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Financial and business statistics.

Financial and Business Statistics

A3    GUIDE TO TABLES

      DOMESTIC FINANCIAL STATISTICS

      Money Stock and Bank Credit

A4    Reserves and money stock measures
A5    Reserves of depository institutions and Reserve Bank
        credit
A6    Reserves and borrowings--Depository
        institutions

      Policy Instruments

A7    Federal Reserve Bank interest rates
A8    Reserve requirements of depository institutions
A9    Federal Reserve open market transactions

      Federal Reserve Banks

A10   Condition and Federal Reserve note statements
A11   Maturity distribution of loan and security
        holding

      Monetary and Credit Aggregates

A12   Aggregate reserves of depository institutions
        and monetary base
A13   Money stock measures

      Commercial Banking Institutions--
      Assets and Liabilities

A15   All commercial banks in the United States
A16   Domestically chartered commercial banks
A17   Large domestically chartered commercial banks
A19   Small domestically chartered commercial banks
A20   Foreign-related institutions

      Financial Markets

A22   Commercial paper outstanding
A22   Prime rate charged by banks on short-term
        business loans
A23   Interest rates--Money and capital markets
A24   Stock market--Selected statistics

      Federal Finance

A25   Federal debt subject to statutory limitation
A25   Gross public debt of U.S. Treasury--
      Types and ownership
A26   U.S. government securities
      dealers--Transactions
A27   U.S. government securities dealers--
      Positions and financing
A28   Federal and federally sponsored credit
      agencies--Debt outstanding

      Securities Markets and Corporate Finance

A29   New security issues--Tax-exempt state and local
        governments and U.S. corporations
A30   Open-end investment companies--Net sales
        and assets
A30   Domestic finance companies--Assets and liabilities
A31   Domestic finance companies--Owned and managed
        receivables

      Real Estate

A32   Mortgage markets--New homes
A33   Mortgage debt outstanding

      Consumer Credit

A34   Total outstanding
A34   Terms

      Flow of Funds

A35   Funds raised in U.S. credit markets
A37   Summary of financial transactions
A38   Summary of credit market debt outstanding
A39   Summary of financial assets and liabilities

      DOMESTIC NONFINANCIAL STATISTICS

      Selected Measures

A40   Output, capacity, and capacity utilization
A42   Industrial production--Indexes and gross value

      INTERNATIONAL STATISTICS

      Summary Statistics

A44   U.S. international transactions
A45   U.S. reserve assets
A45   Foreign Official assets held at Federal Reserve
        Banks
A46   Selected U.S. liabilities to foreign official
        institutions

      Reported by Banks in the United States

A46   Liabilities to, and claims on, foreigners
A47   Liabilities to foreigners
A49   Banks' own claims on foreigners
A50   Banks' own and domestic customers' claims on
        foreigners
A51   Banks' own claims on unaffiliated foreigners

      Reported by Nonbanking Business
      Enterprises in the United States

A52   Liabilities to unaffiliated foreigners
A53   Claims on unaffiliated foreigners

      Securities Holdings and Transactions

A54   Foreign transactions in securities
A55   Marketable U.S. Treasury bonds and
        notes--Foreign transactions

      Interest and Exchange Rates

A56   Foreign exchange rates

A57   GUIDE TO SPECIAL TABLES AND
      STATISTICAL RELEASES

A58   INDEX TO STATISTICAL TABLES

Guide to Tables

SYMBOLS AND ABBREVIATIONS

c        Corrected
e        Estimated
n.a.     Not available
n.e.c.   Not elsewhere classified
p        Preliminary
r        Revised (Notation appears in column heading
           when about half the figures in the column have
           been revised from the most recently published
           table.)
*        Amount insignificant in terms of the last decimal
           place shown in the table (for example, less than
           500,000 when the smallest unit given is in millions)
0        Calculated to be zero
...      Cell not applicable
ABS      Asset-backed security
ATS      Automatic transfer service
BIF      Bank insurance fund
CD       Certificate of deposit
CMO      Collateralized mortgage obligation
CRA      Community Reinvestment Act of 1977
FAMC     Federal Agricultural Mortgage Corporation
FFB      Federal Financing Bank
FHA      Federal Housing Administration
FHLBB    Federal Home Loan Bank Board
FHLMC    Federal Home Loan Mortgage Corporation
FmHA     Farmers Home Administration
FNMA     Federal National Mortgage Association
FSA      Farm Service Agency
FSLIC    Federal Savings and Loan Insurance Corporation
G-7      Group of Seven
G-10     Group of Ten
GDP      Gross domestic product
GNMA     Government National Mortgage Association
GSE      Government-sponsored enterprise
HUD      Department of Housing and Urban
           Development
IMF      International Monetary Fund
IOs      Interest only, stripped, mortgage-backed securities
IPCs     Individuals, partnerships, and corporations
IRA      Individual retirement account
MMDA     Money market deposit account
MSA      Metropolitan statistical area
NAICS    North American Industry Classification System
NOW      Negotiable order of withdrawal
OCDs     Other checkable deposits
OPEC     Organization of Petroleum Exporting Countries
OTS      Office of Thrift Supervision
PMI      Private mortgage insurance
POs      Principal only, stripped, mortgage-backed securities
REIT     Real estate investment trust
REMICs   Real estate mortgage investment conduits
RHS      Rural Housing Service
RP       Repurchase agreement
RTC      Resolution Trust Corporation
SCO      Securitized credit obligation
SDR      Special drawing right
SIC      Standard Industrial Classification
TIIS     Treasury inflation-indexed securities
VA       Department of Veterans Affairs


GENERAL INFORMATION

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

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

"U.S. government securities" may include guaranteed issues of U.S. government agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the U.S. Treasury.

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

Money Stock and Bank Credit
1.10 RESERVES AND MONEY STOCK MEASURES

Percent annual rate of change, seasonally adjusted (1)

                                              2002

  Monetary or credit aggregate    Q2          Q3          Q4

   Reserves of depository
     institutions (2)
 1 Total                         -13.5        -2.0         .3
 2 Required                      -12.4        -4.8       -2.1
 3 Nonborrowed                   -14.0        -3.5        1.2
 4 Monetary base (3)               7.5         6.9        5.0

   Concepts of money (4)
 5 M1                              -.6         3.1        4.5
 6 M2                              4.1         9.1        7.1
 7 M3                              4.1         7.7        7.6 (r)

   Nontransaction components
 8 In M2 (5)                       5.4        10.8        7.8
 9 In M3 only (6)                  4.3 (r)     4.5        8.6 (r)

   Time and savings deposits
   Commercial banks
10   Savings, including MMDAs     15.1        20.1       16.9
11   Small time (7)               -6.3        -6.3       -9.1
12   Large time (8),(9)           12.4         3.7       -4.0
   Thrift institutions
13   Savings, including MMDAs     24.0        20.5       20.5
14   Small time (7)              -16.6       -12.3       -6.4 (r)
15   Large time (8)               -8.1        -3.2       11.1

   Money market mutual funds
16 Retail                         -9.2         4.7       -4.4
17 Institution-only                3.9         -.8        1.9

   Repurchase agreements and
     eurodollars
18 Repurchase agreements (10)      -.7        27.5       45.0
19 Eurodollars (10)               -4.4 (r)     -.3 (r)   19.3 (r)

                                 2003          2002

  Monetary or credit aggregate    Q1     Nov.        Dec.

   Reserves of depository
     institutions (2)
 1 Total                         11.2    15.4        13.0
 2 Required                      11.6    13.9         1.6
 3 Nonborrowed                   12.6    11.5        19.0
 4 Monetary base (3)              7.6     5.7         7.5

   Concepts of money (4)
 5 M1                             7.1     -.9         7.8
 6 M2                             6.7     8.1         3.2
 7 M3                             5.4    17.3 (r)     7.8 (r)

   Nontransaction components
 8 In M2 (5)                      6.6    10.5         2.0 (r)
 9 In M3 only (6)                 2.6    37.4 (r)    17.9 (r)

   Time and savings deposits
   Commercial banks
10   Savings, including MMDAs    13.5    20.9         3.6
11   Small time (7)              -7.5    -7.3        -9.0
12   Large time (8),(9)          -1.7   -13.5 (r)   -32.5 (r)
   Thrift institutions
13   Savings, including MMDAs    22.2    13.9        21.7
14   Small time (7)              -4.3    -4.4        -2.4 (r)
15   Large time (8)               9.3    16.9        15.6

   Money market mutual funds
16 Retail                        -7.8     1.9        -8.0
17 Institution-only              -5.1    68.7        25.0

   Repurchase agreements and
     eurodollars
18 Repurchase agreements (10)    27.3    55.3        77.7
19 Eurodollars (10)               5.4    14.7 (r)    20.6 (r)

                                              2003

  Monetary or credit aggregate   Jan. (r)   Feb. (r)   Mar.

   Reserves of depository
     institutions (2)
 1 Total                           14.7        4.4       5.5
 2 Required                        26.0       -3.1      14.9
 3 Nonborrowed                     16.3        4.4       5.6
 4 Monetary base (3)                6.7       10.0       6.6

   Concepts of money (4)
 5 M1                               2.1       19.8       3.5
 6 M2                               6.4       11.6       3.2
 7 M3                              -.4         7.6       1.6

   Nontransaction components
 8 In M2 (5)                        7.5        9.4       3.1
 9 In M3 only (6)                 -14.6       -1.1      -1.7

   Time and savings deposits
   Commercial banks
10   Savings, including MMDAs      18.7       16.0       4.5
11   Small time (7)                -7.0       -7.2      -7.1
12   Large time (8),(9)            14.8       14.4      -8.2
   Thrift institutions
13   Savings, including MMDAs      21.6       27.4      19.1
14   Small time (7)                -4.8       -6.4      -2.0
15   Large time (8)                13.4        1.0      -7.1

   Money market mutual funds
16 Retail                         -14.6       -3.7      -5.2
17 Institution-only               -35.3      -20.1     -12.7

   Repurchase agreements and
     eurodollars
18 Repurchase agreements (10)     -23.8       34.0      41.2
19 Eurodollars (10)                15.3      -20.5     -11.5

(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 M1 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 (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, 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

                                            2003

             Factor               Jan.      Feb.      Mar.

     SUPPLYING RESERVE FUNDS

 1 Reserve Bank credit
       outstanding               694,979   696,613   701,365
 2   Securities held outright    629,416   631,830   639,323
 3     U.S. Treasury (2)         629,406   631,820   639,313
 4       Bills (3)               226,682   228,026   231,580
 5       Notes and bonds,
           nominal (3)           389,219   390,305   394,110
 6       Notes and bonds,
           inflation-
           indexed (3)            12,242    12,242    12,353
 7       Inflation compen-
           sation (4)              1,263     1,247     1,270
 8     Federal agency (3)             10        10        10
 9   Repurchase agreements (5)    25,395    24,558    23,356
10   Loans to depository
         institutions                 28        19        24
11     Primary credit (6)             15        15        17
12     Secondary credit (6)            0         0         0
13     Seasonal credit                11         4         7
14     Adjustment credit (6)           2         0         0
15   Float                           565       977       595
16   Other Federal Reserve
       assets                     39,575    39,229    38,066
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    34,650    34,738

     ABSORBING RESERVE FUNDS

20 Currency in circulation       677,745   680,336   683,783
21 Reverse repurchase
       agreements (7)             18,534    18,222    18,755
21   Foreign official and
       international accounts     18,534    17,954    18,715
23   Dealers                           0       268        40
24 Treasury cash holdings            366       354       369
25 Deposits with Federal
       Reserve Banks, other
       than reserve balances      17,053    16,236    16,842
26   U.S. Treasury, general
       account                     5,773     5,053     5,339
27   Foreign official                126       125       163
28   Service-related              10,907    10,819    11,118
29     Required clearing
         balances                 10,484    10,330    10,601
30     Adjustments to
         compensate for float        423       489       517
31   Other                           247       239       221
32 Other liabilities and
     capital                      19,651    19,664    19,732
33 Reserve balances with
     Federal Reserve Banks (8)     9,469     9,693     9,865

                                     End-of-month figures

             Factor               Jan.      Feb.      Mar.

     SUPPLYING RESERVE FUNDS

 1 Reserve Bank credit
       outstanding               697,826   701,055   710,555
 2   Securities held outright    629,416   636,921   641,474
 3     U.S. Treasury (2)         629,406   636,911   641,464
 4       Bills (3)               226,682   230,843   232,706
 5       Notes and bonds,
           nominal (3)           389,219   392,593   394,621
 6       Notes and bonds,
           inflation-
           indexed (3)            12,242    12,242    12,814
 7       Inflation compen-
           sation (4)              1,263     1,233     1,322
 8     Federal agency (3)             10        10        10
 9   Repurchase agreements (5)    24,750    26,900    31,750
10   Loans to depository
         institutions                  7         5        30
11     Primary credit (6)              1         1        25
12     Secondary credit (6)            0         0         0
13     Seasonal credit                 6         4         4
14     Adjustment credit (6)           0         0         0
15   Float                         3,768         4    -1,197
16   Other Federal Reserve
       assets                     39,884    37,225    38,499
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    34,710    34,766

     ABSORBING RESERVE FUNDS

20 Currency in circulation       674,736   681,634   685,759
21 Reverse repurchase
       agreements (7)             18,370    18,018    19,418
21   Foreign official and
       international accounts     18,370    18,018    19,418
23   Dealers                           0         0         0
24 Treasury cash holdings            361       343       373
25 Deposits with Federal
       Reserve Banks, other
       than reserve balances      16,558    15,406    18,474
26   U.S. Treasury, general
       account                     5,509     4,268     6,746
27   Foreign official                102       224       254
28   Service-related              10,724    10,721    11,263
29     Required clearing
         balances                 10,356    10,336    10,978
30     Adjustments to
         compensate for float        368       385       285
31   Other                           223       193       211
32 Other liabilities and
     capital                      19,478    19,739    20,230
33 Reserve balances with
     Federal Reserve Banks (8)    16,163    13,868    14,312

                                     Average of daily figures for
                                     week ending on date indicated

                                                  2003

             Factor              Feb. 12   Feb. 19   Feb. 26   Mar. 5

     SUPPLYING RESERVE FUNDS

 1 Reserve Bank credit
       outstanding               691,400   701,766   696,923   701,969
 2   Securities held outright    629,951   631,009   634,932   636,873
 3     U.S. Treasury (2)         629,941   630,999   634,922   636,863
 4       Bills (3)               226,941   227,294   230,030   230,889
 5       Notes and bonds,
           nominal (3)           389,504   390,217   391,412   392,496
 6       Notes and bonds,
           inflation-
           indexed (3)            12,242    12,242    12,242    12,242
         Inflation compen-
 7         sation (4)              1,253     1,245     1,238     1,236
 8     Federal agency (3)             10        10        10        10
 9   Repurchase agreements (5)    19,285    30,067    23,321    27,136
10   Loans to depository
         institutions                 31        19        13        29
11     Primary credit (6)             28        14        10        24
12     Secondary credit (6)            0         0         0         0
13     Seasonal credit                 3         5         4         6
14     Adjustment credit (6)           0         0         0         0
15   Float                         1,698       831     1,322       484
16   Other Federal Reserve
       assets                     40,436    39,840    37,335    37,447
17 Gold stock                     11,043    11,043    11,043    11,043
18 Special drawing rights
     certificate account           2,200     2,200     2,200     2,200
19 Treasury currency
     outstanding                  34,630    34,657    34,684    34,710

     ABSORBING RESERVE FUNDS

20 Currency in circulation       678,459   682,830   682,262   682,387
21 Reverse repurchase
       agreements (7)             18,949    17,925    17,738    18,078
21   Foreign official and
       international accounts     17,878    17,925    17,738    18,078
23   Dealers                       1,071         0         0         0
24 Treasury cash holdings            356       358       347       345
25 Deposits with Federal
       Reserve Banks, other
       than reserve balances      15,954    16,157    16,510    16,028
26   U.S. Treasury, general
       account                     4,681     5,048     5,249     4,909
27   Foreign official                115       132       111       186
28   Service-related              10,918    10,730    10,904    10,721
29     Required clearing
         balances                 10,317    10,315    10,337    10,336
30     Adjustments to
         compensate for float        601       415       567       385
31   Other                           239       247       245       212
32 Other liabilities and
     capital                      19,450    19,659    19,964    19,805
33 Reserve balances with
     Federal Reserve Banks (8)     6,104    12,738     8,029    13,279

                                           Wednesday figures

             Factor              Feb. 12   Feb. 19   Feb. 26   Mar. 5

     SUPPLYING RESERVE FUNDS

 1 Reserve Bank credit
       outstanding               691,731   706,863   700,685   700,069
 2   Securities held outright    630,957   631,273   636,006   637,149
 3     U.S. Treasury (2)         630,947   631,263   635,996   637,139
 4       Bills (3)               227,238   227,561   230,606   231,061
 5       Notes and bonds,
           nominal (3)           390,217   390,217   391,913   392,593
 6       Notes and bonds,
           inflation-
           indexed (3)            12,242    12,242    12,242    12,242
         Inflation compen-
 7         sation (4)              1,250     1,242     1,235     1,242
 8     Federal agency (3)             10        10        10        10
 9   Repurchase agreements (5)    20,746    34,496    25,750    23,250
10   Loans to depository
         institutions                  4        17         6        11
11     Primary credit (6)              0        13         1         1
12     Secondary credit (6)            0         0         0         0
13     Seasonal credit                 4         4         5        10
14     Adjustment credit (6)           0         0         0         0
15   Float                          -516     3,838     1,307     1,884
16   Other Federal Reserve
       assets                     40,541    37,239    37,616    37,775
17 Gold stock                     11,043    11,043    11,043    11,043
18 Special drawing rights
     certificate account           2,200     2,200     2,200     2,200
19 Treasury currency
     outstanding                  34,630    34,657    34,684    34,710

     ABSORBING RESERVE FUNDS

20 Currency in circulation       681,216   684,226   682,915   683,678
21 Reverse repurchase
       agreements (7)             17,604    17,850    17,421    17,959
21   Foreign official and
       international accounts     17,604    17,850    17,421    17,959
23   Dealers                           0         0         0         0
24 Treasury cash holdings            360       348       343       354
25 Deposits with Federal
       Reserve Banks, other
       than reserve balances      14,777    15,553    16,246    16,565
26   U.S. Treasury, general
       account                     3,527     4,407     4,950     5,501
27   Foreign official                103       134       154       105
28   Service-related              10,918    10,730    10,904    10,721
29     Required clearing
         balances                 10,317    10,315    10,337    10,336
30     Adjustments to
         compensate for float        601       415       567       385
31   Other                           228       281       238       238
32 Other liabilities and
     capital                      19,265    19,665    19,699    19,693
33 Reserve balances with
     Federal Reserve Banks (8)     6,383    17,121    11,988     9,772

                                 Average of daily figures for
                                 week ending on date indicated

                                             2003

             Factor              Mar. 12   Mar. 19   Mar. 26

     SUPPLYING RESERVE FUNDS

 1 Reserve Bank credit
       outstanding               696,336   704,865   698,981
 2   Securities held outright    638,586   639,517   640,129
 3     U.S. Treasury (2)         638,576   639,507   640,119
 4       Bills (3)               231,172   231,481   231,892
 5       Notes and bonds,
           nominal (3)           393,911   394,519   394,621
 6       Notes and bonds,
           inflation-
           indexed (3)            12,242    12,242    12,324
         Inflation compen-
 7         sation (4)              1,251     1,264     1,282
 8     Federal agency (3)             10        10        10
 9   Repurchase agreements (5)    19,214    26,500    19,286
10   Loans to depository
         institutions                 45        18        10
11     Primary credit (6)             36         9         2
12     Secondary credit (6)            0         0         0
13     Seasonal credit                 9         8         8
14     Adjustment credit (6)           0         0         0
15   Float                           472       805     1,409
16   Other Federal Reserve
       assets                     38,019    38,025    38,147
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                  34,724    34,738    34,752

     ABSORBING RESERVE FUNDS

20 Currency in circulation       683,021   683,701   684,495
21 Reverse repurchase
       agreements (7)             18,332    19,802    18,320
21   Foreign official and
       international accounts     18,332    19,623    18,320
23   Dealers                           0       179         0
24 Treasury cash holdings            356       372       394
25 Deposits with Federal
       Reserve Banks, other
       than reserve balances      16,897    16,130    17,783
26   U.S. Treasury, general
       account                     5,196     4,979     5,916
27   Foreign official                105       159       240
28   Service-related              11,363    10,760    11,412
29     Required clearing
         balances                 10,372    10,373    10,977
30     Adjustments to
         compensate for float        991       387       435
31   Other                           233       231       215
32 Other liabilities and
     capital                      20,015    19,538    19,412
33 Reserve balances with
     Federal Reserve Banks (8)     5,682    13,304     6,571

                                      Wednesday figures

             Factor              Mar. 12   Mar. 19   Mar. 26

     SUPPLYING RESERVE FUNDS

 1 Reserve Bank credit
       outstanding               695,705   708,944   704,126
 2   Securities held outright    638,724   639,899   640,901
 3     U.S. Treasury (2)         638,714   639,889   640,891
 4       Bills (3)               231,305   231,756   232,143
 5       Notes and bonds,
           nominal (3)           393,911   394,621   394,621
 6       Notes and bonds,
           inflation-
           indexed (3)            12,242    12,242    12,814
         Inflation compen-
 7         sation (4)              1,256     1,269     1,312
 8     Federal agency (3)             10        10        10
 9   Repurchase agreements (5)    18,750    27,000    25,500
10   Loans to depository
         institutions                  9        17         7
11     Primary credit (6)              1        11         1
12     Secondary credit (6)            0         0         0
13     Seasonal credit                 8         6         6
14     Adjustment credit (6)           0         0         0
15   Float                            84     4,065      -732
16   Other Federal Reserve
       assets                     38,139    37,964    38,450
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                  34,724    34,738    34,752

     ABSORBING RESERVE FUNDS

20 Currency in circulation       684,415   685,222   686,233
21 Reverse repurchase
       agreements (7)             17,912    18,430    18,231
21   Foreign official and
       international accounts     17,912    17,180    18,231
23   Dealers                           0     1,250         0
24 Treasury cash holdings            367       398       373
25 Deposits with Federal
       Reserve Banks, other
       than reserve balances      16,487    14,778    17,676
26   U.S. Treasury, general
       account                     4,775     3,607     5,927
27   Foreign official                116       150       162
28   Service-related              11,363    10,760    11,412
29     Required clearing
         balances                 10,372    10,373    10,977
30     Adjustments to
         compensate for float        991       387       435
31   Other                           233       261       175
32 Other liabilities and
     capital                      19,725    19,147    19,601
33 Reserve balances with
     Federal Reserve Banks (8)     4,766    18,951    10,008

(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.

(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     2002

     Reserve classification      Dec.      Dec.      Dec.     Sept.

 1 Reserve balances with
     Reserve Banks (2)            7,022     9,053     9,873    8,731
 2 Total vault cash (3)          45,245    43,919    43,334   42,231
 3   Applied vault cash (4)      31,451    32,024    30,300   30,176
 4   Surplus vault cash (5)      13,794    11,895    13,033   12,055
 5 Total reserves (6)            38,473    41,077    40,173   38,907
 6   Required reserves           37,046    39,428    38,176   37,431
 7   Excess reserve balances
       at Reserve Banks (7)       1,427     1,649     1,997    1,476
 8 Total borrowing at Reserve
       Banks                        210        67        80      229
 9   Primary                      ...       ...       ...      ...
10   Secondary                    ...       ...       ...      ...
11   Seasonal                       111        33        45      169
12   Adjustment                      99        34        35       60

                                     Biweekly averages of daily
                                    figures for two-week periods
                                     ending on dates indicated

                                           2002                2003

                                Nov. 27   Dec. 11   Dec. 25   Jan. 8

 1 Reserve balances with
     Reserve Banks (2)           10,497     9,559    10,408    9,200
 2 Total vault cash (3)          42,605    41,827    43,740   45,148
 3   Applied vault cash (4)      30,514    29,419    30,292   31,935
 4   Surplus vault cash (5)      12,092    12,408    13,448   13,213
 5 Total reserves (6)            41,010    38,978    40,700   41,135
 6   Required reserves           39,441    37,394    38,225   39,495
 7   Excess reserve balances
       at Reserve Banks (7)       1,569     1,583     2,475    1,640
 8 Total borrowing at Reserve
       Banks                        214       133        57       36
 9   Primary                      ...       ...       ...      ...
10   Secondary                    ...       ...       ...      ...
11   Seasonal                        57        50        48       29
12   Adjustment                     157        83        10        8

                                 Prorated monthly averages
                                   of biweekly averages

                                          2002

     Reserve classification      Oct.      Nov.     Dec.

 1 Reserve balances with
     Reserve Banks (2)            8,836    9,695     9,873
 2 Total vault cash (3)          42,933   42,144    43,334
 3   Applied vault cash (4)      29,849   29,446    30,300
 4   Surplus vault cash (5)      13,084   12,698    13,033
 5 Total reserves (6)            38,685   39,141    40,173
 6   Required reserves           37,134   37,525    38,176
 7   Excess reserve balances
       at Reserve Banks (7)       1,550    1,616     1,997
 8 Total borrowing at Reserve
       Banks                        143      272        80
 9   Primary                      ...      ...       ...
10   Secondary                    ...      ...       ...
11   Seasonal                       120       60        45
12   Adjustment                      23      211        35

                                 Biweekly averages of daily
                                figures for two-week periods
                                 ending on dates indicated

                                           2003

                                Jan. 22   Feb. 5   Feb. 19

 1 Reserve balances with
     Reserve Banks (2)           10,894    9,336     9,431
 2 Total vault cash (3)          44,363   50,026    46,005
 3   Applied vault cash (4)      31,500   35,378    30,911
 4   Surplus vault cash (5)      12,863   14,648    15,095
 5 Total reserves (6)            42,394   44,714    40,342
 6   Required reserves           40,631   43,196    38,009
 7   Excess reserve balances
       at Reserve Banks (7)       1,763    1,518     2,332
 8 Total borrowing at Reserve
       Banks                         18       34        25
 9   Primary                          9       28        21
10   Secondary                        0        0         0
11   Seasonal                         9        6         4
12   Adjustment                   ...      ...       ...

                                  Prorated monthly averages of
                                       biweekly averages

                                              2003

     Reserve classification      Jan.         Feb.          Mar.

 1 Reserve balances with
     Reserve Banks (2)          10,004         9,807        9,820
 2 Total vault cash (3)         46,210        45,939       43,086
 3   Applied vault cash (4)     32,738        32,067 (r)   30,747
 4   Surplus vault cash (5)     13,471        13,872 (r)   12,339
 5 Total reserves (6)           42,743        41,874 (r)   40,566
 6   Required reserves          41,082        39,966       38,954
 7   Excess reserve balances
       at Reserve Banks (7)      1,660         1,908        1,612
 8 Total borrowing at Reserve
       Banks                        27            25           22
 9   Primary                        12            21           14
10   Secondary                       0             0            0
11   Seasonal                       13             5            8
12   Adjustment                      2         ...          ...

                                Biweekly averages of daily figures
                                  for two-week periods ending on
                                          dates indicated

                                              2003

                                Mar. 5       Mar. 19       Apr. 2

 1 Reserve balances with
     Reserve Banks (2)          10,654         9,500        9,846
 2 Total vault cash (3)         43,567        42,203       43,916
 3   Applied vault cash (4)     32,027 (r)    29,372       31,818
 4   Surplus vault cash (5)     11,540 (r)    12,831       12,099
 5 Total reserves (6)           42,681 (r)    38,872       41,663
 6   Required reserves          41,217 (r)    37,211       40,046
 7   Excess reserve balances
       at Reserve Banks (7)      1,464 (r)     1,660        1,617
 8 Total borrowing at Reserve
       Banks                        21            32           11
 9   Primary                        17            23            3
10   Secondary                       0             0            0
11   Seasonal                        5             9            8
12   Adjustment                  ...           ...          ...

(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).


Policy Instruments
1.14 FEDERAL RESERVE BANK INTEREST RATES

Percent per year

                         Current and previous levels

                             Primary credit (1)

Federal Reserve     On
     Bank         5/16/03   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

                         Current and previous levels

                             Secondary credit (2)

Federal Reserve     On
     Bank         5/16/03   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

                         Current and previous levels

                            Seasonal credit (3)

Federal Reserve     On
     Bank         5/16/03   Effective date   Previous rate

Boston             1.25         4/3/03           1.20
New York           1.25         4/3/03           1.20
Philadelphia       1.25         4/3/03           1.20
Cleveland          1.25         4/3/03           1.20
Richmond           1.25         4/3/03           1.20
Atlanta            1.25         4/3/03           1.20

Chicago            1.25         4/3/03           1.20
St. Louis          1.25         4/3/03           1.20
Minneapolis        1.25         4/3/03           1.20
Kansas City        1.25         4/3/03           1.20
Dallas             1.25         4/3/03           1.20
San Francisco      1.25         4/3/03           1.20

Range of rates for primary credit

                          Range (or    F.R. Bank
    Effective date       level)--All      of
                         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
    Effective date        level)--All       of
                           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   Effective
             Type of deposit                 deposits        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 banks, and Edge Act corporations.

(2.) Transaction accounts include all deposits against which the
account holder is permitted to make withdrawals by negotiable or
transferable instruments, payment orders of withdrawal, or
telephone or preauthorized transfers for the purpose of making
payments to third persons or others. However, accounts subject to
the rules that permit no more than six preauthorized, automatic,
or other transfers per month (of which no more than three may be
by check, draft, debit card, or similar order payable directly
to third parties) are savings deposits, not transaction accounts.

(3.) 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
          and maturity             2000        2001        2002

         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     231,272 (r)
31 Gross sales                           0           0     252,363 (r)

32 Net change in U.S. Treasury
     securities                     33,439      39,540      56,339 (r)

   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      45,589 (r)

                                                 2002

       Type of transaction
          and maturity            Aug.      Sept.     Oct.      Nov.

         U.S. TREASURY
         SECURITIES (2)

   Outright transactions
     (excluding matched
     transactions)
   Treasury bills
 1   Gross purchases                 529       750         0       250
 2   Gross sales                       0         0         0         0
 3   Exchanges                    63,083    53,314    62,947    51,394
 4   For new bills                63,083    53,314    62,947    51,394
 5   Redemptions                       0         0         0         0
   Others within one year
 6   Gross purchases                 445     1,286         0         0
 7   Gross sales                       0         0         0         0
 8   Maturity shifts               8,987    11,174     6,143     3,688
 9   Exchanges                    -5,040   -15,189    -5,435    -1,419
10   Redemptions                       0         0         0         0
   One to five years
11   Gross purchases               1,921         0         0         0
12   Gross sales                       0         0         0         0
13   Maturity shifts                -629   -11,174    -6,143    -2,380
14   Exchanges                     3,396    15,189     5,435     1,308
   Five to ten years
15   Gross purchases                 690        51         0         0
16   Gross sales                       0         0         0         0
17   Maturity shifts              -6,714         0         0       722
18   Exchanges                     1,645         0         0       111
   More than ten years
19   Gross purchases                  80         0         0         0
20   Gross sales                       0         0         0         0
21   Maturity shifts              -1,645         0         0    -2,030
22   Exchanges                         0         0         0         0
   All maturities
23   Gross purchases               3,665     2,087         0       250
24   Gross sales                       0         0         0         0
25   Redemptions                       0         0         0         0

   Matched transactions
26 Gross purchases               495,729   449,250   429,029   378,381
27 Gross sales                   497,031   449,986   425,399   377,535

   Repurchase agreements
28 Gross purchases                     0         0         0         0
29 Gross sales                         0         0         0         0

   Reverse repurchase
     agreements
30 Gross purchases                     0         0         0         0
31 Gross sales                         0         0         0         0

32 Net change in U.S. Treasury
     securities                    2,363     1,351     3,630     1,096

   FEDERAL AGENCY OBLIGATIONS

   Outright transactions
33 Gross purchases                     0         0         0         0
34 Gross sales                         0         0         0         0
35 Redemptions                         0         0         0         0

   Repurchase agreements
36 Gross purchases                     0         0         0         0
37 Gross sales                         0         0         0         0

38 Net change in federal
     agency obligations                0         0         0         0

      TRIPARTY OBLIGATIONS

   Repurchase agreements
39 Gross purchases                84,000    93,500    72,000   113,501
40 Gross sales                    80,500    94,750    77,250   101,501

41 Net change in triparty
     obligations                   3,500    -1,250    -5,250    12,000

42 Total net change in System
     Open Market Account           5,863       101    -1,620    13,096

                                  2002                 2003

       Type of transaction
          and maturity            Dec.          Jan.           Feb.

         U.S. TREASURY
         SECURITIES (2)

   Outright transactions
     (excluding matched
     transactions)
   Treasury bills
 1   Gross purchases                   0             0         4,161
 2   Gross sales                       0             0             0
 3   Exchanges                    53,374        71,075        53,860
 4   For new bills                53,374        71,075        53,860
 5   Redemptions                       0             0             0
   Others within one year
 6   Gross purchases                   0             0           478
 7   Gross sales                       0             0             0
 8   Maturity shifts              13,448         6,216         3,214
 9   Exchanges                   -12,059        -6,834       -13,313
10   Redemptions                       0             0             0
   One to five years
11   Gross purchases                 339             0         2,127
12   Gross sales                       0             0             0
13   Maturity shifts             -13,448        -6,216         2,160
14   Exchanges                    12,059         6,834        11,817
   Five to ten years
15   Gross purchases                 314             0           769
16   Gross sales                       0             0             0
17   Maturity shifts                   0             0        -3,877
18   Exchanges                         0             0         1,497
   More than ten years
19   Gross purchases                   0             0             0
20   Gross sales                       0             0             0
21   Maturity shifts                   0             0        -1,497
22   Exchanges                         0             0             0
   All maturities
23   Gross purchases                 653             0         7,534
24   Gross sales                       0             0             0
25   Redemptions                       0             0             0

   Matched transactions
26 Gross purchases               195,565             0             0
27 Gross sales                   175,820             0             0

   Repurchase agreements
28 Gross purchases                     0             0             0
29 Gross sales                         0             0             0

   Reverse repurchase
     agreements
30 Gross purchases               231,272 (r)   392,530 (r)   343,748
31 Gross sales                   252,363 (r)   389,810 (r)   343,395

32 Net change in U.S. Treasury
     securities                     -693 (r)     2,721 (r)     7,887

   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               112,750       135,749       121,896
40 Gross sales                   101,750       150,499       119,746

41 Net change in triparty
     obligations                  11,000       -14,750         2,150

42 Total net change in System
     Open Market Account          10,307 (r)   -12,029 (r)    10,037

(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.


Federal Reserve Banks
1.18 FEDERAL RESERVE BANKS Condition and Federal Reserve
Note Statements (1)

Millions of dollars

                                          Wednesday

                                            2003

             Account             Feb. 26   Mar. 5    Mar. 12

                                     Consolidated condition
                                           statement

             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                            1,100     1,080     1,070
 4 Securities, repurchase
       agreements, and loans     661,761   660,409   657,483
 5   Securities held outright    636,006   637,149   638,724
 6     U.S. Treasury (2)         635,996   637,139   638,714
 7       Bills (3)               230,606   231,061   231,305
 8       Notes and bonds,
           nominal (3)           391,913   392,593   393,911
 9       Notes and bonds, in-
           flation-indexed (3)    12,242    12,242    12,242
10       Inflation compen-
           sation (4)              1,235     1,242     1,256
11     Federal agency (3)             10        10        10
12   Repurchase agreements (5)    25,750    23,250    18,750
13   Loans                             6        11         9
14 Items in process of
     collection                    9,197    10,984     7,890
15 Bank premises                   1,557     1,555     1,557
16 Other assets                   36,130    36,380    36,762
17   Denominated in foreign
       currencies (6)             17,330    17,473    17,536
18   All other (7)                18,800    18,908    19,226

19 Total assets                  722,984   723,648   718,001

           LIABILITIES

20 Federal Reserve notes, net
     of F.R. Bank holdings       649,670   650,398   651,124
21 Reverse repurchase
     agreements (8)               17,421    17,959    17,912
22 Deposits                       28,898    26,825    21,343
23   Depository institutions      23,556    20,980    16,219
24   U.S. Treasury, general
       account                     4,950     5,501     4,775
25   Foreign official                154       105       116
26   Other                           238       238       233
27 Deferred availability cash
     items                         7,296     8,773     7,897
28 Other liabilities and
     accrued dividends (9)         2,276     2,250     2,265

29 Total liabilities             705,561   706,205   700,541

        CAPITAL ACCOUNTS

30 Capital paid in                 8,440     8,478     8,491
31 Surplus                         8,380     8,380     8,380
32 Other capital accounts            603       584       589

33 Total capital                  17,423    17,442    17,460

   MEMO
34 Marketable securities held
       in custody for foreign
       official and
       international
       accounts (3),(10)         880,187   896,617   898,979
35   U.S. Treasury               702,807   717,786   721,591
36   Federal agency              177,380   178,831   177,389

                                    Federal Reserve note and
                                      collateral statement

37 Federal Reserve notes, net
     of F.R. Bank holdings       649,670   650,398   651,124
38 Collateral held against
       Federal Reserve notes     649,670   650,398   651,124
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)   636,432   637,159   637,886
42   Other eligible assets             0         0         0

   MEMO
43 Total U.S. Treasury and
       agency securities (11)    661,756   660,399   657,474
44   Less: face value of
       securities under
       reverse repurchase
       agreements (12)            17,427    17,965    17,918
45 U.S. Treasury and agency
   securities eligible to be
   pledged                       644,329   642,433   639,556

                                                     End of
                                     Wednesday        month

                                       2003           2003

             Account             Mar. 19   Mar. 26    Jan.

                                   Consolidated condition
                                          statement

             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                            1,071     1,081     1,148
 4 Securities, repurchase
       agreements, and loans     666,915   666,408   654,173
 5   Securities held outright    639,915   640,901   629,416
 6     U.S. Treasury (2)         639,899   640,891   629,406
 7       Bills (3)               231,756   232,143   226,682
 8       Notes and bonds,
           nominal (3)           394,641   394,621   389,219
 9       Notes and bonds, in-
           flation-indexed (3)    12,242    12,814    12,242
10       Inflation compen-
           sation (4)              1,269     1,312     1,263
11     Federal agency (3)             10        10        10
12   Repurchase agreements (5)    27,000    25,500    24,750
13   Loans                            17         7         7
14 Items in process of
     collection                   11,532     6,565     9,038
15 Bank premises                   1,557     1,558     1,540
16 Other assets                   36,579    37,121    38,225
17   Denominated in foreign
       currencies (6)             16,971    17,050    17,075
18   All other (7)                19,609    20,070    21,151

19 Total assets                  730,894   725,971   717,363

           LIABILITIES

20 Federal Reserve notes, net
     of F.R. Bank holdings       651,949   652,930   641,644
21 Reverse repurchase
     agreements (8)               18,430    18,231    18,370
22 Deposits                       33,960    28,079    31,982
23   Depository institutions      29,942    21,815    26,147
24   U.S. Treasury, general
       account                     3,607     5,927     5,509
25   Foreign official                150       162       102
26   Other                           261       175       223
27 Deferred availability cash
     items                         7,409     7,130     5,890
28 Other liabilities and
     accrued dividends (9)         2,224     2,248     2,267

29 Total liabilities             713,972   708,618   700,152

        CAPITAL ACCOUNTS

30 Capital paid in                 8,494     8,493     8,400
31 Surplus                         8,297     8,380     8,380
32 Other capital accounts            132       480       431

33 Total capital                  16,923    17,352    17,211

   MEMO
34 Marketable securities held
       in custody for foreign
       official and
       international
       accounts (3),(10)         894,699   894,732   863,815
35   U.S. Treasury               716,749   715,261   694,983
36   Federal agency              177,950   179,471   168,832

                                  Federal Reserve note and
                                    collateral statement

37 Federal Reserve notes, net
     of F.R. Bank holdings       651,949   652,930   641,644
38 Collateral held against
       Federal Reserve notes     651,949   652,930   641,644
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)   638,710   639,691   628,405
42   Other eligible assets             0         0         0

   MEMO
43 Total U.S. Treasury and
       agency securities (11)    666,899   666,401   654,166
44   Less: face value of
       securities under
       reverse repurchase
       agreements (12)            18,436    18,237    18,379
45 U.S. Treasury and agency
   securities eligible to be
   pledged                       648,462   648,163   635,787

                                   End of month

                                       2003

             Account              Feb.      Mar.

                                 Consolidated con-
                                 dition statement

             ASSETS

 1 Gold certificate account       11,039    11,038
 2 Special drawing rights
     certificate account           2,200     2,200
 3 Coin                            1,104     1,106
 4 Securities, repurchase
       agreements, and loans     663,826   673,253
 5   Securities held outright    636,921   641,474
 6     U.S. Treasury (2)         636,911   641,464
 7       Bills (3)               230,843   232,706
 8       Notes and bonds,
           nominal (3)           392,593   394,621
 9       Notes and bonds, in-
           flation-indexed (3)    12,242    12,814
10       Inflation compen-
           sation (4)              1,233     1,322
11     Federal agency (3)             10        10
12   Repurchase agreements (5)    26,900    31,750
13   Loans                             5        30
14 Items in process of
     collection                    6,051     2,129
15 Bank premises                   1,554     1,557
16 Other assets                   35,745    37,190
17   Denominated in foreign
       currencies (6)             17,246    17,383
18   All other (7)                18,499    19,807

19 Total assets                  721,519   728,474

           LIABILITIES

20 Federal Reserve notes, net
     of F.R. Bank holdings       648,366   652,467
21 Reverse repurchase
     agreements (8)               18,018    19,418
22 Deposits                       29,446    33,998
23   Depository institutions      24,761    26,787
24   U.S. Treasury, general
       account                     4,268     6,746
25   Foreign official                224       254
26   Other                           193       211
27 Deferred availability cash
     items                         5,950     2,362
28 Other liabilities and
     accrued dividends (9)         2,277     2,232

29 Total liabilities             704,057   710,476

        CAPITAL ACCOUNTS

30 Capital paid in                 8,456     8,505
31 Surplus                         8,380     8,380
32 Other capital accounts            626     1,113

33 Total capital                  17,462    17,998

   MEMO
34 Marketable securities held
       in custody for foreign
       official and
       international
       accounts (3),(10)         888,946   901,060
35   U.S. Treasury               710,187   720,666
36   Federal agency              178,759   180,393

                                  Federal Reserve
                                  note and colla-
                                  teral statement

37 Federal Reserve notes, net
     of F.R. Bank holdings       648,366   652,467
38 Collateral held against
       Federal Reserve notes     648,366   652,467
39   Gold certificate account     11,039    11,038
40   Special drawing rights
       certificate account         2,200     2,200
41   U.S. Treasury and agency
       securities pledged (11)   635,128   639,229
42   Other eligible assets             0         0

   MEMO
43 Total U.S. Treasury and
       agency securities (11)    663,821   673,224
44   Less: face value of
       securities under
       reverse repurchase
       agreements (12)            18,028    19,425
45 U.S. Treasury and agency
   securities eligible to be
   pledged                       645,794   653,798

(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.

(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.

1.19 FEDERAL RESERVE BANKS Maturity Distribution of
Loan and Security Holding

Millions of dollars

                                              Wednesday

                                                 2003

 Type of holding and maturity    Feb. 29   Mar. 5    Mar. 12   Mar. 19

 1 Total loans                         6        11         9        17

 2 Within fifteen days (1)             6         1         4        17
 3 Sixteen days to ninety days         0        10         5         0
 4 91 days to 1 year                   0         0         0         0

 5 Total U.S. Treasury
     securities (2)              635,996   637,139   638,714   639,889

 6 Within fifteen days (1)        45,075    35,519    35,307    44,050
 7 Sixteen days to ninety days   133,699   140,723   141,821   133,419
 8 Ninety-one days to one year   146,752   149,160   149,837   149,946
 9 One year to five years        178,982   180,176   180,179   180,893
10 Five years to ten years        51,659    51,730    51,734    51,738
11 More than ten years            79,828    79,831    79,837    79,842

12 Total federal agency
     obligations                      10        10        10        10

13 Within fifteen days (1)             0         0         0         0
14 Sixteen days to ninety days         0         0         0         0
15 Ninety-one days to one year        10        10        10        10
16 One year to five years              0         0         0         0
17 Five years to ten years             0         0         0         0
18 More than ten years                 0         0         0         0

                                 Wednes-
                                   day            End of month

                                  2003                2003

 Type of holding and maturity    Mar. 26    Jan.      Feb.      Mar.

 1 Total loans                         7         7         5        30

 2 Within fifteen days (1)             7         6         5        30
 3 Sixteen days to ninety days         0         1         0         0
 4 91 days to 1 year                   0         0         0         0

 5 Total U.S. Treasury
     securities (2)              640,891   629,406   636,911   641,464

 6 Within fifteen days (1)        44,763    32,974    23,882    24,647
 7 Sixteen days to ninety days   133,717   147,674   146,519   146,179
 8 Ninety-one days to one year   149,322   142,243   147,029   149,328
 9 One year to five years        180,897   175,436   187,927   189,111
10 Five years to ten years        52,287    51,240    51,727    52,290
11 More than ten years            79,904    79,840    79,827    79,908

12 Total federal agency
     obligations                      10        10        10        10

13 Within fifteen days (1)             0         0         0         0
14 Sixteen days to ninety days         0         0         0         0
15 Ninety-one days to one year        10        10        10        10
16 One year to five years              0         0         0         0
17 Five years to ten years             0         0         0         0
18 More than ten years                 0         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.


Monetary and Credit Aggregates
1.20 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS
AND MONETARY BASE (1)

Billions of dollars, averages of daily figures

                                  1999     2000     2001     2002
             Item                 Dec.     Dec.     Dec.     Dec.

                                       Seasonally adjusted

  ADJUSTED FOR CHANGES IN
  RESERVE REQUIREMENTS (2)

 1 Total reserves (3)             41.81    38.54    41.24    40.12
 2 Nonborrowed reserves (4)       41.49    38.33    41.18    40.04
 3 Required reserves              40.51    37.11    39.60    38.12
 4 Monetary base (5)             593.14   584.72   635.56   681.77

                                       Not seasonally adjusted

 5 Total reserves (6)             41.89    38.53    41.20    40.03
 6 Nonborrowed reserves           41.57    38.32    41.13    39.95
 7 Required reserves (7)          40.59    37.10    39.55    38.03
 8 Monetary base (8)             600.72   590.06   639.91   686.17

 NOT ADJUSTED FOR CHANGES IN
  RESERVE REQUIREMENTS (9)

 9 Total reserves (10)            41.65    38.47    41.08    40.17
10 Nonborrowed reserves           41.33    38.26    41.01    40.09
11 Required reserves              40.36    37.05    39.43    38.18
12 Monetary base (11)            608.02   596.98   648.74   697.09
13 Excess reserves (12)            1.30     1.43     1.65     2.00
14 Borrowings from the Federal
     Reserve                        .32      .21      .07      .08

                                               2002

             Item                 Aug.    Sept.     Oct.     Nov.

                                        Seasonally adjusted

  ADJUSTED FOR CHANGES IN
  RESERVE REQUIREMENTS (2)

 1 Total reserves (3)             39.98    39.25    39.18    39.69
 2 Nonborrowed reserves (4)       39.64    39.02    39.04    39.41
 3 Required reserves              38.34    37.78    37.63    38.07
 4 Monetary base (5)             669.93   671.45   674.30   677.52

                                      Not seasonally adjusted

 5 Total reserves (6)             39.74    38.78    38.54    38.98
 6 Nonborrowed reserves           39.41    38.55    38.40    38.71
 7 Required reserves (7)          38.10    37.31    36.99    37.37
 8 Monetary base (8)             669.31   669.71   671.48   676.66

 NOT ADJUSTED FOR CHANGES IN
  RESERVE REQUIREMENTS (9)

 9 Total reserves (10)            39.85    38.91    38.69    39.14
10 Nonborrowed reserves           39.52    38.68    38.54    38.87
11 Required reserves              38.22    37.43    37.13    37.53
12 Monetary base (11)            679.55   679.96   681.83   687.23
13 Excess reserves (12)            1.64     1.48     1.55     1.62
14 Borrowings from the Federal
     Reserve                        .33      .23      .14      .27

                                  2002               2003

                                            Jan.     Feb.
             Item                 Dec.      (r)      (r)         Mar.

Seasonally adjusted

  ADJUSTED FOR CHANGES IN
  RESERVE REQUIREMENTS (2)

 1 Total reserves (3)             40.12    40.61    40.76        40.94
 2 Nonborrowed reserves (4)       40.04    40.58    40.73        40.92
 3 Required reserves              38.12    38.95    38.85        39.33
 4 Monetary base (5)             681.77   685.59   691.31 (r)   695.13

Not seasonally adjusted

 5 Total reserves (6)             40.03    42.73    41.87        40.56
 6 Nonborrowed reserves           39.95    42.70    41.85        40.54
 7 Required reserves (7)          38.03    41.07    39.97 (r)    38.95
 8 Monetary base (8)             686.17   688.27   690.20 (r)   693.87

 NOT ADJUSTED FOR CHANGES IN
  RESERVE REQUIREMENTS (9)

 9 Total reserves (10)            40.17    42.74    41.87        40.57
10 Nonborrowed reserves           40.09    42.72    41.85        40.55
11 Required reserves              38.18    41.08    39.97        38.95
12 Monetary base (11)            697.09   699.18   700.99 (r)   705.00
13 Excess reserves (12)            2.00     1.66     1.91         1.61
14 Borrowings from the Federal
     Reserve                        .08      .03      .03          .02

(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 (1) total reserves (line 11), plus (2)
required clearing balances and adjustments to compensate for float
at Federal Reserve Banks, plus (3) the currency component of the
money stock, plus (4) (for all quarterly reporters on the "Report
of Transaction Accounts, Other Deposits and Vault Cash" and for
all those weekly reporters whose vault cash exceeds their required
reserves) the difference between current vault cash and the amount
applied to satisfy current reserve requirements. Since February
1984, currency and vault cash figures have been measured over the
computation periods ending on Mondays.

(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
              Item                 Dec.          Dec.

                                   Seasonally adjusted

   Measures (2)
 1 M1                             1,121.9       1,084.9
 2 M2                             4,648.0       4,926.9
 3 M3                             6,529.8 (r)   7,093.3 (r)

   M1 components
 4 Currency (3)                     517.5        531.0
 5 Travelers checks (4)               8.3          8.0
 6 Demand deposits (5)              352.2        306.7
 7 Other checkable deposits (6)     244.0        239.2

   Nontransaction components
 8 In M2 (7)                      3,526.0       3,842.0
 9 In M3 only (8)                 1,881.8 (r)   2,166.4 (r)

   Commercial banks
10 Savings deposits, including
     MMDAs                        1,288.8       1,422.3
11 Small time deposits (9)          634.7         698.8
12 Large time deposits
     (10),(11)                      650.2         717.4

   Thrift institutions
13 Savings deposits, including
     MMDAs                          449.6         451.7
14 Small time deposits (9)          320.3         344.4
15 Large time deposits (10)          91.0         102.9

   Money market mutual funds
16 Retail                           832.7         924.8
17 Institution-only                 634.4         788.2

   Repurchase agreements and
     eurodollars
18 Repurchase agreements (12)       335.7         363.5
19 Eurodollars (12)                 170.5 (r)     194.3 (r)

                                  Not seasonally adjusted

   Measures (2)
20 M1                             1,148.3       1,112.3
21 M2                             4,675.0       4,962.3
22 M3                             6,572.4 (r)   7,147.8 (r)

   M1 components
23 Currency (3)                     521.5         535.2
24 Travelers checks (4)               8.4           8.1
25 Demand deposits (5)              371.8         326.5
26 Other checkable deposits (6)     246.6         242.5

   Nontransaction components
27 In M2 (7)                      3,526.7       3,849.9
28 In M3 only (8)                 1,897.4 (r)   2,185.6 (r)

   Commercial banks
29 Savings deposits, including
     MMDAs                        1,288.8       1,426.9
30 Small time deposits (9)          635.7         700.0
31 Large time deposits
     (10),(11)                      651.7         717.6

   Thrift institutions
32 Savings deposits, including
     MMDAs                          449.6         453.1
33 Small time deposits (9)          320.8         345.0
34 Large time deposits (10)          91.2         103.0

   Money market mutual funds
35 Retail                           832.0         925.0
36 Institution-only                 648.2         805.6

   Repurchase agreements and
     eurodollars
37 Repurchase agreements (12)       334.7         364.2
38 Eurodollars (12)                 171.7 (r)     195.2 (r)

                                   2001          2002
              Item                 Dec.          Dec.

                                   Seasonally adjusted

   Measures (2)
 1 M1                             1,173.4       1,210.5
 2 M2                             5,440.6       5,796.6 (r)
 3 M3                             7,995.3 (r)   8,517.5 (r)

   M1 components
 4 Currency (3)                    581.4          626.7
 5 Travelers checks (4)              7.8            7.5
 6 Demand deposits (5)             325.6          296.4
 7 Other checkable deposits (6)    258.8          279.9

   Nontransaction components
 8 In M2 (7)                      4,267.1       4,586.1 (r)
 9 In M3 only (8)                 2,554.8 (r)   2,720.9 (r)

   Commercial banks
10 Savings deposits, including
     MMDAs                        1,734.5       2,047.5 (r)
11 Small time deposits (9)          634.2         583.6
12 Large time deposits
     (10),(11)                      670.8         683.3 (r)

   Thrift institutions
13 Savings deposits, including
     MMDAs                          569.0         710.3
14 Small time deposits (9)          338.7         300.4 (r)
15 Large time deposits (10)         114.9         116.7

   Money market mutual funds
16 Retail                           990.7         944.3
17 Institution-only               1,189.7       1,233.0

   Repurchase agreements and
     eurodollars
18 Repurchase agreements (12)       375.0         468.6
19 Eurodollars (12)                 204.3 (r)     219.2 (r)

                                  Not seasonally adjusted

   Measures (2)
20 M1                             1,203.5       1,240.4
21 M2                             5,483.5       5,845.9 (r)
22 M3                             8,067.0 (r)   8,595.0 (r)

   M1 components
23 Currency (3)                     584.9         629.9
24 Travelers checks (4)               7.9           7.7
25 Demand deposits (5)              347.6         316.8
26 Other checkable deposits (6)     263.2         286.0

   Nontransaction components
27 In M2 (7)                      4,280.0       4,605.5 (r)
28 In M3 only (8)                 2,583.5 (r)   2,749.1 (r)

   Commercial banks
29 Savings deposits, including
     MMDAs                        1,742.3       2,060.0
30 Small time deposits (9)          635.2         584.3
31 Large time deposits
     (10),(11)                      669.7         681.6

   Thrift institutions
32 Savings deposits, including
     MMDAs                          571.5         714.7
33 Small time deposits (9)          339.2         300.7
34 Large time deposits (10)         114.7         116.4

   Money market mutual funds
35 Retail                           991.8         945.8
36 Institution-only               1,217.7       1,260.8

   Repurchase agreements and
     eurodollars
37 Repurchase agreements (12)       376.5         470.4
38 Eurodollars (12)                 204.9 (r)     219.8 (r)

                                  2002           2003

              Item                Dec.         Jan. (r)

                                  Seasonally adjusted

   Measures (2)
 1 M1                            1,210.5       1,212.6
 2 M2                            5,796.6 (r)   5,827.3
 3 M3                            8,517.5 (r)   8,515.0

   M1 components
 4 Currency (3)                    626.7         630.1
 5 Travelers checks (4)              7.5           7.6
 6 Demand deposits (5)             296.4         295.6
 7 Other checkable deposits (6)    279.9         279.3

   Nontransaction components
 8 In M2 (7)                     4,586.1 (r)   4,614.7
 9 In M3 only (8)                2,720.9 (r)   2,687.7

   Commercial banks
10 Savings deposits, including
     MMDAs                       2,047.5 (r)   2,079.4
11 Small time deposits (9)         583.6         580.2
12 Large time deposits
     (10),(11)                     683.3 (r)     691.7

   Thrift institutions
13 Savings deposits, including
     MMDAs                         710.3         723.1
14 Small time deposits (9)         300.4 (r)     299.2
15 Large time deposits (10)        116.7         118.0

   Money market mutual funds
16 Retail                          944.3         932.8
17 Institution-only              1,233.0       1,196.7

   Repurchase agreements and
     eurodollars
18 Repurchase agreements (12)      468.6         459.3
19 Eurodollars (12)                219.2 (r)     222.0

                                 Not seasonally adjusted

   Measures (2)
20 M1                            1,240.4       1,219.7
21 M2                            5,845.9 (r)   5,836.4
22 M3                            8,595.0 (r)   8,559.1

   M1 components
23 Currency (3)                    629.9         628.0
24 Travelers checks (4)              7.7           7.7
25 Demand deposits (5)             316.8         300.3
26 Other checkable deposits (6)    286.0         283.7

   Nontransaction components
27 In M2 (7)                     4,605.5 (r)   4,616.6
28 In M3 only (8)                2,749.1 (r)   2,722.7

   Commercial banks
29 Savings deposits, including
     MMDAs                       2,060.0       2,074.8
30 Small time deposits (9)         584.3         580.4
31 Large time deposits
     (10),(11)                     681.6         686.0

   Thrift institutions
32 Savings deposits, including
     MMDAs                         714.7         721.5
33 Small time deposits (9)         300.7         299.3
34 Large time deposits (10)        116.4         117.0

   Money market mutual funds
35 Retail                          945.8         940.8
36 Institution-only              1,260.8       1,234.0

   Repurchase agreements and
     eurodollars
37 Repurchase agreements (12)      470.4         462.8
38 Eurodollars (12)                219.8 (r)     222.9

                                         2003

              Item               Feb. (r)     Mar.

