Release Date: June 13, 1996
Z.7:
Release |
Release dates
Z.7 (788) For immediate release
June 13, 1996
FLOW OF FUNDS SUMMARY STATISTICS
Growth of debt of domestic nonfinancial sectors strengthened to a 6-1/4 percent
rate in the first quarter of 1996. The pickup was accounted for by a snapback in
federal government borrowing, which had been held down by the debt ceiling impasse.
Debt of nonfederal sectors grew at a 5-1/2 percent pace in the first quarter, near the
rate of the fourth quarter. Household debt rose at a 7-3/4 percent rate, with increases
in both home mortgage and consumer credit borrowing. Nonfinancial business debt growth
slowed to a 4-1/2 percent rate in the first quarter, owing in part to a reduction in
borrowing in the bond markets. Debt of state and local governments was about unchanged
in the first quarter, as new issuance of tax exempt securities about matched
retirements of previously refunded debt.
The level of nonfinancial debt outstanding at the end of the first quarter of 1996
was $14.1 trillion. Debt of the nonfederal sectors was $10.4 trillion, and federal
debt was $3.7 trillion.
A. Growth of Domestic Nonfinancial Debt1
(Percent changes; quarterly data are seasonally adjusted annual rates)
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Nonfederal
----------------------------------------------
Total U.S. govt. Total Households Business State &
local govts.
-------------------------------------------------------------------------------------
1989 7.6 7.0 7.8 8.7 7.5 5.7
1990 6.6 11.0 5.3 7.9 3.1 4.9
1991 4.4 11.1 2.4 5.0 -1.7 8.2
1992 4.8 10.9 2.8 5.2 0.5 2.0
1993 5.3 8.3 4.2 6.2 1.6 5.7
1994 4.9 4.7 5.0 8.5 3.8 -3.7
1995 5.6 4.1 6.1 8.3 6.4 -4.1
1995--Q1 6.7 7.6 6.3 7.7 7.7 -4.0
--Q2 6.6 5.7 7.0 8.3 7.6 -1.0
--Q3 4.3 1.8 5.2 9.3 4.5 -10.0
--Q4 4.2 1.2 5.3 6.8 5.3 -1.5
1996--Q1 6.2 7.9 5.6 7.7 4.6 -0.3
_____________________________________________________________________________________
1. Changes shown are on an end-of-period basis and thus may differ from month-average
data in the Board's H.6 release.
.
B. Growth of Debt Aggregates: Supplemental Data
(Percent changes; quarterly data are seasonally adjusted annual rates)
-------------------------------------------------------------------------------------
Sectors Memo:
------------------------------------------------
Domestic All Private
nonfinancial Foreign Financial Sectors financial assets
_____________________________________________________________________________________
1989 7.6 4.0 10.5 8.1 5.7
1990 6.6 9.1 8.8 7.1 4.6
1991 4.4 5.2 6.0 4.7 1.9
1992 4.8 7.6 8.7 5.6 1.6
1993 5.3 22.0 9.6 6.5 1.3
1994 4.9 -5.3 14.1 6.6 4.6
1995 5.6 18.7 11.7 7.2 3.1
1995--Q1 6.7 17.0 7.2 7.0 3.6
--Q2 6.6 10.7 11.3 7.7 5.1
--Q3 4.3 24.3 12.3 6.5 2.6
--Q4 4.2 18.3 14.2 6.8 1.1
1996--Q1 6.2 8.6 7.4 6.5 4.2
_____________________________________________________________________________________
1. Holdings of deposits and credit market claims by households, nonfinancial business,
and state and local governments.
Explanatory Notes
-----------------
Domestic debt includes credit market funds borrowed by U.S. entities from both
domestic and foreign sources, while foreign debt represents amounts borrowed by foreign
financial and nonfinancial entities in U.S. markets only. Financial sectors consist of
government-sponsored enterprises, federally related mortgage pools, and private financial
institutions. Credit market debt consists of debt securities, mortgages, bank loans,
commercial paper, consumer credit, U.S. government loans, and other loans, as shown in
table L.2; it excludes trade debt, loans for the purpose of carrying securities, and
funds raised from equity sources.
Growth rates in the summaries above are calculated by dividing seasonally adjusted
flows from table F.2 by seasonally adjusted levels at the end of the previous period.
Seasonally adjusted quarterly levels in flow of funds statistics are derived by carrying
forward year-end levels by seasonally adjusted flows. Growth rates calculated from
changes in unadjusted levels printed in table L.2 can differ from those shown above.
The flow of funds accounts are available on 3-1/2" diskettes. The diskettes contain
quarterly data beginning in 1952 organized in files that correspond to the tables
published in the Z.1 release. In addition, the diskettes contain files with the monthly
debt aggregate data published in the Board's H.6 release; data from the Balance Sheets
for the U.S. Economy (C.9 release) are not available at this time owing to a delay in
receiving source material compiled at the Department of Commerce.
Subscriptions to this summary release, the full statements for sectors and transaction
types for flows and amounts outstanding (the Z.1 release), and diskettes may be obtained
through Publications Services, Stop 127, Board of Governors of the Federal Reserve System,
Washington, D.C. 20551, (202) 452-3244. This release is also available on the Economic
Bulletin Board of the Department of Commerce. A 670-page Guide to the Flow of Funds
Accounts is available from Publications Services for $8.50. The Guide explains the
principles underlying the accounts and describes how they are constructed.
.Z.7, JUNE 13, 1996
Funds Raised Funds Raised
F.2-F.5 Funds Raised in Credit and Equity Markets
SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES
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| 1994 | 1995 | 1996
1991 1992 1993 1994 1995 | IV | I II III IV | I
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F.2 Credit Market Borrowing by Nonfinancial Sectors
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1 481.7 543.0 628.5 618.9 732.9 634.8 880.4 888.3 584.8 578.2 863.5 Domestic 1
2 278.2 304.0 256.1 155.9 144.4 150.1 266.8 202.8 65.8 42.4 288.7 U.S. government 2
3 292.0 303.8 248.3 155.7 142.9 155.7 268.0 201.2 65.4 37.2 291.0 Treasury securities 3
4 -13.8 0.2 7.8 0.2 1.5 -5.7 -1.2 1.6 0.4 5.1 -2.3 Budget agency secur.&mtgs. 4
5 203.5 239.0 372.3 463.1 588.5 484.7 613.6 685.6 519.1 535.9 574.8 Private, by transaction 5
6 87.8 30.5 74.8 -29.3 -41.3 -53.8 -45.8 -4.3 -107.4 -7.6 -6.4 Municipal securities 6
7 78.8 67.6 75.2 23.3 73.3 6.2 53.0 98.4 59.8 82.0 58.9 Corporate bonds 7
8 158.4 130.9 157.2 194.3 237.5 210.6 222.5 239.6 290.5 197.4 285.4 Mortgages 8
9 173.6 187.6 187.9 202.4 204.7 216.8 196.8 207.2 256.8 157.8 250.1 Home 9
10 -5.5 -10.4 -6.0 1.3 11.0 -4.2 2.7 14.2 13.7 13.6 15.6 Multifamily 10
11 -10.0 -47.8 -25.0 -11.1 20.1 -3.4 21.2 16.3 17.7 25.2 17.4 Commercial 11
12 0.4 1.4 0.5 1.8 1.7 1.4 1.7 1.8 2.3 0.8 2.2 Farm 12
13 -13.7 5.0 61.5 124.9 142.9 141.8 138.3 156.9 158.5 118.2 121.7 Consumer credit 13
14 -40.9 -13.7 3.8 73.1 103.0 76.7 152.5 96.8 76.8 86.0 52.8 Bank loans n.e.c. 14
15 -18.4 8.6 10.0 21.4 18.1 30.7 12.3 39.1 13.9 7.2 37.9 Commercial paper 15
16 -48.5 10.1 -10.2 55.4 54.9 72.4 80.8 59.1 27.1 52.7 24.5 Other loans and advances 16
17 203.5 239.0 372.3 463.1 588.5 484.7 613.6 685.6 519.1 535.9 574.8 Private, by sector 17
18 183.8 198.4 249.1 362.2 383.5 392.4 358.6 393.0 448.1 334.5 387.7 Household sector 18
19 -61.9 19.5 61.0 144.3 250.7 160.8 300.1 303.6 181.5 217.4 190.7 Nonfinancial business 19
20 2.1 1.3 2.0 2.8 2.0 -2.0 0.9 3.6 4.3 -.8 0.9 Farm 20
21 -11.0 -16.0 7.0 12.1 35.9 16.5 51.3 34.4 29.8 28.2 29.3 Nonfarm noncorporate 21
22 -53.0 34.1 52.0 129.3 212.7 146.3 247.9 265.6 147.4 190.0 160.5 Corporate 22
23 81.6 21.1 62.3 -43.4 -45.7 -68.5 -45.1 -11.1 -110.6 -16.0 -3.7 State and local govts. 23
24 14.8 22.6 68.8 -20.3 67.7 33.5 61.4 40.4 94.1 75.1 36.9 Fgn. borrowing in U.S. 24
25 15.0 15.7 81.3 7.1 46.5 27.7 13.5 49.9 52.1 70.6 45.4 Bonds 25
26 3.1 2.3 0.7 1.4 8.5 -.5 8.1 5.6 8.2 11.9 8.7 Bank loans n.e.c. 26
27 6.4 5.2 -9.0 -27.3 13.6 5.9 37.9 -11.1 30.9 -3.4 -13.8 Commercial paper 27
28 -9.8 -.6 -4.2 -1.6 -.8 0.4 1.9 -4.0 2.9 -4.1 -3.3 Other loans and advances 28
29 496.5 565.6 697.3 598.6 800.7 668.3 941.8 928.8 678.9 653.3 900.4 Domestic and foreign 29
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F.3 Credit Market Borrowing by Financial Sectors
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1 155.6 240.0 291.1 467.9 444.9 536.8 273.1 436.1 490.0 580.4 313.6 By transaction 1
2 145.7 155.8 164.2 288.6 205.1 321.2 89.4 192.1 221.4 317.5 147.2 U.S. government-related 2
3 9.2 40.3 80.6 176.9 106.9 249.0 62.9 127.2 101.5 136.1 37.4 GSE securities 3
4 136.6 115.6 83.6 116.5 98.2 72.2 26.4 64.9 119.9 181.4 109.8 Mortgage pool securities 4
5 * * - -4.8 - - - - - - - Loans from U.S. government 5
6 9.8 84.2 126.9 179.2 239.8 215.6 183.7 244.0 268.6 262.9 166.4 Private financial sectors 6
7 69.9 82.7 120.1 117.5 185.5 84.9 167.5 182.3 208.1 184.0 136.2 Corporate bonds 7
8 0.5 0.6 3.6 9.8 5.3 4.9 5.2 5.2 5.2 5.6 5.5 Mortgages 8
9 8.8 2.2 -13.0 -12.3 3.0 1.9 -3.0 21.2 7.1 -13.4 7.6 Bank loans n.e.c. 9
10 -32.0 -.7 -6.2 41.6 42.6 85.9 38.5 34.0 43.3 54.7 22.6 Open market paper 10
11 -37.3 -.6 22.4 22.6 3.4 38.1 -24.5 1.3 4.9 32.0 -5.5 Other loans and advances 11
12 155.6 240.0 291.1 467.9 444.9 536.8 273.1 436.1 490.0 580.4 313.6 By sector 12
13 9.1 40.2 80.6 172.1 106.9 249.0 62.9 127.2 101.5 136.1 37.4 Govt.-spons. enterprises 13
14 136.6 115.6 83.6 116.5 98.2 72.2 26.4 64.9 119.9 181.4 109.8 Fed. related mortgage pools 14
15 9.8 84.2 126.9 179.2 239.8 215.6 183.7 244.0 268.6 262.9 166.4 Private financial sectors 15
16 -10.7 7.7 4.6 9.9 8.1 4.1 6.3 18.2 8.8 -.9 -4.8 Commercial banks 16
17 -2.5 2.3 8.8 10.3 14.4 16.0 16.3 20.8 28.2 -7.8 -25.8 Bank holding companies 17
18 -6.5 13.2 2.9 24.2 32.0 11.1 61.5 21.7 52.1 -7.3 26.6 Funding corporations 18
19 -44.7 -7.0 11.3 12.8 2.6 36.1 -18.9 -7.2 5.1 31.5 10.9 Savings institutions 19
20 - * 0.2 0.2 -.1 0.2 -.3 -.1 0.1 * -.1 Credit unions 20
21 - * 0.2 0.3 -.1 1.3 * 0.1 -.1 -.4 2.5 Life insurance companies 21
22 17.7 -1.6 0.2 50.2 51.6 57.3 83.1 57.2 6.5 59.6 50.0 Finance companies 22
23 -2.4 8.0 * -11.5 -2.1 1.1 -7.4 14.8 4.0 -20.0 0.7 Mortgage companies 23
24 1.2 0.3 3.4 13.7 5.4 6.3 5.2 5.2 5.2 6.0 5.9 REITs 24
25 3.7 2.7 12.0 0.5 -5.0 19.3 -29.5 -.1 2.1 7.7 -31.8 Brokers and dealers 25
26 54.0 58.5 83.3 68.5 133.0 62.8 67.6 113.2 156.5 194.5 132.2 ABS issuers 26
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F.4 Credit Market Borrowing, All Sectors, by Transaction
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1 652.1 805.6 988.4 1066.5 1245.6 1205.2 1214.8 1364.9 1169.0 1233.7 1214.0 Total 1
2 424.0 459.8 420.3 449.3 349.5 471.3 356.2 394.9 287.2 359.9 435.9 U.S. government securities 2
3 87.8 30.5 74.8 -29.3 -41.3 -53.8 -45.8 -4.3 -107.4 -7.6 -6.4 Municipal securities 3
4 163.6 166.0 276.6 147.9 305.3 118.8 234.0 330.6 320.0 336.7 240.5 Corporate and foreign bonds 4
5 158.9 131.5 160.8 204.1 242.8 215.5 227.7 244.8 295.7 202.9 290.9 Mortgages 5
6 -13.7 5.0 61.5 124.9 142.9 141.8 138.3 156.9 158.5 118.2 121.7 Consumer credit 6
7 -29.1 -9.3 -8.5 62.2 114.5 78.1 157.6 123.7 92.1 84.5 69.0 Bank loans n.e.c. 7
8 -44.0 13.1 -5.1 35.7 74.3 122.5 88.8 61.9 88.1 58.5 46.6 Open market paper 8
9 -95.6 8.9 8.0 71.7 57.5 111.0 58.1 56.5 34.9 80.6 15.7 Other loans and advances 9
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F.5 Funds Raised Through Mutual Funds and Corporate Equities
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1 209.4 294.9 442.1 150.8 159.3 -81.1 40.0 156.7 196.1 244.3 273.4 Total net issues 1
2 147.2 209.1 323.7 128.9 173.9 -12.6 78.5 173.3 195.3 248.6 290.9 Mutual funds 2
3 62.2 85.8 118.4 21.9 -14.7 -68.5 -38.5 -16.6 0.7 -4.3 -17.6 Corporate equities 3
4 18.3 27.0 21.3 -44.9 -74.2 -118.0 -60.0 -71.3 -92.8 -72.8 -118.0 Nonfinancial 4
5 13.3 28.1 36.6 24.1 12.3 16.3 8.7 17.7 9.7 13.3 11.5 Financial 5
Foreign shares purchased
6 30.7 30.7 60.5 42.7 47.2 33.2 12.8 37.0 83.9 55.3 89.0 by U.S. residents 6
BILLIONS OF DOLLARS.
.Z.7, JUNE 13, 1996
Total Claims Total Claims
F.6-F.7 Total Claims
SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES
------------------------------------------------------------------------------------------------------------------------------------
| 1994 | 1995 | 1996
1991 1992 1993 1994 1995 | IV | I II III IV | I
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F.6 Total Net Borrowing and Lending in Credit Markets (1)
---------------------------------------------------------------------------------------------------
1 652.1 805.6 988.4 1066.5 1245.6 1205.2 1214.8 1364.9 1169.0 1233.7 1214.0 Total net borrowing 1
2 481.7 543.0 628.5 618.9 732.9 634.8 880.4 888.3 584.8 578.2 863.5 Domestic nonfinan. sectors 2
3 278.2 304.0 256.1 155.9 144.4 150.1 266.8 202.8 65.8 42.4 288.7 U.S. government 3
4 203.5 239.0 372.3 463.1 588.5 484.7 613.6 685.6 519.1 535.9 574.8 Private domestic 4
5 183.8 198.4 249.1 362.2 383.5 392.4 358.6 393.0 448.1 334.5 387.7 Household sector 5
6 2.1 1.3 2.0 2.8 2.0 -2.0 0.9 3.6 4.3 -.8 0.9 Farm business 6
7 -11.0 -16.0 7.0 12.1 35.9 16.5 51.3 34.4 29.8 28.2 29.3 Nonfarm noncorp. bus. 7
8 -53.0 34.1 52.0 129.3 212.7 146.3 247.9 265.6 147.4 190.0 160.5 Nonfin. corporate bus. 8
9 81.6 21.1 62.3 -43.4 -45.7 -68.5 -45.1 -11.1 -110.6 -16.0 -3.7 State and local govts. 9
10 14.8 22.6 68.8 -20.3 67.7 33.5 61.4 40.4 94.1 75.1 36.9 Rest of the world 10
11 155.6 240.0 291.1 467.9 444.9 536.8 273.1 436.1 490.0 580.4 313.6 Financial sectors 11
12 9.1 40.2 80.6 172.1 106.9 249.0 62.9 127.2 101.5 136.1 37.4 Govt.-spons. enterprises 12
13 136.6 115.6 83.6 116.5 98.2 72.2 26.4 64.9 119.9 181.4 109.8 Fed. related mtg. pools 13
14 -10.7 7.7 4.6 9.9 8.1 4.1 6.3 18.2 8.8 -.9 -4.8 Commercial banks 14
15 -2.5 2.3 8.8 10.3 14.4 16.0 16.3 20.8 28.2 -7.8 -25.8 Bank holding companies 15
16 -6.5 13.2 2.9 24.2 32.0 11.1 61.5 21.7 52.1 -7.3 26.6 Funding corporations 16
17 -44.7 -7.0 11.5 13.0 2.5 36.3 -19.2 -7.3 5.2 31.5 10.8 Thrift institutions 17
18 - * 0.2 0.3 -.1 1.3 * 0.1 -.1 -.4 2.5 Life insurance companies 18
19 17.7 -1.6 0.2 50.2 51.6 57.3 83.1 57.2 6.5 59.6 50.0 Finance companies 19
20 -2.4 8.0 * -11.5 -2.1 1.1 -7.4 14.8 4.0 -20.0 0.7 Mortgage companies 20
21 1.2 0.3 3.4 13.7 5.4 6.3 5.2 5.2 5.2 6.0 5.9 REITs 21
22 3.7 2.7 12.0 0.5 -5.0 19.3 -29.5 -.1 2.1 7.7 -31.8 Brokers and dealers 22
23 54.0 58.5 83.3 68.5 133.0 62.8 67.6 113.2 156.5 194.5 132.2 ABS issuers 23
24 652.1 805.6 988.4 1066.5 1245.6 1205.2 1214.8 1364.9 1169.0 1233.7 1214.0 Total net lending 24
25 105.2 87.9 65.6 258.9 -84.8 227.8 35.3 -142.3 -54.9 -177.3 -133.6 Private dom. nonfin. sectors 25
26 29.0 81.7 52.2 304.7 51.5 343.4 170.8 -77.2 203.2 -90.7 -103.6 Household sector 26
27 -5.3 -.1 0.6 0.7 1.0 0.9 0.5 1.1 1.1 1.2 1.2 Nonfarm noncorp. business 27
28 30.7 27.8 9.1 48.1 -3.5 53.2 -41.1 39.5 -50.2 37.6 52.7 Nonfin. corporate business 28
29 50.8 -21.5 3.7 -94.6 -133.7 -169.7 -94.9 -105.7 -209.0 -125.3 -83.9 State & local governments 29
30 10.5 -11.9 -18.4 -24.2 -21.3 -24.4 -13.2 -24.3 -23.9 -23.9 -24.6 U.S. government 30
31 13.3 98.2 128.3 134.4 271.7 210.9 241.2 326.1 358.0 161.7 327.6 Rest of the world 31
32 523.1 631.5 812.8 697.4 1080.0 790.8 951.6 1205.3 889.8 1273.1 1044.5 Financial sectors 32
33 15.1 68.8 90.2 119.1 94.7 171.4 28.2 97.5 61.5 191.7 42.3 Govt.-spons. enterprises 33
34 136.6 115.6 83.6 116.5 98.2 72.2 26.4 64.9 119.9 181.4 109.8 Fed. related mtg. pools 34
35 31.1 27.9 36.2 31.5 12.7 30.0 16.3 20.8 -11.1 24.7 14.3 Monetary authority 35
36 80.8 95.3 142.2 163.4 266.3 174.5 343.1 315.6 248.9 157.7 130.7 Commercial banking 36
37 35.7 69.5 149.6 148.1 186.5 174.2 183.4 222.4 227.5 112.9 85.9 U.S.-chartered banks 37
38 48.5 16.5 -9.8 11.2 75.4 -5.6 158.8 83.9 24.1 35.0 51.1 Fgn. banking off. in US 38
39 -1.5 5.6 * 0.9 -.3 -2.4 -1.5 5.3 -9.6 4.6 -5.3 Bank holding companies 39
40 -1.9 3.7 2.4 3.3 4.7 8.3 2.4 4.0 7.0 5.2 -.9 Banks in U.S.-aff. areas 40
41 8.2 17.7 -19.4 -27.4 6.2 -4.2 39.8 -3.5 5.5 -17.0 154.9 Funding corporations 41
42 -146.1 -61.3 -1.7 34.9 8.7 32.4 28.2 9.7 43.6 -46.8 -2.1 Thrift institutions 42
43 86.5 78.5 100.9 66.3 98.7 79.4 132.4 131.2 77.0 54.3 122.1 Life insurance cos. 43
44 30.0 6.7 27.7 24.9 21.4 30.4 19.2 21.7 21.8 22.8 22.2 Other insurance cos. 44
45 35.4 41.1 45.9 47.0 61.3 74.7 58.9 57.2 50.5 78.5 77.8 Private pension funds 45
46 41.1 23.0 19.8 29.0 21.4 36.6 62.4 3.2 6.8 13.2 87.3 St.&loc.govt. rtr. funds 46
47 -9.2 7.5 -9.0 68.2 63.6 81.7 92.5 65.7 43.7 52.7 56.7 Finance companies 47
48 11.2 0.1 * -22.9 -3.4 2.1 -14.4 29.9 7.3 -36.4 1.7 Mortgage companies 48
49 80.1 126.2 159.5 -7.1 52.5 -70.4 -15.1 21.5 52.0 151.5 62.9 Mutual funds 49
50 12.8 18.2 11.0 -5.5 5.8 -10.0 3.5 6.4 8.4 5.0 -1.2 Closed-end funds 50
51 32.7 4.7 20.4 30.0 86.5 53.9 53.1 135.2 33.2 124.6 170.1 Money mkt. mutual funds 51
52 -.7 1.1 0.6 4.7 1.8 0.2 1.8 1.8 1.8 1.9 1.9 REITs 52
53 17.5 -1.3 14.8 -44.2 90.1 -8.0 30.5 146.2 -1.8 185.6 -101.1 Brokers and dealers 53
54 50.0 53.7 80.8 61.9 112.3 42.6 55.5 100.9 144.6 148.0 112.2 ABS issuers 54
55 10.0 8.0 9.5 7.1 -18.8 1.4 -10.8 -20.6 -23.7 -20.2 -18.1 Bank personal trusts 55
(1) Excludes corporate equities and mutual fund shares.�
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F.7 Total Liabilities and Their Relation to Total Financial Assets
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Net flows through credit markets
1 652.1 805.6 988.4 1066.5 1245.6 1205.2 1214.8 1364.9 1169.0 1233.7 1214.0 (from preceding table) 1
Other financial sources:
2 -5.9 -1.6 0.8 -5.8 8.8 -8.6 17.8 10.3 9.0 -1.9 -2.1 Official foreign exchange 2
3 - -2.0 - - 2.2 - - - 8.6 - - SDR certificates 3
4 * 0.2 0.4 0.7 0.6 0.7 0.7 0.7 0.8 - * Treasury currency 4
5 25.7 27.3 35.2 34.0 49.9 21.6 54.0 49.9 29.9 66.0 56.0 Life insurance reserves 5
6 198.2 238.6 247.3 248.0 258.5 293.4 302.5 310.7 223.0 197.7 301.5 Pension fund reserves 6
7 -3.4 49.4 50.5 89.7 10.1 99.9 -13.6 25.2 -43.2 71.8 -80.9 Interbank claims 7
8 86.3 113.5 117.3 -9.7 -12.5 -40.5 42.8 133.5 -151.5 -75.0 51.7 Checkable dep. and curr. 8
9 1.5 -57.2 -70.3 -40.0 96.5 -46.9 18.1 112.0 142.2 113.6 174.7 Small time & savings dep. 9
10 -58.5 -73.2 -23.5 19.6 65.6 36.5 116.8 69.2 76.3 0.3 52.0 Large time deposits 10
11 41.6 4.5 20.2 43.3 142.3 86.5 59.9 233.5 121.2 154.8 225.6 Money market fund shares 11
12 -16.5 43.1 71.2 78.3 110.7 51.9 161.8 130.7 85.1 65.2 -31.6 Security RPs 12
13 -26.5 -3.5 -18.5 45.8 5.8 97.9 39.2 90.6 -63.8 -42.8 -32.0 Foreign deposits 13
14 147.2 209.1 323.7 128.9 173.9 -12.6 78.5 173.3 195.3 248.6 290.9 Mutual fund shares 14
15 62.2 85.8 118.4 21.9 -14.7 -68.5 -38.5 -16.6 0.7 -4.3 -17.6 Corporate equities 15
16 51.4 4.6 61.4 -.1 26.7 37.1 -10.7 30.8 35.4 51.3 80.3 Security credit 16
17 31.0 46.6 54.4 111.0 106.0 149.4 113.6 30.5 183.2 96.8 129.7 Trade payables 17
18 -7.4 9.7 5.2 3.2 1.3 4.2 15.3 -4.3 4.0 -9.8 9.5 Taxes payable 18
19 0.5 16.7 3.4 22.6 38.7 23.1 26.9 33.5 48.6 45.7 53.1 Noncorp. proprietors' equity 19
20 16.1 -7.1 1.6 18.8 -47.7 11.9 -44.3 -45.6 -63.9 -37.1 -47.3 Inv. in bank personal trusts 20
21 278.2 280.5 364.6 236.8 461.9 303.4 327.2 505.1 347.6 667.6 466.0 Miscellaneous 21
22 1473.9 1790.4 2351.7 2113.5 2730.1 2245.7 2482.9 3237.8 2357.5 2842.3 2893.5 Total financial sources 22
- Floats not incl. in assets
23 -13.1 0.7 -1.5 -4.8 -6.0 -24.4 13.2 -16.3 3.5 -24.3 17.8 Check. dep.: U.S. govt. 23
24 4.5 1.6 -1.3 -2.8 -3.8 -2.3 -3.7 -3.9 -3.5 -4.2 -3.9 Other 24
25 36.1 11.3 -6.6 -7.8 -14.8 -44.0 79.5 12.7 -44.1 -107.3 -71.6 Trade credit 25
- Liabs. not identified as assets
26 -.6 -.2 -.2 -.2 -.5 -.2 -.2 -.4 -.3 -1.0 -.9 Treasury currency 26
27 26.2 -4.9 4.2 -2.7 -3.1 -1.7 0.8 8.2 7.6 -29.1 12.4 Interbank claims 27
28 -9.5 3.6 34.3 31.5 11.0 86.7 64.4 -47.3 39.6 -12.7 -76.7 Security RPs 28
29 -24.0 -2.8 -7.0 36.9 -1.5 55.7 45.6 81.6 -93.6 -39.5 -41.5 Foreign deposits 29
30 -2.2 11.9 11.1 8.6 8.7 -.9 -8.9 31.6 10.8 1.4 -24.0 Taxes payable 30
31 9.7 -.1 -126.1 -138.7 -29.8 -107.3 -230.6 -36.9 -4.8 153.1 123.3 Miscellaneous 31
Totals identified to sectors
32 1446.8 1769.3 2444.9 2193.7 2769.8 2284.2 2522.7 3208.3 2442.4 2905.9 2958.8 as assets 32
BILLIONS OF DOLLARS.
