years but less than
or equal to eleven years 6,776 7,383 5,976
11 More than eleven years 1,325 1,219 897
12 Mortgage-backed 191,937 194,006 153,693
Corporate securities
13 One year or less 101,115 111,148 101,904
14 More than one year 16,294 22,421 15,482
By type of counterparty
With interdealer broker
15 U.S. Treasury 197,089 205,144 137,745
16 Federal agency and government-
sponsored enterprises 10,473 10,018 7,381
17 Mortgage-backed 55,734 49,075 36,156
18 Corporate 387 431 433
With other
19 U.S. Treasury 220,204 224,271 162,512
20 Federal agency and government-
sponsored enterprises 69,041 71,989 69,496
21 Mortgage-backed 136,203 144,931 117,537
22 Corporate 117,022 133,138 116,953
2002, week ending
Item
Dec. 4 Dec. 11 Dec. 18
By type of security
1 U.S. Treasury bills 46,650 49,102 43,060
Treasury coupon securities by maturity
2 Three years or less 131,140 112,904 97,605
3 More than three but less than or
equal to six years 100,771 107,472 87,610
4 More than six but less than or equal
to eleven years 80,059 82,733 65,588
5 More than eleven 19,019 19,169 17,393
6 Inflation-indexed (2) 1,914 3,274 2,536
Federal agency and government-
sponsored enterprises
7 Discount notes 56,129 51,714 59,092
Coupon securities by maturity
8 Three years or less 9,312 10,000 9,062
9 More than three years but less than
or equal to six years 4,847 12,860 5,563
10 More than six years but less than
or equal to eleven years 7,349 7,235 6,205
11 More than eleven years 801 1,313 676
12 Mortgage-backed 164,112 250,141 155,212
Corporate securities
13 One year or less 81,049 106,654 125,831
14 More than one year 19,955 18,201 21,111
By type of counterparty
With interdealer broker
15 U.S. Treasury 174,715 178,506 148,043
16 Federal agency and government-
sponsored enterprises 8,204 9,903 7,078
17 Mortgage-backed 40,764 52,998 40,057
18 Corporate 432 620 665
With other
19 U.S. Treasury 204,838 196,146 165,749
20 Federal agency and government-
sponsored enterprises 70,234 73,219 73,521
21 Mortgage-backed 123,348 197,143 115,155
22 Corporate 100,572 124,235 146,277
2002,
week
ending 2003, week ending
Item
Dec. 25 Jan. 1 Jan. 8
By type of security
1 U.S. Treasury bills 37,679 44,452 40,845
Treasury coupon securities by maturity
2 Three years or less 102,826 50,663 116,047
3 More than three but less than or
equal to six years 56,505 36,370 141,958
4 More than six but less than or equal
to eleven years 47,865 28,264 69,120
5 More than eleven 12,380 10,331 14,469
6 Inflation-indexed (2) 2,265 1,532 7,402
Federal agency and government-
sponsored enterprises
7 Discount notes 50,202 57,667 62,335
Coupon securities by maturity
8 Three years or less 9,828 5,492 12,515
9 More than three years but less than
or equal to six years 3,664 2,588 11,226
10 More than six years but less than
or equal to eleven years 6,820 2,243 5,839
11 More than eleven years 808 813 821
12 Mortgage-backed 99,579 77,533 276,025
Corporate securities
13 One year or less 100,301 83,300 105,664
14 More than one year 13,047 4,126 18,492
By type of counterparty
With interdealer broker
15 U.S. Treasury 113,090 70,851 171,563
16 Federal agency and government-
sponsored enterprises 7,097 4,273 9,649
17 Mortgage-backed 26,086 16,842 69,875
18 Corporate 278 64 543
With other
19 U.S. Treasury 146,429 100,760 218,277
20 Federal agency and government-
sponsored enterprises 64,226 64,530 83,086
21 Mortgage-backed 73,494 60,692 206,150
22 Corporate 113,070 87,362 123,613
2003, week ending
Item
Jan. 15 Jan. 22 Jan. 29
By type of security
1 U.S. Treasury bills 37,031 40,224 38,052
Treasury coupon securities by maturity
2 Three years or less 139,902 108,177 124,329
3 More than three but less than or
equal to six years 132,622 104,298 98,307
4 More than six but less than or equal
to eleven years 88,242 70,103 73,479
5 More than eleven 16,369 16,861 16,642
6 Inflation-indexed (2) 3,292 2,746 2,451
Federal agency and government-
sponsored enterprises
7 Discount notes 54,697 58,095 51,741
Coupon securities by maturity
8 Three years or less 13,891 10,728 11,844
9 More than three years but less than
or equal to six years 9,346 11,343 9,738
10 More than six years but less than
or equal to eleven years 8,773 6,408 6,852
11 More than eleven years 1,527 694 941
12 Mortgage-backed 241,250 135,934 154,614
Corporate securities
13 One year or less 112,043 118,518 103,409
14 More than one year 24,116 19,841 26,288
By type of counterparty
With interdealer broker
15 U.S. Treasury 182,096 158,681 164,016
16 Federal agency and government-
sponsored enterprises 10,618 10,771 10,233
17 Mortgage-backed 58,790 35,992 49,990
18 Corporate 677 524 661
With other
19 U.S. Treasury 235,361 183,729 189,245
20 Federal agency and government-
sponsored enterprises 77,615 76,497 70,884
21 Mortgage-backed 182,460 99,943 100,625
22 Corporate 135,481 137,835 129,036
NOTE. Major changes in the report form filed by primary dealers induced
a break in the dealer data series as of the week ending July 4, 2001.
Current weekly data may be found at the Federal Reserve Bank of New
York web site (http:www.newyorkfed.org/pihome/statistics) under the
Primary Dealer heading.
(1.) The figures represent purchases and sales in the market by the
primary U.S. government securities dealers reporting to the Federal
Reserve Bank of New York. Outright transactions include all U.S.
government, federal agency, government-sponsored enterprise,
mortgage-backed, and corporate securities scheduled for immediate and
forward delivery, as well as all U.S. government securities traded on
a when-issued basis between the announcement and issue date. Data do
not include transactions under repurchase and reverse repurchase
(resale) agreements. Averages are based on the number of trading days
in the week.
(2.) Outright Treasury inflation-indexed securities (TIIS)
transactions are reported at principal value, excluding accrued
interest, where principal value reflects the original issuance par
amount (unadjusted for inflation) times the price times the index
ratio.
1.43 U.S. GOVERNMENT SECURITIES DEALERS Positions and Financing (1)
Millions of dollars
2002
Item, by type of security Oct. Nov. Dec.
Net outright positions (2)
1 U.S. Treasury bills 12,301 21,827 27,911
Treasury coupon securities by
maturity
2 Three years or less -25,208 -25,283 -22,860
3 More than three years but
less than or equal to
six years -35,886 -30,766 -33,784
4 More than six but less than
or equal to eleven years -13,591 -15,248 -19,587
5 More than eleven 6,885 1,106 1,813
6 Inflation-indexed 2,260 1,402 4,312
Federal agency and
government-sponsored
enterprises
7 Discount notes 51,159 51,259 51,664
Coupon securities, by
maturity
8 Three years or less 16,704 16,344 18,834
9 More than three years but
less than or equal to
six years 785 -407 587
10 More than six but less than
or equal to eleven
years 2,717 1,556 2,333
11 More than eleven 2,252 2,994 2,757
12 Mortgage-backed 15,565 8,176 12,650
Corporate securities
13 One year or less 24,010 21,645 25,588
14 More than one year 51,861 50,912 55,865
Financing (3)
Securities in, U.S. Treasury
15 Overnight and continuing 619,723 614,961 605,390
16 Term 905,616 937,618 918,379
Federal agency and
government-sponsored
enterprises
17 Overnight and continuing 157,351 145,420 143,451
18 Term 314,993 315,176 294,633
Mortgage-backed securities
19 Overnight and continuing 41,613 48,995 35,872
20 Term 280,317 277,966 274,185
Corporate securities
21 Overnight and continuing 49,081 49,184 49,163
22 Term 26,306 26,247 24,654
MEMO
Reverse repurchase agreements
23 Overnight and continuing 465,644 456,710 440,006
24 Term 1,366,558 1,404,106 1,352,627
Securities out, U.S. Treasury
25 Overnight and continuing 565,825 573,787 585,423
26 Term 837,262 875,065 842,700
Federal agency and
government-sponsored
enterprises
27 Overnight and continuing 292,282 276,128 271,376
28 Term 235,801 245,811 232,535
Mortgage-backed securities
29 Overnight and continuing 319,058 316,240 300,834
30 Term 172,948 170,818 170,735
Corporate securities
31 Overnight and continuing 132,186 133,692 135,776
32 Term 23,097 20,946 17,694
MEMO
Repurchase agreements
33 Overnight and continuing 1,147,149 1,139,287 1,127,804
34 Term 1,232,858 1,279,914 1,233,261
2002
Item, by type of security Dec. 4 Dec. 11
Net outright
positions (2)
1 U.S. Treasury bills 26,670 34,712
Treasury coupon securities by
maturity
2 Three years or less -24,130 -20,421
3 More than three years but
less than or equal to
six years -33,030 -36,338
4 More than six but less than
or equal to eleven years -21,479 -20,545
5 More than eleven 361 1,301
6 Inflation-indexed 5,495 5,052
Federal agency and
government-sponsored
enterprises
7 Discount notes 55,329 53,229
Coupon securities, by
maturity
8 Three years or less 15,867 18,822
9 More than three years but
less than or equal to
six years 1,107 713
10 More than six but less than
or equal to eleven
years 861 2,231
11 More than eleven 2,847 2,766
12 Mortgage-backed 4,669 6,865
Corporate securities
13 One year or less 18,420 26,089
14 More than one year 52,832 55,056
Financing (3)
Securities in, U.S. Treasury
15 Overnight and continuing 629,076 643,349
16 Term 919,406 965,753
Federal agency and
government-sponsored
enterprises
17 Overnight and continuing 145,595 144,826
18 Term 308,558 313,885
Mortgage-backed securities
19 Overnight and continuing 40,216 42,235
20 Term 282,049 288,335
Corporate securities
21 Overnight and continuing 47,322 48,783
22 Term 26,366 25,567
MEMO
Reverse repurchase agreements
23 Overnight and continuing 463,040 482,234
24 Term 1,382,172 1,439,232
Securities out, U.S. Treasury
25 Overnight and continuing 605,574 616,166
26 Term 833,761 896,457
Federal agency and
government-sponsored
enterprises
27 Overnight and continuing 286,870 287,362
28 Term 239,120 245,639
Mortgage-backed securities
29 Overnight and continuing 295,757 304,599
30 Term 160,232 171,289
Corporate securities
31 Overnight and continuing 129,358 135,864
32 Term 18,015 17,976
MEMO
Repurchase agreements
33 Overnight and continuing 1,156,998 1,178,292
34 Term 1,221,855 1,301,205
2002
Item, by type of security Dec. 18 Dec. 25
Net outright
positions (2)
1 U.S. Treasury bills 27,956 26,113
Treasury coupon securities by
maturity
2 Three years or less -23,106 -21,618
3 More than three years but
less than or equal to
six years -33,501 -32,718
4 More than six but less than
or equal to eleven years -20,125 -17,162
5 More than eleven 913 2,430
6 Inflation-indexed 4,580 3,584
Federal agency and
government-sponsored
enterprises
7 Discount notes 55,175 53,457
Coupon securities, by
maturity
8 Three years or less 18,444 20,141
9 More than three years but
less than or equal to
six years 1,169 1
10 More than six but less than
or equal to eleven
years 3,754 1,972
11 More than eleven 2,892 2,821
12 Mortgage-backed 15,637 13,439
Corporate securities
13 One year or less 30,252 26,983
14 More than one year 55,274 55,702
Financing (3)
Securities in, U.S. Treasury
15 Overnight and continuing 586,712 552,970
16 Term 1,010,804 1,045,709
Federal agency and
government-sponsored
enterprises
17 Overnight and continuing 142,661 130,281
18 Term 315,348 318,373
Mortgage-backed securities
19 Overnight and continuing 29,626 27,314
20 Term 284,767 285,228
Corporate securities
21 Overnight and continuing 47,420 46,914
22 Term 24,042 23,340
MEMO
Reverse repurchase agreements
23 Overnight and continuing 420,215 371,410
24 Term 1,478,663 1,514,446
Securities out, U.S. Treasury
25 Overnight and continuing 585,059 516,137
26 Term 921,011 989,352
Federal agency and
government-sponsored
enterprises
27 Overnight and continuing 275,938 246,242
28 Term 254,196 266,811
Mortgage-backed securities
29 Overnight and continuing 307,090 301,403
30 Term 186,603 186,028
Corporate securities
31 Overnight and continuing 139,661 137,439
32 Term 16,746 19,401
MEMO
Repurchase agreements
33 Overnight and continuing 1,144,365 1,046,993
34 Term 1,348,686 1,428,479
2003
Item, by type of security Jan. 1 Jan. 8
Net outright
positions (2)
1 U.S. Treasury bills 22,849 30,612
Treasury coupon securities by
maturity
2 Three years or less -26,020 -24,014
3 More than three years but
less than or equal to
six years -32,883 -25,657
4 More than six but less than
or equal to eleven years -19,408 -18,584
5 More than eleven 3,706 4,264
6 Inflation-indexed 3,195 708
Federal agency and
government-sponsored
enterprises
7 Discount notes 41,205 53,082
Coupon securities, by
maturity
8 Three years or less 19,754 18,118
9 More than three years but
less than or equal to
six years 100 3,059
10 More than six but less than
or equal to eleven
years 2,197 1,410
11 More than eleven 2,453 2,571
12 Mortgage-backed 20,316 12,043
Corporate securities
13 One year or less 22,714 23,602
14 More than one year 59,712 54,642
Financing (3)
Securities in, U.S. Treasury
15 Overnight and continuing 628,260 632,534
16 Term 606,042 670,679
Federal agency and
government-sponsored
enterprises
17 Overnight and continuing 156,702 159,469
18 Term 211,024 227,203
Mortgage-backed securities
19 Overnight and continuing 42,826 47,571
20 Term 227,205 253,088
Corporate securities
21 Overnight and continuing 55,493 57,743
22 Term 24,697 23,962
MEMO
Reverse repurchase agreements
23 Overnight and continuing 478,500 446,333
24 Term 896,060 1,016,245
Securities out, U.S. Treasury
25 Overnight and continuing 617,379 579,704
26 Term 523,487 621,245
Federal agency and
government-sponsored
enterprises
27 Overnight and continuing 266,398 297,118
28 Term 147,595 156,350
Mortgage-backed securities
29 Overnight and continuing 291,863 286,744
30 Term 140,737 166,052
Corporate securities
31 Overnight and continuing 133,477 137,182
32 Term 16,264 17,394
MEMO
Repurchase agreements
33 Overnight and continuing 1,124,399 1,119,989
34 Term 799,181 931,963
2003
Item, by type of security Jan. 15 Jan. 22
Net outright
positions (2)
1 U.S. Treasury bills 27,776 20,672
Treasury coupon securities by
maturity
2 Three years or less -25,729 -20,489
3 More than three years but
less than or equal to
six years -31,449 -38,417
4 More than six but less than
or equal to eleven years -18,828 -17,603
5 More than eleven 4,833 5,075
6 Inflation-indexed 740 1,387
Federal agency and
government-sponsored
enterprises
7 Discount notes 58,959 48,878
Coupon securities, by
maturity
8 Three years or less 13,441 16,572
9 More than three years but
less than or equal to
six years 4,289 4,879
10 More than six but less than
or equal to eleven
years 2,399 1,155
11 More than eleven 2,239 2,043
12 Mortgage-backed 20,425 25,035
Corporate securities
13 One year or less 25,656 26,446
14 More than one year 54,930 52,358
Financing (3)
Securities in, U.S. Treasury
15 Overnight and continuing 642,916 623,757
16 Term 702,996 722,327
Federal agency and
government-sponsored
enterprises
17 Overnight and continuing 147,538 149,462
18 Term 224,307 230,440
Mortgage-backed securities
19 Overnight and continuing 35,239 36,140
20 Term 251,774 247,109
Corporate securities
21 Overnight and continuing 57,928 58,051
22 Term 23,881 24,357
MEMO
Reverse repurchase agreements
23 Overnight and continuing 423,856 408,808
24 Term 1,043,024 1,063,055
Securities out, U.S. Treasury
25 Overnight and continuing 597,525 582,890
26 Term 647,239 659,977
Federal agency and
government-sponsored
enterprises
27 Overnight and continuing 283,500 281,190
28 Term 152,494 154,818
Mortgage-backed securities
29 Overnight and continuing 329,449 363,297
30 Term 154,005 150,152
Corporate securities
31 Overnight and continuing 136,059 133,222
32 Term 19,070 21,393
MEMO
Repurchase agreements
33 Overnight and continuing 1,154,848 1,166,601
34 Term 940,780 953,180
NOTE. Major changes in the report form filed by primary dealers
included a break in many series as of the week ending July 4, 2001.
Current weekly data may be found at the Federal Reserve Bank of
New York web site (http://www.newyorkfed.org/pihome/statistics)
under the Primary Dealer heading.
(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.) Net outright positions include all U.S. government, federal
agency, government-sponsored enterprise, mortgage-backed, and
corporate securities scheduled for immediate and forward delivery,
as well as U.S. government securities traded on a when-issued basis
between the announcement and issue date.
(3.) Figures cover financing U.S. government, federal agency,
government-sponsored enterprise, mortgage-backed, and corporate
securities. Financing transactions for Treasury inflation-indexed
securities (TIIS) are reported in actual funds paid or received,
except for pledged securities. TIIS that are issued as pledged
securities are reported at par value, which is the value of the
security at original issuance (unadjusted for inflation).