                                 Seasonally adjusted

   Measures (2)
 1 M1                             1,232.6   1,236.2
 2 M2                             5,883.5   5,899.0
 3 M3                             8,568.8   8,580.5

   M1 components
 4 Currency (3)                     635.3     639.2
 5 Travelers checks (4)               7.6       7.5
 6 Demand deposits (5)              305.6     304.0
 7 Other checkable deposits (6)     284.1     285.4

   Nontransaction components
 8 In M2 (7)                      4,650.9   4,662.8
 9 In M3 only (8)                 2,685.3   2,681.5

   Commercial banks
10 Savings deposits, including
     MMDAs                        2,107.1   2,115.0
11 Small time deposits (9)          576.7     573.3
12 Large time deposits
     (10),(11)                      700.0     695.2

   Thrift institutions
13 Savings deposits, including
     MMDAs                          739.6     751.4
14 Small time deposits (9)          297.6     297.1
15 Large time deposits (10)         118.1     117.4

   Money market mutual funds
16 Retail                           929.9     925.9
17 Institution-only               1,176.7   1,164.2

   Repurchase agreements and
     eurodollars
18 Repurchase agreements (12)       472.3     488.5
19 Eurodollars (12)                 218.2     216.1

                                    Not seasonally
                                      adjusted

   Measures (2)
20 M1                             1,218.4   1,237.6
21 M2                             5,865.8   5,931.8
22 M3                             8,598.6   8,642.2

   M1 components
23 Currency (3)                     634.3     638.9
24 Travelers checks (4)               7.7       7.7
25 Demand deposits (5)              297.1     302.9
26 Other checkable deposits (6)     279.3     288.2

   Nontransaction components
27 In M2 (7)                      4,647.3   4,694.2
28 In M3 only (8)                 2,732.8   2,710.4

   Commercial banks
29 Savings deposits, including
     MMDAs                        2,096.2   2,126.1
30 Small time deposits (9)          576.6     572.5
31 Large time deposits
     (10),(11)                      696.1     693.1

   Thrift institutions
32 Savings deposits, including
     MMDAs                          735.7     755.4
33 Small time deposits (9)          297.5     296.7
34 Large time deposits (10)         117.5     117.1

   Money market mutual funds
35 Retail                           941.3     943.4
36 Institution-only               1,214.1   1,185.9

   Repurchase agreements and
     eurodollars
37 Repurchase agreements (12)       483.4     494.5
38 Eurodollars (12)                 221.6     219.9

(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.


Commercial Banking Institutions--Assets and Liabilities
1.26 COMMERCIAL BANKS IN THE UNITED STATES Assets and Liabilities (1)

A. All commercial banks

Billions of dollars

                                         Monthly averages

                                   2002             2002

           Account               Mar. (r)   Sept. (r)   Oct. (r)

                                       Seasonally adjusted

   Assets
 1 Bank credit                    5,418.5    5,729.3     5,759.4
 2   Securities in bank credit    1,479.4    1,639.5     1,637.3
 3     U.S. government
         securities                 846.1      959.4       973.8
 4     Other securities             633.3      680.1       663.5
 5   Loans and leases in bank
         credit (2)               3,939.1    4,089.8     4,122.2
 6     Commercial and
         industrial               1,017.1      973.8       969.1
 7     Real estate                1,790.9    1,939.5     1,972.8
 8       Revolving home equity      167.3      201.2       205.1
 9       Other                    1,623.6    1,738.4     1,767.7
10     Consumer                     560.7      583.1       584.9
11     Security (3)                 161.7      180.9       183.0
12     Other loans and leases       408.7      412.4       412.3
13 Interbank loans                  269.7      317.7       328.1
14 Cash assets (4)                  299.9      318.1       317.8
15 Other assets (5)                 463.9      496.6       507.5

16 Total assets (6)               6,376.6    6,786.0     6,836.5

   Liabilities
17 Deposits                       4,293.0    4,478.4     4,486.7
18   Transaction                    623.5      582.7       609.7
19   Nontransaction               3,669.5    3,895.7     3,876.9
20     Large time                 1,022.2    1,044.2     1,024.8
21     Other                      2,647.2    2,851.4     2,852.1
22 Borrowings                     1,206.2    1,322.8     1,332.0
23   From banks in the U.S.         383.0      415.9       414.9
24   From others                    823.2      906.9       917.1
25 Net due to related foreign
     offices                        102.3       99.1       117.5
26 Other liabilities                316.2      432.7       427.8

27 Total liabilities              5,917.7    6,332.9     6,364.0

28 Residual (assets less
     liabilities) (7)               458.9      453.1       472.5

                                     Not seasonally adjusted

   Assets
29 Bank credit                    5,409.2    5,725.9     5,761.3
30   Securities in bank credit    1,483.4    1,638.3     1,635.1
31     U.S. government
         securities                 850.1      959.3       969.8
32     Other securities             633.3      679.0       665.3
33   Loans and leases in bank
         credit (2)               3,925.9    4,087.6     4,126.1
34     Commercial and
         industrial               1,018.7      972.2       969.5
35     Real estate                1,783.5    1,941.2     1,974.4
36       Revolving home equity      165.9      201.8       205.6
37       Other                    1,617.6    1,739.3     1,768.8
38     Consumer                     558.1      582.1       585.3
39       Credit cards and
           related plans            219.9      230.9       232.0
40       Other                      338.3      351.2       353.2
41     Security (3)                 158.4      179.4       185.2
42     Other loans and leases       407.1      412.8       411.7
43 Interbank loans                  274.7      310.1       320.9
44 Cash assets (4)                  289.8      314.3       320.9
45 Other assets (5)                 463.2      500.1       507.4

46 Total assets (6)               6,361.3    6,774.7     6,834.7

   Liabilities
47 Deposits                       4,299.5    4,441.7     4,470.1
48   Transaction                    615.0      577.8       606.8
49   Nontransaction               3,684.5    3,863.9     3,863.3
50     Large time                 1,025.7    1,023.7     1,014.0
51     Other                      2,658.8    2,840.2     2,849.3
52 Borrowings                     1,202.9    1,320.5     1,334.6
53   From banks in the U.S.         386.2      409.1       413.4
54   From others                    816.7      911.4       921.1
55 Net due to related foreign
     offices                        101.7      101.4       119.5
56 Other liabilities                314.1      435.0       431.5

57 Total liabilities              5,918.1    6,298.6     6,355.6

58 Residual (assets less
     liabilities) (7)               443.2      476.0       479.1

                                        Monthly averages

                                        2002             2003

           Account               Nov. (r)   Dec. (r)   Jan. (r)

                                       Seasonally adjusted

   Assets
 1 Bank credit                    5,838.2    5,894.8    5,889.3
 2   Securities in bank credit    1,679.4    1,708.7    1,702.1
 3     U.S. government
         securities               1,004.3    1,020.0    1,021.5
 4     Other securities             675.2      688.7      680.6
 5   Loans and leases in bank
         credit (2)               4,158.8    4,186.0    4,187.2
 6     Commercial and
         industrial                 968.2      966.2      961.0
 7     Real estate                2,007.7    2,029.7    2,046.1
 8       Revolving home equity      209.2      213.8      217.7
 9       Other                    1,798.6    1,815.9    1,828.4
10     Consumer                     585.7      588.3      592.8
11     Security (3)                 185.8      189.5      176.5
12     Other loans and leases       411.3      412.4      410.9
13 Interbank loans                  325.5      328.4      307.7
14 Cash assets (4)                  315.4      316.9      312.9
15 Other assets (5)                 509.9      507.5      508.8

16 Total assets (6)               6,912.2    6,971.0    6,941.3

   Liabilities
17 Deposits                       4,509.3    4,488.3    4,510.5
18   Transaction                    605.9      611.3      607.6
19   Nontransaction               3,903.4    3,877.1    3,902.9
20     Large time                 1,006.0      979.7      984.0
21     Other                      2,897.4    2,897.4    2,918.9
22 Borrowings                     1,366.1    1,396.9    1,333.6
23   From banks in the U.S.         421.9      417.5      380.5
24   From others                    944.2      979.5      953.1
25 Net due to related foreign
     offices                        122.9      152.0      156.7
26 Other liabilities                431.4      441.6      443.3

27 Total liabilities              6,429.7    6,478.9    6,444.0

28 Residual (assets less
     liabilities) (7)               482.5      492.1      497.3

                                     Not seasonally adjusted

   Assets
29 Bank credit                    5,853.6    5,928.8    5,906.6
30   Securities in bank credit    1,682.7    1,715.3    1,712.5
31     U.S. government
         securities               1,006.0    1,024.3    1,026.3
32     Other securities             676.7      691.1      686.2
33   Loans and leases in bank
         credit (2)               4,170.8    4,213.4    4,194.1
34     Commercial and
         industrial                 968.2      964.9      955.1
35     Real estate                2,012.3    2,034.3    2,046.5
36       Revolving home equity      209.0      213.4      217.1
37       Other                    1,803.2    1,820.9    1,829.4
38     Consumer                     588.1      597.1      600.5
39       Credit cards and
           related plans            231.6      238.6      234.8
40       Other                      356.5      358.6      365.6
41     Security (3)                 190.2      200.1      182.8
42     Other loans and leases       412.1      417.0      409.3
43 Interbank loans                  330.6      335.4      304.5
44 Cash assets (4)                  325.2      339.1      328.8
45 Other assets (5)                 513.4      512.4      512.6

46 Total assets (6)               6,946.1    7,039.1    6,975.3

   Liabilities
47 Deposits                       4,524.3    4,539.1    4,533.8
48   Transaction                    613.5      644.1      621.6
49   Nontransaction               3,910.8    3,895.0    3,912.2
50     Large time                 1,009.8      992.4    1,000.6
51     Other                      2,900.9    2,902.6    2,911.6
52 Borrowings                     1,367.4    1,396.1    1,346.7
53   From banks in the U.S.         418.6      419.2      385.1
54   From others                    948.8      976.8      961.6
55 Net due to related foreign
     offices                        126.8      158.2      160.7
56 Other liabilities                437.5      448.6      447.0

57 Total liabilities              6,456.0    6,541.9    6,488.2

58 Residual (assets less
     liabilities) (7)               490.1      497.2      487.1

                                                      Wednesday
                                  Monthly averages     figures

                                         2003           2003

           Account               Feb. (r)    Mar.      Mar. 5

                                      Seasonally adjusted

   Assets
 1 Bank credit                    5,964.3   5,994.3    6,011.1
 2   Securities in bank credit    1,744.4   1,755.0    1,780.3
 3     U.S. government
         securities               1,047.3   1,057.2    1,066.6
 4     Other securities             697.1     697.8      713.6
 5   Loans and leases in bank
         credit (2)               4,219.9   4,239.4    4,230.8
 6     Commercial and
         industrial                 953.2     946.4      949.1
 7     Real estate                2,076.6   2,091.7    2,090.6
 8       Revolving home equity      222.3     229.4      226.2
 9       Other                    1,854.4   1,862.3    1,864.4
10     Consumer                     593.9     590.9      590.7
11     Security (3)                 185.9     202.0      192.9
12     Other loans and leases       410.3     408.3      407.5
13 Interbank loans                  305.7     316.0      311.9
14 Cash assets (4)                  316.0     322.1      325.2
15 Other assets (5)                 534.9     528.3      529.3

16 Total assets (6)               7,043.4   7,082.8    7,099.3

   Liabilities
17 Deposits                       4,537.4   4,586.4    4,584.8
18   Transaction                    612.9     618.2      604.2
19   Nontransaction               3,924.5   3,968.2    3,980.6
20     Large time                   999.6   1,005.5    1,007.9
21     Other                      2,925.0   2,962.7    2,972.7
22 Borrowings                     1,369.2   1,395.3    1,389.1
23   From banks in the U.S.         386.9     395.6      394.4
24   From others                    982.4     999.6      994.7
25 Net due to related foreign
     offices                        145.8     139.7      126.2
26 Other liabilities                452.8     444.2      470.8

27 Total liabilities              6,505.3   6,565.5    6,570.9

28 Residual (assets less
     liabilities) (7)               538.0     517.3      528.5

                                    Not seasonally adjusted

   Assets
29 Bank credit                    5,967.9   5,982.7    6,018.3
30   Securities in bank credit    1,753.5   1,760.0    1,791.6
31     U.S. government
         securities               1,053.6   1,062.1    1,076.2
32     Other securities             699.9     697.9      715.4
33   Loans and leases in bank
         credit (2)               4,214.3   4,222.7    4,226.6
34     Commercial and
         industrial                 951.2     947.8      950.3
35     Real estate                2,072.4   2,082.7    2,083.8
36       Revolving home equity      222.6     227.4      225.5
37       Other                    1,849.8   1,855.4    1,858.3
38     Consumer                     597.1     588.6      590.3
39       Credit cards and
           related plans            228.0     223.7      225.8
40       Other                      369.1     364.9      364.5
41     Security (3)                 187.6     197.2      195.4
42     Other loans and leases       405.9     406.4      406.8
43 Interbank loans                  302.9     322.5      324.2
44 Cash assets (4)                  316.5     311.4      316.7
45 Other assets (5)                 532.5     527.6      531.7

46 Total assets (6)               7,041.9   7,065.9    7,112.2

   Liabilities
47 Deposits                       4,558.3   4,593.6    4,614.5
48   Transaction                    605.2     609.9      599.4
49   Nontransaction               3,953.1   3,983.7    4,015.0
50     Large time                 1,010.2   1,008.2    1,013.4
51     Other                      2,942.9   2,975.5    3,001.6
52 Borrowings                     1,371.4   1,391.6    1,391.1
53   From banks in the U.S.         390.4     399.1      399.5
54   From others                    981.1     992.6      991.6
55 Net due to related foreign
     offices                        151.3     137.7      126.5
56 Other liabilities                459.1     440.4      470.9

57 Total liabilities              6,540.2   6,563.3    6,602.9

58 Residual (assets less
     liabilities) (7)               501.6     502.6      509.3

                                      Wednesday figures

                                            2003

           Account               Mar. 12   Mar. 19   Mar. 26

                                      Seasonally adjusted

   Assets
 1 Bank credit                   6,023.5   5,974.8   5,972.9
 2   Securities in bank credit   1,773.2   1,734.8   1,740.8
 3     U.S. government
         securities              1,056.4   1,047.5   1,054.1
 4     Other securities            716.7     687.3     686.7
 5   Loans and leases in bank
         credit (2)              4,250.3   4,240.0   4,232.0
 6     Commercial and
         industrial                949.0     945.6     944.6
 7     Real estate               2,105.7   2,086.6   2,078.8
 8       Revolving home equity     228.1     230.1     230.4
 9       Other                   1,877.6   1,856.5   1,848.4
10     Consumer                    588.3     593.8     591.6
11     Security (3)                196.1     203.3     211.0
12     Other loans and leases      411.3     410.8     406.0
13 Interbank loans                 315.2     317.7     316.2
14 Cash assets (4)                 312.9     330.3     318.2
15 Other assets (5)                539.8     520.6     525.4

16 Total assets (6)              7,113.3   7,065.6   7,054.8

   Liabilities
17 Deposits                      4,580.5   4,582.7   4,575.9
18   Transaction                   597.1     628.5     653.5
19   Nontransaction              3,983.4   3,954.1   3,922.4
20     Large time                1,014.1   1,007.5     997.6
21     Other                     2,969.3   2,946.6   2,924.8
22 Borrowings                    1,413.5   1,385.4   1,398.0
23   From banks in the U.S.        410.6     389.3     385.7
24   From others                 1,002.9     996.2   1,012.4
25 Net due to related foreign
     offices                       149.4     150.8     125.5
26 Other liabilities               451.3     432.2     432.8

27 Total liabilities             6,594.7   6,551.0   6,532.3

28 Residual (assets less
     liabilities) (7)              518.6     514.6     522.5

                                   Not seasonally adjusted

   Assets
29 Bank credit                   6,018.2   5,962.2   5,945.9
30   Securities in bank credit   1,783.9   1,737.3   1,739.7
31     U.S. government
         securities              1,063.7   1,051.1   1,055.2
32     Other securities            720.2     686.2     684.4
33   Loans and leases in bank
         credit (2)              4,234.3   4,224.9   4,206.2
34     Commercial and
         industrial                947.7     948.2     945.8
35     Real estate               2,098.5   2,076.5   2,067.4
36       Revolving home equity     226.4     227.7     227.7
37       Other                   1,872.1   1,848.7   1,839.6
38     Consumer                    586.5     591.7     588.7
39       Credit cards and
           related plans           222.2     226.9     223.4
40       Other                     364.4     364.8     365.3
41     Security (3)                193.9     200.1     201.8
42     Other loans and leases      407.7     408.4     402.5
43 Interbank loans                 322.2     321.6     311.8
44 Cash assets (4)                 302.0     317.8     300.3
45 Other assets (5)                538.7     520.3     519.0

46 Total assets (6)              7,102.6   7,043.8   6,999.1

   Liabilities
47 Deposits                      4,593.0   4,577.8   4,553.0
48   Transaction                   587.4     616.3     633.6
49   Nontransaction              4,005.6   3,961.5   3,919.4
50     Large time                1,016.8   1,008.3   1,000.2
51     Other                     2,988.9   2,953.2   2,919.2
52 Borrowings                    1,408.7   1,388.3   1,388.6
53   From banks in the U.S.        413.9     393.7     387.2
54   From others                   994.8     994.6   1,001.3
55 Net due to related foreign
     offices                       147.2     147.2     126.6
56 Other liabilities               448.2     426.6     431.1

57 Total liabilities             6,597.2   6,539.9   6,499.2

58 Residual (assets less
     liabilities) (7)              505.5     503.9     499.9

B. Domestically chartered commercial banks

Billions of dollars

                                        Monthly averages

                                   2002             2002

           Account               Mar. (r)   Sept. (r)   Oct. (r)

                                        Seasonally adjusted

   Assets
 1 Bank credit                    4,827.4    5,109.4     5,144.9
 2   Securities in bank credit    1,250.9    1,391.9     1,392.4
 3     U.S. government
         securities                 775.2      872.4       884.8
 4     Other securities             475.6      519.6       507.6
 5   Loans and leases in bank
         credit (2)               3,576.6    3,717.5     3,752.5
 6     Commercial and
         industrial                 821.7      788.8       788.0
 7     Real estate                1,772.9    1,920.5     1,953.2
 8       Revolving home equity      167.3      201.2       205.1
 9       Other                    1,605.5    1,719.3     1,748.1
10     Consumer                     560.7      583.1       584.9
11     Security (3)                  81.8       85.7        85.6
12     Other loans and leases       339.6      339.4       340.8
13 Interbank loans                  249.0      296.5       303.6
14 Cash assets (4)                  255.5      271.5       272.2
15 Other assets (5)                 439.0      467.6       473.7

16 Total assets (6)               5,695.9    6,069.8     6,118.5

   Liabilities
17 Deposits                       3,810.6    3,986.1     4,015.2
18   Transaction                    613.4      572.6       600.1
19   Nontransaction               3,197.3    3,413.4     3,415.1
20     Large time                   552.0      568.3       571.2
21     Other                      2,645.3    2,845.1     2,843.9
22 Borrowings                     1,018.7    1,097.7     1,099.4
23   From banks in the U.S.         362.2      393.3       391.9
24   From others                    656.6      704.4       707.4
25 Net due to related foreign
     offices                        174.8      182.8       189.1
26 Other liabilities                242.8      338.9       328.1

27 Total liabilities              5,246.9    5,605.5     5,631.8

28 Residual (assets less
     liabilities) (7)               449.0      464.3       486.7

                                      Not seasonally adjusted

   Assets
29 Bank credit                    4,818.3    5,109.6     5,147.2
30   Securities in bank credit    1,254.8    1,390.8     1,390.2
31     U.S. government
         securities                 779.2      872.2       880.8
32     Other securities             475.6      518.6       509.4
33   Loans and leases in bank
         credit (2)               3,563.4    3,718.9     3,757.0
34     Commercial and
         industrial                 821.5      787.3       788.3
35     Real estate                1,765.5    1,922.1     1,954.9
36       Revolving home equity      165.9      201.8       205.6
37       Other                    1,599.6    1,720.3     1,749.3
38     Consumer                     558.1      582.1       585.3
39       Credit cards and
           related plans            219.9      230.9       232.0
40       Other                      338.3      351.2       353.2
41     Security (3)                  81.3       87.1        87.8
42     Other loans and leases       337.0      340.3       340.8
43 Interbank loans                  254.1      288.9       296.4
44 Cash assets (4)                  246.6      268.0       274.3
45 Other assets (5)                 437.7      471.1       474.1

46 Total assets (6)               5,681.3    6,062.3     6,116.7

   Liabilities
47 Deposits                       3,812.6    3,967.6     4,011.0
48   Transaction                    605.2      567.5       596.9
49   Nontransaction               3,207.4    3,400.1     3,414.0
50     Large time                   550.6      565.9       572.7
51     Other                      2,656.9    2,834.1     2,841.4
52 Borrowings                     1,015.4    1,095.4     1,101.9
53   From banks in the U.S.         365.4      386.5       390.4
54   From others                    650.0      708.9       711.5
55 Net due to related foreign
     offices                        171.3      183.6       192.5
56 Other liabilities                239.4      340.2       332.6

57 Total liabilities              5,238.7    5,586.9     5,638.1

58 Residual (assets less
     liabilities) (7)               442.7      475.4       478.6

                                        Monthly averages

                                        2002             2003

           Account               Nov. (r)   Dec. (r)   Jan. (r)

                                       Seasonally adjusted

   Assets
 1 Bank credit                    5,218.0    5,258.6    5,261.7
 2   Securities in bank credit    1,431.5    1,446.9    1,439.3
 3     U.S. government
         securities                 910.8      918.1      918.8
 4     Other securities             520.7      528.8      520.5
 5   Loans and leases in bank
         credit (2)               3,786.5    3,811.7    3,822.4
 6     Commercial and
         industrial                 789.2      787.8      784.6
 7     Real estate                1,987.8    2,010.2    2,027.2
 8       Revolving home equity      209.2      213.8      217.7
 9       Other                    1,778.6    1,796.4    1,809.5
10     Consumer                     585.7      588.3      592.8
11     Security (3)                  81.1       79.4       71.4
12     Other loans and leases       342.7      346.0      346.5
13 Interbank loans                  300.0      298.3      279.0
14 Cash assets (4)                  273.0      272.3      272.9
15 Other assets (5)                 475.3      471.6      468.8

16 Total assets (6)               6,190.0    6,224.7    6,205.4

   Liabilities
17 Deposits                       4,056.7    4,062.7    4,083.7
18   Transaction                    596.7      602.1      598.0
19   Nontransaction               3,460.0    3,460.6    3,485.7
20     Large time                   571.6      571.0      582.2
21     Other                      2,888.4    2,889.6    2,903.5
22 Borrowings                     1,114.9    1,119.1    1,061.9
23   From banks in the U.S.         396.7      387.6      349.5
24   From others                    718.1      731.5      712.4
25 Net due to related foreign
     offices                        196.3      211.2      226.6
26 Other liabilities                332.1      339.5      344.4

27 Total liabilities              5,700.0    5,732.5    5,716.7

28 Residual (assets less
     liabilities) (7)               490.0      492.2      488.7

                                     Not seasonally adjusted

   Assets
29 Bank credit                    5,229.8    5,282.6    5,271.1
30   Securities in bank credit    1,434.8    1,453.5    1,449.7
31     U.S. government
         securities                 912.5      922.3      923.6
32     Other securities             522.3      531.2      526.1
33   Loans and leases in bank
         credit (2)               3,795.0    3,829.1    3,821.4
34     Commercial and
         industrial                 787.9      785.1      778.6
35     Real estate                1,992.3    2,014.8    2,027.6
36       Revolving home equity      209.0      213.4      217.1
37       Other                    1,783.3    1,801.4    1,810.5
38     Consumer                     588.1      597.1      600.5
39       Credit cards and
           related plans            231.6      238.6      234.8
40       Other                      356.5      358.6      365.6
41     Security (3)                  83.4       83.4       70.6
42     Other loans and leases       343.3      348.7      344.2
43 Interbank loans                  305.0      305.4      275.8
44 Cash assets (4)                  280.4      291.3      285.8
45 Other assets (5)                 478.9      475.4      471.3

46 Total assets (6)               6,218.0    6,278.6    6,227.2

   Liabilities
47 Deposits                       4,071.6    4,102.6    4,090.9
48   Transaction                    604.0      634.1      611.8
49   Nontransaction               3,467.6    3,468.5    3,479.1
50     Large time                   575.7      573.8      583.5
51     Other                      2,892.0    2,894.7    2,895.6
52 Borrowings                     1,116.2    1,118.2    1,075.0
53   From banks in the U.S.         393.5      389.3      354.0
54   From others                    722.7      728.9      721.0
55 Net due to related foreign
     offices                        201.5      215.6      228.1
56 Other liabilities                339.1      345.3      346.4

57 Total liabilities              5,728.4    5,781.8    5,740.4

58 Residual (assets less
     liabilities) (7)               489.6      496.8      486.7

                                                      Wednesday
                                  Monthly averages     figures

                                        2003            2003

           Account               Feb. (r)    Mar.      Mar. 5

                                      Seasonally adjusted

   Assets
 1 Bank credit                    5,323.8   5,335.9    5,352.3
 2   Securities in bank credit    1,471.5   1,477.9    1,497.8
 3     U.S. government
         securities                 939.7     945.6      955.7
 4     Other securities             531.8     532.3      542.1
 5   Loans and leases in bank
         credit (2)               3,852.3   3,857.9    3,854.6
 6     Commercial and
         industrial                 781.0     777.4      778.2
 7     Real estate                2,058.6   2,073.9    2,072.6
 8       Revolving home equity      222.3     229.4      226.2
 9       Other                    1,836.3   1,844.5    1,846.3
10     Consumer                     593.9     590.9      590.7
11     Security (3)                  73.0      71.9       71.1
12     Other loans and leases       345.9     343.8      342.0
13 Interbank loans                  276.8     285.5      281.2
14 Cash assets (4)                  277.7     279.7      286.8
15 Other assets (5)                 493.3     490.1      488.6

16 Total assets (6)               6,294.4   6,313.6    6,331.2

   Liabilities
17 Deposits                       4,094.1   4,137.2    4,130.9
18   Transaction                    603.2     607.6      593.2
19   Nontransaction               3,490.9   3,529.6    3,537.8
20     Large time                   587.8     587.5      588.9
21     Other                      2,903.1   2,942.0    2,948.9
22 Borrowings                     1,092.4   1,095.8    1,095.1
23   From banks in the U.S.         355.5     361.3      357.1
24   From others                    737.0     734.5      738.0
25 Net due to related foreign
     offices                        224.5     225.3      212.2
26 Other liabilities                351.7     348.9      366.5

27 Total liabilities              5,762.7   5,807.2    5,804.8

28 Residual (assets less
     liabilities) (7)               531.8     506.4      526.4

                                     Not seasonally adjusted

   Assets
29 Bank credit                    5,322.9   5,326.4    5,357.3
30   Securities in bank credit    1,480.6   1,482.9    1,509.1
31     U.S. government
         securities                 946.0     950.6      965.3
32     Other securities             534.6     532.3      543.9
33   Loans and leases in bank
         credit (2)               3,842.2   3,843.5    3,848.2
34     Commercial and
         industrial                 777.5     777.2      777.5
35     Real estate                2,054.4   2,064.9    2,065.8
36       Revolving home equity      222.6     227.4      225.5
37       Other                    1,831.8   1,837.6    1,840.3
38     Consumer                     597.1     588.6      590.3
39       Credit cards and
           related plans            228.0     223.7      225.8
40       Other                      369.1     364.9      364.5
41     Security (3)                  71.8      71.6       74.3
42     Other loans and leases       341.4     341.0      340.3
43 Interbank loans                  274.0     291.9      293.4
44 Cash assets (4)                  277.2     270.1      278.7
45 Other assets (5)                 490.2     488.5      489.6

46 Total assets (6)               6,286.8   6,299.1    6,340.8

   Liabilities
47 Deposits                       4,104.8   4,140.3    4,156.8
48   Transaction                    595.5     599.6      588.7
49   Nontransaction               3,509.3   3,540.7    3,568.1
50     Large time                   588.8     586.0      590.6
51     Other                      2,920.5   2,954.6    2,977.6
52 Borrowings                     1,094.6   1,092.2    1,097.1
53   From banks in the U.S.         359.0     364.7      362.2
54   From others                    735.6     727.5      734.8
55 Net due to related foreign
     offices                        228.8     221.0      211.9
56 Other liabilities                357.2     343.6      366.1

57 Total liabilities              5,785.4   5,797.1    5,831.9

58 Residual (assets less
     liabilities) (7)               501.4     502.0      508.9

                                      Wednesday figures

                                            2003

           Account               Mar. 12   Mar. 19   Mar. 26

                                     Seasonally adjusted

   Assets
 1 Bank credit                   5,360.3   5,320.1   5,316.5
 2   Securities in bank credit   1,489.8   1,461.0   1,469.7
 3     U.S. government
         securities                945.2     937.1     943.5
 4     Other securities            544.6     523.9     526.2
 5   Loans and leases in bank
         credit (2)              3,870.5   3,859.1   3,846.8
 6     Commercial and
         industrial                778.2     777.4     776.5
 7     Real estate               2,087.6   2,068.7   2,060.8
 8       Revolving home equity     228.1     230.1     230.4
 9       Other                   1,859.5   1,838.6   1,830.4
10     Consumer                    588.3     593.8     591.6
11     Security (3)                 69.7      73.5      75.3
12     Other loans and leases      346.7     345.7     342.6
13 Interbank loans                 284.0     285.3     285.6
14 Cash assets (4)                 272.3     286.0     273.7
15 Other assets (5)                501.0     484.2     489.3

16 Total assets (6)              6,339.9   6,298.2   6,287.5

   Liabilities
17 Deposits                      4,125.4   4,122.7   4,137.6
18   Transaction                   586.3     618.0     643.2
19   Nontransaction              3,539.1   3,504.8   3,494.4
20     Large time                  591.1     583.2     584.8
21     Other                     2,947.9   2,921.6   2,909.6
22 Borrowings                    1,115.8   1,093.6   1,086.5
23   From banks in the U.S.        373.6     357.5     352.7
24   From others                   742.2     736.1     733.8
25 Net due to related foreign
     offices                       236.0     235.1     219.8
26 Other liabilities               349.1     340.4     342.5

27 Total liabilities             5,826.3   5,791.8   5,786.4

28 Residual (assets less
     liabilities) (7)              513.6     506.5     501.1

                                   Not seasonally adjusted

   Assets
29 Bank credit                   5,356.5   5,307.9   5,293.8
30   Securities in bank credit   1,500.6   1,463.5   1,468.6
31     U.S. government
         securities                952.5     940.7     944.6
32     Other securities            548.0     522.8     524.0
33   Loans and leases in bank
         credit (2)              3,855.9   3,844.4   3,825.2
34     Commercial and
         industrial                775.8     778.0     776.3
35     Real estate               2,080.4   2,058.6   2,049.4
36       Revolving home equity     226.4     227.7     227.7
37       Other                   1,854.0   1,830.9   1,821.6
38     Consumer                    586.5     591.7     588.7
39       Credit cards and
           related plans           222.2     226.9     223.4
40       Other                     364.4     364.8     365.3
41     Security (3)                 70.7      73.6      72.7
42     Other loans and leases      342.5     342.4     338.1
43 Interbank loans                 291.0     289.2     281.2
44 Cash assets (4)                 262.5     275.0     257.1
45 Other assets (5)                498.1     483.1     482.6

46 Total assets (6)              6,330.0   6,277.4   6,237.1

   Liabilities
47 Deposits                      4,135.6   4,115.7   4,108.0
48   Transaction                   577.0     606.1     623.6
49   Nontransaction              3,558.5   3,509.6   3,484.4
50     Large time                  591.1     581.6     580.7
51     Other                     2,967.4   2,928.0   2,903.7
52 Borrowings                    1,111.0   1,096.5   1,077.0
53   From banks in the U.S.        377.0     361.9     354.3
54   From others                   734.0     734.5     722.8
55 Net due to related foreign
     offices                       232.9     228.7     215.9
56 Other liabilities               345.4     332.9     337.4

57 Total liabilities             5,824.8   5,773.8   5,738.3

58 Residual (assets less
     liabilities) (7)              505.2     503.7     498.8

C. Large domestically chartered commercial banks

Billions of dollars

                                        Monthly averages

                                  2002             2002

            Account             Mar. (r)   Sept. (r)   Oct. (r)

                                      Seasonally adjusted

   Assets
 1 Bank credit                   2,624.7    2,769.7     2,778.5
 2   Securities in bank
         credit                    633.7      744.3       737.5
 3     U.S. government
           securities              373.9      431.5       436.2
 4       Trading account            32.9       42.4        37.7
 5       Investment account        340.9      389.1       398.5
 6     Other securities            259.8      312.8       301.3
 7       Trading account           122.2      171.3       153.8
 8       Investment account        137.6      141.5       147.5
 9         State and local
             government             27.6       28.4        28.8
10         Other                   110.0      113.1       118.7
11   Loans and leases in bank
         credit (2)              1,991.0    2,025.4     2,041.0
12     Commercial and
           industrial              527.3      487.8       485.4
13       Bankers acceptances          .0         .0          .0
14       Other                     527.3      487.8       485.4
15     Real estate                 854.9      926.2       944.6
16       Revolving home
           equity                  106.3      127.5       129.9
17       Other                     748.6      798.6       814.7
18     Consumer                    291.5      297.5       297.9
19     Security (3)                 74.4       77.8        77.3
20       Federal funds sold
           to and repurchase
           agreements with
           broker-dealers           61.8       67.8        67.0
21       Other                      12.5        9.9        10.3
22     State and local
         government                 13.4       13.1        13.0
23     Agricultural                  9.4        8.2         8.1
24     Federal funds sold to
         and repurchase
         agreements with
         others                     21.6       19.9        19.3
25     All other loans              67.2       68.5        70.5
26     Lease-financing
         receivables               131.3      126.5       124.9
27 Interbank loans                 153.1      184.0       184.1
28   Federal funds sold to
       and repurchase
       agreements with
       commercial banks             81.6       90.6        85.6
29   Other                          71.5       93.3        98.5
30 Cash assets (4)                 144.0      145.7       144.6
31 Other assets (5)                298.5      322.7       333.2

32 Total assets (6)              3,175.6    3,378.4     3,396.5

   Liabilities
33 Deposits                      1,827.1    1,893.2     1,910.2
34   Transaction                   311.1      270.9       288.7
35   Nontransaction              1,516.1    1,622.3     1,621.5
36     Large time                  252.1      266.9       267.1
37     Other                     1,264.0    1,355.4     1,354.4
38 Borrowings                      697.6      730.7       727.6
39   From banks in the U.S.        249.0      263.5       262.7
40   From others                   448.6      467.2       464.9
41 Net due to related foreign
     offices                       165.7      174.2       176.8
42 Other liabilities               181.4      271.3       261.0

43 Total liabilities             2,871.8    3,069.3     3,075.5

44 Residual (assets less
     liabilities) (7)              303.7      309.1       321.0

                                    Not seasonally adjusted

   Assets
45 Bank credit                   2,619.2    2,767.5     2,778.4
46   Securities in bank
         credit                    635.4      743.0       737.5
47     U.S. government
           securities              375.6      431.3       434.4
48       Trading account            33.1       42.4        37.6
49       Investment account        342.5      388.9       396.9
50         Mortgage-backed
             securities            263.5      308.3       313.2
51         Other                    78.9       80.5        83.7
52           One year or less       20.2       20.2        22.1
53           One to five
               years                46.2       47.2        51.0
54           More than five
               years                12.5       13.1        10.6
55     Other securities            259.8      311.7       303.0
56       Trading account           122.2      170.7       154.7
57       Investment account        137.6      141.0       148.4
58         State and local
             government             27.6       28.4        29.0
59         Other                   110.0      112.7       119.4
60   Loans and leases in bank
         credit (2)              1,983.9    2,024.5     2,040.9
61     Commercial and
           industrial              527.2      487.9       485.9
62       Bankers acceptances          .0         .0          .0
63       Other                     527.2      487.9       485.9
64     Real estate                 849.4      927.2       945.2
65       Revolving home
           equity                  105.1      127.9       130.2
66       Other                     430.3      483.9       496.4
67       Commercial                314.0      315.4       318.6
68     Consumer                    291.9      294.6       294.6
69       Credit cards and
           related plans           119.4      118.5       117.1
70       Other                     172.6      176.1       177.5
71     Security (3)                 73.6       79.1        79.6
72       Federal funds sold
           to and repurchase
           agreements with
           broker-dealers           61.2       69.1        69.0
73       Other                      12.4       10.1        10.6
74     State and local
         government                 13.4       13.1        13.0
75     Agricultural                  9.3        8.2         8.0
76     Federal funds sold to
         and repurchase
         agreements with
         others                     21.6       19.9        19.3
77     All other loans              65.1       69.6        70.8
78     Lease-financing
         receivables               132.1      124.8       124.3
79 Interbank loans                 153.1      178.1       178.3
80   Federal funds sold to
       and repurchase
       agreements with
       commercial banks             81.6       87.8        83.0
81   Other                          71.4       90.2        95.3
82 Cash assets (4)                 139.1      142.7       146.2
83 Other assets (5)                297.2      326.3       333.5

84 Total assets (6)              3,163.5    3,370.8     3,393.1

   Liabilities
85 Deposits                      1,824.6    1,885.6     1,907.8
86   Transaction                   306.4      266.5       285.7
87   Nontransaction              1,518.2    1,619.0     1,622.1
88     Large time                  250.7      264.5       268.6
89     Other                     1,267.5    1,354.5     1,353.4
90 Borrowings                      694.2      728.4       730.1
91   From banks in the U.S.        252.2      256.7       261.2
92   From nonbanks in the
       U.S.                        442.1      471.6       468.9
93 Net due to related foreign
     offices                       162.2      175.0       180.2
94 Other liabilities               178.1      272.7       265.5

95 Total liabilities             2,859.1    3,061.6     3,083.6

96 Residual (assets less
     liabilities) (7)              304.4      309.2       309.5

                                       Monthly averages

                                        2002            2003

            Account             Nov. (r)   Dec. (r)   Jan. (r)

                                     Seasonally adjusted

   Assets
 1 Bank credit                   2,829.2    2,858.2    2,857.2
 2   Securities in bank
         credit                    770.1      779.5      773.8
 3     U.S. government
           securities              455.4      457.7      460.8
 4       Trading account            47.9       44.5       41.5
 5       Investment account        407.5      413.1      419.2
 6     Other securities            314.7      321.8      313.0
 7       Trading account           161.0      164.9      159.7
 8       Investment account        153.7      157.0      153.3
 9         State and local
             government             29.3       29.5       29.4
10         Other                   124.4      127.5      123.9
11   Loans and leases in bank
         credit (2)              2,059.1    2,078.7    2,083.4
12     Commercial and
           industrial              484.0      481.9      479.2
13       Bankers acceptances          .0         .0         .0
14       Other                     484.0      481.9      479.2
15     Real estate                 969.2      989.6    1,005.6
16       Revolving home
           equity                  132.8      136.8      139.9
17       Other                     836.4      852.8      865.7
18     Consumer                    296.3      296.4      296.6
19     Security (3)                 72.9       71.1       62.9
20       Federal funds sold
           to and repurchase
           agreements with
           broker-dealers           62.1       60.8       52.3
21       Other                      10.8       10.4       10.6
22     State and local
         government                 12.1       11.8       12.0
23     Agricultural                  8.1        8.2        8.1
24     Federal funds sold to

         and repurchase
         agreements with
         others                     18.7       22.6       23.0
25     All other loans              73.8       74.4       75.4
26     Lease-financing
         receivables               124.0      122.7      120.8
27 Interbank loans                 181.6      179.4      153.5
28   Federal funds sold to
       and repurchase
       agreements with
       commercial banks             88.5       86.2       85.7
29   Other                          93.1       93.2       67.8
30 Cash assets (4)                 146.0      147.1      146.8
31 Other assets (5)                332.9      328.8      324.5

32 Total assets (6)              3,445.5    3,469.7    3,437.5

   Liabilities
33 Deposits                      1,937.7    1,947.5    1,960.8
34   Transaction                   284.5      287.6      285.0
35   Nontransaction              1,653.2    1,659.9    1,675.8
36     Large time                  265.7      262.6      274.5
37     Other                     1,387.5    1,397.2    1,401.3
38 Borrowings                      740.9      729.7      654.8
39   From banks in the U.S.        268.8      248.9      193.5
40   From others                   472.1      480.9      461.3
41 Net due to related foreign
     offices                       185.0      198.8      211.4
42 Other liabilities               264.9      274.5      273.7

43 Total liabilities             3,128.5    3,150.5    3,100.7

44 Residual (assets less
     liabilities) (7)              316.9      319.2      336.8

                                    Not seasonally adjusted

   Assets
45 Bank credit                   2,837.5    2,870.7    2,864.6
46   Securities in bank
         credit                    774.5      784.6      782.4
47     U.S. government
           securities              458.3      460.4      463.8
48       Trading account            48.2       44.8       41.8
49       Investment account        410.1      415.6      422.0
50         Mortgage-backed
             securities            324.8      317.2      323.3
51         Other                    85.3       98.4       98.7
52           One year or less       23.5       24.5       21.6
53           One to five
               years                48.0       57.4       59.3
54           More than five
               years                13.8       16.6       17.8
55     Other securities            316.2      324.2      318.6
56       Trading account           161.8      166.1      162.5
57       Investment account        154.5      158.1      156.0
58         State and local
             government             29.4       29.7       30.0
59         Other                   125.0      128.4      126.1
60   Loans and leases in bank
         credit (2)              2,063.0    2,086.1    2,082.2
61     Commercial and
           industrial              484.2      479.3      474.7
62       Bankers acceptances          .0         .0         .0
63       Other                     484.2      479.3      474.7
64     Real estate                 971.9      990.9    1,004.5
65       Revolving home
           equity                  132.5      135.9      139.0
66       Other                     520.5      536.5      546.2
67       Commercial                318.9      318.4      319.4
68     Consumer                    294.9      298.9      301.4
69       Credit cards and
           related plans           114.6      117.3      115.3
70       Other                     180.3      181.6      186.1
71     Security (3)                 74.9       75.0       62.4
72       Federal funds sold
           to and repurchase
           agreements with
           broker-dealers           63.8       64.1       51.9
73       Other                      11.1       10.9       10.5
74     State and local
         government                 12.1       11.8       12.0
75     Agricultural                  8.0        8.1        8.1
76     Federal funds sold to
         and repurchase
         agreements with
         others                     18.7       22.6       23.0
77     All other loans              74.7       76.4       73.5
78     Lease-financing
         receivables               123.5      123.0      122.6
79 Interbank loans                 183.1      183.9      156.7
80   Federal funds sold to
       and repurchase
       agreements with
       commercial banks             89.2       88.4       87.5
81   Other                          93.9       95.5       69.2
82 Cash assets (4)                 149.1      158.7      155.6
83 Other assets (5)                336.5      332.6      326.9

84 Total assets (6)              3,462.3    3,502.1    3,459.4

   Liabilities
85 Deposits                      1,944.5    1,964.0    1,961.7
86   Transaction                   288.3      308.0      293.8
87   Nontransaction              1,656.2    1,656.0    1,667.9
88     Large time                  269.8      265.5      275.8
89     Other                     1,386.5    1,390.5    1,392.1
90 Borrowings                      742.3      728.9      667.9
91   From banks in the U.S.        265.6      250.6      198.1
92   From nonbanks in the
       U.S.                        476.7      478.2      469.8
93 Net due to related foreign
     offices                       190.2      203.2      212.9
94 Other liabilities               271.8      280.3      275.7

95 Total liabilities             3,148.9    3,176.4    3,118.2

96 Residual (assets less
     liabilities) (7)              313.4      325.8      341.3

                                                     Wednesday
                                 Monthly averages     figures

                                        2003           2003

            Account             Feb. (r)    Mar.      Mar. 5

                                    Seasonally adjusted

   Assets
 1 Bank credit                   2,904.0   2,901.2    2,925.7
 2   Securities in bank
         credit                    804.9     802.4      824.8
 3     U.S. government
           securities              479.5     475.9      490.3
 4       Trading account            54.8      42.1       53.3
 5       Investment account        424.7     433.8      437.0
 6     Other securities            325.3     326.4      334.5
 7       Trading account           172.2     171.3      180.5
 8       Investment account        153.1     155.1      154.0
 9         State and local
             government             29.6      30.1       29.7
10         Other                   123.5     125.0      124.3
11   Loans and leases in bank
         credit (2)              2,099.2   2,098.8    2,100.8
12     Commercial and
           industrial              474.2     470.4      471.0
13       Bankers acceptances          .0        .0     n.a.
14       Other                     474.2     470.4      471.0
15     Real estate               1,027.2   1,036.6    1,038.9
16       Revolving home
           equity                  142.3     147.8      145.5
17       Other                     884.9     888.8      893.4
18     Consumer                    294.5     291.0      292.1
19     Security (3)                 64.4      63.5       62.7
20       Federal funds sold
           to and repurchase
           agreements with
           broker-dealers           53.7      52.1       52.4
21       Other                      10.7      11.4       10.3
22     State and local
         government                 12.2      12.4       12.4
23     Agricultural                  7.8       7.8        7.8
24     Federal funds sold to
         and repurchase
         agreements with
         others                     23.4      23.0       21.6
25     All other loans              75.0      74.0       73.7
26     Lease-financing
         receivables               120.5     120.1      120.6
27 Interbank loans                 150.3     159.1      157.6
28   Federal funds sold to
       and repurchase
       agreements with
       commercial banks             81.1      89.5       88.7
29   Other                          69.2      69.7       68.9
30 Cash assets (4)                 148.2     148.5      156.2
31 Other assets (5)                345.1     339.3      337.2

32 Total assets (6)              3,503.0   3,503.3    3,531.4

   Liabilities
33 Deposits                      1,961.3   1,979.9    1,981.3
34   Transaction                   287.2     287.5      281.7
35   Nontransaction              1,674.2   1,692.5    1,699.6
36     Large time                  277.2     272.6      275.1
37     Other                     1,397.0   1,419.9    1,424.4
38 Borrowings                      681.9     688.0      694.4
39   From banks in the U.S.        196.1     204.5      202.8
40   From others                   485.7     483.5      491.6
41 Net due to related foreign
     offices                       211.5     213.8      200.9
42 Other liabilities               278.8     274.9      291.9

43 Total liabilities             3,133.5   3,156.7    3,168.5

44 Residual (assets less
     liabilities) (7)              369.5     346.6      363.0

                                    Not seasonally adjusted

   Assets
45 Bank credit                   2,906.2   2,895.0    2,933.9
46   Securities in bank
         credit                    813.2     804.7      835.3
47     U.S. government
           securities              485.0     478.2      499.0
48       Trading account            55.5      42.4       54.3
49       Investment account        429.6     435.8      444.8
50         Mortgage-backed
             securities            329.5     332.8      340.7
51         Other                   100.1     103.0      104.1
52           One year or less       23.1      24.6       25.1
53           One to five
               years                58.1      57.9       56.1
54           More than five
               years                18.9      20.5       22.9
55     Other securities            328.2     326.5      336.3
56       Trading account           173.7     171.4      181.5
57       Investment account        154.4     155.1      154.8
58         State and local
             government             29.8      30.1       29.9
59         Other                   124.6     125.0      124.9
60   Loans and leases in bank
         credit (2)              2,093.0   2,090.4    2,098.6
61     Commercial and
           industrial              472.2     470.4      471.2
62       Bankers acceptances          .0        .0     n.a.
63       Other                     472.2     470.4      471.2
64     Real estate               1,023.0   1,029.7    1,033.3
65       Revolving home
           equity                  142.6     146.1      144.8
66       Other                     561.0     564.1      568.7
67       Commercial                319.4     319.6      319.7
68     Consumer                    297.7     291.6      293.9
69       Credit cards and
           related plans           109.7     105.9      108.9
70       Other                     188.0     185.8      185.0
71     Security (3)                 63.3      62.9       65.4
72       Federal funds sold
           to and repurchase
           agreements with
           broker-dealers           52.8      51.6       54.6
73       Other                      10.5      11.3       10.8
74     State and local
         government                 12.2      12.4       12.4
75     Agricultural                  7.7       7.7        7.7
76     Federal funds sold to
         and repurchase
         agreements with
         others                     23.4      23.0       21.6
77     All other loans              71.7      71.8       71.6
78     Lease-financing
         receivables               121.9     120.9      121.6
79 Interbank loans                 148.5     159.2      158.9
80   Federal funds sold to
       and repurchase
       agreements with
       commercial banks             80.2      89.5       89.4
81   Other                          68.3      69.6       69.5
82 Cash assets (4)                 148.2     143.5      150.2
83 Other assets (5)                342.0     337.7      338.2

84 Total assets (6)              3,499.9   3,490.3    3,535.6

   Liabilities
85 Deposits                      1,965.4   1,978.0    1,993.9
86   Transaction                   282.8     283.1      277.8
87   Nontransaction              1,682.5   1,694.9    1,716.1
88     Large time                  278.2     271.1      276.8
89     Other                     1,404.4   1,423.8    1,439.3
90 Borrowings                      684.0     684.4      696.4
91   From banks in the U.S.        199.6     208.0      207.9
92   From nonbanks in the
       U.S.                        484.4     476.5      488.5
93 Net due to related foreign
     offices                       215.8     209.5      200.6
94 Other liabilities               284.2     269.6      291.4

95 Total liabilities             3,149.4   3,141.6    3,182.4

96 Residual (assets less
     liabilities) (7)              350.5     348.7      353.3

                                       Wednesday figures

                                           2003

            Account             Mar. 12   Mar. 19   Mar. 26

                                    Seasonally adjusted

   Assets
 1 Bank credit                  2,932.9   2,885.1   2,877.1
 2   Securities in bank
         credit                   819.8     787.1     791.0
 3     U.S. government
           securities             480.2     468.6     471.5
 4       Trading account           46.7      37.1      37.5
 5       Investment account       433.6     431.6     434.0
 6     Other securities           339.5     318.5     319.5
 7       Trading account          185.2     162.9     164.1
 8       Investment account       154.3     155.6     155.4
 9         State and local
             government            29.7      30.2      30.4
10         Other                  124.6     125.4     125.1
11   Loans and leases in bank
         credit (2)             2,113.2   2,098.0   2,086.0
12     Commercial and
           industrial             471.8     470.4     469.7
13       Bankers acceptances     n.a.      n.a.      n.a.
14       Other                    471.8     470.4     469.7
15     Real estate              1,049.3   1,031.2   1,023.9
16       Revolving home
           equity                 147.0     148.4     148.2
17       Other                    902.3     882.8     875.7
18     Consumer                   290.2     292.0     290.7
19     Security (3)                61.2      65.1      66.6
20       Federal funds sold
           to and repurchase
           agreements with
           broker-dealers          49.9      53.2      54.5
21       Other                     11.3      11.8      12.1
22     State and local
         government                12.3      12.4      12.5
23     Agricultural                 7.8       7.8       7.8
24     Federal funds sold to
         and repurchase
         agreements with
         others                    24.7      25.7      21.2
25     All other loans             75.4      73.4      73.8
26     Lease-financing
         receivables              120.4     120.0     119.9
27 Interbank loans                157.8     159.1     152.6
28   Federal funds sold to
       and repurchase
       agreements with
       commercial banks            89.0      88.1      81.6
29   Other                         68.8      71.0      71.0
30 Cash assets (4)                143.3     154.8     141.7
31 Other assets (5)               346.3     337.3     343.3

32 Total assets (6)             3,535.4   3,491.7   3,469.8

   Liabilities
33 Deposits                     1,975.0   1,970.6   1,974.0
34   Transaction                  275.0     296.1     304.6
35   Nontransaction             1,700.0   1,674.5   1,669.4
36     Large time                 275.9     269.0     269.4
37     Other                    1,424.1   1,405.5   1,400.0
38 Borrowings                     706.3     681.7     679.2
39   From banks in the U.S.       214.5     200.2     195.7
40   From others                  491.7     481.5     483.5
41 Net due to related foreign
     offices                      225.2     224.6     207.8
42 Other liabilities              275.1     266.8     268.0

43 Total liabilities            3,181.7   3,143.7   3,129.0

44 Residual (assets less
     liabilities) (7)             353.8     348.1     340.8

                                  Not seasonally adjusted

   Assets
45 Bank credit                  2,931.8   2,877.0   2,858.2
46   Securities in bank
         credit                   827.8     786.9     786.2
47     U.S. government
           securities             484.8     469.5     468.9
48       Trading account           47.1      37.1      37.3
49       Investment account       437.7     432.4     431.6
50         Mortgage-backed
             securities           332.4     329.9     328.2
51         Other                  105.3     102.5     103.4
52           One year or less      25.1      25.0      24.8
53           One to five
               years               56.9      57.3      60.6
54           More than five
               years               23.3      20.1      18.1
55     Other securities           343.0     317.4     317.2
56       Trading account          187.1     162.3     162.9
57       Investment account       155.9     155.1     154.3
58         State and local
             government            30.0      30.1      30.1
59         Other                  125.9     124.9     124.2
60   Loans and leases in bank
         credit (2)             2,104.0   2,090.1   2,072.0
61     Commercial and
           industrial             470.2     470.9     469.1
62       Bankers acceptances     n.a.      n.a.      n.a.
63       Other                    470.2     470.9     469.1
64     Real estate              1,043.5   1,024.0   1,015.2
65       Revolving home
           equity                 145.5     146.4     146.1
66       Other                    578.0     558.1     549.1
67       Commercial               320.1     319.5     320.0
68     Consumer                   290.9     292.6     290.9
69       Credit cards and
           related plans          105.5     106.8     104.8
70       Other                    185.4     185.8     186.1
71     Security (3)                61.9      65.1      64.1
72       Federal funds sold
           to and repurchase
           agreements with
           broker-dealers          50.5      53.2      52.5
73       Other                     11.4      11.8      11.6
74     State and local
         government                12.3      12.4      12.5
75     Agricultural                 7.7       7.7       7.7
76     Federal funds sold to
         and repurchase
         agreements with
         others                    24.7      25.7      21.2
77     All other loans             71.5      71.1      71.0
78     Lease-financing
         receivables              121.2     120.7     120.4
79 Interbank loans                156.7     159.4     149.1
80   Federal funds sold to
       and repurchase
       agreements with
       commercial banks            88.3      88.3      79.7
81   Other                         68.3      71.2      69.4
82 Cash assets (4)                137.9     150.1     132.7
83 Other assets (5)               343.4     336.2     336.6