.Z.7, JUNE 13, 1996
Household Sector Household Sector
F.100 Households and Nonprofit Organizations (1)
SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES
------------------------------------------------------------------------------------------------------------------------------------
| 1994 | 1995 | 1996
1991 1992 1993 1994 1995 | IV | I II III IV | I
---------------------------------------------------------------------------------------------------
1 4968.5 5264.2 5479.2 5750.3 6101.7 5893.9 5995.5 6061.9 6135.6 6213.9 6293.4 Personal income 1
2 624.8 650.6 689.9 731.4 794.3 748.1 770.1 801.4 798.5 807.1 824.5 - Personal taxes and nontaxes 2
3 4343.7 4613.7 4789.3 5018.9 5307.5 5145.8 5225.4 5260.5 5337.1 5406.8 5468.9 = Disposable personal income 3
4 4097.4 4341.0 4572.9 4826.5 5066.7 4928.0 4972.1 5049.0 5104.6 5140.9 5215.9 - Personal outlays 4
5 246.4 272.7 216.4 192.4 240.8 217.8 253.3 211.5 232.5 265.9 253.0 = Personal saving, NIPA (2) 5
6 79.4 79.7 77.8 89.2 76.8 101.1 82.3 93.8 95.2 36.1 137.6 + Govt. insur. & pension res. 6
7 50.9 79.6 81.5 104.3 109.1 137.7 111.9 108.4 117.6 98.6 121.8 + Net inv. in cons. durables 7
8 508.1 523.4 561.0 600.0 624.1 571.8 605.1 621.4 625.3 644.5 633.2 + Capital consumption allow. 8
9 884.7 955.4 936.7 985.9 1050.9 1028.4 1052.7 1035.0 1070.6 1045.1 1145.6 = Gross saving 9
10 839.8 1043.2 1032.1 1131.1 1109.5 1044.2 1239.7 1079.0 1050.5 1068.5 1236.9 Gross investment 10
11 653.0 719.0 787.8 869.7 896.4 899.3 883.5 886.2 906.4 909.5 924.2 Capital expend. net of sales 11
12 174.7 207.3 231.4 264.3 266.3 270.9 267.3 258.7 266.7 272.7 277.6 Residential construction 12
13 455.3 488.5 530.6 580.9 606.4 602.7 593.0 604.0 615.8 612.8 624.7 Consumer durable goods 13
14 23.1 23.2 25.7 24.6 23.7 25.7 23.2 23.5 23.9 24.0 21.9 Nonprofit plant and equip. 14
15 186.7 324.2 244.3 261.4 213.0 144.8 356.2 192.8 144.2 159.1 312.7 Net financial investment 15
16 394.9 525.7 521.9 628.8 606.7 553.3 698.5 589.7 633.4 505.0 739.7 Net acq. of financial assets 16
17 12.6 -4.1 -30.0 17.1 220.0 29.8 253.8 337.8 151.7 136.8 376.2 Deposits 17
18 56.4 110.3 72.2 7.6 -28.6 -78.2 71.8 5.6 -126.1 -65.7 37.6 Checkable dep. and curr. 18
19 -54.0 -74.3 -108.2 -7.1 150.2 -2.5 151.3 157.0 179.0 113.5 187.4 Time and savings dep. 19
20 9.2 -41.3 5.8 13.6 95.4 104.2 28.2 169.4 96.8 87.0 150.8 Money mkt. fund shares 20
21 1.0 1.2 0.2 3.0 3.1 6.3 2.5 5.8 2.0 2.0 0.4 Foreign deposits 21
22 29.0 81.7 52.2 304.7 51.5 343.4 170.8 -77.2 203.2 -90.7 -103.6 Credit mkt. instruments 22
23 -21.3 112.3 13.7 338.9 7.7 362.2 90.9 -110.5 149.6 -99.3 -63.6 U.S. govt. securities 23
24 -13.8 73.8 29.8 215.9 14.8 255.1 103.3 -29.0 64.5 -79.5 -6.3 Treasury 24
25 11.9 19.1 14.7 8.0 5.1 5.2 5.8 4.8 3.9 5.9 3.4 Savings bonds 25
26 -25.7 54.6 15.2 207.9 9.8 249.9 97.6 -33.8 60.7 -85.4 -9.7 Other 26
27 -7.6 38.6 -16.2 123.0 -7.2 107.2 -12.4 -81.5 85.1 -19.8 -57.3 Agency 27
28 38.9 -27.9 -24.0 -50.4 -45.1 -59.9 6.4 -31.2 -111.3 -44.4 -9.8 Municipal securities 28
29 33.3 -6.6 42.7 2.0 82.1 1.9 70.7 35.2 145.7 76.9 -42.6 Corporate and fgn. bonds 29
30 8.1 7.1 19.7 9.2 6.5 -.8 38.8 15.3 -14.9 -13.0 41.9 Mortgages 30
31 -29.9 -3.3 0.1 5.0 0.3 40.0 -36.0 14.0 34.0 -10.9 -29.5 Open market paper 31
32 113.6 148.3 237.7 104.1 146.5 -26.0 60.2 159.2 168.1 198.5 208.5 Mutual fund shares 32
33 -35.1 18.2 -64.6 -137.8 -160.7 -163.3 -160.8 -205.9 -170.7 -105.3 -178.8 Corporate equities 33
34 25.7 27.3 35.2 34.0 49.9 21.6 54.0 49.9 29.9 66.0 56.0 Life insurance reserves 34
35 198.2 238.6 247.3 248.0 258.5 293.4 302.5 310.7 223.0 197.7 301.5 Pension fund reserves 35
36 16.1 -7.1 1.6 18.8 -47.7 11.9 -44.3 -45.6 -63.9 -37.1 -47.3 Inv. in bank pers. trusts 36
37 0.5 16.7 3.4 22.6 38.7 23.1 26.9 33.5 48.6 45.7 53.1 Equity in noncorp. bus. 37
38 24.6 -10.8 26.0 6.7 18.6 6.6 15.8 1.1 6.9 50.5 29.3 Security credit 38
39 9.6 17.0 13.1 10.6 31.3 12.8 19.6 26.0 36.7 42.8 44.9 Miscellaneous assets 39
40 208.1 201.5 277.6 367.4 393.6 408.5 342.4 396.9 489.3 346.0 427.0 Net increase in liabilities 40
41 183.8 198.4 249.1 362.2 383.5 392.4 358.6 393.0 448.1 334.5 387.7 Credit market instruments 41
42 164.1 161.1 152.1 194.5 203.8 210.6 188.7 205.5 258.2 162.9 259.4 Home mortgages 42
43 -13.7 5.0 61.5 124.9 142.9 141.8 138.3 156.9 158.5 118.2 121.7 Consumer credit 43
44 7.7 9.3 11.9 14.5 5.9 15.0 5.3 8.1 3.7 6.4 3.3 Municipal debt 44
45 19.9 10.9 9.2 8.9 7.2 5.7 8.0 12.4 12.3 -4.0 6.5 Commercial mortgages 45
46 -3.4 2.7 7.1 11.3 16.1 12.0 12.6 1.9 8.4 41.4 -7.2 Bank loans n.e.c. 46
47 9.3 9.3 7.1 8.1 7.7 7.2 5.8 8.3 7.1 9.7 4.0 Other loans and advances 47
48 16.3 -1.6 22.6 -1.1 3.5 9.9 -22.7 -2.7 34.7 4.9 32.7 Security credit 48
49 8.8 4.7 5.0 5.3 5.7 5.3 5.6 5.6 5.6 5.8 5.7 Trade payables 49
Deferred and unpaid
50 -.7 * 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 life insurance premiums 50
51 44.9 -87.8 -95.4 -145.2 -58.6 -15.8 -187.0 -44.0 20.1 -23.4 -91.3 Discrepancy 51
(1) Supplementary tables (F.100.a and L.100.a) at the end of the release �
show estimates of annual flows and year-end outstandings of nonprofit�
organizations. �
(2) See table F.8 for derivation of alternative personal saving measures.�
---------------------------------------------------------------------------------------------------
Memo:
Net physical investment:
(A) Residential construction �
52 174.7 207.3 231.4 264.3 266.3 270.9 267.3 258.7 266.7 272.7 277.6 expenditures 52
53 82.7 92.8 89.1 99.5 102.3 83.7 100.1 101.4 102.5 105.2 104.8 - Capital consumption 53
54 92.0 114.5 142.3 164.7 164.0 187.3 167.2 157.3 164.1 167.5 172.9 = Net investment 54
55 164.1 161.1 152.1 194.5 203.8 210.6 188.7 205.5 258.2 162.9 259.4 - Home mortgages 55
56 -72.0 -46.7 -9.9 -29.8 -39.8 -23.3 -21.4 -48.2 -94.0 4.6 -86.5 = Excess net investment 56
(B) Consumer durable goods �
57 455.3 488.5 530.6 580.9 606.4 602.7 593.0 604.0 615.8 612.8 624.7 expenditures 57
58 404.4 408.9 449.1 476.6 497.3 465.0 481.1 495.6 498.2 514.2 502.9 - Capital consumption 58
59 50.9 79.6 81.5 104.3 109.1 137.7 111.9 108.4 117.6 98.6 121.8 = Net investment 59
60 -13.7 5.0 61.5 124.9 142.9 141.8 138.3 156.9 158.5 118.2 121.7 - Consumer credit 60
61 64.6 74.6 20.0 -20.6 -33.8 -4.1 -26.3 -48.5 -40.8 -19.6 0.1 = Excess net investment 61
BILLIONS OF DOLLARS.
.Z.7, JUNE 13, 1996
Nonfinancial Business Nonfinancial Business
F.101-F.103 Nonfinancial Business
SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES
------------------------------------------------------------------------------------------------------------------------------------
| 1994 | 1995 | 1996
1991 1992 1993 1994 1995 | IV | I II III IV | I
---------------------------------------------------------------------------------------------------
F.101 All Nonfinancial Business
---------------------------------------------------------------------------------------------------
1 697.3 798.8 852.4 955.1 1018.5 1008.1 1012.8 1009.3 1021.4 1030.7 1063.5 Income before taxes 1
2 528.2 549.9 593.8 638.4 646.3 643.3 615.7 625.2 661.2 683.1 679.8 Gross saving 2
3 539.6 504.3 683.6 645.7 633.0 732.3 571.0 588.5 622.4 750.1 669.2 Gross investment 3
4 476.1 490.9 540.7 636.7 701.1 678.8 705.2 687.9 728.5 682.6 679.4 Capital expenditures 4
5 478.5 483.9 520.1 577.2 656.4 620.1 647.1 651.5 662.2 664.8 684.2 Fixed investment 5
6 16.3 17.9 19.7 21.3 22.6 21.9 22.3 22.4 22.8 23.0 23.4 Residential construction 6
7 462.3 466.0 500.4 556.0 633.8 598.2 624.9 629.1 639.4 641.8 660.9 Plant and equipment 7
8 -2.3 7.0 20.6 59.5 37.0 58.7 58.1 34.0 38.3 17.8 -5.6 Change in inventories 8
9 -.1 - * - 7.6 - - 2.4 28.0 - 0.8 Access rts. from U.S. govt. 9
10 63.4 13.4 142.9 8.9 -68.1 53.5 -134.3 -99.4 -106.1 67.5 -10.2 Net financial investment 10
11 125.3 184.7 373.6 295.3 353.7 495.3 174.1 414.6 318.0 508.1 393.1 Net acq. of financial assets 11
12 61.9 171.2 230.7 286.4 421.8 441.8 308.4 514.1 424.1 440.5 403.3 Net increase in liabilities 12
13 18.3 27.0 21.3 -44.9 -74.2 -118.0 -60.0 -71.3 -92.8 -72.8 -118.0 Corporate equities 13
14 -61.9 19.5 61.0 144.3 250.7 160.8 300.1 303.6 181.5 217.4 190.7 Credit market instruments 14
15 -1.2 * -.1 -1.5 -2.9 -1.5 -7.4 -2.7 -2.0 0.4 -7.7 Municipal debt 15
16 78.8 67.6 75.2 23.3 73.3 6.2 53.0 98.4 59.8 82.0 58.9 Corporate bonds 16
17 -25.5 -41.1 -4.2 -9.1 26.5 -5.7 25.8 21.6 20.0 38.6 19.5 Mortgages 17
18 -37.5 -16.5 -3.3 61.8 87.0 64.7 139.9 94.9 68.4 44.6 60.0 Bank loans n.e.c. 18
19 -18.4 8.6 10.0 21.4 18.1 30.7 12.3 39.1 13.9 7.2 37.9 Commercial paper 19
20 -58.1 0.9 -16.7 48.3 48.7 66.5 76.4 52.3 21.5 44.6 22.2 Other loans and advances 20
21 23.0 40.6 40.0 95.4 82.5 128.0 99.3 13.1 153.2 64.4 103.6 Trade payables 21
22 -7.7 7.9 2.7 3.2 * 4.4 13.1 -5.2 1.8 -9.5 8.7 Taxes payable 22
23 100.2 67.1 109.7 59.2 137.4 230.0 -56.8 251.1 150.9 204.3 177.1 Miscellaneous liabilities 23
24 -9.9 9.2 -4.0 29.3 25.5 36.6 12.8 22.7 29.5 36.8 41.2 Proprietor net investment 24
25 -11.4 45.6 -89.8 -7.2 13.3 -89.0 44.8 36.7 38.8 -67.0 10.6 Discrepancy 25
---------------------------------------------------------------------------------------------------
F.102 Farm Business (1)
---------------------------------------------------------------------------------------------------
1 30.2 38.0 32.0 35.0 29.0 32.3 28.5 27.6 28.1 31.8 38.5 Proprietor net income 1
w/IVA & CCAdj.
2 1.6 0.8 0.4 0.3 0.2 0.3 0.2 0.2 0.2 0.1 0.1 Net saving (corporate) 2
3 21.4 22.3 22.4 23.1 22.7 22.4 22.2 22.5 22.8 23.3 22.9 Capital consumption allow. 3
4 1.7 1.9 2.0 2.0 2.1 1.9 2.1 2.1 2.1 2.2 2.2 Corporate 4
5 19.7 20.4 20.4 21.1 20.6 20.4 20.2 20.4 20.7 21.1 20.7 Noncorporate 5
6 23.0 23.1 22.8 23.4 22.9 22.6 22.4 22.7 22.9 23.4 23.0 Gross saving 6
7 23.0 23.1 22.8 23.4 22.9 22.6 22.4 22.7 22.9 23.4 23.0 Gross investment 7
8 13.0 18.5 9.2 29.4 15.8 21.7 15.9 16.2 15.7 15.5 14.2 Capital expenditures 8
9 1.3 1.3 1.3 1.6 1.7 1.8 1.8 1.6 1.8 1.6 1.7 Residential construction 9
10 12.8 12.3 14.0 16.2 16.6 16.3 16.8 16.7 17.2 16.0 17.0 Plant and equipment 10
11 -1.1 5.0 -6.2 11.5 -2.5 3.6 -2.7 -2.1 -3.2 -2.1 -4.4 Change in inventories 11
12 9.9 4.6 13.7 -5.9 7.1 1.0 6.5 6.5 7.2 7.9 8.8 Net financial investment 12
13 2.2 3.8 3.2 3.6 4.4 3.7 4.0 4.2 4.4 4.8 4.8 Net acq. of financial assets 13
14 1.0 1.8 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 Checkable dep. & currency 14
15 1.3 2.0 1.5 2.0 2.7 2.0 2.3 2.5 2.8 3.2 3.2 Miscellaneous assets 15
16 1.1 2.1 1.4 2.0 2.8 2.3 2.5 2.7 2.9 3.1 3.3 Insurance receivables 16
17 0.2 -.1 0.1 * -.1 -.3 -.2 -.1 -.1 0.1 -.1 Equity in GSEs (2) 17
18 -7.7 -.8 -10.5 9.6 -2.7 2.7 -2.6 -2.3 -2.8 -3.1 -4.0 Net increase in liabilities 18
19 2.1 1.3 2.0 2.8 2.0 -2.0 0.9 3.6 4.3 -.8 0.9 Credit market instruments 19
20 0.4 1.4 0.5 1.8 1.7 1.4 1.7 1.8 2.3 0.8 2.2 Mortgages 20
21 1.7 0.1 2.1 1.9 1.1 -2.1 0.3 2.7 2.6 -1.3 -1.3 Bank loans n.e.c. 21
22 * -.2 -.6 -.8 -.7 -1.3 -1.1 -.9 -.5 -.3 * Other loans and advances 22
23 0.2 0.2 1.0 1.0 1.0 -3.0 -.6 4.9 2.5 -2.9 -3.4 Trade payables 23
24 -10.0 -2.3 -13.5 5.8 -5.7 7.7 -2.9 -10.8 -9.7 0.6 -1.5 Proprietor net investment 24
(1) Includes corporate and noncorporate farms.�
---------------------------------------------------------------------------------------------------
F.103 Nonfarm Noncorporate Business
---------------------------------------------------------------------------------------------------
1 450.1 504.2 517.5 548.4 587.5 575.0 580.1 584.7 588.4 596.7 603.7 Net income w/ IVA and CCAdj 1
2 83.0 88.2 90.8 93.2 77.7 90.1 76.0 76.1 76.9 81.9 78.2 Gross svg. = capital consump. 2
3 83.0 88.2 90.8 93.2 77.7 90.1 76.0 76.1 76.9 81.9 78.2 Gross investment 3
4 92.2 85.5 101.0 122.4 138.7 128.5 136.5 137.6 139.8 140.8 145.2 Capital expenditures 4
5 92.3 85.4 99.6 120.0 136.7 125.8 133.4 135.8 137.8 139.8 145.3 Fixed investment (3) 5
6 -.1 0.1 1.3 2.4 2.0 2.8 3.0 1.8 2.1 1.0 -.1 Change in inventories 6
7 -9.2 2.7 -10.2 -29.2 -60.9 -38.4 -60.5 -61.5 -62.9 -58.8 -67.0 Net financial investment 7
8 -6.7 13.4 13.1 13.6 16.7 15.0 15.4 16.5 17.2 17.7 18.0 Net acq. of financial assets 8
9 0.8 5.0 2.8 3.0 3.7 3.2 3.4 3.6 3.8 4.0 4.0 Checkable dep. and curr. 9
10 -.1 -2.2 1.3 1.3 1.9 1.5 1.6 1.8 2.0 2.0 2.0 Time and savings deposits 10
11 -.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 Money market fund shares 11
12 -.3 0.7 0.6 0.6 0.7 0.6 0.7 0.7 0.7 0.8 0.8 Treasury securities 12
13 - - - - - - - - - - - Consumer credit 13
14 -5.0 -.9 0.1 0.1 0.3 0.2 -.2 0.4 0.4 0.4 0.4 Mortgages 14
15 -1.1 7.1 3.8 4.0 5.0 4.3 4.5 4.8 5.1 5.4 5.7 Trade receivables 15
16 -.9 3.6 4.4 4.5 5.0 5.1 5.2 5.0 5.0 5.0 5.0 Miscellaneous assets 16
17 3.8 -2.5 0.8 0.8 1.0 0.9 1.1 1.0 1.0 1.0 1.0 Insurance receivables 17
18 * * 0.2 0.2 * 0.1 0.1 - - - - Equity in GSEs (2) 18
19 -4.8 6.1 3.4 3.5 4.0 4.0 4.0 4.0 4.0 4.0 4.0 Other 19
20 2.5 10.7 23.3 42.8 77.7 53.4 76.0 78.0 80.2 76.6 85.1 Net increase in liabilities 20
21 -11.0 -16.0 7.0 12.1 35.9 16.5 51.3 34.4 29.8 28.2 29.3 Credit market instruments 21
22 -5.9 -15.1 6.1 -5.9 14.7 -6.1 14.4 15.0 13.0 16.3 8.6 Mortgages 22
23 -1.4 2.7 0.6 12.5 13.5 14.0 20.0 16.0 10.0 8.0 14.3 Bank loans n.e.c. 23
24 -3.7 -3.6 0.3 5.5 7.8 8.6 16.9 3.4 6.8 3.9 6.5 Other loans and advances 24
25 0.5 0.6 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 Taxes payable 25
26 -.3 6.9 2.6 2.7 4.0 3.0 3.4 3.8 4.2 4.6 5.0 Trade payables 26
27 13.2 7.5 3.5 3.8 5.7 4.1 4.8 5.4 6.1 6.7 7.2 Miscellaneous liabilities 27
28 0.2 11.6 9.5 23.5 31.1 29.0 15.6 33.5 39.2 36.2 42.7 Proprietor net investment 28
(2) Equity in the Farm Credit System.�
(3) Residential construction plus nonresidential plant and equipment, �
shown on table F.1, lines 12 and 18, respectively. �
BILLIONS OF DOLLARS.