1.44 FEDERAL AND FEDERALLY SPONSORED CREDIT AGENCIES Debt Outstanding
Millions of dollars, end of period
Agency 1998 1999
1 Federal and federally sponsored
agencies 1,296,477 1,616,492
2 Federal agencies 26,502 26,376
3 Defense Department (1) 6 6
4 Export-Import Bank (2,3) n.a. n.a.
5 Federal Housing
Administration (4) 205 126
6 Government National Mortgage
Association certificates
of participation (5) n.a. n.a.
7 Postal Service (6) n.a. n.a.
8 Tennessee Valley Authority 26,496 26,370
9 United States Railway
Association (6) n.a. n.a.
10 Federally sponsored
agencies (7) 1,269,975 1,590,116
11 Federal Home Loan Banks 382,131 529,005
12 Federal Home Loan Mortgage
Corporation 287,396 360,711
13 Federal National Mortgage
Association 460,291 547,619
14 Farm Credit Banks (8) 63,488 68,883
15 Student Loan Marketing
Association (9) 35,399 41,988
16 Financing Corporation (10) 8,170 8,170
17 Farm Credit Financial
Assistance
Corporation (11) 1,261 1,261
18 Resolution Funding
Corporation (12) 29,996 29,996
MEMO
19 Federal Financing Bank
debt (13) 44,129 42,152
Lending to federal and
federally sponsored
agencies
20 Export-Import Bank (3) n.a. n.a.
21 Postal Service (6) n.a. n.a.
22 Student Loan Marketing
Association n.a. n.a.
23 Tennessee Valley Authority n.a. n.a.
24 United States Railway
Association (6) n.a. n.a.
Other lending (14)
25 Farmers Home Administration 9,500 6,665
26 Rural Electrification
Administration 14,091 14,085
27 Other 20,538 21,402
Agency 2000 2001
1 Federal and federally sponsored
agencies 1,851,632 2,121,057
2 Federal agencies 25,666 276
3 Defense Department (1) 6 6
4 Export-Import Bank (2,3) n.a. n.a.
5 Federal Housing
Administration (4) 255 26,828
6 Government National Mortgage
Association certificates
of participation (5) n.a. n.a.
7 Postal Service (6) n.a. n.a.
8 Tennessee Valley Authority 25,660 270
9 United States Railway
Association (6) n.a. n.a.
10 Federally sponsored
agencies (7) 1,825,966 2,120,781
11 Federal Home Loan Banks 594,404 623,740
12 Federal Home Loan Mortgage
Corporation 426,899 565,071
13 Federal National Mortgage
Association 642,700 763,500
14 Farm Credit Banks (8) 74,181 76,673
15 Student Loan Marketing
Association (9) 45,375 48,350
16 Financing Corporation (10) 8,170 8,170
17 Farm Credit Financial
Assistance
Corporation (11) 1,261 1,261
18 Resolution Funding
Corporation (12) 29,996 29,996
MEMO
19 Federal Financing Bank
debt (13) 40,575 39,096
Lending to federal and
federally sponsored
agencies
20 Export-Import Bank (3) n.a. n.a.
21 Postal Service (6) n.a. n.a.
22 Student Loan Marketing
Association n.a. n.a.
23 Tennessee Valley Authority n.a. n.a.
24 United States Railway
Association (6) n.a. n.a.
Other lending (14)
25 Farmers Home Administration 5,275 n.a.
26 Rural Electrification
Administration 13,126 13,876
27 Other 22,174 25,220
2002
Agency July Aug.
1 Federal and federally sponsored
agencies 2,213,366 2,226,713
2 Federal agencies 223 164
3 Defense Department (1) 6 6
4 Export-Import Bank (2,3) n.a. n.a.
5 Federal Housing
Administration (4) 26,541 26,274
6 Government National Mortgage
Association certificates
of participation (5) n.a. n.a.
7 Postal Service (6) n.a. n.a.
8 Tennessee Valley Authority 217 158
9 United States Railway
Association (6) n.a. n.a.
10 Federally sponsored
agencies (7) 2,213,143 2,226,549
11 Federal Home Loan Banks 651,253 659,258
12 Federal Home Loan Mortgage
Corporation 604,853 603,135
13 Federal National Mortgage
Association 784,020 789,900
14 Farm Credit Banks (8) 81,265 81,658
15 Student Loan Marketing
Association (9) 48,500 49,500
16 Financing Corporation (10) 8,170 8,170
17 Farm Credit Financial
Assistance
Corporation (11) 1,261 1,261
18 Resolution Funding
Corporation (12) 29,996 29,996
MEMO
19 Federal Financing Bank
debt (13) 37,830 42,825
Lending to federal and
federally sponsored
agencies
20 Export-Import Bank (3) n.a. n.a.
21 Postal Service (6) n.a. n.a.
22 Student Loan Marketing
Association n.a. n.a.
23 Tennessee Valley Authority n.a. n.a.
24 United States Railway
Association (6) n.a. n.a.
Other lending (14)
25 Farmers Home Administration n.a. n.a.
26 Rural Electrification
Administration 14,338 13,599
27 Other 23,492 29,226
2002
Agency Sept. Oct. Nov.
1 Federal and federally sponsored
agencies n.a. n.a. n.a.
2 Federal agencies 304 318 n.a.
3 Defense Department (1) 6 6 n.a.
4 Export-Import Bank (2,3) n.a. n.a. n.a.
5 Federal Housing
Administration (4) 27,170 26,725 n.a.
6 Government National Mortgage
Association certificates
of participation (5) n.a. n.a. n.a.
7 Postal Service (6) n.a. n.a. n.a.
8 Tennessee Valley Authority 298 312 n.a.
9 United States Railway
Association (6) n.a. n.a. n.a.
10 Federally sponsored
agencies (7) 2,268,952 2,289,304 2,305,607
11 Federal Home Loan Banks 668,703 679,209 674,847
12 Federal Home Loan Mortgage
Corporation 623,267 625,328 643,201
13 Federal National Mortgage
Association 800,300 804,800 811,700
14 Farm Credit Banks (8) 82,741 83,145 83,884
15 Student Loan Marketing
Association (9) 50,800 54,200 48,700
16 Financing Corporation (10) 8,170 8,170 8,170
17 Farm Credit Financial
Assistance
Corporation (11) 1,261 1,261 1,261
18 Resolution Funding
Corporation (12) 29,996 29,996 29,996
MEMO
19 Federal Financing Bank
debt (13) 39,604 37,084 n.a.
Lending to federal and
federally sponsored
agencies
20 Export-Import Bank (3) n.a. n.a. n.a.
21 Postal Service (6) n.a. n.a. n.a.
22 Student Loan Marketing
Association n.a. n.a. n.a.
23 Tennessee Valley Authority n.a. n.a. n.a.
24 United States Railway
Association (6) n.a. n.a. n.a.
Other lending (14)
25 Farmers Home Administration n.a. n.a. n.a.
26 Rural Electrification
Administration 14,029 14,058 n.a.
27 Other 25,575 23,026 n.a.
(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 Agriculture 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 State and Local Governments
Millions of dollars
Type of issue or issuer, 2000 2001 2002
or use
1 All issues, new and refunding (1) 180,403 291,935 363,974
By type of issue
2 General obligation 64,475 118,554 145,323
3 Revenue 115,928 170,047 214,788
By type of issuer
4 State 19,944 30,099 33,931
5 Special district or statutory
authority (2) 121,185 197,462 259,070
6 Municipality, county, or township 39,273 61,040 67,121
7 Issues for new capital 154,257 200,322 243,964
By use of proceeds
8 Education 38,665 50,054 57,894
9 Transportation 19,730 21,411 22,093
10 Utilities and conservation 11,917 21,917 33,404
11 Social welfare n.a. n.a. n.a.
12 Industrial aid 7,122 6,607 7,227
13 Other purposes 47,309 55,733 73,033
2002
Type of issue or issuer,
or use June July Aug.
1 All issues, new and refunding (1) 38,915 28,113 31,879
By type of issue
2 General obligation 18,767 12,352 13,187
3 Revenue 20,149 15,642 18,692
By type of issuer
4 State 3,718 3,404 3,472
5 Special district or statutory
authority (2) 29,884 18,229 23,104
6 Municipality, county, or township 5,315 6,361 5,302
7 Issues for new capital 24,623 19,872 20,972
By use of proceeds
8 Education 7,060 4,205 3,968
9 Transportation 3,351 3,251 4,413
10 Utilities and conservation 1,087 1,660 2,806
11 Social welfare n.a. n.a. n.a.
12 Industrial aid 631 760 283
13 Other purposes 7,653 5,893 6,537
2002
Type of issue or issuer,
or use Sept. Oct. Nov.
1 All issues, new and refunding (1) 27,385 44,545 37,242
By type of issue
2 General obligation 9,628 18,595 11,023
3 Revenue 17,751 24,074 24,942
By type of issuer
4 State 2,442 4,199 2,109
5 Special district or statutory
authority (2) 19,171 31,793 28,296
6 Municipality, county, or township 5,767 6,678 5,570
7 Issues for new capital 15,126 30,561 26,561
By use of proceeds
8 Education 3,529 5,209 3,743
9 Transportation 1,398 1,476 1,250
10 Utilities and conservation 2,038 6,922 8,379
11 Social welfare n.a. n.a. n.a.
12 Industrial aid 574 1,225 821
13 Other purposes 5,597 6,996 7,189
2002 2003
Type of issue or issuer,
or use Dec. Jan.
1 All issues, new and refunding (1) 27,452 26,364
By type of issue
2 General obligation 8,431 8,112
3 Revenue 18,961 17,049
By type of issuer
4 State 1,670 1,927
5 Special district or statutory
authority (2) 20,151 17,979
6 Municipality, county, or township 5,570 5,290
7 Issues for new capital 19,900 18,438
By use of proceeds
8 Education 5,292 4,823
9 Transportation 1,060 1,417
10 Utilities and conservation 2,031 2,196
11 Social welfare n.a. n.a.
12 Industrial aid 796 422
13 Other purposes 4,992 7,400
(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,
or issuer 2000 2001 2002
1 All issues (1) 1,079,727 1,541,821 1,429,298
2 Bonds (2) 944,810 1,413,267 1,318,863
By type of offering
3 Sold in the United States 822,012 1,356,879 1,232,618
4 Sold abroad 122,798 56,389 86,246
MEMO
5 Private placements, domestic 18,370 8,734 n.a.
By industry group
6 Nonfinancial 258,804 459,560 282,484
7 Financial 686,006 953,707 1,036,379
8 Stocks (3) 311,941 230,632 170,673
By type of offering
9 Public 134,917 128,554 110,435
10 Private placement (4) 177,024 102,078 60,238
By industry group
11 Nonfinancial 118,369 77,577 62,115
12 Financial 16,548 50,977 48,320
2002
Type of issue, offering,
or issuer May June July
1 All issues (1) 123,894 149,753 68,426
2 Bonds (2) 114,932 133,217 63,912
By type of offering
3 Sold in the United States 105,070 121,491 60,549
4 Sold abroad 9,862 11,725 3,362
MEMO
5 Private placements, domestic 4,506 3,068 0
By industry group
6 Nonfinancial 19,804 27,693 7,624
7 Financial 95,128 105,524 56,288
8 Stocks (3) 8,962 16,536 4,514
By type of offering
9 Public 8,962 16,536 4,514
10 Private placement (4) n.a. n.a. n.a.
By industry group
11 Nonfinancial 6,633 11,608 1,833
12 Financial 2,329 4,928 2,681
2002
Type of issue, offering,
or issuer Aug. Sept. Oct.
1 All issues (1) 97,665 135,176 93,439
2 Bonds (2) 93,659 127,881 85,606
By type of offering
3 Sold in the United States 90,215 123,449 81,409
4 Sold abroad 3,444 4,432 4,197
MEMO
5 Private placements, domestic 0 65 0
By industry group
6 Nonfinancial 14,960 19,988 14,906
7 Financial 78,699 107,893 70,700
8 Stocks (3) 4,006 7,295 7,833
By type of offering
9 Public 4,006 7,295 7,833
10 Private placement (4) n.a. n.a. n.a.
By industry group
11 Nonfinancial 539 2,754 3,731
12 Financial 3,467 4,541 4,102
2002
Type of issue, offering,
or issuer Nov. Dec.
1 All issues (1) 119,659 127,061
2 Bonds (2) 109,726 120,183
By type of offering
3 Sold in the United States 104,112 114,332
4 Sold abroad 5,614 5,851
MEMO
5 Private placements, domestic 3,525 5,669
By industry group
6 Nonfinancial 22,029 20,751
7 Financial 87,697 99,433
8 Stocks (3) 9,933 6,878
By type of offering
9 Public 9,933 6,878
10 Private placement (4) n.a. n.a.
By industry group
11 Nonfinancial 4,533 4,154
12 Financial 5,400 2,724
(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 include 144(a) offerings.
(3.) Monthly data cover only public offerings.
(4.) Data for private placements are not available at
a monthly frequency.
SOURCE. 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 2001 2002 (r)
1 Sales of own shares (2) 1,806,474 1,826,045
2 Redemptions of own shares 1,677,266 1,702,671
3 Net sales (3) 129,208 123,374
4 Assets (4) 4,689,624 4,119,322
5 Cash (5) 219,620 208,479
6 Other 4,470,004 3,910,843
2002
Item June July
1 Sales of own shares (2) 138,520 170,946
2 Redemptions of own shares 144,153 200,148
3 Net sales (3) -5,633 -29,202
4 Assets (4) 4,434,603 4,124,186
5 Cash (5) 208,390 199,586
6 Other 4,226,213 3,924,600
2002
Item Aug. Sept.
1 Sales of own shares (2) 151,136 125,408
2 Redemptions of own shares 136,210 126,760
3 Net sales (3) 14,926 -1,352
4 Assets (4) 4,170,641 3,899,858
5 Cash (5) 220,425 199,778
6 Other 3,950,216 3,700,080
2002
Item Oct. Nov.
1 Sales of own shares (2) 164,959 137,914
2 Redemptions of own shares 167,039 122,125
3 Net sales (3) -2,080 15,789
4 Assets (4) 4,059,765 4,249,351
5 Cash (5) 204,019 219,213
6 Other 3,855,746 4,030,138
2002 2003
Item Dec. (r) Jan.
1 Sales of own shares (2) 134,383 152,294
2 Redemptions of own shares 135,213 139,121
3 Net sales (3) -830 13,173
4 Assets (4) 4,119,322 4,059,951
5 Cash (5) 208,479 212,691
6 Other 3,910,843 3,847,260
(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 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
underwirting of newly formed companies after their
initial offering of securities.
1.51 DOMESTIC FINANCE COMPANIES Assets and Liabilities (1)
Billions of dollars, end of period; not seasonally adjusted
Account 2000 (r) 2001 (r) 2002
ASSETS
1 Accounts receivable, gross (2) 959.4 948.5 945.5
2 Consumer 328.7 340.2 315.7
3 Business 458.4 447.0 455.3
4 Real estate 172.3 161.3 174.5
5 LESS: Reserves for unearned income 69.8 60.6 57.7
6 Reserves for losses 16.7 21.0 24.0
7 Accounts receivable, net 872.9 866.8 863.8
8 All other 461.2 523.4 588.5
9 Total assets 1,334.1 1,390.2 1,452.3
LIABILITIES AND CAPITAL
10 Bank loans 35.9 50.8 57.6
11 Commercial paper 238.8 158.6 141.5
Debt
12 Owed to parent 102.6 99.2 87.5
13 Not elsewhere classified 502.3 567.4 621.3
14 All other liabilities 301.9 325.6 336.6
15 Capital, surplus, and undivided
profits 152.5 188.7 207.9
16 Total liabilities and capital 1,334.1 1,390.2 1,452.3
2001
Account Q2 (r) Q3 (r) Q4 (r)
ASSETS
1 Accounts receivable, gross (2) 988.9 967.9 948.5
2 Consumer 324.7 329.4 340.2
3 Business 481.9 451.1 447.0
4 Real estate 182.3 187.4 161.3
5 LESS: Reserves for unearned income 61.6 60.8 60.6
6 Reserves for losses 17.4 18.0 21.0
7 Accounts receivable, net 909.9 889.1 866.8
8 All other 458.9 478.7 523.4
9 Total assets 1,368.8 1,367.8 1,390.2
LIABILITIES AND CAPITAL
10 Bank loans 45.3 44.5 50.8
11 Commercial paper 181.6 171.0 158.6
Debt
12 Owed to parent 93.4 91.7 99.2
13 Not elsewhere classified 542.2 555.8 567.4
14 All other liabilities 336.4 327.6 325.6
15 Capital, surplus, and undivided
profits 170.0 177.2 188.7
16 Total liabilities and capital 1,368.8 1,367.8 1,390.2
2002
Account Q1 (r) Q2 (r)
ASSETS
1 Accounts receivable, gross (2) 930.1 942.1
2 Consumer 329.9 332.1
3 Business 443.0 449.4
4 Real estate 157.2 160.5
5 LESS: Reserves for unearned income 59.5 58.5
6 Reserves for losses 21.5 21.6
7 Accounts receivable, net 849.1 862.0
8 All other 515.2 530.5
9 Total assets 1,364.3 1,392.5
LIABILITIES AND CAPITAL
10 Bank loans 49.4 56.9
11 Commercial paper 137.0 130.8
Debt
12 Owed to parent 82.6 83.3
13 Not elsewhere classified 574.5 597.2
14 All other liabilities 329.2 331.5
15 Capital, surplus, and undivided
profits 191.7 192.9
16 Total liabilities and capital 1,364.3 1,392.5
2002
Account Q3 (r) Q4 (r)
ASSETS
1 Accounts receivable, gross (2) 945.8 945.5
2 Consumer 334.7 315.7
3 Business 445.5 455.3
4 Real estate 165.5 174.5
5 LESS: Reserves for unearned income 58.0 57.7
6 Reserves for losses 22.1 24.0
7 Accounts receivable, net 865.7 863.8
8 All other 558.0 588.5
9 Total assets 1,423.7 1,452.3
LIABILITIES AND CAPITAL
10 Bank loans 74.9 57.6
11 Commercial paper 143.1 141.5
Debt
12 Owed to parent 82.9 87.5
13 Not elsewhere classified 584.9 621.3
14 All other liabilities 343.4 336.6
15 Capital, surplus, and undivided
profits 194.5 207.9
16 Total liabilities and capital 1,423.7 1,452.3
(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. Excludes
pools of securitized assets.