84 Total assets (6)             3,524.4   3,477.8   3,431.7

   Liabilities
85 Deposits                     1,977.5   1,964.8   1,951.0
86   Transaction                  268.9     290.5     293.7
87   Nontransaction             1,708.5   1,674.3   1,657.2
88     Large time                 275.9     267.3     265.2
89     Other                    1,432.7   1,407.0   1,392.0
90 Borrowings                     701.5     684.6     669.7
91   From banks in the U.S.       217.9     204.7     197.3
92   From nonbanks in the
       U.S.                       483.6     479.9     472.5
93 Net due to related foreign
     offices                      222.1     218.2     203.9
94 Other liabilities              271.4     259.3     262.9

95 Total liabilities            3,172.5   3,127.0   3,087.5

96 Residual (assets less
     liabilities) (7)             351.9     350.8     344.2

D. Small domestically chartered commercial banks

Billions of dollars

                                        Monthly averages

                                  2002             2002

            Account             Mar. (r)   Sept. (r)   Oct. (r)

                                       Seasonally adjusted

   Assets
 1 Bank credit                   2,202.7    2,339.7     2,366.3
 2   Securities in bank
         credit                    617.2      647.6       654.9
 3     U.S. government
         securities                401.4      440.8       448.5
 4     Other securities            215.8      206.8       206.4
 5   Loans and leases in bank
         credit (2)              1,585.6    1,692.1     1,711.4
 6     Commercial and
         industrial                294.4      301.0       302.6
 7     Real estate                 917.9      994.4     1,008.6
 8       Revolving home
           equity                   61.0       73.7        75.2
 9       Other                     856.9      920.7       933.4
10     Consumer                    269.2      285.5       287.0
11     Security (3)                  7.4        8.0         8.2
12     Other loans and leases       96.6      103.2       104.9
13 Interbank loans                  95.9      112.6       119.4
14 Cash assets (4)                 111.5      125.8       127.6
15 Other assets (5)                140.5      144.8       140.5

16 Total assets (6)              2,520.4    2,691.3     2,722.0

   Liabilities
17 Deposits                      1,983.5    2,092.9     2,105.1
18   Transaction                   302.3      301.8       311.5
19   Nontransaction              1,681.2    1,791.1     1,793.6
20     Large time                  299.9      301.4       304.1
21     Other                     1,381.3    1,489.7     1,489.6
22 Borrowings                      321.2      367.0       371.8
23   From banks in the U.S.        113.2      129.8       129.3
24   From others                   208.0      237.3       242.5
25 Net due to related foreign
     offices                         9.0        8.6        12.3
26 Other liabilities                61.4       67.6        67.1

27 Total liabilities             2,375.1    2,536.1     2,556.3

28 Residual (assets less
     liabilities) (7)              145.3      155.2       165.7

                                     Not seasonally adjusted

   Assets
29 Bank credit                   2,199.0    2,342.1     2,368.8
30   Securities in bank
         credit                    619.5      647.8       652.8
31     U.S. government
         securities                403.6      440.9       446.4
32     Other securities            215.8      206.8       206.4
33   Loans and leases in bank
         credit (2)              1,579.6    1,694.3     1,716.1
34     Commercial and
         industrial                294.3      299.3       302.3
35     Real estate                 916.1      994.9     1,009.6
36       Revolving home
           equity                   60.7       73.9        75.5
37       Other                     855.3      921.0       934.2
38     Consumer                    266.2      287.5       290.7
39       Credit cards and
           related plans           100.5      112.4       115.0
40       Other                     165.7      175.1       175.7
41     Security (3)                  7.6        7.9         8.2
42     Other loans and leases       95.3      104.7       105.2
43 Interbank loans                 101.0      110.8       118.1
44 Cash assets (4)                 107.6      125.3       128.1
45 Other assets (5)                140.5      144.8       140.5

46 Total assets (6)              2,517.8    2,691.5     2,723.6

   Liabilities
47 Deposits                      1,988.0    2,082.0     2,103.2
48   Transaction                   298.8      301.0       311.2
49   Nontransaction              1,689.2    1,781.0     1,792.0
50     Large time                  299.9      301.4       304.1
51     Other                     1,389.3    1,479.6     1,487.9
52 Borrowings                      321.2      367.0       371.8
53   From banks in the U.S.        113.2      129.8       129.3
54   From others                   208.0      237.3       242.5
55 Net due to related foreign
     offices                         9.0        8.6        12.3
56 Other liabilities                61.4       67.6        67.1

57 Total liabilities             2,379.6    2,525.3     2,554.5

58 Residual (assets less
     liabilities) (7)              138.2      166.2       169.1

                                       Monthly averages

                                       2002             2003

            Account             Nov. (r)   Dec. (r)   Jan. (r)

                                     Seasonally adjusted

   Assets
 1 Bank credit                   2,388.8    2,400.4    2,404.5
 2   Securities in bank
         credit                    661.4      667.4      665.5
 3     U.S. government
         securities                455.4      460.4      458.0
 4     Other securities            206.0      207.0      207.5
 5   Loans and leases in bank
         credit (2)              1,727.4    1,733.0    1,739.0
 6     Commercial and
         industrial                305.2      305.9      305.4
 7     Real estate               1,018.5    1,020.7    1,021.6
 8       Revolving home
           equity                   76.3       77.1       77.8
 9       Other                     942.2      943.6      943.7
10     Consumer                    289.4      291.8      296.2
11     Security (3)                  8.2        8.2        8.5
12     Other loans and leases      106.0      106.3      107.3
13 Interbank loans                 118.4      119.0      125.4
14 Cash assets (4)                 127.1      125.3      126.1
15 Other assets (5)                142.4      142.8      144.4

16 Total assets (6)              2,744.5    2,755.0    2,768.0

   Liabilities
17 Deposits                      2,119.0    2,115.2    2,123.0
18   Transaction                   312.2      314.5      313.0
19   Nontransaction              1,806.8    1,800.8    1,809.9
20     Large time                  305.9      308.4      307.7
21     Other                     1,500.9    1,492.4    1,502.3
22 Borrowings                      373.9      389.3      407.2
23   From banks in the U.S.        127.9      138.7      156.0
24   From others                   246.0      250.6      251.2
25 Net due to related foreign
     offices                        11.3       12.4       15.2
26 Other liabilities                67.2       65.0       70.7

27 Total liabilities             2,571.4    2,581.9    2,616.0

28 Residual (assets less
     liabilities) (7)              173.1      173.1      151.9

                                    Not seasonally adjusted

   Assets
29 Bank credit                   2,392.3    2,412.0    2,406.5
30   Securities in bank
         credit                    660.3      668.9      667.3
31     U.S. government
         securities                454.2      461.9      459.8
32     Other securities            206.0      207.0      207.5
33   Loans and leases in bank
         credit (2)              1,732.0    1,743.0    1,739.2
34     Commercial and
         industrial                303.7      305.8      303.9
35     Real estate               1,020.4    1,023.9    1,023.0
36       Revolving home
           equity                   76.5       77.5       78.1
37       Other                     943.9      946.4      945.0
38     Consumer                    293.2      298.2      299.1
39       Credit cards and
           related plans           116.9      121.3      119.6
40       Other                     176.2      176.9      179.5
41     Security (3)                  8.5        8.4        8.2
42     Other loans and leases      106.3      106.7      105.0
43 Interbank loans                 121.9      121.5      119.0
44 Cash assets (4)                 131.3      132.6      130.3
45 Other assets (5)                142.4      142.8      144.4

46 Total assets (6)              2,755.7    2,776.4    2,767.7

   Liabilities
47 Deposits                      2,127.1    2,138.7    2,129.2
48   Transaction                   315.7      326.1      318.0
49   Nontransaction              1,811.4    1,812.6    1,811.2
50     Large time                  305.9      308.4      307.7
51     Other                     1,505.5    1,504.2    1,503.5
52 Borrowings                      373.9      389.3      407.2
53   From banks in the U.S.        127.9      138.7      156.0
54   From others                   246.0      250.6      251.2
55 Net due to related foreign
     offices                        11.3       12.4       15.2
56 Other liabilities                67.2       65.0       70.7

57 Total liabilities             2,579.5    2,605.4    2,622.3

58 Residual (assets less
     liabilities) (7)              176.2      171.0      145.5

                                                     Wednesday
                                 Monthly averages      figures

                                        2003           2003

            Account             Feb. (r)    Mar.      Mar. 5

                                     Seasonally adjusted

   Assets
 1 Bank credit                   2,419.8   2,434.7    2,426.7
 2   Securities in bank
         credit                    666.6     675.6      673.0
 3     U.S. government
         securities                460.2     469.7      465.3
 4     Other securities            206.4     205.9      207.6
 5   Loans and leases in bank
         credit (2)              1,753.2   1,759.1    1,753.7
 6     Commercial and
         industrial                306.7     307.0      307.2
 7     Real estate               1,031.3   1,037.4    1,033.6
 8       Revolving home
           equity                   79.9      81.7       80.7
 9       Other                     951.4     955.7      952.9
10     Consumer                    299.5     299.9      298.6
11     Security (3)                  8.6       8.5        8.4
12     Other loans and leases      107.0     106.5      105.9
13 Interbank loans                 126.5     126.4      123.6
14 Cash assets (4)                 129.5     131.1      130.6
15 Other assets (5)                148.2     150.8      151.4

16 Total assets (6)              2,791.4   2,810.3    2,799.7

   Liabilities
17 Deposits                      2,132.7   2,157.3    2,149.7
18   Transaction                   316.0     320.2      311.5
19   Nontransaction              1,816.7   1,837.1    1,838.2
20     Large time                  310.6     314.9      313.7
21     Other                     1,506.1   1,522.2    1,524.5
22 Borrowings                      410.6     407.8      400.7
23   From banks in the U.S.        159.3     156.8      154.3
24   From others                   251.3     251.0      246.4
25 Net due to related foreign
     offices                        13.0      11.5       11.3
26 Other liabilities                72.9      74.0       74.7

27 Total liabilities             2,629.2   2,650.5    2,636.3

28 Residual (assets less
     liabilities) (7)              162.2     159.8      163.4

                                    Not seasonally adjusted

   Assets
29 Bank credit                   2,416.6   2,431.4    2,423.4
30   Securities in bank
         credit                    667.4     678.3      673.8
31     U.S. government
         securities                461.0     472.4      466.2
32     Other securities            206.4     205.9      207.6
33   Loans and leases in bank
         credit (2)              1,749.2   1,753.1    1,749.5
34     Commercial and
         industrial                305.3     306.9      306.3
35     Real estate               1,031.4   1,035.2    1,032.5
36       Revolving home
           equity                   80.0      81.3       80.7
37       Other                     951.4     953.9      951.8
38     Consumer                    299.4     297.0      296.5
39       Credit cards and
           related plans           118.3     117.8      116.9
40       Other                     181.1     179.2      179.5
41     Security (3)                  8.5       8.7        8.9
42     Other loans and leases      104.6     105.3      105.3
43 Interbank loans                 125.5     132.8      134.5
44 Cash assets (4)                 129.1     126.6      128.4
45 Other assets (5)                148.2     150.8      151.4

46 Total assets (6)              2,786.8   2,808.8    2,805.2

   Liabilities
47 Deposits                      2,139.4   2,162.2    2,162.9
48   Transaction                   312.7     316.5      310.8
49   Nontransaction              1,826.8   1,845.7    1,852.0
50     Large time                  310.6     314.9      313.7
51     Other                     1,516.2   1,530.8    1,538.3
52 Borrowings                      410.6     407.8      400.7
53   From banks in the U.S.        159.3     156.8      154.3
54   From others                   251.3     251.0      246.4
55 Net due to related foreign
     offices                        13.0      11.5       11.3
56 Other liabilities                72.9      74.0       74.7

57 Total liabilities             2,635.9   2,655.5    2,649.5

58 Residual (assets less
     liabilities) (7)              150.9     153.3      155.7

                                      Wednesday figures

                                           2003

            Account             Mar. 12   Mar. 19   Mar. 26

                                    Seasonally adjusted

   Assets
 1 Bank credit                  2,427.3   2,435.0   2,439.4
 2   Securities in bank
         credit                   670.0     673.9     678.7
 3     U.S. government
         securities               465.0     468.5     472.0
 4     Other securities           205.0     205.4     206.7
 5   Loans and leases in bank
         credit (2)             1,757.3   1,761.1   1,760.7
 6     Commercial and
         industrial               306.4     307.0     306.7
 7     Real estate              1,038.3   1,037.5   1,036.9
 8       Revolving home
           equity                  81.0      81.7      82.2
 9       Other                    957.2     955.8     954.6
10     Consumer                   298.1     301.8     301.0
11     Security (3)                 8.5       8.4       8.7
12     Other loans and leases     106.1     106.4     107.4
13 Interbank loans                126.2     126.3     133.0
14 Cash assets (4)                129.0     131.2     132.0
15 Other assets (5)               154.7     146.9     146.0

16 Total assets (6)             2,804.5   2,806.5   2,817.7

   Liabilities
17 Deposits                     2,150.4   2,152.2   2,163.6
18   Transaction                  311.4     321.9     338.5
19   Nontransaction             1,839.0   1,830.3   1,825.0
20     Large time                 315.2     314.3     315.5
21     Other                    1,523.8   1,516.0   1,509.6
22 Borrowings                     409.5     411.9     407.3
23   From banks in the U.S.       159.1     157.3     157.0
24   From others                  250.5     254.6     250.3
25 Net due to related foreign
     offices                       10.7      10.5      12.0
26 Other liabilities               74.0      73.6      74.5

27 Total liabilities            2,644.7   2,648.1   2,657.4

28 Residual (assets less
     liabilities) (7)             159.8     158.4     160.3

                                  Not seasonally adjusted

   Assets
29 Bank credit                  2,424.7   2,430.9   2,435.6
30   Securities in bank
         credit                   672.7     676.6     682.4
31     U.S. government
         securities               467.7     471.2     475.7
32     Other securities           205.0     205.4     206.7
33   Loans and leases in bank
         credit (2)             1,751.9   1,754.3   1,753.2
34     Commercial and
         industrial               305.7     307.2     307.2
35     Real estate              1,036.9   1,034.6   1,034.2
36       Revolving home
           equity                  80.9      81.3      81.7
37       Other                    956.0     953.3     952.5
38     Consumer                   295.6     299.2     297.8
39       Credit cards and
           related plans          116.6     120.1     118.6
40       Other                    178.9     179.0     179.2
41     Security (3)                 8.8       8.6       8.6
42     Other loans and leases     105.0     104.9     105.3
43 Interbank loans                134.4     129.8     132.2
44 Cash assets (4)                124.6     124.9     124.4
45 Other assets (5)               154.7     146.9     146.0

46 Total assets (6)             2,805.6   2,799.6   2,805.4

   Liabilities
47 Deposits                     2,158.l   2,150.9   2,157.0
48   Transaction                  308.1     315.5     329.8
49   Nontransaction             1,850.0   1,835.3   1,827.2
50     Large time                 315.2     314.3     315.5
51     Other                    1,534.7   1,521.1   1,511.7
52 Borrowings                     409.5     411.9     407.3
53   From banks in the U.S.       159.1     157.3     157.0
54   From others                  250.5     254.6     250.3
55 Net due to related foreign
     offices                       10.7      10.5      12.0
56 Other liabilities               74.0      73.6      74.5

57 Total liabilities            2,652.3   2,646.8   2,650.8

58 Residual (assets less
     liabilities) (7)             153.3     152.8     154.6

E. Foreign-related institutions

Billions of dollars

                                        Monthly averages

                                  2002              2002

            Account             Mar. (r)   Sept. (r)   Oct. (r)

                                      Seasonally adjusted

   Assets
 1 Bank credit                    591.1      619.8       614.6
 2   Securities in bank
         credit                   228.6      247.6       244.9
 3     U.S. government
         securities                70.9       87.1        89.0
 4     Other securities           157.7      160.5       155.9
 5   Loans and leases in bank
         credit (2)               362.5      372.2       369.7
 6     Commercial and
         industrial               195.5      185.0       181.1
 7     Real estate                 18.0       19.0        19.6
 8     Security (3)                79.9       95.2        97.5
 9     Other loans and leases      69.1       73.0        71.5
10 Interbank loans                 20.7       21.2        24.5
11 Cash assets (4)                 44.4       46.6        45.5
12 Other assets (5)                24.9       29.0        33.8

13 Total assets (6)               680.7      716.2       718.0

   Liabilities

14 Deposits                       482.4      492.3       471.4
15   Transaction                   10.2       10.1         9.6
16   Nontransaction               472.2      482.2       461.8
17 Borrowings                     187.5      225.1       232.7
18   From banks in the U.S.        20.8       22.6        23.0
19   From others                  166.6      202.5       209.7
20 Net due to related foreign
     offices                      -72.5      -83.7       -71.6
21 Other liabilities               73.4       93.8        99.7

22 Total liabilities              670.8      727.4       732.2

23 Residual (assets less
     liabilities) (7)               9.9      -11.2       -14.2

                                    Not seasonally adjusted

   Assets
24 Bank credit                    591.0      616.3       614.1
25   Securities in bank
         credit                   228.6      247.6       244.9
26     U.S. government
           securities              70.9       87.1        89.0
27       Trading account            9.3       16.1        18.6
28       Investment account        61.6       71.0        70.4
29     Other securities           157.7      160.5       155.9
30       Trading account          100.3      105.1       101.5
31       Investment account        57.4       55.4        54.4
32   Loans and leases in bank
         credit (2)               362.4      368.7       369.2
33     Commercial and
         industrial               197.2      184.9       181.2
34     Real estate                 18.0       19.0        19.6
35     Security (3)                77.1       92.3        97.5
36     Other loans and leases      70.1       72.4        70.9
37 Interbank loans                 20.7       21.2        24.5
38 Cash assets (4)                 43.2       46.3        46.6
39 Other assets (5)                25.5       29.0        33.3

40 Total assets (6)               680.0      712.4       718.1

   Liabilities
41 Deposits                       486.9      474.1       459.1
42   Transaction                    9.9       10.3         9.8
43   Nontransaction               477.0      463.9       449.3
44 Borrowings                     187.5      225.1       232.7
45   From banks in the U.S.        20.8       22.6        23.0
46   From others                  166.6      202.5       209.7
47 Net due to related foreign
     offices                      -69.6      -82.2       -73.1
48 Other liabilities               74.6       94.8        98.8

49 Total liabilities              679.4      711.8       717.6

50 Residual (assets less
     liabilities) (7)                .5         .6          .5

                                        Monthly averages

                                       2002             2003

            Account             Nov. (r)   Dec. (r)   Jan. (r)

                                      Seasonally adjusted

   Assets
 1 Bank credit                    620.2      636.1      627.6
 2   Securities in bank
         credit                   248.0      261.8      262.8
 3     U.S. government
         securities                93.5      101.9      102.7
 4     Other securities           154.5      159.9      160.1
 5   Loans and leases in bank
         credit (2)               372.2      374.3      364.8
 6     Commercial and
         industrial               178.9      178.4      176.4
 7     Real estate                 20.0       19.5       18.9
 8     Security (3)               104.7      110.1      105.1
 9     Other loans and leases      68.6       66.4       64.4
10 Interbank loans                 25.5       30.0       28.8
11 Cash assets (4)                 42.3       44.6       40.0
12 Other assets (5)                34.6       35.9       39.9

13 Total assets (6)               722.2      746.3      735.9

   Liabilities
14 Deposits                       452.6      425.6      426.8
15   Transaction                    9.2        9.2        9.5
16   Nontransaction               443.3      416.4      417.2
17 Borrowings                     251.2      277.9      271.7
18   From banks in the U.S.        25.2       29.9       31.0
19   From others                  226.0      248.0      240.6
20 Net due to related foreign
     offices                      -73.3      -59.2      -70.0
21 Other liabilities               99.3      102.1       98.9

22 Total liabilities              729.7      746.4      727.3

23 Residual (assets less
     liabilities) (7)              -7.5        -.2        8.6

                                   Not seasonally adjusted

   Assets
24 Bank credit                    623.8      646.2      635.5
25   Securities in bank
         credit                   248.0      261.8      262.8
26     U.S. government
           securities              93.5      101.9      102.7
27       Trading account           20.3       30.6       32.1
28       Investment account        73.2       71.3       70.6
29     Other securities           154.5      159.9      160.1
30       Trading account          100.4      101.3      101.2
31       Investment account        54.0       58.6       58.9
32   Loans and leases in bank
         credit (2)               375.8      384.3      372.7
33     Commercial and
         industrial               180.3      179.8      176.5
34     Real estate                 20.0       19.5       18.9
35     Security (3)               106.8      116.7      112.2
36     Other loans and leases      68.8       68.3       65.1
37 Interbank loans                 25.5       30.0       28.8
38 Cash assets (4)                 44.7       47.8       42.9
39 Other assets (5)                34.5       37.0       41.3

40 Total assets (6)               728.1      760.5      748.1

   Liabilities
41 Deposits                       452.7      436.4      442.9
42   Transaction                    9.5       10.0        9.8
43   Nontransaction               443.1      426.5      433.1
44 Borrowings                     251.2      277.9      271.7
45   From banks in the U.S.        25.2       29.9       31.0
46   From others                  226.0      248.0      240.6
47 Net due to related foreign
     offices                      -74.7      -57.4      -67.4
48 Other liabilities               98.4      103.3      100.6

49 Total liabilities              727.6      760.1      747.8

50 Residual (assets less
     liabilities) (7)                .5         .4         .4

                                                   Wednesday
                                Monthly averages    figures

                                        2003        2003

            Account             Feb. (r)   Mar.    Mar. 5

                                   Seasonally adjusted

   Assets
 1 Bank credit                    640.5    658.5    658.7
 2   Securities in bank
         credit                   272.9    277.1    282.5
 3     U.S. government
         securities               107.6    111.5    110.9
 4     Other securities           165.3    165.5    171.5
 5   Loans and leases in bank
         credit (2)               367.6    381.4    376.3
 6     Commercial and
         industrial               172.3    169.0    170.9
 7     Real estate                 18.1     17.8     18.0
 8     Security (3)               112.9    130.0    121.8
 9     Other loans and leases      64.4     64.5     65.6
10 Interbank loans                 28.8     30.5     30.7
11 Cash assets (4)                 38.3     42.5     38.4
12 Other assets (5)                41.7     38.1     40.7

13 Total assets (6)               749.0    769.2    768.2

   Liabilities
14 Deposits                       443.4    449.2    453.9
15   Transaction                    9.7     10.6     11.1
16   Nontransaction               433.6    438.6    442.8
17 Borrowings                     276.8    299.4    294.0
18   From banks in the U.S.        31.4     34.3     37.3
19   From others                  245.4    265.1    256.7
20 Net due to related foreign
     offices                      -78.6    -85.6    -86.0
21 Other liabilities              101.1     95.3    104.2

22 Total liabilities              742.7    758.3    766.1

23 Residual (assets less
     liabilities) (7)               6.3     10.9      2.1

                                  Not seasonally adjusted

   Assets
24 Bank credit                    645.0    656.3    660.9
25   Securities in bank
         credit                   272.9    277.1    282.5
26     U.S. government
           securities             107.6    111.5    110.9
27       Trading account           34.9     34.6     36.1
28       Investment account        72.7     76.9     74.8
29     Other securities           165.3    165.5    171.5
30       Trading account          100.3     98.9    105.4
31       Investment account        65.0     66.6     66.1
32   Loans and leases in bank
         credit (2)               372.1    379.2    378.5
33     Commercial and
         industrial               173.7    170.5    172.8
34     Real estate                 18.1     17.8     18.0
35     Security (3)               115.8    125.5    121.1
36     Other loans and leases      64.5     65.4     66.5
37 Interbank loans                 28.8     30.5     30.7
38 Cash assets (4)                 39.3     41.3     38.1
39 Other assets (5)                42.3     39.1     42.0

40 Total assets (6)               755.1    766.8    771.4

   Liabilities
41 Deposits                       453.5    453.3    457.7
42   Transaction                    9.7     10.3     10.7
43   Nontransaction               443.8    443.1    446.9
44 Borrowings                     276.8    299.4    294.0
45   From banks in the U.S.        31.4     34.3     37.3
46   From others                  245.4    265.1    256.7
47 Net due to related foreign
     offices                      -77.5    -83.3    -85.4
48 Other liabilities              102.0     96.8    104.8

49 Total liabilities              754.9    766.2    771.0

50 Residual (assets less
     liabilities) (7)                .2       .6       .3

                                      Wednesday figures

                                           2003

            Account             Mar. 12   Mar. 19   Mar. 26

                                    Seasonally adjusted

   Assets
 1 Bank credit                   663.2     654.7     656.4
 2   Securities in bank
         credit                  283.3     273.8     271.1
 3     U.S. government
         securities              111.2     110.4     110.6
 4     Other securities          172.2     163.5     160.5
 5   Loans and leases in bank
         credit (2)              379.9     380.9     385.3
 6     Commercial and
         industrial              170.8     168.2     168.2
 7     Real estate                18.1      17.8      18.0
 8     Security (3)              126.5     129.8     135.7
 9     Other loans and leases     64.6      65.1      63.4
10 Interbank loans                31.2      32.4      30.6
11 Cash assets (4)                40.5      44.2      44.6
12 Other assets (5)               38.8      36.5      36.1

13 Total assets (6)              773.4     767.4     767.3

   Liabilities
14 Deposits                      455.1     459.9     438.4
15   Transaction                  10.7      10.6      10.4
16   Nontransaction              444.3     449.3     428.0
17 Borrowings                    297.7     291.9     311.6
18   From banks in the U.S.       37.0      31.8      33.0
19   From others                 260.7     260.1     278.6
20 Net due to related foreign
     offices                     -86.6     -84.3     -94.3
21 Other liabilities             102.1      91.8      90.3

22 Total liabilities             768.3     759.2     746.0

23 Residual (assets less
     liabilities) (7)              5.0       8.1      21.3

                                  Not seasonally adjusted

   Assets
24 Bank credit                   661.7     654.3     652.1
25   Securities in bank
         credit                  283.3     273.8     271.1
26     U.S. government
           securities            111.2     110.4     110.6
27       Trading account          34.2      32.3      33.8
28       Investment account       77.0      78.1      76.8
29     Other securities          172.2     163.5     160.5
30       Trading account         104.3      95.9      94.4
31       Investment account       67.8      67.6      66.1
32   Loans and leases in bank
         credit (2)              378.4     380.5     381.0
33     Commercial and
         industrial              171.9     170.2     169.6
34     Real estate                18.1      17.8      18.0
35     Security (3)              123.2     126.5     129.1
36     Other loans and leases     65.2      66.0      64.4
37 Interbank loans                31.2      32.4      30.6
38 Cash assets (4)                39.5      42.8      43.2
39 Other assets (5)               40.6      37.2      36.4

40 Total assets (6)              772.6     766.3     762.0

   Liabilities
41 Deposits                      457.4     462.1     445.0
42   Transaction                  10.3      10.2      10.0
43   Nontransaction              447.1     451.9     435.0
44 Borrowings                    297.7     291.9     311.6
45   From banks in the U.S.       37.0      31.8      33.0
46   From others                 260.7     260.1     278.6
47 Net due to related foreign
     offices                     -85.6     -81.5     -89.3
48 Other liabilities             102.8      93.7      93.6

49 Total liabilities             772.3     766.1     760.9

50 Residual (assets less
     liabilities) (7)               .2        .2       1.1

F. Memo items

Billions of dollars

                                        Monthly averages

                                 2002              2002

           Account               Mar.        Sept.       Oct.

                                    Not seasonally adjusted

   MEMO
   Large domestically
     chartered banks, adjusted
     for mergers
 1 Revaluation gains on off-
     balance-sheet items (8)      73.2       117.2 (r)   102.4 (r)
 2 Revaluation losses on off-
     balance-sheet items (8)      53.0        98.6 (r)    85.7 (r)
 3 Mortgage-backed
       securities (9)            299.8 (r)   344.0 (r)   355.3 (r)
 4   Pass-through                201.6       255.0       261.7
 5   CMO, REMIC, and other        98.2 (r)    89.0 (r)    93.6 (r)
 6 Net unrealized gains
     (losses) on available-
     for-sale securities (10)      3.2        11.5        11.9 (r)
 7 Off-shore credit to U.S.
     residents (11)               19.8        19.0        18.4
 8 Securitized consumer
       loans (12)                133.8       141.9       144.3
 9   Credit cards and
       related plans             120.4       125.0       127.5
10   Other                        13.4        16.9        16.9
11 Securitized business
     loans (12)                   18.1        17.8        17.8

   Small domestically
     chartered commercial
     banks, adjusted for
     mergers
12 Mortgage-backed
     securities (9)              276.1 (r)   303.8 (r)   304.1 (r)
13 Securitized consumer
       loans (12)                203.2 (r)   199.9       198.3
14   Credit cards and related
       plans                     195.5 (r)   195.9       189.3
15   Other                         7.7         3.9         8.9

   Foreign-related
     institutions
16 Revaluation gains on off-
     balance-sheet items (8)      47.2 (r)    63.0 (r)    61.9
17 Revaluation losses on off-
     balance-sheet items (8)      40.6        61.7 (r)    60.2
18 Securitized business
     loans (12)                   12.4         8.1         7.6

                                       Monthly averages

                                         2002          2003

           Account               Nov. (r)   Dec. (r)   Jan.

                                  Not seasonally adjusted

   MEMO
   Large domestically
     chartered banks, adjusted
     for mergers
 1 Revaluation gains on off-
     balance-sheet items (8)       105.2      112.6    107.9 (r)
 2 Revaluation losses on off-
     balance-sheet items (8)        89.0       93.8     86.2 (r)
 3 Mortgage-backed
       securities (9)              370.5      363.2    368.9 (r)
 4   Pass-through                  274.6      265.6    271.2
 5   CMO, REMIC, and other          95.9       97.6     97.7 (r)
 6 Net unrealized gains
     (losses) on available-
     for-sale securities (10)       11.3       10.7     12.1 (r)
 7 Off-shore credit to U.S.
     residents (11)                 18.5       18.7     18.3
 8 Securitized consumer
       loans (12)                  148.5      150.1    149.7
 9   Credit cards and
       related plans               131.4      133.2    132.2
10   Other                          17.0       16.9     17.5
11 Securitized business
     loans (12)                     17.4       17.2     16.9

   Small domestically
     chartered commercial
     banks, adjusted for
     mergers
12 Mortgage-backed
     securities (9)                307.7      311.1    310.9 (r)
13 Securitized consumer
       loans (12)                  198.7      201.3    205.6
14   Credit cards and related
       plans                       189.8      192.5    197.1
15   Other                           8.9        8.7      8.5

   Foreign-related
     institutions
16 Revaluation gains on off-
     balance-sheet items (8)        63.3       64.1     66.8 (r)
17 Revaluation losses on off-
     balance-sheet items (8)        60.3       60.0     63.0
18 Securitized business
     loans (12)                      7.2        6.8      5.6 (r)

                                                    Wednesday
                                 Monthly averages    figures

                                         2003        2003

           Account               Feb. (r)   Mar.     Mar. 5

                                  Not seasonally adjusted

   MEMO
   Large domestically
     chartered banks, adjusted
     for mergers
 1 Revaluation gains on off-
     balance-sheet items (8)      117.0     115.5     128.1
 2 Revaluation losses on off-
     balance-sheet items (8)       94.9      91.3     105.0
 3 Mortgage-backed
       securities (9)             374.9     379.4     386.7
 4   Pass-through                 276.5     275.8     284.8
 5   CMO, REMIC, and other         98.4     103.6     101.9
 6 Net unrealized gains
     (losses) on available-
     for-sale securities (10)      12.0      12.1      14.3
 7 Off-shore credit to U.S.
     residents (11)                18.2      18.2      17.8
 8 Securitized consumer
       loans (12)                 150.6     152.5     150.6
 9   Credit cards and
       related plans              134.8     136.7     135.1
10   Other                         15.8      15.8      15.6
11 Securitized business
     loans (12)                    17.2      16.8      17.0

   Small domestically
     chartered commercial
     banks, adjusted for
     mergers
12 Mortgage-backed
     securities (9)               316.8     327.9     324.2
13 Securitized consumer
       loans (12)                 204.5     203.2     203.1
14   Credit cards and related
       plans                      196.0     194.8     194.7
15   Other                          8.4       8.5       8.4

   Foreign-related
     institutions
16 Revaluation gains on off-
     balance-sheet items (8)       66.8      64.6      69.7
17 Revaluation losses on off-
     balance-sheet items (8)       65.0      63.5      68.8
18 Securitized business
     loans (12)                     4.7       4.1       4.6

                                      Wednesday figures

                                            2003

           Account               Mar. 12   Mar. 19   Mar. 26

                                   Not seasonally adjusted

   MEMO
   Large domestically
     chartered banks, adjusted
     for mergers
 1 Revaluation gains on off-
     balance-sheet items (8)      128.5     106.4     108.7
 2 Revaluation losses on off-
     balance-sheet items (8)      104.9      82.4      82.7
 3 Mortgage-backed
       securities (9)             378.9     376.9     374.3
 4   Pass-through                 277.0     276.4     271.2
 5   CMO, REMIC, and other        101.9     100.5     103.1
 6 Net unrealized gains
     (losses) on available-
     for-sale securities (10)      13.1      11.2      11.4
 7 Off-shore credit to U.S.
     residents (11)                18.3      18.3      18.5
 8 Securitized consumer
       loans (12)                 151.9     151.9     153.6
 9   Credit cards and
       related plans              136.4     136.0     137.6
10   Other                         15.5      16.0      15.9
11 Securitized business
     loans (12)                    16.9      16.8      16.7

   Small domestically
     chartered commercial
     banks, adjusted for
     mergers
12 Mortgage-backed
     securities (9)               325.5     327.3     328.7
13 Securitized consumer
       loans (12)                 204.4     201.6     203.3
14   Credit cards and related
       plans                      195.9     193.1     194.9
15   Other                          8.5       8.5       8.5

   Foreign-related
     institutions
16 Revaluation gains on off-
     balance-sheet items (8)       69.1      62.2      60.8
17 Revaluation losses on off-
     balance-sheet items (8)       68.4      61.1      59.7
18 Securitized business
     loans (12)                     4.6       4.5       3.5

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.


Financial Markets
1.32 COMMERCIAL PAPER OUTSTANDING

Millions of dollars, seasonally adjusted, end of period

                                     Year ending December

             Item                 1998        1999       2000

1 All issuers                  1,163,303   1,403,023   1,615,341

  Financial companies (1)
2   Dealer-placed paper,
      total (2)                  614,142     786,643     973,060
3   Directly placed paper,
      total (3)                  322,030     337,240     298,848

4 Nonfinancial companies (4)     227,132     279,140     343,433

                                   Year ending
                                     December             2002

             Item                2001        2002        Sept.

1 All issuers                  1,438,764   1,321,517   1,338,119

  Financial companies (1)
2   Dealer-placed paper,
      total (2)                  989,364     949,683     856,037
3   Directly placed paper,
      total (3)                  224,553     217,787     322,729

4 Nonfinancial companies (4)     224,847     154,047     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

                                        2003

             Item                Jan.         Feb.

1 All issuers                  1,345,460   1,318,803

  Financial companies (1)
2   Dealer-placed paper,
      total (2)                  955,386     924,890
3   Directly placed paper,
      total (3)                  236,820     239,037

4 Nonfinancial companies (4)     153,254     154,876

(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

2000--Jan.   1    8.50
      Feb.   3    8.75
      Mar.  22    9.00
      May.  17    9.50

2001--Jan.   4    9.00
      Feb.   1    8.50
      Mar.  21    8.00
      Apr.  19    7.50
      May   16    7.00
      June  28    6.75
      Aug.  22    6.50
      Sept. 18    6.00
      Oct.   3    5.50
      Nov.   7    5.00
      Dec.  12    4.75

2002--Nov.   7    4.25

2000              9.23
2001              6.91
2002              4.67

2000--Jan.        8.50
      Feb.        8.73
      Mar.        8.83
      Apr.        9.00
      May         9.24
      June        9.50
      July        9.50
      Aug.        9.50
      Sept.       9.50
      Oct.        9.50
      Nov.        9.50
      Dec.        9.50

2001--Jan.        9.05
      Feb.        8.50
      Mar.        8.32
      Apr.        7.80
      May         7.24
      June        6.98
      July        6.75
      Aug.        6.67
      Sept.       6.28
      Oct.        5.53
      Nov.        5.10
      Dec.        4.84

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
      Mar.        4.25
      Apr.        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 predominant one quoted by a majority of the twenty-five
largest banks by asset size, based on the most recent Call Report. Data
in this table also appear in the Board's H.15 (519) weekly and G.13
(415) monthly statistical releases. For ordering address, see inside
front cover.

1.35 INTEREST RATES Money and Capital Markets

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

             Item                 2000   2001   2002

   MONEY MARKET INSTRUMENTS

 1 Federal funds (1),(2),(3)      6.24   3.88   1.67
 2 Discount window primary
     credit (2),(4)               n.a.   n.a.   n.a.

   Commercial paper (3),(5),(6)
   Nonfinancial
 3   1-month                      6.27   3.78   1.67
 4   2-month                      6.29   3.68   1.67
 5   3-month                      6.31   3.65   1.69

   Financial
 6   1-month                      6.28   3.80   1.68
 7   2-month                      6.30   3.71   1.69
 8   3-month                      6.33   3.65   1.70

   Certificates of deposit,
       secondary market (3),(7)
 9   1-month                      6.35   3.84   1.72
10   3-month                      6.46   3.71   1.73
11   6-month                      6.59   3.66   1.81

12 Eurodollar deposits,
     3-month (3),(8)              6.45   3.70   1.73

   US. Treasury bills
   Secondary market (3),(5)
13   4-week                       n.a.   2.43   1.60
14   3-month                      5.82   3.40   1.61
15   6-month                      5.90   3.34   1.68

 U.S. TREASURY NOTES AND BONDS

   Constant maturities (9)
16   1-year                       6.11   3.49   2.00
17   2-year                       6.26   3.83   2.64
18   3-year                       6.22   4.09   3.10
19   5-year                       6.16   4.56   3.82
20   7-year                       6.20   4.88   4.30
21   10-year                      6.03   5.02   4.61
22   20-year                      6.23   5.63   5.43

   Treasury long-term
       average (10),(11)
23   25 years and above           n.a.   n.a.   5.41

STATE AND LOCAL NOTES AND BONDS

   Moody's series (12)
24 Aaa                            5.58   5.01   4.87
25 Baa                            6.19   5.75   5.64
26 Bond Buyer series (13)         5.71   5.15   5.04

        CORPORATE BONDS

27 Seasoned issues, all
     industries (14)              7.98   7.49   7.10

   Rating group
28 Aaa (15)                       7.62   7.08   6.49
29 Aa                             7.83   7.26   6.93
30 A                              8.11   7.67   7.18
31 Baa                            8.37   7.95   7.80

   MEMO
   Dividend-price ratio (16)
32 Common stocks                  1.15   1.32   1.61

                                  2002          2003

             Item                 Dec.   Jan.   Feb.   Mar.

   MONEY MARKET INSTRUMENTS

 1 Federal funds (1),(2),(3)      1.24   1.24   1.26   1.25
 2 Discount window primary
     credit (2),(4)               n.a.   n.a.   2.25   2.25

   Commercial paper (3),(5),(6)
   Nonfinancial
 3   1-month                      1.31   1.25   1.24   1.21
 4   2-month                      1.32   1.26   1.25   1.20
 5   3-month                      1.31   1.26   1.26   1.19

   Financial
 6   1-month                      1.31   1.26   1.25   1.23
 7   2-month                      1.32   1.27   1.25   1.22
 8   3-month                      1.32   1.27   1.25   1.21

   Certificates of deposit,
       secondary market (3),(7)
 9   1-month                      1.37   1.29   1.27   1.25
10   3-month                      1.34   1.29   1.27   1.23
11   6-month                      1.36   1.30   1.27   1.20

12 Eurodollar deposits,
     3-month (3),(8)              1.35   1.29   1.26   1.21

   US. Treasury bills
   Secondary market (3),(5)
13   4-week                       1.18   1.15   1.18   1.16
14   3-month                      1.19   1.17   1.17   1.13
15   6-month                      1.24   1.20   1.18   1.13

 U.S. TREASURY NOTES AND BONDS

   Constant maturities (9)
16   1-year                       1.45   1.36   1.30   1.24
17   2-year                       1.84   1.74   1.63   1.57
18   3-year                       2.23   2.18   2.05   1.98
19   5-year                       3.03   3.05   2.90   2.78
20   7-year                       3.63   3.60   3.45   3.34
21   10-year                      4.03   4.05   3.90   3.81
22   20-year                      5.01   5.02   4.87   4.82

   Treasury long-term
       average (10),(11)
23   25 years and above           5.06   5.07   4.93   4.90

STATE AND LOCAL NOTES AND BONDS

   Moody's series (12)
24 Aaa                            4.70   4.72   4.57   4.51
25 Baa                            5.57   5.61   5.48   5.32
26 Bond Buyer series (13)         4.85   4.90   4.81   4.76

        CORPORATE BONDS

27 Seasoned issues, all
     industries (14)              6.77   6.72   6.50   6.42

   Rating group
28 Aaa (15)                       6.21   6.17   5.95   5.89
29 Aa                             6.63   6.59   6.34   6.28
30 A                              6.80   6.77   6.63   6.54
31 Baa                            7.45   7.35   7.06   6.95

   MEMO
   Dividend-price ratio (16)
32 Common stocks                  1.77   1.81   1.91   1.92

                                         2003, week ending

                                  Feb.   Mar.   Mar.   Mar.   Mar.
             Item                  28     7      14     21     28

   MONEY MARKET INSTRUMENTS

 1 Federal funds (1),(2),(3)      1.24   1.29   1.21   1.27   1.22
 2 Discount window primary
     credit (2),(4)               2.25   2.25   2.25   2.25   2.25

   Commercial paper (3),(5),(6)
   Nonfinancial
 3   1-month                      1.25   1.23   1.19   1.21   1.23
 4   2-month                      1.25   1.24   1.16   1.20   1.22
 5   3-month                      1.25   1.23   1.15   1.18   1.20

   Financial
 6   1-month                      1.25   1.24   1.21   1.23   1.24
 7   2-month                      1.25   1.25   1.18   1.21   1.23
 8   3-month                      1.25   1.24   1.17   1.19   1.23

   Certificates of deposit,
       secondary market (3),(7)
 9   1-month                      1.27   1.27   1.23   1.25   1.26
10   3-month                      1.27   1.26   1.18   1.22   1.25
11   6-month                      1.27   1.25   1.15   1.20   1.22

12 Eurodollar deposits,
     3-month (3),(8)              1.26   1.24   1.18   1.21   1.23

   US. Treasury bills
   Secondary market (3),(5)
13   4-week                       1.21   1.18   1.13   1.16   1.16
14   3-month                      1.19   1.15   1.09   1.14   1.15
15   6-month                      1.18   1.15   1.07   1.15   1.15

 U.S. TREASURY NOTES AND BONDS

   Constant maturities (9)
16   1-year                       1.27   1.22   1.16   1.32   1.27
17   2-year                       1.57   1.47   1.47   1.72   1.65
18   3-year                       1.96   1.84   1.85   2.14   2.08
19   5-year                       2.76   2.61   2.62   2.97   2.93
20   7-year                       3.31   3.17   3.18   3.52   3.51
21   10-year                      3.78   3.65   3.65   3.97   3.96
22   20-year                      4.78   4.68   4.68   4.94   4.96

   Treasury long-term
       average (10),(11)
23   25 years and above           4.86   4.77   4.77   5.01   5.04

STATE AND LOCAL NOTES AND BONDS

   Moody's series (12)
24 Aaa                            4.48   4.40   4.39   4.55   4.69
25 Baa                            5.38   5.28   5.21   5.38   5.40
26 Bond Buyer series (13)         4.74   4.69   4.67   4.83   4.84

        CORPORATE BONDS

27 Seasoned issues, all
     industries (14)              6.43   6.35   6.36   6.51   6.46

   Rating group
28 Aaa (15)                       5.89   5.82   5.82   5.99   5.94
29 Aa                             6.28   6.22   6.22   6.38   6.33
30 A                              6.57   6.48   6.49   6.65   6.58
31 Baa                            6.97   6.90   6.90   7.04   6.97

   MEMO
   Dividend-price ratio (16)
32 Common stocks                  1.89   1.94   1.93   1.93   1.87

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 discounts made and advances extended under
the Federal Reserve's primary credit discount window program, 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 reported is that 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/h15/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-finance/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 only 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

                                                                2002

        Indicator           2000        2001        2002        July

                                    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    5,139.94
 2   Industrial              809.40      749.46      656.44      603.04
 3   Transportation          414.73      444.45      430.63      416.07
 4   Utility                 478.99      377.72      260.50      230.21
 5   Finance                 552.48      596.61      554.88      524.01

 6 Standard & Poor's
     Corporation
     (1941-43 = 10) (1)    1,427.22    1,194.18      993.94      903.59

 7 American Stock
      Exchange
     (Aug. 31, 1973 =
     50) (2)                 922.22      879.08      860.11      840.76

   Volume of trading
     (thousands of
     shares)
 8 New York Stock
     Exchange             1,026,867   1,216,529   1,411,689   1,848,962
 9 American Stock
     Exchange                51,437      68,074     n.a.        n.a.

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

10 Margin credit at
     broker--dealers
     (3)                    198,790     150,450     134,380     136,160

   Free credit balances
     at brokers (4)
11 Margin accounts (5)      100,680     101,640      95,690      98,080
12 Cash accounts             84,400      78,040      73,340      68,860

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

                              Mar. 11, 1968            June 8, 1968

13 Margin stocks                    70                      80
14 Convertible bonds                50                      60
15 Short sales                      70                      80

                                              2002

        Indicator           Aug.        Sept.       Oct.        Nov.

                                    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    5,104.89
 2   Industrial              611.34      589.14      574.45      597.75
 3   Transportation          409.96      388.19      383.41      405.03
 4   Utility                 225.52      210.76      207.83      229.41
 5   Finance                 533.60      506.05      494.06      523.50

 6 Standard & Poor's
     Corporation
     (1941-43 = 10) (1)      912.55      867.81      854.63      909.93

 7 American Stock
      Exchange
     (Aug. 31, 1973 =
     50) (2)                 843.89      852.03      807.38      820.62

   Volume of trading
     (thousands of
     shares)
 8 New York Stock
     Exchange             1,317,105   1,370,143   1,619,896   1,427,254
 9 American Stock
     Exchange               n.a.        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     133,060

   Free credit balances
     at brokers (4)
11 Margin accounts (5)       95,400      98,630      96,620      91,240
12 Cash accounts             63,700      67,550      66,780      67,380

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

                               May 6, 1970             Dec. 6, 1971

13 Margin stocks                    65                      55
14 Convertible bonds                50                      50
15 Short sales                      65                      55

                            2002                    2003

        Indicator           Dec.        Jan.        Feb.        Mar.

                                   Prices and trading volume
                                  (averages of daily figures)

   Common stock prices
     (indexes)
 1 New York Stock
       Exchange
       (Dec. 31, 1965 =
       50)                 5,075.76    5,055.78    4,738.56    4,724.22
 2   Industrial              593.15      587.78      553.90      558.10
 3   Transportation          401.39      394.60      367.55      366.90
 4   Utility                 236.71      236.42      214.64      211.45
 5   Finance                 519.72      522.51      485.72      486.71

 6 Standard & Poor's
     Corporation
     (1941-43 = 10) (1)      899.18      895.84      837.62      846.62

 7 American Stock
      Exchange
     (Aug. 31, 1973 =
     50) (2)                 823.77      824.64      818.84      822.34

   Volume of trading
     (thousands of
     shares)
 8 New York Stock
     Exchange             1,210,332   1,441,846   1,302,011   1,403,742
 9 American Stock
     Exchange               n.a.        n.a.        n.a.        n.a.

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

10 Margin credit at
     broker--dealers
     (3)                    134,380     134,910     134,030     135,910

   Free credit balances
     at brokers (4)
11 Margin accounts (5)       95,690      96,430      95,400      90,830
12 Cash accounts             73,340      66,200      67,260      68,860

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

                              Nov. 24, 1972            Jan. 3, 1974

13 Margin stocks                    65                      50
14 Convertible bonds                50                      50
15 Short sales                      65                      50

(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.


Federal Finance
1.40 FEDERAL DEBT SUBJECT TO STATUTORY LIMITATION

Billions of dollars, end of month

                                                 2001

               Item                  Mar. 31   June 30   Sept. 30

 1 Federal debt outstanding          5,800.6   5,753.9   5,834.5

 2 Public debt securities            5,773.7   5,726.8   5,807.5
 3   Held by public                  3,434.4   3,274.2   3,338.7
 4   Held by agencies                2,339.4   2,452.6   2,468.8

 5 Agency securities                    26.8      27.1      27.0
 6   Held by public                     26.8      27.1      27.0
 7   Held by agencies                     .1        .0        .0

 8 Debt subject to statutory limit   5,692.5   5,645.0   5,732.6

 9 Public debt securities            5,692.3   5,644.8   5,732.4
10 Other debt (1)                         .2        .2        .2

   MEMO
11 Statutory debt limit              5,950.0   5,950.0   5,950.0

                                      2001            2002

               Item                  Dec. 31   Mar. 31   June 30

 1 Federal debt outstanding          5,970.3   6,032.4   6,153.3

 2 Public debt securities            5,943.4   6,006.0   6,126.5
 3   Held by public                  3,393.8   3,443.7   3,463.5
 4   Held by agencies                2,549.7   2,562.4   2,662.9

 5 Agency securities                    26.8      26.4      26.8
 6   Held by public                     26.8      26.4      26.8
 7   Held by agencies                     .0        .0        .0

 8 Debt subject to statutory limit   5,871.4   5,935.1   6,058.3

 9 Public debt securities            5,871.2   5,935.0   6,058.1
10 Other debt (1)                         .3        .2        .2

   MEMO
11 Statutory debt limit              5,950.0   5,950.0   6,400.0

                                             2002          2003

               Item                  Sept. 30   Dec. 31   Mar. 31

 1 Federal debt outstanding          6,255.4    6,433.0   6,487.7

 2 Public debt securities            6,228.2    6,405.7   6,460.8
 3   Held by public                  3,552.6    3,647.4   3,710.8
 4   Held by agencies                2,675.6    2,758.3   2,750.0

 5 Agency securities                    27.2       27.3      26.9
 6   Held by public                     27.2       27.3      26.9
 7   Held by agencies                     .0         .0        .0

 8 Debt subject to statutory limit   6,161.4    6,359.4   6,399.9

 9 Public debt securities            6,161.1    6,359.1   6,399.8
10 Other debt (1)                         .3         .3        .2

   MEMO
11 Statutory debt limit              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 holder           1999      2000      2001      2002

 1 Total gross public debt       5,776.1   5,662.2   5,943.4   6,405.7

   By type
 2 Interest-bearing              5,766.1   5,618.1   5,930.8   6,391.4
 3   Marketable                  3,281.0   2,966.9   2,982.9   3,205.1
 4     Bills                       737.1     646.9     811.3     888.8
 5     Notes                     1,784.5   1,557.3   1,413.9   1,580.8
 6     Bonds                       643.7     626.5     602.7     588.7
 7     Inflation-indexed notes
         and bonds (1)             100.7     121.2     140.1     146.9
 8   Nonmarketable (2)           2,485.1   2,651.2   2,947.9   3,186.3
 9     State and local
         government series         165.7     151.0     146.3     153.4
10     Foreign issues (3)           31.3      27.2      15.4      11.2
11       Government                 31.3      27.2      15.4      11.2
12       Public                       .0        .0        .0        .0
13     Savings bonds and notes     179.4     176.9     181.5     184.8
14     Government account
         series (4)              2,078.7   2,266.1   2,574.8   2,806.9
15 Non-interest-bearing             10.0      44.2      12.7      14.3

   By holder (5)
16 U.S. Treasury and other
     federal agencies and
     trust funds                 2,064.2   2,270.1   2,572.2   2,757.8
17 Federal Reserve Banks (6)       478.0     511.7     551.7     629.4
18 Private investors             3,233.9   2,880.4   2,819.5   3,018.5
19   Depository institutions       248.7     201.5     181.5     223.2
20   Mutual funds                  228.6     220.8     257.5     278.1
21   Insurance companies           123.4     110.2     105.7     117.4
22   State and local
       treasuries (7)              266.8     236.2     256.5     274.2
     Individuals
23   Savings bonds                 186.4     184.8     190.3     194.9
24   Pension funds                 321.0     304.1     281.6     284.2
25     Private                     109.8     108.4     104.2     111.4
26     State and Local             211.2     195.7     177.4     172.8
27   Foreign and
       international (8)         1,268.7   1,034.2   1,053.1   1,174.2
28   Other miscellaneous
       investors (7),(9)           590.3     588.7     493.3     n.a.

                                            2002                2003

        Type and holder            Q2        Q3        Q4        Q1

 1 Total gross public debt       6,126.5   6,228.2   6,405.7   6,460.8

   By type
 2 Interest-bearing              6,087.0   6,216.3   6,391.4   6,474.0
 3   Marketable                  3,024.8   3,136.6   3,205.1   3,331.8
 4     Bills                       822.5     868.3     888.8     955.0
 5     Notes                     1,446.9   1,521.5   1,580.8   1,622.9
 6     Bonds                       592.9     592.9     588.7     585.7
 7     Inflation-indexed notes
         and bonds (1)             147.5     138.9     146.9     153.2
 8   Nonmarketable (2)           3,062.2   3,079.6   3,186.3   3,142.2
 9     State and local
         government series         142.8     144.3     153.4     148.8
10     Foreign issues (3)           13.3      12.5      11.2      12.2
11       Government                 13.3      12.5      11.2      12.2
12       Public                       .0        .0        .0        .0
13     Savings bonds and notes     184.8     185.6     184.8     187.3
14     Government account
         series (4)              2,691.4   2,707.3   2,806.9   2,763.8
15 Non-interest-bearing             39.5      12.0      14.3      13.8

   By holder (5)
16 U.S. Treasury and other
     federal agencies and
     trust funds                 2,686.0   2,701.3   2,757.8     n.a.
17 Federal Reserve Banks (6)       590.7     604.2     629.4     641.5
18 Private investors             2,849.8   2,924.8   3,018.5     n.a.
19   Depository institutions       204.4     210.4     223.2     n.a.
20   Mutual funds                  250.0     253.6     278.1     n.a.
21   Insurance companies           110.3     116.0     117.4     n.a.
22   State and local
       treasuries (7)              271.7     269.4     274.2     n.a.
     Individuals
23   Savings bonds                 192.7     193.3     194.9     n.a.
24   Pension funds                 286.0     284.9     284.2     n.a.
25     Private                     108.8     110.9     111.4     n.a.
26     State and Local             177.2     174.1     172.8     n.a.
27   Foreign and
       international (8)         1,068.1   1,128.6   1,174.2     n.a.
28   Other miscellaneous
       investors (7),(9)           466.5     471.1     n.a.      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            2003

               Item                  Dec.      Jan.      Feb.