.Z.7, JUNE 13, 1996
Nonfinancial Corporations Nonfinancial Corporations
F.104 Nonfarm Nonfinancial Corporate Business
SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES
------------------------------------------------------------------------------------------------------------------------------------
| 1994 | 1995 | 1996
1991 1992 1993 1994 1995 | IV | I II III IV | I
---------------------------------------------------------------------------------------------------
1 217.1 256.7 303.0 371.7 402.1 400.8 404.2 397.0 404.9 402.2 421.3 Profits before tax (book) 1
2 85.0 90.6 103.0 129.4 140.2 140.1 141.8 138.1 140.8 140.1 147.1 - Profit tax accruals 2
3 123.8 132.4 151.8 160.9 175.0 169.3 171.2 175.2 174.0 179.4 187.9 - Dividends 3
4 362.8 371.0 385.2 413.0 430.1 420.5 423.0 426.9 431.7 438.7 444.6 + Consumption of fixed capital 4
5 371.1 404.7 433.4 494.5 517.0 512.0 514.2 510.5 521.8 521.5 530.9 = U.S. internal funds, book 5
6 47.1 41.5 53.4 40.7 56.8 41.4 55.0 58.1 48.9 65.1 63.7 + Fgn. earnings ret. abroad 6
7 4.0 -7.5 -6.6 -13.3 -28.1 -22.8 -51.9 -42.3 -9.3 -8.8 -16.1 + Inv. valuation adjustment 7
8 422.2 438.6 480.2 521.9 545.7 530.6 517.3 526.3 561.4 577.8 578.5 = Total internal funds + IVA 8
9 433.6 393.0 570.0 529.1 532.4 619.6 472.6 489.6 522.6 644.8 567.9 Gross investment 9
10 370.9 386.9 430.6 485.0 546.6 528.6 552.9 534.1 573.0 526.3 519.9 Capital expenditures 10
11 372.2 384.9 405.1 439.4 501.4 476.3 495.1 497.4 505.6 507.4 520.3 Fixed investment (1) 11
12 -1.2 1.9 25.5 45.6 37.6 52.3 57.8 34.3 39.4 18.9 -1.1 Inventory change + IVA 12
13 -.1 - * - 7.6 - - 2.4 28.0 - 0.8 Access rts. from U.S. govt. 13
14 62.7 6.2 139.4 44.1 -14.2 91.0 -80.3 -44.5 -50.4 118.4 48.0 Net financial investment 14
15 129.8 167.5 357.3 278.1 332.6 476.7 154.7 393.9 296.3 485.5 370.2 Net acq. of financial assets 15
16 15.7 6.9 13.6 4.3 14.1 32.0 -28.5 27.0 33.0 24.9 -21.4 Checkable dep. and curr. 16
17 -6.6 -15.0 22.3 -2.6 -1.5 21.3 -42.5 25.8 5.2 5.5 15.6 Time and savings dep. 17
18 5.2 15.8 -2.5 7.4 30.8 12.4 6.8 58.8 17.6 40.0 32.4 Money market fund shares 18
19 -.5 3.4 -2.6 -.4 0.2 -2.1 6.0 20.9 -20.8 -5.3 2.5 Security RPs 19
20 1.8 -.7 -1.4 0.2 0.2 6.9 -5.9 1.8 4.6 0.3 3.0 Foreign deposits 20
21 7.6 20.6 -1.3 34.3 -7.8 15.4 -68.6 35.1 -57.4 59.8 26.1 U.S. govt. securities 21
22 20.1 1.0 8.9 4.7 -4.5 30.5 -21.2 4.4 4.6 -6.0 -11.6 Municipal securities 22
23 2.4 5.0 6.8 2.1 4.2 2.1 3.0 3.0 3.0 7.9 5.0 Mutual fund shares 23
24 6.2 1.1 -7.8 1.9 7.3 2.0 6.0 6.0 8.0 9.2 8.0 Mortgages 24
25 -4.2 2.8 6.9 7.9 0.5 6.2 37.1 3.7 -10.6 -28.4 40.1 Consumer credit 25
26 0.9 2.3 2.4 -.8 1.0 -.9 5.6 -9.7 5.2 2.9 -9.9 Open market paper 26
27 -5.8 27.6 50.7 107.8 87.2 169.1 15.5 -9.0 204.6 137.8 165.3 Trade receivables 27
28 86.9 96.6 261.3 111.1 200.9 181.9 241.4 226.1 99.3 236.8 115.0 Miscellaneous assets 28
29 29.4 35.6 49.8 56.4 92.8 53.2 77.1 62.3 68.7 163.2 49.5 US dir. invest. abr. (2) 29
30 2.1 13.5 6.6 7.8 3.2 6.1 5.5 3.6 2.7 1.1 * Insurance receivables 30
31 0.5 * * 0.1 * * 0.1 * 0.1 * 1.6 Equity in GSEs 31
32 3.1 2.3 0.8 4.1 5.6 2.2 2.9 9.9 3.3 6.3 0.1 Inv.in finance co. subs. 32
33 52.0 45.1 203.9 42.8 99.2 120.3 155.9 150.3 24.5 66.0 63.8 Other 33
34 67.1 161.3 217.9 234.0 346.8 385.7 235.0 438.4 346.7 367.1 322.3 Net increase in liabilities 34
35 -34.8 61.1 73.3 84.4 138.5 28.3 187.9 194.3 54.6 117.2 42.5 Net funds raised in mkts. 35
36 18.3 27.0 21.3 -44.9 -74.2 -118.0 -60.0 -71.3 -92.8 -72.8 -118.0 Net new equity issues 36
37 -53.0 34.1 52.0 129.3 212.7 146.3 247.9 265.6 147.4 190.0 160.5 Credit mkt. instruments 37
38 -1.2 * -.1 -1.5 -2.9 -1.5 -7.4 -2.7 -2.0 0.4 -7.7 Municipal debt (3) 38
39 78.8 67.6 75.2 23.3 73.3 6.2 53.0 98.4 59.8 82.0 58.9 Corporate bonds (2) 39
40 -20.0 -27.5 -10.7 -5.0 10.2 -1.0 9.7 4.8 4.7 21.5 8.7 Mortgages 40
41 -37.8 -19.3 -6.0 47.4 72.4 52.8 119.7 76.2 55.8 38.0 47.0 Bank loans n.e.c. 41
42 -18.4 8.6 10.0 21.4 18.1 30.7 12.3 39.1 13.9 7.2 37.9 Commercial paper 42
43 -54.5 4.7 -16.4 43.6 41.6 59.1 60.6 49.8 15.2 41.0 15.7 Other loans and adv. 43
44 -5.3 -5.0 -.8 -.3 1.2 0.1 3.3 0.4 0.9 0.4 1.8 Savings institutions 44
45 1.8 5.0 -6.0 38.7 34.5 55.9 62.9 28.9 15.8 30.2 30.2 Finance companies 45
46 -.8 -.1 0.2 0.5 0.8 0.6 0.7 0.7 0.8 0.9 1.0 U.S. government 46
47 -5.9 -2.9 -3.3 -2.1 -.8 -6.5 7.5 3.0 -9.7 -4.1 1.3 Accept.liab.to banks 47
48 -47.3 4.9 -16.5 2.5 -.9 1.3 -18.4 7.3 2.9 4.8 -21.2 Rest of the world 48
49 3.0 2.8 10.0 4.2 6.8 7.6 4.7 9.5 4.4 8.8 2.7 ABS issuers 49
50 -8.2 7.2 2.0 2.4 -.8 3.6 12.3 -6.0 1.0 -10.3 7.9 Taxes payable 50
51 23.1 33.4 36.4 91.8 77.5 128.0 96.5 4.4 146.4 62.6 102.0 Trade payables 51
52 87.0 59.5 106.2 55.4 131.6 225.8 -61.6 245.7 144.8 197.6 169.9 Miscellaneous liabilities 52
53 11.8 12.8 0.7 36.3 62.5 67.7 74.0 57.5 61.1 57.3 22.6 Fgn. dir. invest. in US 53
54 3.7 2.0 3.1 3.2 3.2 3.2 3.2 3.2 3.2 3.2 3.2 Pen. fund contr. payable 54
55 71.4 44.7 102.4 15.9 66.0 155.0 -138.8 185.0 80.6 137.1 144.1 Other 55
56 -11.4 45.6 -89.8 -7.2 13.3 -89.0 44.8 36.7 38.8 -67.0 10.6 Discrepancy 56
Memo:
57 -28.9 -5.8 14.2 16.0 9.7 41.1 -81.0 -13.4 58.2 75.2 63.3 Trade receiv. net of payables 57
58 -4.2 -10.3 3.8 3.8 57.7 39.4 90.5 65.9 60.5 13.7 5.2 Financing gap (4) 58
59 98.8% 97.4% 100.8% 100.7% 111.1% 107.7% 117.6% 112.9% 111.5% 102.6% 100.9% Cap. outlays (5)/US int. funds 59
60 -14.4% 8.6% 11.8% 25.9% 37.0% 26.5% 40.9% 46.0% 25.3% 35.5% 29.9% Cr. mkt. borr./cap. outlays(5) 60
61 65.5% 179.0% 140.9% 65.2% 65.1% 19.3% 75.7% 73.1% 37.0% 61.6% 26.4% Net fds. raised/cr. mkt. borr. 61
(1) Residential construction plus nonresidential plant and equipment, �
shown on table F.1, lines 13 and 19, respectively. �
(2) Through 1992:Q4, corporate bonds include net issues by Netherlands �
Antillean financial subsidiaries, and U.S. direct investment abroad �
excludes net inflows from those bond issues. �
(3) Industrial revenue bonds. Issued by state and local governments �
to finance private investment and secured in interest and �
principal by the industrial user of the funds. �
(4) Capital expenditures (line 10) less the sum of U.S. internal funds �
(line 5) and inventory valuation adjustment (line 7). �
(5) Capital outlays equal capital expenditures (line 10) less inventory �
valuation adjustment (line 7). �
BILLIONS OF DOLLARS.
.Z.7, JUNE 13, 1996
State and Local Governments State and Local Governments
F.105 State and Local Governments, Excluding Employee Retirement Funds (1)
SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES
------------------------------------------------------------------------------------------------------------------------------------
| 1994 | 1995 | 1996
1991 1992 1993 1994 1995 | IV | I II III IV | I
---------------------------------------------------------------------------------------------------
1 784.2 844.3 897.1 946.4 996.1 965.0 980.9 994.7 1001.5 1007.1 1019.9 Receipts, NIPA basis 1
2 569.9 607.8 644.4 680.8 718.1 697.5 704.0 711.8 725.5 731.0 742.5 Tax receipts 2
3 60.9 64.3 66.9 69.7 71.9 70.6 71.1 71.6 72.2 72.8 73.4 Social insurance receipts 3
4 153.4 172.2 185.8 195.9 206.1 196.9 205.8 211.3 203.8 203.3 204.0 Grants-in-aid received 4
5 708.4 758.1 802.2 846.6 901.1 865.6 882.0 895.7 907.6 919.0 933.3 Current expend., NIPA basis 5
6 579.5 603.7 627.9 651.8 682.6 661.9 672.2 680.1 686.2 692.0 701.4 Consumption expenditures 6
7 129.0 154.5 174.2 194.9 218.5 203.7 209.8 215.6 221.4 227.0 231.9 Net interest and transfers 7
8 75.8 86.2 94.9 99.7 95.0 99.4 98.9 99.0 93.9 88.1 86.6 Net surplus, NIPA basis 8
9 59.6 62.3 65.6 69.5 72.9 70.5 71.4 72.3 73.4 74.3 75.1 + Consumption of fixed capital 9
10 53.8 52.7 50.6 61.8 61.0 71.7 59.4 59.3 64.6 60.9 60.0 - Pension fund reserves 10
11 81.6 95.8 109.9 107.4 106.8 98.2 110.9 112.0 102.7 101.5 101.7 = Gross saving 11
12 73.1 89.4 90.2 110.3 103.2 110.2 116.3 87.6 105.7 103.0 107.3 Gross investment 12
13 124.0 132.2 139.9 146.7 159.1 150.8 154.0 157.2 161.5 163.8 164.1 Fixed investment 13
14 -50.9 -42.8 -49.7 -36.3 -56.0 -40.6 -37.7 -69.6 -55.8 -60.8 -56.8 Net financial investment 14
15 31.5 -19.4 13.2 -79.3 -101.4 -108.6 -82.4 -80.5 -166.1 -76.7 -60.4 Net acq. of financial assets 15
16 5.2 3.1 1.4 2.5 2.9 8.1 -.3 8.4 -3.0 6.6 -7.6 Checkable dep. and curr. 16
17 -10.1 -6.2 -4.8 5.8 9.8 9.7 6.6 4.8 9.2 18.6 9.0 Time and savings deposits 17
18 -16.6 4.9 16.7 12.0 25.7 48.0 16.6 14.8 44.0 27.3 25.6 Security RPs 18
19 50.8 -21.5 3.7 -94.6 -133.7 -169.7 -94.9 -105.7 -209.0 -125.3 -83.9 Credit market instruments 19
20 46.0 -20.8 9.5 -94.0 -130.3 -170.6 -94.7 -103.8 -202.3 -120.3 -77.6 U.S. govt. securities 20
21 23.0 -20.4 26.6 -130.8 -139.1 -205.9 -79.3 -131.2 -190.8 -155.3 -74.1 Treasury 21
22 23.0 -.4 -17.1 36.8 8.9 35.3 -15.4 27.3 -11.5 35.0 -3.5 Agency 22
23 1.4 -.6 -.5 -2.8 -6.8 -4.6 -5.3 -6.3 -7.2 -8.1 -9.1 Municipal securities 23
24 3.5 * -5.4 2.2 3.3 5.4 5.1 4.5 0.5 3.1 2.8 Mortgages 24
25 2.1 0.3 -3.8 -5.1 -6.1 -4.7 -10.4 -2.9 -7.4 -3.7 -3.5 Taxes receivable 25
26 82.4 23.4 62.9 -43.0 -45.5 -68.0 -44.7 -10.9 -110.3 -15.9 -3.6 Net increase in liabilities 26
27 81.6 21.1 62.3 -43.4 -45.7 -68.5 -45.1 -11.1 -110.6 -16.0 -3.7 Credit market instruments 27
28 81.3 21.3 62.9 -42.3 -44.2 -67.2 -43.7 -9.6 -109.0 -14.3 -1.9 Municipal securities 28
29 6.9 -1.1 1.8 -2.2 1.2 -.9 19.8 -5.9 -20.2 11.2 10.0 Short-term 29
30 74.4 22.3 61.1 -40.2 -45.4 -66.3 -63.5 -3.7 -88.8 -25.5 -12.0 Other 30
31 0.4 -.1 -.6 -1.1 -1.5 -1.2 -1.3 -1.4 -1.5 -1.6 -1.7 U.S. government loans 31
32 0.8 2.3 0.6 0.4 0.2 0.5 0.3 0.2 0.2 0.1 0.1 Trade payables 32
33 8.6 6.5 19.8 -2.9 3.6 -12.0 -5.5 24.4 -3.0 -1.5 -5.6 Discrepancy 33
(1) Data for employee retirement funds are shown in table F.124. �
BILLIONS OF DOLLARS.
.Z.7, JUNE 13, 1996
U.S. Govt., GSEs, and Pools U.S. Govt., GSEs, and Pools
F.106-F.108 U.S. Government, GSEs, and Mortgage Pools
SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES
------------------------------------------------------------------------------------------------------------------------------------
| 1994 | 1995 | 1996
1991 1992 1993 1994 1995 | IV | I II III IV | I
---------------------------------------------------------------------------------------------------
F.106 U.S. Government
---------------------------------------------------------------------------------------------------
1 1149.0 1198.5 1275.3 1377.0 1478.5 1416.2 1449.3 1483.2 1486.6 1494.8 1521.8 Receipts, NIPA basis 1
2 476.9 490.8 523.6 561.4 614.9 574.5 594.6 624.4 617.3 623.3 639.3 Personal taxes 2
3 109.7 118.7 137.5 164.4 184.3 179.9 183.1 180.7 189.1 184.3 196.1 Corp. profits tax accruals 3
4 79.8 81.9 88.2 92.7 91.2 93.2 91.7 93.5 88.4 91.3 84.4 Indirect taxes 4
5 482.6 507.1 526.0 558.6 588.1 568.6 579.9 584.6 591.8 595.9 602.0 Social insurance receipts 5
6 1345.1 1479.4 1530.0 1567.0 1641.1 1606.8 1622.7 1643.8 1648.1 1649.7 1677.4 Current expend., NIPA basis 6
7 446.0 451.1 451.4 450.7 454.0 455.3 454.8 456.1 453.5 451.4 457.2 Consumption expenditures 7
8 706.4 832.5 886.3 914.9 957.8 936.6 946.7 958.5 961.9 964.2 989.4 Transfers, etc. 8
9 192.7 195.9 192.3 201.4 229.3 214.9 221.2 229.2 232.7 234.1 230.8 Net interest 9
10 -196.1 -280.9 -254.8 -190.0 -162.6 -190.6 -173.4 -160.6 -161.5 -154.9 -155.6 Surplus, NIPA basis 10
11 25.6 27.0 27.2 27.5 15.8 29.3 22.9 34.5 30.7 -24.8 77.7 - Insurance and pen. reserves 11
12 63.9 65.9 68.2 70.7 73.8 72.7 73.5 74.2 73.8 73.8 73.2 + Consumption of fixed capital 12
13 -157.8 -242.0 -213.7 -146.8 -104.6 -147.2 -122.8 -120.9 -118.4 -56.3 -160.1 = Gross saving 13
14 -176.9 -274.8 -222.3 -180.8 -137.6 -160.4 -187.0 -143.1 -187.8 -32.3 -247.8 Gross investment 14
15 76.6 76.9 70.7 65.7 62.8 65.6 65.2 66.5 63.2 56.3 63.8 Fixed investment 15
16 0.1 - * - -7.6 - - -2.4 -28.0 - -.8 Access rights sales 16
17 -253.6 -351.7 -293.0 -246.5 -192.7 -226.0 -252.2 -207.2 -223.0 -88.6 -310.8 Net financial investment 17
18 59.2 -25.4 -5.2 -49.9 -18.5 -5.3 17.0 36.6 -83.8 -43.8 48.0 Net acq. of financial assets 18
19 -2.6 -1.7 1.0 -2.7 6.4 -3.8 13.4 7.3 5.1 * 1.4 Gold, SDRs, and fgn. exch. 19
20 27.4 -16.9 20.7 -21.7 * 12.3 -.2 92.7 -71.2 -21.2 33.4 Checkable dep. and curr. 20
21 0.1 -.7 -.1 -.1 0.3 -.1 1.8 -.3 * -.5 0.4 Time and savings deposits 21
22 10.5 -11.9 -18.4 -24.2 -21.3 -24.4 -13.2 -24.3 -23.9 -23.9 -24.6 Credit market instruments 22
23 - - - - - - - - - - - Agency securities 23
24 15.4 -11.9 -15.4 -14.0 -13.4 -22.8 -8.4 -17.4 -13.1 -14.7 -9.6 Mortgages 24
25 -4.9 * -2.9 -10.2 -7.9 -1.6 -4.8 -6.9 -10.9 -9.2 -15.0 Other loans and advances 25
26 -7.4 -2.6 -2.1 -.3 -1.3 9.9 34.6 -33.0 0.6 -7.5 37.0 Taxes receivable 26
27 -4.9 -7.1 -2.6 -4.2 -.1 -7.0 -3.2 -.5 -.1 3.3 4.2 Trade receivables 27
28 36.1 15.4 -3.8 3.3 -2.4 7.8 -16.2 -5.3 5.9 6.0 -3.8 Miscellaneous assets 28
29 312.8 326.3 287.8 196.6 174.3 220.8 269.1 243.8 139.3 44.8 358.7 Net increase in liabilities 29
30 - -2.0 - - 2.2 - - - 8.6 - - SDR certificates 30
31 * 0.2 0.4 0.7 0.6 0.7 0.7 0.7 0.8 - * Treasury currency 31
32 278.2 304.0 256.1 155.9 144.4 150.1 266.8 202.8 65.8 42.4 288.7 Credit market instruments 32
33 11.9 19.1 14.7 8.0 5.1 5.2 5.8 4.8 3.9 5.9 3.4 Savings bonds 33
34 280.1 284.6 233.7 147.7 137.9 150.5 262.3 196.4 61.5 31.4 287.7 Other Treas. securities 34
35 -13.8 0.2 7.8 0.2 1.5 -5.7 -1.2 1.6 0.4 5.1 -2.3 Budget agency securities 35
36 - * * - - - - - - - - Multifamily mortgages 36
37 25.6 27.0 27.2 27.5 15.8 29.3 22.9 34.5 30.7 -24.8 77.7 Insur. and pen. reserves 37
38 -5.3 -2.8 3.4 8.8 6.8 14.0 2.7 0.5 11.1 12.9 6.9 Trade payables 38
39 14.3 -.1 0.7 3.9 4.5 26.7 -24.0 5.4 22.3 14.3 -14.5 Miscellaneous liabilities 39
40 19.2 32.8 8.6 34.1 33.0 13.2 64.2 22.3 69.5 -24.0 87.7 Discrepancy 40
Memo:
41 14.5 -16.9 19.2 -26.7 -5.7 -12.2 14.7 76.1 -67.8 -46.0 51.6 Change in cash balance 41
---------------------------------------------------------------------------------------------------
F.107 Government-Sponsored Enterprises (GSEs) (1)
---------------------------------------------------------------------------------------------------
1 3.1 2.9 3.3 3.5 3.9 3.4 3.8 3.8 3.8 3.9 3.9 Gross saving 1
2 4.3 5.4 6.8 8.5 9.6 8.9 8.9 9.7 9.8 9.9 10.4 Fixed nonres. investment 2
3 19.1 55.2 78.3 149.0 114.7 238.9 51.0 152.7 111.7 143.5 45.4 Net acq. of financial assets 3
4 -.9 * 0.9 -.9 0.2 -1.5 * 1.3 -2.5 2.1 -2.1 Checkable dep. and currency 4
5 -1.1 -1.0 -16.2 35.4 20.5 66.1 26.1 44.3 16.7 -5.1 -9.2 Fed. funds and security RPs 5
6 15.1 68.8 90.2 119.1 94.7 171.4 28.2 97.5 61.5 191.7 42.3 Credit market instruments 6
7 29.3 30.2 11.2 63.4 63.4 100.6 21.7 88.4 18.7 125.0 23.4 U.S. government securities 7
8 18.2 17.9 -7.1 0.4 6.1 25.9 2.1 1.0 1.0 20.1 -32.5 Treasury 8
9 11.1 12.3 18.4 63.1 57.4 74.7 19.6 87.3 17.7 104.9 55.9 Agency 9
10 -.7 0.2 -.6 0.8 1.0 1.3 -2.5 -.9 2.0 5.5 -1.9 Municipal securities 10
11 - - 11.1 8.5 5.5 8.9 8.5 8.4 -14.1 19.1 -7.6 Corporate and fgn. bonds 11
12 11.7 32.1 43.7 4.8 14.7 -4.3 2.1 9.1 29.7 17.7 13.9 Mortgages 12
13 10.9 30.5 42.2 3.9 14.0 -4.9 3.0 9.1 28.2 15.7 11.4 Home 13
14 1.4 1.6 1.7 0.9 0.8 0.5 1.0 0.3 0.9 1.0 0.7 Multifamily 14
15 -.5 -.1 -.2 0.1 -.1 0.1 -1.9 -.2 0.6 1.0 1.7 Farm 15
16 7.1 2.7 -1.7 14.4 -.8 21.6 12.6 -15.1 12.5 -13.4 13.5 Open market paper 16
17 -32.2 3.7 26.5 27.2 11.0 43.4 -14.3 7.6 12.8 37.7 1.0 Other loans and advances 17
18 3.0 1.5 1.8 3.6 1.9 3.2 3.3 5.9 2.1 -3.7 2.1 Sallie Mae 18
19 2.8 1.4 1.4 0.8 2.7 1.3 6.0 -.4 4.4 0.8 2.4 Farm Credit System 19
20 -38.0 0.8 23.3 22.8 6.4 38.8 -23.6 2.2 6.3 40.6 -3.6 FHLB loans to members 20
21 6.0 -12.6 3.4 -4.6 -.7 2.9 -3.4 9.6 36.0 -45.1 14.3 Miscellaneous assets 21
22 16.9 52.7 75.7 147.3 113.0 237.0 47.7 150.3 111.4 142.5 43.8 Net increase in liabilities 22
23 9.1 40.2 80.6 172.1 106.9 249.0 62.9 127.2 101.5 136.1 37.4 Credit market instruments 23
24 9.2 40.3 80.6 176.9 106.9 249.0 62.9 127.2 101.5 136.1 37.4 GSE issues (2) 24
25 * * - -4.8 - - - - - - - U.S. government loans 25
26 7.8 12.5 -4.9 -24.9 6.1 -12.0 -15.2 23.1 9.9 6.4 6.4 Miscellaneous liabilities 26
27 -3.4 -5.0 -6.2 -6.7 -7.5 -7.3 -8.3 -8.3 -6.4 -7.0 -8.1 Discrepancy 27
(1) Federal Home Loan Banks, Federal National Mortgage Assn., �
Federal Home Loan Mortgage Corp., Student Loan Marketing �
Assn., Farm Credit System, the Financing Corp., and the �
Resolution Funding Corporation. �
(2) Such issues are classified as U.S. government securities. �
---------------------------------------------------------------------------------------------------
F.108 Federally Related Mortgage Pools (3)
---------------------------------------------------------------------------------------------------
1 136.6 115.6 83.6 116.5 98.2 72.2 26.4 64.9 119.9 181.4 109.8 Net acq. of mortgages 1
2 139.3 117.8 85.0 116.5 93.7 70.6 27.4 58.3 116.6 172.6 106.2 Home 2
3 -2.6 -2.3 -1.4 * 4.5 1.6 -.9 6.6 3.3 8.9 3.6 Multifamily 3
4 * * * * * - * - - * - Farm 4
5 136.6 115.6 83.6 116.5 98.2 72.2 26.4 64.9 119.9 181.4 109.8 Net increase in pool secs. (4) 5
(3) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also �
includes federally related pools that are used as collateral for �
federally related agency-issued CMOs and privately issued CMOs. �
Excludes Federal Financing Bank holdings of pool securities, which �
are included with U.S. govt. mortgages and other loans and advances.�
(4) Such issues are classified as U.S. government securities. �
BILLIONS OF DOLLARS.