1.52 DOMESTIC FINANCE COMPANIES Owned and Managed Receivables (1)
Billions of dollars, amounts outstanding
Type of credit 2000 2001 2002
Seasonally adjusted
1 Total 1,187.0 1,248.5 1,270.3
2 Consumer 465.2 514.6 513.1
3 Real estate 198.9 207.7 216.3
4 Business 522.8 526.2 540.9
Not seasonally adjusted
5 Total 1,192.2 1,253.7 1,275.5
6 Consumer 468.3 518.1 516.6
7 Motor vehicle loans 141.6 173.9 160.7
8 Motor vehicle leases 108.2 103.5 83.3
9 Revolving (2) 37.6 31.5 37.4
10 Other (3) 40.7 31.1 32.9
Securitized assets (4)
11 Motor vehicle loans 97.1 131.9 151.6
12 Motor vehicle leases 6.6 6.8 5.7
13 Revolving 19.6 25.0 31.1
14 Other 17.1 14.3 14.0
15 Real estate 198.9 207.7 216.3
16 One- to four-family 130.6 120.1 134.9
17 Other 41.7 41.2 39.5
Securitized real estate
assets (4)
18 One- to four-family 24.7 40.7 39.7
19 Other 1.9 5.7 2.2
20 Business 525.0 527.9 542.5
21 Motor vehicles 75.5 54.0 60.7
22 Retail loans 18.3 16.1 15.4
23 Wholesale loans (5) 39.7 20.3 29.3
24 Leases 17.6 17.6 16.1
25 Equipment 283.5 289.4 292.0
26 Loans 70.2 77.8 83.3
27 Leases 213.3 211.6 208.6
28 Other business
receivables (6) 99.4 103.5 102.4
Securitized assets (4)
29 Motor vehicles 37.8 50.1 50.2
30 Retail loans 3.2 5.1 2.4
31 Wholesale loans 32.5 42.5 45.9
32 Leases 2.2 2.5 1.9
33 Equipment 23.1 23.2 20.2
34 Loans 15.5 16.4 13.0
35 Leases 7.6 6.8 7.2
36 Other business
receivables (6) 5.6 7.7 17.1
2002
Type of credit July Aug. Sept. (r)
Seasonally adjusted
1 Total 1,269.0 1,269.1 1,268.6
2 Consumer 528.1 522.8 520.8
3 Real estate 206.7 209.6 (r) 207.9
4 Business 534.2 (r) 536.7 539.4
Not seasonally adjusted
5 Total 1,264.2 1,261.1 (r) 1,260.7
6 Consumer 528.6 525.0 522.8
7 Motor vehicle loans 172.5 (r) 170.3 (r) 176.5
8 Motor vehicle leases 94.9 90.5 88.5
9 Revolving (2) 36.6 36.5 37.3
10 Other (3) 33.0 33.0 32.3
Securitized assets (4)
11 Motor vehicle loans 141.9 (r) 144.4 (r) 138.9
12 Motor vehicle leases 6.1 6.0 (r) 6.0
13 Revolving 28.9 (r) 29.9 (r) 29.1
14 Other 14.7 14.4 (r) 14.4
15 Real estate 206.7 209.6 (r) 207.9
16 One- to four-family 125.7 128.7 126.5
17 Other 38.7 38.8 39.0
Securitized real estate
assets (4)
18 One- to four-family 40.6 (r) 40.4 (r) 40.1
19 Other 1.7 (r) 1.7 (r) 2.2
20 Business 529.0 (r) 526.4 530.0
21 Motor vehicles 56.7 56.0 56.9
22 Retail loans 17.5 17.2 17.6
23 Wholesale loans (5) 22.3 22.2 23.3
24 Leases 16.9 16.6 15.9
25 Equipment 286.0 287.5 289.2
26 Loans 80.0 81.4 82.8
27 Leases 206.1 206.1 206.4
28 Other business
receivables (6) 102.8 99.8 99.4
Securitized assets (4)
29 Motor vehicles 41.5 (r) 41.0 (r) 43.8
30 Retail loans 2.3 (r) 2.2 2.2
31 Wholesale loans 36.9 (r) 36.5 (r) 39.3
32 Leases 2.3 (r) 2.3 (r) 2.3
33 Equipment 21.6 (r) 22.0 (r) 21.6
34 Loans 15.0 (r) 15.4 (r) 14.8
35 Leases 6.7 (r) 6.6 (r) 6.7
36 Other business
receivables (6) 20.3 (r) 20.1 (r) 19.1
2002
Type of credit Oct. (r) Nov. (r) Dec.
Seasonally adjusted
1 Total 1,268.6 1,272.4 1,270.3
2 Consumer 517.1 513.9 513.1
3 Real estate 211.7 213.9 216.3
4 Business 539.8 544.6 540.9
Not seasonally adjusted
5 Total 1,263.4 1,266.5 1,275.5
6 Consumer 518.8 517.2 516.6
7 Motor vehicle loans 169.9 159.4 160.7
8 Motor vehicle leases 86.7 85.2 83.3
9 Revolving (2) 37.4 37.1 37.4
10 Other (3) 31.3 31.4 32.9
Securitized assets (4)
11 Motor vehicle loans 144.1 153.9 151.6
12 Motor vehicle leases 5.9 5.8 5.7
13 Revolving 29.2 30.2 31.1
14 Other 14.4 14.2 14.0
15 Real estate 211.7 213.9 216.3
16 One- to four-family 130.5 132.6 134.9
17 Other 39.0 39.3 39.5
Securitized real estate
assets (4)
18 One- to four-family 40.1 39.9 39.7
19 Other 2.2 2.2 2.2
20 Business 532.9 535.3 542.5
21 Motor vehicles 57.3 58.4 60.7
22 Retail loans 18.0 15.7 15.4
23 Wholesale loans (5) 23.5 26.7 29.3
24 Leases 15.9 16.0 16.1
25 Equipment 288.4 288.7 292.0
26 Loans 81.9 82.1 83.3
27 Leases 206.5 206.6 208.6
28 Other business
receivables (6) 97.0 94.3 102.4
Securitized assets (4)
29 Motor vehicles 47.0 50.4 50.2
30 Retail loans 1.9 2.5 2.4
31 Wholesale loans 42.8 45.6 45.9
32 Leases 2.3 2.3 1.9
33 Equipment 23.9 24.3 20.2
34 Loans 17.2 17.6 13.0
35 Leases 6.7 6.7 7.2
36 Other business
receivables (6) 19.2 19.2 17.1
NOTE. This table has been revised to incorporate several changes
resulting from the 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.
1.53 MORTGAGE MARKETS Mortgages on New Homes
Millions of dollars except as noted
Item 2000 2001 2002
Terms and yields in primary
and secondary markets
PRIMARY MARKETS
Terms (1)
1 Purchase price (thousands of
dollars) 234.5 245.0 261.1
2 Amount of loan (thousands of
dollars) 177.0 184.2 197.0
3 Loan-to-price ratio (percent) 77.4 77.3 77.8
4 Maturity (years) 29.2 28.8 28.9
5 Fees and charges (percent of
loan amount) (2) .70 .67 .62
Yield (percent per year)
6 Contract rate (1) 7.41 6.90 6.35
7 Effective rate (1,3) 7.52 7.00 6.44
8 Contract rate (HUD series) (4) n.a. n.a. n.a.
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (section 203) (5) n.a. n.a. n.a.
10 GNMA securities (6) 7.57 6.36 5.81
Activity in secondary markets
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
Mortgage holdings
(end of period)
11 Total 610,122 707,015 790,800
12 FHA/VA insured 61,539 n.a. n.a.
13 Conventional 548,583 n.a. n.a.
14 Mortgage transactions purchased
(during period) 154,231 270,384 370,641
Mortgage commitments
(during period)
15 Issued (7) 163,689 304,084 400,327 (r)
16 To sell (8) 11,786 7,586 12,268 (r)
FEDERAL HOME LOAN MORTGAGE
CORPORATION
Mortgage holdings
(end of period) (8)
17 Total 385,693 491,719 568,173
18 FHA/VA insured 3,332 3,506 4,573
19 Conventional 382,361 488,213 563,600
Mortgage transactions
(during period)
20 Purchases 174,043 n.a. n.a.
21 Sales 166,901 389,611 547,046
22 Mortgage commitments contracted
(during period) (9) 169,231 417,434 615,981
2002
July Aug. Sept.
Terms and yields in primary
and secondary markets
PRIMARY MARKETS
Terms (1)
1 Purchase price (thousands of
dollars) 268.2 267.5 266.7
2 Amount of loan (thousands of
dollars) 201.6 199.1 201.1
3 Loan-to-price ratio (percent) 77.5 77.3 77.6
4 Maturity (years) 29.1 29.0 29.1
5 Fees and charges (percent of
loan amount) (2) .62 .59 .60
Yield (percent per year)
6 Contract rate (1) 6.28 6.17 6.09
7 Effective rate (1,3) 6.37 6.26 6.17
8 Contract rate (HUD series) (4) n.a. n.a. n.a.
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (section 203) (5) n.a. n.a. n.a.
10 GNMA securities (6) 5.82 5.53 5.15
Activity in secondary
markets
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
Mortgage holdings
(end of period)
11 Total 743,025 746,101 751,423
12 FHA/VA insured n.a. n.a. n.a.
13 Conventional n.a. n.a. n.a.
14 Mortgage transactions purchased
(during period) 17,586 23,123 33,518
Mortgage commitments
(during period)
15 Issued (7) 29,786 42,555 58,055
16 To sell (8) 62 1,292 1,016
FEDERAL HOME LOAN MORTGAGE
CORPORATION
Mortgage holdings
(end of period) (8)
17 Total 521,137 525,795 530,694
18 FHA/VA insured 3,413 4,195 4,634
19 Conventional 517,724 521,600 526,060
Mortgage transactions
(during period)
20 Purchases n.a. n.a. n.a.
21 Sales 29,335 34,937 46,369
22 Mortgage commitments contracted
(during period) (9) 34,827 44,401 57,793
2002
Oct. Nov.
Terms and yields
in primary and
secondary markets
PRIMARY MARKETS
Terms (1)
1 Purchase price (thousands of
dollars) 258.7 256.7
2 Amount of loan (thousands of
dollars) 195.0 193.3
3 Loan-to-price ratio (percent) 77.7 77.4
4 Maturity (years) 28.8 28.4
5 Fees and charges (percent of
loan amount) (2) .63 .61
Yield (percent per year)
6 Contract rate (1) 6.00 5.99
7 Effective rate (1,3) 6.09 6.08
8 Contract rate (HUD series) (4) n.a. n.a.
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (section 203) (5) n.a. n.a.
10 GNMA securities (6) 5.31 5.29
Activity in
secondary markets
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
Mortgage holdings
(end of period)
11 Total 751,347 760,759
12 FHA/VA insured n.a. n.a.
13 Conventional n.a. n.a.
14 Mortgage transactions purchased
(during period) 32,853 47,807
Mortgage commitments
(during period)
15 Issued (7) 68,463 53,286
16 To sell (8) 1,121 520
FEDERAL HOME LOAN MORTGAGE
CORPORATION
Mortgage holdings
(end of period) (8)
17 Total 536,389 549,380
18 FHA/VA insured 4,724 4,019
19 Conventional 531,665 545,361
Mortgage transactions
(during period)
20 Purchases n.a. n.a.
21 Sales 60,516 62,354
22 Mortgage commitments contracted
(during period) (9) 73,639 74,340
2002 2003
Dec. Jan.
Terms and yields
in primary and
secondary markets
PRIMARY MARKETS
Terms (1)
1 Purchase price (thousands of
dollars) 266.9 278.9
2 Amount of loan (thousands of
dollars) 205.1 214.0
3 Loan-to-price ratio (percent) 79.0 79.3
4 Maturity (years) 28.7 28.9
5 Fees and charges (percent of
loan amount) (2) .64 .79
Yield (percent per year)
6 Contract rate (1) 5.95 6.00
7 Effective rate (1,3) 6.04 6.12
8 Contract rate (HUD series) (4) n.a. n.a.
SECONDARY MARKETS
Yield (percent per year)
9 FHA mortgages (section 203) (5) n.a. n.a.
10 GNMA securities (6) 5.17 5.18
Activity in
secondary markets
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
Mortgage holdings
(end of period)
11 Total 790,800 810,609
12 FHA/VA insured n.a. n.a.
13 Conventional n.a. n.a.
14 Mortgage transactions purchased
(during period) 67,891 57,281
Mortgage commitments
(during period)
15 Issued (7) 30,769 n.a.
16 To sell (8) 1,555 n.a.
FEDERAL HOME LOAN MORTGAGE
CORPORATION
Mortgage holdings
(end of period) (8)
17 Total 568,173 568,494
18 FHA/VA insured 4,573 n.a.
19 Conventional 563,600 n.a.
Mortgage transactions
(during period)
20 Purchases n.a. n.a.
21 Sales 73,184 48,169
22 Mortgage commitments contracted
(during period) (9) 91,223 n.a.
(1.) Weighted averages based on sample surveys of mortgages
originated by major institutional lender groups for purchase of
newly built homes; compiled by the Federal Housing Finance Board
in cooperation with the Federal Deposit Insurance Corporation.
(2.) Includes all fees, commissions, discounts, and "points"
paid (by the borrower or the seller) to obtain a loan.
(3.) Average effective interest rate on loans closed for purchase
of newly built homes, assuming prepayment at the end of ten years.
(4.) Average contract rate on new commitments for conventional
first mortgages; from U.S. Department of Housing and Urban
Development (HUD). Based on transactions on the first day of
the subsequent month.
(5.) Average gross yield on thirty-year, minimum-downpayment first
mortgages insured by the Federal Housing Administration (FHA) for
immediate delivery in the private secondary market. Based on
transactions on first day of subsequent month.
(6.) Average net yields to investors on fully modified pass-through
securities backed by mortgages and guaranteed by the Government
National Mortgage Association (GNMA), assuming prepayment in twelve
years on pools of thirty-year mortgages insured by the Federal
Housing Administration or guaranteed by the Department of Veterans
Affairs.
(7.) Does not include standby commitments issued, but includes
standby commitments converted.
(8.) Includes participation loans as well as whole loans.
(9.) Includes conventional and government-underwritten loans.
The Federal Home Loan Mortgage Corporation's mortgage commitments
and mortgage transactions include activity under mortgage securities
swap programs, whereas the corresponding data for the Federal
National Mortgage Association exclude swap activity.