   By type of security
 1 U.S. Treasury bills               44,252    39,484    42,383
   Treasury coupon securities by
       maturity
 2   Three years or less             98,091   122,814   116,714
 3   More than three but less
       than or equal to six years    78,534   119,127   111,100
 4   More than six but less than
       or equal to eleven years      61,252    75,346    85,141
 5   More than eleven                15,748    16,002    20,817
 6   Inflation-indexed (2)            2,380     3,969     2,995

   Federal agency and government-
       sponsored enterprises
 7   Discount notes                  54,947    56,755    56,333
     Coupon securities by
         maturity
 8     Three years or less            8,787    12,752    11,391
 9     More than three years but
         less than or equal
         to six years                 6,270    10,444    10,878
10     More than six years but
         less than or equal
         to eleven years              5,976     6,839     5,875
11     More than eleven years           897       988     1,071

12   Mortgage-backed                153,693   201,113   204,993

   Corporate securities
13   One year or less               101,904   109,068   111,264
14   More than one year              15,482    22,404    22,114

   By type of counterparty
   With interdealer broker
15   U.S. Treasury                  137,745   170,999   176,738
16   Federal agency and
       government-sponsored
       enterprises                    7,381    10,127     8,572
17   Mortgage-backed                 36,156    54,576    61,573
18   Corporate                          433       616       518
   With other
19   U.S. Treasury                  162,512   205,741   202,410
20   Federal agency and
       government-sponsored
       enterprises                   69,496    77,652    76,975
21   Mortgage-backed                117,537   146,537   143,420
22   Corporate                      116,953   130,855   132,860

                                          2003, week ending

               Item                 Jan. 29   Feb. 5    Feb. 12

   By type of security
 1 U.S. Treasury bills               38,052    44,310    37,510
   Treasury coupon securities by
       maturity
 2   Three years or less            124,329   122,494   114,312
 3   More than three but less
       than or equal to six years    98,307   110,023   128,243
 4   More than six but less than
       or equal to eleven years      73,479    73,820    88,227
 5   More than eleven                16,642    15,594    22,002
 6   Inflation-indexed (2)            2,451     3,316     3,248

   Federal agency and government-
       sponsored enterprises
 7   Discount notes                  51,741    57,810    54,206
     Coupon securities by
         maturity
 8     Three years or less           11,844    16,818    10,336
 9     More than three years but
         less than or equal
         to six years                 9,738    11,206    11,438
10     More than six years but
         less than or equal
         to eleven years              6,852     5,337     4,550
11     More than eleven years           941       761       585

12   Mortgage-backed                152,512   165,350   254,910

   Corporate securities
13   One year or less               103,376   105,468   104,604
14   More than one year              26,287    23,318    24,000

   By type of counterparty
   With interdealer broker
15   U.S. Treasury                  164,015   183,940   189,323
16   Federal agency and
       government-sponsored
       enterprises                   10,233     8,541     8,885
17   Mortgage-backed                 50,663    52,743    75,820
18   Corporate                          661       714       553
   With other
19   U.S. Treasury                  189,245   185,617   204,218
20   Federal agency and
       government-sponsored
       enterprises                   70,884    83,390    72,229
21   Mortgage-backed                101,849   112,607   179,089
22   Corporate                      129,002   128,072   128,051

                                         2003, week ending

               Item                 Feb. 19   Feb. 26   Mar. 5

   By type of security
 1 U.S. Treasury bills               38,707    44,677    53,289
   Treasury coupon securities by
       maturity
 2   Three years or less             95,291   126,063   133,520
 3   More than three but less
       than or equal to six years    97,747   104,503   113,057
 4   More than six but less than
       or equal to eleven years      90,878    83,004    88,275
 5   More than eleven                17,694    23,597    24,985
 6   Inflation-indexed (2)            2,185     3,477     2,294

   Federal agency and government-
       sponsored enterprises
 7   Discount notes                  61,150    51,402    62,131
     Coupon securities by
         maturity
 8     Three years or less            8,791    10,657    12,920
 9     More than three years but
         less than or equal
         to six years                 7,708    10,259    16,878
10     More than six years but
         less than or equal
         to eleven years              7,782     5,445     7,257
11     More than eleven years         2,009       936     1,209

12   Mortgage-backed                181,176   177,764   255,368

   Corporate securities
13   One year or less               118,895   115,302   111,252
14   More than one year              18,873    20,942    25,006

   By type of counterparty
   With interdealer broker
15   U.S. Treasury                  156,672   170,636   189,860
16   Federal agency and
       government-sponsored
       enterprises                    7,844     7,883    11,012
17   Mortgage-backed                 54,089    52,611    76,573
18   Corporate                          368       466       571
   With other
19   U.S. Treasury                  185,828   214,685   225,560
20   Federal agency and
       government-sponsored          79,595    70,814    89,383
       enterprises                  127,088   125,153   178,795
21   Mortgage-backed                137,400   135,779   135,686
22   Corporate
                                          2003, week ending

               Item                 Mar. 12   Mar. 19   Mar. 26

   By type of security
 1 U.S. Treasury bills               49,336    45,219    46,463
   Treasury coupon securities by
       maturity
 2   Three years or less            118,555   131,671   125,796
 3   More than three but less
       than or equal to six years   113,654   140,634   106,269
 4   More than six but less than
       or equal to eleven years      86,129   110,120    93,821
 5   More than eleven                24,991    23,348    17,570
 6   Inflation-indexed (2)            2,563     3,823     3,176

   Federal agency and government
       sponsored enterprises
 7   Discount notes                  48,025    52,359    51,092
     Coupon securities by
         maturity
 8     Three years or less           14,808    18,005    12,158
 9     More than three years but
         less than or equal
         to six years                12,099    10,144    10,521
10     More than six years but
         less than or equal
         to eleven years              6,421     6,523     8,810
11     More than eleven years         1,682     2,080     1,562

12   Mortgage-backed                331,055   244,537   178,466

   Corporate securities
13   One year or less               114,411   134,411   131,158
14   More than one year              22,763    22,755    24,629

   By type of counterparty
   With interdealer broker
15   U.S. Treasury                  180,503   216,547   186,003
16   Federal agency and
       government-sponsored
       enterprises                   11,927    10,722     9,462
17   Mortgage-backed                 95,373    66,280    50,576
18   Corporate                          491       508       438
   With other
19   U.S. Treasury                  214,724   238,269   207,092
20   Federal agency and
       government-sponsored
       enterprises                   71,108    78,389    74,680
21   Mortgage-backed                235,682   178,257   127,890
22   Corporate                      136,683   156,659   155,349

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              2003

     Item, by typed of security        Dec.        Jan.        Feb.

                                       Net outright positions (2)

 1 U.S. Treasury bills                  27,911      23,749      33,405
   Treasury coupon securities by
     maturity

 2   Three years or less               -22,860     -19,950     -13,349
 3   More than three years but
       less than or equal to six
       years                           -33,784     -33,546     -30,605
 4   More than six but less than
       or equal to eleven years        -19,587     -18,697     -13,246
 5   More than eleven                    1,813       4,522       4,742
 6   Inflation-indexed                   4,312       1,268       2,051

   Federal agency and government-
       sponsored enterprises
 7   Discount notes                     51,644      55,562      56,067
     Coupon securities, by
         maturity
 8     Three years or less              18,834      15,969      18,206
 9     More than three years but
         less than or equal to
         six years                         587       4,501       7,076
10     More than six but less than
         or equal to eleven years        2,333       1,521       1,050
11     More than eleven                  2,757       2,200       2,261

12 Mortgage-backed                      12,650      23,387      27,290

   Corporate securities
13   One year or less                   25,588      25,810      26,844
14   More than one year                 55,865      53,119      49,821

                                                Financing (3)

   Securities in, U.S. Treasury
15 Overnight and continuing            605,390     629,534     649,602
16 Term                                918,379     716,731     711,711
   Federal agency and government-
     sponsored enterprises
17 Overnight and continuing            143,451     153,105     156,551
18 Term                                294,633     228,176     225,453
   Mortgage-backed securities
19 Overnight and continuing             35,872      37,003      41,472
20 Term                                274,185     250,974     245,796
   Corporate securities
21 Overnight and continuing             49,163      58,162      61,227
22 Term                                 24,654      24,045      24,535

   MEMO
   Reverse repurchase agreements
23 Overnight and continuing            440,006     425,659     462,703
24 Term                              1,352,627   1,058,223   1,044,314

   Securities out, U.S. Treasury
25 Overnight and continuing            585,423     586,166     613,713
26 Term                                842,700     656,962     651,391
   Federal agency and government-
     sponsored enterprises
27 Overnight and continuing            271,376     293,172     302,426
28 Term                                232,535     153,444     156,795
   Mortgage-backed securities
29 Overnight and continuing            300,834     334,095     336,090
30 Term                                170,735     153,932     149,392
   Corporate securities
31 Overnight and continuing            135,776     135,890     138,581
32 Term                                 17,694      19,581      22,083

   MEMO
   Repurchase agreements
33 Overnight and continuing          1,127,804   1,159,110   1,190,429
34 Term                              1,233,261     951,521     944,456

                                            2003, week ending

     Item, by typed of security       Jan. 29     Feb. 5      Feb. 12

                                        Net outright positions (2)

1  U.S. Treasury bills                  15,946      24,171      31,778
   Treasury coupon securities by
     maturity

2    Three years or less                -9,703     -16,436     -18,025
3    More than three years but
       less than or equal to six
       years                           -38,614     -34,042     -27,510
4    More than six but less than
       or equal to eleven years        -19,813     -18,197     -13,268
5    More than eleven                    4,250       3,759       3,220
6    Inflation-indexed                   2,028       1,038       2,222

   Federal agency and government-
       sponsored enterprises
7    Discount notes                     61,236      63,066      57,514
     Coupon securities, by
         maturity
8      Three years or less              15,243      15,827      19,734
9      More than three years but
         less than or equal to
         six years                       5,459       7,812       9,268
10     More than six but less than
         or equal to eleven years        1,107       1,236         207
11     More than eleven                  1,982       1,958       2,095

12 Mortgage-backed                      33,740      32,996      28,681

   Corporate securities
13   One year or less                   26,498      30,987      25,718
14   More than one year                 50,787      48,978      48,276

                                                 Financing (3)

   Securities in, U.S. Treasury
15 Overnight and continuing            618,617     631,268     641,428
16 Term                                770,564     773,324     798,446
   Federal agency and government-
     sponsored enterprises
17 Overnight and continuing            154,502     156,371     159,292
18 Term                                232,573     230,380     231,468
   Mortgage-backed securities
19 Overnight and continuing             29,138      33,821      37,946
20 Term                                257,452     243,508     248,270
   Corporate securities
21 Overnight and continuing             58,759      60,079      60,680
22 Term                                 23,645      24,887      24,964

   MEMO
   Reverse repurchase agreements
23 Overnight and continuing            415,652     427,199     446,710
24 Term                              1,119,107   1,109,413   1,140,885

   Securities out, U.S. Treasury
25 Overnight and continuing            582,617     577,312     593,721
26 Term                                702,113     714,152     742,013
   Federal agency and government-
     sponsored enterprises
27 Overnight and continuing            308,888     313,538     310,052
28 Term                                150,466     155,138     160,989
   Mortgage-backed securities
29 Overnight and continuing            367,868     316,794     307,924
30 Term                                149,285     147,341     152,537
   Corporate securities
31 Overnight and continuing            135,480     142,755     137,209
32 Term                                 20,537      21,002      22,395

   MEMO
   Repurchase agreements
33 Overnight and continuing          1,200,763   1,156,305   1,149,294
34 Term                                986,973   1,003,848   1,043,656

                                            2003, week ending

     Item, by typed of security       Feb. 19     Feb. 26     Mar. 5

                                        Net outright positions (2)

1  U.S. Treasury bills                  40,149      33,634      37,774
   Treasury coupon securities by
     maturity

2    Three years or less               -15,372      -6,260      -6,990
3    More than three years but
       less than or equal to six
       years                           -29,391     -32,269     -31,268
4    More than six but less than
       or equal to eleven years        -13,100     -10,904      -9,498
5    More than eleven                    5,155       6,311       5,590
6    Inflation-indexed                   2,071       2,579       2,061

   Federal agency and government-
       sponsored enterprises
7    Discount notes                     54,573      52,802      50,166
     Coupon securities, by
         maturity
8      Three years or less              16,576      18,996      21,747
9      More than three years but
         less than or equal to
         six years                       6,025       5,693       6,077
10     More than six but less than
         or equal to eleven years          822       2,067         772
11     More than eleven                  2,203       2,764       2,047

12 Mortgage-backed                      21,290      27,640      27,936

   Corporate securities
13   One year or less                   30,300      22,472      23,636
14   More than one year                 53,681      48,618      48,034

                                                 Financing (3)

   Securities in, U.S. Treasury
15 Overnight and continuing            673,773     640,907     669,879
16 Term                                622,685     674,260     696,777
   Federal agency and government-
     sponsored enterprises
17 Overnight and continuing            162,395     145,606     165,262
18 Term                                216,628     224,279     227,073
   Mortgage-backed securities
19 Overnight and continuing             51,364      41,305      38,898
20 Term                                242,632     247,302     248,663
   Corporate securities
21 Overnight and continuing             61,367      61,624      64,131
22 Term                                 24,702      23,828      24,050

   MEMO
   Reverse repurchase agreements
23 Overnight and continuing            492,350     464,148     498,615
24 Term                                943,789   1,003,613   1,037,862

   Securities out, U.S. Treasury
25 Overnight and continuing            633,936     629,509     648,614
26 Term                                564,162     607,052     637,794
   Federal agency and government-
     sponsored enterprises
27 Overnight and continuing            301,736     288,437     299,330
28 Term                                149,215     160,068     161,331
   Mortgage-backed securities
29 Overnight and continuing            363,780     355,400     318,414
30 Term                                146,900     150,735     147,537
   Corporate securities
31 Overnight and continuing            143,942     133,079     133,442
32 Term                                 22,240      22,244      22,575

   MEMO
   Repurchase agreements
33 Overnight and continuing          1,238,659   1,207,695   1,190,472
34 Term                                846,904     902,992     935,330

                                       2003, week ending

     Item, by typed of security       Mar. 12     Mar. 19

                                         Net outright
                                         positions (2)

1  U.S. Treasury bills                  32,292      33,102
   Treasury coupon securities by
     maturity

2    Three years or less                -8,469     -10,028
3    More than three years but
       less than or equal to six
       years                           -39,565     -39,506
4    More than six but less than
       or equal to eleven years        -10,332     -13,214
5    More than eleven                    5,516       5,149
6    Inflation-indexed                   2,129       4,311

   Federal agency and government-
       sponsored enterprises
7    Discount notes                     58,724      55,307
     Coupon securities, by
         maturity
8      Three years or less              22,456      17,704
9      More than three years but
         less than or equal to
         six years                       5,260       3,534
10     More than six but less than
         or equal to eleven years        2,603       1,929
11     More than eleven                  2,155       2,312

12 Mortgage-backed                      42,411      56,549

   Corporate securities
13   One year or less                   29,370      29,121
14   More than one year                 49,194      47,979

                                          Financing (3)

   Securities in, U.S. Treasury
15 Overnight and continuing            654,221     652,287
16 Term                                764,308     820,208
   Federal agency and government-
     sponsored enterprises
17 Overnight and continuing            160,000     153,089
18 Term                                241,547     243,799
   Mortgage-backed securities
19 Overnight and continuing             40,349      42,962
20 Term                                254,179     247,333
   Corporate securities
21 Overnight and continuing             64,944      65,444
22 Term                                 25,734      26,348

   MEMO
   Reverse repurchase agreements
23 Overnight and continuing            471,861     474,899
24 Term                              1,116,675   1,159,906

   Securities out, U.S. Treasury
25 Overnight and continuing            645,755     638,807
26 Term                                699,428     749,705
   Federal agency and government-
     sponsored enterprises
27 Overnight and continuing            299,162     286,430
28 Term                                178,431     178,090
   Mortgage-backed securities
29 Overnight and continuing            304,619     352,761
30 Term                                154,136     152,773
   Corporate securities
31 Overnight and continuing            143,199     145,255
32 Term                                 22,434      22,146

   MEMO
   Repurchase agreements
33 Overnight and continuing          1,193,494   1,229,711
34 Term                              1,013,969   1,050,480

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                  1999        2000        2001

 1 Federal and federally sponsored
     agencies                        1,616,492   1,851,632   2,121,057

 2 Federal agencies                     26,376      25,666         276
 3   Defense Department (1)                  6           6           6
 4   Export-Import Bank (2),(3)        n.a.        n.a.        n.a.
 5   Federal Housing
       Administration (4)                  126         255      26,828
 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         26,370      25,660         270
 9   United States Railway
       Association (6)                 n.a.        n.a.        n.a.

10 Federally sponsored
       agencies (7)                  1,590,116   1,825,966   2,120,781
11   Federal Home Loan Banks           529,005     594,404     623,740
12   Federal Home Loan Mortgage
       Corporation                     360,711     426,899     565,071
13   Federal National Mortgage
       Association                     547,619     642,700     763,500
14   Farm Credit Banks (8)              68,883      74,181      76,673
15   Student Loan Marketing
       Association (9)                  41,988      45,375      48,350
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)                          42,152      40,575      39,096

   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           6,665       5,275     n.a.
26 Rural Electrification
     Administration                     14,085      13,126      13,876
27 Other                                21,402      22,174      25,220

                                                         2002

               Agency                  2002      Sept.       Oct.

 1 Federal and federally sponsored
     agencies                        2,351,039   2,269,256   2,289,622

 2 Federal agencies                          2         304         318
 3   Defense Department (1)                  6           6           6
 4   Export-Import Bank (2),(3)        n.a.        n.a.        n.a.
 5   Federal Housing
       Administration (4)               26,828      27,170      26,725
 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            270         298         312
 9   United States Railway
       Association (6)                 n.a.        n.a.        n.a.

10 Federally sponsored
       agencies (7)                  2,351,037   2,268,952   2,289,304
11   Federal Home Loan Banks           674,841     668,703     679,209
12   Federal Home Loan Mortgage
       Corporation                     648,894     623,267     625,328
13   Federal National Mortgage
       Association                     851,000     800,300     804,800
14   Farm Credit Banks (8)              85,088      82,741      83,145
15   Student Loan Marketing
       Association (9)                  47,900      50,800      54,200
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)                          37,017      39,604      37,084

   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                     14,489      14,029      14,058
27 Other                                22,528      25,575      23,026

                                             2002            2003

               Agency                Nov.        Dec.        Jan.

 1 Federal and federally sponsored
     agencies                        2,305,945   2,351,039   n.a.

 2 Federal agencies                        342           2   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)               26,863      26,828   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            336         270   n.a.
 9   United States Railway
       Association (6)                 n.a.        n.a.      n.a.

10 Federally sponsored
       agencies (7)                  2,305,607   2,351,037   n.a.
11   Federal Home Loan Banks           674,847     674,841   n.a.
12   Federal Home Loan Mortgage
       Corporation                     643,201     648,894   n.a.
13   Federal National Mortgage
       Association                     811,700     851,000   n.a.
14   Farm Credit Banks (8)              83,884      85,088   n.a.
15   Student Loan Marketing
       Association (9)                  48,700      47,900   n.a.
16   Financing Corporation (10)          8,170       8,170   n.a.
17   Farm Credit Financial
       Assistance Corporation (11)       1,261       1,261   n.a.
18   Resolution Funding
       Corporation (12)                 29,996      29,996   n.a.

   MEMO
19 Federal Financing Bank
     debt (13)                          37,418      37,017   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                     14,209      14,489   n.a.
27 Other                                23,209      22,528   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,
              or use                2000      2001          2002

 1 All issues, new and refunding
     (1)                           180,403   291,958 (r)   364,044 (r)

   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   200,343 (r)   243,437 (r)

   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                Aug.        Sept.         Oct.

 1 All issues, new and refunding
     (1)                           31,690 (r)   27,423 (r)   44,574

   By type of issue
 2 General obligation              13,187        9,628       18,595
 3 Revenue                         18,692       17,751       24,074

   By type of issuer
 4 State                            3,472        2,442        4,199
 5 Special district or statutory
     authority (2)                 23,104       19,171       31,793
 6 Municipality, county, or
     township                       5,302        5,767        6,678

 7 Issues for new capital          20,632       15,139 (r)   30,230

   By use of proceeds
 8 Education                        3,968        3,529        5,209
 9 Transportation                   4,413        1,398        1,476
10 Utilities and conservation       2,806        2,038        6,922
11 Social welfare                   n.a.         n.a.         n.a.
12 Industrial aid                     283          574        1,225
13 Other purposes                   6,537        5,597        6,996

                                         2002                 2003
     Type of issue or issuer,
              or use                Nov.         Dec.         Jan.

 1 All issues, new and refunding
     (1)                           37,150 (r)   27,593 (r)   26,798 (r)

   By type of issue

 2 General obligation              11,023        8,431        8,112
 3 Revenue                         24,942       18,961       17,049

   By type of issue

 4 State                            2,109        1,670        1,927
 5 Special district or statutory
     authority (2)                 28,296       20,151       17,979
 6 Municipality, county, or
     township                       5,570        5,570        5,290

 7 Issues for new capital          26,513 (r)   19,944 (r)   18,671 (r)

   By use of proceeds

 8 Education                        3,743        5,292        4,823
 9 Transportation                   1,250        1,060        1,417
10 Utilities and conservation       8,379        2,031        2,196
11 Social welfare                   n.a.         n.a.         n.a.
12 Industrial aid                     821          796          422
13 Other purposes                   7,189        4,992        7,400

                                         2003

     Type of issue or issuer,       Feb.     Mar.
              or use                (r)

 1 All issues, new and refunding
     (1)                           30,009   28,327

   By type of issue

 2 General obligation              12,718   10,027
 3 Revenue                         17,291   18,300

   By type of issue

 4 State                            3,654    1,277
 5 Special district or statutory
     authority (2)                 20,738   20,061
 6 Municipality, county, or
     township                       5,617    6,989

 7 Issues for new capital          20,252   16,647

   By use of proceeds

 8 Education                        6,830    5,442
 9 Transportation                   1,618    1,208
10 Utilities and conservation         173      557
11 Social welfare                   n.a.     n.a.
12 Industrial aid                   1,075    1,681
13 Other purposes                   7,421    4,378

(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 (r)        2002

 1 All issues (1)              943,340 (r)   1,382,534   1,262,684 (r)

 2 Bonds (2)                   808,423 (r)   1,253,980   1,152,249 (r)

   By type of offering
 3 Sold in the United States   685,626 (r)   1,197,591   1,066,003 (r)
 4 Sold abroad                 122,798          56,389      86,246

   MEMO
 5 Private placements,
     domestic                   18,370          16,385      16,224

   By industry group
 6 Nonfinancial                243,099 (r)     446,456     267,258 (r)
 7 Financial                   565,324 (r)     807,524     884,991 (r)

 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               July         Aug.         Sept.

 1 All issues (1)              59,058 (r)   88,222 (r)   118,947 (r)

 2 Bonds (2)                   54,544 (r)   84,216 (r)   111,652 (r)

   By type of offering
 3 Sold in the United States   51,182 (r)   80,772 (r)   107,219 (r)
 4 Sold abroad                  3,362        3,444         4,432

   MEMO
 5 Private placements,
     domestic                       0            0            65

   By industry group
 6 Nonfinancial                 7,432 (r)   14,407 (r)    17,121 (r)
 7 Financial                   47,112 (r)   69,809 (r)    94,531 (r)

 8 Stocks (3)                   4,514        4,006         7,295

   By type of offering
 9 Public                       4,514        4,006         7,295
10 Private placement (4)        n.a.         n.a.         n.a.

   By industry group
11 Nonfinancial                 1,833          539         2,754
12 Financial                    2,681        3,467         4,541

                                              2002

 Type of issue, offering,
         or issuer               Oct.         Nov.          Dec.

 1 All issues (1)              82,729 (r)   105,754 (r)   107,916 (r)

 2 Bonds (2)                   74,896 (r)    95,821 (r)   101,038 (r)

   By type of offering
 3 Sold in the United States   70,699 (r)    90,207 (r)    95,187 (r)
 4 Sold abroad                  4,197         5,614         5,851

   MEMO
 5 Private placements,
     domestic                       0         3,525         5,060

   By industry group
 6 Nonfinancial                14,560 (r)    20,500 (r)    19,614 (r)
 7 Financial                   60,336 (r)    75,321 (r)    81,424 (r)

 8 Stocks (3)                   7,833         9,933         6,878

   By type of offering
 9 Public                       7,833         9,933         6,878
10 Private placement (4)        n.a.         n.a.          n.a.

   By industry group
11 Nonfinancial                 3,731         4,533         4,154
12 Financial                    4,102         5,400         2,724

                                      2003

 Type of issue, offering,
         or issuer             Jan. (r)    Feb.

 1 All issues (1)               109,628   113,772

 2 Bonds (2)                    102,501   106,633

   By type of offering
 3 Sold in the United States     96,275    97,383
 4 Sold abroad                    6,226     9,250

   MEMO
 5 Private placements,
     domestic                       200         0

   By industry group
 6 Nonfinancial                  27,119    26,222
 7 Financial                     75,382    80,411

 8 Stocks (3)                     7,127     7,139

   By type of offering
 9 Public                         7,127     7,139
10 Private placement (4)         n.a.      n.a.

   By industry group
11 Nonfinancial                   3,793     2,679
12 Financial                      3,334     4,460

(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, Yankee bonds, and private
placements listed. 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

                                                         2002

        Item              2001        2002        Aug.        Sept.

1 Sales of own shares
    (2)                 1,806,474   1,826,045     151,136     125,408

2 Redemptions of own
    shares              1,677,266   1,702,671     136,210     126,760
3 Net sales (3)           129,208     123,374      14,926      -1,352

4 Assets (4)            4,689,624   4,119,322   4,170,641   3,899,858

5 Cash (5)                219,620     208,479     220,425     199,778
6 Other                 4,470,004   3,910,843   3,950,216   3,700,080

                                      2002

        Item              Oct.        Nov.        Dec.

1 Sales of own shares
    (2)                   164,959     137,914     134,383

2 Redemptions of own
    shares                167,039     122,125     135,213
3 Net sales (3)            -2,080      15,789        -830

4 Assets (4)            4,059,765   4,249,351   4,119,322

5 Cash (5)                204,019     219,213     208,479
6 Other                 3,855,746   4,030,138   3,910,843

                                      2003

        Item              Jan.      Feb. (r)      Mar.

1 Sales of own shares
    (2)                   152,647     122,321     141,679

2 Redemptions of own
    shares                138,951     113,643     129,798
3 Net sales (3)            13,696       8,678      11,881

4 Assets (4)            4,060,568   4,031,818   4,060,954

5 Cash (5)                212,792     199,546     209,838
6 Other                 3,847,776   3,832,272   3,851,116

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

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

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

(4.) Market value at end of period, less current liabilities.

(5.) Includes all U.S. Treasury securities and other short-term debt
securities.

SOURCE. Investment Company Institute. Data based on reports of
membership, which comprises substantially all open-end investment
companies registered with the Securities and Exchange Commission.
Data reflect underwritings of newly formed companies after their
initial offering of securities.

1.51 DOMESTIC FINANCE COMPANIES Assets and Liabilities (1)

Billions of dollars, end of period; not seasonally adjusted

           Account              2000 (r)   2001 (r)   2002 (r)

           ASSETS

1 Accounts receivable, gross
      (2)                          958.7      948.3      945.4
2   Consumer                       328.0      340.1      315.6
3   Business                       458.4      447.0      455.3
4   Real estate                    172.3      161.3      174.5

5 LESS: Reserves for unearned
          income                    69.7       60.6       57.0
6       Reserves for losses         16.7       21.0       23.8

7 Accounts receivable, net         872.3      866.7      864.5
8 All other                        461.5      523.4      584.7

9 Total assets                   1,333.7    1,390.1    1,449.3

   LIABILITIES AND CAPITAL

10 Bank loans                       35.9       50.8       48.0
11 Commercial paper                238.8      158.6      141.5

   Debt
12 Owed to parent                  102.5       99.2       88.2
13 Not elsewhere classified        502.2      567.4      624.9
14 All other liabilities           301.8      325.5      339.0
15 Capital, surplus, and
     undivided profits             152.5      188.6      207.6

16 Total liabilities and
     capital                     1,333.7    1,390.1    1,449.3

                                       2001                2002

           Account              Q3 (r)    Q4 (r)    Q1 (r)    Q2 (r)

           ASSETS

1 Accounts receivable, gross
      (2)                         967.8     948.3     930.0     941.9
2   Consumer                      329.3     340.1     329.8     332.0
3   Business                      451.1     447.0     443.0     449.4
4   Real estate                   187.4     161.3     157.2     160.5

5 LESS: Reserves for unearned
          income                   60.8      60.6      59.5      58.5
6       Reserves for losses        18.0      21.0      21.5      21.6

7 Accounts receivable, net        889.0     866.7     849.0     861.9
8 All other                       478.7     523.4     515.2     530.6

9 Total assets                  1,367.7   1,390.1   1,364.2   1,392.5

   LIABILITIES AND CAPITAL

10 Bank loans                      44.5      50.8      49.4      56.9
11 Commercial paper               171.0     158.6     137.0     130.8

   Debt
12 Owed to parent                  91.7      99.2      82.6      83.3
13 Not elsewhere classified       555.8     567.4     574.4     597.2
14 All other liabilities          327.6     325.5     329.1     331.5
15 Capital, surplus, and
     undivided profits            177.2     188.6     191.7     192.9

16 Total liabilities and
     capital                    1,367.7   1,390.1   1,364.2   1,392.5

                                       2002          2003

           Account              Q3 (r)    Q4 (r)      Q1

           ASSETS

1 Accounts receivable, gross
      (2)                         945.6     945.4     934.8
2   Consumer                      334.5     315.6     307.0
3   Business                      445.5     455.3     453.9
4   Real estate                   165.5     174.5     174.0

5 LESS: Reserves for unearned
          income                   58.0      57.0      54.2
6       Reserves for losses        22.0      23.8      24.0

7 Accounts receivable, net        865.6     864.5     856.7
8 All other                       558.0     584.7     610.9

9 Total assets                  1,423.6   1,449.3   1,467.6

   LIABILITIES AND CAPITAL

10 Bank loans                      74.9      48.0      47.3
11 Commercial paper               143.1     141.5     127.3

   Debt
12 Owed to parent                  82.9      88.2      87.7
13 Not elsewhere classified       584.9     624.9     639.1
14 All other liabilities          343.4     339.0     344.4
15 Capital, surplus, and
     undivided profits            194.5     207.6     221.8

16 Total liabilities and
     capital                    1,423.6   1,449.3   1,467.6

(1.) Includes finance company subsidiaries of bank holding companies
but not of retailers and banks. Data are amounts carried on the
balance sheets of finance companies; securitized pools are not shown,
as they are not on the books.

(2.) Before deduction for unearned income and losses. 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                        1,185.5 (r)   1,246.6 (r)   1,270.2 (r)

 2   Consumer                     464.4 (r)     513.3 (r)     513.1 (r)
 3   Real estate                  198.9         207.7         216.5
 4   Business                     522.3         525.6         540.6

                                         Not seasonally adjusted

 5 Total                        1,192.1 (r)   1,253.7 (r)   1,277.6 (r)

 6   Consumer                     468.3 (r)     518.1 (r)     518.4 (r)
 7     Motor vehicle loans        141.6         173.9         160.2
 8     Motor vehicle leases       108.2         103.5          83.3
 9     Revolving (2)               37.6 (r)      31.5 (r)      38.9 (r)
10     Other (3)                   40.7          31.1          33.1
       Securitized assets (4)
11       Motor vehicle loans       97.1         131.9         151.9
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         216.5
16     One- to four-family        130.6         120.1         135.0
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         542.7
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          16.0
25     Equipment                  283.5         289.4         292.1
26       Loans                     70.2          77.8          83.3
27       Leases                   213.3         211.6         208.8
28     Other business
         receivables (6)           99.4         103.5         102.5
       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              Sept.         Oct.          Nov.

                                        Seasonally adjusted

 1 Total                        1,267.0 (r)   1,266.3 (r)   1,270.2 (r)

 2   Consumer                     522.9 (r)     517.5 (r)     513.7 (r)
 3   Real estate                  207.9         211.7         214.2
 4   Business                     536.2         537.0         542.3

                                       Not seasonally adjusted

 5 Total                        1,260.7 (r)   1,263.4 (r)   1,267.9 (r)

 6   Consumer                     522.8 (r)     518.8 (r)     517.6 (r)
 7     Motor vehicle loans        176.5         169.9         159.8
 8     Motor vehicle leases        88.5          86.7          85.2
 9     Revolving (2)               37.3 (r)      37.4 (r)      37.0 (r)
10     Other (3)                   32.3          31.3          31.4
       Securitized assets (4)
11       Motor vehicle loans      138.9         144.1         153.9
12       Motor vehicle leases       6.0           5.9           5.8
13       Revolving                 29.1          29.2          30.2
14       Other                     14.4          14.4          14.2
15   Real estate                  207.9         211.7         214.2
16     One- to four-family        126.5         130.5         132.8
17     Other                       39.0          39.0          39.3
       Securitized real
           estate assets (4)
18       One- to four-family       40.1          40.1          39.9
19       Other                      2.2           2.2           2.2
20   Business                     530.0         532.9         536.1
21     Motor vehicles              56.9          57.3          58.2
22       Retail loans              17.6          18.0          15.7
23       Wholesale loans (5)       23.3          23.5          26.7
24       Leases                    15.9          15.9          15.8
25     Equipment                  289.2         288.4         288.4
26       Loans                     82.8          81.9          82.2
27       Leases                   206.4         206.5         206.2
28     Other business
         receivables (6)           99.4          97.0          95.7
       Securitized assets (4)
29       Motor vehicles            43.8          47.0          50.4
30         Retail loans             2.2           1.9           2.5
31         Wholesale loans         39.3          42.8          45.6
32         Leases                   2.3           2.3           2.3
33       Equipment                 21.6          23.9          24.3
34         Loans                   14.8          17.2          17.6
35         Leases                   6.7           6.7           6.7
36       Other business
           receivables (6)         19.1          19.2          19.2

                                   2002               2003

       Type of credit              Dec.          Jan.        Feb.

                                          Seasonally adjusted

 1 Total                        1,270.2 (r)   1,274.9 (r)   1,274.1

 2   Consumer                     513.1 (r)     518.0 (r)     512.0
 3   Real estate                  216.5         215.2 (r)     215.3
 4   Business                     540.6         541.7 (r)     546.9

                                     Not seasonally adjusted

 5 Total                        1,277.6 (r)   1,277.5 (r)   1,274.4

 6   Consumer                     518.4 (r)     519.3 (r)     512.2
 7     Motor vehicle loans        160.2         160.2 (r)     162.3
 8     Motor vehicle leases        83.3          81.9          80.3
 9     Revolving (2)               38.9 (r)      39.5 (r)      38.8
10     Other (3)                   33.1          33.1 (r)      32.6
       Securitized assets (4)
11       Motor vehicle loans      151.9         154.3         148.7
12       Motor vehicle leases       5.7           5.7           5.6
13       Revolving                 31.1          30.4          30.1
14       Other                     14.0          14.2          13.8
15   Real estate                  216.5         215.2 (r)     215.3
16     One- to four-family        135.0         134.1 (r)     134.3
17     Other                       39.5          39.4          39.6
       Securitized real
           estate assets (4)
18       One- to four-family       39.7          39.4          39.1
19       Other                      2.2           2.2           2.2
20   Business                     542.7         543.0 (r)     546.9
21     Motor vehicles              60.7          58.6          62.6
22       Retail loans              15.4          15.2          16.2
23       Wholesale loans (5)       29.3          27.5          30.6
24       Leases                    16.0          15.9          15.8
25     Equipment                  292.1         293.4 (r)     294.5
26       Loans                     83.3          81.0 (r)      82.0
27       Leases                   208.8         212.5 (r)     212.5
28     Other business
         receivables (6)          102.5         103.4 (r)     102.2
       Securitized assets (4)
29       Motor vehicles            50.2          50.3          50.9
30       Retail loans               2.4           2.4           2.3
31       Wholesale loans           45.9          46.1          46.8
32       Leases                     1.9           1.8           1.8
33     Equipment                   20.2          20.1          19.4
34       Loans                     13.0          12.9          12.3
35       Leases                     7.2           7.2           7.1
36     Other business
         receivables (6)           17.1          17.1          17.3

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.


Real Estate
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 mortagages (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
16 To sell (8)                       11,786     7,586    12,268

   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   620,981

                                               2002

              Item                   Sept.     Oct.      Nov.

                                      Terms and yields in primary
                                         and secondary markets

         PRIMARY MARKETS

   Terms (1)
 1 Purchase price (thousands of
     dollars)                         266.7     258.7     256.7
 2 Amount of loan (thousands of
     dollars)                         201.1     195.0     193.3
 3 Loan-to-price ratio (percent)       77.6      77.7      77.4
 4 Maturity(years)                     29.1      28.8      28.4
 5 Fees and charges (percent of
     loan amount) (2)                   .60       .63       .61

   Yield (percent per year)
 6 Contract rate (1)                   6.09      6.00      5.99
 7 Effective rate (1),(3)              6.17      6.09      6.08
 8 Contract rate (HUD series) (4)     n.a.      n.a.      n.a.

        SECONDARY MARKETS

   Yield (percent per year)
 9 FHA mortagages (section
     203) (5)                         n.a.      n.a.      n.a.
10 GNMA securities (6)                 5.15      5.31      5.29

                                    Activity in secondary markets

   FEDERAL NATIONAL MORTGAGE
           ASSOCIATION

   Mortgage holdings (end
     of period)
11 Total                            751,423   751,347   760,759
12   FHA/VA insured                   n.a.      n.a.      n.a.
13   Conventional                     n.a.      n.a.      n.a.

14 Mortgage transactions
     purchased (during period)       33,518    32,853    47,807

   Mortgage commitments
     (during period)
15 Issued (7)                        58,055    68,463    53,286
16 To sell (8)                        1,016     1,121       520

   FEDERAL HOME LOAN MORTGAGE
           CORPORATION

   Mortgage holdings (end of
     period) (8)
17 Total                            530,694   536,389   549,380
18   FHA/VA insured                   4,634     4,724     4,019
19   Conventional                   526,060   531,665   545,361

   Mortgage transactions (during
     period)
20 Purchases                          n.a.      n.a.      n.a.
21 Sales                             46,369    60,516    62,354

22 Mortgage commitments
     contracted (during
     period) (9)                     57,793    73,639    74,340

                                     2002      2003

              Item                   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 mortagages (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.

                                          2003

               Item                   Feb.      Mar.

                                     Terms and yields
                                      in primary and
                                     secondary markets

         PRIMARY MARKETS

   Terms (1)
 1 Purchase price (thousands of
     dollars)                         235.1     252.9
 2 Amount of loan (thousands of
     dollars)                         179.3     184.2
 3 Loan-to-price ratio (percent)       78.0      76.2
 4 Maturity(years)                     28.3      28.2
 5 Fees and charges (percent of
     loan amount) (2)                   .37       .40

   Yield (percent per year)
 6 Contract rate (1)                   5.76      5.69
 7 Effective rate (1),(3)              5.82      5.75
 8 Contract rate (HUD series) (4)     n.a.      n.a.

        SECONDARY MARKETS

   Yield (percent per year)
 9 FHA mortagages (section
     203) (5)                         n.a.      n.a.
10 GNMA securities (6)                 5.03      4.94

                                         Activity in
                                     secondary markets

   FEDERAL NATIONAL MORTGAGE
        ASSOCIATION

   Mortgage holdings (end
     of period)
11 Total                            816,747   815,964
12   FHA/VA insured                   n.a.      n.a.
13   Conventional                     n.a.      n.a.

14 Mortgage transactions
     purchased (during period)       40,420    34,304

   Mortgage commitments
     (during period)
15 Issued (7)                         n.a.      n.a.
16 To sell (8)                        n.a.      n.a.

   FEDERAL HOME LOAN MORTGAGE
           CORPORATION

   Mortgage holdings (end of
     period) (8)
17 Total                            561,534   569,522
18   FHA/VA insured                   n.a.      n.a.
19   Conventional                     n.a.      n.a.

   Mortgage transactions (during
     period)
20 Purchases                          n.a.      n.a.
21 Sales                             41,831    59,065

22 Mortgage commitments
     contracted (during
     period) (9)                      n.a.      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        2001

 1 All holders                       6,320,135   6,894,097   7,597,732

   By type of property
 2 One- to four-family residences    4,790,601   5,208,604   5,738,228
 3 Multifamily residences              369,003     405,430     453,100
 4 Nonfarm, nonresidential           1,057,568   1,171,205   1,290,069
 5 Farm                                102,964     108,858     116,336

   By type of holder
 6 Major financial institutions      2,394,271   2,618,969   2,791,076
 7   Commercial banks (2)            1,495,420   1,660,054   1,789,819
 8     One- to four-family             879,576     965,635   1,023,851
 9     Multifamily                      67,665      77,803      84,851
10     Nonfarm, nonresidential         516,333     582,577     645,619
11     Farm                             31,846      34,039      35,498
12   Savings institutions (3)          668,064     722,974     758,236
13     One- to four-family             548,222     594,221     620,579
14     Multifamily                      59,309      61,258      64,592
15     Nonfarm, nonresidential          60,063      66,965      72,534
16     Farm                                470         529         531
17   Life insurance companies          230,787     235,941     243,021
18     One- to four-family               5,934       4,903       4,931
19     Multifamily                      32,818      33,681      35,631
20     Nonfarm, nonresidential         179,048     183,757     188,376
21     Farm                             12,987      13,600      14,083

22 Federal and related agencies        320,054     344,225     376,999
23   Government National Mortgage
         Association                         7           6           8
24     One- to four-family                   7           6           8
25     Multifamily                           0           0           0
26   Farmers Home Administration
         (4)                            73,871      73,323      72,452
27     One- to four-family              16,506      16,372      15,824
28     Multifamily                      11,741      11,733      11,712
29     Nonfarm, nonresidential          41,355      41,070      40,965
30     Farm                              4,268       4,148       3,952
31   Federal Housing Admin. and
         Dept. of Veterans Affairs       3,712       3,507       3,290
32     One- to four-family               1,851       1,308       1,260
33     Multifamily                       1,861       2,199       2,031
34   Resolution Trust Corporation            0           0           0
35     One- to four-family                   0           0           0
36     Multifamily                           0           0           0
37     Nonfarm, nonresidential               0           0           0
38     Farm                                  0           0           0
39   Federal Deposit Insurance
         Corporation                       152          45          13
40     One- to four-family                  25           7           2
41     Multifamily                          29           9           3
42     Nonfarm, nonresidential              98          29           8
43     Farm                                  0           0           0
44   Federal National Mortgage
         Association                   149,422     155,626     169,908
45     One- to four-family             141,195     144,150     155,060
46     Multifamily                       8,227      11,476      14,848
47   Federal Land Banks                 34,187      36,326      40,885
48     One- to four-family               2,012       2,137       2,406
49     Farm                             32,175      34,189      38,479
50   Federal Home Loan Mortgage
         Corporation                    56,676      59,240      62,792
51     One- to four-family              44,321      42,871      40,309
52     Multifamily                      12,355      16,369      22,483

53 Mortgage pools or trusts (5)      2,947,690   3,231,401   3,714,706
54   Government National Mortgage
         Association                   582,263     611,553     591,368
55     One- to four-family             565,189     592,624     569,460
56     Multifamily                      17,074      18,929      21,908
57   Federal Home Loan Mortgage
         Corporation                   749,081     822,310     948,409
58     One- to four-family             744,619     816,602     940,933
59     Multifamily                       4,462       5,708       7,476
60   Federal National Mortgage
         Association                   960,883   1,057,750   1,290,351
61     One- to four-family             924,941   1,016,398   1,238,125
62     Multifamily                      35,942      41,352      52,226
63   Farmers Home Administration
         (4)                                 0           0           0
64     One- to four-family                   0           0           0
65     Multifamily                           0           0           0
66     Nonfarm, nonresidential               0           0           0
67     Farm                                  0           0           0
68   Private mortgage conduits         655,463     739,788     884,578
69     One- to four-family (6)         455,021     499,834     591,200
70     Multifamily                      42,045      48,894      56,591
71     Nonfarm, nonresidential         158,398     191,060     236,787
72     Farm                                  0           0           0

73 Individuals and others (7)          658,120     699,503     714,950
74   One- to four-family               459,385     495,605     506,786
75   Multifamily                        75,244      75,799      78,593
76   Nonfarm, nonresidential           102,274     105,747     105,780
77   Farm                               21,217      22,352      23,792

                                       2001               2002

     Type of holder and property        Q4          Q1          Q2

 1 All holders                       7,597,732   7,763,084   7,978,272

   By type of property
 2 One- to four-family residences    5,738,228   5,876,695   6,048,445
 3 Multifamily residences              453,100     461,198     472,262
 4 Nonfarm, nonresidential           1,290,069   1,307,076   1,337,136
 5 Farm                                116,336     118,116     120,428

   By type of holder
 6 Major financial institutions      2,791,076   2,789,654   2,860,853
 7   Commercial banks (2)            1,789,819   1,800,362   1,873,203
 8     One- to four-family           1,023,851   1,018,478   1,070,522
 9     Multifamily                      84,851      86,719      90,743
10     Nonfarm, nonresidential         645,619     659,187     674,972
11     Farm                             35,498      35,978      36,966
12   Savings institutions (3)          758,236     745,998     742,732
13     One- to four-family             620,579     605,171     599,402
14     Multifamily                      64,592      65,199      66,009
15     Nonfarm, nonresidential          72,534      75,077      76,768
16     Farm                                531         551         552
17   Life insurance companies          243,021     243,293     244,918
18     One- to four-family               4,931       4,938       5,162
19     Multifamily                      35,631      35,671      35,818
20     Nonfarm, nonresidential         188,376     188,599     189,850
21     Farm                             14,083      14,085      14,088

22 Federal and related agencies        376,999     385,027     396,091
23   Government National Mortgage
         Association                         8           8           8
24     One- to four-family                   8           8           8
25     Multifamily                           0           0           0
26   Farmers Home Administration
         (4)                            72,452      72,362      71,970
27     One- to four-family              15,824      15,665      15,273
28     Multifamily                      11,712      11,707      11,692
29     Nonfarm, nonresidential          40,965      41,134      41,188
30     Farm                              3,952       3,855       3,817
31   Federal Housing Admin. and
         Dept. of Veterans Affairs       3,290       3,361       3,473
32     One- to four-family               1,260       1,255       1,254
33     Multifamily                       2,031       2,105       2,218
34   Resolution Trust Corporation            0           0           0
35     One- to four-family                   0           0           0
36     Multifamily                           0           0           0
37     Nonfarm, nonresidential               0           0           0
38     Farm                                  0           0           0
39   Federal Deposit Insurance
         Corporation                        13           7          22
40     One- to four-family                   2           1           4
41     Multifamily                           3           1           4
42     Nonfarm, nonresidential               8           4          14
43     Farm                                  0           0           0
44   Federal National Mortgage
         Association                   169,908     176,051     180,491
45     One- to four-family             155,060     160,300     164,038
46     Multifamily                      14,848      15,751      16,453
47   Federal Land Banks                 40,885      41,981      42,951
48     One- to four-family               2,406       2,470       2,527
49     Farm                             38,479      39,511      40,424
50   Federal Home Loan Mortgage
         Corporation                    62,792      59,624      58,872
51     One- to four-family              40,309      35,955      34,062
52     Multifamily                      22,483      23,669      24,810

53 Mortgage pools or trusts (5)      3,714,706   3,869,374   3,986,827
54   Government National Mortgage
         Association                   591,368     587,204     583,745
55     One- to four-family             569,460     564,108     559,549
56     Multifamily                      21,908      23,096      24,196
57   Federal Home Loan Mortgage
         Corporation                   948,409   1,012,478   1,053,261
58     One- to four-family             940,933   1,005,136   1,045,981
59     Multifamily                       7,476       7,342       7,280
60   Federal National Mortgage
         Association                 1,290,351   1,355,404   1,404,594
61     One- to four-family           1,238,125   1,301,374   1,349,442
62     Multifamily                      52,226      54,030      55,152
63   Farmers Home Administration
         (4)                                 0           0           0
64     One- to four-family                   0           0           0
65     Multifamily                           0           0           0
66     Nonfarm, nonresidential               0           0           0
67     Farm                                  0           0           0
68   Private mortgage conduits         884,578     914,288     945,227
69     One- to four-family (6)         591,200     616,300     638,300
70     Multifamily                      56,591      57,339      58,783
71     Nonfarm, nonresidential         236,787     240,649     248,144
72     Farm                                  0           0           0

73 Individuals and others (7)          714,950     719,029     734,502
74   One- to four-family               506,786     514,043     524,741
75   Multifamily                        78,593      78,426      78,979
76   Nonfarm, nonresidential           105,780     102,425     106,201
77   Farm                               23,792      24,135      24,581

                                            2002

     Type of holder and property        Q3        Q4 (p)

 1 All holders                       8,209,225   8,476,304

   By type of property
 2 One- to four-family residences    6,245,941   6,459,659
 3 Multifamily residences              479,919     496,733
 4 Nonfarm, nonresidential           1,359,812   1,394,692
 5 Farm                                123,553     125,220

   By type of holder
 6 Major financial institutions      2,981,236   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     247,312
18     One- to four-family               5,176       5,210
19     Multifamily                      35,921      36,161
20     Nonfarm, nonresidential         190,398     191,666
21     Farm                             14,144      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   4,182,833
54   Government National Mortgage
         Association                   567,428     537,927
55     One- to four-family             542,250     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   1,024,557
69     One- to four-family (6)         669,300     694,800
70     Multifamily                      59,446      62,987
71     Nonfarm, nonresidential         252,669     266,770
72     Farm                                  0           0

73 Individuals and others (7)          750,010     768,724
74   One- to four-family               538,393     555,356
75   Multifamily                        79,462      79,627
76   Nonfarm, nonresidential           106,973     108,237
77   Farm                               25,183      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.


Consumer Credit
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                     1,559,532 (r)   1,666,816   1,726,420 (r)

 2 Revolving                   667,395 (r)     701,285     712,418 (r)
 3 Nonrevolving (2)            892,137         965,531   1,014,002

                                       Not seasonally adjusted

 4 Total                     1,593,116 (r)   1,701,856   1,762,282 (r)

   By major holder
 5 Commercial banks            541,470         558,421     587,355
 6 Finance companies           219,848 (r)     236,559     232,269
 7 Credit unions               184,434         189,570     195,744
 8 Savings institutions         64,557          69,070      68,591
 9 Nonfinancial business        82,662          67,955      56,912
10 Pools of securitized
     assets (3)                500,145         580,281     621,411 (r)

   By major type of credit
     (4)
11 Revolving                   693,020 (r)     727,297     738,425 (r)
12   Commercial banks          218,063         224,878     231,449
13   Finance companies          37,627 (r)      31,538      38,948
14   Credit unions              22,226          22,265      22,228
15   Savings institutions       16,560          17,767      16,193
16   Nonfinancial business      42,430          29,790      19,221
17   Pools of securitized
       assets (3)              356,114         401,059     410,385 (r)

18 Nonrevolving                900,095         974,559   1,023,858
19   Commercial banks          323,407         333,543     355,906
20   Finance companies         182,221         205,021     193,321
21   Credit unions             162,208         167,305     173,516
22   Savings institutions       47,997          51,303      52,398
23   Nonfinancial business      40,232          38,165      37,691
24   Pools of securitized
       assets (3)              144,031         179,222     211,026

                                              2002

       Holder and type
          of credit               Sept.        Oct.        Nov.

                                        Seasonally adjusted

 1 Total                        1,726,912   1,727,992   1,725,125

 2 Revolving                      717,653     717,279     716,376
 3 Nonrevolving (2)             1,009,260   1,010,713   1,008,749

                                       Not seasonally adjusted

 4 Total                        1,721,809   1,727,420   1,735,697

   By major holder
 5 Commercial banks               575,730     577,428     580,385
 6 Finance companies              246,072     238,571     228,241
 7 Credit unions                  195,884     197,072     196,807
 8 Savings institutions            65,094      66,272      67,413
 9 Nonfinancial business           49,170      49,075      49,812
10 Pools of securitized
     assets (3)                   589,859     599,003     613,040

   By major type of credit
     (4)
11 Revolving                      711,670     710,701     717,668
12   Commercial banks             226,193     224,897     226,237
13   Finance companies             37,280      37,351      37,015 (r)
14   Credit unions                 21,304      21,119      21,260
15   Savings institutions          14,758      15,242      15,710
16   Nonfinancial business         14,129      14,100      14,315
17   Pools of securitized
       assets (3)                 398,005     397,992     403,132

18 Nonrevolving                 1,010,139   1,016,719   1,018,029
19   Commercial banks             349,537     352,531     354,148
20   Finance companies            208,792     201,219     191,226
21   Credit unions                174,580     175,953     175,547
22   Savings institutions          50,335      51,031      51,703
23   Nonfinancial business         35,041      34,975      35,497
24   Pools of securitized
       assets (3)                 191,854     201,011     209,908

                                   2002             2003

       Holder and type
          of credit                Dec.          Jan. (r)      Feb.

                                         Seasonally adjusted

 1 Total                        1,726,420 (r)   1,740,694   1,742,280

 2 Revolving                      712,418 (r)     716,322     720,486
 3 Nonrevolving (2)             1,014,002       1,024,372   1,021,794

                                       Not seasonally adjusted

 4 Total                        1,762,282 (r)   1,755,691   1,741,278

   By major holder
 5 Commercial banks               587,355         581,900     581,175
 6 Finance companies              232,269         232,827     233,677
 7 Credit unions                  195,744         195,164     194,183
 8 Savings institutions            68,591          67,635      66,678
 9 Nonfinancial business           56,912          52,892      49,629
10 Pools of securitized
     assets (3)                   621,411 (r)     625,274     615,935

   By major type of credit
     (4)
11 Revolving                      738,425 (r)     727,791     720,706
12   Commercial banks             231,449         221,401     219,977
13   Finance companies             38,948          39,477      38,764
14   Credit unions                 22,228          21,645      21,157
15   Savings institutions          16,193          15,811      15,429
16   Nonfinancial business         19,221          16,547      14,203
17   Pools of securitized
       assets (3)                 410,385 (r)     412,911     411,177

18 Nonrevolving                 1,023,858       1,027,900   1,020,572
19   Commercial banks             355,906         360,499     361,199
20   Finance companies            193,321         193,350     194,913
21   Credit unions                173,516         173,519     173,026
22   Savings institutions          52,398          51,824      51,249
23   Nonfinancial business         37,691          36,346      35,425
24   Pools of securitized
       assets (3)                 211,026         212,363     204,759

(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

         INTEREST RATES

   Commercial banks (2)
 1 48-month new car               9.34     8.50     6.71
 2 24-month personal             13.90    13.22    11.59

   Credit card plan
 3 All accounts                  15.71    14.89    13.42
 4 Accounts assessed interest    14.91    14.44    13.09

   Auto finance companies
 5 New car                        6.61     5.65     4.29
 6 Used car                      13.55    12.18    10.74

        OTHER TERMS (3)

   Maturity (months)
 7 New car                        54.9     55.1     56.8
 8 Used car                       57.0     57.5     57.5

   Loan-to-value ratio
 9 New car                          92       91       94
10 Used car                         99      100      100

   Amount financed (dollars)
11 New car                      20,923   22,822   24,747
12 Used car                     14,058   14,416   14,532

                                          2002

              Item               Aug.     Sept.    Oct.

         INTEREST RATES

   Commercial banks (2)
 1 48-month new car               5.95     n.a.     n.a.
 2 24-month personal             11.28     n.a.     n.a.

   Credit card plan
 3 All accounts                  13.37     n.a.     n.a.
 4 Accounts assessed interest    13.26     n.a.     n.a.

   Auto finance companies
 5 New car                        2.17     2.29     2.62
 6 Used car                      10.46    10.44    10.59

        OTHER TERMS (3)

   Maturity (months)
 7 New car                        59.2     58.4     57.4
 8 Used car                       57.6     57.5     57.4

   Loan-to-value ratio
 9 New car                          97       97       96
10 Used car                        100      100      101

   Amount financed (dollars)
11 New car                      26,455   26,331   26,099
12 Used car                     14,679   14,801   14,702

                                      2002

              Item                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                        3.41     3.50
 6 Used car                      10.70    10.48

        OTHER TERMS (3)

   Maturity (months)
 7 New car                        57.2     57.5
 8 Used car                       56.9     56.7

   Loan-to-value ratio
 9 New car                          95       96
10 Used car                        100      100

   Amount financed (dollars)
11 New car                      26,104   26,647
12 Used car                     14,610   14,639

                                     2003

              Item               Jan.     Feb.