.Z.7, JUNE 13, 1996
Rest of the World Rest of the World
F.109 Rest of the World
SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES
------------------------------------------------------------------------------------------------------------------------------------
| 1994 | 1995 | 1996
1991 1992 1993 1994 1995 | IV | I II III IV | I
---------------------------------------------------------------------------------------------------
1 750.6 827.8 887.9 1020.7 1152.3 1101.2 1119.8 1162.5 1165.3 1161.4 1193.3 Foreign income from U.S. 1
2 622.3 669.0 724.9 818.4 906.7 863.3 885.1 919.3 913.3 909.2 931.7 US imports from abroad 2
3 140.5 126.8 129.9 168.1 215.0 193.4 204.1 215.0 219.4 221.3 223.9 US factor payments to fgn. 3
4 -12.1 32.0 33.1 34.2 30.6 44.5 30.6 28.2 32.6 30.9 37.7 Net transfers to foreign 4
5 758.0 777.3 799.6 881.2 1011.2 939.3 975.5 1002.5 1016.4 1050.3 1056.8 Foreign outlays to U.S. 5
6 601.8 639.4 660.0 722.0 804.5 763.6 778.6 796.9 812.5 829.9 838.2 US exports to foreign 6
7 156.2 137.9 139.7 159.2 206.7 175.7 196.9 205.6 203.9 220.4 218.6 US factor receipts from fgn. 7
8 - - - - - - - - - - - Net capital grants from fgn. 8
9 -7.4 50.4 88.3 139.6 141.1 161.9 144.3 160.0 148.9 111.1 136.5 Gross saving (1) 9
10 36.4 87.9 63.9 165.5 146.2 118.2 77.5 95.9 356.1 55.4 104.5 Net financial investment 10
11 74.1 195.5 286.7 284.9 410.7 286.0 357.7 468.0 493.8 323.3 329.0 Net acq. of financial assets 11
12 -.2 2.3 -.5 -.4 -.8 -.5 -3.5 -.6 1.4 -.6 -.8 Gold and SDRs (2) 12
13 -1.4 1.5 -.3 4.3 0.9 9.2 -2.9 -2.1 5.8 2.6 -.2 U.S. checkable deposits 13
14 -.2 -1.1 6.8 1.5 -6.5 -4.7 -5.4 -13.3 -8.9 1.5 9.3 U.S. time deposits 14
15 -19.9 50.3 45.6 92.7 11.2 96.4 2.2 9.1 -34.4 67.9 -58.1 Net interbank claims 15
16 1.2 20.9 19.7 -13.6 20.8 -121.1 41.7 24.2 17.3 -.1 28.9 Security RPs 16
17 10.4 -5.8 20.6 0.5 15.8 -11.9 -15.3 21.4 18.8 38.3 14.7 U.S. corporate equities 17
18 13.3 98.2 128.3 134.4 271.7 210.9 241.2 326.1 358.0 161.7 327.6 Credit market instruments 18
19 43.9 73.6 108.4 87.5 196.6 156.6 186.2 247.4 279.7 72.9 329.0 U.S. govt. securities 19
20 16.1 22.4 53.0 36.7 72.5 34.8 45.0 106.0 84.0 55.0 225.4 Official, net 20
21 14.8 18.5 49.0 30.7 68.8 29.9 40.5 100.7 82.0 51.9 225.3 Treasury 21
22 1.3 3.9 4.1 6.0 3.7 4.9 4.5 5.3 2.1 3.1 0.1 Agency 22
23 27.8 51.2 55.4 50.7 124.0 121.8 141.1 141.4 195.6 18.0 103.6 Private, net 23
24 18.8 36.9 24.1 33.8 99.1 103.7 119.6 121.3 148.8 6.7 45.8 Treasury 24
25 8.9 14.3 31.3 16.9 25.0 18.1 21.5 20.2 46.9 11.3 57.8 Agency 25
26 16.2 18.1 30.5 38.7 57.1 34.8 58.1 52.4 57.3 60.5 70.5 U.S. corporate bonds (3) 26
27 -47.3 4.9 -16.5 2.5 -.9 1.3 -18.4 7.3 2.9 4.8 -21.2 Loans to U.S. corp. bus. 27
28 0.6 1.6 5.9 5.7 19.0 18.2 15.3 19.0 18.1 23.5 -50.7 Open market paper 28
29 - - - - - - - - - - - Security credit 29
30 0.8 3.0 4.9 2.4 5.8 4.6 3.0 7.9 3.6 8.6 3.6 Trade receivables 30
31 70.1 26.3 61.5 63.1 91.8 103.0 96.6 95.2 132.1 43.4 4.0 Miscellaneous assets 31
32 22.0 17.6 41.1 49.5 74.7 78.3 68.9 51.5 94.7 83.8 60.0 Fgn. dir. inv. in US (4) 32
33 45.8 31.6 26.7 32.4 48.2 53.6 54.6 32.0 45.7 60.7 40.0 Equity 33
34 -19.5 -13.4 -9.3 7.6 13.5 13.5 13.2 11.8 13.8 15.3 16.0 Reinvested earnings 34
35 -4.3 -.6 23.7 9.5 12.9 11.2 1.1 7.6 35.2 7.8 4.0 Intercompany accounts 35
36 48.1 8.7 20.4 13.7 17.1 24.7 27.7 43.7 37.5 -40.4 -56.0 Other 36
37 37.7 107.5 222.7 119.4 264.5 167.8 280.1 372.1 137.7 267.9 224.6 Net increase in liabilities 37
U.S. off. fgn. exchange
38 -5.9 -1.6 0.8 -5.8 8.8 -8.6 17.8 10.3 9.0 -1.9 -2.1 and net IMF position 38
39 -26.5 -3.5 -18.5 45.8 5.8 97.9 39.2 90.6 -63.8 -42.8 -32.0 U.S. private deposits 39
40 30.7 30.7 60.5 42.7 47.2 33.2 12.8 37.0 83.9 55.3 89.0 Fgn. corporate equities(5) 40
41 14.8 22.6 68.8 -20.3 67.7 33.5 61.4 40.4 94.1 75.1 36.9 Credit market instruments 41
42 15.0 15.7 81.3 7.1 46.5 27.7 13.5 49.9 52.1 70.6 45.4 Corporate bonds 42
43 3.1 2.3 0.7 1.4 8.5 -.5 8.1 5.6 8.2 11.9 8.7 Bank loans n.e.c. 43
44 -.4 1.0 -1.0 -.2 0.4 -.9 1.5 -1.7 0.8 1.0 -1.4 Official 44
45 1.0 0.7 1.2 * 2.1 -2.0 0.3 2.6 4.1 1.5 4.9 Banks 45
46 2.5 0.6 0.5 1.6 5.9 2.4 6.3 4.7 3.3 9.4 5.2 Other 46
47 6.4 5.2 -9.0 -27.3 13.6 5.9 37.9 -11.1 30.9 -3.4 -13.8 Commercial paper 47
48 -4.4 -.7 -3.1 -.3 0.3 -3.0 1.0 -3.6 6.6 -2.8 3.0 Accept. liabs. to banks 48
49 -5.4 0.2 -1.1 -1.3 -1.1 3.4 0.9 -.4 -3.7 -1.3 -6.3 U.S. government loans 49
50 - - - - - - - - - - - Security debt 50
51 3.0 1.2 2.6 2.0 9.7 6.1 6.2 9.7 10.4 12.6 8.0 Trade payables 51
52 21.6 58.1 108.4 55.0 125.2 5.6 142.8 184.0 4.2 169.7 124.8 Miscellaneous liabilities 52
53 1.5 1.4 1.1 1.4 1.5 1.8 1.2 1.0 1.6 2.1 3.5 U.S.equity in IBRD, etc. 53
54 1.0 0.1 0.3 0.2 -.1 -1.5 -1.5 0.1 1.1 0.1 0.8 U.S. govt. deposits 54
55 30.4 40.1 72.6 49.4 96.9 47.7 90.5 69.0 64.6 163.5 70.0 U.S. dir. inv.abr.(3)(4) 55
56 17.7 14.6 22.3 11.7 41.6 15.8 21.2 -6.5 32.1 119.7 40.0 Equity 56
57 17.0 16.3 31.5 34.7 58.9 40.8 54.4 55.8 54.0 71.4 34.0 Reinvested earnings 57
58 -4.3 9.1 18.8 3.0 -3.6 -9.0 14.8 19.7 -21.5 -27.5 -4.0 Intercompany accounts 58
59 -11.3 16.5 34.3 4.0 26.8 -42.4 52.6 114.0 -63.2 3.9 50.5 Other 59
60 -43.7 -37.5 24.3 -26.0 -5.2 43.7 66.8 64.1 -207.2 55.7 32.0 Discrepancy (FOF basis) (6) 60
Memo:
61 -20.5 -29.6 -65.0 -96.4 -102.3 -99.7 -106.5 -122.4 -100.8 -79.3 -93.5 Net U.S. exports, NIPA basis 61
62 15.7 11.1 9.8 -8.9 -8.3 -17.7 -7.2 -9.4 -15.5 -.9 -5.3 + Net U.S. factor income (7) 62
63 -12.1 32.0 33.1 34.2 30.6 44.5 30.6 28.2 32.6 30.9 37.7 - Net transfer pmts.to foreign 63
64 - - - - - - - - - - - + Net capital grants received 64
= Net fgn. investment in U.S.,�
65 7.4 -50.4 -88.3 -139.6 -141.1 -161.9 -144.3 -160.0 -148.9 -111.1 -136.5 NIPA basis 65
(1) Line 1 minus line 5; also equal to line 65 with sign reversed. �
(2) U.S. net sales, sign reversed. �
(3) Through 1992:Q4, corporate bonds include net issues by Netherlands �
Antillean financial subsidiaries, and U.S. direct investment abroad �
excludes net inflows from those bond issues. �
(4) Direct investment is valued on a current-cost basis. Excludes �
capital gains/losses. Components of direct investment--equity, �
reinvested earnings, and intercompany accounts--are not available �
before 1982. �
(5) Includes American Depositary Receipts (ADRs). �
(6) Balance of payments discrepancy adjusted to NIPA concepts. �
(7) Consists of net receipts from foreigners of interest, corporate profits,�
and employee compensation. Equals difference between GNP and GDP. �
BILLIONS OF DOLLARS.
.Z.7, JUNE 13, 1996
Banking System Banking System
F.110-F.111 Monetary Authority and Commercial Banking
SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES
------------------------------------------------------------------------------------------------------------------------------------
| 1994 | 1995 | 1996
1991 1992 1993 1994 1995 | IV | I II III IV | I
---------------------------------------------------------------------------------------------------
F.110 Monetary Authority (1)
---------------------------------------------------------------------------------------------------
1 -.5 1.0 0.1 -2.8 -2.8 -3.1 -2.8 -2.8 -2.8 -2.8 -2.8 Gross saving 1
2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 Fixed nonres. investment 2
3 22.3 17.1 42.1 28.2 19.7 19.5 50.0 41.6 -31.1 18.5 9.2 Net acq. of financial assets 3
4 -3.2 -2.2 0.4 -2.6 3.2 -4.4 7.9 3.6 2.5 -1.3 -2.8 Gold and foreign exchange 4
5 0.6 0.4 0.6 0.9 1.0 0.9 0.9 1.1 1.1 1.0 1.0 Treasury currency 5
6 - -2.0 - - 2.2 - - - 8.6 - - SDR certificates 6
7 -1.5 2.5 -2.3 -1.6 0.8 -3.6 3.1 0.9 -.9 0.1 -.3 Federal Reserve float 7
8 * 0.5 -.6 0.1 -.1 -1.1 -.6 0.5 0.8 -1.1 -.4 F.R. loans to domestic banks 8
9 -2.5 -7.8 5.1 -2.6 3.3 -6.3 22.1 20.5 -19.7 -9.7 2.9 Security RPs 9
10 31.1 27.9 36.2 31.5 12.7 30.0 16.3 20.8 -11.1 24.7 14.3 Credit market instruments 10
11 31.1 27.9 36.2 31.5 12.7 30.0 16.3 20.8 -11.1 24.7 14.3 U.S. government securities 11
12 31.4 28.5 37.0 32.5 13.7 30.6 17.2 22.0 -10.3 25.8 14.7 Treasury 12
13 -.3 -.6 -.8 -1.0 -1.0 -.7 -.9 -1.2 -.8 -1.0 -.4 Agency 13
14 - - - - - - - - - - - Acceptances 14
15 - - - - - - - - - - - Bank loans n.e.c. 15
16 -2.3 -2.2 2.6 2.6 -3.3 4.1 0.3 -5.7 -12.3 4.7 -5.5 Miscellaneous assets 16
17 22.1 16.7 41.8 28.0 19.5 23.1 40.4 47.2 -30.6 20.8 7.4 Net increase in liabilities 17
18 -9.2 2.7 2.9 -4.2 -1.2 -9.6 -3.0 1.9 -14.9 11.2 -19.8 Depository inst. reserves 18
19 1.0 -1.7 0.8 5.5 2.4 19.7 -16.2 4.5 -1.4 22.8 -14.7 Vault cash of comm. banks 19
20 29.2 17.6 37.1 25.3 17.0 20.3 52.2 53.9 -29.7 -8.6 42.7 Checkable dep. and currency 20
21 8.8 -10.3 7.2 -7.7 -1.2 2.9 8.3 32.9 -35.5 -10.6 24.0 Due to U.S. government 21
22 0.6 -.7 0.1 -.1 0.2 -.3 0.6 -.7 0.2 0.9 -.6 Due to rest of the world 22
23 19.8 28.7 29.8 33.1 18.0 17.7 43.3 21.8 5.6 1.1 19.3 Currency outside banks 23
24 1.1 -1.8 1.0 1.3 1.2 -7.3 7.3 -13.1 15.4 -4.6 -.9 Miscellaneous liabilities 24
25 0.2 0.4 0.3 0.3 0.3 0.3 0.4 0.1 0.4 0.2 0.3 Federal Reserve Bank stock 25
26 0.9 -2.2 0.6 1.1 1.0 -7.6 6.9 -13.2 15.0 -4.8 -1.2 Other 26
27 -1.0 0.4 -.5 -3.3 -3.4 0.2 -12.7 2.5 -2.6 -.7 -4.9 Discrepancy 27
(1) Assets and liabilities of Federal Reserve Banks and Treasury �
monetary accounts that supply or absorb bank reserves. Excludes �
the accounts of the Federal Reserve Board. �
---------------------------------------------------------------------------------------------------
F.111 Commercial Banking (2)
---------------------------------------------------------------------------------------------------
1 39.6 53.3 51.4 53.2 56.2 54.2 56.6 55.8 57.9 54.5 54.1 Gross saving 1
2 32.9 34.2 33.3 30.0 34.6 29.5 30.5 35.5 36.0 36.5 39.3 Fixed nonres. investment 2
3 103.4 181.8 237.7 232.3 338.9 281.6 410.9 471.0 242.5 231.2 173.5 Net acq. of financial assets 3
4 -.8 -.5 -.3 0.4 0.2 1.5 -.4 0.4 -.6 1.2 -.8 Checkable dep. and currency 4
5 105.1 115.2 162.6 156.8 273.8 204.0 330.7 350.9 252.6 161.2 146.0 Total bank credit 5
6 111.3 104.7 72.5 -26.5 26.9 -74.4 48.6 43.6 18.5 -3.1 -6.7 U.S. government securities 6
7 60.4 61.9 27.8 -32.1 -11.8 -73.1 28.1 -10.9 -40.1 -24.2 -21.8 Treasury 7
8 50.9 42.8 44.7 5.5 38.7 -1.3 20.5 54.6 58.6 21.1 15.1 Agency 8
9 -14.2 -5.7 1.7 -1.6 -4.2 -4.3 -8.9 -3.9 -4.3 0.2 -1.6 Municipal securities 9
10 7.6 -1.6 3.5 4.6 8.4 7.8 -6.1 6.4 24.1 9.1 -4.0 Corporate and fgn. bonds 10
11 -3.1 18.5 83.6 183.7 240.4 275.3 297.3 302.4 207.6 154.2 157.1 Total loans 11
12 31.9 19.2 47.2 65.4 77.0 95.5 109.3 92.1 73.0 33.5 56.5 Mortgages 12
13 -14.5 -6.9 34.2 63.2 44.5 78.6 39.1 49.7 49.7 39.4 11.6 Consumer credit 13
14 -29.1 -9.3 -8.5 62.2 114.5 78.1 157.6 123.7 92.1 84.5 69.0 Bank loans n.e.c. 14
15 -2.0 -1.4 -1.9 -1.5 -.1 2.5 -5.0 4.6 -1.0 0.9 1.7 Open market paper 15
16 10.6 16.9 12.7 -5.7 4.6 20.5 -3.8 32.3 -6.2 -4.2 18.4 Security credit 16
17 1.8 -.4 0.5 -1.9 0.3 -.1 0.5 1.3 0.5 -1.0 0.6 Mutual fund shares 17
18 1.7 -.4 0.9 -1.4 2.1 -.4 -.6 1.1 6.1 1.8 0.7 Corporate equities 18
19 -10.2 -3.6 -6.4 -2.4 -.6 -9.4 8.5 -.6 -3.1 -6.9 4.3 Cust. liab. on acceptances 19
20 1.0 -1.7 0.8 5.5 2.4 19.7 -16.2 4.5 -1.4 22.8 -14.7 Vault cash 20
21 -8.8 2.5 2.5 -3.5 -1.1 -9.2 -1.9 1.5 -14.7 10.8 -19.8 Reserves at Federal Reserve 21
22 17.0 70.0 78.4 75.5 64.1 75.0 90.3 114.3 9.7 42.2 58.4 Miscellaneous assets 22
23 113.3 185.0 241.7 255.4 303.2 258.5 370.9 371.6 233.3 237.1 124.6 Net increase in liabilities 23
24 37.6 92.8 74.1 -31.7 -45.7 -74.4 -7.3 59.4 -139.9 -94.9 -17.9 Checkable deposits 24
25 5.5 -5.9 12.1 -18.9 -4.7 -15.0 4.7 43.5 -32.3 -34.9 27.1 U.S. government 25
26 -2.0 2.3 -.4 4.4 0.6 9.5 -3.4 -1.4 5.6 1.7 0.4 Rest of the world 26
27 34.1 96.4 62.4 -17.2 -41.6 -69.0 -8.5 17.2 -113.2 -61.7 -45.5 Private domestic 27
28 78.9 2.7 -11.9 -1.1 113.8 7.6 19.5 151.1 136.2 148.3 197.0 Small time and savings dep. 28
29 -24.0 -66.8 -21.0 21.3 54.8 40.3 81.7 35.4 91.0 11.2 55.6 Large time deposits 29
30 -19.3 18.2 41.5 78.2 30.5 108.3 68.7 69.3 36.8 -52.8 -3.1 Fed. funds and security RPs 30
31 4.8 48.4 46.9 88.4 8.8 89.9 5.5 18.8 -26.9 37.8 -46.4 Net interbank claims 31
32 -1.5 3.0 -2.9 -1.5 0.7 -4.7 2.5 1.5 -.1 -1.0 -.7 To monetary authority 32
33 26.2 -4.9 4.2 -2.7 -3.1 -1.7 0.8 8.2 7.6 -29.1 12.4 To domestic banks (3) 33
34 -19.9 50.3 45.6 92.7 11.2 96.4 2.2 9.1 -34.4 67.9 -58.1 To foreign banks 34
35 0.9 4.3 1.9 1.8 2.5 2.2 0.6 4.9 1.6 2.8 3.2 Corporate equity issues 35
36 -13.2 10.0 13.4 20.1 22.5 20.1 22.6 39.1 37.0 -8.8 -30.6 Credit market instruments 36
37 4.2 14.5 7.2 7.7 18.5 25.8 19.0 27.2 21.1 6.7 -19.8 Corporate bonds 37
38 -20.1 -7.7 -2.5 3.1 -2.2 -12.7 6.2 -1.9 11.6 -24.8 6.2 Open market paper 38
39 2.7 3.2 8.6 9.3 6.2 7.0 -2.6 13.7 4.2 9.3 -16.9 Other loans and advances 39
40 * 0.2 0.5 0.7 0.9 0.8 0.8 0.9 1.0 1.0 1.1 Taxes payable 40
41 47.6 75.1 96.4 77.7 115.2 63.6 178.8 -7.3 96.5 192.6 -34.2 Miscellaneous liabilities 41
42 16.5 22.2 22.1 46.3 -14.1 1.6 -13.9 -79.0 12.7 24.0 -34.0 Discrepancy 42
43 80.8 95.3 142.2 163.4 266.3 174.5 343.1 315.6 248.9 157.7 130.7 Memo: Cred. mkt. funds adv.(4) 43
(2) U.S.-chartered commercial banks, foreign banking offices in U.S., �
bank holding companies, and banks in U.S.-affiliated areas. IBFs �
are excluded from domestic banking and treated the same as �
branches in foreign countries. �
(3) Floats and discrepancies in interbank deposits and loans. �
(4) Total bank credit (line 5) less security credit (line 16) �
less mutual fund shares (line 17) less corporate equities (line 18),�
plus customers' liability on acceptances (line 19). �
BILLIONS OF DOLLARS.
.Z.7, JUNE 13, 1996
Pension Funds Pension Funds
F.123-F.124 Pension Funds
SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES
------------------------------------------------------------------------------------------------------------------------------------
| 1994 | 1995 | 1996
1991 1992 1993 1994 1995 | IV | I II III IV | I
---------------------------------------------------------------------------------------------------
F.123 Private Pension Funds (1)
---------------------------------------------------------------------------------------------------
1 1.9 2.1 1.8 1.7 1.6 1.6 1.6 1.6 1.6 1.7 1.6 Gross saving 1
2 6.8 7.5 7.8 8.0 8.2 8.4 8.1 8.2 8.3 8.3 8.0 Fixed nonres. investment 2
3 67.5 76.4 76.7 80.9 91.7 95.7 113.0 121.5 49.0 83.3 80.0 Net acq. of financial assets 3
4 -.3 * -.1 -.1 -.1 -.1 -.1 -.1 -.1 -.1 -.1 Checkable dep. and currency 4
5 0.5 -22.4 -7.9 -6.6 -11.0 -10.4 -8.5 -2.8 -21.1 -11.7 -13.5 Time and savings deposits 5
6 5.4 2.1 6.6 10.2 -.3 10.4 -.5 -4.8 3.5 0.5 1.6 Security RPs 6
7 1.0 1.5 6.5 4.5 1.2 3.0 3.8 -4.6 5.5 0.3 -1.8 Money market fund shares 7
8 6.2 10.2 22.7 22.9 28.1 11.0 21.7 29.8 30.1 30.8 63.3 Mutual fund shares 8
9 4.7 32.3 9.2 -14.7 -.1 -1.7 19.5 15.0 -19.6 -15.5 -56.3 Corporate equities 9
10 35.4 41.1 45.9 47.0 61.3 74.7 58.9 57.2 50.5 78.5 77.8 Credit market instruments 10
11 20.6 19.0 16.0 13.4 27.0 31.3 27.6 27.6 19.2 33.5 32.4 U.S. government securities 11
12 13.8 12.9 10.9 9.5 17.4 20.8 18.5 17.6 12.5 20.9 19.9 Treasury 12
13 6.9 6.1 5.1 3.9 9.6 10.6 9.1 10.0 6.7 12.6 12.5 Agency 13
14 0.1 * * * 0.1 * 0.1 0.1 * 0.1 0.1 Municipal securities 14
15 15.5 23.7 22.7 22.3 33.6 31.1 30.8 33.3 27.4 42.8 41.4 Corporate and fgn. bonds 15
16 -6.2 -3.7 0.6 1.1 1.0 1.8 0.9 1.0 0.4 1.6 2.3 Mortgages 16
17 5.4 2.1 6.6 10.2 -.3 10.4 -.5 -4.8 3.5 0.5 1.6 Open market paper 17
18 14.7 11.7 -6.1 17.7 12.7 8.8 18.1 31.8 0.2 0.6 9.0 Miscellaneous assets 18
19 13.1 -13.9 -11.8 4.8 -6.4 -3.5 -2.6 -8.1 -7.6 -7.2 -13.9 Unallo. ins. contracts (2) 19
20 3.7 2.0 3.1 3.2 3.2 3.2 3.2 3.2 3.2 3.2 3.2 Pen. fund contr. receiv. 20
21 -2.2 23.5 2.6 9.7 15.9 9.2 17.6 36.7 4.6 4.6 19.7 Other 21
22 72.5 81.8 82.7 87.2 98.3 102.6 119.4 128.1 55.7 90.0 86.4 Pension fund reserves (liab.) 22
(1) Includes the Federal Employees' Retirement System Thrift Savings Plan. �
(2) Assets of private pension plans held at life insurance companies �
(e.g., GICs, variable annuities); series begins 1985:Q4. �
---------------------------------------------------------------------------------------------------
F.124 State and Local Government Employee Retirement Funds
---------------------------------------------------------------------------------------------------
1 53.8 52.7 50.6 61.8 61.0 71.7 59.4 59.3 64.6 60.9 60.0 Net acq. of financial assets 1
2 0.1 0.8 0.7 -.6 -2.1 -3.4 0.3 -4.0 1.7 -6.4 2.1 Checkable dep. and currency 2
3 0.1 -1.8 2.6 -3.0 -1.2 1.8 -2.7 -.8 -4.9 3.7 -5.2 Time and savings deposits 3
4 4.3 2.9 0.2 7.5 -1.5 11.6 2.9 9.0 -13.3 -4.5 11.5 Security RPs 4
5 29.4 16.7 48.0 18.0 38.3 -12.0 56.5 32.3 52.8 11.6 14.6 Corporate equities 5
6 41.1 23.0 19.8 29.0 21.4 36.6 62.4 3.2 6.8 13.2 87.3 Credit market instruments 6
7 18.8 0.8 11.5 15.9 24.6 14.5 36.2 -.3 24.5 37.9 27.1 U.S. government securities 7
8 13.7 4.5 15.9 8.3 8.0 -3.0 17.3 -11.0 23.5 2.1 15.4 Treasury 8
9 5.2 -3.7 -4.4 7.6 16.6 17.5 18.8 10.8 1.0 35.9 11.7 Agency 9
10 -.1 0.2 0.2 -.3 0.1 * -.1 -.1 0.1 0.7 * Municipal securities 10
11 17.2 19.5 9.8 5.3 -2.6 12.2 20.4 -6.7 -4.8 -19.1 43.1 Corporate and fgn. bonds 11
12 0.8 -.4 -1.9 0.7 0.7 0.7 0.8 0.6 0.8 0.8 0.8 Mortgages 12
13 4.3 2.9 0.2 7.5 -1.5 9.1 5.2 9.7 -13.7 -7.0 16.3 Open market paper 13
14 -21.2 11.1 -20.5 10.9 6.1 37.1 -59.9 19.6 21.5 43.3 -50.4 Miscellaneous assets 14
15 53.8 52.7 50.6 61.8 61.0 71.7 59.4 59.3 64.6 60.9 60.0 Net incr. in liab. (HH asset) 15
BILLIONS OF DOLLARS.