1.54 MORTGAGE DEBT OUTSTANDING (1)
Millions of dollars, end of period
Type of holder and property 1999 2000
1 All holders 6,320,135 (r) 6,894,097(r)
By type of property
2 One- to four-family residences 4,790,601 5,208,604 (r)
3 Multifamily residences 369,003 (r) 405,430 (r)
4 Nonfarm, nonresidential 1,057,568 (r) 1,171,205 (r)
5 Farm 102,964 108,858
By type of holder
6 Major financial institutions 2,394,271 2,618,969
7 Commercial banks (2) 1,495,420 1,660,054
8 One- to four-family 879,576 965,635
9 Multifamily 67,665 77,803
10 Nonfarm, nonresidential 516,333 582,577
11 Farm 31,846 34,039
12 Savings institutions (3) 668,064 722,974
13 One- to four-family 548,222 594,221
14 Multifamily 59,309 61,258
15 Nonfarm, nonresidential 60,063 66,965
16 Farm 470 529
17 Life insurance companies 230,787 235,941
18 One- to four-family 5,934 4,903
19 Multifamily 32,818 33,681
20 Nonfarm, nonresidential 179,048 183,757
21 Farm 12,987 13,600
22 Federal and related agencies 320,054 344,225
23 Government National Mortgage
Association 7 6
24 One- to four-family 7 6
25 Multifamily 0 0
26 Farmers Home Administration (4) 73,871 73,323
27 One- to four-family 16,506 16,372
28 Multifamily 11,741 11,733
29 Nonfarm, nonresidential 41,355 41,070
30 Farm 4,268 4,148
31 Federal Housing Admin. and Dept. of
Veterans Affairs 3,712 3,507
32 One- to four-family 1,851 1,308
33 Multifamily 1,861 2,199
34 Resolution Trust Corporation 0 0
35 One- to four-family 0 0
36 Multifamily 0 0
37 Nonfarm, nonresidential 0 0
38 Farm 0 0
39 Federal Deposit Insurance
Corporation 152 45
40 One- to four-family 25 7
41 Multifamily 29 9
42 Nonfarm, nonresidential 98 29
43 Farm 0 0
44 Federal National Mortgage
Association 149,422 155,626
45 One- to four-family 141,195 144,150
46 Multifamily 8,227 11,476
47 Federal Land Banks 34,187 36,326
48 One- to four-family 2,012 2,137
49 Farm 32,175 34,189
50 Federal Home Loan Mortgage
Corporation 56,676 59,240
51 One- to four-family 44,321 42,871
52 Multifamily 12,355 16,369
53 Mortgage pools or trusts (5) 2,947,690 (r) 3,231,401 (r)
54 Government National Mortgage
Association 582,263 611,553
55 One- to four-family 565,189 592,624
56 Multifamily 17,074 18,929
57 Federal Home Loan Mortgage
Corporation 749,081 822,310
58 One- to four-family 744,619 816,602
59 Multifamily 4,462 5,708
60 Federal National Mortgage
Association 960,883 1,057,750
61 One- to four-family 924,941 1,016,398
62 Multifamily 35,942 41,352
63 Farmers Home Administration (4) 0 0
64 One- to four-family 0 0
65 Multifamily 0 0
66 Nonfarm, nonresidential 0 0
67 Farm 0 0
68 Private mortgage conduits 655,463 (r) 739,788 (r)
69 One- to four-family (6) 455,021 499,834
70 Multifamily 42,045 (r) 48,894 (r)
71 Nonfarm, nonresidential 158,398 (r) 191,060 (r)
72 Farm 0 0
73 Individuals and others (7) 658,120 699,503 (r)
74 One- to four-family 459,385 495,605 (r)
75 Multifamily 75,244 75,799 (r)
76 Nonfarm, nonresidential 102,274 105,747 (r)
77 Farm 21,217 22,352
2001
Type of holder and property 2001
Q4
1 All holders 7,597,732 (r) 7,597,732 (r)
By type of property
2 One- to four-family residences 5,738,228 (r) 5,738,228 (r)
3 Multifamily residences 453,100 (r) 453,100 (r)
4 Nonfarm, nonresidential 1,290,069 (r) 1,290,069 (r)
5 Farm 116,336 116,336
By type of holder
6 Major financial institutions 2,791,076 2,791,076
7 Commercial banks (2) 1,789,819 1,789,819
8 One- to four-family 1,023,851 1,023,851
9 Multifamily 84,851 84,851
10 Nonfarm, nonresidential 645,619 645,619
11 Farm 35,498 35,498
12 Savings institutions (3) 758,236 758,236
13 One- to four-family 620,579 620,579
14 Multifamily 64,592 64,592
15 Nonfarm, nonresidential 72,534 72,534
16 Farm 531 531
17 Life insurance companies 243,021 243,021
18 One- to four-family 4,931 4,931
19 Multifamily 35,631 35,631
20 Nonfarm, nonresidential 188,376 188,376
21 Farm 14,083 14,083
22 Federal and related agencies 376,999 376,999
23 Government National Mortgage
Association 8 8
24 One- to four-family 8 8
25 Multifamily 0 0
26 Farmers Home Administration (4) 72,452 72,452
27 One- to four-family 15,824 15,824
28 Multifamily 11,712 11,712
29 Nonfarm, nonresidential 40,965 40,965
30 Farm 3,952 3,952
31 Federal Housing Admin. and Dept. of
Veterans Affairs 3,290 3,290
32 One- to four-family 1,260 1,260
33 Multifamily 2,031 2,031
34 Resolution Trust Corporation 0 0
35 One- to four-family 0 0
36 Multifamily 0 0
37 Nonfarm, nonresidential 0 0
38 Farm 0 0
39 Federal Deposit Insurance
Corporation 13 13
40 One- to four-family 2 2
41 Multifamily 3 3
42 Nonfarm, nonresidential 8 8
43 Farm 0 0
44 Federal National Mortgage
Association 169,908 169,908
45 One- to four-family 155,060 155,060
46 Multifamily 14,848 14,848
47 Federal Land Banks 40,885 40,885
48 One- to four-family 2,406 2,406
49 Farm 38,479 38,479
50 Federal Home Loan Mortgage
Corporation 62,792 62,792
51 One- to four-family 40,309 40,309
52 Multifamily 22,483 22,483
53 Mortgage pools or trusts (5) 3,714,706 (r) 3,714,706 (r)
54 Government National Mortgage
Association 591,368 591,368
55 One- to four-family 569,460 569,460
56 Multifamily 21,908 21,908
57 Federal Home Loan Mortgage
Corporation 948,409 948,409
58 One- to four-family 940,933 940,933
59 Multifamily 7,476 7,476
60 Federal National Mortgage
Association 1,290,351 1,290,351
61 One- to four-family 1,238,125 1,238,125
62 Multifamily 52,226 52,226
63 Farmers Home Administration (4) 0 0
64 One- to four-family 0 0
65 Multifamily 0 0
66 Nonfarm, nonresidential 0 0
67 Farm 0 0
68 Private mortgage conduits 884,578 (r) 884,578 (r)
69 One- to four-family (6) 591,200 591,200
70 Multifamily 56,591 (r) 56,591 (r)
71 Nonfarm, nonresidential 236,787 (r) 236,787 (r)
72 Farm 0 0
73 Individuals and others (7) 714,950 (r) 714,950 (r)
74 One- to four-family 506,786 (r) 506,786 (r)
75 Multifamily 78,593 (r) 78,593 (r)
76 Nonfarm, nonresidential 105,780 (r) 105,780 (r)
77 Farm 23,792 23,792
2002
Type of holder and property
Q1 Q2
1 All holders 7,763,084 (r) 7,978,272 (r)
By type of property
2 One- to four-family residences 5,876,695 (r) 6,048,445 (r)
3 Multifamily residences 461,198 (r) 472,262 (r)
4 Nonfarm, nonresidential 1,307,076 (r) 1,337,136 (r)
5 Farm 118,116 120,428
By type of holder
6 Major financial institutions 2,789,654 2,860,853 (r)
7 Commercial banks (2) 1,800,362 1,873,203
8 One- to four-family 1,018,478 1,070,522
9 Multifamily 86,719 90,743
10 Nonfarm, nonresidential 659,187 674,972
11 Farm 35,978 36,966
12 Savings institutions (3) 745,998 742,732
13 One- to four-family 605,171 599,402
14 Multifamily 65,199 66,009
15 Nonfarm, nonresidential 75,077 76,768
16 Farm 551 552
17 Life insurance companies 243,293 244,918 (r)
18 One- to four-family 4,938 5,162 (r)
19 Multifamily 35,671 35,818 (r)
20 Nonfarm, nonresidential 188,599 189,850 (r)
21 Farm 14,085 14,088 (r)
22 Federal and related agencies 385,027 396,091
23 Government National Mortgage
Association 8 8
24 One- to four-family 8 8
25 Multifamily 0 0
26 Farmers Home Administration (4) 72,362 71,970
27 One- to four-family 15,665 15,273
28 Multifamily 11,707 11,692
29 Nonfarm, nonresidential 41,134 41,188
30 Farm 3,855 3,817
31 Federal Housing Admin. and Dept. of
Veterans Affairs 3,361 3,473
32 One- to four-family 1,255 1,254
33 Multifamily 2,105 2,218
34 Resolution Trust Corporation 0 0
35 One- to four-family 0 0
36 Multifamily 0 0
37 Nonfarm, nonresidential 0 0
38 Farm 0 0
39 Federal Deposit Insurance
Corporation 7 22
40 One- to four-family 1 4
41 Multifamily 1 4
42 Nonfarm, nonresidential 4 14
43 Farm 0 0
44 Federal National Mortgage
Association 176,051 180,491
45 One- to four-family 160,300 164,038
46 Multifamily 15,751 16,453
47 Federal Land Banks 41,981 42,951
48 One- to four-family 2,470 2,527
49 Farm 39,511 40,424
50 Federal Home Loan Mortgage
Corporation 59,624 58,872
51 One- to four-family 35,955 34,062
52 Multifamily 23,669 24,810
53 Mortgage pools or trusts (5) 3,869,374 (r) 3,986,827 (r)
54 Government National Mortgage
Association 587,204 583,745 (r)
55 One- to four-family 564,108 559,549 (r)
56 Multifamily 23,096 24,196
57 Federal Home Loan Mortgage
Corporation 1,012,478 1,053,261
58 One- to four-family 1,005,136 1,045,981
59 Multifamily 7,342 7,280
60 Federal National Mortgage
Association 1,355,404 1,404,594
61 One- to four-family 1,301,374 1,349,442
62 Multifamily 54,030 55,152
63 Farmers Home Administration (4) 0 0
64 One- to four-family 0 0
65 Multifamily 0 0
66 Nonfarm, nonresidential 0 0
67 Farm 0 0
68 Private mortgage conduits 914,288 (r) 945,227 (r)
69 One- to four-family (6) 616,300 638,300
70 Multifamily 57,339 (r) 58,783 (r)
71 Nonfarm, nonresidential 240,649 (r) 248,144 (r)
72 Farm 0 0
73 Individuals and others (7) 719,029 (r) 734,502 (r)
74 One- to four-family 514,043 (r) 524,741 (r)
75 Multifamily 78,426 (r) 78,979 (r)
76 Nonfarm, nonresidential 102,425 (r) 106,201 (r)
77 Farm 24,135 24,581 (r)
2002
Type of holder and property
Q3 Q4 (p)
1 All holders 8,209,225 (r) 8,476,304
By type of property
2 One- to four-family residences 6,245,941 (r) 6,459,659
3 Multifamily residences 479,919 (r) 496,733
4 Nonfarm, nonresidential 1,359,812 (r) 1,394,692
5 Farm 123,553 (r) 125,220
By type of holder
6 Major financial institutions 2,981,236 (r) 3,087,646
7 Commercial banks (2) 1,961,908 2,059,079
8 One- to four-family 1,143,938 1,222,461
9 Multifamily 90,929 94,169
10 Nonfarm, nonresidential 689,288 704,454
11 Farm 37,753 37,995
12 Savings institutions (3) 773,689 781,255
13 One- to four-family 625,424 631,399
14 Multifamily 68,668 67,840
15 Nonfarm, nonresidential 79,036 81,435
16 Farm 560 581
17 Life insurance companies 245,639 (r) 247,312
18 One- to four-family 5,176 (r) 5,210
19 Multifamily 35,921 (r) 36,161
20 Nonfarm, nonresidential 190,398 (r) 191,666
21 Farm 14,144 (r) 14,275
22 Federal and related agencies 412,014 437,100
23 Government National Mortgage
Association 8 5
24 One- to four-family 8 5
25 Multifamily 0 0
26 Farmers Home Administration (4) 72,030 72,377
27 One- to four-family 15,139 14,908
28 Multifamily 11,686 11,669
29 Nonfarm, nonresidential 41,439 42,101
30 Farm 3,766 3,700
31 Federal Housing Admin. and Dept. of
Veterans Affairs 2,973 3,854
32 One- to four-family 1,252 1,262
33 Multifamily 1,721 2,592
34 Resolution Trust Corporation 0 0
35 One- to four-family 0 0
36 Multifamily 0 0
37 Nonfarm, nonresidential 0 0
38 Farm 0 0
39 Federal Deposit Insurance
Corporation 13 46
40 One- to four-family 2 7
41 Multifamily 2 9
42 Nonfarm, nonresidential 8 30
43 Farm 0 0
44 Federal National Mortgage
Association 184,191 190,501
45 One- to four-family 167,006 171,490
46 Multifamily 17,185 19,011
47 Federal Land Banks 44,782 45,863
48 One- to four-family 2,635 2,699
49 Farm 42,147 43,164
50 Federal Home Loan Mortgage
Corporation 60,934 63,887
51 One- to four-family 34,616 35,851
52 Multifamily 26,318 28,036
53 Mortgage pools or trusts (5) 4,065,965 (r) 4,182,833
54 Government National Mortgage
Association 567,428 (r) 537,927
55 One- to four-family 542,250 (r) 512,137
56 Multifamily 25,178 25,790
57 Federal Home Loan Mortgage
Corporation 1,058,176 1,082,062
58 One- to four-family 1,050,899 1,072,990
59 Multifamily 7,277 9,072
60 Federal National Mortgage
Association 1,458,945 1,538,287
61 One- to four-family 1,402,929 1,478,610
62 Multifamily 56,016 59,677
63 Farmers Home Administration (4) 0 0
64 One- to four-family 0 0
65 Multifamily 0 0
66 Nonfarm, nonresidential 0 0
67 Farm 0 0
68 Private mortgage conduits 981,416 (r) 1,024,557
69 One- to four-family (6) 669,300 (r) 694,800
70 Multifamily 59,446 (r) 62,987
71 Nonfarm, nonresidential 252,669 (r) 266,770
72 Farm 0 0
73 Individuals and others (7) 750,010 (r) 768,724
74 One- to four-family 538,393 (r) 555,356
75 Multifamily 79,462 (r) 79,627
76 Nonfarm, nonresidential 106,973 (r) 108,237
77 Farm 25,183 (r) 25,504
(1.) Multifamily debt refers to loans on structures of five or
more units.
(2.) Includes loans held by nondeposit trust companies but not
loans held by bank trust departments,
(3.) Includes savings banks and savings and loan associations.
(4.) FmHA-guaranteed securities sold to the Federal Financing
Bank were reallocated from FmHA mortgage pools to FmHA mortgage
holdings in 1986:Q4 because of accounting changes by the Farmers
Home Administration.
(5.) Outstanding principal balances of mortgage-backed securities
insured or guaranteed by the agency indicated.
(6.) Includes securitized home equity loans.
(7.) Other holders include mortgage companies, real estate investment
trusts, state and local credit agencies, state and local retirement
funds, noninsured pension funds, credit unions, and finance companies.
SOURCE. Based on data from various institutional and government
sources. Separation of nonfarm mortgage debt by type of property,
if not reported directly, and interpolations and extrapolations,
when required for some quarters, are estimated in part by the Federal
Reserve. Line 69 from Inside Mortgage Securities and other sources.
1.55 CONSUMER CREDIT (1)
Millions of dollars, amounts outstanding, end of period
Holder and type of credit 2000 2001 2002
Seasonally adjusted
1 Total 1,560,634 1,667,928 1,722,326
2 Revolving 666,607 699,875 711,182
3 Nonrevolving (2) 894,027 968,053 1,011,144
Not seasonally adjusted
4 Total 1,593,116 1,701,856 1,756,794
By major holder
5 Commercial banks 541,470 558,421 591,796
6 Finance companies 219,848 236,559 230,920
7 Credit unions 184,434 189,570 196,586
8 Savings institutions 64,557 69,070 65,243
9 Nonfinancial business 82,662 67,955 57,047
10 Pools of securitized assets (3) 500,145 580,281 615,200
By major type of credit (4)
11 Revolving 693,020 727,297 738,890
12 Commercial banks 218,063 224,878 234,820
13 Finance companies 37,627 31,538 37,368
14 Credit unions 22,226 22,265 22,418
15 Savings institutions 16,560 17,767 14,696
16 Nonfinancial business 42,430 29,790 19,221
17 Pools of securitized assets (3) 356,114 401,059 410,366
18 Nonrevolving 900,095 974,559 1,017,904
19 Commercial banks 323,407 333,543 356,976
20 Finance companies 182,221 205,021 193,552
21 Credit unions 162,208 167,305 174,168
22 Savings institutions 47,997 51,303 50,547
23 Nonfinancial business 40,232 38,165 37,826
24 Pools of securitized assets (3) 144,031 179,222 204,835
2002
Holder and type of credit
July Aug
Seasonally adjusted
1 Total 1,715,987 (r) 1,718,954 (r)
2 Revolving 715,804 (r) 719,499 (r)
3 Nonrevolving (2) 1,000,183 (r) 999,455 (r)
Not seasonally adjusted
4 Total 1,706,776 (r) 1,720,738 (r)
By major holder
5 Commercial banks 557,285 572,446
6 Finance companies 242,088 239,857
7 Credit unions 194,060 195,559
8 Savings institutions 67,370 66,289
9 Nonfinancial business 51,296 52,101
10 Pools of securitized assets (3) 594,678 (r) 594,486 (r)
By major type of credit (4)
11 Revolving 709,026 (r) 716,249 (r)
12 Commercial banks 214,092 224,698
13 Finance companies 36,570 36,529
14 Credit unions 21,206 21,505
15 Savings institutions 16,751 15,707
16 Nonfinancial business 16,467 16,747
17 Pools of securitized assets (3) 403,941 (r) 401,064 (r)
18 Nonrevolving 997,750 (r) 1,004,489 (r)
19 Commercial banks 343,193 347,748
20 Finance companies 205,518 203,329
21 Credit unions 172,854 174,054
22 Savings institutions 50,619 50,582
23 Nonfinancial business 34,829 35,354
24 Pools of securitized assets (3) 190,737 (r) 193,422 (r)
2002
Holder and type of credit
Sept. Oct. (r)
Seasonally adjusted
1 Total 1,722,931 (r) 1,726,447
2 Revolving 716,948 (r) 717,916
3 Nonrevolving (2) 1,005,982 (r) 1,008,531
Not seasonally adjusted
4 Total 1,721,073 (r) 1,726,276
By major holder
5 Commercial banks 575,732 578,554
6 Finance companies 246,072 238,571
7 Credit unions 196,059 197,213
8 Savings institutions 65,243 65,243
9 Nonfinancial business 49,170 49,120
10 Pools of securitized assets (3) 588,795 (r) 597,575
By major type of credit (4)
11 Revolving 711,696 (r) 711,393
12 Commercial banks 226,197 226,023
13 Finance companies 37,280 37,351
14 Credit unions 21,388 21,229
15 Savings institutions 14,696 14,696
16 Nonfinancial business 14,129 14,100
17 Pools of securitized assets (3) 398,005 (r) 397,993
18 Nonrevolving 1,009,376 (r) 1,014,883
19 Commercial banks 349,535 352,531
20 Finance companies 208,792 201,219
21 Credit unions 174,671 175,984
22 Savings institutions 50,547 50,547
23 Nonfinancial business 35,041 35,020
24 Pools of securitized assets (3) 190,790 (r) 199,582
2002
Holder and type of credit
Nov. (r) Dec
Seasonally adjusted
1 Total 1,726,283 1,722,326
2 Revolving 719,587 711,182
3 Nonrevolving (2) 1,006,697 101,144
Not seasonally adjusted
4 Total 1,734,405 1,756,794
By major holder
5 Commercial banks 582,836 591,796
6 Finance companies 227,844 230,920
7 Credit unions 197,019 196,586
8 Savings institutions 65,243 65,243
9 Nonfinancial business 49,902 57,007
10 Pools of securitized assets (3) 6,115,611 615,200
By major type of credit (4)
11 Revolving 719,116 738,890
12 Commercial banks 228,486 234,820
13 Finance companies 37,087 37,368
14 Credit unions 21,399 22,418
15 Savings institutions 14,696 14,696
16 Nonfinancial business 14,315 19,221
17 Pools of securitized assets (3) 403,132 410,366
18 Nonrevolving 1,015,289 1,017,904
19 Commercial banks 354,350 356,976
20 Finance companies 190,757 193,552
21 Credit unions 175,620 174,168
22 Savings institutions 50,547 50,547
23 Nonfinancial business 35,587 37,826
24 Pools of securitized assets (3) 208,429 204,835
(1.) The Board's series on amounts of credit covers most short- and
intermediate-term credit extended to individuals, excluding loans
secured by real estate. 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 motor vehicle loans, mobile home loans, and all other
loans that are not included in revolving credit, such as loans for
education, boats, trailers, or vacations. These loans may be secured
or unsecured.