         INTEREST RATES

   Commercial banks (2)
 1 48-month new car               n.a.     7.11
 2 24-month personal              n.a.    11.62

   Credit card plan
 3 All accounts                   n.a.    13.20
 4 Accounts assessed interest     n.a.    12.85

   Auto finance companies
 5 New car                        3.13     3.99
 6 Used car                      10.37    10.43

        OTHER TERMS (3)

   Maturity (months)
 7 New car                        58.5     59.2
 8 Used car                       57.5     57.7

   Loan-to-value ratio
 9 New car                          96       97
10 Used car                        100       99

   Amount financed (dollars)
11 New car                      26,443   24,864
12 Used car                     14,499   14,231

(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.


Flow of Funds
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      1999      2000

                                            Nonfinancial sectors

 1 Total net borrowing by
     domestic nonfinancial
     sectors                        789.9   1,046.2   1,031.6     840.9

   By sector and instrument
 2 Federal government                23.1     -52.6     -71.2    -295.9
 3   Treasury securities             23.2     -54.6     -71.0    -294.9
 4   Budget agency securities
       and mortgages                  -.1       2.0       -.2      -1.0

 5 Nonfederal                       766.8   1,098.8   1,102.8   1,136.8

     By instrument
 6   Commercial paper                13.7      24.4      37.4      48.1
 7   Municipal securities and
       loans                         56.9      84.2      54.4      23.6
 8   Corporate bonds                150.5     235.2     217.8     161.3
 9   Bank loans n.e.c.              106.4     108.2      82.8     101.7
10   Other loans and advances        59.5      82.1      46.0      95.0
11   Mortgages                      322.3     489.8     564.9     568.2
12     Home                         258.3     387.7     424.6     418.4
13     Multifamily residential        7.3      23.4      35.7      34.0
14     Commercial                    53.5      72.2      98.8     109.2
15     Farm                           3.1       6.5       5.8       6.5
16   Consumer credit                 57.5      75.0      99.5     139.0

     By borrowing sector
17   Household                      332.7     454.8     498.0     546.0
18   Nonfinancial business          392.5     576.3     566.3     575.4
19     Corporate                    291.6     408.6     378.5     380.4
20     Nonfarm noncorporate          94.7     159.7     182.4     184.1
21     Farm                           6.2       8.0       5.5      10.9
22   State and local government      41.5      67.7      38.5      15.5

23 Foreign net borrowing in
       United States                 71.8      43.2      25.2      65.7
24   Commercial paper                 3.7       7.8      16.3      31.7
25   Bonds                           61.4      34.9      14.1      23.9
26   Bank loans n.e.c.                8.5       6.6        .5      11.4
27   Other loans and advances        -1.8      -6.0      -5.7      -1.3

28 Total domestic plus foreign      861.7   1,089.4   1,056.7     906.6

                                            Financial sectors

29 Total net borrowing by
     financial sectors              662.2   1,087.2   1,073.3     809.0

   By instrument
30 Federal government-related       212.9     470.9     592.0     433.5
31   Government-sponsored
       enterprise securities         98.4     278.3     318.2     234.1
32   Mortgage pool securities       114.6     192.6     273.8     199.4
33   Loans from U.S. government        .0        .0        .0        .0

34 Private                          449.3     616.3     481.3     375.5
35   Open market paper              166.7     161.0     176.2     127.7
36   Corporate bonds                218.9     310.2     207.1     199.3
37   Bank loans n.e.c.               13.3      30.1     -14.2       -.2
38   Other loans and advances        35.6      90.2     107.1      42.5
39   Mortgages                       14.9      24.8       5.1       6.2

   By borrowing sector
40 Commercial banking                46.1      72.9      67.2      60.0
41 Savings institutions              19.7      52.2      48.0      27.3
42 Credit unions                       .1        .6       2.2        .0
43 Life insurance companies            .2        .7        .7       -.7
44 Government-sponsored
     enterprises                     98.4     278.3     318.2     234.1
45 Federally related mortgage
     pools                          114.6     192.6     273.8     199.4
46 Issuers of asset-backed
     securities (ABSs)              202.2     321.4     212.3     189.7
47 Finance companies                 57.8      57.1      70.3      81.2
48 Mortgage companies                -4.6       1.6        .2        .1
49 Real estate investment
     trusts (REITs)                  39.6      62.7       6.3       2.7
50 Brokers and dealers                8.1       7.2     -17.2      15.6
51 Funding corporations              79.9      40.0      91.5       -.4

                                                All sectors

52 Total net borrowing, all
     sectors                      1,523.9   2,176.7   2,130.0   1,715.6

53 Open market paper                184.1     193.1     229.9     207.6
54 U.S. government securities       236.0     418.3     520.7     137.6
55 Municipal securities              56.9      84.2      54.4      23.6
56 Corporate and foreign bonds      430.8     580.2     439.1     384.4
57 Bank loans n.e.c.                128.2     145.0      69.0     112.8
58 Other loans and advances          93.2     166.3     147.4     136.2
59 Mortgages                        337.2     514.6     570.0     574.4
60 Consumer credit                   57.5      75.0      99.5     139.0

                                         Funds raised through mutual
                                         funds and corporate equities

61 Total net issues                 218.7     165.9     191.2     236.1

62 Corporate equities               -46.4    -113.7        .0       1.1
63   Nonfinancial corporations      -77.4    -215.5    -110.4    -118.2
64   Foreign shares purchased
       by U.S. residents             57.6     101.3     114.3     103.6
65   Financial corporations         -26.6        .6      -4.0      15.7
66 Mutual fund shares               265.1     279.5     191.2     235.0

                                                      2001

Transaction category or sector     2001       Q2        Q3        Q4

                                            Nonfinancial sectors

 1 Total net borrowing by
     domestic nonfinancial
     sectors.                     1,125.9   1,082.6   1,285.8   1,193.0

   By sector and instrument
 2 Federal government                -5.6    -215.8     209.3      43.4
 3   Treasury securities             -5.0    -216.9     209.7      44.2
 4   Budget agency securities
       and mortgages                  -.5       1.1       -.4       -.7

 5 Nonfederal                     1,131.5   1,298.4   1,076.4   1,149.5

     By instrument
 6   Commercial paper               -88.3    -133.4     -66.1      45.5
 7   Municipal securities and
       loans                        119.2     132.4      80.4     170.0
 8   Corporate bonds                340.5     444.5     191.4     325.0
 9   Bank loans n.e.c.              -82.7    -125.1     -24.3    -166.0
10   Other loans and advances        29.3     132.3      59.4    -107.3
11   Mortgages                      704.7     767.5     770.2     733.0
12     Home                         530.9     608.3     560.0     531.1
13     Multifamily residential       47.9      40.8      56.5      56.5
14     Commercial                   118.4     106.5     146.7     138.6
15     Farm                           7.5      11.9       7.0       6.8
16   Consumer credit                108.8      80.2      65.4     149.4

     By borrowing sector
17   Household                      611.8     661.4     656.9     621.7
18   Nonfinancial business          417.6     520.6     352.6     390.2
19     Corporate                    253.3     339.1     194.4     240.8
20     Nonfarm noncorporate         156.8     170.1     153.8     141.1
21     Farm                           7.5      11.5       4.4       8.3
22   State and local government     102.2     116.5      67.0     137.6

23 Foreign net borrowing in
       United States                -37.4     -50.5    -106.7      16.0
24   Commercial paper               -14.2      -3.8     -25.2       5.9
25   Bonds                          -12.1     -15.8     -83.9      29.7
26   Bank loans n.e.c.               -7.3     -31.4       4.2     -16.3
27   Other loans and advances        -3.7        .5      -1.8      -3.3

28 Total domestic plus foreign    1,088.5   1,032.2   1,179.1   1,208.9

                                            Financial sectors

29 Total net borrowing by
     financial sectors              958.5     828.2   1,113.5     976.5

   By instrument
30 Federal government-related       629.3     674.6     818.4     591.8
31   Government-sponsored
       enterprise securities        290.8     268.3     326.2     306.5
32   Mortgage pool securities       338.5     406.2     492.2     285.3
33   Loans from U.S. government        .0        .0        .0        .0

34 Private                          329.2     153.7     295.1     384.7
35   Open market paper              -61.9     -77.9     -72.2     -13.6
36   Corporate bonds                341.1     223.2     308.8     372.7
37   Bank loans n.e.c.               13.8      10.8       1.6      18.3
38   Other loans and advances        34.9     -18.7      58.8       8.9
39   Mortgages                        1.3      16.2      -1.9      -1.6

   By borrowing sector
40 Commercial banking                52.9     -10.5      39.7      44.1
41 Savings institutions               7.4       3.4      39.4     -68.6
42 Credit unions                      1.5        .8       1.5       4.4
43 Life insurance companies            .6        .1       3.5       1.4
44 Government-sponsored
     enterprises                    290.8     268.3     326.2     306.5
45 Federally related mortgage
     pools                          338.5     406.2     492.2     285.3
46 Issuers of asset-backed
     securities (ABSs)              317.6     205.9     313.9     430.0
47 Finance companies                  -.2      36.8      41.8     -25.3
48 Mortgage companies                  .7        .6        .8        .6
49 Real estate investment
     trusts (REITs)                   2.5      10.5      -2.4       7.8
50 Brokers and dealers                1.4      35.6      12.6     -18.9
51 Funding corporations             -55.2    -129.6    -155.7       9.1

                                                All sectors

52 Total net borrowing, all
     sectors                      2,047.1   1,860.4   2,292.6   2,185.4

53 Open market paper               -164.4    -215.1    -163.5      37.8
54 U.S. government securities       623.8     458.8   1,027.8     635.2
55 Municipal securities             119.2     132.4      80.4     170.0
56 Corporate and foreign bonds      669.5     651.9     416.3     727.4
57 Bank loans n.e.c.                -76.2    -145.7     -18.5    -164.0
58 Other loans and advances          60.4     114.2     116.5    -101.8
59 Mortgages                        706.0     783.8     768.2     731.4
60 Consumer credit                  108.8      80.2      65.4     149.4

                                         Funds raised through mutual
                                         funds and corporate equities

61 Total net issues                 301.9     419.9     151.8     397.9

62 Corporate equities               100.5     146.4      -8.6     142.0
63   Nonfinancial corporations      -47.4     -57.9    -108.6      -4.2
64   Foreign shares purchased
       by U.S. residents            106.8     222.9      43.5      74.7
65   Financial corporations          41.1     -18.6      56.5      71.5
66 Mutual fund shares               201.4     273.5     160.4     255.9

                                                   2002

Transaction category or sector      Q1        Q2        Q3        Q4

                                            Nonfinancial sectors

 1 Total net borrowing by
     domestic nonfinancial
     sectors.                       966.2   1,627.6   1,298.0   1,563.2

   By sector and instrument
 2 Federal government                39.8     526.0     265.7     198.5
 3   Treasury securities             41.6     524.2     264.2     198.1
 4   Budget agency securities
       and mortgages                 -1.8       1.8       1.6        .4

 5 Nonfederal                       926.4   1,101.6   1,032.3   1,364.7

     By instrument
 6   Commercial paper              -144.4     -81.7     -17.4     -13.2
 7   Municipal securities and
       loans                         74.6     195.4     156.9     224.9
 8   Corporate bonds                253.7     191.4     -29.1     116.8
 9   Bank loans n.e.c.              -17.2    -192.8    -125.0     -33.6
10   Other loans and advances       -19.2      77.2      77.6       4.0
11   Mortgages                      696.6     831.3     911.3   1,064.8
12     Home                         601.3     657.3     778.7     854.7
13     Multifamily residential       29.3      44.4      29.5      63.3
14     Commercial                    59.2     120.6      90.1     140.2
15     Farm                           6.9       9.1      13.1       6.5
16   Consumer credit                 82.3      80.8      57.9       1.0

     By borrowing sector
17   Household                      704.9     684.1     755.7     883.1
18   Nonfinancial business          154.9     234.8     132.6     285.0
19     Corporate                     39.3      93.6     -10.5     125.8
20     Nonfarm noncorporate         110.3     132.7     128.8     155.2
21     Farm                           5.3       8.5      14.2       4.0
22   State and local government      66.6     182.7     144.0     196.5

23 Foreign net borrowing in
       United States                 77.3      15.1     -32.1      29.6
24   Commercial paper                66.8      36.5       3.9      37.3
25   Bonds                           -2.3     -41.0     -22.5      -1.0
26   Bank loans n.e.c.               13.9      22.0     -11.7      -2.8
27   Other loans and advances        -1.2      -2.4      -1.8      -3.9

28 Total domestic plus foreign    1,043.4   1,642.7   1,265.9   1,592.8

                                            Financial sectors

29 Total net borrowing by
     financial sectors              869.8     870.0     852.1   1,097.7

   By instrument
30 Federal government-related       691.1     487.8     420.9     642.5
31   Government-sponsored
       enterprise securities        191.3     141.7     249.1     347.6
32   Mortgage pool securities       499.8     346.1     171.8     294.9
33   Loans from U.S. government        .0        .0        .0        .0

34 Private                          178.7     382.2     431.2     455.2
35   Open market paper             -178.3    -109.1      84.3     -76.5
36   Corporate bonds                354.1     435.8     188.6     617.6
37   Bank loans n.e.c.                 .2      31.9      82.3     -70.6
38   Other loans and advances        -3.9      16.7      71.9     -17.2
39   Mortgages                        6.6       7.0       4.1       1.9

   By borrowing sector
40 Commercial banking                24.3      13.3      62.2      93.5
41 Savings institutions             -33.1     -12.1      37.1     -47.1
42 Credit unions                      2.4       2.0       3.1        .4
43 Life insurance companies           2.4       1.2       2.0       2.5
44 Government-sponsored
     enterprises                    191.3     141.7     249.1     347.6
45 Federally related mortgage
     pools                          499.8     346.1     171.8     294.9
46 Issuers of asset-backed
     securities (ABSs)              263.6     241.6     194.1     356.3
47 Finance companies                -31.2      80.2     106.4      19.2
48 Mortgage companies                  .8        .7        .7        .7
49 Real estate investment
     trusts (REITs)                   7.4      25.3      26.6      15.1
50 Brokers and dealers              -15.7      17.5      15.2     -24.1
51 Funding corporations             -42.2      12.4     -16.4      38.7

                                                All sectors

52 Total net borrowing, all
     sectors                      1,913.3   2,512.7   2,118.0   2,690.5

53 Open market paper               -255.9    -154.3      70.8     -52.4
54 U.S. government securities       730.9   1,013.8     686.7     841.0
55 Municipal securities              74.6     195.4     156.9     224.9
56 Corporate and foreign bonds      605.5     586.2     136.9     733.4
57 Bank loans n.e.c.                 -3.0    -139.0     -54.3    -107.0
58 Other loans and advances         -24.2      91.5     147.6     -17.2
59 Mortgages                        703.1     838.3     915.4   1,066.7
60 Consumer credit                   82.3      80.8      57.9       1.0

                                         Funds raised through mutual
                                         funds and corporate equities

61 Total net issues                 437.6     282.4     -77.1     271.6

62 Corporate equities                50.7     182.4    -114.2      66.7
63   Nonfinancial corporations       -8.0      17.9    -130.8     -39.9
64   Foreign shares purchased
       by U.S. residents             -5.9      79.7     -50.6      52.7
65   Financial corporations          64.6      84.8      67.3      54.0
66 Mutual fund shares               386.9     100.0      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      1999

        NET LENDING IN CREDIT
             MARKETS (2)

 1 Total net lending in
     credit markets                     1,523.9   2,176.7   2,130.0

 2 Domestic nonfederal nonfinancial
       sectors                             15.4     259.1     227.3
 3   Household                             25.3     127.3     217.3
 4   Nonfinancial corporate business      -12.7     -16.0     -15.6
 5   Nonfarm noncorporate business          2.6      13.3      -2.9
 6   State and local governments             .1     134.5      28.4
 7 Federal government                       5.1      13.5       5.8
 8 Rest of the world                      259.6     172.5     139.7
 9 Financial sectors                    1,243.9   1,731.6   1,757.2
10   Monetary authority                    38.3      21.1      25.7
11   Commercial banking                   324.3     305.6     312.2
12     U.S.-chartered banks               274.9     312.1     318.6
13     Foreign banking offices in
         United States                     40.2     -11.6     -17.0
14     Bank holding companies               5.4       -.9       6.2
15     Banks in U.S.-affiliated areas       3.7       6.0       4.4
16   Savings institutions                  -4.7      36.2      67.7
17   Credit unions                         16.8      18.9      27.5
18   Bank personal trusts and estates     -25.0     -12.8      27.8
19   Life insurance companies             104.8      76.9      53.5
20   Other insurance companies             25.2       5.8      -3.0
21   Private pension funds                 47.6     -23.4      17.0
22   State and local government
       retirement funds                    67.1      72.1      46.9
23   Money market mutual funds             87.5     244.0     182.0
24   Mutual funds                          80.9     127.3      48.4
25   Closed-end funds                      -2.9       5.2       8.2
26   Government-sponsored enterprises     106.3     314.0     291.3
27   Federally related mortgage pools     114.6     192.6     273.8
28   Asset-backed securities issuers
       (ABSs)                             163.8     281.7     194.1
29   Finance companies                     23.1      77.3      97.0
30   Mortgage companies                    -9.1       3.2        .3
31   Real estate investment trusts
       (REITs)                             20.2      -5.1      -2.6
32   Brokers and dealers                   14.9       6.8     -34.7
33   Funding corporations                  50.4     -15.8     124.0

       RELATION OF LIABILITIES
         TO FINANCIAL ASSETS

34 Net flows through credit markets     1,523.9   2,176.7   2,130.0

   Other financial sources
35 Official foreign exchange                 .7       6.6      -8.7
36 Special drawing rights
     certificates                           -.5        .0      -3.0
37 Treasury currency                         .5        .6       1.0
38 Foreign deposits                       107.7       6.5      61.0
39 Net interbank transactions             -19.7     -31.8      15.0
40 Checkable deposits and currency         41.2      47.3     151.2
41 Small time and savings deposits         97.1     152.4      45.1
42 Large time deposits                    122.5      91.8     131.1
43 Money market fund shares               155.9     287.2     249.1
44 Security repurchase agreements         120.9      91.3     169.8
45 Corporate equities                     -46.4    -113.7        .0
46 Mutual fund shares                     265.1     279.5     191.2
47 Trade payables                         139.8     106.4     268.6
48 Security credit                        111.0     103.2     104.4
49 Life insurance reserves                 59.3      48.0      50.8
50 Pension fund reserves                  201.4     217.4     181.8
51 Taxes payable                           22.3      19.6      30.7
52 Investment in bank personal trusts     -53.0     -46.1      -8.1
53 Noncorporate proprietors' equity       -40.7     -57.8     -62.4
54 Miscellaneous                          456.7     889.0   1,036.3

55 Total financial sources              3,265.9   4,274.0   4,734.9

   Liabilities not identified as
     assets (-)
56 Treasury currency                        -.2       -.1       -.7
57 Foreign deposits                       106.2      -8.5      42.6
58 Net interbank liabilities              -19.9       3.8        .1
59 Security repurchase
     agreements                            63.2      57.7      35.7
60 Taxes payable                           28.0      19.7      11.7
61 Miscellaneous                         -285.4    -226.9    -291.4

   Floats not included in assets (-)
62 Federal government checkable
     deposits                              -2.7       2.6      -7.4
63 Other checkable deposits                -3.9      -3.1       -.8
64 Trade credit                           -25.5     -43.3       6.8

65 Total identified to sectors as
     assets                             3,406.0   4,472.0   4,938.4

                                                             2001

        Transaction category
              or sector                  2000      2001       Q2

        NET LENDING IN CREDIT
             MARKETS (2)

 1 Total net lending in
     credit markets                     1,715.6   2,047.1   1,860.4

 2 Domestic nonfederal nonfinancial
       sectors                           -116.6     -24.1    -117.2
 3   Household                           -140.6     -52.7    -101.1
 4   Nonfinancial corporate business       23.4     -11.5     -29.5
 5   Nonfarm noncorporate business          1.3       2.0        .3
 6   State and local governments            -.8      38.1      13.1
 7 Federal government                       7.3       6.0       9.4
 8 Rest of the world                      225.9     320.6     254.9
 9 Financial sectors                    1,599.0   1,744.6   1,713.4
10   Monetary authority                    33.7      39.9      26.9
11   Commercial banking                   357.9     205.2     107.8
12     U.S.-chartered banks               339.5     191.6     156.5
13     Foreign banking offices in
         United States                     23.9       -.6     -50.1
14     Bank holding companies             -12.2       4.2      -2.8
15     Banks in U.S.-affiliated areas       6.7      10.0       4.2
16   Savings institutions                  56.2      42.8      55.8
17   Credit unions                         28.0      41.5       9.6
18   Bank personal trusts and estates        .8     -28.1     -28.1
19   Life insurance companies              57.9     130.9     143.6
20   Other insurance companies             -8.7       9.0        .1
21   Private pension funds                 33.4      20.3      44.7
22   State and local government
       retirement funds                    54.6     -17.7      77.0
23   Money market mutual funds            143.0     246.0     245.3
24   Mutual funds                          21.0     126.0     169.1
25   Closed-end funds                      -6.3       7.1      -4.9
26   Government-sponsored enterprises     256.4     309.0     297.2
27   Federally related mortgage pools     199.4     338.5     406.2
28   Asset-backed securities issuers
       (ABSs)                             159.9     291.4     177.6
29   Finance companies                    108.0      -5.7     112.1
30   Mortgage companies                      .2       1.4       1.1
31   Real estate investment trusts
       (REITs)                             -6.3       6.7       1.1
32   Brokers and dealers                   68.9      92.4      53.4
33   Funding corporations                  41.0    -112.2    -182.3

       RELATION OF LIABILITIES
         TO FINANCIAL ASSETS

34 Net flows through credit markets     1,715.6   2,047.1   1,860.4

   Other financial sources
35 Official foreign exchange                -.4       4.3       4.7
36 Special drawing rights
     certificates                          -4.0        .0        .0
37 Treasury currency                        2.4       1.3       1.3
38 Foreign deposits                       135.1      28.0    -175.9
39 Net interbank transactions              15.1     -31.7     -25.4
40 Checkable deposits and currency        -71.4     204.3     151.4
41 Small time and savings deposits        188.8     267.2     242.1
42 Large time deposits                    116.2      68.6      43.0
43 Money market fund shares               233.3     428.6     370.0
44 Security repurchase agreements         113.2      22.3     117.8
45 Corporate equities                       1.1     100.5     146.4
46 Mutual fund shares                     235.0     201.4     273.5
47 Trade payables                         425.4     -67.3     -69.6
48 Security credit                        146.1       3.1     -73.9
49 Life insurance reserves                 50.2      77.2      52.2
50 Pension fund reserves                  209.0     208.4     209.1
51 Taxes payable                           32.8      17.5      14.8
52 Investment in bank personal trusts      56.6     -59.9     -62.2
53 Noncorporate proprietors' equity       -11.5     -18.6     -26.4
54 Miscellaneous                        1,413.5     774.6     974.1

55 Total financial sources              5,002.2   4,277.0   4,027.4

   Liabilities not identified as
     assets (-)
56 Treasury currency                       -1.2       -.1       -.3
57 Foreign deposits                        55.9      11.1    -166.8
58 Net interbank liabilities               20.4      17.2      17.0
59 Security repurchase
     agreements                           122.6     -53.9     129.8
60 Taxes payable                           26.2      22.1       3.1
61 Miscellaneous                         -370.5    -252.3    -480.5

   Floats not included in assets (-)
62 Federal government checkable
     deposits                               9.0       5.7      60.9
63 Other checkable deposits                 1.7       4.5       3.9
64 Trade credit                            32.4      12.5       6.3

65 Total identified to sectors as
     assets                             5,105.8   4,510.2   4,453.8

                                              2001           2002

        Transaction category
              or sector                   Q3        Q4        Q1

        NET LENDING IN CREDIT
             MARKETS (2)

 1 Total net lending in
     credit markets                     2,292.6   2,185.4   1,913.3

 2 Domestic nonfederal nonfinancial
       sectors                             70.5      92.5     155.9
 3   Household                             53.8      18.2     101.3
 4   Nonfinancial corporate business      -44.5      29.9      52.3
 5   Nonfarm noncorporate business          3.3       2.0       3.3
 6   State and local governments           57.9      42.4      -1.1
 7 Federal government                       3.3       7.0       4.7
 8 Rest of the world                      269.2     432.5     171.8
 9 Financial sectors                    1,949.6   1,653.4   1,580.9
10   Monetary authority                     8.4      85.1      81.6
11   Commercial banking                   267.9     314.6     188.9
12     U.S.-chartered banks               242.5     275.0     168.2
13     Foreign banking offices in
         United States                     21.1      -7.8       2.1
14     Bank holding companies              -1.4      13.6      12.0
15     Banks in U.S.-affiliated areas       5.7      33.9       6.6
16   Savings institutions                  -4.7      73.1      12.3
17   Credit unions                         61.1      60.5      58.3
18   Bank personal trusts and estates     -28.0     -28.1       1.0
19   Life insurance companies             186.9      81.3     260.6
20   Other insurance companies              5.1      28.5      36.7
21   Private pension funds                 10.4       5.3      27.4
22   State and local government
       retirement funds                   -74.2      -2.7      70.5
23   Money market mutual funds            311.8      49.1    -241.3
24   Mutual funds                         102.7     139.3     243.3
25   Closed-end funds                      23.9      16.6      21.6
26   Government-sponsored enterprises     274.3     335.3     236.7
27   Federally related mortgage pools     492.2     285.3     499.8
28   Asset-backed securities issuers
       (ABSs)                             288.3     407.3     239.4
29   Finance companies                    -43.3    -100.5     -28.2
30   Mortgage companies                     1.7       1.2       1.6
31   Real estate investment trusts
       (REITs)                              7.8      14.0      26.3
32   Brokers and dealers                  184.5    -110.5    -219.5
33   Funding corporations                -127.4      -1.2      63.7

       RELATION OF LIABILITIES
         TO FINANCIAL ASSETS

34 Net flows through credit markets     2,292.6   2,185.4   1,913.3

   Other financial sources
35 Official foreign exchange               13.7        .2      -3.0
36 Special drawing rights
     certificates                            .0        .0        .0
37 Treasury currency                        2.2        .0        .9
38 Foreign deposits                        41.5      17.9     -59.1
39 Net interbank transactions              -1.1      41.5      12.9
40 Checkable deposits and currency        215.0     278.1    -171.9
41 Small time and savings deposits        230.3     329.7     259.7
42 Large time deposits                     19.5      77.8     270.0
43 Money market fund shares               386.1     379.8    -315.7
44 Security repurchase agreements         212.7    -138.3     119.4
45 Corporate equities                      -8.6     142.0      50.7
46 Mutual fund shares                     160.4     255.9     386.9
47 Trade payables                        -185.8    -160.9     182.1
48 Security credit                        561.3    -383.7    -190.7
49 Life insurance reserves                 74.7     119.6      93.9
50 Pension fund reserves                  180.3     148.2     137.0
51 Taxes payable                          104.9     -54.8       3.6
52 Investment in bank personal trusts     -57.3     -57.7      -3.7
53 Noncorporate proprietors' equity       -34.3       8.4       1.5
54 Miscellaneous                          935.6     317.6     207.1

55 Total financial sources              5,143.8   3,506.7   2,895.0

   Liabilities not identified as
     assets (-)
56 Treasury currency                         .9        .0      -1.5
57 Foreign deposits                        55.3     -27.5     -33.6
58 Net interbank liabilities                7.4      22.6      39.8
59 Security repurchase
     agreements                           106.3    -166.2     157.9
60 Taxes payable                           25.4      35.0      14.3
61 Miscellaneous                           37.0    -314.4    -300.9

   Floats not included in assets (-)
62 Federal government checkable
     deposits                             -20.1     -91.8      15.1
63 Other checkable deposits                 5.0       5.7       6.1
64 Trade credit                           -28.3      50.5     -36.3

65 Total identified to sectors as
     assets                             4,955.0   3,992.9   3,033.9

                                                   2002

        Transaction category
              or sector                   Q2        Q3        Q4

        NET LENDING IN CREDIT
             MARKETS (2)

 1 Total net lending in
     credit markets                     2,512.7   2,118.0   2,690.5

 2 Domestic nonfederal nonfinancial
       sectors                            272.5    -240.2     150.2
 3   Household                            223.4    -250.4     148.6
 4   Nonfinancial corporate business        3.2      -5.5     -41.3
 5   Nonfarm noncorporate business          3.3      -2.2      -1.0
 6   State and local governments           42.5      17.8      43.8
 7 Federal government                       8.8       6.8      10.3
 8 Rest of the world                      542.6     450.0     503.0
 9 Financial sectors                    1,688.8   1,901.4   2,027.0
10   Monetary authority                    43.4      67.3     118.7
11   Commercial banking                   384.3     624.0     442.6
12     U.S.-chartered banks               343.8     599.9     462.8
13     Foreign banking offices in
         United States                     33.7      21.8     -31.3
14     Bank holding companies               1.9      -1.6        .2
15     Banks in U.S.-affiliated areas       4.9       4.0      10.9
16   Savings institutions                 -23.5      79.7      73.4
17   Credit unions                         41.1      39.9      37.3
18   Bank personal trusts and estates        .9        .8        .8
19   Life insurance companies             175.1     267.6     156.1
20   Other insurance companies             35.4      21.7      28.2
21   Private pension funds                 46.2      35.9      14.4
22   State and local government
       retirement funds                   -54.5     -10.4       9.4
23   Money market mutual funds            -86.7     -74.4     301.2
24   Mutual funds                          41.9     162.7     128.9
25   Closed-end funds                       -.4      -3.3      -1.8
26   Government-sponsored enterprises     129.0     204.4     319.5
27   Federally related mortgage pools     346.1     171.8     294.9
28   Asset-backed securities issuers
       (ABSs)                             219.4     171.5     334.5
29   Finance companies                     39.6      80.0     -21.2
30   Mortgage companies                     1.4       1.5       1.5
31   Real estate investment trusts
       (REITs)                             31.8      27.6       8.1
32   Brokers and dealers                  402.8    -208.6     147.5
33   Funding corporations                 -84.5     226.6    -366.9

       RELATION OF LIABILITIES
         TO FINANCIAL ASSETS

34 Net flows through credit markets     2,512.7   2,118.0   2,690.5

   Other financial sources
35 Official foreign exchange               12.9      24.6       4.9
36 Special drawing rights
     certificates                            .0        .0        .0
37 Treasury currency                         .6       2.4        .0
38 Foreign deposits                        53.3      68.7     122.1
39 Net interbank transactions            -164.6      59.0     118.2
40 Checkable deposits and currency        178.0     211.5     -36.1
41 Small time and savings deposits        249.0     327.6     272.9
42 Large time deposits                     34.9      27.8    -110.1
43 Money market fund shares               103.4    -192.6     337.6
44 Security repurchase agreements         362.4     -91.1     -17.1
45 Corporate equities                     182.4    -114.2      66.7
46 Mutual fund shares                     100.0      37.1     204.9
47 Trade payables                          27.2     160.2      89.8
48 Security credit                       -131.9     -69.6     -13.1
49 Life insurance reserves                 92.2     119.7      97.5
50 Pension fund reserves                  145.5     317.2     236.7
51 Taxes payable                           40.4      48.5      23.4
52 Investment in bank personal trusts      -2.4      -2.1      -1.3
53 Noncorporate proprietors' equity       -32.9     -86.2     -33.7
54 Miscellaneous                          640.1     942.1     528.1

55 Total financial sources              4,403.2   3,908.4   4,582.1

   Liabilities not identified as
     assets (-)
56 Treasury currency                        -.9       1.1      -1.1
57 Foreign deposits                        94.8      50.8     115.0
58 Net interbank liabilities               -9.5      13.2     -17.0
59 Security repurchase
     agreements                           224.3    -285.7     -24.7
60 Taxes payable                          -52.3      16.2     -47.6
61 Miscellaneous                           33.8      98.3      53.1

   Floats not included in assets (-)
62 Federal government checkable
     deposits                              77.1     -40.3     -51.7
63 Other checkable deposits                 7.1       7.6       8.4
64 Trade credit                           -92.8     -27.0     -39.5

65 Total identified to sectors as
     assets                             4,121.7   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       2000

                                           Nonfinancial sectors

 1 Total credit market debt owed by
     domestic nonfinancial sectors    16,240.5   17,306.8   18,166.8

   By sector and instrument
 2 Federal government                  3,752.2    3,681.0    3,385.1
 3   Treasury securities               3,723.7    3,652.7    3,357.8
 4   Budget agency securities and
       mortgages                          28.5       28.3       27.3

 5 Nonfederal                         12,488.4   13,625.8   14,781.7

     By instrument
 6   Commercial paper                    193.0      230.3      278.4
 7   Municipal securities and loans    1,402.9    1,457.2    1,480.9
 8   Corporate bonds                   1,846.0    2,063.9    2,225.1
 9   Bank loans n.e.c.                 1,148.6    1,231.4    1,333.1
10   Other loans and advances            907.2      953.5    1,059.6
11   Mortgages                         5,644.1    6,243.4    6,811.6
12     Home                            4,366.0    4,790.6    5,209.0
13     Multifamily residential           308.0      343.9      378.0
14     Commercial                        873.6    1,006.5    1,115.8
15     Farm                               96.6      102.3      108.9
16   Consumer credit                   1,346.6    1,446.1    1,593.1

     By borrowing sector
17   Households                        6,011.8    6,510.0    7,075.1
18   Nonfinancial business             5,338.2    5,938.9    6,514.3
19     Corporate                       3,790.6    4,203.5    4,583.9
20     Nonfarm noncorporate            1,383.7    1,566.1    1,750.2
21     Farm                              163.9      169.4      180.2
22   State and local government        1,138.3    1,176.9    1,192.3

23 Foreign credit market debt held
     in United States                    651.3      676.7      742.3

24 Commercial paper                       72.9       89.2      120.9
25 Bonds                                 462.6      476.7      500.6
26 Bank loans n.e.c.                      58.7       59.2       70.5
27 Other loans and advances               57.1       51.6       50.3

28 Total credit market debt owed
     by nonfinancial sectors,
     domestic and foreign             16,891.8   17,983.5   18,909.1

                                             Financial sectors

29 Total credit market debt owed by
     financial sectors                 6,545.2    7,618.5    8,439.5

   By instrument
30 Federal government-related          3,292.0    3,884.0    4,317.4
31   Government-sponsored
       enterprise securities           1,273.6    1,591.7    1,825.8
32   Mortgage pool securities          2,018.4    2,292.2    2,491.6
33   Loans from U.S. government             .0         .0         .0
34 Private                             3,253.2    3,734.6    4,122.0
35   Open market paper                   906.7    1,082.9    1,210.7
36   Corporate bonds                   1,878.7    2,085.9    2,297.2
37   Bank loans n.e.c.                   107.5       93.2       93.0
38   Other loans and advances            288.7      395.8      438.3
39   Mortgages                            71.6       76.7       82.9

   By borrowing sector
40 Commercial banks                      188.6      230.0      266.7
41 Bank holding companies                193.5      219.3      242.5
42 Savings institutions                  212.4      260.4      287.7
43 Credit unions                           1.1        3.4        3.4
44 Life insurance companies                2.5        3.2        2.5
45 Government-sponsored enterprises    1,273.6    1,591.7    1,825.8
46 Federally related mortgage pools    2,018.4    2,292.2    2,491.6
47 Issuers of asset-backed
     securities (ABSs)                 1,398.0    1,610.3    1,812.0
48 Brokers and dealers                    42.5       25.3       40.9
49 Finance companies                     625.5      695.7      776.9
50 Mortgage companies                     17.7       17.8       17.9
51 Real estate investment trusts
     (REITs)                             158.8      165.1      167.8
52 Funding corporations                  412.6      504.0      503.7

                                                All sectors

53 Total credit market debt,
     domestic and foreign             23,437.1   25,602.0   27,348.6

54 Open market paper                   1,172.6    1,402.4    1,610.0
55 U.S. government securities          7,044.2    7,564.9    7,702.5
56 Municipal securities                1,402.9    1,457.2    1,480.9
57 Corporate and foreign bonds         4,187.4    4,626.4    5,022.9
58 Bank loans n.e.c.                   1,314.8    1,383.8    1,496.6
59 Other loans and advances            1,253.0    1,400.9    1,548.2
60 Mortgages                           5,715.7    6,320.1    6,894.5
61 Consumer credit                     1,346.6    1,446.1    1,593.1

                                                        2001

            Transaction
        category or sector              2001        Q2         Q3

                                           Nonfinancial sectors

 1 Total credit market debt owed by
     domestic nonfinancial sectors    19,293.3   18,600.5   18,918.3

   By sector and instrument
 2 Federal government                  3,379.5    3,251.4    3,320.0
 3   Treasury securities               3,352.7    3,224.3    3,293.0
 4   Budget agency securities and
       mortgages                          26.8       27.0       27.0

 5 Nonfederal                         15,913.8   15,349.1   15,598.3

     By instrument
 6   Commercial paper                    190.1      223.3      201.3
 7   Municipal securities and loans    1,600.1    1,547.0    1,555.1
 8   Corporate bonds                   2,565.6    2,436.5    2,484.4
 9   Bank loans n.e.c.                 1,251.0    1,293.6    1,285.1
10   Other loans and advances          1,088.8    1,103.6    1,110.1
11   Mortgages                         7,516.3    7,136.9    7,333.1
12     Home                            5,739.9    5,463.4    5,607.3
13     Multifamily residential           425.8      397.6      411.7
14     Commercial                      1,234.2    1,162.9    1,199.6
15     Farm                              116.3      113.0      114.6
16   Consumer credit                   1,701.9    1,608.2    1,629.3

     By borrowing sector
17   Households                        7,686.8    7,322.8    7,493.5
18   Nonfinancial business             6,932.5    6,774.1    6,847.3
19     Corporate                       4,837.8    4,755.4    4,790.5
20     Nonfarm noncorporate            1,907.0    1,833.5    1,870.8
21     Farm                              187.7      185.2      185.9
22   State and local government        1,294.5    1,252.2    1,257.6

23 Foreign credit market debt held
     in United States                    704.9      726.1      701.7

24 Commercial paper                      106.7      110.1      106.3
25 Bonds                                 488.4      502.0      481.0
26 Bank loans n.e.c.                      63.2       66.2       67.3
27 Other loans and advances               46.6       47.7       47.0

28 Total credit market debt owed
     by nonfinancial sectors,
     domestic and foreign             19,998.2   19,326.6   19,620.0

                                             Financial sectors

29 Total credit market debt owed by
     financial sectors                 9,395.3    8,851.0    9,120.1

   By instrument
30 Federal government-related          4,944.1    4,591.6    4,796.2
31   Government-sponsored
       enterprise securities           2,114.0    1,955.8    2,037.4
32   Mortgage pool securities          2,830.1    2,635.7    2,758.8
33   Loans from U.S. government             .0         .0         .0
34 Private                             4,451.2    4,259.4    4,323.9
35   Open market paper                 1,148.8    1,144.5    1,110.2
36   Corporate bonds                   2,638.3    2,478.8    2,561.6
37   Bank loans n.e.c.                   106.8      100.4      100.2
38   Other loans and advances            473.2      450.7      467.2
39   Mortgages                            84.2       85.1       84.6

   By borrowing sector
40 Commercial banks                      296.0      274.7      281.4
41 Bank holding companies                266.1      269.0      272.7
42 Savings institutions                  295.1      294.4      305.6
43 Credit unions                           4.9        3.5        3.8
44 Life insurance companies                3.1        1.9        2.8
45 Government-sponsored enterprises    2,114.0    1,955.8    2,037.4
46 Federally related mortgage pools    2,830.1    2,635.7    2,758.8
47 Issuers of asset-backed
     securities (ABSs)                 2,129.5    1,937.3    2,019.1
48 Brokers and dealers                    42.3       43.9       47.1
49 Finance companies                     776.7      769.0      771.2
50 Mortgage companies                     18.6       18.2       18.5
51 Real estate investment trusts
     (REITs)                             170.2      168.9      168.3
52 Funding corporations                  448.4      478.6      433.6

                                                All sectors

53 Total credit market debt,
     domestic and foreign             29,393.6   28,177.5   28,740.1

54 Open market paper                   1,445.6    1,477.9    1,417.8
55 U.S. government securities          8,323.6    7,842.9    8,116.2
56 Municipal securities                1,600.1    1,547.0    1,555.1
57 Corporate and foreign bonds         5,692.3    5,417.3    5,527.0
58 Bank loans n.e.c.                   1,421.0    1,460.2    1,452.6
59 Other loans and advances            1,608.6    1,602.0    1,624.4
60 Mortgages                           7,600.5    7,222.0    7,417.8
61 Consumer credit                     1,701.9    1,608.2    1,629.3

                                        2001            2002

            Transaction
        category or sector               Q4         Q1         Q2

                                           Nonfinancial sectors

 1 Total credit market debt owed by
     domestic nonfinancial sectors    19,293.3   19,533.3   19,848.3

   By sector and instrument
 2 Federal government                  3,379.5    3,430.3    3,451.4
 3   Treasury securities               3,352.7    3,404.0    3,424.6
 4   Budget agency securities and
       mortgages                          26.8       26.3       26.8

 5 Nonfederal                         15,913.8   16,103.0   16,396.9

     By instrument
 6   Commercial paper                    190.1      167.5      148.4
 7   Municipal securities and loans    1,600.1    1,623.3    1,677.6
 8   Corporate bonds                   2,565.6    2,629.0    2,676.9
 9   Bank loans n.e.c.                 1,251.0    1,237.3    1,192.1
10   Other loans and advances          1,088.8    1,089.6    1,106.0
11   Mortgages                         7,516.3    7,679.1    7,894.6
12     Home                            5,739.9    5,878.8    6,050.8
13     Multifamily residential           425.8      433.2      444.3
14     Commercial                      1,234.2    1,249.0    1,279.1
15     Farm                              116.3      118.1      120.4
16   Consumer credit                   1,701.9    1,677.2    1,701.3

     By borrowing sector
17   Households                        7,686.8    7,802.1    7,987.8
18   Nonfinancial business             6,932.5    6,985.1    7,042.8
19     Corporate                       4,837.8    4,863.2    4,883.0
20     Nonfarm noncorporate            1,907.0    1,934.7    1,968.0
21     Farm                              187.7      187.1      191.8
22   State and local government        1,294.5    1,315.8    1,366.2

23 Foreign credit market debt held
     in United States                    704.9      724.2      725.6

24 Commercial paper                      106.7      123.6      130.2
25 Bonds                                 488.4      487.9      477.6
26 Bank loans n.e.c.                      63.2       66.7       72.2
27 Other loans and advances               46.6       46.0       45.5

28 Total credit market debt owed
     by nonfinancial sectors,
     domestic and foreign             19,998.2   20,257.5   20,573.8

                                            Financial sectors

29 Total credit market debt owed by
     financial sectors                 9,395.3    9,591.8    9,804.7

   By instrument
30 Federal government-related          4,944.1    5,116.9    5,238.8
31   Government-sponsored
       enterprise securities           2,114.0    2,161.8    2,197.2
32   Mortgage pool securities          2,830.1    2,955.1    3,041.6
33   Loans from U.S. government             .0         .0         .0
34 Private                             4,451.2    4,474.9    4,565.9
35   Open market paper                 1,148.8    1,090.9    1,046.9
36   Corporate bonds                   2,638.3    2,730.6    2,847.1
37   Bank loans n.e.c.                   106.8      105.1      113.5
38   Other loans and advances            473.2      462.4      470.8
39   Mortgages                            84.2       85.9       87.6

   By borrowing sector
40 Commercial banks                      296.0      295.8      310.4
41 Bank holding companies                266.1      269.0      264.2
42 Savings institutions                  295.1      280.5      275.3
43 Credit unions                           4.9        5.5        6.0
44 Life insurance companies                3.1        3.7        4.0
45 Government-sponsored enterprises    2,114.0    2,161.8    2,197.2
46 Federally related mortgage pools    2,830.1    2,955.1    3,041.6
47 Issuers of asset-backed
     securities (ABSs)                 2,129.5    2,187.7    2,249.6
48 Brokers and dealers                    42.3       38.4       42.8
49 Finance companies                     776.7      760.8      784.9
50 Mortgage companies                     18.6       18.8       19.0
51 Real estate investment trusts
     (REITs)                             170.2      172.1      178.4
52 Funding corporations                  448.4      442.6      431.3

                                                All sectors

53 Total credit market debt,
     domestic and foreign             29,393.6   29,849.3   30,378.5

54 Open market paper                   1,445.6    1,382.0    1,325.5
55 U.S. government securities          8,323.6    8,547.2    8,690.2
56 Municipal securities                1,600.1    1,623.3    1,677.6
57 Corporate and foreign bonds         5,692.3    5,847.5    6,001.6
58 Bank loans n.e.c.                   1,421.0    1,409.1    1,377.8
59 Other loans and advances            1,608.6    1,598.0    1,622.3
60 Mortgages                           7,600.5    7,764.9    7,982.2
61 Consumer credit                     1,701.9    1,677.2    1,701.3

                                              2002

            Transaction
        category or sector               Q3         Q4

                                      Nonfinancial sectors

 1 Total credit market debt owed by
     domestic nonfinancial sectors    20,179.3   20,657.1

   By sector and instrument
 2 Federal government                  3,540.8    3,637.0
 3   Treasury securities               3,513.6    3,609.8
 4   Budget agency securities and
       mortgages                          27.2       27.3

 5 Nonfederal                         16,638.5   17,020.0

     By instrument
 6   Commercial paper                    142.2      126.0
 7   Municipal securities and loans    1,704.2    1,763.1
 8   Corporate bonds                   2,669.6    2,698.8
 9   Bank loans n.e.c.                 1,159.1    1,158.8
10   Other loans and advances          1,116.9    1,123.7
11   Mortgages                         8,125.5    8,392.3
12     Home                            6,248.7    6,462.9
13     Multifamily residential           451.6      467.5
14     Commercial                      1,301.6    1,336.7
15     Farm                              123.6      125.2
16   Consumer credit                   1,720.9    1,757.4

     By borrowing sector
17   Households                        8,183.3    8,443.8
18   Nonfinancial business             7,064.9    7,134.3
19     Corporate                       4,871.0    4,899.8
20     Nonfarm noncorporate            1,999.0    2,038.7
21     Farm                              194.9      195.7
22   State and local government        1,390.3    1,442.0

23 Foreign credit market debt held
     in United States                    720.2      727.4

24 Commercial paper                      134.0      142.8
25 Bonds                                 472.0      471.7
26 Bank loans n.e.c.                      69.3       68.6
27 Other loans and advances               44.9       44.2

28 Total credit market debt owed
     by nonfinancial sectors,
     domestic and foreign             20,899.5   21,384.4

                                       Financial sectors

29 Total credit market debt owed by
     financial sectors                10,007.6   10,317.7

   By instrument
30 Federal government-related          5,344.1    5,504.7
31   Government-sponsored
       enterprise securities           2,259.5    2,346.4
32   Mortgage pool securities          3,084.5    3,158.3
33   Loans from U.S. government             .0         .0
34 Private                             4,663.6    4,813.1
35   Open market paper                 1,049.5    1,078.9
36   Corporate bonds                   2,901.0    3,037.3
37   Bank loans n.e.c.                   133.3      117.7
38   Other loans and advances            491.2      490.0
39   Mortgages                            88.6       89.1

   By borrowing sector
40 Commercial banks                      318.9      326.1
41 Bank holding companies                271.8      284.3
42 Savings institutions                  286.4      281.3
43 Credit unions                           6.8        6.9
44 Life insurance companies                4.5        5.1
45 Government-sponsored enterprises    2,259.5    2,346.4
46 Federally related mortgage pools    3,084.5    3,158.3
47 Issuers of asset-backed
     securities (ABSs)                 2,301.5    2,393.5
48 Brokers and dealers                    46.6       40.6
49 Finance companies                     802.9      820.4
50 Mortgage companies                     19.2       19.3
51 Real estate investment trusts
     (REITs)                             185.1      188.8
52 Funding corporations                  420.0      446.6

                                           All sectors

53 Total credit market debt,
     domestic and foreign             30,907.1   31,702.2

54 Open market paper                   1,325.7    1,347.7
55 U.S. government securities          8,884.9    9,141.7
56 Municipal securities                1,704.2    1,763.1
57 Corporate and foreign bonds         6,042.6    6,207.8
58 Bank loans n.e.c.                   1,361.7    1,345.1
59 Other loans and advances            1,653.0    1,658.0
60 Mortgages                           8,214.2    8,481.4
61 Consumer credit                     1,720.9    1,757.4

(1.) Data in this table appear in the Board's Z.1 (780) quarterly
statistical release, tables L.2 and 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       2000

           CREDIT MARKET
       DEBT OUTSTANDING (2)

 1 Total credit market assets         23,437.1   25,602.0   27,348.6

 2 Domestic nonfederal nonfinancial
       sectors                         3,312.6    3,600.8    3,455.5
 3   Household                         2,264.1    2,542.4    2,373.1
 4   Nonfinancial corporate
       business                          241.5      226.0      249.4
 5   Nonfarm noncorporate business        67.5       64.6       65.9
 6   State and local governments         739.4      767.8      767.0
 7 Federal government                    219.0      258.0      265.3
 8 Rest of the world                   2,278.2    2,354.6    2,621.1
 9 Financial sectors                  17,627.3   19,388.7   21,006.7
10   Monetary authority                  452.5      478.1      511.8
11   Commercial banking                4,336.1    4,648.3    5,006.3
12     U.S.-chartered banks            3,761.4    4,080.0    4,419.5
13     Foreign banking offices in
         United States                   504.5      487.4      511.3
14     Bank holding companies             26.5       32.7       20.5
15     Banks in U.S.-affiliated
         areas                            43.8       48.3       55.0
16   Savings institutions                964.7    1,032.4    1,088.6
17   Credit unions                       324.2      351.7      379.7
18   Bank personal trusts and
       estates                           194.1      222.0      222.8
19   Life insurance companies          1,828.0    1,886.0    1,943.9
20   Other insurance companies           521.1      518.2      509.4
21   Private pension funds               651.2      668.2      701.6
22   State and local government
       retirement funds                  704.6      751.4      806.0
23   Money market mutual funds           965.9    1,147.8    1,290.9
24   Mutual funds                      1,028.4    1,076.8    1,097.8
25   Closed-end funds                     98.4      106.6      100.3
26   Government-sponsored
       enterprises                     1,252.3    1,543.5    1,807.1
27   Federally related mortgage
       pools                           2,018.4    2,292.2    2,491.6
28   Asset-backed securities (ABSs)
       issuers                         1,219.4    1,413.6    1,585.4
29   Finance companies                   645.5      742.5      850.5
30   Mortgage companies                   35.3       35.6       35.9
31   Real estate investment trusts
       (REITs)                            45.5       42.9       36.6
32   Brokers and dealers                 189.4      154.7      223.6
33   Funding corporations                152.3      276.0      317.0

      RELATION OF LIABILITIES
        TO FINANCIAL ASSETS

34 Total credit market debt           23,437.1   25,602.0   27,348.6

   Other liabilities
35 Official foreign exchange              60.1       50.1       46.1
36 Special drawing rights
     certificates                          9.2        6.2        2.2
37 Treasury currency                      19.9       20.9       23.2
38 Foreign deposits                      642.3      703.6      824.5
39 Net interbank liabilities             189.4      202.4      221.2
40 Checkable deposits and currency     1,333.3    1,484.5    1,413.1
41 Small time and savings deposits     2,626.5    2,671.6    2,860.4
42 Large time deposits                   805.3      936.4    1,052.6
43 Money market fund shares            1,329.7    1,578.8    1,812.1
44 Security repurchase agreements        913.8    1,083.6    1,196.8
45 Mutual fund shares                  3,613.1    4,538.5    4,434.6
46 Security credit                       572.2      676.6      822.7
47 Life insurance reserves               718.3      783.9      819.1
48 Pension fund reserves               8,208.4    9,065.3    9,069.0
49 Trade payables                      2,073.8    2,342.4    2,767.9
50 Taxes payable                         170.7      201.4      234.2
51 Investment in bank personal
     trusts                            1,001.0    1,130.4    1,095.8
52 Miscellaneous                       7,617.2    8,499.5    9,717.2

53 Total liabilities                  55,341.1   61,578.0   65,761.2

   Financial assets not included in
     liabilities (+)
54 Gold and special drawing rights        21.6       21.4       21.6
55 Corporate equities                 15,577.3   19,581.2   17,611.9
56 Household equity in noncorporate
     business                          4,285.7    4,523.1    4,753.2

   Liabilities not identified as
     assets (-)
57 Treasury currency                      -6.4       -7.1       -8.5
58 Foreign deposits                      542.8      585.7      627.4
59 Net interbank transactions            -26.5      -28.5       -4.3
60 Security repurchase agreements        230.6      266.4      388.9
61 Taxes payable                         121.2      129.4      146.3
62 Miscellaneous                      -1,972.7   -2,427.9   -2,902.8

   Floats not included in
     assets (-)
63 Federal government checkable
     deposits                             -3.9       -9.8       -2.3
64 Other checkable deposits               23.1       22.3       24.0
65 Trade credit                           84.8       95.6      128.0

66 Totals identified to sectors
     as assets                        76,232.7   87,077.5   89,751.1

                                                        2001

            Transaction
        category or sector              2001        Q2         Q3

           CREDIT MARKET
       DEBT OUTSTANDING (2)

 1 Total credit market assets         29,393.6   28,177.5   28,740.1

 2 Domestic nonfederal nonfinancial
       sectors                         3,417.8    3,366.5    3,359.6
 3   Household                         2,306.9    2,290.6    2,282.7
 4   Nonfinancial corporate
       business                          237.9      225.4      214.8
 5   Nonfarm noncorporate business        67.9       66.6       67.4
 6   State and local governments         805.1      784.0      794.6
 7 Federal government                    271.3      268.7      269.6
 8 Rest of the world                   2,954.4    2,766.8    2,837.5
 9 Financial sectors                  22,750.1   21,775.4   22,273.4
10   Monetary authority                  551.7      535.1      534.1
11   Commercial banking                5,210.5    5,041.5    5,100.6
12     U.S.-chartered banks            4,610.1    4,463.5    4,513.5
13     Foreign banking offices in
         United States                   510.7      501.3      509.3
14     Bank holding companies             24.7       21.6       21.3
15     Banks in U.S.-affiliated
         areas                            65.0       55.1       56.5
16   Savings institutions              1,131.4    1,116.1    1,118.1
17   Credit unions                       421.2      392.4      408.4
18   Bank personal trusts and
       estates                           194.7      208.8      201.8
19   Life insurance companies          2,074.8    2,004.8    2,054.8
20   Other insurance companies           518.4      510.0      511.3
21   Private pension funds               721.9      718.0      720.6
22   State and local government
       retirement funds                  788.4      807.6      789.0
23   Money market mutual funds         1,536.9    1,414.3    1,494.9
24   Mutual funds                      1,223.8    1,160.3    1,188.2
25   Closed-end funds                    107.4       97.3      103.3
26   Government-sponsored
       enterprises                     2,114.3    1,956.1    2,026.1
27   Federally related mortgage
       pools                           2,830.1    2,635.7    2,758.8
28   Asset-backed securities (ABSs)
       issuers                         1,876.8    1,696.6    1,772.1
29   Finance companies                   844.8      878.5      859.5
30   Mortgage companies                   37.2       36.5       36.9
31   Real estate investment trusts
       (REITs)                            43.3       37.9       39.8
32   Brokers and dealers                 316.0      288.4      366.4
33   Funding corporations                206.3      239.5      188.8

      RELATION OF LIABILITIES
        TO FINANCIAL ASSETS

34 Total credit market debt           29,393.6   28,177.5   28,740.1

   Other liabilities
35 Official foreign exchange              46.8       43.4       49.0
36 Special drawing rights
     certificates                          2.2        2.2        2.2
37 Treasury currency                      24.5       23.9       24.5
38 Foreign deposits                      908.9      837.6      848.0
39 Net interbank liabilities             187.7      158.7      166.5
40 Checkable deposits and currency     1,603.2    1,449.6    1,487.1
41 Small time and savings deposits     3,127.6    2,992.4    3,047.6
42 Large time deposits                 1,121.1    1,087.3    1,094.2
43 Money market fund shares            2,240.7    2,014.7    2,115.4
44 Security repurchase agreements      1,231.8    1,205.4    1,251.9
45 Mutual fund shares                  4,135.5    4,259.5    3,753.1
46 Security credit                       825.9      781.5      919.9
47 Life insurance reserves               880.0      840.3      844.0
48 Pension fund reserves               8,693.4    8,862.6    8,281.0
49 Trade payables                      2,700.6    2,756.4    2,725.7
50 Taxes payable                         251.7      241.2      270.1
51 Investment in bank personal
     trusts                              960.7    1,024.6      916.5
52 Miscellaneous                      10,505.4   10,491.8   10,919.8