.Z.7, JUNE 13, 1996
Private Securities Private Securities
F.212-F.215 Private Securities
SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES
------------------------------------------------------------------------------------------------------------------------------------
| 1994 | 1995 | 1996
1991 1992 1993 1994 1995 | IV | I II III IV | I
---------------------------------------------------------------------------------------------------
F.212 Municipal Securities and Loans
---------------------------------------------------------------------------------------------------
1 87.8 30.5 74.8 -29.3 -41.3 -53.8 -45.8 -4.3 -107.4 -7.6 -6.4 Net change in liabilities 1
2 81.3 21.3 62.9 -42.3 -44.2 -67.2 -43.7 -9.6 -109.0 -14.3 -1.9 State and local governments 2
3 6.9 -1.1 1.8 -2.2 1.2 -.9 19.8 -5.9 -20.2 11.2 10.0 Short-term (1) 3
4 74.4 22.3 61.1 -40.2 -45.4 -66.3 -63.5 -3.7 -88.8 -25.5 -12.0 Long-term 4
5 7.7 9.3 11.9 14.5 5.9 15.0 5.3 8.1 3.7 6.4 3.3 Nonprofit organizations (2) 5
Nonfin. corporate business
6 -1.2 * -.1 -1.5 -2.9 -1.5 -7.4 -2.7 -2.0 0.4 -7.7 (industrial revenue bonds) 6
7 87.8 30.5 74.8 -29.3 -41.3 -53.8 -45.8 -4.3 -107.4 -7.6 -6.4 Net change in assets 7
8 38.9 -27.9 -24.0 -50.4 -45.1 -59.9 6.4 -31.2 -111.3 -44.4 -9.8 Household sector 8
9 20.1 1.0 8.9 4.7 -4.5 30.5 -21.2 4.4 4.6 -6.0 -11.6 Nonfin. corporate business 9
10 1.4 -.6 -.5 -2.8 -6.8 -4.6 -5.3 -6.3 -7.2 -8.1 -9.1 State and local governments 10
11 -.7 0.2 -.6 0.8 1.0 1.3 -2.5 -.9 2.0 5.5 -1.9 Govt.-spons. enterprises 11
12 -14.2 -5.7 1.7 -1.6 -4.2 -4.3 -8.9 -3.9 -4.3 0.2 -1.6 Commercial banking 12
13 -.6 -.4 0.1 -.1 * -.6 * * 0.1 -.2 * Savings institutions 13
14 -2.1 1.1 3.2 -1.9 -.1 1.0 -4.4 5.7 -1.8 0.2 1.6 Life insurance companies 14
15 -10.7 6.3 10.4 7.4 9.0 12.9 7.0 8.0 10.0 11.0 12.0 Other insurance companies 15
16 0.1 * * * 0.1 * 0.1 0.1 * 0.1 0.1 Private pension funds 16
17 -.1 0.2 0.2 -.3 0.1 * -.1 -.1 0.1 0.7 * St.&loc. govt.rtr.funds 17
18 27.2 28.7 42.9 -4.3 3.2 -38.9 -3.6 -2.6 2.8 16.2 5.0 Mutual funds 18
19 11.3 14.3 4.2 7.7 5.6 0.7 6.5 6.2 5.8 3.8 - Closed-end funds 19
20 6.6 5.4 9.6 7.8 14.3 -4.9 4.8 25.1 15.8 11.5 34.8 Money market mutual funds 20
21 1.6 1.9 5.8 -1.7 -2.7 12.2 -18.5 3.5 -9.6 13.7 -15.5 Brokers and dealers 21
22 9.2 6.1 12.9 5.3 -11.1 0.9 -6.0 -12.3 -14.2 -11.8 -10.3 Bank personal trusts 22
(1) Debt with original maturity of 13 months or less. �
(2) Liability of the households and nonprofit organizations sector (F.100 �
and L.100).
---------------------------------------------------------------------------------------------------
F.213 Corporate and Foreign Bonds
---------------------------------------------------------------------------------------------------
1 163.6 166.0 276.6 147.9 305.3 118.8 234.0 330.6 320.0 336.7 240.5 Net issues 1
2 78.8 67.6 75.2 23.3 73.3 6.2 53.0 98.4 59.8 82.0 58.9 Nonfin. corporate business 2
3 15.0 15.7 81.3 7.1 46.5 27.7 13.5 49.9 52.1 70.6 45.4 Rest of the world (3) 3
4 69.9 82.7 120.1 117.5 185.5 84.9 167.5 182.3 208.1 184.0 136.2 Financial sectors 4
5 4.2 14.5 7.2 7.7 18.5 25.8 19.0 27.2 21.1 6.7 -19.8 Commercial banking 5
6 6.9 11.7 13.6 20.0 24.4 -13.8 52.6 22.1 16.7 6.3 63.4 Funding corporations 6
7 -4.1 -3.2 -1.5 -.8 * -.5 -.1 0.2 * -.3 -.8 Savings institutions 7
8 12.2 6.1 9.7 29.0 49.7 27.0 77.6 39.8 31.0 50.5 26.7 Finance companies 8
9 0.1 1.0 0.3 2.0 2.1 0.6 2.1 2.1 2.1 2.3 2.3 REITs 9
10 3.7 2.7 12.0 0.5 -5.0 19.3 -29.5 -.1 2.1 7.7 -31.8 Brokers and dealers 10
11 46.7 49.9 78.7 59.0 95.7 26.4 45.9 91.0 135.0 110.7 96.3 ABS issuers 11
12 163.6 166.0 276.6 147.9 305.3 118.8 234.0 330.6 320.0 336.7 240.5 Net purchases 12
13 33.3 -6.6 42.7 2.0 82.1 1.9 70.7 35.2 145.7 76.9 -42.6 Household sector 13
14 - - 11.1 8.5 5.5 8.9 8.5 8.4 -14.1 19.1 -7.6 Govt.-spons. enterprises 14
15 16.2 18.1 30.5 38.7 57.1 34.8 58.1 52.4 57.3 60.5 70.5 Rest of the world (4) 15
16 7.6 -1.6 3.5 4.6 8.4 7.8 -6.1 6.4 24.1 9.1 -4.0 Commercial banking 16
17 - - 4.0 10.0 9.8 6.0 - 8.0 16.0 15.0 24.1 Funding corporations 17
18 -2.9 7.3 9.1 -2.4 -8.2 -23.7 -7.5 6.7 -6.8 -25.2 -11.8 Savings institutions 18
19 25.4 55.0 58.3 59.9 77.0 62.0 83.8 116.2 36.1 71.9 78.7 Life insurance companies 19
20 7.4 -1.2 3.3 7.2 6.0 7.2 6.6 6.4 5.4 5.4 4.4 Other insurance companies 20
21 15.5 23.7 22.7 22.3 33.6 31.1 30.8 33.3 27.4 42.8 41.4 Private pension funds 21
22 17.2 19.5 9.8 5.3 -2.6 12.2 20.4 -6.7 -4.8 -19.1 43.1 St.&loc. govt. rtr. funds 22
23 28.4 31.0 50.6 3.2 23.3 -17.1 0.8 29.9 27.6 34.7 39.1 Mutual funds 23
24 -1.6 2.2 4.4 -5.6 -1.7 -5.0 -3.1 -3.4 -.1 -.4 - Closed-end funds 24
25 1.8 2.5 5.4 3.4 6.4 2.4 -.1 6.4 8.3 10.8 12.4 Money market mutual funds 25
26 12.0 10.0 22.2 -8.7 12.0 -8.5 -26.7 34.7 1.7 38.3 -4.2 Brokers and dealers 26
27 3.4 6.2 -1.1 -.4 -3.1 -1.1 -2.3 -3.3 -3.6 -3.3 -3.0 Bank personal trusts 27
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F.214 Mutual Fund Shares
---------------------------------------------------------------------------------------------------
1 147.2 209.1 323.7 128.9 173.9 -12.6 78.5 173.3 195.3 248.6 290.9 Net issues 1
2 147.2 209.1 323.7 128.9 173.9 -12.6 78.5 173.3 195.3 248.6 290.9 Net purchases 2
3 113.6 148.3 237.7 104.1 146.5 -26.0 60.2 159.2 168.1 198.5 208.5 Household sector 3
4 2.4 5.0 6.8 2.1 4.2 2.1 3.0 3.0 3.0 7.9 5.0 Nonfin. corp. business 4
5 1.8 -.4 0.5 -1.9 0.3 -.1 0.5 1.3 0.5 -1.0 0.6 Commercial banking 5
6 1.2 1.5 0.1 -4.2 * -.3 * * - - - Credit unions 6
7 8.5 18.7 10.9 -16.5 6.1 -14.3 6.3 4.0 4.0 10.0 8.4 Life insurance companies 7
8 6.2 10.2 22.7 22.9 28.1 11.0 21.7 29.8 30.1 30.8 63.3 Private pension funds 8
9 13.5 25.8 44.9 22.3 -11.3 15.1 -13.1 -24.0 -10.4 2.4 5.2 Bank personal trusts 9
---------------------------------------------------------------------------------------------------
F.215 Corporate Equities (5)
---------------------------------------------------------------------------------------------------
1 62.2 85.8 118.4 21.9 -14.7 -68.5 -38.5 -16.6 0.7 -4.3 -17.6 Net issues 1
2 18.3 27.0 21.3 -44.9 -74.2 -118.0 -60.0 -71.3 -92.8 -72.8 -118.0 Nonfin. corporate business 2
3 30.7 30.7 60.5 42.7 47.2 33.2 12.8 37.0 83.9 55.3 89.0 Rest of the world (3) 3
4 13.3 28.1 36.6 24.1 12.3 16.3 8.7 17.7 9.7 13.3 11.5 Financial sectors 4
5 0.9 4.3 1.9 1.8 2.5 2.2 0.6 4.9 1.6 2.8 3.2 Commercial banking 5
6 1.9 5.5 7.4 6.5 7.2 6.5 7.2 7.2 7.2 7.2 7.2 Other insurance companies 6
7 14.6 18.2 13.0 0.9 3.5 -2.8 1.4 4.0 8.0 0.6 0.8 Closed-end funds 7
8 1.6 2.0 12.9 10.3 7.3 1.2 4.8 11.2 6.4 6.8 6.2 REITs 8
9 -5.7 -1.9 1.3 4.7 -8.1 9.1 -5.3 -9.6 -13.5 -4.1 -5.9 Brokers and dealers 9
10 62.2 85.8 118.4 21.9 -14.7 -68.5 -38.5 -16.6 0.7 -4.3 -17.6 Net purchases 10
11 -35.1 18.2 -64.6 -137.8 -160.7 -163.3 -160.8 -205.9 -170.7 -105.3 -178.8 Household sector 11
12 10.4 -5.8 20.6 0.5 15.8 -11.9 -15.3 21.4 18.8 38.3 14.7 Rest of the world (4) 12
13 1.7 -.4 0.9 -1.4 2.1 -.4 -.6 1.1 6.1 1.8 0.7 Commercial banking 13
14 -1.1 0.3 1.7 -1.8 0.7 -1.9 0.4 1.9 0.4 * 2.8 Savings institutions 14
15 9.5 2.7 31.8 63.3 12.2 58.3 5.7 0.2 23.6 19.2 19.6 Life insurance companies 15
16 -1.2 -.4 0.8 1.1 2.0 1.1 2.1 2.0 2.0 2.0 2.0 Other insurance companies 16
17 4.7 32.3 9.2 -14.7 -.1 -1.7 19.5 15.0 -19.6 -15.5 -56.3 Private pension funds 17
18 29.4 16.7 48.0 18.0 38.3 -12.0 56.5 32.3 52.8 11.6 14.6 St.&loc. govt. rtr. funds 18
19 48.5 59.8 115.3 100.8 87.4 58.3 75.1 118.2 113.2 43.2 229.1 Mutual funds 19
20 1.8 * 2.0 6.4 -2.3 7.3 -2.1 -2.4 -.4 -4.4 2.0 Closed-end funds 20
21 2.4 -.6 8.1 -3.4 7.7 1.0 1.2 0.9 4.7 24.2 -33.7 Brokers and dealers 21
22 -8.6 -37.0 -55.2 -9.3 -17.7 -3.4 -20.1 -1.2 -30.2 -19.4 -34.4 Bank personal trusts 22
(3) Net purchases of foreign issues by U.S. residents.�
(4) Net purchases of U.S. issues by foreign residents.�
(5) Excludes mutual fund shares shown above. �
BILLIONS OF DOLLARS.
.Z.7, JUNE 13, 1996
Credit Market Debt Credit Market Debt
L.2-L.4 Credit Market Debt
PERIOD-END LEVELS PERIOD-END LEVELS
------------------------------------------------------------------------------------------------------------------------------------
| 1995 | 1996
1988 1989 1990 1991 1992 1993 1994 | I II III IV | I
---------------------------------------------------------------------------------------------------
L.2 Credit Market Debt Owed by Nonfinancial Sectors
---------------------------------------------------------------------------------------------------
1 9439.1 10175.1 10873.6 11348.4 11894.5 12537.8 13163.0 13339.3 13548.4 13707.8 13895.9 14072.1 Domestic 1
2 2104.9 2251.2 2498.1 2776.4 3080.3 3336.5 3492.3 3557.9 3583.5 3603.4 3636.7 3717.2 U.S. government 2
3 2082.3 2227.0 2465.8 2757.8 3061.6 3309.9 3465.6 3531.5 3556.7 3576.5 3608.5 3689.6 Treasury securities 3
4 22.6 24.2 32.4 18.6 18.8 26.6 26.7 26.4 26.8 26.9 28.2 27.6 Budget agency secur.&mtgs. 4
5 7334.2 7923.8 8375.4 8572.0 8814.2 9201.3 9670.7 9781.4 9964.9 10104.4 10259.2 10354.9 Private, by transaction 5
6 1082.3 1135.2 1184.4 1272.2 1302.8 1377.5 1348.2 1335.4 1331.7 1309.9 1307.0 1304.1 Municipal securities 6
7 887.2 961.1 1008.2 1086.9 1154.5 1229.7 1253.0 1266.3 1290.9 1305.8 1326.3 1341.0 Corporate bonds 7
8 3239.4 3538.3 3799.4 3957.8 4088.7 4260.0 4454.4 4495.8 4563.2 4641.2 4691.8 4748.6 Mortgages 8
9 2187.2 2420.7 2676.2 2849.8 3037.4 3227.6 3430.0 3465.1 3524.4 3594.0 3634.7 3682.6 Home 9
10 272.6 285.2 288.4 282.8 272.5 267.8 269.1 269.8 273.3 276.8 280.2 284.1 Multifamily 10
11 696.6 752.0 755.9 745.9 698.1 683.4 672.3 677.6 681.6 686.1 692.4 696.7 Commercial 11
12 83.0 80.5 78.9 79.3 80.7 81.2 83.0 83.4 83.9 84.4 84.6 85.2 Farm 12
13 742.1 795.0 811.1 797.4 802.4 863.9 988.8 989.3 1029.7 1077.5 1131.7 1123.3 Consumer credit 13
14 690.2 726.5 726.9 686.0 672.2 676.0 749.0 782.8 810.6 825.6 852.0 861.9 Bank loans n.e.c. 14
15 85.7 107.1 116.9 98.5 107.1 117.8 139.2 149.8 162.9 163.3 157.4 173.2 Commercial paper 15
16 607.4 660.5 728.6 673.2 686.5 676.3 738.0 762.0 775.8 781.2 792.9 802.7 Other loans and advances 16
17 7334.2 7923.8 8375.4 8572.0 8814.2 9201.3 9670.7 9781.4 9964.9 10104.4 10259.2 10354.9 Private, by sector 17
18 3068.0 3346.5 3639.8 3823.1 4021.4 4272.9 4634.7 4676.5 4784.1 4908.0 5018.3 5063.2 Household sector 18
19 3370.8 3630.8 3742.5 3674.2 3696.8 3770.3 3921.1 4002.7 4084.0 4122.3 4171.8 4224.8 Nonfinancial business 19
20 133.7 134.4 135.4 135.0 136.3 138.3 141.2 138.9 142.8 144.9 143.2 140.9 Farm 20
21 1080.1 1149.4 1150.5 1137.3 1122.9 1129.9 1142.0 1154.5 1163.3 1170.4 1178.0 1185.0 Nonfarm noncorporate 21
22 2156.9 2347.0 2456.6 2401.9 2437.6 2502.0 2638.0 2709.2 2777.8 2807.0 2850.7 2898.9 Corporate 22
23 895.5 946.5 993.2 1074.8 1095.9 1158.2 1114.8 1102.2 1096.8 1074.1 1069.1 1066.9 State and local govts. 23
Foreign credit market debt
24 251.4 261.2 285.0 299.7 313.1 381.9 361.6 376.8 387.6 409.9 429.4 438.5 held in U.S. 24
25 89.2 94.1 115.4 130.5 146.2 227.4 234.6 237.9 250.4 263.4 281.1 292.4 Bonds 25
26 21.5 21.4 18.5 21.6 23.9 24.6 26.1 28.2 29.6 31.6 34.6 36.8 Bank loans n.e.c. 26
27 49.9 63.0 75.3 81.8 77.7 68.7 41.4 50.9 48.1 55.8 55.0 51.5 Commercial paper 27
28 90.7 82.7 75.7 65.9 65.3 61.1 59.6 59.8 59.5 59.0 58.7 57.8 Other loans and advances 28
29 9690.5 10436.3 11158.5 11648.1 12207.6 12919.7 13524.6 13716.1 13935.9 14117.7 14325.3 14510.7 Domestic and foreign 29
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L.3 Credit Market Debt Owed by Financial Sectors
---------------------------------------------------------------------------------------------------
1 2145.8 2399.3 2613.9 2769.4 3025.0 3321.5 3794.6 3861.4 3971.8 4093.9 4242.1 4317.1 By transaction 1
2 1098.4 1247.8 1418.4 1564.2 1720.0 1884.1 2172.7 2196.2 2247.1 2300.1 2377.8 2416.6 U.S. government-related 2
3 348.1 373.3 393.7 402.9 443.1 523.7 700.6 716.3 748.1 773.5 807.5 816.9 GSE securities 3
4 745.3 869.5 1019.9 1156.5 1272.0 1355.6 1472.1 1479.9 1499.0 1526.6 1570.3 1599.7 Mortgage pool securities 4
5 5.0 5.0 4.9 4.8 4.8 4.8 - - - - - - Loans from U.S. government 5
6 1047.4 1151.4 1195.5 1205.3 1305.1 1437.4 1621.9 1665.2 1724.7 1793.8 1864.3 1900.6 Private financial sectors 6
7 456.1 525.5 579.5 649.3 738.4 858.5 973.5 1012.3 1056.4 1110.2 1158.9 1189.6 Corporate bonds 7
8 3.4 3.7 4.3 4.8 5.4 8.9 18.7 20.0 21.3 22.6 24.0 25.4 Mortgages 8
9 51.4 64.9 69.6 78.4 80.5 67.6 55.3 53.4 58.4 60.3 58.3 59.1 Bank loans n.e.c. 9
10 377.7 409.1 417.7 385.7 394.3 393.5 442.8 454.1 462.8 473.6 488.1 492.8 Open market paper 10
11 158.8 148.3 124.4 87.1 86.6 108.9 131.6 125.4 125.7 127.0 135.0 133.6 Other loans and advances 11
12 2145.8 2399.3 2613.9 2769.4 3025.0 3321.5 3794.6 3861.4 3971.8 4093.9 4242.1 4317.1 By sector 12
13 353.1 378.3 398.5 407.7 447.9 528.5 700.6 716.3 748.1 773.5 807.5 816.9 Govt.-sponsored enterprises 13
14 745.3 869.5 1019.9 1156.5 1272.0 1355.6 1472.1 1479.9 1499.0 1526.6 1570.3 1599.7 Fed. related mortgage pools 14
15 1047.4 1151.4 1195.5 1205.3 1305.1 1437.4 1621.9 1665.2 1724.7 1793.8 1864.3 1900.6 Private financial sectors 15
16 83.1 82.1 83.0 72.3 80.0 84.6 94.5 95.0 99.9 102.0 102.6 100.5 Commercial banks 16
17 136.2 142.5 114.8 112.3 114.6 123.4 133.6 137.7 142.9 150.0 148.0 141.6 Bank holding companies 17
18 117.8 130.3 145.7 139.1 161.6 169.9 199.3 221.0 229.9 240.0 233.9 244.6 Funding corporations 18
19 186.0 171.0 140.1 95.4 88.4 99.6 112.4 107.7 105.9 107.2 115.0 117.8 Savings institutions 19
20 - - - - * 0.2 0.5 0.4 0.3 0.4 0.4 0.4 Credit unions 20
21 - - - - * 0.2 0.6 0.6 0.6 0.6 0.5 1.1 Life insurance companies 21
22 323.0 350.4 374.2 391.9 390.4 390.5 440.7 456.7 467.2 471.9 492.3 499.8 Finance companies 22
23 14.5 24.6 24.6 22.2 30.2 30.2 18.7 16.9 20.6 21.6 16.6 16.8 Mortgage companies 23
24 10.3 11.6 12.4 13.6 13.9 17.4 31.1 32.4 33.7 35.0 36.5 38.0 REITs 24
25 7.5 13.8 15.3 19.0 21.7 33.7 34.3 26.9 26.8 27.4 29.3 21.4 Brokers and dealers 25
26 169.0 225.1 285.4 339.5 404.3 487.6 556.1 570.0 596.8 637.8 689.1 718.8 ABS issuers 26
---------------------------------------------------------------------------------------------------
L.4 Credit Market Debt, All Sectors, by Transaction
---------------------------------------------------------------------------------------------------
1 11836.2 12835.5 13772.4 14417.5 15232.6 16241.2 17319.2 17577.5 17907.8 18211.5 18567.4 18827.8 Total 1
2 3198.3 3494.1 3911.7 4335.7 4795.5 5215.8 5665.0 5754.1 5830.6 5903.5 6014.6 6133.8 U.S. government securities 2
3 1082.3 1135.2 1184.4 1272.2 1302.8 1377.5 1348.2 1335.4 1331.7 1309.9 1307.0 1304.1 Municipal securities 3
4 1432.6 1580.6 1703.1 1866.7 2039.0 2315.6 2461.0 2516.5 2597.7 2679.5 2766.3 2823.1 Corporate and foreign bonds 4
5 3242.8 3542.1 3803.7 3962.6 4094.1 4269.0 4473.1 4515.9 4584.6 4663.9 4715.9 4774.0 Mortgages 5
6 742.1 795.0 811.1 797.4 802.4 863.9 988.8 989.3 1029.7 1077.5 1131.7 1123.3 Consumer credit 6
7 763.1 812.7 815.0 785.9 776.6 768.2 830.4 864.4 898.6 917.4 944.9 957.8 Bank loans n.e.c. 7
8 513.4 579.2 609.9 565.9 579.0 580.0 623.5 654.7 673.8 692.7 700.4 717.6 Open market paper 8
9 861.8 896.6 933.5 831.0 843.1 851.1 929.1 947.2 961.0 967.1 986.6 994.2 Other loans and advances 9
---------------------------------------------------------------------------------------------------
Memo:
Selected claims not included above:
10 118.3 133.9 137.4 188.9 217.7 279.0 279.0 269.5 277.9 286.2 305.6 318.3 Security credit 10
11 834.0 891.4 927.2 948.3 995.1 1049.4 1160.5 1159.8 1174.2 1217.3 1266.5 1269.7 Trade credit 11
12 500.5 589.6 608.4 769.5 992.5 1375.4 1477.3 1553.3 1661.0 1782.0 1852.8 2004.8 Mutual fund shares 12
13 3098.9 3809.7 3530.2 4863.6 5462.9 6278.5 6293.4 6835.8 7393.0 8013.8 8345.4 8820.5 Corporate equities 13
BILLIONS OF DOLLARS.