(3.) Outstanding balances of pools upon which securities have been
issued; these balances are no longer carried on the balance sheets
of the loan originator.
(4.) 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 2000 2001 2002 2002
June
INTEREST RATES
Commercial banks (2)
1 48-month new car 9.34 8.50 6.71 n.a.
2 24-month personal 13.90 13.22 11.59 n.a.
Credit card plan
3 All accounts 15.71 14.89 13.42 n.a.
4 Accounts assessed interest 14.91 14.44 13.09 n.a.
Auto finance companies
5 New car 6.61 5.65 4.29 6.25
6 Used car 13.55 12.18 10.73 10.71
OTHER TERMS (3)
Maturity (months)
7 New car 54.9 55.1 56.8 58.6
8 Used car 57.0 57.5 57.6 57.7
Loan-to-value ratio
9 New car 92 91 93 91
10 Used car 99 100 100 100
Amount financed (dollars)
11 New car 20,923 22,822 24,772 23,436
12 Used car 14,058 14,416 14,509 14,631
Item 2002
July Aug. Sept. Oct.
INTEREST RATES
Commercial banks (2)
1 48-month new car n.a. 5.95 n.a. n.a.
2 24-month personal n.a. 11.28 n.a. n.a.
Credit card plan
3 All accounts n.a. 13.37 n.a. n.a.
4 Accounts assessed interest n.a. 13.26 n.a. n.a.
Auto finance companies
5 New car 6.61 3.58 2.17 2.29 2.79
6 Used car 10.59 10.46 10.44 10.67
OTHER TERMS (3)
Maturity (months)
7 New car 58.9 59.2 58.4 57.2
8 Used car 57.8 57.6 57.5 57.3
Loan-to-value ratio
9 New car 95 97 97 96
10 Used car 100 100 100 100
Amount financed (dollars)
11 New car 25,092 (r) 26,455 26,331 26,232
12 Used car 14,701 14,679 14,801 14,645
Item 2002
Nov. Dec.
INTEREST RATES
Commercial banks (2)
1 48-month new car 5.67 n.a.
2 24-month personal 10.78 n.a.
Credit card plan
3 All accounts 13.13 n.a.
4 Accounts assessed interest 12.78 n.a.
Auto finance companies
5 New car 3.31 (r) 3.50
6 Used car 10.49 (r) 10.48
OTHER TERMS (3)
Maturity (months)
7 New car 57.2 57.5
8 Used car 56.9 n.a.
Loan-to-value ratio
9 New car 95 96
10 Used car 100 n.a.
Amount financed (dollars)
11 New car 26,266 (r) 26,647
12 Used car 14,523 n.a.
(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.
1.57 FUNDS RAISED IN U.S. CREDIT MARKETS (1)
Billions of dollars; quarterly data at seasonally adjusted annual rates
Transaction category or sector 1997 1998
Nonfinancial sectors
1 Total net borrowing by domestic
nonfinancial sectors 789.9 (r) 1,046.2 (r)
By sector and instrument
2 Federal government 23.1 -52.6
3 Treasury securities 23.2 -54.6
4 Budget agency securities and mortgages -.1 2.0
5 Nonfederal 766.8 (r) 1,098.8 (r)
By instrument
6 Commercial paper 13.7 24.4
7 Municipal securities and loans 56.9 (r) 84.2 (r)
8 Corporate bonds 150.5 235.2 (r)
9 Bank loans n.e.c. 106.4 108.2
10 Other loans and advances 59.5 82.1
11 Mortgages 322.3 489.8
12 Home 258.3 387.7
13 Multifamily residential 7.3 23.4
14 Commercial 53.5 72.2
15 Farm 3.1 6.5
16 Consumer credit 57.5 75.0
By borrowing sector
17 Household 332.7 454.8
18 Nonfinancial business 392.5 576.3 (r)
19 Corporate 291.6 408.6 (r)
20 Nonfarm noncorporate 94.7 159.7
21 Farm 6.2 8.0
22 State and local government 41.5 (r) 67.7 (r)
23 Foreign net borrowing in United States 71.8 43.2
24 Commercial paper 3.7 7.8
25 Bonds 61.4 34.9
26 Bank loans n.e.c. 8.5 6.6
27 Other loans and advances -1.8 -6.0
28 Total domestic plus foreign 861.7 (r) 1,089.4 (r)
Financial sectors
29 Total net borrowing by financial sectors 662.2 1,087.2
By instrument
30 Federal government-related 212.9 470.9
31 Government-sponsored enterprise
securities 98.4 278.3
32 Mortgage pool securities 114.6 192.6
33 Loans from U.S. government .0 .0
34 Private 449.3 616.3
35 Open market paper 166.7 161.0
36 Corporate bonds 218.9 310.2
37 Bank loans n.e.c. 13.3 30.1
38 Other loans and advances 35.6 90.2
39 Mortgages 14.9 24.8
By borrowing sector
40 Commercial banking 46.1 72.9
41 Savings institutions 19.7 52.2
42 Credit unions .1 .6
43 Life insurance companies .2 .7
44 Government-sponsored enterprises 98.4 278.3
45 Federally related mortgage pools 114.6 192.6
46 Issuers of asset-backed securities (ABSs) 202.2 321.4
47 Finance companies 57.8 57.1
48 Mortgage companies -4.6 1.6
49 Real estate investment trusts (REITs) 39.6 62.7
50 Brokers and dealers 8.1 7.2
51 Funding corporations 79.9 40.0
Transaction category or sector 1997 1998
All sectors
52 Total net borrowing, all sectors 1,523.9 (r) 2,176.7 (r)
53 Open market paper 184.1 193.1
54 U.S. government securities 236.0 418.3
55 Municipal securities 56.9 (r) 84.2 (r)
56 Corporate and foreign bonds 430.8 580.2 (r)
57 Bank loans n.e.c. 128.2 145.0
58 Other loans and advances 93.2 166.3
59 Mortgages 337.2 514.6
60 Consumer credit 57.5 75.0
Funds raised through
mutual funds and
corporate equities
61 Total net issues 218.7 (r) 165.9 (r)
62 Corporate equities -46.4 (r) -113.7 (r)
63 Nonfinancial corporations -77.4 (r) -215.5 (r)
64 Foreign shares purchased by U.S.
residents 57.6 101.3
65 Financial corporations -26.6 (r) .6
66 Mutual fund shares 265.1 279.5
Transaction category or sector 1999 2000
Nonfinancial sectors
1 Total net borrowing by domestic
nonfinancial sectors 1,031.6 (r) 840.9 (r)
By sector and instrument
2 Federal government -71.2 -295.9
3 Treasury securities -71.0 -294.9
4 Budget agency securities and mortgages -.2 -1.0
5 Nonfederal 1,102.8 (r) 1,136.8 (r)
By instrument
6 Commercial paper 37.4 48.1
7 Municipal securities and loans 54.4 (r) 23.6 (r)
8 Corporate bonds 217.8 (r) 161.3 (r)
9 Bank loans n.e.c. 82.8 101.7
10 Other loans and advances 46.0 95.0
11 Mortgages 564.9 568.2 (r)
12 Home 424.6 418.4 (r)
13 Multifamily residential 35.7 34.0 (r)
14 Commercial 98.8 109.2 (r)
15 Farm 5.8 6.5
16 Consumer credit 99.5 139.0
By borrowing sector
17 Household 498.0 546.0 (r)
18 Nonfinancial business 566.3 (r) 575.4 (r)
19 Corporate 378.5 (r) 380.4 (r)
20 Nonfarm noncorporate 182.4 184.1 (r)
21 Farm 5.5 10.9
22 State and local government 38.5 (r) 15.5 (r)
23 Foreign net borrowing in United States 25.2 65.7
24 Commercial paper 16.3 31.7
25 Bonds 14.1 23.9
26 Bank loans n.e.c. .5 11.4
27 Other loans and advances -5.7 -1.3
28 Total domestic plus foreign 1,056.7 (r) 906.6 (r)
Financial sectors
29 Total net borrowing by financial sectors 1,073.3 809.0
By instrument
30 Federal government-related 592.0 433.5
31 Government-sponsored enterprise
securities 318.2 234.1
32 Mortgage pool securities 273.8 199.4
33 Loans from U.S. government .0 .0
34 Private 481.3 375.5
35 Open market paper 176.2 127.7
36 Corporate bonds 207.1 199.3
37 Bank loans n.e.c. -14.2 -.2
38 Other loans and advances 107.1 42.5
39 Mortgages 5.1 6.2
By borrowing sector
40 Commercial banking 67.2 60.0
41 Savings institutions 48.0 27.3
42 Credit unions 2.2 .0
43 Life insurance companies .7 -.7
44 Government-sponsored enterprises 318.2 234.1
45 Federally related mortgage pools 273.8 199.4
46 Issuers of asset-backed securities (ABSs) 212.3 189.7
47 Finance companies 70.3 81.2
48 Mortgage companies .2 .1
49 Real estate investment trusts (REITs) 6.3 2.7
50 Brokers and dealers -17.2 15.6
51 Funding corporations 91.5 -.4
Transaction category or sector 1999 2000
All sectors
52 Total net borrowing, all sectors 2,130.0 (r) 1,715.6 (r)
53 Open market paper 229.9 207.6
54 U.S. government securities 520.7 137.6
55 Municipal securities 54.4 (r) 23.6 (r)
56 Corporate and foreign bonds 439.1 (r) 384.4 (r)
57 Bank loans n.e.c. 69.0 112.8
58 Other loans and advances 147.4 136.2
59 Mortgages 570.0 574.4 (r)
60 Consumer credit 99.5 139.0
Funds raised through
mutual funds and
corporate equities
61 Total net issues 191.2 (r) 236.1 (r)
62 Corporate equities .0 (r) 1.1 (r)
63 Nonfinancial corporations -110.4 (r) -118.2 (r)
64 Foreign shares purchased by U.S.
residents 114.3 103.6
65 Financial corporations -4.0 15.7
66 Mutual fund shares 191.2 235.0
2001
Transaction category or sector 2001
Q2
Nonfinancial sectors
1 Total net borrowing by domestic
nonfinancial sectors 1,125.9 (r) 1,082.6 (r)
By sector and instrument
2 Federal government -5.6 -215.8
3 Treasury securities -5.0 -216.9
4 Budget agency securities and mortgages -.5 1.1
5 Nonfederal 1,131.5 (r) 1,298.4 (r)
By instrument
6 Commercial paper -88.3 -133.4
7 Municipal securities and loans 119.2 (r) 132.4 (r)
8 Corporate bonds 340.5 (r) 444.5 (r)
9 Bank loans n.e.c. -82.7 (r) -125.1 (r)
10 Other loans and advances 29.3 132.3
11 Mortgages 704.7 (r) 767.5
12 Home 530.9 (r) 608.3 (r)
13 Multifamily residential 47.9 40.8
14 Commercial 118.4 (r) 106.5 (r)
15 Farm 7.5 11.9
16 Consumer credit 108.8 (r) 80.2 (r)
By borrowing sector
17 Household 611.8 (r) 661.4 (r)
18 Nonfinancial business 417.6 (r) 520.6 (r)
19 Corporate 253.3 (r) 339.1 (r)
20 Nonfarm noncorporate 156.8 170.1
21 Farm 7.5 11.5
22 State and local government 102.2 (r) 116.5 (r)
23 Foreign net borrowing in United States -37.4 -50.5
24 Commercial paper -14.2 -3.8
25 Bonds -12.1 -15.8
26 Bank loans n.e.c. -7.3 -31.4
27 Other loans and advances -3.7 .5
28 Total domestic plus foreign 1,088.5 (r) 1,032.2 (r)
Financial sectors
29 Total net borrowing by financial sectors 958.5 (r) 828.2
By instrument
30 Federal government-related 629.3 674.6
31 Government-sponsored enterprise
securities 290.8 268.3
32 Mortgage pool securities 338.5 406.2
33 Loans from U.S. government .0 .0
34 Private 329.2 (r) 153.7
35 Open market paper -61.9 -77.9
36 Corporate bonds 341.1 (r) 223.2
37 Bank loans n.e.c. 13.8 10.8
38 Other loans and advances 34.9 -18.7
39 Mortgages 1.3 16.2
By borrowing sector
40 Commercial banking 52.9 -10.5
41 Savings institutions 7.4 3.4
42 Credit unions 1.5 .8
43 Life insurance companies .6 .1
44 Government-sponsored enterprises 290.8 268.3
45 Federally related mortgage pools 338.5 406.2
46 Issuers of asset-backed securities (ABSs) 317.6 (r) 205.9
47 Finance companies -.2 36.8
48 Mortgage companies .7 .6
49 Real estate investment trusts (REITs) 2.5 10.5
50 Brokers and dealers 1.4 35.6
51 Funding corporations -55.2 -129.6
2001
Transaction category or sector 2001
Q2 (r)
All sectors
52 Total net borrowing, all sectors 2,047.1 1,860.4
53 Open market paper -164.4 -215.1
54 U.S. government securities 623.8 458.8
55 Municipal securities 119.5 132.4
56 Corporate and foreign bonds 669.5 651.9
57 Bank loans n.e.c. -76.2 -145.7
58 Other loans and advances 60.4 114.2
59 Mortgages 706.0 783.8
60 Consumer credit 108.8 80.2
Funds raised through
mutual funds and
corporate equities
61 Total net issues 301.9 419.9
62 Corporate equities 100.5 146.4
63 Nonfinancial corporations -47.4 -57.9
64 Foreign shares purchased by U.S.
residents 106.8 222.9
65 Financial corporations 41.1 -18.6
66 Mutual fund shares 201.4 273.5
2001
Transaction category or sector
Q3 Q4
Nonfinancial sectors
1 Total net borrowing by domestic
nonfinancial sectors 1,285.8 (r) 1,193.0 (r)
By sector and instrument
2 Federal government 209.3 43.4
3 Treasury securities 209.7 44.2
4 Budget agency securities and mortgages -.4 -.7
5 Nonfederal 1,076.4 (r) 1,149.5 (r)
By instrument
6 Commercial paper -66.1 45.5
7 Municipal securities and loans 80.4 (r) 170.0 (r)
8 Corporate bonds 191.4 (r) 325.0 (r)
9 Bank loans n.e.c. -24.3 (r) -166.0 (r)
10 Other loans and advances 59.4 -107.3
11 Mortgages 770.2 (r) 733.0 (r)
12 Home 560.0 (r) 531.1 (r)
13 Multifamily residential 56.5 56.5
14 Commercial 146.7 (r) 138.6 (r)
15 Farm 7.0 6.8
16 Consumer credit 65.4 (r) 149.4 (r)
By borrowing sector
17 Household 656.9 (r) 621.7 (r)
18 Nonfinancial business 352.6 (r) 390.2 (r)
19 Corporate 194.4 (r) 240.8 (r)
20 Nonfarm noncorporate 153.8 141.1
21 Farm 4.4 8.3
22 State and local government 67.0 (r) 137.6 (r)
23 Foreign net borrowing in United States -106.7 16.0
24 Commercial paper -25.2 5.9
25 Bonds -83.9 29.7
26 Bank loans n.e.c. 4.2 -16.3
27 Other loans and advances -1.8 -3.3
28 Total domestic plus foreign 1,179.1 (r) 1,208.9 (r)
Financial sectors
29 Total net borrowing by financial sectors 1,113.5 (r) 976.5 (r)
By instrument
30 Federal government-related 818.4 591.8
31 Government-sponsored enterprise
securities 326.2 306.5
32 Mortgage pool securities 492.2 285.3
33 Loans from U.S. government .0 .0
34 Private 295.1 (r) 384.7 (r)
35 Open market paper -72.2 -13.6
36 Corporate bonds 308.8 (r) 372.7 (r)
37 Bank loans n.e.c. 1.6 18.3
38 Other loans and advances 58.8 8.9
39 Mortgages -1.9 -1.6
By borrowing sector
40 Commercial banking 39.7 44.1
41 Savings institutions 39.4 -68.6
42 Credit unions 1.5 4.4
43 Life insurance companies 3.5 1.4
44 Government-sponsored enterprises 326.2 306.5
45 Federally related mortgage pools 492.2 285.3
46 Issuers of asset-backed securities (ABSs) 313.9 (r) 430.0 (r)
47 Finance companies 41.8 -25.3
48 Mortgage companies .8 .6
49 Real estate investment trusts (REITs) -2.4 7.8
50 Brokers and dealers 12.6 -18.9
51 Funding corporations -155.7 -42.2
2001
Transaction category or sector
Q3 (r) Q4 (r)