53 Total liabilities                  68,841.3   67,250.6   67,456.6

   Financial assets not included in
     liabilities (+)
54 Gold and special drawing rights        21.8       21.5       22.0
55 Corporate equities                 15,245.5   16,281.6   13,673.4
56 Household equity in noncorporate
     business                          4,837.2    4,817.0    4,865.2

   Liabilities not identified as
     assets (-)
57 Treasury currency                      -8.6       -8.8       -8.6
58 Foreign deposits                      694.9      631.6      645.4
59 Net interbank transactions             11.1        3.8        4.5
60 Security repurchase agreements        348.5      379.4      398.7
61 Taxes payable                         121.8      150.5      167.3
62 Miscellaneous                      -3,147.0   -2,806.3   -2,643.0

   Floats not included in
     assets (-)
63 Federal government checkable
     deposits                            -12.3       -3.6       -4.0
64 Other checkable deposits               28.6       25.5       19.2
65 Trade credit                          140.5       61.8       52.0

66 Totals identified to sectors
     as assets                        90,768.3   89,936.9   87,385.5

                                        2001            2002

            Transaction
        category or sector               Q4         Q1         Q2

           CREDIT MARKET
       DEBT OUTSTANDING (2)

 1 Total credit market assets         29,393.6   29,849.3   30,378.5

 2 Domestic nonfederal nonfinancial
       sectors                         3,417.8    3,442.6    3,498.9
 3   Household                         2,306.9    2,337.9    2,374.6
 4   Nonfinancial corporate
       business                          237.9      230.4      235.0
 5   Nonfarm noncorporate business        67.9       68.7       69.6
 6   State and local governments         805.1      805.6      819.7
 7 Federal government                    271.3      272.5      274.7
 8 Rest of the world                   2,954.4    3,000.6    3,133.2
 9 Financial sectors                  22,750.1   23,133.5   23,471.8
10   Monetary authority                  551.7      575.4      590.7
11   Commercial banking                5,210.5    5,231.3    5,328.3
12     U.S.-chartered banks            4,610.1    4,629.3    4,719.7
13     Foreign banking offices in
         United States                   510.7      507.7      512.6
14     Bank holding companies             24.7       27.7       28.1
15     Banks in U.S.-affiliated
         areas                            65.0       66.6       67.9
16   Savings institutions              1,131.4    1,134.7    1,130.9
17   Credit unions                       421.2      434.3      447.7
18   Bank personal trusts and
       estates                           194.7      195.0      195.2
19   Life insurance companies          2,074.8    2,136.9    2,180.1
20   Other insurance companies           518.4      527.6      536.4
21   Private pension funds               721.9      728.7      740.3
22   State and local government
       retirement funds                  788.4      806.0      792.4
23   Money market mutual funds         1,536.9    1,496.4    1,419.3
24   Mutual funds                      1,223.8    1,276.8    1,291.6
25   Closed-end funds                    107.4      112.8      112.8
26   Government-sponsored
       enterprises                     2,114.3    2,163.8    2,199.9
27   Federally related mortgage
       pools                           2,830.1    2,955.1    3,041.6
28   Asset-backed securities (ABSs)
       issuers                         1,876.8    1,928.9    1,985.3
29   Finance companies                   844.8      832.4      845.6
30   Mortgage companies                   37.2       37.6       38.0
31   Real estate investment trusts
       (REITs)                            43.3       49.9       57.9
32   Brokers and dealers                 316.0      299.6      352.6
33   Funding corporations                206.3      210.3      185.4

      RELATION OF LIABILITIES
        TO FINANCIAL ASSETS

34 Total credit market debt           29,393.6   29,849.3   30,378.5

   Other liabilities
35 Official foreign exchange              46.8       45.7       47.2
36 Special drawing rights
     certificates                          2.2        2.2        2.2
37 Treasury currency                      24.5       24.7       24.8
38 Foreign deposits                      908.9      894.1      907.4
39 Net interbank liabilities             187.7      161.1      130.6
40 Checkable deposits and currency     1,603.2    1,525.2    1,571.0
41 Small time and savings deposits     3,127.6    3,229.6    3,257.6
42 Large time deposits                 1,121.1    1,178.9    1,188.7
43 Money market fund shares            2,240.7    2,202.6    2,150.3
44 Security repurchase agreements      1,231.8    1,262.4    1,343.1
45 Mutual fund shares                  4,135.5    4,247.0    3,926.6
46 Security credit                       825.9      778.0      745.6
47 Life insurance reserves               880.0      904.2      915.2
48 Pension fund reserves               8,693.4    8,822.2    8,328.1
49 Trade payables                      2,700.6    2,724.3    2,721.6
50 Taxes payable                         251.7      258.9      265.0
51 Investment in bank personal
     trusts                              960.7      963.2      893.5
52 Miscellaneous                      10,505.4   10,539.1   10,829.7

53 Total liabilities                  68,841.3   69,612.6   69,626.9

   Financial assets not included in
     liabilities (+)
54 Gold and special drawing rights        21.8       21.9       22.3
55 Corporate equities                 15,245.5   15,264.1   13,363.0
56 Household equity in noncorporate
     business                          4,837.2    4,864.4    4,933.7

   Liabilities not identified as
     assets (-)
57 Treasury currency                      -8.6       -8.9       -9.1
58 Foreign deposits                      694.9      686.5      710.2
59 Net interbank transactions             11.1       21.9       18.4
60 Security repurchase agreements        348.5      401.6      463.3
61 Taxes payable                         121.8      109.9      162.8
62 Miscellaneous                      -3,147.0   -3,105.7   -3,140.6

   Floats not included in
     assets (-)
63 Federal government checkable
     deposits                            -12.3       -9.6       -9.3
64 Other checkable deposits               28.6       26.3       31.4
65 Trade credit                          140.5       85.7       33.0

66 Totals identified to sectors
     as assets                        90,768.3   91,555.1   89,685.8

                                             2002

            Transaction
        category or sector               Q3         Q4

           CREDIT MARKET
       DEBT OUTSTANDING (2)

 1 Total credit market assets         30,907.1   31,702.2

 2 Domestic nonfederal nonfinancial
       sectors                         3,417.2    3,502.3
 3   Household                         2,292.7    2,362.6
 4   Nonfinancial corporate
       business                          235.4      240.1
 5   Nonfarm noncorporate business        69.0       68.8
 6   State and local governments         820.1      830.9
 7 Federal government                    276.4      279.0
 8 Rest of the world                   3,249.5    3,371.3
 9 Financial sectors                  23,964.0   24,549.6
10   Monetary authority                  604.2      629.4
11   Commercial banking                5,476.2    5,620.5
12     U.S.-chartered banks            4,858.4    5,003.8
13     Foreign banking offices in
         United States                   521.2      517.3
14     Bank holding companies             27.7       27.8
15     Banks in U.S.-affiliated
         areas                            68.8       71.6
16   Savings institutions              1,153.7    1,166.9
17   Credit unions                       458.5      465.3
18   Bank personal trusts and
       estates                           195.4      195.6
19   Life insurance companies          2,250.7    2,289.6
20   Other insurance companies           541.9      548.9
21   Private pension funds               749.3      752.9
22   State and local government
       retirement funds                  789.8      792.1
23   Money market mutual funds         1,405.7    1,511.6
24   Mutual funds                      1,334.5    1,368.0
25   Closed-end funds                    111.9      111.5
26   Government-sponsored
       enterprises                     2,252.9    2,336.7
27   Federally related mortgage
       pools                           3,084.5    3,158.3
28   Asset-backed securities (ABSs)
       issuers                         2,031.5    2,118.1
29   Finance companies                   857.1      862.4
30   Mortgage companies                   38.3       38.7
31   Real estate investment trusts
       (REITs)                            64.8       66.8
32   Brokers and dealers                 335.2      346.6
33   Funding corporations                224.1      166.1

      RELATION OF LIABILITIES
        TO FINANCIAL ASSETS

34 Total credit market debt           30,907.1   31,702.2

   Other liabilities
35 Official foreign exchange              53.1       55.8
36 Special drawing rights
     certificates                          2.2        2.2
37 Treasury currency                      25.5       25.5
38 Foreign deposits                      924.6      955.2
39 Net interbank liabilities             149.0      191.3
40 Checkable deposits and currency     1,610.7    1,648.6
41 Small time and savings deposits     3,339.0    3,404.9
42 Large time deposits                 1,197.7    1,176.8
43 Money market fund shares            2,105.9    2,223.9
44 Security repurchase agreements      1,313.7    1,325.2
45 Mutual fund shares                  3,452.3    3,634.6
46 Security credit                       726.3      724.5
47 Life insurance reserves               927.9      958.4
48 Pension fund reserves               7,732.4    8,053.3
49 Trade payables                      2,779.2    2,815.4
50 Taxes payable                         279.6      280.7
51 Investment in bank personal
     trusts                              811.6      840.9
52 Miscellaneous                      11,304.4   11,394.1

53 Total liabilities                  69,642.2   71,413.3

   Financial assets not included in
     liabilities (+)
54 Gold and special drawing rights        22.8       23.2
55 Corporate equities                 10,960.1   11,734.5
56 Household equity in noncorporate
     business                          4,983.6    5,021.8

   Liabilities not identified as
     assets (-)
57 Treasury currency                      -8.9       -9.1
58 Foreign deposits                      722.9      751.7
59 Net interbank transactions             16.5       14.9
60 Security repurchase agreements        381.6      366.5
61 Taxes payable                         152.8      156.8
62 Miscellaneous                      -3,033.6   -3,036.1

   Floats not included in
     assets (-)
63 Federal government checkable
     deposits                            -14.8      -11.7
64 Other checkable deposits               25.8       35.9
65 Trade credit                           25.5       91.6

66 Totals identified to sectors
     as assets                        87,340.6   89,832.3

(1.) Data in this table also appear in the Board's Z.1 (780)
quarterly statistical release, tables L.1 and L.5. For ordering
address, see inside front cover.

(2.) Excludes corporate equities and mutual fund shares.


Selected Measures
2.12 OUTPUT, CAPACITY, AND CAPACITY UTILIZATION (1)

Seasonally adjusted

                                               2002            2003

                                                        Q4
               Series                   Q2      Q3      (r)     Q1

                                             Output (1997=100)

 1 Total industry                      110.5   111.4   110.4   110.5

 2 Manufacturing                       111.4   112.3   111.2   111.0
 3   Manufacturing (NAICS)             111.8   112.6   111.5   111.2

 4     Durable manufacturing           121.2   122.3   121.4   121.5
 5       Primary metal                  85.6    85.9    86.0    84.4

 6       Fabricated metal products      99.1    99.5    98.9    98.0
 7       Machinery                      88.6    88.7    86.7    86.7
 8       Computer and electronic
           products                    219.6   222.6   224.4   226.9
 9       Electrical equipment,
           appliances, and
           components                   98.3    97.7    96.8    96.3
10       Motor vehicles and parts      116.8   121.7   120.0   120.3
11       Aerospace and miscellaneous
           transportation equipment     87.6    85.9    85.1    86.0
12     Nondurable manufacturing         99.7   100.1    98.8    98.2
13       Food, beverage, and tobacco
           products                    100.8   100.1    98.8    97.8
14       Textile and product mills      83.3    82.9    81.2    79.4

15       Paper                          94.2    95.7    95.8    93.6
16       Petroleum and coal products   103.3   102.3   102.8   102.7
17       Chemical                      105.3   106.4   104.1   104.4
18       Plastics and robber
           products                    106.6   107.3   105.6   105.0
19   Other manufacturing
       (non-NAICS)                     104.6   106.0   106.0   106.5

20 Mining                               93.4    93.5    93.7    94.2
21 Electric and gas utilities          110.2   112.5   111.5   114.3

   MEMOS
22 Computers, communications
     equipment, and semiconductors     290.3   295.5   300.4   305.5

23 Total excluding computers,
     communications equipment, and
     semiconductors                    100.6   101.3   100.3   100.3

24 Manufacturing excluding
     computers, communications
     equipment, and semiconductors      99.9   100.5    99.4    99.1

                                               2002            2003

               Series                   Q2      Q3      Q4      Q1

                                            Capacity (percent
                                             of 1997 output)

 1 Total industry                      145.9   146.2   146.6   147.1

 2 Manufacturing                       150.9   151.1   151.4   151.7
 3   Manufacturing (NAICS)             152.2   152.5   152.8   153.3

 4     Durable manufacturing           172.5   173.4   174.2   175.1
 5       Primary metal                 112.0   111.4   110.8   110.7

 6       Fabricated metal products     139.3   139.4   139.6   139.8
 7       Machinery                     129.9   129.9   129.9   129.8
 8       Computer and electronic
           products                    350.1   355.4   360.3   366.2
 9       Electrical equipment,
           appliances, and
           components                  129.1   128.6   128.2   128.1
10       Motor vehicles and parts      145.9   147.1   148.4   149.9
11       Aerospace and miscellaneous
           transportation equipment    145.5   145.3   145.1   145.1
12     Nondurable manufacturing        127.7   127.5   127.3   127.3
13       Food, beverage, and tobacco
           products                    125.8   125.7   125.6   125.5
14       Textile and product mills     112.3   111.7   111.1   110.6

15       Paper                         114.2   114.0   113.8   113.6
16       Petroleum and coal products   114.9   115.2   115.7   116.1
17       Chemical                      141.2   141.2   141.3   141.5
18       Plastics and robber
           products                    134.2   133.6   132.9   132.5
19   Other manufacturing
       (non-NAICS)                     130.3   129.5   128.7   128.3

20 Mining                              110.2   110.1   110.2   110.3
21 Electric and gas utilities          125.5   127.6   129.7   131.5

   MEMOS
22 Computers, communications
     equipment, and semiconductors     466.7   475.3   483.3   493.9

23 Total excluding computers,
     communications equipment, and
     semiconductors                    130.4   130.5   130.6   130.9

24 Manufacturing excluding
     computers, communications
     equipment, and semiconductors     132.6   132.6   132.6   132.7

                                             2002           2003

                                                      Q4
               Series                  Q2     Q3      (r)    Q1
                                          Capacity utilization
                                           rate (percent) (2)

 1 Total industry                      75.7   76.2   75.3   75.2

 2 Manufacturing                       73.9   74.3   73.5   73.2
 3   Manufacturing (NAICS)             73.5   73.8   73.0   72.6

 4     Durable manufacturing           70.2   70.5   69.7   69.4
 5       Primary metal                 76.4   77.1   77.6   76.2

 6       Fabricated metal products     71.2   71.3   70.8   70.1
 7       Machinery                     68.2   68.3   66.7   66.8
 8       Computer and electronic
           products                    62.7   62.6   62.3   61.9
 9       Electrical equipment,
           appliances, and
           components                  76.1   75.9   75.5   75.2
10       Motor vehicles and parts      80.0   82.7   80.8   80.2
11       Aerospace and miscellaneous
           transportation equipment    60.2   59.1   58.7   59.3
12     Nondurable manufacturing        78.1   78.5   77.6   77.2
13       Food, beverage, and tobacco
           products                    80.2   79.7   78.7   78.0
14       Textile and product mills     74.2   74.2   73.1   71.8

15       Paper                         82.5   84.0   84.2   82.4
16       Petroleum and coal products   89.9   88.7   88.9   88.4
17       Chemical                      74.6   75.3   73.7   73.8
18       Plastics and robber
           products                    79.4   80.4   79.4   79.2
19   Other manufacturing
       (non-NAICS)                     80.3   81.8   82.3   83.0

20 Mining                              84.8   84.9   85.1   85.4
21 Electric and gas utilities          87.8   88.2   86.0   86.9

   MEMOS
22 Computers, communications
     equipment, and semiconductors     62.2   62.2   62.2   61.8

23 Total excluding computers,
     communications equipment, and
     semiconductors                    77.1   77.6   76.8   76.6

24 Manufacturing excluding
     computers, communications
     equipment, and semiconductors     75.3   75.8   75.0   74.7

                                                       Previous
                                       1973    1975    cycle (3)

               Series                  High    Low    High   Low

                                          Capacity utilization
                                           rate (percent) (2)

 1 Total industry                       88.8   74.0   86.6   70.8

 2 Manufacturing                        88.0   71.6   86.3   68.6
 3   Manufacturing (NAICS)              88.1   71.4   86.3   67.9

 4     Durable manufacturing            88.9   69.6   87.0   63.1
 5       Primary metal                 100.9   68.9   91.3   47.2

 6       Fabricated metal products      91.8   69.6   83.1   61.7
 7       Machinery                      94.2   74.2   92.8   58.3
 8       Computer and electronic
           products                     87.0   66.9   89.8   77.3
 9       Electrical equipment,
           appliances, and
           components                   99.3   68.5   91.9   64.4
10       Motor vehicles and parts       95.3   55.3   96.2   45.2
11       Aerospace and miscellaneous
           transportation equipment     75.0   66.3   84.6   69.8
12     Nondurable manufacturing         87.5   72.5   85.7   75.6
13       Food, beverage, and tobacco
           products                     85.9   78.0   84.3   80.2
14       Textile and product mills      89.8   62.8   90.1   72.3

15       Paper                          97.4   74.7   95.6   81.3
16       Petroleum and coal products    93.2   81.0   92.3   71.1
17       Chemical                       85.0   68.9   83.0   67.9
18       Plastics and robber
           products                     96.3   61.6   90.5   70.5
19   Other manufacturing
       (non-NAICS)                      85.7   75.7   88.1   85.7

20 Mining                               93.6   87.6   94.2   78.6
21 Electric and gas utilities           96.2   82.7   87.9   77.2

   MEMOS
22 Computers, communications
     equipment, and semiconductors      84.5   63.1   89.9   75.6

23 Total excluding computers,
     communications equipment, and
     semiconductors                     89.1   74.3   86.6   70.5

24 Manufacturing excluding
     computers, communications
     equipment, and semiconductors      88.3   71.9   86.3   68.1

                                         Latest
                                        cycle (4)    2002   2002

               Series                  High   Low    Mar.   Oct.

                                            Capacity utilization
                                             rate (percent) (2)

 1 Total industry                      85.1   78.6   75.3   75.5

 2 Manufacturing                       85.5   77.2   73.5   73.7
 3   Manufacturing (NAICS)             85.5   77.0   73.1   73.1

 4     Durable manufacturing           84.5   73.4   69.7   69.9
 5       Primary metal                 95.3   75.2   75.7   78.9

 6       Fabricated metal products     80.1   71.0   70.5   71.5
 7       Machinery                     84.7   72.9   67.7   66.8
 8       Computer and electronic
           products                    81.5   76.4   62.7   62.5
 9       Electrical equipment,
           appliances, and
           components                  87.5   75.0   74.8   75.3
10       Motor vehicles and parts      90.0   56.6   78.0   80.0
11       Aerospace and miscellaneous
           transportation equipment    88.9   81.9   61.4   58.9
12     Nondurable manufacturing        86.9   81.8   77.8   77.8
13       Food, beverage, and tobacco
           products                    85.5   81.3   80.6   79.2
14       Textile and product mills     91.1   77.1   73.7   73.0

15       Paper                         94.0   85.4   80.0   84.1
16       Petroleum and coal products   88.9   82.5   90.2   86.1
17       Chemical                      85.6   80.8   74.6   74.1
18       Plastics and robber
           products                    91.2   77.1   78.1   79.9
19   Other manufacturing
       (non-NAICS)                     90.2   79.1   80.2   82.7

20 Mining                              85.6   83.3   84.8   83.9
21 Electric and gas utilities          92.6   84.2   86.9   86.9

   MEMOS
22 Computers, communications
     equipment, and semiconductors     80.4   74.6   61.7   62.3

23 Total excluding computers,
     communications equipment, and
     semiconductors                    85.5   78.8   76.7   76.9

24 Manufacturing excluding
     computers, communications
     equipment, and semiconductors     86.1   77.3   74.9   75.2

                                          2002       2003

                                              Dec.   Jan.
               Series                  Nov.   (r)    (r)

                                       Capacity utilization
                                        rate (percent) (2)

 1 Total industry                      75.6   74.9   75.4

 2 Manufacturing                       73.7   73.0   73.4
 3   Manufacturing (NAICS)             73.3   72.5   72.9

 4     Durable manufacturing           70.2   69.1   69.9
 5       Primary metal                 77.8   76.1   76.9

 6       Fabricated metal products     70.7   70.4   70.6
 7       Machinery                     67.3   66.0   66.8
 8       Computer and electronic
           products                    62.3   62.0   62.2
 9       Electrical equipment,
           appliances, and
           components                  75.6   75.6   75.0
10       Motor vehicles and parts      83.5   79.1   82.3
11       Aerospace and miscellaneous
           transportation equipment    58.4   58.7   59.4
12     Nondurable manufacturing        77.7   77.2   77.2
13       Food, beverage, and tobacco
           products                    78.5   78.3   78.4
14       Textile and product mills     73.5   72.8   71.7

15       Paper                         85.1   83.5   82.5
16       Petroleum and coal products   89.8   90.7   88.1
17       Chemical                      73.8   73.2   73.4
18       Plastics and robber
           products                    79.6   78.8   79.3
19   Other manufacturing
       (non-NAICS)                     81.9   82.4   82.0

20 Mining                              85.0   86.4   85.1
21 Electric and gas utilities          86.4   84.8   87.8

   MEMOS
22 Computers, communications
     equipment, and semiconductors     62.4   61.7   61.7

23 Total excluding computers,
     communications equipment, and
     semiconductors                    77.0   76.4   76.9

24 Manufacturing excluding
     computers, communications
     equipment, and semiconductors     75.3   74.5   75.0

                                          2003

                                       Feb.   Mar.
               Series                  (r)    (p)

                                         Capacity
                                        utilization
                                            rate
                                         (percent)
                                            (2)

 1 Total industry                      75.3   74.8

 2 Manufacturing                       73.1   72.9
 3   Manufacturing (NAICS)             72.5   72.3

 4     Durable manufacturing           69.3   68.9
 5       Primary metal                 76.3   75.5

 6       Fabricated metal products     70.0   69.7
 7       Machinery                     67.0   66.6
 8       Computer and electronic
           products                    61.8   61.8
 9       Electrical equipment,
           appliances, and
           components                  75.6   74.9
10       Motor vehicles and parts      80.1   78.3
11       Aerospace and miscellaneous
           transportation equipment    59.1   59.4
12     Nondurable manufacturing        77.1   77.1
13       Food, beverage, and tobacco
           products                    77.7   77.7
14       Textile and product mills     71.9   71.8

15       Paper                         82.2   82.4
16       Petroleum and coal products   88.4   88.7
17       Chemical                      73.8   74.1
18       Plastics and robber
           products                    79.3   79.1
19   Other manufacturing
       (non-NAICS)                     83.4   83.7

20 Mining                              85.3   85.8
21 Electric and gas utilities          88.5   84.5

   MEMOS
22 Computers, communications
     equipment, and semiconductors     61.7   62.1

23 Total excluding computers,
     communications equipment, and
     semiconductors                    76.8   76.2

24 Manufacturing excluding
     computers, communications
     equipment, and semiconductors     74.7   74.4

Note. The statistics in the G.17 release cover output, capacity, and
capacity utilization in the industrial sector, which the Federal
Reserve defines as manufacturing, mining, and electric and gas
utilities. Manufacturing consists of those industries included in the
North American Industry Classification System, or NAICS, manufacturing
plus those industries--logging and newspaper, periodical, book and
directory publishing--that have traditionally been considered
manufacturing and included in the industrial sector.

(1.) Data in this table also appear in the Board's G.17 (419) monthly
statistical release. The data are also available on the Board's web
site http://www.federalreserve.gov/releases/g17. The latest historical
revision of the industrial production index and the capacity
utilization rates was released in December 2002. The recent annual
revision is described in the April 2003 issue of the Bulletin.

(2.) Capacity utilization is calculated as the ratio of the Federal
Reserve's seasonally adjusted index of industrial production to the
corresponding index of capacity.

(3.) Monthly highs, 1978-80; monthly lows, 1982.

(4.) Monthly highs, 1988-89; monthly lows, 1990-91.

2.13 INDUSTRIAL PRODUCTION Indexes and Gross Value (1)

Monthly data seasonally adjusted

                                                                2002

                                             1992
                                   NAICS     pro-     2002
                 Group              code     por-     avg.      Mar.
                                    (2)      tion

                                                                Index
                                                               (1997=
                                                                100)

             MAJOR MARKETS

 1 Total IP                                  100.0     110.5     109.6

   Market groups
 2 Final products and
       nonindustrial supplies                 60.8     109.3     108.9
 3   Consumer goods                           29.0     107.5     107.4
 4     Durable                                 5.8     117.3     115.7
 5       Automotive products                   2.5     125.4     121.7
 6       Home electronics                      0.4     142.9     150.2
 7       Appliances, furniture,
           carpeting                           1.3     106.9     108.1
 8       Miscellaneous goods                   1.6      98.5      98.2
 9     Nondurable                             23.2     104.1     104.4
10       Non-energy                           20.2     102.6     103.5
11         Foods and tobacco                  10.4      99.5     100.8
12         Clothing                            2.4      72.4      74.4
13         Chemical products                   4.6     119.1     120.1
14         Paper products                      2.9     108.1     107.2
15       Energy                                3.0     112.0     109.4

16   Business equipment                       13.2     107.3     107.8
17     Transit                                 2.5      81.2      84.8
18     Information processing                  5.4     153.8     155.5
19     Industrial and other                    5.3      91.5      90.3
20   Defense and space
       equipment                               3.4     101.2      99.8

21   Construction supplies                     5.4     104.0     104.0
22   Business supplies                         9.1     121.9     119.7

23 Materials                                  39.2     112.2     110.7
24   Non-energy                               29.6     115.8     114.0
25     Durable                                20.7     128.0     125.8
26       Consumer parts                        4.0     110.8     109.2
27       Equipment parts                       7.5     182.6     177.6
28       Other                                 9.2      97.1      96.0
29     Nondurable                              8.9      97.0      95.9
30       Textile                               1.1      77.6      77.7
31       Paper                                 1.8      94.8      91.9
32       Chemical                              4.0      99.1      98.8
33   Energy                                    9.6      98.7      97.9

          SPECIAL AGGREGATES

34 Total excluding computers,
     communication equipment,
     and semiconductors                       94.7     100.5      99.9
35 Total excluding motor
     vehicles and parts                       94.3     110.0     109.4

                                              Gross value (billions
                                                 of 1996 dollars,
                                                  annual rates)
36 Final products and
     nonindustrial supplies                  100.0   2,793.1   2,787.1

37 Final products                             77.2   2,018.6   2,013.9
38   Consumer goods                           51.9   1,384.6   1,380.1
39   Equipment total                          25.3     624.9     625.4

40 Nonindustrial supplies                     22.8     774.4     773.2

                                                                Index
                                                               (1997=
                                                                100)

            INDUSTRY GROUPS

41 Manufacturing                       ...    85.4     111.4     110.7
42   Manufacturing (NAICS)             ...    79.1     111.7     111.0

43     Durable manufacturing           ...    43.0     121.1     119.8
44       Wood products                 321     1.5     100.5     101.7

45       Nonmetallic mineral
           products                    327     2.0     107.9     106.6
46       Primary metal                 331     2.7      85.6      85.1
47       Fabricated metal
           products                    332     5.3      99.0      98.2
48       Machinery                     333     5.7      87.9      88.0
49       Computer and
           electronic products         334     8.8     220.4     216.9
50       Electrical equipment,
           appliances, and
           components                  335     2.5      97.7      96.8
51       Motor vehicles and
           parts                    3361-3     5.7     117.3     113.3
52       Aerospace and
           miscellaneous
           transportation
           equipment                3364-9     4.5      87.6      89.5
53       Furniture and related
           products                    337     1.5     101.3     101.7
54       Miscellaneous                 339     2.8     109.5     107.4

55     Nondurable manufacturing        ...    36.1      99.5      99.5
56       Food, beverage, and
           tobacco products          311,2    10.9     100.2     101.4
57       Textile and product
           mills                     313,4     1.8      82.5      83.0
58       Apparel and leather         315,6     2.2      72.2      74.1
59       Paper                         322     3.3      94.4      91.6
60       Printing and support          323     2.8      97.8      95.2

61       Petroleum and coal
           products                    324     1.4     102.9     103.5
62       Chemical                      325    10.3     105.1     105.2

63       Plastics and rubber
           products                    326     3.4     106.0     105.1

64   Other manufacturing (non-
       NAICS)                     1133,511     4.3     105.5     105.0

65 Mining                               21     6.6      93.8      93.6
66 Utilities                        2211,2    10.1     110.2     108.0
67   Electric                         2211     8.6     111.8     110.1
68   Natural gas                      2212     1.6      97.5      96.9

69 Manufacturing excluding
     computers, communications
     equipment, and
     semiconductors                    ...    78.0      99.8      99.4
70 Manufacturing excluding
     motor vehicles and parts          ...    77.6     110.9     110.5

                                             2002

                 Group             Apr.       May      June

                                         Index (1997=100)

             MAJOR MARKETS

 1 Total IP                         110.1     110.4     110.8

   Market groups
 2 Final products and
       nonindustrial supplies       109.1     109.3     109.6
 3   Consumer goods                 107.5     107.3     107.8
 4     Durable                      116.5     117.2     118.6
 5       Automotive products        123.8     124.2     127.4
 6       Home electronics           139.9     143.8     135.3
 7       Appliances, furniture,
           carpeting                108.2     109.1     107.5
 8       Miscellaneous goods         98.1      98.9     100.2
 9     Nondurable                   104.4     103.9     104.1
10       Non-energy                 102.8     102.2     102.8
11         Foods and tobacco        100.4     100.0     100.2
12         Clothing                  72.7      72.9      72.9
13         Chemical products        118.5     116.8     118.3
14         Paper products           106.0     106.2     107.2
15       Energy                     112.8     112.5     110.9

16   Business equipment             107.7     108.0     108.0
17     Transit                       83.2      82.0      81.1
18     Information processing       154.7     154.9     154.9
19     Industrial and other          91.1      91.9      92.2
20   Defense and space
       equipment                     99.9     100.6     101.2

21   Construction supplies          104.0     104.6     104.5
22   Business supplies              120.7     121.5     121.8

23 Materials                        111.6     112.2     112.6
24   Non-energy                     115.0     115.8     116.4
25     Durable                      127.1     127.8     128.6
26       Consumer parts             110.8     110.1     110.4
27       Equipment parts            179.8     182.3     183.6
28       Other                       96.7      97.2      97.9
29     Nondurable                    96.5      97.3      97.6
30       Textile                     77.8      78.2      78.5
31       Paper                       93.3      94.8      93.6
32       Chemical                    99.6     100.4     100.6
33   Energy                          98.6      98.5      98.6

          SPECIAL AGGREGATES

34 Total excluding computers,
     communication equipment,
     and semiconductors             100.3     100.5     100.8
35 Total excluding motor
     vehicles and parts             109.7     110.1     110.3

                                   Gross value (billions of
                                  1996 dollars, annual rates)

36 Final products and
     nonindustrial supplies       2,796.7   2,802.2   2,809.9

37 Final products                 2,020.7   2,021.4   2,028.7
38   Consumer goods               1,386.3   1,384.8   1,390.2
39   Equipment total                625.3     628.1     629.9

40 Nonindustrial supplies           776.1     780.9     781.3

                                         Index (1997=100)

            INDUSTRY GROUPS

41 Manufacturing                    111.0     111.4     111.9
42   Manufacturing (NAICS)          111.4     111.9     112.2

43     Durable manufacturing        120.5     121.2     121.8
44       Wood products              100.8     101.0     102.2

45       Nonmetallic mineral
           products                 107.4     107.7     106.6
46       Primary metal               84.6      85.9      86.2
47       Fabricated metal
           products                  98.4      99.7      99.3
48       Machinery                   88.3      88.5      88.9
49       Computer and
           electronic products      217.9     220.0     220.8
50       Electrical equipment,
           appliances, and
           components                97.2      98.9      98.7
51       Motor vehicles and
           parts                    115.9     115.8     118.6
52       Aerospace and
           miscellaneous
           transportation
           equipment                 88.3      87.6      86.9
53       Furniture and related
           products                 101.8     101.5     101.6
54       Miscellaneous              109.6     110.2     110.7

55     Nondurable manufacturing      99.5      99.7      99.9
56       Food, beverage, and
           tobacco products         101.0     100.6     100.9
57       Textile and product
           mills                     82.9      83.6      83.4
58       Apparel and leather         72.5      72.7      72.6
59       Paper                       93.0      95.0      94.7
60       Printing and support        95.5      96.2      95.5

61       Petroleum and coal
           products                 104.2     103.4     102.4
62       Chemical                   105.1     105.0     105.7

63       Plastics and rubber
           products                 105.7     106.7     107.4

64   Other manufacturing (non-
       NAICS)                       104.1     104.2     105.5

65 Mining                            93.4      93.4      93.5
66 Utilities                        110.6     110.1     110.1
67   Electric                       112.5     111.2     111.4
68   Natural gas                    100.2     104.4     103.2

69 Manufacturing excluding
     computers, communications
     equipment, and
     semiconductors                  99.5      99.9     100.2
70 Manufacturing excluding
     motor vehicles and parts       110.5     111.0     111.3

                                             2002

                 Group             July      Aug.      Sept.

                                       Index (1997=100)

             MAJOR MARKETS

 1 Total IP                         111.6     111.3     111.2

   Market groups
 2 Final products and
       nonindustrial supplies       110.1     109.8     109.8
 3   Consumer goods                 108.5     107.8     107.9
 4     Durable                      120.0     119.3     118.7
 5       Automotive products        130.6     130.6     129.3
 6       Home electronics           137.0     135.4     142.6
 7       Appliances, furniture,
           carpeting                106.9     104.5     104.6
 8       Miscellaneous goods         99.2      98.3      97.8
 9     Nondurable                   104.6     103.8     104.2
10       Non-energy                 102.8     102.4     102.6
11         Foods and tobacco         99.8      99.2      99.1
12         Clothing                  73.2      71.3      72.1
13         Chemical products        119.5     119.0     119.5
14         Paper products           107.1     108.4     109.8
15       Energy                     114.0     111.6     112.8

16   Business equipment             107.3     108.1     106.9
17     Transit                       80.2      81.1      79.7
18     Information processing       153.5     153.7     152.1
19     Industrial and other          92.0      92.9      92.0
20   Defense and space
       equipment                    101.2     101.9     102.0

21   Construction supplies          104.4     104.8     104.5
22   Business supplies              123.2     122.6     123.6

23 Materials                        113.8     113.6     113.4
24   Non-energy                     117.2     117.4     117.2
25     Durable                      129.4     130.0     129.5
26       Consumer parts             113.4     112.3     112.4
27       Equipment parts            184.2     186.3     185.7
28       Other                       97.7      98.3      97.7
29     Nondurable                    98.4      98.2      98.3
30       Textile                     79.6      77.8      78.4
31       Paper                       95.8      96.1      96.7
32       Chemical                   101.3     100.7     100.2
33   Energy                         101.0      99.3      99.1

          SPECIAL AGGREGATES

34 Total excluding computers,
     communication equipment,
     and semiconductors             101.5     101.2     101.2
35 Total excluding motor
     vehicles and parts             110.8     110.5     110.5

                                   Gross value (billions of
                                  1996 dollars, annual rates)

36 Final products and
     nonindustrial supplies       2,828.0   2,821.5   2,817.8

37 Final products                 2,042.2   2,038.1   2,031.4
38   Consumer goods               1,404.1   1,395.9   1,394.3
39   Equipment total                627.9     633.6     627.7

40 Nonindustrial supplies           785.9     783.5     786.6

                                        Index (1997=100)

            INDUSTRY GROUPS

41 Manufacturing                    112.3     112.4     112.1
42   Manufacturing (NAICS)          112.7     112.8     112.4

43     Durable manufacturing        122.2     122.7     122.0
44       Wood products              101.9     102.5     100.7

45       Nonmetallic mineral
           products                 107.7     108.5     109.8
46       Primary metal               85.0      87.6      85.0
47       Fabricated metal
           products                  99.7      99.3      99.4
48       Machinery                   88.4      89.4      88.2
49       Computer and
           electronic products      221.5     223.0     223.2

50       Electrical equipment,
           appliances, and
           components                98.4      98.0      96.5
51       Motor vehicles and
           parts                    122.1     122.0     121.1
52       Aerospace and
           miscellaneous
           transportation
           equipment                 85.7      86.3      85.7
53       Furniture and related
           products                 101.4     100.5     101.4
54       Miscellaneous              110.6     110.2     109.1

55     Nondurable manufacturing     100.4     100.0     100.0
56       Food, beverage, and
           tobacco products         100.5     100.0      99.9
57       Textile and product
           mills                     83.9      82.5      82.3
58       Apparel and leather         73.0      71.2      71.8
59       Paper                       95.2      95.8      96.1
60       Printing and support        98.4      98.6      99.9

61       Petroleum and coal
           products                 103.0     102.7     101.0
62       Chemical                   106.9     106.2     106.1

63       Plastics and rubber
           products                 107.5     107.3     107.2

64   Other manufacturing (non-
       NAICS)                       105.0     105.8     107.1

65 Mining                            94.4      93.9      92.2
66 Utilities                        113.7     110.4     113.3
67   Electric                       115.7     112.2     115.8
68   Natural gas                    102.7     100.8      99.9

69 Manufacturing excluding
     computers, communications
     equipment, and
     semiconductors                 100.6     100.6     100.4
70 Manufacturing excluding
     motor vehicles and parts       111.4     111.5     111.3

                                             2002

                 Group             Oct.      Nov.     Dec. (r)

                                        Index (1997=100)

             MAJOR MARKETS

 1 Total IP                         110.6     110.8      109.9

   Market groups
 2 Final products and
       nonindustrial supplies       109.1     109.3      108.2
 3   Consumer goods                 107.0     107.8      106.6
 4     Durable                      117.0     121.0      117.8
 5       Automotive products        125.9     132.4      125.9
 6       Home electronics           140.1     142.1      145.3
 7       Appliances, furniture,
           carpeting                104.9     107.1      107.7
 8       Miscellaneous goods         98.2      98.3       98.7
 9     Nondurable                   103.6     103.3      102.8
10       Non-energy                 102.0     101.3      100.8
11         Foods and tobacco         98.7      97.9       97.4
12         Clothing                  70.2      70.6       69.9
13         Chemical products        118.3     118.0      116.9
14         Paper products           110.0     108.8      109.0
15       Energy                     111.8     114.0      113.3

16   Business equipment             106.0     106.1      104.6
17     Transit                       77.3      77.9       75.4
18     Information processing       153.1     152.8      152.7
19     Industrial and other          91.2      91.1       89.7
20   Defense and space
       equipment                    102.5     101.7      102.3

21   Construction supplies          104.2     103.8      102.4
22   Business supplies              123.1     122.5      121.9

23 Materials                        112.8     113.1      112.4
24   Non-energy                     116.7     116.7      115.6
25     Durable                      129.5     129.7      128.1
26       Consumer parts             111.7     114.6      111.1
27       Equipment parts            185.7     185.3      184.4
28       Other                       98.0      97.2       96.4
29     Nondurable                    97.1      97.0       96.5
30       Textile                     77.2      77.0       75.3
31       Paper                       96.8      96.9       95.8
32       Chemical                    98.2      97.9       97.3
33   Energy                          98.4      99.4       99.7

          SPECIAL AGGREGATES

34 Total excluding computers,
     communication equipment,
     and semiconductors             100.5     100.6       99.8
35 Total excluding motor
     vehicles and parts             110.0     109.8      109.3

                                    Gross value (billions of
                                   1996 dollars, annual rates)

36 Final products and
     nonindustrial supplies       2,793.6   2,817.8    2,783.5

37 Final products                 2,010.8   2,037.3    2,010.7
38   Consumer goods               1,379.1   1,402.0    1,384.1
39   Equipment total                622.6     624.4      615.8

40 Nonindustrial supplies           783.2     780.5      772.8

                                         Index (1997=100)

            INDUSTRY GROUPS

41 Manufacturing                    111.4     111.6      110.6
42   Manufacturing (NAICS)          111.7     112.0      110.8

43     Durable manufacturing        121.5     122.2      120.5
44       Wood products               99.2      98.3       96.9

45       Nonmetallic mineral
           products                 109.3     110.2      108.0
46       Primary metal               87.6      86.2       84.1
47       Fabricated metal
           products                  99.8      98.7       98.3
48       Machinery                   86.8      87.4       85.8
49       Computer and
           electronic products      224.2     224.5      224.5
50       Electrical equipment,
           appliances, and
           components                96.6      97.0       96.9
51       Motor vehicles and
           parts                    118.3     123.9      117.8
52       Aerospace and
           miscellaneous
           transportation
           equipment                 85.5      84.8       85.2
53       Furniture and related
           products                 100.7     100.6       98.9
54       Miscellaneous              109.3     108.6      110.0

55     Nondurable manufacturing      99.1      98.9       98.3
56       Food, beverage, and
           tobacco products          99.5      98.6       98.3
57       Textile and product
            mills                    81.3      81.7       80.8
58       Apparel and leather         70.2      70.5       69.7
59       Paper                       95.7      96.8       95.0
60       Printing and support        99.5      98.4       98.9

61       Petroleum and coal
           products                  99.4     103.9      105.0
62       Chemical                   104.6     104.2      103.4

63       Plastics and rubber
           products                 106.4     105.8      104.6

64   Other manufacturing (non-
       NAICS)                       106.7     105.4      105.9

65 Mining                            92.3      93.6       95.2
66 Utilities                        112.1     112.1      110.5
67   Electric                       113.7     113.3      112.2
68   Natural gas                    103.6     105.8      101.6

69 Manufacturing excluding
     computers, communications
     equipment, and
     semiconductors                  99.7      99.8       98.8
70 Manufacturing excluding
     motor vehicles and parts       110.8     110.5      109.9

                                               2003

                 Group            Jan. (r)   Feb. (r)   Mar. (p)

                                         Index (1997=100)

             MAJOR MARKETS

 1 Total IP                          110.8      110.7      110.1

   Market groups
 2 Final products and
       nonindustrial supplies        109.2      109.1      108.6
 3   Consumer goods                  107.7      107.4      106.8
 4     Durable                       120.7      118.6      117.7
 5       Automotive products         131.3      128.2      126.5
 6       Home electronics            151.4      148.5      148.3
 7       Appliances, furniture,
           carpeting                 106.2      107.0      106.4
 8       Miscellaneous goods          98.8       97.2       97.4
 9     Nondurable                    103.4      103.5      103.1
10       Non-energy                  101.0      100.9      101.1
11         Foods and tobacco          97.6       96.6       96.6
12         Clothing                   69.7       69.7       68.6
13         Chemical products         117.5      118.8      119.4
14         Paper products            108.7      109.9      110.5
15       Energy                      115.7      117.0      113.6

16   Business equipment              105.7      105.4      105.1
17     Transit                        75.9       74.5       73.6
18     Information processing        155.1      154.4      156.1
19     Industrial and other           90.4       90.8       90.1
20   Defense and space
       equipment                     104.1      104.1      104.5

21   Construction supplies           102.6      102.2      102.0
22   Business supplies               123.1      123.9      122.8

23 Materials                         113.1      113.1      112.5
24   Non-energy                      116.3      116.0      115.7
25     Durable                       129.6      129.1      128.5
26       Consumer parts              114.4      112.4      110.6
27       Equipment parts             185.9      186.5      187.0
28       Other                        96.8       96.7       96.3
29     Nondurable                     96.2       96.1       96.2
30       Textile                      75.7       74.8       74.4
31       Paper                        95.0       94.7       94.6
32       Chemical                     97.3       97.2       97.9
33   Energy                          100.8      101.6      100.1

          SPECIAL AGGREGATES

34 Total excluding computers,
     communication equipment,
     and semiconductors              100.6      100.5       99.9
35 Total excluding motor
     vehicles and parts              109.9      110.0      109.6

                                  Gross value (billions of 1996
                                      dollars, annual rates)

36 Final products and
     nonindustrial supplies        2,810.7    2,803.1    2,785.8

37 Final products                  2,031.9    2,022.3    2,011.9
38   Consumer goods                1,399.6    1,391.6    1,383.5
39   Equipment total                 621.1      620.1      618.1

40 Nonindustrial supplies            778.7      780.9      774.0

                                          Index (1997=100)

            INDUSTRY GROUPS

41 Manufacturing                     111.3      111.0      110.8
42   Manufacturing (NAICS)           111.6      111.2      111.0

43     Durable manufacturing         122.1      121.4      120.9
44       Wood products                99.1       97.6       96.2

45       Nonmetallic mineral
           products                  109.2      108.8      109.4
46       Primary metal                85.0       84.5       83.6
47       Fabricated metal
           products                   98.6       97.9       97.6
48       Machinery                    86.8       87.0       86.4
49       Computer and
           electronic products       226.5      226.2      227.9
50       Electrical equipment,
           appliances, and
           components                 96.1       96.9       95.9
51       Motor vehicles and
           parts                     123.0      120.1      117.8
52       Aerospace and
           miscellaneous
           transportation
           equipment                  86.1       85.8       86.1
53       Furniture and related
           products                   99.4      100.3       99.2
54       Miscellaneous               109.4      109.3      109.9

55     Nondurable manufacturing       98.3       98.1       98.2
56       Food, beverage, and
           tobacco
           products                   98.5       97.5       97.5
57       Textile and product
           mills                      79.4       79.5       79.3
58       Apparel and leather          69.6       69.5       68.5
59       Paper                        93.8       93.4       93.5
60       Printing and support         99.9       99.9       99.0

61       Petroleum and coal
           products                  102.2      102.6      103.2
62       Chemical                    103.8      104.4      104.9

63       Plastics and rubber
           products                  105.1      105.0      104.7

64   Other manufacturing (non-
       NAICS)                        105.3      107.0      107.3

65 Mining                             93.8       94.2       94.7
66 Utilities                         114.9      116.4      111.6
67   Electric                        116.8      118.1      113.6
68   Natural gas                     105.4      107.4      101.1

69 Manufacturing excluding
     computers, communications
     equipment, and
     semiconductors                   99.4       99.1       98.8
70 Manufacturing excluding
     motor vehicles and parts        110.2      110.2      110.2

Note. The statistics in the G.17 release cover output, capacity,
and capacity utilization in the industrial sector, which the
Federal Reserve defines are manufacturing, mining, and electric
and gas utilities. Manufacturing consists of those industries
included in the North American Industry Classification System, or
NAICS, manufacturing plus those industries--logging and newspaper,
periodical, book, and directory publishing--that have
traditionally been considered manufacturing and included in the
industrial sector.

(1.) Data in this table appear in the Board's G.17 (419) monthly
statistical release. The data are also available on the Board's web
site http://www.federalreserve.gov/releases/g17. The latest
historical revision of the industrial production index and the
capacity utilization rates was released in December 2002. The
recent annual revision is described in the April 2003 issue of the
Bulletin.

(2.) North American Industry Classification System.


Summary Statistics
3.10 U.S. INTERNATIONAL TRANSACTIONS Summary

Millions of dollars; quarterly data seasonally adjusted except as
noted (1)

     Item credits or debits           2000         2001         2002

 1 Balance on current account        -410,341     -393,371     -503,427
 2   Balance on goods and
         services                    -378,681     -358,290     -435,542
 3     Exports                      1,064,239      998,022      971,864
 4     Imports                     -1,442,920   -1,356,312   -1,407,406
 5   Income, net                       21,782       14,382      -11,862
 6     Investment, net                 27,651       20,539       -5,424
 7       Direct                        88,862      102,595       77,947
 8       Portfolio                    -61,211      -82,056      -83,371
 9     Compensation of employees       -5,869       -6,157       -6,438
10   Unilateral current
       transfers, net                 -53,442      -49,463      -56,023

11 Change in U.S. government
     assets other than official
     reserve assets, net
     (increase, -)                       -941         -486          379
12 Change in U.S. official
       reserve assets
       (increase, -)                     -290       -4,911       -3,681
13   Gold                                   0            0            0
14   Special drawing rights
       (SDRs)                            -722         -630         -475
15   Reserve position in
       International Monetary
       Fund                             2,308       -3,600       -2,632
16   Foreign currencies                -1,876         -681         -574

17 Change in U.S. private assets
       abroad (increase, -)          -605,258     -365,565     -152,867
18   Bank-reported claims (2)        -148,657     -128,705       -3,072
19   Nonbank-reported claims         -150,805      -14,358      -28,489
20   U.S. purchase of foreign
       securities, net               -127,502      -94,662        2,222
21   U.S. direct investments
       abroad, net                   -178,294     -127,840     -123,528

22 Change in foreign official
       assets in United States
       (increase, +)                   37,640        5,224       96,630
23   U.S. Treasury securities         -10,233       10,745       43,656
24   Other U.S. government
       obligations                     40,909       20,920       30,357
25   Other U.S. government
       liabilities (2)                 -1,909       -1,882          158
26   Other U.S. liabilities
       reported by U.S.
       banks (2)                        5,746      -30,278       18,831
27   Other foreign official
       assets (3)                       3,127        5,719        3,628

28 Change in foreign private
       assets in United States
       (increase, +)                  978,346      747,582      533,734
29   U.S. bank-reported
       liabilities (4)                116,971      110,667       94,605
30   U.S. nonbank-reported
       liabilities                    174,251       82,353       49,736
31   Foreign private purchases
       of U.S. Treasury
       securities, net                -76,965       -7,670       53,155
32   U.S. currency flows                1,129       23,783       21,513
33   Foreign purchases of other
       U.S. securities, net           455,213      407,653      284,611
34   Foreign direct investments
       in United States, net          307,747      130,796       30,114

35 Capital account transactions,
     net (5)                              837          826          708
36 Discrepancy                              7       10,701       28,524
37   Due to seasonal adjustment       ...          ...          ...
38   Before seasonal adjustment             7       10,701       28,524

   MEMO
   Changes in official assets
39 U.S. official reserve assets
     (increase, -)                       -290       -4,911       -3,681
40 Foreign official assets in
     United States, excluding
     line 25 (increase, +)             39,549        7,106       96,472

41 Change in Organization of
     Petroleum Exporting
     Countries official assets
     in United States (part of
     line 22)                          12,000       -1,725       -8,132

                                     2001             2002

     Item credits or debits           Q4         Q1         Q2

 1 Balance on current account       -95,086   -112,542   -127,697
 2   Balance on goods and
         services                   -88,028    -95,629   -109,446
 3     Exports                      232,930    232,959    244,251
 4     Imports                     -320,958   -328,588   -353,697
 5   Income, net                      6,521       -982     -5,324
 6     Investment, net                8,102        636     -3,675
 7       Direct                      28,602     22,023     18,749
 8       Portfolio                  -20,500    -21,387    -22,424
 9     Compensation of employees     -1,581     -1,618     -1,649
10   Unilateral current
       transfers, net               -13,579    -15,931    -12,927

11 Change in U.S. government
     assets other than official
     reserve assets, net
     (increase, -)                      143        133         42
12 Change in U.S. official
       reserve assets
       (increase, -)                   -199        390     -1,843
13   Gold                                 0          0          0
14   Special drawing rights
       (SDRs)                          -140       -109       -107
15   Reserve position in
       International Monetary
       Fund                              83        652     -1,607
16   Foreign currencies                -142       -153       -129

17 Change in U.S. private assets
       abroad (increase, -)        -100,032    -26,707   -129,544
18   Bank-reported claims (2)       -83,682        727    -68,655
19   Nonbank-reported claims         37,210         65    -16,693
20   U.S. purchase of foreign
       securities, net              -26,090      2,047     -9,675
21   U.S. direct investments
       abroad, net                  -27,470    -29,546    -34,521

22 Change in foreign official
       assets in United States
       (increase, +)                  5,086      7,641     47,252
23   U.S. Treasury securities        16,760       -582     15,193
24   Other U.S. government
       obligations                    7,630      7,296      6,548
25   Other U.S. government
       liabilities (2)                 -504       -790         54
26   Other U.S. liabilities
       reported by U.S.
       banks (2)                    -20,507        991     24,531
27   Other foreign official
       assets (3)                     1,707        726        926

28 Change in foreign private
       assets in United States
       (increase, +)                245,711    105,959    157,159
29   U.S. bank-reported
       liabilities (4)               85,598    -11,051     32,240
30   U.S. nonbank-reported
       liabilities                    1,170     32,345     21,056
31   Foreign private purchases
       of U.S. Treasury
       securities, net               27,229     -7,282     -5,124
32   U.S. currency flows             10,497      4,525      7,183
33   Foreign purchases of other
       U.S. securities, net          99,320     71,095    104,404
34   Foreign direct investments
       in United States, net         21,897     16,327     -2,600

35 Capital account transactions,
     net (5)                            205        208        200
36 Discrepancy                      -55,828     24,918     54,431
37   Due to seasonal adjustment       1,721     10,269      1,504
38   Before seasonal adjustment     -57,549     14,649     52,927

   MEMO
   Changes in official assets
39 U.S. official reserve assets
     (increase, -)                     -199        390     -1,843
40 Foreign official assets in
     United States, excluding
     line 25 (increase, +)            5,590      8,431     47,198

41 Change in Organization of
     Petroleum Exporting
     Countries official assets
     in United States (part of
     line 22)                         3,382     -8,532        838

                                          2002

     Item credits or debits           Q3       Q4 (p)

 1 Balance on current account      -126,337   -136,854
 2   Balance on goods and
         services                  -110,257   -120,213
 3     Exports                      248,917    245,740
 4     Imports                     -359,174   -365,953
 5   Income, net                     -3,007     -2,553
 6     Investment, net               -1,462       -927
 7       Direct                      18,626     18,548
 8       Portfolio                  -20,088    -19,475
 9     Compensation of employees     -1,545     -1,626
10   Unilateral current
       transfers, net               -13,073    -14,088

11 Change in U.S. government
     assets other than official
     reserve assets, net
     (increase, -)                      -27        231
12 Change in U.S. official
       reserve assets
       (increase, -)                 -1,416       -812
13   Gold                                 0          0
14   Special drawing rights
       (SDRs)                          -132       -127
15   Reserve position in
       International Monetary
       Fund                          -1,136       -541
16   Foreign currencies                -148       -144

17 Change in U.S. private assets
       abroad (increase, -)          41,714    -38,334
18   Bank-reported claims (2)        53,815     11,041
19   Nonbank-reported claims         -4,226     -7,635
20   U.S. purchase of foreign
       securities, net               18,543     -8,693
21   U.S. direct investments
       abroad, net                  -26,418    -33,047

22 Change in foreign official
       assets in United States
       (increase, +)                  9,534     32,203
23   U.S. Treasury securities         1,415     27,630
24   Other U.S. government
       obligations                   10,885      5,628
25   Other U.S. government
       liabilities (2)                1,001       -107
26   Other U.S. liabilities
       reported by U.S.
       banks (2)                     -4,602     -2,089
27   Other foreign official
       assets (3)                       835      1,141

28 Change in foreign private
       assets in United States
       (increase, +)                119,786    150,827
29   U.S. bank-reported
       liabilities (4)               18,793     54,623
30   U.S. nonbank-reported
       liabilities                   -3,804        139
31   Foreign private purchases
       of U.S. Treasury
       securities, net               52,856     12,705
32   U.S. currency flows              2,556      7,249
33   Foreign purchases of other
       U.S. securities, net          46,494     62,618
34   Foreign direct investments
       in United States, net          2,891     13,493

35 Capital account transactions,
     net (5)                            156        144
36 Discrepancy                      -43,410     -7,405
37   Due to seasonal adjustment     -13,991      2,228
38   Before seasonal adjustment     -29,419     -9,633

   MEMO
   Changes in official assets
39 U.S. official reserve assets
     (increase, -)                   -1,416       -812
40 Foreign official assets in
     United States, excluding
     line 25 (increase, +)            8,533     32,310

41 Change in Organization of
     Petroleum Exporting
     Countries official assets
     in United States (part of
     line 22)                        -1,289        851

(1.) Seasonal factors are not calculated for lines 11-16, 18-20,
22-35, and 38-41.