.Z.7, JUNE 13, 1996
Total Claims Total Claims
L.6-L.7 Total Claims
PERIOD-END LEVELS PERIOD-END LEVELS
------------------------------------------------------------------------------------------------------------------------------------
| 1995 | 1996
1988 1989 1990 1991 1992 1993 1994 | I II III IV | I
---------------------------------------------------------------------------------------------------
L.6 Credit Market Debt Outstanding (1)
---------------------------------------------------------------------------------------------------
1 11836.2 12835.5 13772.4 14417.5 15232.6 16241.2 17319.2 17577.5 17907.8 18211.5 18567.4 18827.8 Tot. cred. mkt. debt owed by: 1
2 9439.1 10175.1 10873.6 11348.4 11894.5 12537.8 13163.0 13339.3 13548.4 13707.8 13895.9 14072.1 Domestic nonfinan. sectors 2
3 2104.9 2251.2 2498.1 2776.4 3080.3 3336.5 3492.3 3557.9 3583.5 3603.4 3636.7 3717.2 U.S. government 3
4 7334.2 7923.8 8375.4 8572.0 8814.2 9201.3 9670.7 9781.4 9964.9 10104.4 10259.2 10354.9 Private domestic 4
5 3068.0 3346.5 3639.8 3823.1 4021.4 4272.9 4634.7 4676.5 4784.1 4908.0 5018.3 5063.2 Household sector 5
6 133.7 134.4 135.4 135.0 136.3 138.3 141.2 138.9 142.8 144.9 143.2 140.9 Farm business 6
7 1080.1 1149.4 1150.5 1137.3 1122.9 1129.9 1142.0 1154.5 1163.3 1170.4 1178.0 1185.0 Nonfarm noncorp. bus. 7
8 2156.9 2347.0 2456.6 2401.9 2437.6 2502.0 2638.0 2709.2 2777.8 2807.0 2850.7 2898.9 Nonfin. corporate bus. 8
9 895.5 946.5 993.2 1074.8 1095.9 1158.2 1114.8 1102.2 1096.8 1074.1 1069.1 1066.9 State&local governments 9
10 251.4 261.2 285.0 299.7 313.1 381.9 361.6 376.8 387.6 409.9 429.4 438.5 Rest of the world 10
11 2145.8 2399.3 2613.9 2769.4 3025.0 3321.5 3794.6 3861.4 3971.8 4093.9 4242.1 4317.1 Financial sectors 11
12 353.1 378.3 398.5 407.7 447.9 528.5 700.6 716.3 748.1 773.5 807.5 816.9 Govt.-spons. enterprises 12
13 745.3 869.5 1019.9 1156.5 1272.0 1355.6 1472.1 1479.9 1499.0 1526.6 1570.3 1599.7 Fed. rel. mortgage pools 13
14 83.1 82.1 83.0 72.3 80.0 84.6 94.5 95.0 99.9 102.0 102.6 100.5 Commercial banks 14
15 136.2 142.5 114.8 112.3 114.6 123.4 133.6 137.7 142.9 150.0 148.0 141.6 Bank holding companies 15
16 117.8 130.3 145.7 139.1 161.6 169.9 199.3 221.0 229.9 240.0 233.9 244.6 Funding corporations 16
17 186.0 171.0 140.1 95.4 88.4 99.9 112.9 108.1 106.2 107.5 115.4 118.1 Thrift institutions 17
18 - - - - * 0.2 0.6 0.6 0.6 0.6 0.5 1.1 Life insurance companies 18
19 323.0 350.4 374.2 391.9 390.4 390.5 440.7 456.7 467.2 471.9 492.3 499.8 Finance companies 19
20 14.5 24.6 24.6 22.2 30.2 30.2 18.7 16.9 20.6 21.6 16.6 16.8 Mortgage companies 20
21 10.3 11.6 12.4 13.6 13.9 17.4 31.1 32.4 33.7 35.0 36.5 38.0 REITs 21
22 7.5 13.8 15.3 19.0 21.7 33.7 34.3 26.9 26.8 27.4 29.3 21.4 Brokers and dealers 22
23 169.0 225.1 285.4 339.5 404.3 487.6 556.1 570.0 596.8 637.8 689.1 718.8 ABS issuers 23
24 11836.2 12835.5 13772.4 14417.5 15232.6 16241.2 17319.2 17577.5 17907.8 18211.5 18567.4 18827.8 Tot. cred.mkt. assets held by: 24
25 2059.4 2219.7 2436.9 2591.6 2671.6 2730.1 3019.3 2984.8 2935.1 2942.2 2930.4 2858.6 Private dom. nonfin. sectors 25
26 1160.6 1266.9 1466.2 1544.6 1618.5 1658.9 1993.9 2013.6 1974.3 2048.3 2041.3 2001.8 Household sector 26
27 58.2 47.1 43.6 38.3 38.1 38.8 39.5 39.6 39.9 40.2 40.4 40.7 Nonfarm noncorp. business 27
28 193.5 225.5 199.4 230.0 257.8 271.5 319.7 291.0 302.8 290.4 316.1 306.6 Nonfin. corporate business 28
29 647.2 680.2 727.8 778.7 757.2 760.8 666.3 640.6 618.1 563.4 532.5 509.4 State & local governments 29
30 213.8 205.5 239.0 246.9 235.0 230.7 206.5 203.2 197.1 191.2 185.2 179.0 U.S. government 30
31 698.3 816.2 902.4 928.8 1022.8 1146.6 1255.7 1324.4 1402.6 1493.1 1527.5 1617.8 Rest of the world 31
32 8864.7 9594.2 10194.1 10650.3 11303.2 12133.8 12837.7 13065.2 13372.9 13585.1 13924.3 14172.5 Financial sectors 32
33 364.1 359.9 373.9 389.0 457.8 548.0 667.1 673.5 698.6 714.0 761.8 771.7 Govt.-spons. enterprises 33
34 745.3 869.5 1019.9 1156.5 1272.0 1355.6 1472.1 1479.9 1499.0 1526.6 1570.3 1599.7 Fed. rel. mortgage pools 34
35 240.6 233.3 241.4 272.5 300.4 336.7 368.2 367.1 375.7 370.6 380.8 379.6 Monetary authority 35
36 2479.5 2647.4 2772.5 2853.3 2948.6 3090.8 3254.3 3327.8 3409.8 3474.2 3520.6 3541.4 Commercial banking 36
37 2235.0 2371.9 2466.7 2502.5 2571.9 2721.5 2869.6 2906.5 2963.7 3023.7 3056.1 3068.8 U.S. commercial banks 37
38 215.6 242.3 270.8 319.2 335.8 326.0 337.1 373.6 396.0 401.1 412.6 422.3 Fgn. banking off. in US 38
39 13.4 16.2 13.4 11.9 17.5 17.5 18.4 18.0 19.3 16.9 18.0 16.7 Bank holding companies 39
40 15.5 17.1 21.6 19.7 23.4 25.8 29.2 29.8 30.8 32.5 33.8 33.6 Banks in U.S.-aff. areas 40
41 130.7 135.7 136.6 144.8 162.5 149.2 129.5 140.8 137.4 143.1 138.3 174.9 Funding corporations 41
42 1558.1 1472.0 1343.1 1192.6 1134.5 1132.7 1167.6 1173.4 1177.4 1188.9 1176.3 1174.6 Thrift institutions 42
43 927.2 1028.3 1134.5 1224.6 1309.1 1420.6 1487.0 1523.1 1557.1 1575.5 1585.7 1619.2 Life insurance cos. 43
44 287.9 317.5 344.0 376.6 389.4 422.7 446.4 451.8 458.5 464.4 471.9 478.1 Other insurance cos. 44
45 380.6 441.2 495.1 530.6 571.7 617.6 664.6 679.3 693.6 706.2 725.9 745.3 Private pension funds 45
46 342.8 389.3 422.1 394.5 417.5 437.3 466.3 480.7 482.1 481.8 487.7 508.2 St.&loc.govt. rtr. funds 46
47 448.0 468.6 498.1 488.9 496.4 482.8 551.0 568.5 586.9 594.7 614.6 623.3 Finance companies 47
48 29.0 49.2 49.2 60.3 60.5 60.4 37.5 33.9 41.4 43.2 34.1 34.5 Mortgage companies 48
49 304.5 327.2 360.1 440.2 566.4 725.9 718.8 719.3 724.8 739.2 771.3 791.7 Mutual funds 49
50 28.8 35.4 36.7 49.5 67.7 78.6 73.1 74.0 75.6 77.7 78.9 78.6 Closed-end funds 50
51 225.5 293.7 371.3 403.9 408.6 429.0 459.0 480.6 508.0 505.7 545.5 595.6 Money mkt. mutual funds 51
52 8.7 8.4 7.7 7.0 8.1 8.6 13.3 13.8 14.2 14.7 15.1 15.6 REITs 52
53 23.5 103.7 106.5 124.0 122.7 137.5 93.3 101.0 137.5 137.0 183.4 158.2 Brokers and dealers 53
54 162.2 216.4 268.0 318.0 378.0 458.8 520.7 531.5 555.2 593.2 632.9 657.6 ABS issuers 54
55 177.8 197.5 213.4 223.5 231.5 240.9 248.0 245.3 240.2 234.2 229.2 224.7 Bank personal trusts 55
(1) Excludes corporate equities and mutual fund shares.�
---------------------------------------------------------------------------------------------------
L.7 Total Liabilities and Their Relation to Total Financial Assets
---------------------------------------------------------------------------------------------------
Total credit mkt. debt
1 11836.2 12835.5 13772.4 14417.5 15232.6 16241.2 17319.2 17577.5 17907.8 18211.5 18567.4 18827.8 (from preceding table) 1
Other liabilities:
2 27.1 53.6 61.3 55.4 51.8 53.4 53.2 64.1 67.1 65.1 63.7 62.1 Official foreign exchange 2
3 5.0 8.5 10.0 10.0 8.0 8.0 8.0 8.0 8.0 10.2 10.2 10.2 SDR certificates 3
4 14.7 15.3 16.3 16.3 16.5 17.0 17.6 17.8 18.0 18.2 18.2 18.2 Treasury currency 4
5 325.5 354.3 380.0 405.7 433.0 468.2 502.2 515.7 528.1 535.6 552.1 566.1 Life insurance reserves 5
6 2658.5 3152.1 3306.4 3655.4 4055.1 4471.6 4693.9 4895.7 5095.4 5318.1 5499.6 5745.6 Pension fund reserves 6
7 77.1 62.5 94.9 96.4 138.5 189.3 280.0 273.0 265.9 267.4 290.7 266.2 Interbank claims 7
8 4549.8 4877.5 4994.2 5024.3 5050.2 5154.9 5296.0 5389.5 5572.4 5615.3 5704.4 5799.1 Deposits at financial insts. 8
9 884.6 891.0 934.6 1020.9 1134.4 1251.7 1242.0 1193.9 1246.3 1200.4 1229.5 1183.8 Checkable deposits & curr. 9
10 2187.8 2285.5 2349.2 2350.7 2293.5 2223.2 2183.3 2200.1 2222.4 2255.6 2279.7 2336.4 Small time & savings dep. 10
11 595.1 613.0 546.9 488.4 415.2 391.7 411.2 441.1 456.2 477.4 476.9 490.6 Large time deposits 11
12 335.0 424.7 493.3 535.0 539.5 559.6 602.9 634.0 678.5 702.7 745.3 816.9 Money market fund shares 12
13 318.7 396.5 372.3 355.8 399.9 471.1 549.4 603.4 629.3 655.6 660.1 666.5 Security RPs 13
14 228.7 266.8 297.9 273.5 267.7 257.6 307.1 316.9 339.6 323.6 312.9 304.9 Foreign deposits 14
15 500.5 589.6 608.4 769.5 992.5 1375.4 1477.3 1553.3 1661.0 1782.0 1852.8 2004.8 Mutual fund shares 15
16 118.3 133.9 137.4 188.9 217.7 279.0 279.0 269.5 277.9 286.2 305.6 318.3 Security credit 16
17 834.0 891.4 927.2 948.3 995.1 1049.4 1160.5 1159.8 1174.2 1217.3 1266.5 1269.7 Trade payables 17
18 79.8 82.2 77.4 70.0 79.7 84.9 88.0 94.3 89.2 91.9 89.3 94.2 Taxes payable 18
19 470.3 541.4 551.7 639.3 660.6 691.3 699.4 719.7 739.7 758.6 767.4 781.6 Inv. in bank personal trusts 19
20 3640.2 3974.3 4133.6 4444.6 4785.2 5165.2 5397.3 5459.7 5537.2 5626.9 5769.9 5836.4 Miscellaneous 20
21 25137.2 27572.1 29071.2 30741.7 32716.4 35248.7 37271.6 37997.6 38941.9 39804.3 40757.9 41600.4 Total liabilities above 21
+ Financial assets not
included in borrowing
22 20.7 21.0 22.0 22.3 19.6 20.1 21.1 22.7 22.9 22.1 22.1 22.1 Gold and SDRs 22
23 3098.9 3809.7 3530.2 4863.6 5462.9 6278.5 6293.4 6835.8 7393.0 8013.8 8345.4 8820.5 Corporate equities 23
24 2543.4 2668.9 2628.6 2521.0 2458.3 2476.3 2564.6 2576.7 2607.0 2619.3 2657.7 2669.9 HH equity in noncorp. bus. 24
- Floats not incl. in assets
25 5.9 6.1 15.0 3.8 6.8 5.6 3.4 4.2 2.0 0.6 3.1 * Check. dep.: U.S. govt. 25
26 29.6 27.5 35.9 40.4 42.0 40.7 38.0 33.3 35.7 27.3 34.2 29.6 Other 26
27 -277.3 -279.4 -290.5 -263.1 -251.1 -251.4 -260.1 -297.1 -315.8 -331.3 -274.9 -356.1 Trade credit 27
- Liabs. not identified as assets
28 -4.1 -4.3 -4.1 -4.7 -4.9 -5.1 -5.4 -5.4 -5.5 -5.6 -5.8 -6.0 Treasury currency 28
29 -28.5 -31.0 -32.0 -4.2 -9.3 -4.7 -6.5 -2.7 -2.9 0.1 -9.0 -2.5 Interbank claims 29
30 57.3 75.0 48.0 38.4 43.0 77.3 108.8 132.9 114.5 136.4 119.8 108.7 Security RPs 30
31 168.4 215.6 244.6 222.6 217.6 218.4 258.7 270.1 290.5 267.1 257.2 246.8 Foreign deposits 31
32 21.4 21.0 17.8 16.6 25.2 26.8 25.0 10.0 25.6 28.7 33.7 13.5 Taxes payable 32
33 -461.6 -627.3 -627.1 -638.2 -514.5 -667.2 -830.5 -892.2 -878.5 -884.9 -859.2 -896.0 Miscellaneous 33
Totals identified to sectors
34 31289.0 34668.5 35844.4 38737.0 41102.3 44583.2 46819.3 48179.7 49699.2 51221.1 52483.9 53975.0 as assets 34
BILLIONS OF DOLLARS.
.Z.7, JUNE 13, 1996
Household sector Household sector
L.100 Households and Nonprofit Organizations (1)
PERIOD-END LEVELS PERIOD-END LEVELS
------------------------------------------------------------------------------------------------------------------------------------
| 1995 | 1996
1988 1989 1990 1991 1992 1993 1994 | I II III IV | I
---------------------------------------------------------------------------------------------------
1 12535.1 13914.5 14202.1 15696.5 16571.7 17746.1 18442.3 19122.8 19767.2 20549.5 21095.9 21763.1 Total financial assets 1
2 3113.3 3272.9 3350.6 3363.3 3359.1 3329.6 3347.0 3408.0 3466.0 3500.0 3567.0 3658.3 Deposits 2
3 498.8 494.2 494.5 550.9 661.3 733.5 741.1 732.8 725.0 697.4 712.5 695.6 Checkable dep. and curr. 3
4 2342.0 2428.8 2477.8 2423.7 2349.4 2241.2 2234.1 2279.7 2315.4 2358.5 2384.2 2439.4 Time and savings deposits 4
5 261.8 338.0 364.9 374.1 332.8 338.6 352.2 375.3 403.8 421.9 447.5 500.4 Money market fund shares 5
6 10.7 11.9 13.4 14.6 15.6 16.4 19.7 20.3 21.7 22.2 22.7 22.8 Foreign deposits 6
7 1160.6 1266.9 1466.2 1544.6 1618.5 1658.9 1993.9 2013.6 1974.3 2048.3 2041.3 2001.8 Credit market instruments 7
8 346.0 368.2 470.7 444.6 549.9 554.1 925.9 942.1 896.4 940.2 931.4 919.0 U.S. govt. securities 8
9 317.5 324.6 397.7 382.0 456.9 480.4 727.2 745.8 719.2 744.0 740.8 741.1 Treasury 9
10 109.6 117.7 126.2 138.1 157.3 171.9 179.9 181.4 182.6 183.5 185.0 185.8 Savings bonds 10
11 207.9 206.9 271.5 243.9 299.7 308.5 547.3 564.4 536.7 560.4 555.8 555.3 Other Treasury 11
12 28.6 43.5 72.9 62.6 93.0 73.7 198.6 196.3 177.2 196.2 190.5 177.9 Agency 12
13 524.4 546.0 572.1 610.4 581.2 555.6 505.0 500.4 494.4 473.2 459.0 450.6 Municipal securities 13
14 132.2 167.9 213.8 301.8 295.7 337.7 337.4 353.3 359.8 399.9 418.6 405.8 Corporate and fgn. bonds 14
15 90.7 127.9 146.5 154.6 161.7 181.4 190.6 191.8 194.2 197.0 197.1 198.5 Mortgages 15
16 67.3 56.9 63.2 33.3 29.9 30.0 35.0 26.0 29.5 38.0 35.3 27.9 Open market paper 16
17 401.6 469.9 471.9 593.3 741.0 998.4 1058.9 1093.0 1156.3 1224.9 1264.7 1364.6 Mutual fund shares 17
18 1629.7 1928.6 1760.0 2652.7 2918.9 3285.4 3198.8 3507.7 3801.0 4134.5 4312.5 4523.0 Corporate equities 18
19 325.5 354.3 380.0 405.7 433.0 468.2 502.2 515.7 528.1 535.6 552.1 566.1 Life insurance reserves 19
20 2658.5 3152.1 3306.4 3655.4 4055.1 4471.6 4693.9 4895.7 5095.4 5318.1 5499.6 5745.6 Pension fund reserves 20
21 470.3 541.4 551.7 639.3 660.6 691.3 699.4 719.7 739.7 758.6 767.4 781.6 Inv. in bank pers. trusts 21
22 2543.4 2668.9 2628.6 2521.0 2458.3 2476.3 2564.6 2576.7 2607.0 2619.3 2657.7 2669.9 Equity in noncorp. business 22
23 40.9 53.2 62.4 87.0 76.2 102.3 109.0 112.9 113.2 114.9 127.6 134.9 Security credit 23
24 191.3 206.2 224.4 234.1 251.0 264.1 274.7 279.6 286.2 295.3 306.0 317.2 Miscellaneous assets 24
25 3168.5 3463.0 3764.0 3971.6 4173.1 4453.1 4820.1 4857.8 4966.4 5100.5 5213.7 5268.4 Total liabilities 25
26 3068.0 3346.5 3639.8 3823.1 4021.4 4272.9 4634.7 4676.5 4784.1 4908.0 5018.3 5063.2 Credit market instruments 26
27 2032.9 2236.9 2490.8 2654.4 2815.5 2970.0 3164.6 3197.6 3256.5 3326.4 3368.4 3418.6 Home mortgages 27
28 742.1 795.0 811.1 797.4 802.4 863.9 988.8 989.3 1029.7 1077.5 1131.7 1123.3 Consumer credit 28
29 79.5 81.9 85.8 93.5 102.7 114.7 129.2 130.5 132.5 133.5 135.0 135.9 Municipal debt 29
30 104.7 123.7 139.1 158.9 169.8 179.1 188.4 191.6 193.9 196.5 195.5 198.4 Commercial mortgages 30
31 20.1 18.6 12.1 8.7 11.5 18.6 29.2 31.4 33.3 34.2 45.2 43.6 Bank loans n.e.c. 31
32 88.8 90.3 100.8 110.1 119.4 126.5 134.7 136.1 138.2 140.0 142.4 143.4 Other loans and advances 32
33 43.5 42.5 38.8 55.1 53.5 76.1 75.1 69.4 68.7 77.4 78.6 86.8 Security credit 33
34 41.5 57.6 68.9 77.7 82.5 87.5 92.8 94.2 95.6 97.0 98.4 99.9 Trade payables 34
Deferred and unpaid
35 15.5 16.4 16.5 15.7 15.8 16.6 17.5 17.8 18.0 18.2 18.4 18.6 life insurance premiums 35
(1) Supplementary tables (F.100.a and L.100.a) at the end of the release �
show estimates of annual flows and year-end outstandings of nonprofit�
organizations. �
BILLIONS OF DOLLARS.
.Z.7, JUNE 13, 1996
Nonfinancial Business Nonfinancial Business
L.101-L.103 Nonfinancial Business
PERIOD-END LEVELS PERIOD-END LEVELS
------------------------------------------------------------------------------------------------------------------------------------
| 1995 | 1996
1988 1989 1990 1991 1992 1993 1994 | I II III IV | I
---------------------------------------------------------------------------------------------------
L.101 All Nonfinancial Business
---------------------------------------------------------------------------------------------------
1 3808.0 4062.2 4167.6 4292.9 4477.6 4851.1 5146.5 5174.3 5285.0 5361.8 5500.2 5583.8 Total financial assets 1
2 216.6 236.6 251.4 268.9 282.6 300.8 309.7 291.7 301.6 312.6 329.2 313.0 Checkable dep. and currency 2
3 143.6 141.0 124.4 117.7 100.5 124.0 122.8 112.6 119.5 121.3 123.2 127.6 Time and savings deposits 3
4 19.1 19.9 30.0 35.1 51.0 48.6 56.1 57.9 72.6 77.0 87.1 95.2 Money mkt. fund shares 4
5 5.0 2.8 2.1 1.6 5.1 2.5 2.2 3.7 8.9 3.7 2.4 3.0 Security RPs 5
6 20.2 13.3 13.2 15.0 14.3 12.9 13.1 11.6 12.0 13.2 13.3 14.0 Foreign deposits 6
7 251.6 272.6 242.9 268.3 296.0 310.3 359.1 330.6 342.7 330.5 356.6 347.4 Credit market instruments 7
8 10.6 11.7 9.7 14.8 21.1 29.8 31.1 34.5 38.1 42.0 47.8 49.8 Mutual fund shares 8
9 984.1 1033.1 1065.0 1058.1 1092.8 1142.7 1254.4 1286.2 1314.4 1368.7 1346.6 1422.4 Trade receivables 9
10 2157.1 2331.3 2428.8 2513.4 2614.3 2879.6 2998.0 3045.6 3075.1 3092.8 3194.1 3211.4 Miscellaneous assets 10
11 5579.8 6011.8 6197.9 6297.8 6580.3 6874.7 7129.6 7190.4 7312.1 7410.4 7515.8 7602.4 Total liabilities 11
12 3370.8 3630.8 3742.5 3674.2 3696.8 3770.3 3921.1 4002.7 4084.0 4122.3 4171.8 4224.8 Credit market instruments 12
13 116.4 115.5 115.2 114.0 114.0 113.9 112.4 110.6 109.9 109.4 109.5 107.6 Municipal debt 13
14 887.2 961.1 1008.2 1086.9 1154.5 1229.7 1253.0 1266.3 1290.9 1305.8 1326.3 1341.0 Corporate bonds 14
15 1101.8 1177.7 1169.4 1144.4 1103.3 1110.9 1101.4 1106.7 1112.9 1118.4 1127.9 1131.6 Mortgages 15
16 670.1 707.9 714.7 677.2 660.8 657.4 719.8 751.4 777.3 791.4 806.8 818.3 Bank loans n.e.c. 16
17 85.7 107.1 116.9 98.5 107.1 117.8 139.2 149.8 162.9 163.3 157.4 173.2 Commercial paper 17
18 509.6 561.5 618.1 553.1 557.2 540.5 595.2 618.0 630.1 634.1 643.9 653.1 Other loans and advances 18
19 641.1 668.9 699.0 722.1 762.6 802.6 898.1 893.4 901.4 936.8 980.6 976.6 Trade payables 19
20 76.4 77.9 73.5 65.8 73.7 76.4 79.5 85.2 79.9 82.1 79.6 84.3 Taxes payable 20
21 1491.5 1634.2 1682.9 1835.8 2047.2 2225.4 2230.8 2209.1 2246.8 2269.1 2283.9 2316.7 Miscellaneous liabilities 21
---------------------------------------------------------------------------------------------------
L.102 Farm Business (1)
---------------------------------------------------------------------------------------------------
1 42.8 45.0 47.4 49.6 53.4 56.6 60.2 61.2 62.3 63.4 64.6 65.8 Total financial assets 1
2 10.4 10.5 10.9 11.8 13.6 15.3 17.0 17.4 17.8 18.2 18.6 19.0 Checkable dep. and currency 2
3 32.4 34.5 36.6 37.8 39.8 41.3 43.3 43.9 44.5 45.2 46.0 46.8 Miscellaneous assets 3
4 29.4 32.4 34.6 35.6 37.7 39.1 41.1 41.7 42.3 43.1 43.8 44.6 Insurance receivables 4
5 3.0 2.2 2.0 2.2 2.1 2.2 2.2 2.2 2.2 2.1 2.2 2.1 Equity in GSEs (2) 5
6 145.5 146.6 148.2 147.9 149.5 152.5 156.3 154.0 159.1 161.8 159.3 156.2 Total liabilities 6
7 133.7 134.4 135.4 135.0 136.3 138.3 141.2 138.9 142.8 144.9 143.2 140.9 Credit market instruments 7
8 83.0 80.5 78.9 79.3 80.7 81.2 83.0 83.4 83.9 84.4 84.6 85.2 Mortgages 8
9 29.8 30.8 32.9 34.6 34.7 36.8 38.7 36.9 40.0 41.5 39.7 37.6 Bank loans n.e.c. 9
10 21.0 23.1 23.6 21.1 20.9 20.3 19.5 18.6 19.0 19.0 18.8 18.1 Other loans and advances 10
11 11.8 12.3 12.7 13.0 13.2 14.2 15.2 15.0 16.3 16.9 16.2 15.3 Trade payables 11
(1) Includes corporate and noncorporate farms.�
---------------------------------------------------------------------------------------------------
L.103 Nonfarm Noncorporate Business
---------------------------------------------------------------------------------------------------
1 479.5 498.1 485.8 479.1 492.4 505.5 519.1 523.0 527.1 531.4 535.8 540.4 Total financial assets 1
2 71.3 75.1 73.7 74.6 79.6 82.4 85.3 86.2 87.1 88.1 89.1 90.1 Checkable dep. and currency 2
3 44.8 51.4 51.1 50.9 48.7 49.9 51.3 51.7 52.1 52.6 53.1 53.6 Time and savings deposits 3
4 3.5 3.7 3.6 3.6 3.6 3.8 3.9 4.0 4.0 4.0 4.1 4.1 Money market fund shares 4
5 10.3 11.9 12.5 12.2 13.0 13.6 14.2 14.3 14.5 14.7 14.9 15.1 Treasury securities 5
6 - - - - - - - - - - - - Consumer credit 6
7 47.8 35.1 31.1 26.0 25.2 25.2 25.3 25.3 25.4 25.5 25.6 25.7 Mortgages 7
8 88.3 95.1 97.8 96.7 103.8 107.6 111.6 112.8 114.0 115.2 116.6 118.0 Trade receivables 8
9 213.5 225.8 215.9 215.0 218.7 223.0 227.5 228.8 230.1 231.3 232.6 233.8 Miscellaneous assets 9
10 39.1 43.3 38.6 42.4 39.9 40.8 41.6 41.8 42.1 42.3 42.6 42.8 Insurance receivables 10
11 0.7 0.8 0.6 0.6 0.6 0.8 0.9 1.0 1.0 1.0 1.0 1.0 Equity in GSEs (2) 11
12 173.7 181.7 176.8 172.0 178.1 181.5 185.0 186.0 187.0 188.0 189.0 190.0 Other 12
13 1242.6 1332.4 1320.3 1320.1 1321.1 1333.5 1353.4 1366.5 1377.8 1387.6 1398.2 1408.5 Total liabilities 13
14 1080.1 1149.4 1150.5 1137.3 1122.9 1129.9 1142.0 1154.5 1163.3 1170.4 1178.0 1185.0 Credit market instruments 14
15 857.0 913.1 917.2 911.3 896.2 902.3 896.4 900.0 903.8 907.0 911.1 913.2 Mortgages 15
16 122.4 134.3 136.4 135.0 137.7 138.2 150.7 155.7 159.7 162.2 164.2 167.8 Bank loans n.e.c. 16
17 100.7 102.0 96.9 91.1 89.1 89.4 94.9 98.8 99.8 101.2 102.7 104.0 Other loans and advances 17
18 26.8 31.4 32.0 32.5 33.1 33.8 34.6 34.8 35.0 35.2 35.4 35.6 Taxes payable 18
19 53.3 58.7 60.0 59.7 66.6 69.2 71.9 72.7 73.7 74.7 75.9 77.2 Trade payables 19
20 82.4 92.9 77.8 90.6 98.4 100.6 105.0 104.4 105.8 107.3 109.0 110.8 Miscellaneous liabilities 20
(2) Equity in the Farm Credit System.�
BILLIONS OF DOLLARS.