All sectors
52 Total net borrowing, all sectors 2,292.6 2,185.4
53 Open market paper -163.5 37.8
54 U.S. government securities 1,027.8 635.2
55 Municipal securities 80.4 170.0
56 Corporate and foreign bonds 416.3 727.4
57 Bank loans n.e.c. -18.5 -164.0
58 Other loans and advances 116.5 -101.8
59 Mortgages 768.2 731.4
60 Consumer credit 65.4 149.4
Funds raised through
mutual funds and
corporate equities
61 Total net issues 151.8 397.9
62 Corporate equities -8.6 142.0
63 Nonfinancial corporations -108.6 -4.2
64 Foreign shares purchased by U.S.
residents 43.5 74.7
65 Financial corporations 56.5 71.5
66 Mutual fund shares 160.4 255.9
2002
Transaction category or sector
Q1 Q2
Nonfinancial sectors
1 Total net borrowing by domestic
nonfinancial sectors 966.2 (r) 1,627.6 (r)
By sector and instrument
2 Federal government 39.8 526.0
3 Treasury securities 41.6 524.2
4 Budget agency securities and mortgages -1.8 1.6
5 Nonfederal 926.4 (r) 1,101.6 (r)
By instrument
6 Commercial paper -144.4 (r) -81.7 (r)
7 Municipal securities and loans 74.6 (r) 195.4 (r)
8 Corporate bonds 253.7 (r) 191.4 (r)
9 Bank loans n.e.c. -17.2 (r) -192.8
10 Other loans and advances -19.2 (r) 77.2
11 Mortgages 696.6 (r) 831.3 (r)
12 Home 601.3 (r) 657.3 (r)
13 Multifamily residential 29.3 (r) 44.4 (r)
14 Commercial 59.2 (r) 120.6 (r)
15 Farm 6.9 9.1
16 Consumer credit 82.3 (r) 80.8 (r)
By borrowing sector
17 Household 704.9 (r) 684.1 (r)
18 Nonfinancial business 154.9 (r) 234.8 (r)
19 Corporate 39.3 (r) 96.6 (r)
20 Nonfarm noncorporate 110.3 132.7
21 Farm 5.3 8.5
22 State and local government 66.6 (r) 182.7 (r)
23 Foreign net borrowing in United States 77.3 (r) 15.1 (r)
24 Commercial paper 66.8 (r) 36.5 (r)
25 Bonds -2.3 -41.0
26 Bank loans n.e.c. 13.9 22.0
27 Other loans and advances -1.2 -2.4
28 Total domestic plus foreign 1,043.4 (r) 1,642.7 (r)
Financial sectors
29 Total net borrowing by financial sectors 869.8 (r) 870.0 (r)
By instrument
30 Federal government-related 691.1 487.8 (r)
31 Government-sponsored enterprise
securities 191.3 141.7
32 Mortgage pool securities 499.8 346.1 (r)
33 Loans from U.S. government .0 .0
34 Private 178.7 (r) 382.2 (r)
35 Open market paper -178.3 -109.1
36 Corporate bonds 354.1 (r) 435.8 (r)
37 Bank loans n.e.c. .2 31.9
38 Other loans and advances -3.9 16.7
39 Mortgages 6.6 7.0
By borrowing sector
40 Commercial banking 24.3 13.3
41 Savings institutions -33.1 -12.1
42 Credit unions 2.4 2.0
43 Life insurance companies 2.4 1.2
44 Government-sponsored enterprises 191.3 141.7
45 Federally related mortgage pools 499.8 346.1 (r)
46 Issuers of asset-backed securities (ABSs) 263.6 (r) 241.6 (r)
47 Finance companies -31.2 80.2
48 Mortgage companies .8 .7
49 Real estate investment trusts (REITs) 7.4 25.3
50 Brokers and dealers -15.7 17.5
51 Funding corporations -42.2 12.4
2002
Transaction category or sector
Q1 (r) Q2 (r)
All sectors
52 Total net borrowing, all sectors 1,913.3 2,512.7
53 Open market paper -255.9 -154.3
54 U.S. government securities 730.9 1,013.8
55 Municipal securities 74.6 195.4
56 Corporate and foreign bonds 605.5 586.2
57 Bank loans n.e.c. -3.0 -139.0
58 Other loans and advances -24.2 91.5
59 Mortgages 703.1 838.3
60 Consumer credit 82.3 80.8
Funds raised through
mutual funds and
corporate equities
61 Total net issues 437.6 282.4
62 Corporate equities 50.7 182.4
63 Nonfinancial corporations -8.0 17.9
64 Foreign shares purchased by U.S.
residents -5.9 79.7
65 Financial corporations 64.6 84.8
66 Mutual fund shares 386.9 100.0
2002
Transaction category or sector
Q3 (r) Q4
Nonfinancial sectors
1 Total net borrowing by domestic
nonfinancial sectors 1,298.0 1,563.2
By sector and instrument
2 Federal government 265.7 198.5
3 Treasury securities 264.2 198.1
4 Budget agency securities and mortgages 1.6 .4
5 Nonfederal 1,032.3 1,364.7
By instrument
6 Commercial paper -17.4 -13.2
7 Municipal securities and loans 156.9 224.9
8 Corporate bonds -29.1 116.8
9 Bank loans n.e.c. -125.0 -33.6
10 Other loans and advances 77.6 4.0
11 Mortgages 911.3 1,064.8
12 Home 778.7 854.7
13 Multifamily residential 29.5 63.3
14 Commercial 90.1 140.2
15 Farm 13.1 6.5
16 Consumer credit 57.9 1.0
By borrowing sector
17 Household 755.7 883.1
18 Nonfinancial business 132.6 285.0
19 Corporate -10.5 125.8
20 Nonfarm noncorporate 128.8 155.2
21 Farm 14.2 4.0
22 State and local government 144.0 196.5
23 Foreign net borrowing in United States -32.1 29.6
24 Commercial paper 3.9 37.3
25 Bonds -22.5 -1.0
26 Bank loans n.e.c. -11.7 -2.8
27 Other loans and advances -1.8 -3.9
28 Total domestic plus foreign 1,265.9 1,592.8
Financial sectors
29 Total net borrowing by financial sectors 852.1 1,097.7
By instrument
30 Federal government-related 420.9 642.5
31 Government-sponsored enterprise
securities 249.1 347.6
32 Mortgage pool securities 171.8 294.9
33 Loans from U.S. government .0 .0
34 Private 431.2 455.2
35 Open market paper 84.3 -76.5
36 Corporate bonds 188.6 617.6
37 Bank loans n.e.c. 82.3 -70.6
38 Other loans and advances 71.9 -17.2
39 Mortgages 4.1 1.9
By borrowing sector
40 Commercial banking 62.2 93.5
41 Savings institutions 37.1 -47.1
42 Credit unions 3.1 .4
43 Life insurance companies 2.0 2.5
44 Government-sponsored enterprises 249.1 347.6
45 Federally related mortgage pools 171.8 294.9
46 Issuers of asset-backed securities (ABSs) 194.1 356.3
47 Finance companies 106.4 19.2
48 Mortgage companies .7 .7
49 Real estate investment trusts (REITs) 26.6 15.1
50 Brokers and dealers 15.2 -24.1
51 Funding corporations -16.4 38.7
2002
Transaction category or sector
Q3 (r) Q4 (r)
All sectors
52 Total net borrowing, all sectors 2,118.0 2,690.5
53 Open market paper 70.8 -52.4
54 U.S. government securities 686.7 841.0
55 Municipal securities 156.9 224.9
56 Corporate and foreign bonds 136.9 733.4
57 Bank loans n.e.c. -54.3 -107.0
58 Other loans and advances 147.6 -17.2
59 Mortgages 915.4 1,066.7
60 Consumer credit 57.9 1.0
Funds raised through
mutual funds and
corporate equities
61 Total net issues -77.1 271.6
62 Corporate equities -114.2 66.7
63 Nonfinancial corporations -130.8 -39.9
64 Foreign shares purchased by U.S.
residents -50.6 52.7
65 Financial corporations 67.3 54.0
66 Mutual fund shares 37.1 204.9
(1.) Data in this table also appear in the Board's Z.1 (780) quarterly
statistical release, tables F.2 through F4. For ordering address, see
inside front cover.
1.58 SUMMARY OF FINANCIAL TRANSACTIONS (1)
Billions of dollars except as noted; quarterly data at seasonally
adjusted annual rates
Transaction category or sector 1997 1998
NET LENDING IN CREDIT MARKETS (2)
1 Total net lending in credit markets 1,523.9 (r) 2,176.7 (r)
2 Domestic nonfederal nonfinancial sectors 15.4 (r) 259.1 (r)
3 Household 25.3 (r) 127.3 (r)
4 Nonfinancial corporate business -12.7 -16.0
5 Nonfarm noncorporate business 2.6 13.3
6 State and local governments .1 134.5
7 Federal government 5.1 13.5
8 Rest of the world 259.6 172.5
9 Financial sectors 1,243.9 (r) 1,731.6
10 Monetary authority 38.3 21.1
11 Commercial banking 324.3 305.6
12 U.S.-chartered banks 274.9 312.1
13 Foreign banking offices in United
States 40.2 -11.6
14 Bank holding companies 5.4 .9
15 Banks in U.S.-affiliated areas 3.7 6.0
16 Savings institutions -4.7 36.2
17 Credit unions 16.8 18.9
18 Bank personal trusts and estates -25.0 -12.8
19 Life insurance companies 104.8 76.9
20 Other insurance companies 25.2 5.8
21 Private pension funds 47.6 -23.4
22 State and local government retirement
funds 67.1 72.1
23 Money market mutual funds 87.5 244.0
24 Mutual funds 80.9 127.3
25 Closed-end funds -2.9 (r) 5.2
26 Government-sponsored enterprises 106.3 314.0
27 Federally related mortgage pools 114.6 192.6
28 Asset-backed securities issuers (ABSs) 163.8 281.7
29 Finance companies 23.1 77.3
30 Mortgage companies -9.1 3.2
31 Real estate investment trusts (REITs) 20.2 -5.1
32 Brokers and dealers 14.9 6.8
33 Funding corporations 50.4 -15.8
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit markets 1,523.9 (r) 2,176.7 (r)
Other financial sources
35 Official foreign exchange .7 6.6
36 Special drawing rights certificates .5 .0
37 Treasury currency .5 .6
38 Foreign deposits 107.7 6.5
39 Net interbank transactions -19.7 -31.8
40 Checkable deposits and currency 41.2 47.3
41 Small time and savings deposits 97.1 152.4
42 Large time deposits 122.5 91.8
43 Money market fund shares 155.9 287.2
44 Security repurchase agreements 120.9 91.3
45 Corporate equities -46.4 (r) -113.7 (r)
46 Mutual fund shares 265.1 279.5
47 Trade payables 139.8 106.4
48 Security credit 111.0 103.2
49 Life insurance reserves 59.3 48.0
50 Pension fund reserves 201.4 217.4
51 Taxes payable 22.3 19.6
52 Investment in bank personal trusts -53.0 -46.1
53 Noncorporate proprietors' equity -40.7 -57.8
54 Miscellaneous 456.7 (r) 889.0 (r)
55 Total financial sources 3,265.9 (r) 4,274.0 (r)
Liabilities not identified as assets (-)
56 Treasury currency -.2 -.1
57 Foreign deposits 106.2 -8.5
58 Net interbank liabilities -19.9 3.8
59 Security repurchase agreements 63.2 57.7
60 Taxes payable 28.0 19.7
61 Miscellaneous -285.4 (r) -226.9 (r)
Floats not included in assets (-)
62 Federal government checkable deposits -2.7 2.6
63 Other checkable deposits -3.9 -3.1
64 Trade credit -25.5 -43.3
65 Total identified to sectors as assets 3,406.0 (r) 4,472.0 (r)
Transaction category or sector 1999 2000
NET LENDING IN CREDIT MARKETS (2)
1 Total net lending in credit markets 2,130.0 (r) 1,715.6 (r)
2 Domestic nonfederal nonfinancial sectors 227.3 (r) -116.6 (r)
3 Household 217.3 (r) -140.6 (r)
4 Nonfinancial corporate business -15.6 23.4 (r)
5 Nonfarm noncorporate business -2.9 (r) 1.3 (r)
6 State and local governments 28.4 -.8
7 Federal government 5.8 7.3
8 Rest of the world 139.7 225.9
9 Financial sectors 1,757.2 (r) 1,599.0 (r)
10 Monetary authority 25.7 33.7
11 Commercial banking 312.2 357.9
12 U.S.-chartered banks 318.6 339.5
13 Foreign banking offices in United
States -17.0 23.9
14 Bank holding companies 6.2 -12.2
15 Banks in U.S.-affiliated areas 4.4 6.7
16 Savings institutions 67.7 56.2
17 Credit unions 27.5 28.0
18 Bank personal trusts and estates 27.8 .8
19 Life insurance companies 53.5 57.9
20 Other insurance companies -3.0 -8.7
21 Private pension funds 17.0 33.4
22 State and local government retirement
funds 46.9 54.6
23 Money market mutual funds 182.0 143.0
24 Mutual funds 48.4 21.0
25 Closed-end funds 8.2 -6.3
26 Government-sponsored enterprises 291.3 256.4
27 Federally related mortgage pools 273.8 199.4
28 Asset-backed securities issuers (ABSs) 194.1 159.9
29 Finance companies 97.0 108.0
30 Mortgage companies .3 .2
31 Real estate investment trusts (REITs) -2.6 -6.3
32 Brokers and dealers -34.7 68.9
33 Funding corporations 124.0 41.0 (r)
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit markets 2,130.0 (r) 1,715.6 (r)
Other financial sources
35 Official foreign exchange -8.7 -.4
36 Special drawing rights certificates -3.0 -4.0
37 Treasury currency 1.0 2.4
38 Foreign deposits 61.0 135.1
39 Net interbank transactions 15.0 15.1
40 Checkable deposits and currency 151.2 -71.4
41 Small time and savings deposits 45.1 188.8
42 Large time deposits 131.1 116.2
43 Money market fund shares 249.1 233.3
44 Security repurchase agreements 169.8 113.2
45 Corporate equities .0 (r) 1.1 (r)
46 Mutual fund shares 191.2 235.0
47 Trade payables 268.6 425.4 (r)
48 Security credit 104.4 146.1
49 Life insurance reserves 50.8 50.2
50 Pension fund reserves 181.8 209.0
51 Taxes payable 30.7 (r) 32.8 (r)
52 Investment in bank personal trusts -8.1 56.6
53 Noncorporate proprietors' equity -62.4 (r) -11.5 (r)
54 Miscellaneous 1,036.3 (r) 1,413.5 (r)
55 Total financial sources 4,734.9 (r) 5,002.2 (r)
Liabilities not identified as assets (-)
56 Treasury currency -.7 -1.2
57 Foreign deposits 42.6 55.9
58 Net interbank liabilities .1 20.4
59 Security repurchase agreements 35.7 122.6 (r)
60 Taxes payable 11.7 26.2
61 Miscellaneous -291.4 (r) -370.5 (r)
Floats not included in assets (-)
62 Federal government checkable deposits -7.4 9.0
63 Other checkable deposits -.8 1.7
64 Trade credit 6.8 (r) 32.4 (r)
65 Total identified to sectors as assets 4,938.4 (r) 5,105.8 (r)
2001
Transaction category or sector 2001
Q2
NET LENDING IN CREDIT MARKETS (2)
1 Total net lending in credit markets 2,047.1 (r) 1,860.4 (r)
2 Domestic nonfederal nonfinancial sectors -24.1 (r) -117.2 (r)
3 Household -52.7 (r) -101.1 (r)
4 Nonfinancial corporate business -11.5 (r) -29.5 (r)
5 Nonfarm noncorporate business 2.0 (r) .3
6 State and local governments 38.1 13.1 (r)
7 Federal government 6.0 9.4
8 Rest of the world 320.6 254.9
9 Financial sectors 1,744.6 (r) 1,713.4 (r)
10 Monetary authority 39.9 26.9
11 Commercial banking 205.2 107.8
12 U.S.-chartered banks 191.6 156.5
13 Foreign banking offices in United
States -.6 -50.1
14 Bank holding companies 4.2 -2.8
15 Banks in U.S.-affiliated areas 10.0 4.2
16 Savings institutions 42.8 55.8
17 Credit unions 41.5 9.6
18 Bank personal trusts and estates -28.1 (r) -28.1 (r)
19 Life insurance companies 130.9 143.6
20 Other insurance companies 9.0 .1
21 Private pension funds 20.3 44.7
22 State and local government retirement
funds -17.7 77.0
23 Money market mutual funds 246.0 245.3 (r)
24 Mutual funds 126.0 169.1
25 Closed-end funds 7.1 (r) -4.9
26 Government-sponsored enterprises 309.0 297.2
27 Federally related mortgage pools 338.5 406.2
28 Asset-backed securities issuers (ABSs) 291.4 (r) 177.6
29 Finance companies -5.7 112.1
30 Mortgage companies 1.4 1.1
31 Real estate investment trusts (REITs) 6.7 1.1
32 Brokers and dealers 92.4 53.4
33 Funding corporations -112.2 (r) -182.3 (r)
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit markets 2,047.1 (r) 1,860.4 (r)
Other financial sources
35 Official foreign exchange 4.3 4.7
36 Special drawing rights certificates .0 .0
37 Treasury currency 1.3 (r) 1.3 (r)
38 Foreign deposits 28.0 -175.9
39 Net interbank transactions -31.7 -25.4
40 Checkable deposits and currency 204.3 (r) 151.4 (r)
41 Small time and savings deposits 267.2 242.1
42 Large time deposits 68.6 43.0
43 Money market fund shares 428.6 370.0
44 Security repurchase agreements 22.3 (r) 117.8 (r)
45 Corporate equities 100.5 (r) 146.4 (r)
46 Mutual fund shares 201.4 273.5
47 Trade payables -67.3 (r) -69.6 (r)
48 Security credit 3.1 -73.9
49 Life insurance reserves 77.2 52.2
50 Pension fund reserves 208.4 (r) 209.1
51 Taxes payable 17.5 (r) 14.8
52 Investment in bank personal trusts -59.9 (r) -62.2 (r)