(2.) Associated primarily with military sales contracts and other
transactions arranged with or through foreign official agencies.

(3.) Consists of investments in U.S. corporate stocks and in debt
securities of private corporations and state and local governments.

(4.) Reporting banks included all types of depository institutions as
well as some brokers and dealers.

(5.) Consists of capital transfers (such as those of accompanying
migrants entering or leaving the country and debt forgiveness) and the
acquisition and disposal of nonproduced nonfinancial assets.

SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis,
Survey of Current Business.

3.12 U.S. RESERVE ASSETS

Millions of dollars, end of period

       Asset                      1999     2000     2001

1 Total                          71,516   67,647   68,654
2 Gold stock (1)                 11,048   11,046   11,045
3 Special drawing rights (2,3)   10,336   10,539   10,774
4 Reserve position in
    International Monetary
    Fund (2)                     17,950   14,824   17,854
5 Foreign currencies (4)         32,182   31,238   28,981

                                               2003

       Asset                     Sept.     Oct.     Nov.     Dec.

1 Total                          75,860   75,499   75,690   79,006
2 Gold stock (1)                 11,042   11,042   11,043   11,043
3 Special drawing rights (2,3)   11,710   11,700   11,855   12,166
4 Reserve position in
    International Monetary
    Fund (2)                     20,857   20,586   20,480   21,979
5 Foreign currencies (4)         32,251   32,171   32,312   33,818

                                                  2003

       Asset                      Jan.     Feb.     Mar.    Apr. (p)

1 Total                          78,434   78,579   80,049     80,405
2 Gold stock (1)                 11,043   11,043   11,043     11,043
3 Special drawing rights (2,3)   11,298   11,368   11,392     11,476
4 Reserve position in
    International Monetary
    Fund (2)                     21,953   21,686   22,858     22,738
5 Foreign currencies (4)         34,140   34,482   34,756     35,148

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

(2.) Special drawing rights (SDRs) are valued according to a technique
adopted by the International Monetary Fund (IMF) in July 1974. Values
are based on a weighted average of exchange rates for the currencies of
member countries. From July 1974 through December 1980, sixteen
currencies were used; since January 1981, five currencies have been
used. U.S. SDR holdings and reserve positions in the IMF also have
been valued on this basis since July 1974.

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

(4.) Valued at current market exchange rates.

3.13 FOREIGN OFFICIAL ASSETS HELD AT FEDERAL RESERVE BANKS (1)

Millions of dollars, end of period

     Asset                    1999      2000      2001

1 Deposits                        71       215        61

  Held in custody
2 U.S. Treasury securities
    (2)                      632,482   594,094   592,630
3 Earmarked gold (3)           9,933     9,451     9,099

                                                 2002

     Asset                   Sept. (r)   Oct. (r)   Nov. (r)   Dec. (r)

1 Deposits                          86        150         89         78

  Held in custody
2 U.S. Treasury securities
    (2)                        638,003    644,381    647,165    669,092
3 Earmarked gold (3)             9,064      9,057      9,050      9,045

                                                 2003

     Asset                   Jan. (r)   Feb. (r)   Mar. (r)   Apr. (p)

1 Deposits                        136        102        224        254

  Held in custody
2 U.S. Treasury securities
    (2)                       678,106    683,837    700,341    710,955
3 Earmarked gold (3)            9,045      9,045      9,045      9,045

(1.) Excludes deposits and U.S. Treasury securities held for
international and regional organizations

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

(3.) Held in foreign and international accounts and valued at $42.22
per fine troy ounce; not included in the gold stock of the
United States.

3.15 SELECTED U.S. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS

Millions of dollars, end of period

                                                   2002

      Item                 2000      2001       Aug.

1 Total (1)               975,303   987,567   1,048,756 (r)

  By type
2 Liabilities reported
    by banks in the
    United States (2)     144,593   123,425     138,203 (r)
3 U.S. Treasury
    bills and
    certificates (3)      153,010   161,719     188,805 (r)
  U.S. Treasury bonds
      and notes
4   Marketable            450,832   454,306     450,216 (r)
5   Nonmarketable (4)       5,348     3,411       3,040 (r)
6 U.S. securities other
    than U.S. Treasury
    securities (5)        221,520   244,706     268,492 (r)

  By area
7 Europe (1)              240,325   243,448     255,321 (r)
8 Canada                   13,727    13,440      10,720 (r)
9 Latin America and
    Caribbean              70,442    71,103      62,026 (r)
10 Asia                   626,016   635,179     693,596 (r)
11 Africa                  14,690    15,167      15,257 (r)
12 Other countries         10,101     9,228      11,834 (r)

                                            2002

      Item                  Sept.           Oct.            Nov.

1 Total (1)               1,049,985 (r)   1,047,933 (r)   1,069,536 (r)

  By type
2 Liabilities reported
    by banks in the
    United States (2)       143,113 (r)     136,721 (r)     138,496 (r)
3 U.S. Treasury
    bills and
    certificates (3)        185,187 (r)     188,474 (r)     190,111 (r)
  U.S. Treasury bonds
      and notes
4   Marketable              446,705 (r)     446,152 (r)     462,729 (r)
5   Nonmarketable (4)         3,058 (r)       3,078 (r)       3,097 (r)
6 U.S. securities other
    than U.S. Treasury
    securities (5)          271,922 (r)     273,508 (r)     275,103 (r)

  By area
7 Europe (1)                260,506 (r)     254,425 (r)     265,831 (r)
8 Canada                     10,097 (r)      10,300 (r)      10,975 (r)
9 Latin America and
    Caribbean                62,227 (r)      64,289 (r)      63,002 (r)
10 Asia                     690,746 (r)     692,195 (r)     701,016 (r)
11 Africa                    14,514 (r)      15,524 (r)      15,602 (r)
12 Other countries           11,893 (r)      11,198 (r)      13,108 (r)

                              2002                 2003

      Item                  Dec.             Jan          Feb. (p)

1 Total (1)               1,082,291 (r)   1,087,008 (r)   1,108,545

  By type
2 Liabilities reported
    by banks in the
    United States (2)       141,019 (r)     137,045 (r)     148,585
3 U.S. Treasury
    bills and
    certificates (3)        190,375 (r)     194,762 (r)     196,345
  U.S. Treasury bonds
      and notes
4   Marketable              469,437 (r)     468,682 (r)     471,223
5   Nonmarketable (4)         2,769 (r)       2,786 (r)       2,803
6 U.S. securities other
    than U.S. Treasury
    securities (5)          278,691 (r)     283,733 (r)     289,589

  By area
7 Europe (1)                273,136 (r)     270,148 (r)     279,816
8 Canada                     11,079 (r)      10,455 (r)       9,796
9 Latin America and
    Caribbean                63,244 (r)      62,016 (r)      63,228
10 Asia                     706,131 (r)     718,000 (r)     727,144
11 Africa                    15,338 (r)      14,589 (r)      15,939
12 Other countries           13,361 (r)      11,798 (r)      12,620

(1.) Includes the Bank for International Settlements.

(2.) Principally demand deposits, time deposits, bankers acceptances,
commercial paper, negotiable time certificates of deposit, and
borrowings under repurchase agreements.

(3.) Includes nonmarketable certificates of indebtedness and Treasury
bills issued to official institutions of foreign countries.

(4.) Excludes notes issued to foreign official nonreserve agencies.
Includes current value of zero-coupon Treasury bond issues to foreign
governments as follows: Mexico, beginning March 1990, 30-year maturity
issue; Venezuela, beginning December 1990, 30-year maturity issue;
Argentina, beginning April 1993, 30-year maturity issue.

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

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


Reported by Banks in the United States
3.16 LIABILITIES TO, AND CLAIMS ON, FOREIGNERS
Reported by Banks in the United States (1)

Payable in Foreign Currencies

Millions of dollars, end of period

           Item                1999     2000     2001

1 Banks' liabilities          88,537   77,779   79,363
2 Banks' claims               67,365   56,912   74,840
3   Deposits                  34,426   23,315   44,094
4   Other claims              32,939   33,597   30,746
5 Claims of banks' domestic
    customers (2)             20,826   24,411   17,631

                                            2002

           Item                Mar.     June    Sept.     Dec.

1 Banks' liabilities          74,955   89,823   81,719   80,541
2 Banks' claims               77,746   90,622   85,165   76,618
3   Deposits                  46,778   51,860   44,511   33,085
4   Other claims              30,968   38,762   40,654   43,533
5 Claims of banks' domestic
    customers (2)             16,642   15,848   20,475   33,632

(1.) Data on claims exclude foreign currencies held by U.S. monetary
authorities.

(2.) Assets owned by customers of the reporting bank located in the
United States that represent claims on foreigners held by reporting
banks for the accounts of the domestic customers.

3.17 LIABILITIES TO FOREIGNERS Reported by Banks in
the United States (1)

Payable in U.S. dollars

Millions of dollars, end of period

                 Item                     2000 (r)    2001 (r)

    BY HOLDER AND TYPE OF LIABILITY

  1 Total, all foreigners                 1,511,410   1,636,538

  2 Banks' own liabilities                1,077,636   1,181,097
      By type of liability
  3     Deposits (2)                        221,248     191,742
  4     Other                               171,401     197,064
  5       Of which: repurchase
            agreements (3)                        0     151,143
  6   Banks' custody liabilities (4)        433,774     455,441
        By type of liability
  7       U.S. Treasury bills and
            certificates (5)                177,846     186,115
  8       Other negotiable and readily
              transferable
              instruments (6)               145,840     139,807
  9         Of which: negotiable time
              certificates of deposit
              held in custody
              for foreigners                 34,217      20,440
 10         Of which: short-term agency
              securities (7)                      0      59,781
 11       Other                             110,088     129,519

 12 Nonmonetary international and
        regional organizations (8)           12,543      10,830
 13   Banks' own liabilities                 12,140      10,169
 14     Deposits (2)                          6,287       3,791
 15     Other                                 5,853       6,378
 16   Banks' custody liabilities (4)            403         661
 17     U.S. Treasury bills and
          certificates (5)                      252         600
 18     Other negotiable and readily
          transferable
          instruments (6)                       149          61
 19     Other                                     2           0

 20 Official institutions (9)               297,603     285,144
 21   Banks' own liabilities                 96,989      83,824
 22     Deposits (2)                         39,525      22,668
 23     Other                                57,464      61,156

 24   Banks' custody liabilities (4)        200,614     201,320
 25     U.S. Treasury bills and
          certificates (5)                  153,010     161,719
 26     Other negotiable and readily
          transferable
          instruments (6)                    47,366      38,531
 27     Other                                   238       1,070

 28 Banks (10)                              972,932   1,053,084
 29   Banks' own liabilities                821,306     914,492
 30     Deposits (2)                         82,426      68,656
 31     Other                                53,893      53,545
 32   Banks' custody liabilities (4)        151,626     138,592
 33     U.S. Treasury bills and
          certificates (5)                   16,023      11,541
 34     Other negotiable and readily
          transferable instruments (6)       36,036      24,059
 35     Other                               110,088     129,519

 36 Other foreigners (11)                   228,332     287,480
 37   Banks' own liabilities                147,201     172,612
 38     Deposits (2)                         93,010      96,627
 39     Other                                54,191      75,985

 40   Banks' custodial liabilities           81,131     114,868
 41     U.S. Treasury bills and
          certificates (5)                    8,561      12,255
 42     Other negotiable and readily
          transferable instruments (6)       62,289      77,156
 43     Other                                10,281      25,457

    MEMO
 44 Own foreign offices (12)                684,987     792,291

 45 Total, all foreigners                 1,511,410   1,636,538

 46 Foreign countries                     1,498,867   1,625,708

 47 Europe                                  446,788     521,331
 48   Austria                                 2,692       2,922
 49   Belgium (13)                           33,399       6,557
 50   Denmark                                 3,000       3,626
 51   Finland                                 1,411       1,446
 52   France                                 37,833      49,056
 53   Germany                                35,519      22,375
 54   Greece                                  2,011       2,307
 55   Italy                                   5,072       6,354
 56   Luxembourg (13)                             0      16,894
 57   Netherlands                             7,047      12,411
 58   Norway                                  2,305       3,727
 59   Portugal                                2,403       4,033
 60   Russia                                 19,018      20,800
 61   Spain                                   7,787       8,811
 62   Sweden                                  6,497       3,375
 63   Switzerland                            74,635      66,403
 64   Turkey                                  7,548       7,474
 65   United Kingdom                        167,757     204,396
 66   Channel Islands and Isle of
        Man (14)                                  0      36,059
 67   Yugoslavia (15)                           276         309
 68   Other Europe and other former
        U.S.S.R. (16)                        30,578      41,996

 69 Canada                                   30,982      27,251

 70 Latin America                           120,041     118,025
 71   Argentina                              19,451      10,704
 72   Brazil                                 10,852      14,169
 73   Chile                                   5,892       4,939
 74   Colombia                                4,542       4,695
 75   Ecuador                                 2,112       2,390
 76   Guatemala                               1,601       1,882
 77   Mexico                                 32,166      39,871
 78   Panama                                  4,240       3,610
 79   Peru                                    1,427       1,359
 80   Uruguay                                 3,003       3,172
 81   Venezuela                              24,730      24,974
 82   Other Latin America (17)               10,025       6,260

 83 Caribbean                               573,337     194,814 (r)
 84   Bahamas                               189,298     178,472
 85   Bermuda                                 9,636      10,539
 86   British West Indies (18)              367,197           0
 87   Cayman Islands (18)                         0     440,038
 88   Cuba                                       90          88
 89   Jamaica                                   794       1,182
 90   Netherlands Antilles                    5,428       3,264
 91   Trinidad and Tobago                       894       1,269
 92   Other Caribbean (17)                        0      12,135

 93 Asia                                    305,554     294,496
      China
 94     Mainland                             16,531      10,498
 95     Taiwan                               17,352      17,633
 96     Hong Kong                            26,462      26,494
 97   India                                   4,530       3,708
 98   Indonesia                               8,514      12,383
 99   Israel                                  8,053       7,870
100   Japan                                 150,415     155,314
101   Korea (South)                           7,955       9,019
102   Philippines                             2,316       1,772
103   Thailand                                3,117       4,743
104   Middle Eastern oil-exporting
        countries (19)                       23,763      20,035
105   Other                                  36,546      25,027

106 Africa                                   10,824      11,365
107   Egypt                                   2,621       2,778
108   Morocco                                   139         274
109   South Africa                            1,010         839
110   Congo (formerly Zaire)                      4           4
111   Oil-exporting countries (20)            4,052       4,377
112   Other                                   2,998       3,093

113 Other countries                          11,341       6,253
114   Australia                              10,070       5,599
115   New Zealand (21)                            0         242
116   All other                               1,271         412

117 Nonmonetary international and
        regional organizations               12,543      10,830
118   International (22)                     11,270       9,331
119   Latin American regional (23)              740         480
120   Other regional (24)                       533         935

                                                            2002

                 Item                     2002 (r)        Aug. (r)

    BY HOLDER AND TYPE OF LIABILITY

  1 Total, all foreigners                 1,818,517       1,763,242

  2 Banks' own liabilities                1,274,227       1,225,373
      By type of liability
  3     Deposits (2)                        171,802         161,203
  4     Other                               249,954         257,916
  5       Of which: repurchase
            agreements (3)                  190,134         200,141
  6   Banks' custody liabilities (4)        544,290         537,869
        By type of liability
  7       U.S. Treasury bills and
            certificates (5)                229,511         227,338
  8       Other negotiable and readily
              transferable
              instruments (6)               163,751         163,246
  9         Of which: negotiable time
              certificates of deposit
              held in custody
              for foreigners                 26,084          29,847
 10         Of which: short-term agency
              securities (7)                 73,078          72,549
 11       Other                             151,028         147,285

 12 Nonmonetary international and
        regional organizations (8)           13,469          10,454
 13   Banks' own liabilities                 12,362           9,898
 14     Deposits (2)                          5,769           6,240
 15     Other                                 6,593           3,658
 16   Banks' custody liabilities (4)          1,107             556
 17     U.S. Treasury bills and
          certificates (5)                    1,089             534
 18     Other negotiable and readily
          transferable
          instruments (6)                        18              22
 19     Other                                     0               0

 20 Official institutions (9)               331,394         327,008
 21   Banks' own liabilities                 90,822          89,262
 22     Deposits (2)                         20,629          17,085
 23     Other                                70,193          72,177

 24   Banks' custody liabilities (4)        240,572         237,746
 25     U.S. Treasury bills and
          certificates (5)                  190,375         188,805
 26     Other negotiable and readily
          transferable
          instruments (6)                    50,133          47,746
 27     Other                                    64           1,195

 28 Banks (10)                            1,164,864       1,097,630
 29   Banks' own liabilities                969,975         908,871
 30     Deposits (2)                         52,738          46,124
 31     Other                                64,766          56,493
 32   Banks' custody liabilities (4)        194,889         188,759
 33     U.S. Treasury bills and
          certificates (5)                   21,308          20,463
 34     Other negotiable and readily
          transferable instruments (6)       46,773          46,911
 35     Other                               151,028         147,285

 36 Other foreigners (11)                   308,790         328,150
 37   Banks' own liabilities                201,068         217,342
 38     Deposits (2)                         92,666          91,754
 39     Other                               108,402         125,588

 40   Banks' custodial liabilities          107,722         110,808
 41     U.S. Treasury bills and
          certificates (5)                   16,739          17,536
 42     Other negotiable and readily
          transferable instruments (6)       66,827          68,567
 43     Other                                24,156          24,705

    MEMO
 44 Own foreign offices (12)                852,471         806,254

 45 Total, all foreigners                 1,818,517 (r)   1,763,242 (r)

 46 Foreign countries                     1,805,048 (r)   1,752,788 (r)

 47 Europe                                  627,641 (r)     557,184 (r)
 48   Austria                                 2,473           3,537
 49   Belgium (13)                            8,611           6,270
 50   Denmark                                 4,880           4,061
 51   Finland                                 1,693           1,498
 52   France                                 39,640          35,447
 53   Germany                                34,398          27,081
 54   Greece                                  2,975           2,677
 55   Italy                                   4,828 (r)       3,512 (r)
 56   Luxembourg (13)                        28,626          25,436
 57   Netherlands                            10,722           8,207 (r)
 58   Norway                                 18,867          10,049
 59   Portugal                                3,575           3,055
 60   Russia                                 23,147          24,196
 61   Spain                                  14,032 (r)      12,429
 62   Sweden                                  4,656           5,709
 63   Switzerland                           131,506         102,088
 64   Turkey                                 12,131          12,393
 65   United Kingdom                        181,890         184,152
 66   Channel Islands and Isle of
        Man (14)                             45,728          38,215
 67   Yugoslavia (15)                           301             276
 68   Other Europe and other former
        U.S.S.R. (16)                        52,962          46,896

 69 Canada                                   24,959          24,887

 70 Latin America                           107,129 (r)     106,950 (r)
 71   Argentina                              11,218          11,686
 72   Brazil                                 10,037          12,070
 73   Chile                                   6,064 (r)       5,829 (r)
 74   Colombia                                4,158           3,719
 75   Ecuador                                 2,299 (r)       2,260 (r)
 76   Guatemala                               1,381           1,384
 77   Mexico                                 36,152          35,071
 78   Panama                                  3,924           3,161
 79   Peru                                    1,363           1,366
 80   Uruguay                                 2,807           2,648
 81   Venezuela                              21,884 (r)      21,568 (r)
 82   Other Latin America (17)                5,842           6,188

 83 Caribbean                               193,363 (r)     210,874 (r)
 84   Bahamas                               162,196         172,518
 85   Bermuda                                23,823 (r)      24,968 (r)
 86   British West Indies (18)                    0               0
 87   Cayman Islands (18)                   498,957 (r)     488,768 (r)
 88   Cuba                                       91              99
 89   Jamaica                                   829             948
 90   Netherlands Antilles                    5,019          10,538
 91   Trinidad and Tobago                     1,405           1,803
 92   Other Caribbean (17)                   11,342 (r)      15,016 (r)

 93 Asia                                    318,028 (r)     326,675 (r)
      China
 94     Mainland                             15,504          18,809 (r)
 95     Taiwan                               18,626 (r)      20,057 (r)
 96     Hong Kong                            33,047 (r)      31,033 (r)
 97   India                                   7,953           7,253
 98   Indonesia                              14,110          13,805
 99   Israel                                  7,185           7,960
100   Japan                                 161,331         175,993
101   Korea (South)                           8,932           6,846
102   Philippines                             1,793           1,573
103   Thailand                                7,605           5,113
104   Middle Eastern oil-exporting
        countries (19)                       16,364          15,435
105   Other                                  25,578          22,798

106 Africa                                   12,240          12,103
107   Egypt                                   2,652           3,179
108   Morocco                                   306             312
109   South Africa                            1,114             747
110   Congo (formerly Zaire)                      2               0
111   Oil-exporting countries (20)            4,370           3,940
112   Other                                   3,796           3,925

113 Other countries                          11,389          10,331 (r)
114   Australia                               9,333           8,595 (r)
115   New Zealand (21)                        1,796           1,321
116   All other                                 260             415

117 Nonmonetary international and
        regional organizations               13,469 (r)      10,454 (r)
118   International (22)                     11,283 (r)       8,991 (r)
119   Latin American regional (23)              508             402
120   Other regional (24)                     1,611 (r)         986 (r)

                                                    2002

                 Item                     Sept. (r)       Oct. (r)

    BY HOLDER AND TYPE OF LIABILITY

  1 Total, all foreigners                 1,748,122       1,834,715

  2 Banks' own liabilities                1,218,134       1,305,674
      By type of liability
  3     Deposits (2)                        156,758         164,057
  4     Other                               273,178         263,717
  5       Of which: repurchase
            agreements (3)                  213,172         200,313
  6   Banks' custody liabilities (4)        529,988         529,041
        By type of liability
  7       U.S. Treasury bills and
            certificates (5)                224,733         223,569
  8       Other negotiable and readily
              transferable
              instruments (6)               161,710         160,122
  9         Of which: negotiable time
              certificates of deposit
              held in custody
              for foreigners                 29,700          29,198
 10         Of which: short-term agency
              securities (7)                 70,724          68,834
 11       Other                             143,545         145,350

 12 Nonmonetary international and
        regional organizations (8)           11,712          13,069
 13   Banks' own liabilities                 10,923          12,454
 14     Deposits (2)                          5,669           6,178
 15     Other                                 5,254           6,276
 16   Banks' custody liabilities (4)            789             615
 17     U.S. Treasury bills and
          certificates (5)                      765             597
 18     Other negotiable and readily
          transferable
          instruments (6)                        18              18
 19     Other                                     6               0

 20 Official institutions (9)               328,300         325,195
 21   Banks' own liabilities                 96,598          91,550
 22     Deposits (2)                         15,912          17,736
 23     Other                                80,686          73,814

 24   Banks' custody liabilities (4)        231,702         233,645
 25     U.S. Treasury bills and
          certificates (5)                  185,187         188,474
 26     Other negotiable and readily
          transferable
          instruments (6)                    45,571          44,391
 27     Other                                   944             780

 28 Banks (10)                            1,083,250       1,184,129
 29   Banks' own liabilities                898,626         996,584
 30     Deposits (2)                         43,109          48,053
 31     Other                                67,319          70,631
 32   Banks' custody liabilities (4)        184,624         187,545
 33     U.S. Treasury bills and
          certificates (5)                   20,079          19,253
 34     Other negotiable and readily
          transferable instruments (6)       46,990          48,250
 35     Other                               143,545         145,350

 36 Other foreigners (11)                   324,860         312,322
 37   Banks' own liabilities                211,987         205,086
 38     Deposits (2)                         92,068          92,090
 39     Other                               119,919         112,996

 40   Banks' custodial liabilities          112,873         107,236
 41     U.S. Treasury bills and
          certificates (5)                   18,702          15,245
 42     Other negotiable and readily
          transferable instruments (6)       69,131          67,463
 43     Other                                25,040          24,528

    MEMO
 44 Own foreign offices (12)                788,198         877,900

 45 Total, all foreigners                 1,748,122 (r)   1,834,715 (r)

 46 Foreign countries                     1,736,410 (r)   1,821,646 (r)

 47 Europe                                  578,027 (r)     658,742 (r)
 48   Austria                                 3,081           3,053
 49   Belgium (13)                            8,389           7,420
 50   Denmark                                 3,112           3,004
 51   Finland                                 1,259           5,170
 52   France                                 37,915          38,515
 53   Germany                                31,334          31,558
 54   Greece                                  2,612           3,358
 55   Italy                                   3,522 (r)       5,111 (r)
 56   Luxembourg (13)                        25,750          25,680
 57   Netherlands                             7,649 (r)       7,974
 58   Norway                                 17,747          18,895
 59   Portugal                                3,695           3,220
 60   Russia                                 25,252          24,407
 61   Spain                                  12,596          12,824 (r)
 62   Sweden                                  4,137           4,857
 63   Switzerland                           105,384 (r)     182,150 (r)
 64   Turkey                                 12,790          11,226
 65   United Kingdom                        183,756         184,483
 66   Channel Islands and Isle of
        Man (14)                             38,982          40,070
 67   Yugoslavia (15)                           280             316
 68   Other Europe and other former
        U.S.S.R. (16)                        48,785          45,451

 69 Canada                                   24,946          26,570

 70 Latin America                           104,134 (r)     106,883 (r)
 71   Argentina                              11,223          12,091
 72   Brazil                                 11,586          11,587
 73   Chile                                   5,493 (r)       5,826 (r)
 74   Colombia                                4,509           3,847
 75   Ecuador                                 2,368 (r)       2,149 (r)
 76   Guatemala                               1,535           1,500
 77   Mexico                                 32,486          34,665
 78   Panama                                  3,210           3,564
 79   Peru                                    1,369           1,300
 80   Uruguay                                 2,613           2,583
 81   Venezuela                              21,350 (r)      21,657 (r)
 82   Other Latin America (17)                6,392 (r)       6,114

 83 Caribbean                               198,136 (r)     190,737 (r)
 84   Bahamas                               166,477         159,867
 85   Bermuda                                24,692 (r)      23,158
 86   British West Indies (18)                    0               0
 87   Cayman Islands (18)                   472,967 (r)     491,970 (r)
 88   Cuba                                       92              92
 89   Jamaica                                   932             856
 90   Netherlands Antilles                    4,381           5,293
 91   Trinidad and Tobago                     1,562           1,471
 92   Other Caribbean (17)                   11,359          10,835

 93 Asia                                    325,691 (r)     314,714 (r)
      China
 94     Mainland                             14,622 (r)      15,853 (r)
 95     Taiwan                               21,672 (r)      23,216 (r)
 96     Hong Kong                            31,700 (r)      30,117 (r)
 97   India                                   7,502           7,196
 98   Indonesia                              13,098          12,316
 99   Israel                                 11,619           9,105
100   Japan                                 171,821         162,043
101   Korea (South)                           6,563           6,288
102   Philippines                             2,064           1,589
103   Thailand                                5,044           7,022
104   Middle Eastern oil-exporting
        countries (19)                       15,993          14,352
105   Other                                  23,993          25,617

106 Africa                                   11,115          11,905
107   Egypt                                   2,538           2,545
108   Morocco                                   329             335
109   South Africa                              747             662
110   Congo (formerly Zaire)                     86               0
111   Oil-exporting countries (20)            3,670           4,635
112   Other                                   3,745           3,728

113 Other countries                          10,035 (r)       9,290 (r)
114   Australia                               7,919 (r)       7,549 (r)
115   New Zealand (21)                        1,592           1,257
116   All other                                 524             484

117 Nonmonetary international and
        regional organizations               11,712 (r)      13,069 (r)
118   International (22)                      9,140 (r)      11,296 (r)
119   Latin American regional (23)              394             561
120   Other regional (24)                     2,108 (r)       1,134 (r)

                                                    2002

                 Item                     Nov. (r)        Dec. (r)

    BY HOLDER AND TYPE OF LIABILITY

  1 Total, all foreigners                 1,776,362       1,818,517

  2 Banks' own liabilities                1,242,279       1,274,227
      By type of liability
  3     Deposits (2)                        165,306         171,802
  4     Other                               256,726         249,954
  5       Of which: repurchase
            agreements (3)                  190,283         190,134
  6   Banks' custody liabilities (4)        534,083         544,290
        By type of liability
  7       U.S. Treasury bills and
            certificates (5)                226,302         229,511
  8       Other negotiable and readily
              transferable
              instruments (6)               156,558         163,751
  9         Of which: negotiable time
              certificates of deposit
              held in custody
              for foreigners                 26,435          26,084
 10         Of which: short-term agency
              securities (7)                 66,226          73,078
 11       Other                             151,223         151,028

 12 Nonmonetary international and
        regional organizations (8)           12,221          13,469
 13   Banks' own liabilities                 11,443          12,362
 14     Deposits (2)                          5,245           5,769
 15     Other                                 6,198           6,593
 16   Banks' custody liabilities (4)            778           1,107
 17     U.S. Treasury bills and
          certificates (5)                      760           1,089
 18     Other negotiable and readily
          transferable
          instruments (6)                        18              18
 19     Other                                     0               0

 20 Official institutions (9)               328,607         331,394
 21   Banks' own liabilities                 93,558          90,822
 22     Deposits (2)                         17,525          20,629
 23     Other                                76,033          70,193

 24   Banks' custody liabilities (4)        235,049         240,572
 25     U.S. Treasury bills and
          certificates (5)                  190,111         190,375
 26     Other negotiable and readily
          transferable
          instruments (6)                    44,137          50,133
 27     Other                                   801              64

 28 Banks (10)                            1,127,288       1,164,864
 29   Banks' own liabilities                934,125         969,975
 30     Deposits (2)                         51,088          52,738
 31     Other                                62,790          64,766
 32   Banks' custody liabilities (4)        193,163         194,889
 33     U.S. Treasury bills and
          certificates (5)                   18,887          21,308
 34     Other negotiable and readily
          transferable instruments (6)       47,836          46,773
 35     Other                               151,223         151,028

 36 Other foreigners (11)                   308,246         308,790
 37   Banks' own liabilities                203,153         201,068
 38     Deposits (2)                         91,448          92,666
 39     Other                               111,705         108,402

 40   Banks' custodial liabilities          105,093         107,722
 41     U.S. Treasury bills and
          certificates (5)                   16,544          16,739
 42     Other negotiable and readily
          transferable instruments (6)       64,567          66,827
 43     Other                                23,982          24,156

    MEMO
 44 Own foreign offices (12)                820,247         852,471

 45 Total, all foreigners                 1,776,362 (r)   1,818,517 (r)

 46 Foreign countries                     1,764,141 (r)   1,805,048 (r)

 47 Europe                                  615,473 (r)     627,641 (r)
 48   Austria                                 2,442           2,473
 49   Belgium (13)                            8,032           8,611
 50   Denmark                                 3,339           4,880
 51   Finland                                 2,646           1,693
 52   France                                 40,752          39,640
 53   Germany                                32,025          34,398
 54   Greece                                  3,348           2,975
 55   Italy                                   5,644 (r)       4,828 (r)
 56   Luxembourg (13)                        27,747          28,626
 57   Netherlands                             7,922          10,722
 58   Norway                                 14,677          18,867
 59   Portugal                                3,092           3,575
 60   Russia                                 25,444          23,147
 61   Spain                                  15,576          14,032 (r)
 62   Sweden                                  3,859           4,656
 63   Switzerland                           141,208         131,506
 64   Turkey                                 11,749          12,131
 65   United Kingdom                        182,109         181,890
 66   Channel Islands and Isle of
        Man (14)                             38,935          45,728
 67   Yugoslavia (15)                           332             301
 68   Other Europe and other former
        U.S.S.R. (16)                        44,595          52,962

 69 Canada                                   24,278          24,959

 70 Latin America                           103,991 (r)     107,129 (r)
 71   Argentina                              11,644          11,218
 72   Brazil                                 10,275          10,037
 73   Chile                                   5,360 (r)       6,064 (r)
 74   Colombia                                4,644           4,158
 75   Ecuador                                 2,252 (r)       2,299 (r)
 76   Guatemala                               1,386           1,381
 77   Mexico                                 32,615          36,152
 78   Panama                                  3,668           3,924
 79   Peru                                    1,360           1,363
 80   Uruguay                                 2,604           2,807
 81   Venezuela                              22,311 (r)      21,884 (r)
 82   Other Latin America (17)                5,872           5,842

 83 Caribbean                               179,736 (r)     193,363 (r)
 84   Bahamas                               145,993         162,196
 85   Bermuda                                25,765          23,823 (r)
 86   British West Indies (18)                    0               0
 87   Cayman Islands (18)                   488,995 (r)     498,957 (r)
 88   Cuba                                       94              91
 89   Jamaica                                   828             829
 90   Netherlands Antilles                    5,476           5,019
 91   Trinidad and Tobago                     1,580           1,405
 92   Other Caribbean (17)                   11,489 (r)      11,342 (r)

 93 Asia                                    316,484 (r)     318,028 (r)
      China
 94     Mainland                             14,488 (r)      15,504
 95     Taiwan                               23,549 (r)      18,626 (r)
 96     Hong Kong                            31,347 (r)      33,047 (r)
 97   India                                   7,507           7,953
 98   Indonesia                              12,916          14,110
 99   Israel                                  8,882           7,185
100   Japan                                 163,981         161,331
101   Korea (South)                           6,548           8,932
102   Philippines                             1,462           1,793
103   Thailand                                8,698           7,605
104   Middle Eastern oil-exporting
        countries (19)                       11,633          16,364
105   Other                                  25,473          25,578

106 Africa                                   11,989          12,240
107   Egypt                                   2,493           2,652
108   Morocco                                   254             306
109   South Africa                              701           1,114
110   Congo (formerly Zaire)                      2               2
111   Oil-exporting countries (20)            4,983           4,370
112   Other                                   3,556           3,796

113 Other countries                          11,706 (r)      11,389
114   Australia                               9,340 (r)       9,333
115   New Zealand (21)                        2,120           1,796
116   All other                                 246             260

117 Nonmonetary international and
        regional organizations               12,221 (r)      13,469 (r)
118   International (22)                     10,247 (r)      11,283 (r)
119   Latin American regional (23)              478             508
120   Other regional (24)                     1,423 (r)       1,611 (r)

                                                    2003

                 Item                     Jan. (r)        Feb. (p)

    BY HOLDER AND TYPE OF LIABILITY

  1 Total, all foreigners                 1,767,406       1,910,159

  2 Banks' own liabilities                1,224,486       1,349,490
      By type of liability
  3     Deposits (2)                        164,940         709,413
  4     Other                               272,155         640,077
  5       Of which: repurchase
            agreements (3)                  210,349         272,790
  6   Banks' custody liabilities (4)        542,920         560,669
        By type of liability
  7       U.S. Treasury bills and
            certificates (5)                231,363         233,848
  8       Other negotiable and readily
              transferable
              instruments (6)               160,825         177,849
  9         Of which: negotiable time
              certificates of deposit
              held in custody
              for foreigners                 25,596          27,921
 10         Of which: short-term agency
              securities (7)                 67,933          74,851
 11       Other                             150,732         148,972

 12 Nonmonetary international and
        regional organizations (8)           14,625          12,086
 13   Banks' own liabilities                 13,921          11,433
 14     Deposits (2)                          5,298           5,802
 15     Other                                 8,623           5,631
 16   Banks' custody liabilities (4)            704             653
 17     U.S. Treasury bills and
          certificates (5)                      687             621
 18     Other negotiable and readily
          transferable
          instruments (6)                        17              32
 19     Other                                     0               0

 20 Official institutions (9)               331,807         344,930
 21   Banks' own liabilities                 90,764          97,299
 22     Deposits (2)                         17,162          22,494
 23     Other                                73,602          74,805

 24   Banks' custody liabilities (4)        241,043         247,631
 25     U.S. Treasury bills and
          certificates (5)                  194,762         196,345
 26     Other negotiable and readily
          transferable
          instruments (6)                    45,285          50,764
 27     Other                                   996             522

 28 Banks (10)                            1,104,475       1,105,952
 29   Banks' own liabilities                909,724         912,432
 30     Deposits (2)                         48,842         566,088
 31     Other                                73,491         346,344
 32   Banks' custody liabilities (4)        194,751         193,520
 33     U.S. Treasury bills and
          certificates (5)                   20,240          18,166
 34     Other negotiable and readily
          transferable instruments (6)       48,618          52,120
 35     Other                               150,732         148,972

 36 Other foreigners (11)                   316,499         447,191
 37   Banks' own liabilities                210,077         328,326
 38     Deposits (2)                         93,638         115,029
 39     Other                               116,439         213,297

 40   Banks' custodial liabilities          106,422         118,865
 41     U.S. Treasury bills and
          certificates (5)                   15,674          18,716
 42     Other negotiable and readily
          transferable instruments (6)       66,905          74,933
 43     Other                                23,843          25,216

    MEMO
 44 Own foreign offices (12)                787,391         851,295

 45 Total, all foreigners                 1,767,406 (r)   1,910,159

 46 Foreign countries                     1,752,781 (r)   3,796,146

 47 Europe                                  566,332 (r)     684,572
 48   Austria                                 2,186           2,326
 49   Belgium (13)                            8,858 (r)       9,635
 50   Denmark                                 6,497           6,601
 51   Finland                                 2,583           1,861
 52   France                                 36,731          39,570
 53   Germany                                31,940          38,804
 54   Greece                                  3,205           2,906
 55   Italy                                   4,421 (r)       4,807
 56   Luxembourg (13)                        30,538          36,000
 57   Netherlands                            12,104 (r)      16,280
 58   Norway                                 17,723          10,937
 59   Portugal                                3,448           2,878
 60   Russia                                 24,378          27,644
 61   Spain                                  14,850 (r)      16,037
 62   Sweden                                  3,767           4,006
 63   Switzerland                           105,352         119,422
 64   Turkey                                 12,754          11,972
 65   United Kingdom                        168,426 (r)     251,918
 66   Channel Islands and Isle of
        Man (14)                             26,327          23,011
 67   Yugoslavia (15)                           353             337
 68   Other Europe and other former
        U.S.S.R. (16)                        49,891          57,620

 69 Canada                                   27,885 (r)      28,601

 70 Latin America                           106,092 (r)     103,915
 71   Argentina                              11,252          10,555
 72   Brazil                                 10,586          10,991
 73   Chile                                   5,591 (r)       5,801
 74   Colombia                                4,147           4,883
 75   Ecuador                                 2,397 (r)       2,237
 76   Guatemala                               1,436           1,478
 77   Mexico                                 36,878          34,751
 78   Panama                                  3,969           4,156
 79   Peru                                    1,364           1,360
 80   Uruguay                                 2,681           2,457
 81   Venezuela                              19,951 (r)      19,604
 82   Other Latin America (17)                5,840           5,642

 83 Caribbean                               205,074 (r)     200,531
 84   Bahamas                               168,969 (r)     164,762
 85   Bermuda                                27,441 (r)      28,804
 86   British West Indies (18)                    0               0
 87   Cayman Islands (18)                   496,510 (r)     516,883
 88   Cuba                                       93             216
 89   Jamaica                                   883             850
 90   Netherlands Antilles                    6,329           4,513
 91   Trinidad and Tobago                     1,359           1,386
 92   Other Caribbean (17)                   11,057 (r)      18,645

 93 Asia                                    318,825 (r)     319,155
      China
 94     Mainland                             13,544          13,622
 95     Taiwan                               22,148 (r)      23,846
 96     Hong Kong                            36,780 (r)      35,690
 97   India                                   8,074           8,775
 98   Indonesia                              12,858          12,415
 99   Israel                                  9,593          10,150
100   Japan                                 162,110         166,355
101   Korea (South)                           7,410           7,063
102   Philippines                             1,364           1,523
103   Thailand                                6,666           5,029
104   Middle Eastern oil-exporting
        countries (19)                       15,176          12,176
105   Other                                  23,102          22,511

106 Africa                                   11,177          14,369
107   Egypt                                   2,494           3,608
108   Morocco                                   259             346
109   South Africa                              725           2,403
110   Congo (formerly Zaire)                      3               5
111   Oil-exporting countries (20)            4,126           4,552
112   Other                                   3,570           3,455

113 Other countries                           9,829          11,402
114   Australia                               8,235           8,992
115   New Zealand (21)                        1,320           1,938
116   All other                                 274             472

117 Nonmonetary international and
        regional organizations               14,625 (r)      12,086
118   International (22)                     12,859 (r)      10,212
119   Latin American regional (23)              373             553
120   Other regional (24)                     1,299 (r)       1,216

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

(2.) Non-negotiable deposits and brokerage balances.

(3.) Data available beginning January 2001.

(4.) Financial claims on residents of the United States, other than
long-term securities, held by or through reporting banks for foreign
customers. Effective February 2003, also includes loans to U.S.
residents in managed foreign offices of U.S. reporting institutions.

(5.) Includes nonmarketable certificates of indebtedness and Treasury
bills issued to official institutions of foreign countries.

(6.) Principally bankers acceptances, commercial paper, negotiable time
certificates of deposit, and short-term agency securities.

(7.) Data available beginning January 2001.

(8.) Principally the International Bank for Reconstruction and
Development, the Inter-American Development Bank, and the Asian
Development Bank. Excludes "holdings of dollars" of the International
Monetary Fund.

(9.) Foreign central banks, foreign central governments, and the Bank
for International Settlements.

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

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

(12.) For U.S. banks, includes amounts owed to own foreign branches and
foreign subsidiaries consolidated in the quarterly Consolidated Reports
of Condition filed with bank regulatory agencies. For agencies,
branches, and majority-owned subsidiaries of foreign banks, consists
principally of amounts owed to the head office or parent foreign
office, and to foreign branches, agencies, or wholly owned subsidiaries
of the head office or parent foreign bank. Effective February 2003,
includes amounts owed to affiliated foreign offices of U.S. brokers and
dealers.

(13.) Before January 2001, data for Belgium-Luxembourg were combined.

(14.) Before January 2001, these data were included in data reported
for the United Kingdom.

(15.) In February 2003, Yugoslavia changed its name to Serbia and
Montenegro. Data for other entities of the former Yugoslavia recognized
as independent states by the United States are reported under "Other
Europe."

(16.) Includes the Bank for International Settlements and the European
Central Bank.

(17.) Before January 2001, data for "Other Latin America" and "Other
Caribbean" were combined in "Other Latin America and Caribbean."

(18.) Beginning January 200l, data for the Cayman Islands replaced data
for the British West Indies.

(19.) Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia,
and United Arab Emirates (Trucial States).

(20.) Comprises Algeria, Gabon, Libya, and Nigeria.

(21.) Before January 2001, these data were included in "All other."

(22.) Principally the International Bank for Reconstruction and
Development. Excludes "holdings of dollars" of the International
Monetary Fund.

(23.) Principally the Inter-American Development Bank.

(24.) Asian, African, Middle Eastern, and European regional
organizations, except the Bank for International Settlements, which is
included in "Other Europe."

3.18 BANKS' OWN CLAIMS ON FOREIGNERS Reported by Banks in the
United States (1)

Payable in U.S. dollars

Millions of dollars, end of period

        Area or country             2000       2001        2002

 1 Total, all foreigners           904,642   1,055,069   1,080,271 (r)

 2 Foreign countries               899,956   1,050,123   1,076,594 (r)

 3 Europe                          378,115     461,176     484,047 (r)
 4   Austria                         2,926       4,981       3,603
 5   Belgium (2)                     5,399       6,391       6,044
 6   Denmark                         3,272       1,105       1,109
 7   Finland                         7,382      10,350       8,518
 8   France                         40,035      60,620      47,705
 9   Germany                        36,834      29,902      22,481
10   Greece                            646         330         477
11   Italy                           7,629       4,205       3,753
12   Luxembourg (2)                      0       1,267       3,407
13   Netherlands                    17,043      15,908      23,133
14   Norway                          5,012       6,236      13,885
15   Portugal                        1,382       1,603       2,226
16   Russia                            517         594         877
17   Spain                           2,603       3,260       5,371 (r)
18   Sweden                          9,226      12,544      15,889 (r)
19   Switzerland                    82,085      87,333     126,958 (r)
20   Turkey                          3,059       2,124       2,112
21   United Kingdom                144,938     201,183     173,996 (r)
22   Channel Islands and Isle of
       Man (3)                           0       4,478      17,457
23   Yugoslavia (4)                     50           0           0
24   Other Europe and other
       former U.S.S.R. (5)           8,077       6,762       5,046

25 Canada                           39,837      54,421      60,584 (r)

26 Latin America                    76,561      69,762      56,642
27   Argentina                      11,519      10,763       6,783
28   Brazil                         20,567      19,434      15,419
29   Chile                           5,815       5,317       5,250
30   Colombia                        4,370       3,602       2,614
31   Ecuador                           635         495         457
32   Guatemala                       1,244       1,495         892
33   Mexico                         17,415      16,522      15,658
34   Panama                          2,933       3,061       1,915
35   Peru                            2,807       2,185       1,411
36   Uruguay                           673         447         255
37   Venezuela                       3,518       3,077       3,254
38   Other Latin America (6)         5,065       3,364       2,734

39 Caribbean                       319,403     370,945     373,712
40   Bahamas                       114,090     101,034      95,584
41   Bermuda                         9,260       7,900       9,902
42   British West Indies (7)       189,289           0           0
43   Cayman Islands (7)                  0     250,376     257,075
44   Cuba                                0           0           0
45   Jamaica                           355         418         321
46   Netherlands Antilles            5,801       6,729       6,690
47   Trinidad and Tobago               608         931         889
48   Other Caribbean (6)                 0       3,557       3,251

49 Asia                             77,829      85,882      93,455 (r)
     China
50     Mainland                      1,606       2,073       1,057
51     Taiwan                        2,247       4,407       3,772
52     Hong Kong                     6,669       9,995       7,258 (r)
53   India                           2,178       1,348       1,235
54   Indonesia                       1,914       1,752       1,238
55   Israel                          2,729       4,396       4,660 (r)
56   Japan                          34,974      34,125      47,600 (r)
57   Korea (South)                   7,776      10,622      11,118 (r)
58   Philippines                     1,784       2,587       2,137
59   Thailand                        1,381       2,499       1,167
60   Middle Eastern oil-
       exporting countries (8)       9,346       7,882       7,952
61   Other                           5,225       4,196       4,261 (r)

62 Africa                            2,094       2,095       1,977
63   Egypt                             201         416         487
64   Morocco                           204         106          53
65   South Africa                      309         710         617
66   Congo (formerly Zaire)              0           0           0
67   Oil-exporting countries (9)       471         167         222
68   Other                             909         696         598

69 Other countries                   6,117       5,842       6,177
70   Australia                       5,868       5,455       5,566
71   New Zealand (10)                    0         349         569
72   All other                         249          38          42

73 Nonmonetary international and
     regional organizations (11)     4,686       4,946       3,677

                                              2002

        Area or country              Aug.            Sept.

 1 Total, all foreigners           1,084,883 (r)   1,063,550 (r)

 2 Foreign countries               1,080,636 (r)   1,060,912 (r)

 3 Europe                            482,394 (r)     469,979 (r)
 4   Austria                           4,467           4,336
 5   Belgium (2)                       5,140           4,814
 6   Denmark                           1,546           1,633
 7   Finland                          16,230          15,812
 8   France                           51,798          51,083
 9   Germany                          26,072          23,344
10   Greece                              438             408
11   Italy                             4,442           5,092
12   Luxembourg (2)                    3,067           2,847
13   Netherlands                      18,232          17,691
14   Norway                           10,578          11,036
15   Portugal                          1,823           2,006
16   Russia                              842             801
17   Spain                             3,566 (r)       4,651 (r)
18   Sweden                           14,618          13,970
19   Switzerland                     106,281         103,920
20   Turkey                            2,515           2,474
21   United Kingdom                  201,349 (r)     194,020 (r)
22   Channel Islands and Isle of
       Man (3)                         5,076           5,926
23   Yugoslavia (4)                        0               0
24   Other Europe and other
       former U.S.S.R. (5)             4,314           4,115

25 Canada                             59,553 (r)      62,053 (r)

26 Latin America                      62,214          60,377
27   Argentina                         8,090           7,663
28   Brazil                           17,945          17,266
29   Chile                             4,960           5,118
30   Colombia                          3,158           3,078
31   Ecuador                             479             467
32   Guatemala                           861             925
33   Mexico                           16,015          15,805
34   Panama                            2,433           1,959
35   Peru                              1,649           1,599
36   Uruguay                             527             345
37   Venezuela                         3,291           3,301
38   Other Latin America (6)           2,806           2,851

39 Caribbean                         367,940         347,780
40   Bahamas                          95,729          91,171
41   Bermuda                          11,847          11,304
42   British West Indies (7)               0               0
43   Cayman Islands (7)              248,107         234,435
44   Cuba                                  0               0
45   Jamaica                             353             463
46   Netherlands Antilles              7,334           6,194
47   Trinidad and Tobago                 877             916
48   Other Caribbean (6)               3,693           3,297

49 Asia                              100,484         112,441
     China
50     Mainland                        5,904           7,256
51     Taiwan                          7,443           8,656
52     Hong Kong                       6,531           8,481
53   India                             1,293           1,258
54   Indonesia                         1,457           1,426
55   Israel                            4,952           5,067
56   Japan                            37,559          45,058
57   Korea (South)                    18,961          17,404
58   Philippines                       1,593           2,134
59   Thailand                          1,175           1,841
60   Middle Eastern oil-
       exporting countries (8)         8,975           8,619
61   Other                             4,641           5,241

62 Africa                              1,887           1,891
63   Egypt                               324             332
64   Morocco                              72              58
65   South Africa                        601             576
66   Congo (formerly Zaire)                0               0
67   Oil-exporting countries (9)         247             303
68   Other                               643             622

69 Other countries                     6,164           6,391
70   Australia                         5,616           5,589
71   New Zealand (10)                    541             789
72   All other                             7              13

73 Nonmonetary international and
     regional organizations (11)       4,247           2,638

                                               2002

        Area or country              Oct.            Nov.

 1 Total, all foreigners           1,151,438 (r)   1,094,649 (r)

 2 Foreign countries               1,148,738 (r)   1,091,331 (r)

 3 Europe                            542,565 (r)     489,943 (r)
 4   Austria                           3,876           4,224
 5   Belgium (2)                       5,590           5,784
 6   Denmark                           1,534             940
 7   Finland                          14,821           9,028
 8   France                           47,065          54,089
 9   Germany                          21,101          22,103
10   Greece                              388             331
11   Italy                             3,984           3,945
12   Luxembourg (2)                    2,818           3,224
13   Netherlands                      13,284          15,572
14   Norway                           11,848          11,464
15   Portugal                          2,000           2,134
16   Russia                              858             787
17   Spain                             3,159 (r)       4,752 (r)
18   Sweden                           15,366          15,239
19   Switzerland                     184,039         134,425
20   Turkey                            2,622           2,532
21   United Kingdom                  195,256 (r)     182,805 (r)
22   Channel Islands and Isle of
       Man (3)                         7,281          11,304
23   Yugoslavia (4)                        0               0
24   Other Europe and other
       former U.S.S.R. (5)             5,675           5,261

25 Canada                             56,705 (r)      58,809 (r)

26 Latin America                      59,261          58,257
27   Argentina                         7,608           7,253
28   Brazil                           16,863          15,871
29   Chile                             5,142           5,358
30   Colombia                          2,834           2,758
31   Ecuador                             451             451
32   Guatemala                           907             889
33   Mexico                           15,367          15,828
34   Panama                            2,021           1,961
35   Peru                              1,504           1,484
36   Uruguay                             319             292
37   Venezuela                         3,389           3,231
38   Other Latin America (6)           2,856           2,881

39 Caribbean                         373,472         372,683
40   Bahamas                          96,151          93,839
41   Bermuda                          12,196           9,902
42   British West Indies (7)               0               0
43   Cayman Islands (7)              252,908         257,645
44   Cuba                                  0               0
45   Jamaica                             429             393
46   Netherlands Antilles              7,427           6,744
47   Trinidad and Tobago                 920             912
48   Other Caribbean (6)               3,441           3,248

49 Asia                              109,359         104,181
     China
50     Mainland                        8,515           6,575
51     Taiwan                          8,599           7,034
52     Hong Kong                       5,778           6,849
53   India                               999             921
54   Indonesia                         1,390           1,360
55   Israel                            4,710           3,836
56   Japan                            42,252          47,071
57   Korea (South)                    19,439          14,293
58   Philippines                       1,843           1,555
59   Thailand                          1,205             756
60   Middle Eastern oil-
       exporting countries (8)         9,253           8,251
61   Other                             5,376           5,680

62 Africa                              1,790 (r)       1,693
63   Egypt                               326             428
64   Morocco                              50              52
65   South Africa                        554             435
66   Congo (formerly Zaire)                0               0
67   Oil-exporting countries (9)         233 (r)         225
68   Other                               627             553

69 Other countries                     5,586           5,765
70   Australia                         5,088           5,303
71   New Zealand (10)                    485             439
72   All other                            13              23

73 Nonmonetary international and
     regional organizations (11)       2,700           3,318

                                     2002              2003

        Area or country            Dec. (r)    Jan. (r)    Feb. (p)

 1 Total, all foreigners           1,080,271   1,075,773   1,110,502

 2 Foreign countries               1,076,594   1,072,614   2,214,282

 3 Europe                            484,047     446,105     504,688
 4   Austria                           3,603       4,334       5,609
 5   Belgium (2)                       6,044       6,273       5,138
 6   Denmark                           1,109       1,563       1,098
 7   Finland                           8,518       9,832       9,191
 8   France                           47,705      45,914      48,596
 9   Germany                          22,481      23,395      22,412
10   Greece                              477         296         292
11   Italy                             3,753       3,177       3,002
12   Luxembourg (2)                    3,407       3,901       4,360
13   Netherlands                      23,133      19,188      15,940
14   Norway                           13,885      18,606       9,809
15   Portugal                          2,226       2,356       2,342
16   Russia                              877       1,025         728
17   Spain                             5,371       4,154       3,451
18   Sweden                           15,889      15,329      15,271
19   Switzerland                     126,958      87,562      99,753
20   Turkey                            2,112       2,021       2,070
21   United Kingdom                  173,996     167,820     221,928
22   Channel Islands and Isle of
       Man (3)                        17,457      24,393      27,763
23   Yugoslavia (4)                        0           0           0
24   Other Europe and other
       former U.S.S.R. (5)             5,046       4,966       5,935

25 Canada                             60,584      65,149      66,110

26 Latin America                      56,642      54,482      55,332
27   Argentina                         6,783       6,663       6,616
28   Brazil                           15,419      14,520      15,334
29   Chile                             5,250       5,077       5,215
30   Colombia                          2,614       2,406       2,707
31   Ecuador                             457         439         426
32   Guatemala                           892         896         831
33   Mexico                           15,658      15,268      14,931
34   Panama                            1,915       1,730       1,846
35   Peru                              1,411       1,403       1,437
36   Uruguay                             255         255         294
37   Venezuela                         3,254       3,202       3,172
38   Other Latin America (6)           2,734       2,623       2,523

39 Caribbean                         373,712     394,773     374,912
40   Bahamas                          95,584      97,456      86,299
41   Bermuda                           9,902      12,511      17,028
42   British West Indies (7)               0           0           0
43   Cayman Islands (7)              257,075     273,960     259,234
44   Cuba                                  0           0           0
45   Jamaica                             321         304         346
46   Netherlands Antilles              6,690       6,445       7,658
47   Trinidad and Tobago                 889         865         971
48   Other Caribbean (6)               3,251       3,232       3,375

49 Asia                               93,455     103,096      98,190
     China
50     Mainland                        1,057       4,799       1,884
51     Taiwan                          3,772       6,563       5,695
52     Hong Kong                       7,258       6,490       5,652
53   India                             1,235       1,128       1,170
54   Indonesia                         1,238       1,223       1,076
55   Israel                            4,660       5,182       3,330
56   Japan                            47,600      48,818      52,926
57   Korea (South)                    11,118      14,473      13,946
58   Philippines                       2,137       2,424       1,543
59   Thailand                          1,167         830         697
60   Middle Eastern oil-
       exporting countries (8)         7,952       8,004       6,408
61   Other                             4,261       3,162       3,863

62 Africa                              1,977       1,945       1,992
63   Egypt                               487         511         544
64   Morocco                              53          53          45
65   South Africa                        617         545         577
66   Congo (formerly Zaire)                0           0           0
67   Oil-exporting countries (9)         222         240         224
68   Other                               598         596         602

69 Other countries                     6,177       7,064       5,917
70   Australia                         5,566       6,212       5,395
71   New Zealand (10)                    569         833         507
72   All other                            42          19          15

73 Nonmonetary international and
     regional organizations (11)       3,677       3,159       3,361

(1.) Reporting banks include all types of depository institutions as
well as bank/financial holding companies and brokers and dealers.
Effective February 2003, coverage is expanded to include claims of
brokers and dealers on affiliated foreign offices and cross-border
brokerage balances.