.Z.7, JUNE 13, 1996
Nonfinancial Corporations Nonfinancial Corporations
L.104 Nonfarm Nonfinancial Corporate Business
PERIOD-END LEVELS PERIOD-END LEVELS
------------------------------------------------------------------------------------------------------------------------------------
| 1995 | 1996
1988 1989 1990 1991 1992 1993 1994 | I II III IV | I
---------------------------------------------------------------------------------------------------
1 3285.7 3519.1 3634.4 3764.2 3931.7 4289.0 4567.1 4590.1 4695.6 4767.0 4899.7 4977.7 Total financial assets 1
2 134.9 151.1 166.8 182.5 189.4 203.1 207.4 188.1 196.7 206.4 221.5 203.9 Checkable dep. & currency 2
3 98.8 89.7 73.4 66.8 51.8 74.1 71.6 60.9 67.4 68.7 70.1 74.0 Time and savings deposits 3
4 15.6 16.2 26.3 31.5 47.3 44.8 52.2 53.9 68.6 73.0 83.0 91.1 Money mkt. fund shares 4
5 5.0 2.8 2.1 1.6 5.1 2.5 2.2 3.7 8.9 3.7 2.4 3.0 Security RPs 5
6 20.2 13.3 13.2 15.0 14.3 12.9 13.1 11.6 12.0 13.2 13.3 14.0 Foreign deposits 6
7 34.0 60.6 40.9 48.5 69.2 67.9 102.2 85.1 93.9 79.5 94.5 101.0 U.S. government securities 7
8 16.8 32.4 24.7 44.8 45.8 54.7 59.4 54.1 55.3 56.4 54.9 52.0 Municipal securities 8
9 10.6 11.7 9.7 14.8 21.1 29.8 31.1 34.5 38.1 42.0 47.8 49.8 Mutual fund shares 9
10 68.1 54.4 52.8 59.0 60.0 52.3 54.2 55.7 57.2 59.2 61.5 63.5 Mortgages 10
11 60.9 63.8 67.1 63.0 65.7 77.2 85.2 78.1 79.4 77.6 85.6 75.2 Consumer credit 11
12 13.6 14.3 13.8 14.7 17.0 19.4 18.6 18.0 17.1 17.6 19.6 14.9 Open market paper 12
13 895.8 938.0 967.2 961.4 988.9 1035.0 1142.8 1173.5 1200.5 1253.4 1230.0 1304.4 Trade receivables 13
14 1911.2 2070.9 2176.3 2260.5 2355.8 2615.3 2727.2 2773.0 2800.6 2816.3 2915.6 2930.8 Miscellaneous assets 14
15 498.1 504.8 558.5 578.0 578.4 594.0 654.3 674.1 691.5 709.7 738.7 751.9 U.S. dir. invest. abr. (1) 15
16 120.0 134.2 147.5 149.5 163.0 169.7 177.5 178.9 179.8 180.4 180.7 180.7 Insurance receivables 16
17 1.3 1.3 1.3 1.8 1.9 1.9 2.0 2.0 2.0 2.0 2.0 2.4 Equity in GSEs 17
18 9.2 8.8 15.2 18.2 20.5 21.4 25.5 26.2 28.7 29.5 31.1 31.1 Inv. in finance co. subs. 18
19 1282.6 1421.8 1453.8 1513.0 1592.0 1828.3 1867.9 1891.8 1898.7 1894.7 1963.0 1964.7 Other 19
20 4191.7 4532.7 4729.4 4829.8 5109.7 5388.6 5619.8 5670.0 5775.3 5860.9 5958.3 6037.7 Total liabilities 20
21 2156.9 2347.0 2456.6 2401.9 2437.6 2502.0 2638.0 2709.2 2777.8 2807.0 2850.7 2898.9 Credit market instruments 21
22 116.4 115.5 115.2 114.0 114.0 113.9 112.4 110.6 109.9 109.4 109.5 107.6 Municipal debt (2) 22
23 887.2 961.1 1008.2 1086.9 1154.5 1229.7 1253.0 1266.3 1290.9 1305.8 1326.3 1341.0 Corporate bonds (1) 23
24 161.8 184.2 173.3 153.8 126.4 127.4 122.1 123.3 125.3 126.9 132.2 133.1 Mortgages 24
25 517.9 542.8 545.5 507.7 488.4 482.4 530.4 558.7 577.6 587.6 602.8 612.9 Bank loans n.e.c. 25
26 85.7 107.1 116.9 98.5 107.1 117.8 139.2 149.8 162.9 163.3 157.4 173.2 Commercial paper 26
27 387.9 436.4 497.6 440.9 447.2 430.8 480.8 500.6 511.3 514.0 522.4 531.0 Other loans and advances 27
28 24.6 23.5 17.2 9.7 6.2 5.4 5.1 5.9 6.0 6.3 6.4 6.8 Savings institutions 28
29 220.8 243.2 264.3 266.2 271.2 265.2 303.9 316.7 325.7 326.2 338.3 342.9 Finance companies 29
30 9.9 9.6 8.8 7.9 7.9 8.1 8.6 8.8 9.0 9.2 9.4 9.6 U.S. government 30
31 32.6 35.8 29.2 23.3 20.4 17.1 15.0 16.0 16.6 15.6 14.2 13.7 Acceptance liab.to banks 31
32 100.0 122.3 172.4 125.1 129.9 113.4 122.3 126.1 124.5 126.3 121.4 124.5 Rest of the world 32
33 - 2.0 5.8 8.8 11.6 21.6 25.9 27.0 29.4 30.5 32.7 33.4 ABS issuers 33
34 49.6 46.5 41.5 33.3 40.5 42.5 44.9 50.4 44.9 46.9 44.2 48.7 Taxes payable 34
35 576.1 597.9 626.3 649.4 682.8 719.3 811.0 805.6 811.5 845.2 888.5 884.2 Trade payables 35
36 1409.1 1541.3 1605.0 1745.2 1948.8 2124.8 2125.9 2104.7 2141.0 2161.8 2174.9 2205.9 Miscellaneous liabilities 36
37 367.7 422.7 473.8 483.3 494.3 490.8 530.5 556.9 575.1 587.9 589.9 599.5 Fgn. direct invest. in US 37
38 16.9 15.9 13.6 17.3 19.3 22.4 25.6 26.4 27.2 28.0 28.8 29.6 Pen. fund contr. payable 38
39 1024.4 1102.8 1117.7 1244.6 1435.1 1611.6 1569.7 1521.3 1538.7 1545.9 1556.2 1576.8 Other 39
Memo:
40 319.7 340.1 340.9 312.0 306.1 315.8 331.8 367.8 389.0 408.2 341.5 420.3 Trade receiv. net of payables 40
41 2242.8 2728.7 2610.8 3614.7 3968.8 4393.1 4470.1 4854.5 5240.9 5609.1 5833.0 6139.1 Market value of equities 41
42 1165.5 1260.7 1296.6 1354.8 1394.8 1471.0 1487.5 1500.1 1526.1 1542.1 1568.0 1581.7 Securities and mortgages 42
43 991.4 1086.3 1159.9 1047.1 1042.8 1031.0 1150.4 1209.1 1251.8 1264.9 1282.6 1317.2 Loans and short-term paper 43
44 1617.1 1730.7 1827.7 1729.8 1766.1 1792.8 2006.4 2065.2 2108.2 2156.9 2215.3 2250.0 Total s-t liabilities (3) 44
45 349.6 392.0 371.0 420.3 461.1 509.2 557.7 509.9 557.9 560.5 607.0 603.7 Total liquid assets (4) 45
46 54.0% 53.7% 52.7% 56.4% 57.2% 58.7% 56.3% 55.3% 54.9% 54.9% 55.0% 54.5% L-t debt/credit market debt 46
47 45.9% 46.2% 47.2% 43.5% 42.7% 41.2% 43.6% 44.6% 45.0% 45.0% 44.9% 45.4% S-t debt/credit market debt 47
48 21.6% 22.6% 20.2% 24.2% 26.1% 28.4% 27.7% 24.6% 26.4% 25.9% 27.4% 26.8% Liquid assets/s-t liabil. 48
(1) Through 1992:Q4, corporate bonds include net issues by Netherlands �
Antillean financial subsidiaries, and U.S. direct investment abroad �
excludes net inflows from those bond issues. �
(2) Industrial revenue bonds. Issued by state and local governments �
to finance private investment and secured in interest and �
principal by the industrial user of the funds. �
(3) Loans (except mortgages), short-term paper, taxes payable, �
and trade payables. Includes loans due in more than one year �
and excludes current maturities of bonds and mortgages. �
(4) Sum of lines 2 through 9, plus line 12. �
BILLIONS OF DOLLARS.
.Z.7, JUNE 13, 1996
State and Local Governments State and Local Governments
L.105 State and Local Governments, Excluding Employee Retirement Funds (1)
PERIOD-END LEVELS PERIOD-END LEVELS
------------------------------------------------------------------------------------------------------------------------------------
| 1995 | 1996
1988 1989 1990 1991 1992 1993 1994 | I II III IV | I
---------------------------------------------------------------------------------------------------
1 839.9 879.5 896.6 925.9 908.1 925.3 850.4 829.3 811.9 768.4 749.0 733.4 Total financial assets 1
2 19.5 19.9 18.9 24.1 27.1 28.5 31.1 28.7 32.2 31.1 34.0 29.9 Checkable dep. and currency 2
3 73.4 70.6 67.9 57.8 51.6 46.8 52.6 57.8 55.9 58.8 62.4 68.3 Time and savings deposits 3
4 65.9 71.5 44.9 28.3 33.3 50.0 62.0 66.1 69.8 80.9 87.7 94.1 Security RPs 4
5 647.2 680.2 727.8 778.7 757.2 760.8 666.3 640.6 618.1 563.4 532.5 509.4 Credit market instruments 5
6 539.0 563.3 603.6 649.5 628.7 638.3 544.3 518.6 496.6 443.6 414.0 392.4 U.S. government securities 6
7 385.3 364.7 400.2 423.1 402.8 429.4 298.6 278.0 247.5 197.6 159.5 140.2 Treasury 7
8 153.7 198.6 203.4 226.4 226.0 208.9 245.7 240.6 249.1 246.0 254.5 252.2 Agency 8
9 9.6 11.9 14.0 15.4 14.8 14.3 11.5 10.2 8.6 6.8 4.7 2.5 Municipal securities 9
10 98.6 105.0 110.2 113.7 113.7 108.3 110.5 111.8 112.9 113.0 113.8 114.5 Mortgages 10
11 33.9 37.4 37.1 37.0 38.9 39.1 38.5 36.1 35.8 34.3 32.4 31.8 Taxes receivable 11
12 924.3 978.1 1027.7 1100.2 1123.7 1186.6 1143.6 1131.1 1125.7 1103.1 1098.1 1096.0 Total liabilities 12
13 895.5 946.5 993.2 1074.8 1095.9 1158.2 1114.8 1102.2 1096.8 1074.1 1069.1 1066.9 Credit market instruments 13
14 886.5 937.8 983.5 1064.8 1086.1 1149.0 1106.6 1094.3 1089.3 1067.0 1062.4 1060.7 Municipal securities 14
15 20.0 23.3 26.2 33.1 32.0 33.8 31.7 35.3 31.1 31.1 32.9 34.1 Short-term 15
16 866.5 914.5 957.3 1031.7 1054.0 1115.1 1075.0 1059.1 1058.1 1035.9 1029.6 1026.6 Other 16
17 9.0 8.8 9.6 10.0 9.9 9.2 8.2 7.8 7.5 7.1 6.7 6.2 U.S. government loans 17
18 28.8 31.5 34.6 25.4 27.7 28.4 28.8 28.9 28.9 29.0 29.0 29.0 Trade payables 18
(1) Data for employee retirement funds are shown in table L.124. �
BILLIONS OF DOLLARS.
.Z.7, JUNE 13, 1996
U.S. Govt., GSEs, and Pools U.S. Govt., GSEs, and Pools
L.106-L.108 U.S. Government, GSEs, and Mortgage Pools
PERIOD-END LEVELS PERIOD-END LEVELS
------------------------------------------------------------------------------------------------------------------------------------
| 1995 | 1996
1988 1989 1990 1991 1992 1993 1994 | I II III IV | I
---------------------------------------------------------------------------------------------------
L.106 U.S. Government
---------------------------------------------------------------------------------------------------
1 363.5 371.2 443.1 501.2 476.5 490.9 448.2 462.7 481.5 457.2 430.0 452.2 Total financial assets 1
2 27.7 31.7 39.7 39.1 38.8 40.2 41.4 50.5 55.1 54.5 53.8 53.3 Gold, SDRs & off. fgn. exch. 2
3 32.1 26.1 25.4 50.9 31.7 52.2 27.8 16.3 59.0 38.7 22.2 24.2 Checkable dep. and currency 3
4 1.4 1.3 1.4 1.6 0.9 0.8 0.7 1.1 1.1 1.1 0.9 1.0 Time and savings deposits 4
5 213.8 205.5 239.0 246.9 235.0 230.7 206.5 203.2 197.1 191.2 185.2 179.0 Credit market instruments 5
6 - - - - - - - - - - - - Agency securities 6
7 48.0 47.3 82.9 98.3 86.4 85.0 71.0 68.8 64.5 61.3 57.6 55.1 Mortgages 7
8 165.8 158.2 156.2 148.6 148.6 145.7 135.5 134.3 132.6 129.9 127.6 123.9 Other loans and advances 8
9 24.5 23.8 22.5 16.4 15.5 18.9 24.5 48.1 27.8 28.9 23.2 48.9 Taxes receivable 9
10 43.7 47.2 45.3 40.4 33.3 30.7 26.6 26.8 26.0 25.9 26.4 28.5 Trade receivables 10
11 20.3 35.6 69.8 105.9 121.3 117.4 120.7 116.7 115.3 116.8 118.3 117.4 Miscellaneous assets 11
12 2437.9 2620.0 2885.7 3183.5 3509.8 3796.9 3989.6 4050.9 4087.8 4131.1 4159.2 4250.0 Total liabilities 12
13 5.0 8.5 10.0 10.0 8.0 8.0 8.0 8.0 8.0 10.2 10.2 10.2 SDR certificates 13
14 14.7 15.3 16.3 16.3 16.5 17.0 17.6 17.8 18.0 18.2 18.2 18.2 Treasury currency 14
15 2104.9 2251.2 2498.1 2776.4 3080.3 3336.5 3492.3 3557.9 3583.5 3603.4 3636.7 3717.2 Credit market instruments 15
16 109.6 117.7 126.2 138.1 157.3 171.9 179.9 181.4 182.6 183.5 185.0 185.8 Savings bonds 16
17 1972.7 2109.3 2339.6 2619.7 2904.3 3138.0 3285.6 3350.1 3374.1 3392.9 3423.5 3503.7 Other Treasury securities 17
18 22.6 24.2 32.4 18.6 18.8 26.6 26.7 26.4 26.8 26.9 28.2 27.6 Budget agency securities 18
19 * * * * * * * * * * * * Multifamily mortgages 19
20 219.2 240.4 262.4 288.0 315.0 342.2 369.6 364.1 373.0 391.2 385.4 393.5 Insur. and pension reserves 20
21 88.2 96.8 91.2 85.8 83.1 86.5 95.2 96.4 98.5 101.5 102.0 104.4 Trade payables 21
22 5.8 7.8 7.7 7.0 6.9 6.8 6.8 6.6 6.8 6.6 6.7 6.6 Miscellaneous liabilities 22
---------------------------------------------------------------------------------------------------
L.107 Government-Sponsored Enterprises (GSEs) (1)
---------------------------------------------------------------------------------------------------
1 419.3 451.4 474.5 493.6 548.9 627.2 776.2 788.9 827.1 855.0 890.9 902.3 Total financial assets 1
2 3.6 2.3 2.1 1.2 1.2 2.1 1.3 1.3 1.6 1.0 1.5 1.0 Checkable dep. and currency 2
3 33.8 61.8 68.7 67.6 66.6 50.3 85.8 92.3 103.4 107.5 106.3 104.0 Fed. funds and security RPs 3
4 364.1 359.9 373.9 389.0 457.8 548.0 667.1 673.5 698.6 714.0 761.8 771.7 Credit market instruments 4
5 26.6 19.2 46.2 75.5 105.7 116.9 180.3 189.9 211.5 213.3 243.8 254.0 U.S. government securities 5
6 26.3 13.0 34.3 40.8 58.7 51.6 51.9 56.6 56.3 53.7 58.0 54.2 Treasury 6
7 0.3 6.2 11.9 34.7 47.0 65.3 128.4 133.3 155.1 159.6 185.8 199.8 Agency 7
8 2.9 2.9 3.7 3.0 3.2 2.6 3.4 2.8 2.6 3.0 4.4 3.9 Municipal securities 8
9 - - - - - 11.1 19.5 21.7 23.8 20.2 25.0 23.1 Corporate and fgn. bonds 9
10 144.5 150.5 156.1 167.9 199.9 243.6 248.4 248.9 251.2 258.6 263.1 266.5 Mortgages 10
11 104.7 110.0 115.3 126.2 156.7 198.9 202.8 203.5 205.8 212.9 216.8 219.7 Home 11
12 9.5 12.0 13.2 14.6 16.2 17.9 18.7 19.0 19.0 19.3 19.5 19.7 Multifamily 12
13 30.2 28.4 27.6 27.1 27.0 26.8 26.9 26.4 26.4 26.5 26.8 27.2 Farm 13
14 0.4 3.3 3.8 10.9 13.5 11.9 26.3 25.3 22.1 28.1 25.5 24.5 Open market paper 14
15 189.8 184.0 164.1 131.8 135.5 162.0 189.1 184.9 187.5 190.8 200.1 199.7 Other loans and advances 15
16 19.5 22.8 27.1 30.1 31.6 33.4 37.0 37.8 39.3 39.8 38.9 39.4 Sallie Mae 16
17 17.5 19.4 19.9 22.7 24.0 25.4 26.3 27.1 27.7 28.9 29.0 28.9 Farm Credit System 17
18 152.8 141.8 117.1 79.1 79.9 103.1 125.9 120.0 120.5 122.1 132.3 131.4 FHLB loans to members 18
19 17.9 27.5 29.8 35.9 23.3 26.7 22.0 21.9 23.6 32.5 21.3 25.6 Miscellaneous assets 19
20 416.1 447.6 469.1 486.0 538.7 614.4 761.7 773.6 811.2 839.0 874.6 885.6 Total liabilities 20
21 353.1 378.3 398.5 407.7 447.9 528.5 700.6 716.3 748.1 773.5 807.5 816.9 Credit market instruments 21
22 348.1 373.3 393.7 402.9 443.1 523.7 700.6 716.3 748.1 773.5 807.5 816.9 GSE issues (2) 22
23 5.0 5.0 4.9 4.8 4.8 4.8 - - - - - - U.S. government loans 23
24 63.1 69.3 70.6 78.3 90.8 85.9 61.1 57.3 63.1 65.5 67.1 68.7 Miscellaneous liabilities 24
(1) Federal Home Loan Banks, Federal National Mortgage Assn., �
Federal Home Loan Mortgage Corp., Student Loan Marketing �
Assn., Farm Credit System, the Financing Corp., and the �
Resolution Funding Corporation. �
(2) Such issues are classified as U.S. government securities. �
---------------------------------------------------------------------------------------------------
L.108 Federally Related Mortgage Pools (3)
---------------------------------------------------------------------------------------------------
1 745.3 869.5 1019.9 1156.5 1272.0 1355.6 1472.1 1479.9 1499.0 1526.6 1570.3 1599.7 Total mortgage holdings 1
2 723.6 843.8 991.1 1130.4 1248.2 1333.2 1449.7 1457.7 1475.1 1501.9 1543.4 1571.9 Home 2
3 21.6 25.7 28.7 26.1 23.8 22.5 22.4 22.2 23.9 24.7 26.9 27.8 Multifamily 3
4 * * * * * * * * * * * * Farm 4
5 745.3 869.5 1019.9 1156.5 1272.0 1355.6 1472.1 1479.9 1499.0 1526.6 1570.3 1599.7 Total pool securities (4) 5
(3) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also �
includes federally related pools that are used as collateral for �
federally related agency-issued CMOs and privately issued CMOs. �
Excludes Federal Financing Bank holdings of pool securities, which �
are included with U.S. govt. mortgages and other loans and advances.�
(4) Such issues are classified as U.S. government securities. �
BILLIONS OF DOLLARS.
.Z.7, JUNE 13, 1996
Rest of the World Rest of the World
L.109 Rest of the World
PERIOD-END LEVELS PERIOD-END LEVELS
------------------------------------------------------------------------------------------------------------------------------------
| 1995 | 1996
1988 1989 1990 1991 1992 1993 1994 | I II III IV | I
---------------------------------------------------------------------------------------------------
1 1491.8 1794.4 1900.2 2038.3 2195.8 2528.4 2749.6 2826.1 2933.0 3060.8 3087.6 3210.6 Total financial assets 1
2 21.9 22.1 21.8 20.4 21.9 21.6 25.9 25.2 24.7 26.1 26.8 26.7 U.S. checkable dep. 2
3 45.2 49.9 49.2 49.0 47.9 54.7 56.3 54.9 51.6 49.4 49.8 52.1 U.S. time deposits 3
4 35.2 27.7 53.3 36.6 79.9 125.4 218.1 214.3 209.8 210.3 229.3 209.5 Net interbank claims 4
5 13.0 23.1 19.7 20.9 41.7 61.4 47.9 58.3 64.3 68.6 68.6 75.9 Security RPs 5
6 213.8 276.1 243.8 299.0 329.0 372.9 337.9 334.1 339.5 344.2 353.7 357.4 U.S. corporate equities 6
7 698.3 816.2 902.4 928.8 1022.8 1146.6 1255.7 1324.4 1402.6 1493.1 1527.5 1617.8 Credit market instruments 7
8 387.2 469.3 502.1 559.0 628.4 740.8 796.7 843.2 905.1 975.0 993.2 1075.5 U.S. government securities 8
9 260.9 263.7 295.0 315.9 335.7 388.3 414.9 426.2 452.7 473.7 487.4 543.8 Official holdings 9
10 253.0 257.3 287.9 307.1 323.0 371.2 393.4 403.5 428.7 449.2 462.2 518.5 Treasury 10
11 8.0 6.4 7.1 8.8 12.7 17.1 21.5 22.6 24.0 24.5 25.2 25.3 Agency 11
12 126.2 205.5 207.0 243.1 292.7 352.5 381.8 417.0 452.4 501.3 505.8 531.7 Private holdings 12
13 100.9 166.5 162.4 189.5 224.8 253.3 265.6 295.6 325.9 363.1 364.7 376.2 Treasury 13
14 25.4 39.1 44.6 53.6 67.9 99.2 116.1 121.5 126.5 138.2 141.1 155.5 Agency 14
15 199.3 211.9 217.2 233.4 251.5 273.5 312.2 326.8 339.9 354.2 369.3 386.9 U.S. corporate bonds (1) 15
16 100.0 122.3 172.4 125.1 129.9 113.4 122.3 126.1 124.5 126.3 121.4 124.5 Loans to U.S. corp. bus. 16
17 11.8 12.7 10.7 11.3 12.9 18.8 24.5 28.3 33.1 37.6 43.5 30.8 Open market paper 17
18 - - - - - - - - - - - - Security credit 18
19 34.3 36.6 42.8 42.3 44.7 47.9 51.2 51.9 53.9 54.8 57.0 57.9 Trade receivables 19
20 430.0 542.7 567.3 641.4 608.0 697.8 756.7 763.0 786.7 814.3 775.0 813.4 Miscellaneous assets 20
21 375.2 435.9 467.3 491.9 498.6 535.8 580.5 597.6 610.7 635.0 655.2 670.1 Fgn. dir. inv. in US (2) 21
22 54.8 106.8 100.0 149.5 109.4 162.0 176.2 165.5 176.0 179.3 119.8 143.3 Other 22
23 1144.1 1274.6 1389.8 1387.8 1395.5 1533.3 1624.3 1678.4 1760.4 1783.4 1841.0 1839.3 Total liabilities 23
U.S. official fgn. exchange
24 27.1 53.6 61.3 55.4 51.8 53.4 53.2 64.1 67.1 65.1 63.7 62.1 and net IMF position 24
25 228.7 266.8 297.9 273.5 267.7 257.6 307.1 316.9 339.6 323.6 312.9 304.9 U.S. private deposits 25
26 251.4 261.2 285.0 299.7 313.1 381.9 361.6 376.8 387.6 409.9 429.4 438.5 Credit market instruments 26
27 89.2 94.1 115.4 130.5 146.2 227.4 234.6 237.9 250.4 263.4 281.1 292.4 Corporate bonds 27
28 21.5 21.4 18.5 21.6 23.9 24.6 26.1 28.2 29.6 31.6 34.6 36.8 Bank loans n.e.c. 28
29 4.8 3.4 2.8 2.4 3.3 2.4 2.2 2.5 2.1 2.3 2.6 2.2 Official 29
30 7.8 8.6 5.9 6.9 7.6 8.8 8.8 8.9 9.5 10.6 10.9 12.2 Banks 30
31 8.9 9.4 9.8 12.3 13.0 13.5 15.2 16.7 17.9 18.7 21.1 22.4 Other 31
32 49.9 63.0 75.3 81.8 77.7 68.7 41.4 50.9 48.1 55.8 55.0 51.5 Commercial paper 32
33 24.9 19.6 16.3 12.0 11.3 8.2 7.9 7.9 7.7 8.1 8.2 8.9 Acceptance liabs. to banks 33
34 65.8 63.2 59.3 53.9 54.1 52.9 51.7 51.9 51.8 50.9 50.6 49.0 U.S. government loans 34
35 - - - - - - - - - - - - Security debt 35
36 25.8 28.6 27.4 30.4 31.8 34.4 36.4 38.0 40.4 43.0 46.2 48.2 Trade payables 36
37 611.1 664.4 718.3 728.8 731.1 806.1 865.9 882.6 925.8 941.8 988.8 985.6 Miscellaneous liabilities 37
38 19.6 20.7 22.0 23.5 25.0 26.1 27.5 27.8 28.1 28.5 29.0 29.9 U.S. eq. in IBRD, etc. 38
39 0.7 0.6 0.6 1.6 1.7 2.0 2.1 1.8 1.8 2.0 2.1 2.3 U.S. government deposits 39
40 549.3 577.6 632.1 655.4 666.4 706.6 761.0 784.4 803.4 820.7 857.9 876.4 U.S. dir. inv. abr. (1)(2) 40
41 41.5 65.5 63.5 48.2 38.1 71.4 75.2 68.7 92.5 90.7 99.9 77.1 Other 41
Memo:
42 86.0 119.9 110.0 158.8 178.1 297.7 313.9 317.1 326.4 347.3 361.1 383.4 Market value of fgn.equities 42
held by US residents (3)
(1) Through 1992:Q4, corporate bonds include net issues by Netherlands �
Antillean financial subsidiaries, and U.S. direct investment abroad �
excludes net inflows from those bond issues. �
(2) Direct investment is valued on a current-cost basis. �
(3) Includes American Depositary Receipts (ADRs). �
BILLIONS OF DOLLARS.