53 Noncorporate proprietors' equity -18.6 (r) -26.4
54 Miscellaneous 774.6 (r) 974.1 (r)
55 Total financial sources 4,277.0 (r) 4,027.4 (r)
Liabilities not identified as assets (-)
56 Treasury currency -.1 (r) -.3 (r)
57 Foreign deposits 11.1 (r) -166.8
58 Net interbank liabilities 17.2 17.0
59 Security repurchase agreements -53.9 (r) 129.8 (r)
60 Taxes payable 22.1 (r) 3.1
61 Miscellaneous -252.3 (r) -480.5 (r)
Floats not included in assets (-)
62 Federal government checkable deposits 5.7 (r) 60.9 (r)
63 Other checkable deposits 4.5 3.9
64 Trade credit 12.5 (r) 6.3 (r)
65 Total identified to sectors as assets 4,510.2 (r) 4,453.8 (r)
2001
Transaction category or sector
Q3 Q4
NET LENDING IN CREDIT MARKETS (2)
1 Total net lending in credit markets 2,292.6 (r) 2,185.4 (r)
2 Domestic nonfederal nonfinancial sectors 70.5 (r) 92.5 (r)
3 Household 53.8 (r) 18.2 (r)
4 Nonfinancial corporate business -44.5 (r) 29.9 (r)
5 Nonfarm noncorporate business 3.3 2.0
6 State and local governments 57.9 (r) 42.4
7 Federal government 3.3 7.0
8 Rest of the world 269.2 432.5
9 Financial sectors 1,949.6 (r) 1,653.4 (r)
10 Monetary authority 8.4 85.1
11 Commercial banking 267.9 314.6
12 U.S.-chartered banks 242.5 275.0
13 Foreign banking offices in United
States 21.1 -7.8
14 Bank holding companies -1.4 13.6
15 Banks in U.S.-affiliated areas 5.7 33.9
16 Savings institutions -4.7 73.1
17 Credit unions 61.1 60.5
18 Bank personal trusts and estates -28.0 (r) -28.1 (r)
19 Life insurance companies 186.9 81.3
20 Other insurance companies 5.1 28.5
21 Private pension funds 10.4 5.3
22 State and local government retirement
funds -74.2 -2.7
23 Money market mutual funds 311.8 (r) 49.1 (r)
24 Mutual funds 102.7 139.3
25 Closed-end funds 23.9 (r) 16.6 (r)
26 Government-sponsored enterprises 274.3 335.3
27 Federally related mortgage pools 492.2 285.3
28 Asset-backed securities issuers (ABSs) 288.3 (r) 407.3 (r)
29 Finance companies -43.3 (r) -100.5
30 Mortgage companies 1.7 1.2
31 Real estate investment trusts (REITs) 7.8 14.0
32 Brokers and dealers 184.5 -110.5
33 Funding corporations -127.4 (r) -1.2 (r)
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit markets 2,292.6 2,185.4 (r)
Other financial sources
35 Official foreign exchange 13.7 .2
36 Special drawing rights certificates .0 .0
37 Treasury currency 2.2 (r) .0
38 Foreign deposits 41.5 17.9
39 Net interbank transactions -1.1 41.5
40 Checkable deposits and currency 215.0 (r) 278.1 (r)
41 Small time and savings deposits 230.3 329.7
42 Large time deposits 19.5 77.8
43 Money market fund shares 386.1 379.8
44 Security repurchase agreements 212.7 (r) -138.3 (r)
45 Corporate equities -8.6 (r) 142.0 (r)
46 Mutual fund shares 160.4 255.9
47 Trade payables -185.8 (r) -160.9 (r)
48 Security credit 561.3 -383.7
49 Life insurance reserves 74.7 119.6
50 Pension fund reserves 180.3 148.2 (r)
51 Taxes payable 104.9 -54.8 (r)
52 Investment in bank personal trusts -57.3 (r) -57.7 (r)
53 Noncorporate proprietors' equity -34.3 (r) 8.4 (r)
54 Miscellaneous 935.6 (r) 317.6 (r)
55 Total financial sources 5,143.8 (r) 3,506.7 (r)
Liabilities not identified as assets (-)
56 Treasury currency .9 (r) .0
57 Foreign deposits 55.3 (r) -27.5 (r)
58 Net interbank liabilities 7.4 22.6
59 Security repurchase agreements 106.3 (r) -166.2 (r)
60 Taxes payable 25.4 35.0 (r)
61 Miscellaneous 37.0 (r) -314.4 (r)
Floats not included in assets (-)
62 Federal government checkable deposits -20.1 (r) -91.8 (r)
63 Other checkable deposits 5.0 5.7
64 Trade credit -28.3 (r) 50.5 (r)
65 Total identified to sectors as assets 4,955.0 (r) 3,992.9 (r)
2002
Transaction category or sector
Q1 Q2 (r)
NET LENDING IN CREDIT MARKETS (2)
1 Total net lending in credit markets 1,913.3 (r) 2,512.7
2 Domestic nonfederal nonfinancial sectors 155.9 (r) 272.5
3 Household 101.3 (r) 223.4
4 Nonfinancial corporate business 52.3 (r) 3.2
5 Nonfarm noncorporate business 3.3 3.3
6 State and local governments -1.1 42.5
7 Federal government 4.7 8.8
8 Rest of the world 171.8 542.6
9 Financial sectors 1,580.9 (r) 1,688.8
10 Monetary authority 81.6 43.4
11 Commercial banking 188.9 384.3
12 U.S.-chartered banks 168.2 343.8
13 Foreign banking offices in United
States 2.1 33.7
14 Bank holding companies 12.0 1.9
15 Banks in U.S.-affiliated areas 6.6 4.9
16 Savings institutions 12.3 -23.5
17 Credit unions 58.3 41.1
18 Bank personal trusts and estates 1.0 (r) .9
19 Life insurance companies 260.6 175.1
20 Other insurance companies 36.7 35.4
21 Private pension funds 27.4 46.2
22 State and local government retirement
funds 70.5 -54.5
23 Money market mutual funds -241.3 (r) -86.7
24 Mutual funds 243.3 41.9
25 Closed-end funds 21.6 (r) -.4
26 Government-sponsored enterprises 236.7 129.0
27 Federally related mortgage pools 499.8 346.1
28 Asset-backed securities issuers (ABSs) 239.4 (r) 219.4
29 Finance companies -28.2 39.6
30 Mortgage companies 1.6 1.4
31 Real estate investment trusts (REITs) 26.3 31.8
32 Brokers and dealers -219.5 402.8
33 Funding corporations 63.7 (r) -84.5
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit markets 1,913.3 (r) 2,512.7
Other financial sources
35 Official foreign exchange -3.0 12.9
36 Special drawing rights certificates .0 .0
37 Treasury currency .9 (r) .6
38 Foreign deposits -59.1 53.3
39 Net interbank transactions 12.9 (r) -164.6
40 Checkable deposits and currency -171.9 (r) 178.0
41 Small time and savings deposits 259.7 249.0
42 Large time deposits 270.0 34.9
43 Money market fund shares -315.7 103.4
44 Security repurchase agreements 119.4 (r) 362.4
45 Corporate equities 50.7 (r) 182.4
46 Mutual fund shares 386.9 100.0
47 Trade payables 182.1 (r) 27.2
48 Security credit -190.7 -131.9
49 Life insurance reserves 93.9 92.2
50 Pension fund reserves 137.0 (r) 145.5
51 Taxes payable 3.6 (r) 40.4
52 Investment in bank personal trusts -3.7 (r) -2.4
53 Noncorporate proprietors' equity 1.5 (r) -32.9
54 Miscellaneous 207.1 (r) 640.1
55 Total financial sources 2,895.0 (r) 4,403.2
Liabilities not identified as assets (-)
56 Treasury currency -1.5 (r) -.9
57 Foreign deposits -33.6 (r) 94.8
58 Net interbank liabilities 39.8 (r) -9.5
59 Security repurchase agreements 157.9 (r) 224.3
60 Taxes payable 14.3 (r) -52.3
61 Miscellaneous -300.9 (r) 33.8
Floats not included in assets (-)
62 Federal government checkable deposits 15.1 (r) 77.1
63 Other checkable deposits 6.1 7.1
64 Trade credit -36.3 (r) -92.8
65 Total identified to sectors as assets 3,033.9 (r) 4,121.7
2002
Transaction category or sector
Q3 (r) Q4
NET LENDING IN CREDIT MARKETS (2)
1 Total net lending in credit markets 2,118.0 2,690.5
2 Domestic nonfederal nonfinancial sectors -240.2 150.2
3 Household -250.4 148.6
4 Nonfinancial corporate business -5.5 -41.3
5 Nonfarm noncorporate business -2.2 -1.0
6 State and local governments 17.8 43.8
7 Federal government 6.8 10.3
8 Rest of the world 450.0 503.0
9 Financial sectors 1,901.4 2,027.0
10 Monetary authority 67.3 118.7
11 Commercial banking 624.0 442.6
12 U.S.-chartered banks 599.9 462.8
13 Foreign banking offices in United
States 21.8 -31.3
14 Bank holding companies -1.6 .2
15 Banks in U.S.-affiliated areas 4.0 10.9
16 Savings institutions 79.7 73.4
17 Credit unions 39.9 37.3
18 Bank personal trusts and estates .8 .8
19 Life insurance companies 267.6 156.1
20 Other insurance companies 21.7 28.2
21 Private pension funds 35.9 14.4
22 State and local government retirement
funds -10.4 9.4
23 Money market mutual funds -74.4 301.2
24 Mutual funds 162.7 128.9
25 Closed-end funds -3.3 -1.8
26 Government-sponsored enterprises 204.4 319.5
27 Federally related mortgage pools 171.8 294.9
28 Asset-backed securities issuers (ABSs) 171.5 334.5
29 Finance companies 80.0 -21.2
30 Mortgage companies 1.5 1.5
31 Real estate investment trusts (REITs) 27.6 8.1
32 Brokers and dealers -208.6 147.5
33 Funding corporations 226.6 -366.9
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Net flows through credit markets 2,118.0 2,690.5
Other financial sources
35 Official foreign exchange 24.6 4.9
36 Special drawing rights certificates .0 .0
37 Treasury currency 2.4 .0
38 Foreign deposits 68.7 122.1
39 Net interbank transactions 59.0 118.2
40 Checkable deposits and currency 211.5 -36.1
41 Small time and savings deposits 327.6 272.9
42 Large time deposits 27.8 -110.1
43 Money market fund shares -192.6 337.6
44 Security repurchase agreements -91.1 -17.1
45 Corporate equities -114.2 66.7
46 Mutual fund shares 37.1 204.9
47 Trade payables 160.2 89.8
48 Security credit -69.6 -13.1
49 Life insurance reserves 119.7 97.5
50 Pension fund reserves 317.2 236.7
51 Taxes payable 48.5 23.4
52 Investment in bank personal trusts -2.1 -1.3
53 Noncorporate proprietors' equity -86.2 -33.7
54 Miscellaneous 942.1 528.1
55 Total financial sources 3,908.4 4,582.1
Liabilities not identified as assets (-)
56 Treasury currency 1.1 -1.1
57 Foreign deposits 50.8 115.0
58 Net interbank liabilities 13.2 -17.0
59 Security repurchase agreements -285.7 -24.7
60 Taxes payable 16.2 -47.6
61 Miscellaneous 98.3 53.1
Floats not included in assets (-)
62 Federal government checkable deposits -40.3 -51.7
63 Other checkable deposits 7.6 8.4
64 Trade credit -27.0 -39.5
65 Total identified to sectors as assets 4,074.1 4,587.3
(1.) Data in this table also appear in the Board's Z.1 (780)
quarterly statistical release, tables F.1 and F.5. For ordering
address, see inside front cover.
(2.) Excludes corporate equities and mutual fund shares.
1.59 SUMMARY OF CREDIT MARKET DEBT OUTSTANDING (1)
Billions of dollars, end of period
Transaction category or sector 1998 1999
Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors 16,240.5 (r) 17,306.8 (r)
By sector and instrument
2 Federal government 3,752.2 3,681.0
3 Treasury securities 3,723.7 3,652.7
4 Budget agency securities and
mortgages 28.5 28.3
5 Nonfederal 12,488.4 (r) 13,625.8 (r)
By instrument
6 Commercial paper 193.0 230.3
7 Municipal securities and loans 1,402.9 (r) 1,457.2 (r)
8 Corporate bonds 1,846.0 (r) 2,063.9 (r)
9 Bank loans n.e.c. 1,148.6 1,231.4
10 Other loans and advances 907.2 953.5
11 Mortgages 5,644.1 6,243.4
12 Home 4,366.0 4,790.6
13 Multifamily residential 308.0 343.9
14 Commercial 873.6 1,006.5
15 Farm 96.6 102.3
16 Consumer credit 1,346.6 1,446.1
By borrowing sector
17 Households 6,011.8 6,510.0
18 Nonfinancial business 5,338.2 (r) 5,938.9 (r)
19 Corporate 3,790.6 (r) 4,203.5 (r)
20 Nonfarm noncorporate 1,383.7 1,566.1
21 Farm 163.9 169.4
22 State and local government 1,138.3 (r) 1,176.9 (r)
23 Foreign credit market debt held in
United States 651.3 676.7
24 Commercial paper 72.9 89.2
25 Bonds 462.6 476.7
26 Bank loans n.e.c. 58.7 59.2
27 Other loans and advances 57.1 51.6
28 Total credit market debt owed by
nonfinancial sectors, domestic
and foreign 16,891.8 (r) 17,983.5 (r)
Financial sectors
29 Total credit market debt owed by
financial sectors 6,545.2 7,618.5
By instrument
30 Federal government-related 3,292.0 3,884.0
31 Government-sponsored enterprise
securities 1,273.6 1,591.7
32 Mortgage pool securities 2,018.4 2,292.2
33 Loans from U.S. government .0 .0
34 Private 3,253.2 3,734.6
35 Open market paper 906.7 1,082.9
36 Corporate bonds 1,878.7 2,085.9
37 Bank loans n.e.c. 107.5 93.2
38 Other loans and advances 288.7 395.8
39 Mortgages 71.6 76.7
By borrowing sector
40 Commercial banks 188.6 230.0
41 Bank holding companies 193.5 219.3
42 Savings institutions 212.4 260.4
43 Credit unions 1.1 3.4
44 Life insurance companies 2.5 3.2
45 Government-sponsored enterprises 1,273.6 1,591.7
46 Federally related mortgage pools 2,018.4 2,292.2
47 Issuers of asset-backed securities
(ABSs) 1,398.0 1,610.3
48 Brokers and dealers 42.5 25.3
49 Finance companies 625.5 695.7
50 Mortgage companies 17.7 17.8
51 Real estate investment trusts (REITs) 158.8 165.1
52 Funding corporations 412.6 504.0
All sectors
53 Total credit market debt, domestic
and foreign 23,437.1 (r) 25,602.0 (r)
54 Open market paper 1,172.6 1,402.4
55 U.S. government securities 7,044.2 7,564.9
56 Municipal securities 1,402.9 (r) 1,457.2 (r)
57 Corporate and foreign bonds 4,187.4 (r) 4,626.4 (r)
58 Bank loans n.e.c. 1,314.8 1,383.8
59 Other loans and advances 1,253.0 1,400.9
60 Mortgages 5,715.7 6,320.1
61 Consumer credit 1,346.6 1,446.1
Transaction category or sector 2000 2001
Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors 18,166.8 (r) 19,293.3 (r)
By sector and instrument
2 Federal government 3,385.1 3,379.5
3 Treasury securities 3,357.8 3,352.7
4 Budget agency securities and
mortgages 27.3 26.8
5 Nonfederal 14,781.7 (r) 15,913.8 (r)
By instrument
6 Commercial paper 278.4 190.1
7 Municipal securities and loans 1,480.9 (r) 1,600.1 (r)
8 Corporate bonds 2,225.1 (r) 2,565.6 (r)
9 Bank loans n.e.c. 1,333.1 1,251.0 (r)
10 Other loans and advances 1,059.6 1,088.8
11 Mortgages 6,811.6 (r) 7,516.3 (r)
12 Home 5,209.0 (r) 5,739.9 (r)
13 Multifamily residential 378.0 (r) 425.8 (r)
14 Commercial 1,115.8 (r) 1,234.2 (r)
15 Farm 108.9 116.3
16 Consumer credit 1,593.1 1,701.9 (r)
By borrowing sector
17 Households 7,075.1 (r) 7,686.8 (r)
18 Nonfinancial business 6,514.3 (r) 6,932.5 (r)
19 Corporate 4,583.9 (r) 4,837.8 (r)
20 Nonfarm noncorporate 1,750.2 (r) 1,907.0 (r)
21 Farm 180.2 187.7
22 State and local government 1,192.3 (r) 1,294.5 (r)
23 Foreign credit market debt held in
United States 742.3 704.9
24 Commercial paper 120.9 106.7
25 Bonds 500.6 488.4
26 Bank loans n.e.c. 70.5 63.2
27 Other loans and advances 50.3 46.6
28 Total credit market debt owed by
nonfinancial sectors, domestic
and foreign 18,909.1 (r) 19,998.2 (r)
Financial sectors
29 Total credit market debt owed by
financial sectors 8,439.5 9,395.3 (r)
By instrument
30 Federal government-related 4,317.4 4,944.1
31 Government-sponsored enterprise
securities 1,825.8 2,114.0
32 Mortgage pool securities 2,491.6 2,830.1
33 Loans from U.S. government .0 .0
34 Private 4,122.0 4,451.2 (r)
35 Open market paper 1,210.7 1,148.8
36 Corporate bonds 2,297.2 2,638.3 (r)
37 Bank loans n.e.c. 93.0 106.8
38 Other loans and advances 438.3 473.2
39 Mortgages 82.9 84.2
By borrowing sector
40 Commercial banks 266.7 296.0
41 Bank holding companies 242.5 266.1
42 Savings institutions 287.7 295.1
43 Credit unions 3.4 4.9
44 Life insurance companies 2.5 3.1
45 Government-sponsored enterprises 1,825.8 2,114.0
46 Federally related mortgage pools 2,491.6 2,830.1
47 Issuers of asset-backed securities
(ABSs) 1,812.0 2,129.5 (r)
48 Brokers and dealers 40.9 42.3