(2.) Before January 2001, combined data reported for
Belgium-Luxembourg.

(3.) Before January 2001, data included in United Kingdom.

(4.) In February 2003, Yugoslavia changed its name to Serbia and
Montenegro. Data for other entities of the former Yugoslavia recognized
as independent states by the United States are reported under "Other
Europe."

(5.) Includes the Bank for International Settlements and the European
Central Bank.

(6.) Before January 2001, "Other Latin America" and "Other Caribbean"
were reported as combined "Other Latin America and Caribbean."

(7.) Beginning 2001, Cayman Islands replaced British West Indies in the
data series.

(8.) Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia,
and United Arab Emirates (Trucial States).

(9.) Comprises Algeria, Gabon, Libya, and Nigeria.

(10.) Before January 2001, included in "All other."

(11.) Excludes the Bank for International Settlements, which is
included in "Other Europe."

3.19 BANKS' OWN AND DOMESTIC CUSTOMERS' CLAIMS ON FOREIGNERS Reported by
Banks in the United States (1)

Payable in U.S. dollars

Millions of dollars, end of period

          Type of claim              2000 (r)    2001 (r)    2002 (r)

 1 Total claims reported by banks    1,095,869   1,254,863   1,290,232

 2 Banks' own claims on foreigners     904,642   1,055,069   1,080,271
 3   Foreign official
       institutions (2)                 37,907      49,404      48,750
 4   Foreign banks (3)                 725,380     849,491     868,631
 5   Other foreigners (4)              141,355     156,174     162,890

 6 Claims on banks' domestic
       customers (5)                   191,227     199,794     209,961
 7   Non-negotiable deposits           100,352      93,565      79,512
 8   Negotiable CDs                     ...         ...         ...
 9   Other short-term negotiable
       instruments (6)                  78,147      90,412     124,159
10   Other claims                       12,728      15,817       6,290

   MEMO
11 Non-negotiable deposits (7)          ...         ...         ...
12 Negotiable CDs (7)                   ...         ...         ...
13 Other short-term negotiable
     instruments (7)                    ...         ...         ...
14 Other claims (7)                    n.a.        n.a.        n.a.
15 Own foreign offices (8)             630,137     749,124     787,198

16 Loans collateralized by
     repurchase agreements (9)          ...        137,979     161,585

                                                    2002

          Type of claim              Aug. (r)    Sept. (r)   Oct. (r)

 1 Total claims reported by banks       ...      1,253,664      ...

 2 Banks' own claims on foreigners   1,084,883   1,063,550   1,151,438
 3   Foreign official
       institutions (2)                 61,541      61,299      63,404
 4   Foreign banks (3)                 842,976     827,225     917,047
 5   Other foreigners (4)              180,366     175,026     170,987

 6 Claims on banks' domestic
       customers (5)                    ...        190,114      ...
 7   Non-negotiable deposits            ...         86,862      ...
 8   Negotiable CDs                     ...         ...         ...
 9   Other short-term negotiable
       instruments (6)                  ...         90,919      ...
10   Other claims                       ...         12,333      ...

   MEMO
11 Non-negotiable deposits (7)          ...         ...         ...
12 Negotiable CDs (7)                   ...         ...         ...
13 Other short-term negotiable
     instruments (7)                    ...         ...         ...
14 Other claims (7)                    n.a.        n.a.        n.a.
15 Own foreign offices (8)             756,556     732,318     822,172

16 Loans collateralized by
     repurchase agreements (9)         172,949     166,568     166,176

                                             2002

          Type of claim              Nov. (r)    Dec. (r)

 1 Total claims reported by banks       ...      1,290,232

 2 Banks' own claims on foreigners   1,094,649   1,080,271
 3   Foreign official
       institutions (2)                 56,300      48,750
 4   Foreign banks (3)                 874,469     868,631
 5   Other foreigners (4)              163,880     162,890

 6 Claims on banks' domestic
       customers (5)                    ...        209,961
 7   Non-negotiable deposits            ...         79,512
 8   Negotiable CDs                     ...         ...
 9   Other short-term negotiable
       instruments (6)                  ...        124,159
10   Other claims                       ...          6,290

   MEMO
11 Non-negotiable deposits (7)          ...         ...
12 Negotiable CDs (7)                   ...         ...
13 Other short-term negotiable
     instruments (7)                    ...         ...
14 Other claims (7)                    n.a.        n.a.
15 Own foreign offices (8)             775,527     787,198

16 Loans collateralized by
     repurchase agreements (9)         156,299     161,585

                                             2003

          Type of claim              Jan. (r)    Feb. (p)

 1 Total claims reported by banks       ...         ...

 2 Banks' own claims on foreigners   1,075,773   1,110,502
 3   Foreign official
       institutions (2)                 58,199      31,450
 4   Foreign banks (3)                 850,975     715,927
 5   Other foreigners (4)              166,599     259,085

 6 Claims on banks' domestic
       customers (5)                    ...         ...
 7   Non-negotiable deposits            ...         ...
 8   Negotiable CDs                     ...         ...
 9   Other short-term negotiable
       instruments (6)                  ...         ...
10   Other claims                       ...         ...

   MEMO
11 Non-negotiable deposits (7)          ...        336,851
12 Negotiable CDs (7)                   ...          2,199
13 Other short-term negotiable
     instruments (7)                    ...         18,434
14 Other claims (7)                    n.a.        753,018
15 Own foreign offices (8)             760,875     767,947

16 Loans collateralized by
     repurchase agreements (9)         185,804     223,238

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

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

(2.) Prior to February 2003, reflects claims on all foreign public
borrowers.

(3.) Includes positions with affiliated banking offices also included
in memo line (15) below.

(4.) As of February 2003, includes positions with affiliated
non-banking offices also included in memo line (15) below.

(5.) Assets held by reporting banks in the accounts of their domestic
customers. Effective March 2003, includes balances in off-shore sweep
accounts.

(6.) Primarily bankers acceptances and commercial paper. Prior to
February 2003, also includes negotiable certificates of deposit.

(7.) Data available beginning February 2003.

(8.) For U.S. banks, includes amounts due from own foreign branches and
foreign subsidiaries consolidated in quarterly Consolidated Reports of
Condition filed with bank regulatory agencies. For agencies, branches,
and minority-owned subsidiaries of foreign banks, consists principally
of amounts due from the head office or parent foreign bank, and from
foreign branches, agencies, or wholly owned subsidiaries of the head
office or parent foreign bank. Effective February 2003, includes
amounts due from affiliated foreign offices of U.S. brokers and
dealers.

(9.) Data available beginning January 2001.

3.20 BANKS' OWN CLAIMS ON UNAFFILIATED FOREIGNERS Reported by
Banks in the United States (1)

Payable in U.S. dollars

Millions of dollars, end of period

     Maturity, by borrower
         and area (2)              1999      2000      2001

 1 Total                          267,082   274,009   305,326

   By borrower
 2 Maturity of one year or less   187,894   186,103   200,240
 3   Foreign public borrowers      22,811    21,399    27,501
 4   All other foreigners         165,083   164,704   172,739
 5 Maturity of more than one
       year                        79,188    87,906   105,086
 6   Foreign public borrowers      12,013    15,838    21,324
 7   All other foreigners          67,175    72,068    83,762

   By area
   Maturity of one year or less
 8   Europe                        80,842   142,464    83,233
 9   Canada                         7,859     8,323    10,072
10   Latin America and
       Caribbean                   69,498   151,840    70,648
11   Asia                          21,802    43,371    29,693
12   Africa                         1,122     2,263     1,104
13   All other (3)                  6,771    11,717     5,490
   Maturity of more than one
       year
14   Europe                        22,951    57,770    34,230
15   Canada                         3,192     3,174     3,633
16   Latin America and
       Caribbean                   39,051    82,684    47,382
17   Asia                          11,257    19,536    15,190
18   Africa                         1,065     1,567       769
19   All other (3)                  1,672     5,954     3,882

                                                  2002

     Maturity, by borrower                                       Dec.
         and area (2)              Mar.      June      Sept.      (p)

 1 Total                          308,286   317,207   330,807   293,096

   By borrower
 2 Maturity of one year or less   214,373   236,219   250,076   212,972
 3   Foreign public borrowers      31,875    33,061    42,665    31,569
 4   All other foreigners         182,498   203,158   207,411   181,403
 5 Maturity of more than one
       year                        93,913    80,988    80,731    80,124
 6   Foreign public borrowers      22,945    17,576    18,192    16,948
 7   All other foreigners          70,968    63,412    62,539    63,176

   By area
   Maturity of one year or less
 8   Europe                        85,848    88,641    92,111    83,172
 9   Canada                         8,227     8,928     7,731     6,933
10   Latin America and
       Caribbean                   82,258    98,152    96,796    87,143
11   Asia                          30,543    34,710    48,210    30,323
12   Africa                         1,124       918       896       726
13   All other (3)                  6,373     4,870     4,332     4,675
   Maturity of more than one
       year
14   Europe                        37,372    33,159    33,587    33,543
15   Canada                         3,129     2,619     2,772     2,990
16   Latin America and
       Caribbean                   35,537    32,142    31,376    32,172
17   Asia                          13,563     8,688     9,128     6,920
18   Africa                           720       907       812       845
19   All other (3)                  3,592     3,473     3,056     3,654

Note. Owing to changes in reporting requirements, this table will be
discontinued in the third quarter of 2003 after publication of the
end-December 2003 data.

(1.) Reporting banks include all types of depository institutions as
well as some brokers and dealers.

(2.) Maturity is time remaining until maturity.

(3.) Includes nonmonetary international and regional organizations.


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

Millions of dollars, end of period

    Type of liability, and          1999     2000
        area or country             (r)      (r)      2001

 1 Total                           53,020   73,904   66,679

 2 Payable in dollars              37,605   48,931   42,925
 3 Payable in foreign
     currencies                    15,415   24,973   23,754

   By type
 4 Financial liabilities           27,980   47,419   41,034
 5   Payable in dollars            13,883   25,246   18,763
 6   Payable in foreign
       currencies                  14,097   22,173   22,271

 7 Commercial liabilities          25,040   26,485   25,645
 8   Trade payables                12,834   14,293   11,781
 9   Advance receipts and other
       liabilities                 12,206   12,192   13,864

l0   Payable in dollars            23,722   23,685   24,162
11   Payable in foreign
       currencies                   1,318    2,800    1,483

   By area or country
   Financial liabilities
12   Europe                        23,241   34,172   31,806
13     Belgium and Luxembourg          31      147      154
14     France                       1,659    1,480    2,841
15     Germany                      1,974    2,168    2,344
16     Netherlands                  1,996    2,016    1,954
17     Switzerland                    147      104       94
18     United Kingdom              16,521   26,362   22,852

19   Canada                           284      411      955

20   Latin America and Caribbean      892    4,125    2,858
21     Bahamas                          1        6      157
22     Bermuda                          5    1,739      960
23     Brazil                         126      148       35
24     British West Indies            492      406    1,627
25     Mexico                          25       26       36
26     Venezuela                        0        2        2

27   Asia                           3,437    7,965    5,042
28     Japan                        3,142    6,216    3,269
29     Middle Eastern oil-
         exporting countries (1)        4       12       10

30   Africa                            28       52       53
31     Oil-exporting
         countries (2)                  0        0        5

32   All other (3)                     98      694      320

   Commercial liabilities
33   Europe                         9,262    9,629    9,219
34     Belgium and Luxembourg         140      293       99
35     France                         672      979      734
36     Germany                      1,131    1,047      905
37     Netherlands                    507      300    1,163
38     Switzerland                    626      502      790
39     United Kingdom               3,071    2,847    2,279

40   Canada                         1,775    1,933    1,622

41   Latin America and Caribbean    2,310    2,381    2,727
42     Bahamas                         22       31       52
43     Bermuda                        152      281      591
44     Brazil                         145      114      290
45     British West Indies             48       76       45
46     Mexico                         887      841      899
47     Venezuela                      305      284      166

48   Asia                           9,886   10,983   10,517
49     Japan                        2,609    2,757    2,581
50     Middle Eastern oil-
         exporting countries (1)    2,493    2,796    2,598

51   Africa                           950      948      836
52     Oil-exporting
         countries (2)                499      483      436

53   Other (3)                        881      611      724

                                            2001              2002

    Type of liability, and
        area or country            Sept.         Dec.         Mar.

 1 Total                           53,476 (r)   66,679 (r)   74,867

 2 Payable in dollars              35,306 (r)   42,925 (r)   47,062
 3 Payable in foreign
     currencies                    18,170 (r)   23,754 (r)   27,805

   By type
 4 Financial liabilities           27,502       41,034       46,408
 5   Payable in dollars            11,415       18,763       20,367
 6   Payable in foreign
       currencies                  16,087       22,271       26,041

 7 Commercial liabilities          25,974 (r)   25,645 (r)   28,459
 8   Trade payables                11,690 (r)   11,781 (r)   14,872
 9   Advance receipts and other
       liabilities                 14,284       13,864       13,587

10   Payable in dollars            23,891 (r)   24,162 (r)   26,695
11   Payable in foreign
       currencies                   2,083 (r)    1,483 (r)    1,764

   By area or country
   Financial liabilities
12   Europe                        22,083       31,806       39,392
13     Belgium and Luxembourg          76          154          119
14     France                       1,538        2,841        3,531
15     Germany                      1,994        2,344        2,982
16     Netherlands                  1,998        1,954        1,951
17     Switzerland                     92           94           84
18     United Kingdom              14,819       22,852       28,630

19   Canada                           436          955        1,067

20   Latin America and Caribbean      414        2,858        1,547
21     Bahamas                          5          157            5
22     Bermuda                         47          960          836
23     Brazil                          22           35           35
24     British West Indies            243        1,627          612
25     Mexico                          24           36           27
26     Venezuela                        3            2            1

27   Asia                           3,869        5,042        4,010
28     Japan                        3,442        3,269        3,299
29     Middle Eastern oil-
         exporting countries (1)        9           10           15

30   Africa                            28 (r)       53          122
31     Oil-exporting
         countries (2)                  5            5           91

32   All other (3)                    672          320          270

   Commercial liabilities
33   Europe                         8,836 (r)    9,219 (r)    8,384
34     Belgium and Luxembourg         160           99          105
35     France                         891 (r)      734 (r)      713
36     Germany                        955 (r)      905 (r)      584
37     Netherlands                    343        1,163          463
38     Switzerland                    683          790          637
39     United Kingdom               2,296        2,279 (r)    2,747

40   Canada                         1,557 (r)    1,622 (r)    1,798

41   Latin America and Caribbean    2,878 (r)    2,727 (r)    3,454
42     Bahamas                         44           52           23
43     Bermuda                        570          591          433
44     Brazil                         312          290          277
45     British West Indies             28           45           67
46     Mexico                         883 (r)      899 (r)    1,457
47     Venezuela                      242          166          281

48   Asia                          11,096 (r)   10,517 (r)   12,969
49     Japan                        2,408 (r)    2,581 (r)    4,281
50     Middle Eastern oil-
         exporting countries (1)    3,002 (r)    2,598 (r)    3,093 (r)

51   Africa                           938          836          976
52     Oil-exporting
         countries (2)                471          436          454

53   Other (3)                        669          724          878

                                                 2002

    Type of liability, and
        area or country             June        Sept.        Dec. (p)

 1 Total                           70,638       68,644         67,304

 2 Payable in dollars              48,103       44,815         44,557
 3 Payable in foreign
     currencies                    22,535       23,829         22,747

   By type
 4 Financial liabilities           42,826       41,311         39,561
 5   Payable in dollars            21,892       18,775         18,674
 6   Payable in foreign
       currencies                  20,934       22,536         20,887

 7 Commercial liabilities          27,812       27,333         27,743
 8   Trade payables                13,959       13,558         14,339
 9   Advance receipts and other
       liabilities                 13,853       13,775         13,404

10   Payable in dollars            26,211       26,040         25,883
11   Payable in foreign
       currencies                   1,601        1,293          1,860

   By area or country
   Financial liabilities
12   Europe                        35,011       34,817         34,363
13     Belgium and Luxembourg         120          232            144
14     France                       4,071        3,517          5,243
15     Germany                      2,622        2,865          2,923
16     Netherlands                  1,939        1,918          1,829
17     Switzerland                     61           61             61
18     United Kingdom              24,188       24,175         22,422

19   Canada                         1,078          583            591

20   Latin America and Caribbean    1,832        1,088          1,504
21     Bahamas                          5            0             23
22     Bermuda                        626          588            990
23     Brazil                          38           65             65
24     British West Indies          1,000          377            365
25     Mexico                          25           26             31
26     Venezuela                        5            1              1

27   Asia                           4,491        4,442 (r)      2,916
28     Japan                        2,387        2,447          1,832
29     Middle Eastern oil-
         exporting countries (1)       14           16             14

30   Africa                           120          128            131
31     Oil-exporting
         countries (2)                 91           91             91

32   All other (3)                    294          253             56

   Commercial liabilities
33   Europe                         8,468        8,745          8,295
34     Belgium and Luxembourg          94          134            141
35     France                         827          718            777
36     Germany                        570          855            807
37     Netherlands                    765        1,186            590
38     Switzerland                    749          592            433
39     United Kingdom               2,551        2,317          2,649

40   Canada                         2,027        1,570          1,384

41   Latin America and Caribbean    2,744        2,850          3,013
42     Bahamas                         12           14             51
43     Bermuda                        422          468            538
44     Brazil                         320          290            253
45     British West Indies             46           47             36
46     Mexico                         958          997          1,110
47     Venezuela                      204          327            177

48   Asia                          12,693       12,274         13,126
49     Japan                        4,143        4,031          4,292
50     Middle Eastern oil-
         exporting countries (1)    3,209 (r)    3,624 (r)      3,592

51   Africa                           916          876            905
52     Oil-exporting
         countries (2)                349          445            405

53   Other (3)                        964        1,018          1,020

(1.) Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia,
and United Arab Emirates (Trucial States).

(2.) Comprises Algeria, Gabon, Libya, and Nigeria.

(3.) Includes nonmonetary international and regional organizations.

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

Millions of dollars, end of period

       Type of claim, and area
              or country                 1999 (r)   2000 (r)    2001

 1 Total                                   76,642     90,157   113,082

 2 Payable in dollars                      69,170     79,558   103,864
 3 Payable in foreign currencies            7,472     10,599     9,218

   By type
 4 Financial claims                        40,231     53,031    81,287
 5   Deposits                              18,566     23,374    29,801
 6     Payable in dollars                  16,373     21,015    27,850
 7     Payable in foreign currencies        2,193      2,359     1,951
 8   Other financial claims                21,665     29,657    51,486
 9     Payable in dollars                  18,593     25,142    46,621
10     Payable in foreign currencies        3,072      4,515     4,865

11 Commercial claims                       36,411     37,126    31,795
12   Trade receivables                     32,602     33,104    27,513
13   Advance payments and other claims      3,809      4,022     4,282

14   Payable in dollars                    34,204     33,401    29,393
15   Payable in foreign currencies          2,207      3,725     2,402

   By area or country
   Financial claims
16   Europe                                13,023     23,136    26,118
17     Belgium and Luxembourg                 529        296       625
18     France                                 967      1,206     1,450
19     Germany                                504        848     1,068
20     Netherlands                          1,229      1,396     2,138
21     Switzerland                            643        699       589
22     United Kingdom                       7,561     15,900    16,510

23   Canada                                 2,553      4,576     6,193

24   Latin America and Caribbean           18,206     19,317    41,201
25     Bahamas                              1,593      1,353       976
26     Bermuda                                 11         19       918
27     Brazil                               1,476      1,827     2,127
28     British West Indies                 12,099     12,596    32,965
29     Mexico                               1,798      2,448     3,075
30     Venezuela                               48         87        83

31   Asia                                   5,457      4,697     6,430
32     Japan                                3,262      1,631     1,604
33     Middle Eastern oil-exporting
         countries (1)                         23         80       135

34   Africa                                   286        411       414
35     Oil-exporting countries (2)             15         57        49

36   All other (3)                            706        894       931

   Commercial claims
37   Europe                                16,389     15,938    14,022
38     Belgium and Luxembourg                 316        452       268
39     France                               2,236      3,095     2,921
40     Germany                              1,960      1,982     1,658
41     Netherlands                          1,429      1,729       529
42     Switzerland                            610        763       611
43     United Kingdom                       5,827      4,502     3,833

44   Canada                                 2,757      3,502     2,818

45   Latin America and Caribbean            5,959      5,851     4,859
46     Bahamas                                 20         37        42
47     Bermuda                                390        376       369
48     Brazil                                 905        957       954
49     British West Indies                    181        137        95
50     Mexico                               1,678      1,507     1,391
51     Venezuela                              439        328       288

52   Asia                                   9,165      9,630     7,849
53     Japan                                2,074      2,796     2,006
54     Middle Eastern oil-exporting
         countries (1)                      1,573      1,016       833

55   Africa                                   631        672       645
56     Oil-exporting countries (2)            171        180        88

57   Other (3)                              1,537      1,533     1,602

                                                 2001

       Type of claim, and area
              or country                   Sept.        Dec.

 1 Total                                 93,988 (r)   113,082 (r)

 2 Payable in dollars                    83,204 (r)   103,864 (r)
 3 Payable in foreign currencies         10,784         9,218

   By type
 4 Financial claims                      60,015        81,287
 5   Deposits                            22,391        29,801
 6     Payable in dollars                19,888        27,850
 7     Payable in foreign currencies      2,503         1,951
 8   Other financial claims              37,624        51,486
 9     Payable in dollars                32,076        46,621
10     Payable in foreign currencies      5,548         4,865

11 Commercial claims                     33,973 (r)    31,795 (r)
12   Trade receivables                   29,240 (r)    27,513 (r)
13   Advance payments and other claims    4,733         4,282

14   Payable in dollars                  31,240 (r)    29,393 (r)
15   Payable in foreign currencies        2,733         2,402

   By area or country
   Financial claims
16   Europe                              23,069        26,118
17     Belgium and Luxembourg               372           625
18     France                             1,682         1,450
19     Germany                            1,112         1,068
20     Netherlands                          954         2,138
21     Switzerland                          665           589
22     United Kingdom                    15,670        16,510

23   Canada                               4,254         6,193

24   Latin America and Caribbean         26,099        41,201
25     Bahamas                              649           976
26     Bermuda                               80           918
27     Brazil                             2,065         2,127
28     British West Indies               19,234        32,965
29     Mexico                             2,910         3,075
30     Venezuela                             80            83

31   Asia                                 5,274         6,430
32     Japan                              1,761         1,604
33     Middle Eastern oil-exporting
         countries (1)                      100           135

34   Africa                                 428 (r)       414
35     Oil-exporting countries (2)           83            49

36   All other (3)                          891           931

   Commercial claims
37   Europe                              14,364 (r)    14,022 (r)
38     Belgium and Luxembourg               353 (r)       268
39     France                             3,061 (r)     2,921 (r)
40     Germany                            1,973 (r)     1,658 (r)
41     Netherlands                          843 (r)       529
42     Switzerland                          514           611
43     United Kingdom                     3,564 (r)     3,833 (r)

44   Canada                               3,076 (r)     2,818 (r)

45   Latin America and Caribbean          5,567 (r)     4,859 (r)
46     Bahamas                               35            42
47     Bermuda                              526           369
48     Brazil                             1,176 (r)       954 (r)
49     British West Indies                  124            95
50     Mexico                             1,427 (r)     1,391 (r)
51     Venezuela                            301           288

52   Asia                                 8,697 (r)     7,849 (r)
53     Japan                              2,437 (r)     2,006 (r)
54     Middle Eastern oil-exporting
         countries (1)                      892 (r)       833 (r)

55   Africa                                 838           645
56     Oil-exporting countries (2)          170            88

57   Other (3)                            1,431 (r)     1,602 (r)

                                                  2002

       Type of claim, and area
              or country                   Mar.          June

 1 Total                                 115,764       116,148

 2 Payable in dollars                    106,192       107,106
 3 Payable in foreign currencies           9,572         9,042

   By type
 4 Financial claims                       85,381        87,324
 5   Deposits                             41,813        42,136
 6     Payable in dollars                 40,002        40,323
 7     Payable in foreign currencies       1,811         1,813
 8   Other financial claims               43,568        45,188
 9     Payable in dollars                 39,553        41,875
10     Payable in foreign currencies       4,015         3,313

11 Commercial claims                      30,383        28,824
12   Trade receivables                    25,618        24,263
13   Advance payments and other claims     4,765         4,561

14   Payable in dollars                   26,637        24,908
15   Payable in foreign currencies         3,746         3,916

   By area or country
   Financial claims
16   Europe                               35,933        36,863
17     Belgium and Luxembourg                751           797
18     France                              3,489         3,921
19     Germany                             4,114         3,972
20     Netherlands                         3,253         3,995
21     Switzerland                           308         1,010
22     United Kingdom                     17,910        16,037

23   Canada                                5,471         5,537

24   Latin America and Caribbean          35,001        37,511
25     Bahamas                             1,197         1,332
26     Bermuda                               611           704
27     Brazil                              1,892         2,036
28     British West Indies                27,350        29,591
29     Mexico                              2,777         2,823
30     Venezuela                              79            60

31   Asia                                  6,489         5,826
32     Japan                               2,009         1,093
33     Middle Eastern oil-exporting
         countries (1)                        74 (r)        73 (r)

34   Africa                                  390           431
35     Oil-exporting countries (2)            51            64

36   All other (3)                         2,097         1,156

   Commercial claims
37   Europe                               12,708        11,861
38     Belgium and Luxembourg                272           207
39     France                              2,883         2,828
40     Germany                             1,198         1,163
41     Netherlands                           415           379
42     Switzerland                           436           472
43     United Kingdom                      3,579         3,387

44   Canada                                2,760         2,752

45   Latin America and Caribbean           4,912         4,530
46     Bahamas                                42            28
47     Bermuda                               422           214
48     Brazil                                837           829
49     British West Indies                    73            26
50     Mexico                              1,225         1,283
51     Venezuela                             312           316

52   Asia                                  7,513         7,309
53     Japan                               1,975         2,064
54     Middle Eastern oil-exporting
         countries (1)                       653 (r)       885 (r)

55   Africa                                  630           605
56     Oil-exporting countries (2)           109            94

57   Other (3)                             1,860         1,767

                                                 2002

       Type of claim, and area
              or country                  Sept.        Dec. (p)

 1 Total                                 112,099        102,385

 2 Payable in dollars                    103,877         91,173
 3 Payable in foreign currencies           8,222         11,212

   By type
 4 Financial claims                       84,033         71,140
 5   Deposits                             38,074         27,076
 6     Payable in dollars                 36,382         24,689
 7     Payable in foreign currencies       1,692          2,387
 8   Other financial claims               45,959         44,064
 9     Payable in dollars                 42,734         39,935
10     Payable in foreign currencies       3,225          4,129

11 Commercial claims                      28,066         31,245
12   Trade receivables                    23,491         26,453
13   Advance payments and other claims     4,575          4,792

14   Payable in dollars                   24,761         26,549
15   Payable in foreign currencies         3,305          4,696

   By area or country
   Financial claims
16   Europe                               32,007         28,822
17     Belgium and Luxembourg                656            722
18     France                              3,854          3,247
19     Germany                             4,292          4,244
20     Netherlands                         4,024          3,648
21     Switzerland                         1,135            383
22     United Kingdom                     11,351         10,503

23   Canada                                5,485          5,013

24   Latin America and Caribbean          38,822         29,401
25     Bahamas                               715            976
26     Bermuda                             1,157            724
27     Brazil                              2,226          2,310
28     British West Indies                30,859         21,366
29     Mexico                              2,871          2,917
30     Venezuela                              71             99

31   Asia                                  6,121          5,483
32     Japan                               1,421          1,212
33     Middle Eastern oil-exporting
         countries (1)                        83 (r)         79

34   Africa                                  379            394
35     Oil-exporting countries (2)            29             25

36   All other (3)                         1,219 (r)      2,027

   Commercial claims
37   Europe                               12,000         14,225
38     Belgium and Luxembourg                254            249
39     France                              2,972          3,165
40     Germany                             1,158          1,207
41     Netherlands                           409          1,490
42     Switzerland                           404            506
43     United Kingdom                      3,236          3,750

44   Canada                                2,623          2,794

45   Latin America and Caribbean           4,324          4,357
46     Bahamas                                35             31
47     Bermuda                               270            287
48     Brazil                                862            752
49     British West Indies                    12             19
50     Mexico                              1,184          1,261
51     Venezuela                             340            291

52   Asia                                  6,778          7,339
53     Japan                               2,083          2,352
54     Middle Eastern oil-exporting
         countries (1)                       808 (r)        803

55   Africa                                  637            584
56     Oil-exporting countries (2)           107             95

57   Other (3)                             1,704          1,946

(1.) Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia,
and United Arab Emirates (Trucial States).

(2.) Comprises Algeria, Gabon, Libya, and Nigeria.

(3.) Includes nonmonetary international and regional organizations.


Securities Holdings and Transactions
3.24 FOREIGN TRANSACTIONS IN SECURITIES

Millions of dollars

                                                                2003

       Transaction, and area                                    Jan.-
            or country                  2001        2002 (r)    Feb.

                                         U.S. corporate securities

          STOCKS

 1 Foreign purchases               3,051,332       3,202,907   412,699
 2 Foreign sales                   2,934,942       3,153,465   412,579

 3 Net purchases, or sales (-)       116,390          49,442       136

 4 Foreign countries                 116,187          49,495       151

 5 Europe                             88,099          33,006     1,321
 6   France                            5,914           2,127       476
 7   Germany                           8,415            -113      -109
 8   Netherlands                      10,919           4,535     1,968
 9   Switzerland                       3,456           2,656    -1,709
10   United Kingdom                   38,493          15,173      -875
11 Channel Islands and Isle of
     Man (1)                            -682 (r)        -245        -1
12 Canada                             10,984           7,433      -280
13 Latin America and Caribbean        -5,146 (r)     -15,424    -5,313
14 Middle East (2)                     1,789          -1,287       -67
15 Other Asia                         20,726          22,682     4,099
16   Japan                             6,788          12,337     1,569
17 Africa                               -354 (r)         -68        47
18 Other countries                       109           3,175       408

19 Nonmonetary international and
     regional organizations              203             -47       -15

             BONDS (3)

20 Foreign purchases               1,942,690       2,549,825   431,947
21 Foreign sales                   1,556,745       2,172,047   365,296

22 Net purchases, or sales (-)       385,945         377,778    66,651

23 Foreign countries                 385,379 (r)     377,515    66,960

24 Europe                            195,412         167,572    40,598
25   France                            5,028           3,771     1,084
26   Germany                          12,362           5,149     1,544
27   Netherlands                       1,538            -394       819
28   Switzerland                       5,721           8,521     2,013
29   United Kingdom                  152,772         109,836    19,105
30 Channel Islands and Isle of
     Man (1)                           2,000          11,173     6,953
31 Canada                              4,595          -1,023      -979
32 Latin America and Caribbean        77,019          82,837       203
33 Middle East (2)                     2,337 (r)       2,315       633
34 Other Asia                        106,400         121,470    26,360
35   Japan                            33,687          48,482     8,591
36 Africa                                760             860       133
37 Other countries                    -1,136 (r)       3,498        36

38 Nonmonetary international and
     regional organizations              566             263      -291

                                             Foreign securities

39 Stocks, net purchases,
       or sales (-)                  -50,107 (r)      -1,611    -7,905
40   Foreign purchases             1,397,664       1,260,278   171,075
41   Foreign sales                 1,447,777       1,261,907   178,990
42 Bonds, net purchases,
       or sales (-)                   30,502          28,406     2,533
43   Foreign purchases             1,160,102       1,377,020   262,856
44   Foreign sales                 1,129,600       1,348,614   260,325

45 Net purchases, or sales (-),
     of stocks and bonds             -19,609 (r)      26,777    -5,382

46 Foreign countries                 -19,016 (r)      26,814    -5,527

47 Europe                            -12,092 (r)      15,407    -6,046
48 Canada                              2,943           4,849     4,805
49 Latin America and Caribbean         4,315           4,562    -6,939
50 Asia                              -11,851 (r)       1,591     2,307
51   Japan                           -20,104 (r)      -9,101      -346
52 Africa                               -542 (r)        -361       -17
53 Other countries                    -1,733 (r)         784       391

54 Nonmonetary international and
     regional organizations             -573 (r)         -23       147

                                                    2002

       Transaction, and area
            or country               Aug.        Sept. (r)   Oct. (r)

                                        U.S. corporate securities

              STOCKS

 1 Foreign purchases               257,265         206,729    297,181
 2 Foreign sales                   252,651         213,195    293,565

 3 Net purchases, or sales (-)       4,614          -6,454      3,616

 4 Foreign countries                 4,603          -6,449      3,610

 5 Europe                            3,830          -5,146      2,187
 6   France                            942            -924        982
 7   Germany                          -312 (r)      -1,165        276
 8   Netherlands                       900               4        760
 9   Switzerland                      -294 (r)        -931       -164
10   United Kingdom                  2,801          -1,228      1,403
11 Channel Islands and Isle of
     Man (1)                           -33 (r)         -19         94
12 Canada                            1,336            -768        342
13 Latin America and Caribbean      -3,831 (r)      -2,897     -2,866
14 Middle East (2)                     -42 (r)          46        -90
15 Other Asia                        3,231           2,012      3,985
16   Japan                           2,249             238          7
17 Africa                              -26 (r)          36        -18
18 Other countries                     147             284         82

19 Nonmonetary international and
     regional organizations             11              -5          6

             BONDS (3)

20 Foreign purchases               220,914 (r)     208,602    217,402
21 Foreign sales                   189,008 (r)     183,671    185,366

22 Net purchases, or sales (-)      31,906 (r)      24,931     32,036

23 Foreign countries                31,875 (r)      25,022     31,632

24 Europe                           10,895 (r)      11,758     16,532
25   France                            483             252      1,089
26   Germany                           370 (r)        -390        -69
27   Netherlands                        55             -25        149
28   Switzerland                     1,825             356        355
29   United Kingdom                  3,690           7,374      9,852
30 Channel Islands and Isle of
     Man (1)                         1,203           1,342      2,239
31 Canada                              166            -377        540
32 Latin America and Caribbean       9,706           3,464      4,339
33 Middle East (2)                     578              40        196
34 Other Asia                        9,026           9,602     10,126
35   Japan                           1,975           6,135      5,505
36 Africa                               77             171         -2
37 Other countries                   1,427             370        -77

38 Nonmonetary international and
     regional organizations             31             -89        404

                                            Foreign securities

39 Stocks, net purchases,
       or sales (-)                  3,078 (r)         765     -6,144
40   Foreign purchases              92,759 (r)      87,083    100,763
41   Foreign sales                  89,681 (r)      86,318    106,919
42 Bonds, net purchases,
       or sales (-)                 -1,731 (r)       1,064      6,920
43   Foreign purchases             112,167         126,078    123,139
44   Foreign sales                 113,916         125,014    116,219

45 Net purchases, or sales (-),
     of stocks and bonds             1,329 (r)       1,829        764

46 Foreign countries                 1,304 (r)       1,851        711

47 Europe                              557 (r)       1,393        674
48 Canada                               32 (r)        -577     -1,279
49 Latin America and Caribbean        -745 (r)        -519        -28
50 Asia                              1,028           1,018      1,694
51   Japan                             379            -858         13
52 Africa                              393             -21        104
53 Other countries                      49             583       -432

54 Nonmonetary international and
     regional organizations             25             -18         53

                                         2002

       Transaction, and area
            or country             Nov. (r)   Dec. (r)

                                     U.S. corporate
                                       securities

              STOCKS

 1 Foreign purchases                264,359    216,659
 2 Foreign sales                    257,879    214,243

 3 Net purchases, or sales (-)        6,480      2,416

 4 Foreign countries                  6,473      2,400

 5 Europe                             4,407      4,883
 6   France                            -317        676
 7   Germany                             31        518
 8   Netherlands                        629        792
 9   Switzerland                      1,581        909
10   United Kingdom                   2,062        784
11 Channel Islands and Isle of
     Man (1)                             23        -18
12 Canada                                47        746
13 Latin America and Caribbean        2,692     -2,332
14 Middle East (2)                     -228         71
15 Other Asia                          -765       -886
16   Japan                             -959     -1,129
17 Africa                                -4        -20
18 Other countries                      350        -22

19 Nonmonetary international and
     regional organizations               7         16

             BONDS (3)

20 Foreign purchases                259,305    207,380
21 Foreign sales                    218,351    178,510

22 Net purchases, or sales (-)       40,954     28,870

23 Foreign countries                 40,914     28,684

24 Europe                            17,116     10,526
25   France                             383       -426
26   Germany                            558      1,249
27   Netherlands                        -59         -1
28   Switzerland                        743        304
29   United Kingdom                   8,812      6,768
30 Channel Islands and Isle of
     Man (1)                          4,917        959
31 Canada                              -743     -2,180
32 Latin America and Caribbean        5,471      7,379
33 Middle East (2)                      387       -120
34 Other Asia                        18,374     12,944
35   Japan                           10,456      4,863
36 Africa                                56         28
37 Other countries                      267        107

38 Nonmonetary international and
     regional organizations              40        186

                                    Foreign securities

39 Stocks, net purchases,
       or sales (-)                    -979     -2,749
40   Foreign purchases              101,821     81,804
41   Foreign sales                  102,802     84,555
42 Bonds, net purchases,
       or sales (-)                   2,269     -5,143
43   Foreign purchases              137,931    117,917
44   Foreign sales                  135,662    123,074

45 Net purchases, or sales (-),
     of stocks and bonds              1,288     -7,892

46 Foreign countries                  1,300     -7,918

47 Europe                             6,105     -9,085
48 Canada                              -153        712
49 Latin America and Caribbean          518      1,045
50 Asia                              -5,244       -973
51   Japan                           -6,603     -2,021
52 Africa                               100         40
53 Other countries                        0        363

54 Nonmonetary international and
     regional organizations              -8         14

                                          2003

       Transaction, and area
            or country             Jan. (r)   Feb. (p)

                                     U.S. corporate
                                       securities

              STOCKS

 1 Foreign purchases                212,558    200,141
 2 Foreign sales                    216,056    196,523

 3 Net purchases, or sales (-)       -3,482      3,618

 4 Foreign countries                 -3,465      3,616

 5 Europe                            -1,873      3,194
 6   France                             206        270
 7   Germany                            -56        -53
 8   Netherlands                        671      1,297
 9   Switzerland                       -719       -990
10   United Kingdom                  -2,742      1,867
11 Channel Islands and Isle of
     Man (1)                              2         -3
12 Canada                                19       -299
13 Latin America and Caribbean       -3,072     -2,241
14 Middle East (2)                      -48        -19
15 Other Asia                         1,313      2,786
16   Japan                              561      1,008
17 Africa                                38          9
18 Other countries                      182        226

19 Nonmonetary international and
     regional organizations             -17          2

             BONDS (3)

20 Foreign purchases                224,521    207,426
21 Foreign sales                    180,746    184,550

22 Net purchases, or sales (-)       43,775     22,876

23 Foreign countries                 43,919     23,041

24 Europe                            24,301     16,297
25   France                           1,044         40
26   Germany                            545        999
27   Netherlands                        206        613
28   Switzerland                      1,154        859
29   United Kingdom                  12,279      6,826
30 Channel Islands and Isle of
     Man (1)                          5,420      1,533
31 Canada                            -1,168        189
32 Latin America and Caribbean        6,564     -6,361
33 Middle East (2)                      591         42
34 Other Asia                        13,593     12,767
35   Japan                            4,025      4,566
36 Africa                                53         80
37 Other countries                       -9         45

38 Nonmonetary international and
     regional organizations            -136       -155

                                    Foreign securities

39 Stocks, net purchases,
       or sales (-)                  -5,640     -2,265
40   Foreign purchases               90,560     80,515
41   Foreign sales                   96,200     82,790
42 Bonds, net purchases,
       or sales (-)                  -1,809      4,342
43   Foreign purchases              140,390    122,466
44   Foreign sales                  142,201    118,124

45 Net purchases, or sales (-),
     of stocks and bonds             -7,449      2,067

46 Foreign countries                 -7,498      1,971

47 Europe                            -4,627     -1,419
48 Canada                             4,070        735
49 Latin America and Caribbean       -7,837        898
50 Asia                                 362      1,945
51   Japan                             -614        268
52 Africa                               -32         15
53 Other countries                      590       -199

54 Nonmonetary international and
     regional organizations              51         96

(1.) Before January 2001, data included in United Kingdom.

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

(3.) Includes state and local government securities and securities of
U.S. government agencies and corporations. Also includes issues of new
debt securities sold abroad by U.S. corporations organized to finance
direct investments abroad.

3.25 MARKETABLE U.S. TREASURY BONDS AND NOTES
Foreign Transactions (1)

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

                                                       2003

                                                      Jan.-
     Area or country          2001         2002 (r)    Feb.

 1 Total estimated            18,514        121,698   -2,953

 2 Foreign countries          19,200        119,687   -3,100

 3   Europe                  -20,596 (r)     44,169   -6,617
 4     Belgium (2)              -582 (r)      2,046    2,010
 5     Germany                -1,652 (r)     -3,910   -1,420
 6     Luxembourg (2)            462         -1,591      433
 7     Netherlands            -6,712 (r)    -17,020   -2,708
 8     Sweden                 -1,190          2,923      612
 9     Switzerland             1,412           -492   -1,124
10     United Kingdom         -7,261 (r)     60,995   -1,595
11     Channel Islands and
         Isle of Man (3)        -161 (r)        714        0
12     Other Europe and
         former U.S.S.R.      -4,824 (r)        538   -2,747
13   Canada                   -1,626 (r)     -5,182   -2,574

14   Latin America and
         Caribbean             4,272         21,116    1,496
15     Venezuela                 290            -41      117
16     Other Latin America
         and Caribbean        14,726         21,955    4,998
17     Netherlands
         Antilles            -10,736 (r)       -780   -3,609
18   Asia                     36,332         55,850    4,917
19     Japan                  16,114         30,730    9,092
20   Africa                     -880            841       47
21   Other                     1,714          2,909     -331

22 Nonmonetary internatio-
       nal and regional
       organizations            -674 (r)      2,011      147
23   International              -290          1,642       40
24   Latin American
       Caribbean regional         41              3      -27

   MEMO
25 Foreign countries          19,200        119,687   -3,100
26   Official institutions     3,474         15,131    1,796
27   Other foreign            15,726        104,556   -4,884

   Oil-exporting countries
28 Middle East (4)               865         -3,902   -3,739
29 Africa (5)                      2 (r)         29        0

                                          2002

     Area or country         Aug. (r)   Sept. (r)   Oct. (r)

 1 Total estimated              4,347      21,946      6,742

 2 Foreign countries            3,932      21,934      5,994

 3   Europe                       973       5,666        838
 4     Belgium (2)              1,349        -122       -210
 5     Germany                 -1,963        -374       -451
 6     Luxembourg (2)              -6        -255         61
 7     Netherlands             -2,131         957     -2,844
 8     Sweden                     471         235       -197
 9     Switzerland               -695       1,150     -1,713
10     United Kingdom           3,927       6,665      5,071
11     Channel Islands and
         Isle of Man (3)          444         -37       -104
12     Other Europe and
         former U.S.S.R.         -367      -2,491      1,287
13   Canada                    -1,891        -321     -2,431

14   Latin America and
         Caribbean            -11,839       7,753      7,219
15     Venezuela                   -5         -61          5
16     Other Latin America
         and Caribbean         -7,436       5,516      4,485
17     Netherlands
         Antilles              -4,378       2,316      2,729
18   Asia                      16,386       8,971        -46
19     Japan                    7,081      12,569     -1,307
20   Africa                       495         -87         12
21   Other                       -168         -16        428

22 Nonmonetary internatio-
       nal and regional
       organizations              415          12        748
23   International                418         -35        329
24   Latin American
       Caribbean regional           4          29          4

   MEMO
25 Foreign countries            3,932      21,934      5,994
26   Official institutions        635      -3,509       -547
27   Other foreign              3,297      25,445      6,547

   Oil-exporting countries
28 Middle East (4)               -792        -408        913
29 Africa (5)                       2           1          0

                                     2002                  2003

     Area or country         Nov. (r)   Dec. (r)   Jan. (r)   Feb. (p)

 1 Total estimated             21,097     14,290      1,783     -4,736

 2 Foreign countries           21,177     13,961      1,400     -4,500

 3   Europe                     8,847      3,186        891     -7,508
 4     Belgium (2)                513       -187      3,371     -1,361
 5     Germany                  1,658      1,610     -1,177       -243
 6     Luxembourg (2)            -121       -199         75        358
 7     Netherlands              1,427      3,261     -4,076      1,368
 8     Sweden                   1,652        902        422        190
 9     Switzerland              2,389     -2,537        -74     -1,050
10     United Kingdom             -35     -2,721      1,313     -2,908
11     Channel Islands and
         Isle of Man (3)         -281        -76         -9          9
12     Other Europe and
         former U.S.S.R.        1,691      3,173      1,074     -3,821
13   Canada                     3,165      1,028       -654     -1,920

14   Latin America and
         Caribbean             -1,742      6,074     -1,888      3,384
15     Venezuela                    1        -67         20         97
16     Other Latin America
         and Caribbean            319      1,652      2,675      2,323
17     Netherlands
         Antilles              -2,064      4,495     -4,573        964
18   Asia                      10,607      3,626      2,630      2,287
19     Japan                    2,120      2,731      3,512      5,580
20   Africa                        -3         90         84        -37
21   Other                        333        -37        353       -684

22 Nonmonetary internatio-
       nal and regional
       organizations              -80        329        383       -236
23   International                314        164        170       -130
24   Latin American
       Caribbean regional          -1          0         -5        -22

   MEMO
25 Foreign countries           21,177     13,961      1,400     -4,500
26   Official institutions     16,577      6,708       -745      2,541
27   Other foreign              4,600      7,253      2,155     -7,039

   Oil-exporting countries
28 Middle East (4)               -121     -3,805        509     -4,248
29 Africa (5)                       1         55          0          0

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

(2.) Before January 2001, combined data reported for Belgium and
Luxembourg.

(3.) Before January 2001, these data were included in the data
reported for the United Kingdom.

(4.) Comprises Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi
Arabia, and United Arab Emirates (Trucial States).

(5.) Comprises Algeria, Gabon, Libya, and Nigeria.


Interest and Exchange Rates
3.28 FOREIGN EXCHANGE RATES AND INDEXES OF THE FOREIGN EXCHANGE
VALUE OF THE U.S. DOLLAR (1)

Currency units per U.S. dollar except as noted

          Item                  2000           2001           2002

                                           Exchange rates

  COUNTRY/CURRENCY UNIT

 1 Australia/dollar (2)        58.15          51.69          54.37
 2 Brazil/real                  1.8301         2.3527         2.9213
 3 Canada/dollar                1.4855         1.5487         1.5704
 4 China, P.R./yuan             8.2784         8.2770         8.2770
 5 Denmark/krone                8.0953         8.3323         7.8862
 6 European Monetary
     Union/euro (3)             0.9232         0.8952         0.9454
 7 Greece/drachma             365.92           n.a.           n.a.
 8 Hong Kong/dollar             7.7924         7.7997         7.7997
 9 India/rupee                 45.00          47.22          48.63
10 Japan/yen                  107.80         121.57         125.22
11 Malaysia/ringgit             3.8000         3.8000         3.8000
12 Mexico/peso                  9.459          9.337          9.663

13 New Zealand/dollar (2)      45.68          42.02          46.45
14 Norway/krone                 8.8131         8.9964         7.9839
15 Singapore/dollar             1.7250         1.7930         1.7908
16 South Africa/rand            6.9468         8.6093        10.5176
17 South Korea/won          1,130.90       1,292.01       1,250.31
18 Sri Lanka/rupee             76.964         89.602         95.773
19 Sweden/krona                 9.1735        10.3425         9.7233
20 Switzerland/franc            1.6904         1.6891         1.5567
21 Taiwan/dollar               31.260         33.824         34.536
22 Thailand/baht               40.210         44.532         43.019
23 United Kingdom/pound
     (2)                      151.56         143.96         150.25
24 Venezuela/bolivar          680.52         724.10       1,161.19

                                         Indexes (4)

         NOMINAL

25 Broad (January
     1997=100) (5)            119.68         126.08         127.19
26 Major currencies
     (March 1973=100) (6)      98.31         104.28         102.85
27 Other important
     trading partners
     (January 1997=100)
     (7)                      130.34         136.36         141.42

          REAL

28 Broad (March 1973=100)
     (5)                      104.67 (r)     110.71 (r)     111.09 (r)
29 Major currencies
     (March 1973=100) (6)     103.62 (r)     111.09 (r)     109.71 (r)
30 Other important
     trading partners
     (March 1973=100) (7)     114.81 (r)     119.48 (r)     122.30 (r)

                                        2002                  2003

          Item                  Nov.           Dec.           Jan.

                                          Exchange rates

  COUNTRY/CURRENCY UNIT

 1 Australia/dollar (2)        56.13          56.24          58.29
 2 Brazil/real                  3.5924         3.6268         3.4375
 3 Canada/dollar                1.5715         1.5592         1.5414
 4 China, P.R./yuan             8.2772         8.2777         8.2775
 5 Denmark/krone                7.4201         7.2874         6.9980
 6 European Monetary
     Union/euro (3)             1.0013         1.0194         1.0622
 7 Greece/drachma               n.a.           n.a.           n.a.
 8 Hong Kong/dollar             7.7994         7.7988         7.7994
 9 India/rupee                 48.29          48.15          47.96
10 Japan/yen                  121.61         121.89         118.81
11 Malaysia/ringgit             3.8000         3.8000         3.8000
12 Mexico/peso                 10.195         10.225         10.622

13 New Zealand/dollar (2)      49.73          51.08          53.98
14 Norway/krone                 7.3157         7.1557         6.9138
15 Singapore/dollar             1.7653         1.7532         1.7363
16 South Africa/rand            9.6509         8.9479         8.6949
17 South Korea/won          1,210.20       1,206.61       1,176.45
18 Sri Lanka/rupee             96.426         96.705         96.813
19 Sweden/krona                 9.0652         8.9303         8.6368
20 Switzerland/franc            1.4658         1.4388         1.3765
21 Taiwan/dollar               34.673         34.799         34.571
22 Thailand/baht               43.353         43.318         42.773
23 United Kingdom/pound
     (2)                      157.11         158.63         161.75
24 Venezuela/bolivar        1,358.61       1,328.29       1,714.45

                                          Indexes (4)

         NOMINAL

25 Broad (January
     1997=100) (5)            126.33         125.70         124.21
26 Major currencies
     (March 1973=100) (6)      99.53          98.62          96.03
27 Other important
     trading partners
     (January 1997=100)
     (7)                      144.85         144.87         145.72

          REAL

28 Broad (March 1973=100)
     (5)                      109.95 (r)     109.10 (r)     107.89 (r)
29 Major currencies
     (March 1973=100) (6)     106.18 (r)     104.94 (r)     102.46 (r)
30 Other important
     trading partners
     (March 1973=100) (7)     124.26 (r)     123.90 (r)     124.44 (r)

                                               2003

          Item                  Feb.           Mar.          Apr.

                                           Exchange rates

  COUNTRY/CURRENCY UNIT

 1 Australia/dollar (2)        59.56          60.15          61.00
 2 Brazil/real                  3.5955         3.4567         3.1090
 3 Canada/dollar                1.5121         1.4761         1.4582
 4 China, P.R./yuan             8.2780         8.2773         8.2772
 5 Denmark/krone                6.8920         6.8807         6.8381
 6 European Monetary
     Union/euro (3)             1.0785         1.0797         1.0862
 7 Greece/drachma               n.a.           n.a.          n.a.
 8 Hong Kong/dollar             7.7995         7.7791         7.7996
 9 India/rupee                 47.75          47.68          47.39
10 Japan/yen                  119.34         118.69         119.90
11 Malaysia/ringgit             3.8000         3.8000         3.8000
12 Mexico/peso                 10.945         10.905         10.589

13 New Zealand/dollar (2)      55.39          55.37          55.18
14 Norway/krone                 7.0004         7.2760         7.2032
15 Singapore/dollar             1.7451         1.7551         1.7771
16 South Africa/rand            8.2858         8.0506         7.6634
17 South Korea/won          1,190.37       1,237.20       1,231.10
18 Sri Lanka/rupee             96.880         96.943         97.004
19 Sweden/krona                 8.4837         8.5440         8.4314
20 Switzerland/franc            1.3602         1.3614         1.3783
21 Taiwan/dollar               34.734         34.721         34.824
22 Thailand/baht               42.897         42.783         42.929
23 United Kingdom/pound
     (2)                      160.79         158.25         157.39
24 Venezuela/bolivar        1,736.21       1,600.00       1,600.00

                                           Indexes (4)

         NOMINAL

25 Broad (January
     1997=100) (5)            124.12         123.56         122.54
26 Major currencies
     (March 1973=100) (6)      95.02          94.28          93.98
27 Other important
     trading partners
     (January 1997=100)
     (7)                      147.35         147.26         145.15

          REAL

28 Broad (March 1973=100)
     (5)                      108.11 (r)     107.91 (r)     107.32
29 Major currencies
     (March 1973=100) (6)     101.80 (r)     101.16 (r)     101.04
30 Other important
     trading partners
     (March 1973=100) (7)     125.96 (r)     126.42 (r)     125.07

(1.) Averages of certified noon buying rates in New York for cable
transfers. Data in this table also appear in the Board's G.5 (405)
monthly statistical release. For ordering address, see inside front
cover.

(2.) U.S. cents per currency unit.

(3.) The euro is reported in place of the individual euro area
currencies. By convention, the rate is reported in U.S. dollars per
euro. The bilateral currency rates can be derived from the euro rate
by using the fixed conversion rates (in currencies per euro) as
shown below:

Euro equals

 13.7603   Austrian schillings
 40.3399   Belgian francs
 5.94573   Finnish markkas
 6.55957   French francs
 1.95583   German marks
 .787564   Irish pounds
1,936.27   Italian lire
 40.3399   Luxembourg francs
 2.20371   Netherlands guilders
 200.482   Portuguese escudos
 166.386   Spanish pasetas
 340.750   Greek drachmas

(4.) Starting with the March 2003 Bulletin, revised index values
resulting from the periodic revision of data that underlie the
calculated trade weights are reported. For more information on
the indexes of the foreign exchange value of the dollar, see
Federal Reserve Bulletin, vol. 84 (October 1998), pp. 811-818.

(5.) Weighted average of the foreign exchange value of the U.S.
dollar against the currencies of a broad group of U.S. trading
partners. The weight for each currency is computed as an average
of U.S. bilateral import shares from and export shares to the
issuing country and of a measure of the importance to U.S. exporters
of that country's trade in third country markets.

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

(7.) Weighted average of the foreign exchange value of the U.S. dollar
against a subset of broad index currencies that do not circulate
widely outside the country of issue. The weight for each currency is
its broad index weight scaled so that the weights of the subset of
currencies in the index sum to one.
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No portion of this article can be reproduced without the express written permission from the copyright holder.
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Publication:Federal Reserve Bulletin
Geographic Code:1USA
Date:Jun 1, 2003
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