49 Finance companies 776.9 776.7
50 Mortgage companies 17.9 18.6
51 Real estate investment trusts (REITs) 167.8 170.2
52 Funding corporations 503.7 448.4
All sectors
53 Total credit market debt, domestic
and foreign 27,348.6 (r) 29,393.6 (r)
54 Open market paper 1,610.0 1,445.6
55 U.S. government securities 7,702.5 8,323.6
56 Municipal securities 1,480.9 (r) 1,600.1 (r)
57 Corporate and foreign bonds 5,022.9 (r) 5,692.3 (r)
58 Bank loans n.e.c. 1,496.6 1,421.0 (r)
59 Other loans and advances 1,548.2 1,608.6
60 Mortgages 6,894.5 (r) 7,600.5 (r)
61 Consumer credit 1,593.1 1,701.9 (r)
2001
Transaction category or sector
Q2 Q3
Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors 18,600.5 (r) 18,918.3 (r)
By sector and instrument
2 Federal government 3,251.4 3,320.0
3 Treasury securities 3,224.3 3,293.0
4 Budget agency securities and
mortgages 27.0 27.0
5 Nonfederal 15,349.1 (r) 15,598.3 (r)
By instrument
6 Commercial paper 223.3 201.3
7 Municipal securities and loans 1,547.0 (r) 1,555.1 (r)
8 Corporate bonds 2,436.5 (r) 2,484.4 (r)
9 Bank loans n.e.c. 1,293.6 1,285.1
10 Other loans and advances 1,103.6 1,110.1
11 Mortgages 7,136.9 (r) 7,333.1 (r)
12 Home 5,463.4 (r) 5,607.3 (r)
13 Multifamily residential 397.6 (r) 411.7 (r)
14 Commercial 1,162.9 (r) 1,199.6 (r)
15 Farm 113.0 114.6
16 Consumer credit 1,608.2 (r) 1,629.3 (r)
By borrowing sector
17 Households 7,322.8 (r) 7,493.5 (r)
18 Nonfinancial business 6,774.1 (r) 6,847.3 (r)
19 Corporate 4,755.4 (r) 4,790.5 (r)
20 Nonfarm noncorporate 1,833.5 (r) 1,870.8 (r)
21 Farm 185.2 185.9
22 State and local government 1,252.2 (r) 1,257.6 (r)
23 Foreign credit market debt held in
United States 726.1 701.7
24 Commercial paper 110.1 106.3
25 Bonds 502.0 481.0
26 Bank loans n.e.c. 66.2 67.3
27 Other loans and advances 47.7 47.0
28 Total credit market debt owed by
nonfinancial sectors, domestic
and foreign 19,326.6 (r) 19,620.0 (r)
Financial sectors
29 Total credit market debt owed by
financial sectors 8,851.0 9,120.1 (r)
By instrument
30 Federal government-related 4,591.6 4,796.2
31 Government-sponsored enterprise
securities 1,955.8 2,037.4
32 Mortgage pool securities 2,635.7 2,758.8
33 Loans from U.S. government .0 .0
34 Private 4,259.4 4,323.9 (r)
35 Open market paper 1,144.5 1,110.2
36 Corporate bonds 2,478.8 (r) 2,561.6 (r)
37 Bank loans n.e.c. 100.4 100.2
38 Other loans and advances 450.7 467.2
39 Mortgages 85.1 84.6
By borrowing sector
40 Commercial banks 274.7 281.4
41 Bank holding companies 269.0 272.7
42 Savings institutions 294.4 305.6
43 Credit unions 3.5 3.8
44 Life insurance companies 1.9 2.8
45 Government-sponsored enterprises 1,955.8 2,037.4
46 Federally related mortgage pools 2,635.7 2,758.8
47 Issuers of asset-backed securities
(ABSs) 1,937.3 2,019.1 (r)
48 Brokers and dealers 43.9 47.1
49 Finance companies 769.0 771.2
50 Mortgage companies 18.2 18.5
51 Real estate investment trusts (REITs) 168.9 168.3
52 Funding corporations 478.6 433.6
All sectors
53 Total credit market debt, domestic
and foreign 28,177.5 (r) 28,740.1 (r)
54 Open market paper 1,477.9 1,417.8
55 U.S. government securities 7,842.9 8,116.2
56 Municipal securities 1,547.0 (r) 1,555.1 (r)
57 Corporate and foreign bonds 5,417.3 (r) 5,527.0 (r)
58 Bank loans n.e.c. 1,460.2 1,452.6
59 Other loans and advances 1,602.0 1,624.4
60 Mortgages 7,222.0 (r) 7,417.8 (r)
61 Consumer credit 1,608.2 (r) 1,629.3 (r)
2001 2002
Transaction category or sector
Q4 Q1
Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors 19,293.3 (r) 19,848.3 (r)
By sector and instrument
2 Federal government 3,379.5 3,430.3
3 Treasury securities 3,352.7 3,404.0
4 Budget agency securities and
mortgages 26.8 26.3
5 Nonfederal 15,913.8 (r) 16,103.0 (r)
By instrument
6 Commercial paper 190.1 167.5
7 Municipal securities and loans 1,600.1 (r) 1,623.3 (r)
8 Corporate bonds 2,565.6 (r) 2,629.0 (r)
9 Bank loans n.e.c. 1,251.0 (r) 1,237.3
10 Other loans and advances 1,088.8 1,089.6 (r)
11 Mortgages 7,516.3 (r) 7,679.1 (r)
12 Home 5,739.9 (r) 5,878.8 (r)
13 Multifamily residential 425.8 (r) 433.2 (r)
14 Commercial 1,234.2 (r) 1,249.0 (r)
15 Farm 116.3 118.1
16 Consumer credit 1,701.9 (r) 1,677.2
By borrowing sector
17 Households 7,686.8 (r) 7,802.1 (r)
18 Nonfinancial business 6,932.5 (r) 6,985.1 (r)
19 Corporate 4,837.8 (r) 4,863.2 (r)
20 Nonfarm noncorporate 1,907.0 (r) 1,934.7 (r)
21 Farm 187.7 187.1
22 State and local government 1,294.5 (r) 1,315.8 (r)
23 Foreign credit market debt held in
United States 704.9 724.2
24 Commercial paper 106.7 123.6
25 Bonds 488.4 487.9
26 Bank loans n.e.c. 63.2 66.7
27 Other loans and advances 46.6 46.0
28 Total credit market debt owed by
nonfinancial sectors, domestic
and foreign 19,998.2 (r) 20,257.5 (r)
Financial sectors
29 Total credit market debt owed by
financial sectors 9,395.3 (r) 9,591.8 (r)
By instrument
30 Federal government-related 4,944.1 5,116.9
31 Government-sponsored enterprise
securities 2,114.0 2,161.8
32 Mortgage pool securities 2,830.1 2,955.1
33 Loans from U.S. government .0 .0
34 Private 4,451.2 (r) 4,474.9 (r)
35 Open market paper 1,148.8 1,090.9
36 Corporate bonds 2,638.3 (r) 2,730.6 (r)
37 Bank loans n.e.c. 106.8 105.1
38 Other loans and advances 473.2 462.4
39 Mortgages 84.2 85.9
By borrowing sector
40 Commercial banks 296.0 295.8
41 Bank holding companies 266.1 269.0
42 Savings institutions 295.1 280.5
43 Credit unions 4.9 5.5
44 Life insurance companies 3.1 3.7
45 Government-sponsored enterprises 2,114.0 2,161.8
46 Federally related mortgage pools 2,830.1 2,955.1
47 Issuers of asset-backed securities
(ABSs) 2,129.5 (r) 2,187.7 (r)
48 Brokers and dealers 42.3 38.4
49 Finance companies 776.7 760.8
50 Mortgage companies 18.6 18.8
51 Real estate investment trusts (REITs) 170.2 172.1
52 Funding corporations 448.4 442.6
All sectors
53 Total credit market debt, domestic
and foreign 29,393.6 (r) 29,849.3 (r)
54 Open market paper 1,445.6 1,382.0
55 U.S. government securities 8,323.6 8,547.2
56 Municipal securities 1,600.1 (r) 1,623.3 (r)
57 Corporate and foreign bonds 5,692.3 (r) 5,847.5 (r)
58 Bank loans n.e.c. 1,421.0 (r) 1,409.1
59 Other loans and advances 1,608.6 1,598.0 (r)
60 Mortgages 7,600.5 (r) 7,764.9 (r)
61 Consumer credit 1,701.9 (r) 1,677.2
2002
Transaction category or sector
Q2 Q3
Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors 19,848.3 (r) 20,179.3
By sector and instrument
2 Federal government 3,451.4 3,540.8
3 Treasury securities 3,424.6 3,513.6
4 Budget agency securities and
mortgages 26.8 27.2
5 Nonfederal 16,396.9 (r) 16,638.5
By instrument
6 Commercial paper 148.4 142.2
7 Municipal securities and loans 1,677.6 (r) 1,704.2
8 Corporate bonds 2,676.9 (r) 2,669.6
9 Bank loans n.e.c. 1,192.1 1,159.1
10 Other loans and advances 1,106.0 (r) 1,116.9
11 Mortgages 7,894.6 (r) 8,125.5
12 Home 6,050.8 (r) 6,248.7
13 Multifamily residential 444.3 (r) 451.6
14 Commercial 1,279.1 (r) 1,301.6
15 Farm 120.4 123.6
16 Consumer credit 1,701.3 (r) 1,720.9
By borrowing sector
17 Households 7,987.8 (r) 8,183.3
18 Nonfinancial business 7,042.8 (r) 7,064.9
19 Corporate 4,883.0 (r) 4,871.0
20 Nonfarm noncorporate 1,968.0 (r) 1,999.0
21 Farm 191.8 194.9
22 State and local government 1,366.2 (r) 1,390.3
23 Foreign credit market debt held in
United States 725.6 720.2
24 Commercial paper 130.2 134.0
25 Bonds 477.6 472.0
26 Bank loans n.e.c. 72.2 69.3
27 Other loans and advances 45.5 44.9
28 Total credit market debt owed by
nonfinancial sectors, domestic
and foreign 20,573.8 (r) 20,899.5
Financial sectors
29 Total credit market debt owed by
financial sectors 9,804.7 (r) 10,007.6
By instrument
30 Federal government-related 5,238.8 (r) 5,344.1
31 Government-sponsored enterprise
securities 2,197.2 2,259.5
32 Mortgage pool securities 3,041.6 3,084.5
33 Loans from U.S. government .0 .0
34 Private 4,565.9 (r) 4,663.6
35 Open market paper 1,046.9 1,049.5
36 Corporate bonds 2,847.1 (r) 2,901.0
37 Bank loans n.e.c. 113.5 133.3
38 Other loans and advances 470.8 491.2
39 Mortgages 87.6 88.6
By borrowing sector
40 Commercial banks 310.4 318.9
41 Bank holding companies 264.2 271.8
42 Savings institutions 275.3 286.4
43 Credit unions 6.0 6.8
44 Life insurance companies 4.0 4.5
45 Government-sponsored enterprises 2,197.2 2,259.5
46 Federally related mortgage pools 3,041.6 3,084.5
47 Issuers of asset-backed securities
(ABSs) 2,249.6 (r) 2,301.5
48 Brokers and dealers 42.8 46.6
49 Finance companies 784.9 802.9
50 Mortgage companies 19.0 19.2
51 Real estate investment trusts (REITs) 178.4 185.1
52 Funding corporations 431.3 420.0
All sectors
53 Total credit market debt, domestic
and foreign 30,378.5 (r) 30,907.1
54 Open market paper 1,325.5 1,325.7
55 U.S. government securities 8,690.2 8,884.9
56 Municipal securities 1,677.6 (r) 1,704.2
57 Corporate and foreign bonds 6,001.6 (r) 6,042.6
58 Bank loans n.e.c. 1,377.8 1,361.7
59 Other loans and advances 1,622.3 (r) 1,653.0
60 Mortgages 7,982.2 (r) 8,214.2
61 Consumer credit 1,701.3 (r) 1,720.9
2002
Transaction category or sector
Q4
Nonfinancial sectors
1 Total credit market debt owed by
domestic nonfinancial sectors 20,657.1
By sector and instrument
2 Federal government 3,637.0
3 Treasury securities 3,609.8
4 Budget agency securities and
mortgages 27.3
5 Nonfederal 17,020.0
By instrument
6 Commercial paper 126.0
7 Municipal securities and loans 1,763.1
8 Corporate bonds 2,698.8
9 Bank loans n.e.c. 1,158.8
10 Other loans and advances 1,123.7
11 Mortgages 8,392.3
12 Home 6,462.9
13 Multifamily residential 467.5
14 Commercial 1,336.7
15 Farm 125.2
16 Consumer credit 1,757.4
By borrowing sector
17 Households 8,443.8
18 Nonfinancial business 7,134.3
19 Corporate 4,899.8
20 Nonfarm noncorporate 2,038.7
21 Farm 195.7
22 State and local government 1,442.0
23 Foreign credit market debt held in
United States 727.4
24 Commercial paper 142.8
25 Bonds 471.7
26 Bank loans n.e.c. 68.6
27 Other loans and advances 44.2
28 Total credit market debt owed by
nonfinancial sectors, domestic
and foreign 21,384.4
Financial sectors
29 Total credit market debt owed by
financial sectors 10,317.7
By instrument
30 Federal government-related 5,504.7
31 Government-sponsored enterprise
securities 2,346.4
32 Mortgage pool securities 3,158.3
33 Loans from U.S. government 0.0
34 Private 4,813.1
35 Open market paper 1,078.9
36 Corporate bonds 3,037.3
37 Bank loans n.e.c. 117.7
38 Other loans and advances 490.0
39 Mortgages 89.1
By borrowing sector
40 Commercial banks 326.1
41 Bank holding companies 284.3
42 Savings institutions 281.3
43 Credit unions 6.9
44 Life insurance companies 5.1
45 Government-sponsored enterprises 2,346.4
46 Federally related mortgage pools 3,158.3
47 Issuers of asset-backed securities
(ABSs) 2,393.5
48 Brokers and dealers 40.6
49 Finance companies 820.4
50 Mortgage companies 19.3
51 Real estate investment trusts (REITs) 188.8
52 Funding corporations 446.6
All sectors
53 Total credit market debt, domestic
and foreign 31,702.2
54 Open market paper 1,347.7
55 U.S. government securities 9,141.7
56 Municipal securities 1,763.1
57 Corporate and foreign bonds 6,207.8
58 Bank loans n.e.c. 1,345.1
59 Other loans and advances 1,658.0
60 Mortgages 8,481.4
61 Consumer credit 1,757.4
(1.) Data in this table appear in the Board's Z.1 (780) quarterly
statistical release, tables L.2 through L.4. For ordering address,
see inside front cover.
1.60 SUMMARY OF FINANCIAL ASSETS AND LIABILITIES (1)
Billions of dollars except as noted, end of period
Transaction category or sector 1998 1999
CREDIT MARKET DEBT OUTSTANDING (2)
1 Total credit market assets 23,437.1 (r) 25,602.0 (r)
2 Domestic nonfederal nonfinancial
sectors 3,312.6 (r) 3,600.8 (r)
3 Household 2,264.1 (r) 2,542.4 (r)
4 Nonfinancial corporate business 241.5 226.0
5 Nonfarm noncorporate business 67.5 64.6 (r)
6 State and local governments 739.4 767.8
7 Federal government 219.0 258.0
8 Rest of the world 2,278.2 2,354.6
9 Financial sectors 17,627.3 (r) 19,388.7 (r)
10 Monetary authority 452.5 478.1
11 Commercial banking 4,336.1 4,648.3
12 U.S.-chartered banks 3,761.4 4,080.0
13 Foreign banking offices in United
States 504.5 487.4
14 Bank holding companies 26.5 32.7
15 Banks in U.S.-affiliated areas 43.8 48.3
16 Savings institutions 964.7 1,032.4
17 Credit unions 324.2 351.7
18 Bank personal trusts and estates 194.1 222.0
19 Life insurance companies 1,828.0 1,886.0
20 Other insurance companies 521.1 518.2
21 Private pension funds 651.2 668.2
22 State and local government
retirement funds 704.6 751.4
23 Money market mutual funds 965.9 1,147.8
24 Mutual funds 1,028.4 1,076.8
25 Closed-end funds 98.4 (r) 106.6 (r)
26 Government-sponsored enterprises 1,252.3 1,543.5
27 Federally related mortgage pools 2,018.4 2,292.2
28 Asset-backed securities (ABSs)
issuers 1,219.4 1,413.6
29 Finance companies 645.5 742.5
30 Mortgage companies 35.3 35.6
31 Real estate investment trusts (REITs) 45.5 42.9
32 Brokers and dealers 189.4 154.7
33 Funding corporations 152.3 276.0
RELATION OF LIABILITIES
TO FINANCIAL ASSETS
34 Total credit market debt 23,437.1 (r) 25,602.0 (r)
Other liabilities
35 Official foreign exchange 60.1 50.1
36 Special drawing rights certificates 9.2 6.2
37 Treasury currency 19.9 20.9
38 Foreign deposits 642.3 703.6
39 Net interbank liabilities 189.4 202.4
40 Checkable deposits and currency 1,333.3 1,484.5
41 Small time and savings deposits 2,626.5 2,671.6
42 Large time deposits 805.3 936.4
43 Money market fund shares 1,329.7 1,578.8
44 Security repurchase agreements 913.8 1,083.6
45 Mutual fund shares 3,613.1 4,538.5
46 Security credit 572.2 676.6
47 Life insurance reserves 718.3 783.9
48 Pension fund reserves 8,208.4 9,065.3
49 Trade payables 2,073.8 2,342.4
50 Taxes payable 170.7 201.4 (r)
51 Investment in bank personal trusts 1,001.0 1,130.4
52 Miscellaneous 7,617.2 (r) 8,499.5 (r)
53 Total liabilities 55,341.1 (r) 61,578.0 (r)
Financial assets not included in
liabilities (+)
54 Gold and special drawing rights 21.6 21.4
55 Corporate equities 15,577.3 19,581.2
56 Household equity in noncorporate
business 4,285.7 4,523.1 (r)
Liabilities not identified as
assets (-)
57 Treasury currency -6.4 -7.1
58 Foreign deposits 542.8 585.7
59 Net interbank transactions -26.5 -28.5
60 Security repurchase agreements 230.6 266.4
61 Taxes payable 121.2 129.4 (r)
62 Miscellaneous -1,972.7 (r) -2,427.9 (r)
Floats not included in assets (-)
63 Federal government checkable deposits -3.9 -9.8
64 Other checkable deposits 23.1 22.3
65 Trade credit |