.Z.7, JUNE 13, 1996
Banking System Banking System
L.110-L.111 Monetary Authority and Commercial Banking
PERIOD-END LEVELS PERIOD-END LEVELS
------------------------------------------------------------------------------------------------------------------------------------
| 1995 | 1996
1988 1989 1990 1991 1992 1993 1994 | I II III IV | I
---------------------------------------------------------------------------------------------------
L.110 Monetary Authority (1)
---------------------------------------------------------------------------------------------------
1 304.3 315.5 342.3 364.6 381.7 423.8 452.1 450.1 468.9 453.4 471.8 459.6 Total financial assets 1
2 20.1 42.9 43.6 38.6 32.5 33.3 33.0 36.2 34.9 32.6 32.1 30.9 Gold and foreign exchange 2
3 18.8 19.6 20.4 21.0 21.5 22.1 23.0 23.2 23.5 23.8 24.0 24.3 Treasury currency 3
4 5.0 8.5 10.0 10.0 8.0 8.0 8.0 8.0 8.0 10.2 10.2 10.2 SDR certificates 4
5 1.3 1.1 2.2 0.7 3.3 0.9 -.7 0.1 0.3 0.1 0.1 * Federal Reserve float 5
6 2.2 0.5 0.2 0.2 0.7 0.1 0.2 0.1 0.2 0.4 0.1 * F.R. loans to domestic banks 6
7 6.9 2.1 18.4 15.9 8.1 13.2 10.6 6.7 16.8 6.5 13.9 4.9 Security RPs 7
8 240.6 233.3 241.4 272.5 300.4 336.7 368.2 367.1 375.7 370.6 380.8 379.6 Credit market instruments 8
9 240.6 233.3 241.4 272.5 300.4 336.7 368.2 367.1 375.7 370.6 380.8 379.6 U.S. government securities 9
10 233.7 226.8 235.1 266.5 295.0 332.0 364.5 363.7 372.6 367.7 378.2 377.1 Treasury 10
11 7.0 6.5 6.3 6.0 5.4 4.6 3.6 3.4 3.1 2.9 2.6 2.5 Agency 11
12 - - - - - - - - - - - - Acceptances 12
13 - - - - - - - - - - - - Bank loans n.e.c. 13
14 9.4 7.5 6.0 5.6 7.4 9.6 9.8 8.6 9.4 9.2 10.7 9.7 Miscellaneous assets 14
15 302.2 313.2 339.9 362.0 378.7 420.4 448.4 444.0 464.2 448.8 467.9 455.2 Total liabilities 15
16 39.3 35.6 38.7 29.4 32.1 35.0 30.8 30.0 24.9 23.4 29.6 24.7 Depository inst. reserves 16
17 27.6 28.7 32.6 33.6 31.9 32.7 38.1 31.3 33.6 33.1 40.6 34.4 Vault cash of comm. banks 17
18 229.5 239.1 264.3 293.5 311.1 348.2 373.5 375.7 398.4 385.5 390.5 389.6 Checkable dep. and currency 18
19 9.1 6.7 9.5 18.3 8.0 15.2 7.5 4.9 21.3 8.9 6.2 7.3 Due to U.S. government 19
20 0.4 0.6 0.4 1.0 0.2 0.4 0.3 0.4 0.2 0.3 0.5 0.4 Due to rest of the world 20
21 220.1 231.8 254.4 274.2 302.8 332.6 365.7 370.3 376.9 376.2 383.7 381.9 Currency outside banks 21
22 5.8 10.0 4.3 5.5 3.7 4.6 6.0 7.0 7.2 6.9 7.2 6.5 Miscellaneous liabilities 22
23 2.1 2.2 2.4 2.7 3.1 3.4 3.7 3.8 3.8 3.9 4.0 4.0 Federal Reserve Bank stock 23
24 3.6 7.7 1.9 2.8 0.6 1.2 2.3 3.2 3.4 2.9 3.3 2.5 Other 24
(1) Assets and liabilities of Federal Reserve Banks and Treasury �
monetary accounts that supply or absorb bank reserves. Excludes �
the accounts of the Federal Reserve Board. �
---------------------------------------------------------------------------------------------------
L.111 Commercial Banking (2)
---------------------------------------------------------------------------------------------------
1 2952.4 3232.0 3338.6 3443.8 3657.2 3894.9 4163.8 4257.7 4345.8 4421.5 4501.1 4518.2 Total financial assets 1
2 3.0 2.6 2.5 1.8 1.3 1.0 1.4 1.3 1.4 1.3 1.6 1.4 Checkable dep. and currency 2
3 2455.9 2637.1 2767.2 2872.3 3011.8 3174.4 3331.2 3395.9 3486.9 3551.7 3605.1 3623.1 Total bank credit 3
4 360.6 395.8 456.9 568.2 672.9 745.4 718.9 741.6 745.5 751.2 745.8 755.0 U.S. government securities 4
5 185.3 165.3 172.1 232.5 294.4 322.2 290.1 307.8 298.0 289.0 278.3 283.8 Treasury 5
6 175.3 230.5 284.8 335.7 378.5 423.2 428.7 433.9 447.5 462.2 467.4 471.2 Agency 6
7 151.6 133.8 117.4 103.2 97.5 99.2 97.6 95.3 94.4 93.3 93.3 92.9 Municipal securities 7
8 89.0 84.1 88.7 96.3 94.7 98.2 102.8 101.3 102.9 108.9 111.2 110.1 Corporate & foreign bonds 8
9 1854.7 2016.6 2100.2 2097.0 2139.8 2223.5 2407.1 2452.8 2538.7 2591.2 2647.5 2657.4 Total loans 9
10 676.9 770.7 849.3 881.3 900.5 947.7 1013.1 1033.8 1062.1 1081.9 1090.0 1097.1 Mortgages 10
11 370.7 385.1 387.0 372.4 365.5 399.7 462.9 463.0 476.3 492.4 507.4 499.8 Consumer credit 11
12 763.1 812.7 815.0 785.9 776.6 768.2 830.4 864.4 898.6 917.4 944.9 957.8 Bank loans n.e.c. 12
13 10.1 9.9 12.7 10.6 9.2 7.3 5.8 4.5 5.7 5.4 5.7 6.1 Open market paper 13
14 33.9 38.2 36.2 46.8 88.0 100.7 94.9 87.2 96.0 93.9 99.5 96.7 Security credit 14
15 - 2.2 1.9 3.7 3.4 3.9 2.0 2.1 2.4 2.6 2.3 2.5 Mutual fund shares 15
16 * 4.7 2.2 3.8 3.4 4.3 2.9 2.8 3.0 4.6 5.0 5.2 Corporate equities 16
17 57.5 55.4 45.5 35.3 31.7 25.3 22.9 24.0 24.3 23.7 22.3 22.6 Cust. liab. on acceptances 17
18 27.6 28.7 32.6 33.6 31.9 32.7 38.1 31.3 33.6 33.1 40.6 34.4 Vault cash 18
19 34.0 31.1 35.3 26.5 29.0 31.5 28.0 27.5 22.3 20.8 26.9 22.0 Reserves at Federal Reserve 19
20 374.4 477.1 455.4 474.3 551.6 630.0 742.2 777.7 777.3 790.9 804.6 814.7 Miscellaneous assets 20
21 2890.1 3149.5 3251.0 3363.2 3532.8 3750.9 4049.8 4116.3 4174.8 4249.3 4336.8 4333.3 Total liabilities 21
22 565.6 562.3 584.0 621.6 714.3 788.4 756.7 707.0 731.6 694.1 711.1 659.6 Checkable deposits 22
23 29.0 25.6 30.9 36.4 30.6 42.6 23.8 15.6 39.7 30.3 19.0 16.8 U.S. government 23
24 21.6 21.5 21.4 19.4 21.7 21.3 25.6 24.8 24.4 25.8 26.2 26.4 Rest of the world 24
25 515.1 515.2 531.6 565.7 662.1 724.5 707.4 666.6 667.5 638.0 665.8 616.4 Private domestic 25
26 1084.0 1184.7 1307.6 1386.5 1389.3 1377.4 1376.3 1389.9 1421.9 1455.8 1490.1 1548.6 Small time and savings dep. 26
27 416.8 445.7 423.6 399.6 332.8 311.7 333.0 354.1 360.7 385.6 387.8 402.4 Large time deposits 27
28 236.6 274.5 248.8 229.6 272.0 313.5 391.7 415.7 426.9 440.6 422.2 428.3 Fed. funds and security RPs 28
29 10.1 -1.7 23.7 33.4 74.5 121.7 211.1 211.7 207.3 210.9 220.6 207.1 Net interbank claims 29
30 3.5 1.6 2.4 0.9 3.9 1.0 -.5 0.1 0.5 0.5 0.2 0.1 To monetary authority 30
31 -28.5 -31.0 -32.0 -4.2 -9.3 -4.7 -6.5 -2.7 -2.9 0.1 -9.0 -2.5 To domestic banks (3) 31
32 35.2 27.7 53.3 36.6 79.9 125.4 218.1 214.3 209.8 210.3 229.3 209.5 To foreign banks 32
33 219.4 224.6 197.7 184.6 194.6 208.0 228.1 232.7 242.8 252.0 250.6 242.0 Credit market instruments 33
34 109.1 113.7 108.9 113.2 127.6 134.9 142.6 147.4 154.2 159.4 161.1 156.2 Corporate bonds 34
35 106.0 106.1 82.2 62.1 54.4 51.9 55.0 55.5 55.3 58.2 52.8 53.4 Open market paper 35
36 4.3 4.7 6.7 9.3 12.5 21.2 30.5 29.9 33.3 34.4 36.7 32.4 Other loans and advances 36
37 0.6 0.8 0.6 0.5 0.7 1.2 1.9 2.1 2.3 2.6 2.8 3.1 Taxes payable 37
38 357.1 458.8 465.0 507.4 554.6 629.0 750.9 803.1 781.2 807.7 851.7 842.1 Miscellaneous liabilities 38
39 2479.5 2647.4 2772.5 2853.3 2948.6 3090.8 3254.3 3327.8 3409.8 3474.2 3520.6 3541.4 Memo: Cred. mkt. funds adv.(4) 39
(2) U.S.-chartered commercial banks, foreign banking offices in U.S., �
bank holding companies, and banks in U.S.-affiliated areas. �
IBFs are excluded from domestic banking and treated the same as �
branches in foreign countries. �
(3) Floats and discrepancies in interbank deposits and loans. �
(4) Total bank credit (line 3) less security credit (line 14) �
less mutual fund shares (line 15) less corporate equities (line 16)�
plus customers' liability on acceptances (line 17). �
BILLIONS OF DOLLARS.
.Z.7, JUNE 13, 1996
Pension Funds Pension Funds
L.123-L.124 Pension Funds
PERIOD-END LEVELS PERIOD-END LEVELS
------------------------------------------------------------------------------------------------------------------------------------
| 1995 | 1996
1988 1989 1990 1991 1992 1993 1994 | I II III IV | I
---------------------------------------------------------------------------------------------------
L.123 Private Pension Funds (1)
---------------------------------------------------------------------------------------------------
1 1377.4 1620.7 1610.9 1816.2 1984.4 2174.3 2263.7 2366.3 2457.7 2565.4 2627.3 2717.5 Total financial assets 1
2 4.5 4.1 3.3 3.0 3.0 2.9 2.8 2.7 2.7 2.7 2.7 2.6 Checkable dep. and currency 2
3 85.8 108.2 98.9 99.5 77.0 69.1 62.5 60.4 59.7 54.4 51.5 48.1 Time and savings deposits 3
4 23.0 26.9 27.2 32.7 34.8 41.4 51.6 51.5 50.3 51.1 51.3 51.7 Security RPs 4
5 14.8 17.8 17.8 18.8 20.3 26.7 31.2 32.2 31.0 32.4 32.5 32.0 Money market fund shares 5
6 22.0 27.5 30.0 48.4 78.0 131.8 175.6 197.9 225.9 256.4 267.9 302.8 Mutual fund shares 6
7 480.6 609.7 592.5 686.6 821.9 924.9 921.4 988.0 1044.1 1111.4 1148.7 1191.9 Corporate equities 7
8 380.6 441.2 495.1 530.6 571.7 617.6 664.6 679.3 693.6 706.2 725.9 745.3 Credit market instruments 8
9 210.0 255.1 293.5 314.1 333.1 349.1 362.5 369.3 376.3 381.1 389.4 397.5 U.S. government securities 9
10 147.9 177.0 201.7 215.4 228.3 239.2 248.7 253.3 257.7 260.9 266.1 271.1 Treasury 10
11 62.1 78.1 91.8 98.7 104.8 109.9 113.8 116.0 118.5 120.2 123.3 126.5 Agency 11
12 0.6 0.6 0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.7 Municipal securities 12
13 126.4 133.9 149.2 164.7 188.4 211.1 233.4 241.1 249.5 256.3 267.0 277.4 Corporate & foreign bonds 13
14 16.6 24.6 24.7 18.4 14.8 15.3 16.4 16.7 16.9 17.0 17.4 18.0 Mortgages 14
15 26.9 26.9 27.2 32.7 34.8 41.4 51.6 51.5 50.3 51.1 51.3 51.7 Open market paper 15
16 366.0 385.3 346.0 396.9 377.8 359.9 354.0 354.3 350.4 350.7 346.9 343.1 Miscellaneous assets 16
17 183.3 195.8 189.4 210.0 195.8 189.2 197.2 198.7 198.6 200.0 200.5 199.4 Unallo. ins. contracts (2) 17
18 16.9 15.9 13.6 17.3 19.3 22.4 25.6 26.4 27.2 28.0 28.8 29.6 Pen. fund contr. receiv. 18
19 165.7 173.6 143.0 169.6 162.6 148.3 131.3 129.2 124.5 122.6 117.6 114.1 Other 19
20 1402.4 1652.2 1640.3 1844.8 2009.0 2199.0 2289.4 2391.8 2482.9 2590.4 2652.1 2742.2 Pen. fund reserves (liab.) (3) 20
(1) Includes the Federal Employees' Retirement System Thrift Savings Plan. �
(2) Assets of private pension plans held at life insurance companies �
(e.g., GICs, variable annuities); series begins 1985:Q4. �
(3) Equal to value of tangible and financial assets. �
---------------------------------------------------------------------------------------------------
L.124 State and Local Government Employee Retirement Funds
---------------------------------------------------------------------------------------------------
1 609.0 766.7 820.4 878.8 997.5 1087.7 1145.7 1214.2 1277.8 1337.1 1386.6 1453.0 Total financial assets 1
2 4.4 3.2 4.7 4.8 5.6 6.3 5.7 5.2 4.4 4.4 3.6 3.5 Checkable dep. and currency 2
3 7.1 9.1 7.4 7.5 5.6 8.2 5.2 5.0 4.6 3.9 4.0 3.3 Time and savings deposits 3
4 10.2 9.7 11.8 16.1 19.0 19.2 26.6 27.9 30.4 26.9 25.2 28.7 Security RPs 4
5 219.7 300.1 296.1 386.6 448.9 506.7 507.4 562.4 611.3 668.3 705.7 752.4 Corporate equities 5
6 342.8 389.3 422.1 394.5 417.5 437.3 466.3 480.7 482.1 481.8 487.7 508.2 Credit market instruments 6
7 181.6 197.6 224.6 232.9 233.7 245.2 261.1 270.1 270.0 276.1 285.6 292.4 U.S. government securities 7
8 123.9 124.8 142.4 156.1 160.6 176.5 184.8 189.1 186.4 192.2 192.7 196.6 Treasury 8
9 57.7 72.7 82.3 76.8 73.1 68.7 76.3 81.0 83.7 83.9 92.9 95.8 Agency 9
10 0.5 0.3 0.4 0.2 0.5 0.7 0.4 0.4 0.3 0.3 0.5 0.5 Municipal securities 10
11 134.9 166.5 169.3 128.4 147.8 157.7 163.0 166.9 165.8 162.6 160.4 169.9 Corporate & foreign bonds 11
12 15.6 15.3 16.1 16.9 16.5 14.5 15.2 15.4 15.6 15.7 15.9 16.1 Mortgages 12
13 10.2 9.7 11.8 16.1 19.0 19.2 26.6 27.9 30.4 26.9 25.2 29.3 Open market paper 13
14 24.8 55.3 78.3 69.3 100.8 110.2 134.5 132.9 145.0 151.8 160.5 156.9 Miscellaneous assets 14
15 609.0 766.7 820.4 878.8 997.5 1087.7 1145.7 1214.2 1277.8 1337.1 1386.6 1453.0 Total liabilities (3) 15
(3) Equal to value of financial assets. These liabilities �
are assets of the household sector. �
BILLIONS OF DOLLARS.
.Z.7, JUNE 13, 1996
Private Securities Private Securities
L.212-L.215 Private Securities
PERIOD-END LEVELS PERIOD-END LEVELS
------------------------------------------------------------------------------------------------------------------------------------
| 1995 | 1996
1988 1989 1990 1991 1992 1993 1994 | I II III IV | I
---------------------------------------------------------------------------------------------------
L.212 Municipal Securities and Loans
---------------------------------------------------------------------------------------------------
1 1082.3 1135.2 1184.4 1272.2 1302.8 1377.5 1348.2 1335.4 1331.7 1309.9 1307.0 1304.1 Total liabilities 1
2 886.5 937.8 983.5 1064.8 1086.1 1149.0 1106.6 1094.3 1089.3 1067.0 1062.4 1060.7 State and local governments 2
3 20.0 23.3 26.2 33.1 32.0 33.8 31.7 35.3 31.1 31.1 32.9 34.1 Short-term (1) 3
4 866.5 914.5 957.3 1031.7 1054.0 1115.1 1075.0 1059.1 1058.1 1035.9 1029.6 1026.6 Long-term 4
5 79.5 81.9 85.8 93.5 102.7 114.7 129.2 130.5 132.5 133.5 135.0 135.9 Nonprofit organizations (2) 5
6 116.4 115.5 115.2 114.0 114.0 113.9 112.4 110.6 109.9 109.4 109.5 107.6 Nonfin. corporate business 6
(industrial revenue bonds)
7 1082.3 1135.2 1184.4 1272.2 1302.8 1377.5 1348.2 1335.4 1331.7 1309.9 1307.0 1304.1 Total assets 7
8 524.4 546.0 572.1 610.4 581.2 555.6 505.0 500.4 494.4 473.2 459.0 450.6 Household sector 8
9 16.8 32.4 24.7 44.8 45.8 54.7 59.4 54.1 55.3 56.4 54.9 52.0 Nonfin. corporate business 9
10 9.6 11.9 14.0 15.4 14.8 14.3 11.5 10.2 8.6 6.8 4.7 2.5 State and local governments 10
11 2.9 2.9 3.7 3.0 3.2 2.6 3.4 2.8 2.6 3.0 4.4 3.9 Govt.-spons. enterprises 11
12 151.6 133.8 117.4 103.2 97.5 99.2 97.6 95.3 94.4 93.3 93.3 92.9 Commercial banking 12
13 2.8 2.6 3.0 2.4 2.1 2.1 2.0 2.0 2.0 2.0 2.0 2.0 Savings institutions 13
14 9.1 9.0 12.3 10.2 11.4 14.7 12.8 11.7 13.2 12.7 12.8 13.2 Life insurance companies 14
15 134.1 134.8 136.9 126.8 134.3 146.1 153.8 155.8 158.0 160.4 163.8 166.8 Other insurance companies 15
16 0.6 0.6 0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.7 Private pension funds 16
17 0.5 0.3 0.4 0.2 0.5 0.7 0.4 0.4 0.3 0.3 0.5 0.5 St.&loc. govt. rtr. funds 17
18 82.9 98.6 112.6 139.7 168.4 211.3 207.0 206.1 205.4 206.1 210.2 211.4 Mutual funds 18
19 7.5 12.1 14.1 25.4 39.7 43.9 51.6 53.2 54.7 56.2 57.1 57.1 Closed-end funds 19
20 66.1 70.1 84.0 90.6 96.0 105.6 113.4 119.3 120.8 123.3 127.7 141.0 Money market mutual funds 20
21 7.5 7.1 7.9 9.4 11.3 17.1 15.5 10.8 11.7 9.3 12.7 8.8 Brokers and dealers 21
22 65.9 73.0 80.8 89.9 96.0 108.9 114.2 112.7 109.6 106.1 103.1 100.6 Bank personal trusts 22
(1) Debt with original maturity of 13 months or less. �
(2) Liability of the households and nonprofit organizations sector (F.100 �
and L.100).
---------------------------------------------------------------------------------------------------
L.213 Corporate and Foreign Bonds
---------------------------------------------------------------------------------------------------
1 1432.6 1580.6 1703.1 1866.7 2039.0 2315.6 2461.0 2516.5 2597.7 2679.5 2766.3 2823.1 Total liabilities 1
2 887.2 961.1 1008.2 1086.9 1154.5 1229.7 1253.0 1266.3 1290.9 1305.8 1326.3 1341.0 Nonfin. corporate business 2
3 89.2 94.1 115.4 130.5 146.2 227.4 234.6 237.9 250.4 263.4 281.1 292.4 Rest of the world (3) 3
4 456.1 525.5 579.5 649.3 738.4 858.5 973.5 1012.3 1056.4 1110.2 1158.9 1189.6 Financial sectors 4
5 109.1 113.7 108.9 113.2 127.6 134.9 142.6 147.4 154.2 159.4 161.1 156.2 Commercial banking 5
6 6.2 4.9 7.7 14.7 26.4 40.0 60.0 73.1 78.7 82.8 84.4 100.2 Funding corporations 6
7 21.7 18.3 12.7 8.6 5.5 3.9 3.1 3.1 3.1 3.1 3.1 2.9 Savings institutions 7
8 147.0 162.7 178.0 190.2 196.3 206.0 235.0 254.4 264.4 272.1 284.7 291.4 Finance companies 8
9 2.5 2.7 2.8 3.0 4.0 4.3 6.3 6.8 7.4 7.9 8.5 9.0 REITs 9
10 7.5 13.8 15.3 19.0 21.7 33.7 34.3 26.9 26.8 27.4 29.3 21.4 Brokers and dealers 10
11 162.2 209.4 254.0 300.8 356.9 435.7 492.2 500.6 521.9 557.5 587.9 608.6 ABS issuers 11
12 1432.6 1580.6 1703.1 1866.7 2039.0 2315.6 2461.0 2516.5 2597.7 2679.5 2766.3 2823.1 Total assets 12
13 132.2 167.9 213.8 301.8 295.7 337.7 337.4 353.3 359.8 399.9 418.6 405.8 Household sector 13
14 - - - - - 11.1 19.5 21.7 23.8 20.2 25.0 23.1 Govt.-spons. enterprises 14
15 199.3 211.9 217.2 233.4 251.5 273.5 312.2 326.8 339.9 354.2 369.3 386.9 Rest of the world (4) 15
16 89.0 84.1 88.7 96.3 94.7 98.2 102.8 101.3 102.9 108.9 111.2 110.1 Commercial banking 16
17 - - - - - 4.0 14.0 14.0 16.0 20.0 23.8 29.8 Funding corporations 17
18 105.3 91.0 75.6 72.7 80.0 89.1 86.7 84.9 86.5 84.8 78.5 75.6 Savings institutions 18
19 457.5 511.0 566.9 595.1 653.9 719.5 779.4 800.3 829.4 838.4 856.3 876.0 Life insurance companies 19
20 65.7 79.3 89.2 97.2 97.8 103.1 110.1 111.7 113.5 115.0 117.0 118.1 Other insurance companies 20
21 126.4 133.9 149.2 164.7 188.4 211.1 233.4 241.1 249.5 256.3 267.0 277.4 Private pension funds 21
22 134.9 166.5 169.3 128.4 147.8 157.7 163.0 166.9 165.8 162.6 160.4 169.9 St.&loc. govt. rtr. funds 22
23 49.8 54.6 59.3 87.7 118.7 169.3 172.4 172.7 180.1 187.0 195.7 205.5 Mutual funds 23
24 16.5 16.7 15.7 14.1 16.3 20.8 15.2 14.4 13.5 13.5 13.4 13.4 Closed-end funds 24
25 2.3 3.7 2.0 3.8 6.3 11.7 15.2 15.1 16.7 18.8 21.5 24.6 Money market mutual funds 25
26 29.1 32.9 28.9 40.9 50.9 73.0 64.4 57.7 66.4 66.8 76.4 75.3 Brokers and dealers 26
27 24.5 27.1 27.3 30.7 36.8 35.8 35.3 34.8 33.9 33.0 32.2 31.5 Bank personal trusts 27
---------------------------------------------------------------------------------------------------
L.214 Mutual Fund Shares
---------------------------------------------------------------------------------------------------
1 500.5 589.6 608.4 769.5 992.5 1375.4 1477.3 1553.3 1661.0 1782.0 1852.8 2004.8 Shares at market value 1
2 500.5 589.6 608.4 769.5 992.5 1375.4 1477.3 1553.3 1661.0 1782.0 1852.8 2004.8 Holdings at market value 2
3 401.6 469.9 471.9 593.3 741.0 998.4 1058.9 1093.0 1156.3 1224.9 1264.7 1364.6 Household sector 3
4 10.6 11.7 9.7 14.8 21.1 29.8 31.1 34.5 38.1 42.0 47.8 49.8 Nonfin. corp business 4
5 - 2.2 1.9 3.7 3.4 3.9 2.0 2.1 2.4 2.6 2.3 2.5 Commercial banking 5
6 1.4 1.2 1.4 2.6 4.1 4.2 * * - - - - Credit unions 6
7 18.5 19.1 30.7 13.1 16.9 23.9 7.4 9.0 10.0 11.0 14.1 17.0 Life insurance companies 7
8 22.0 27.5 30.0 48.4 78.0 131.8 175.6 197.9 225.9 256.4 267.9 302.8 Private pension funds 8
9 46.5 57.9 62.7 93.6 128.1 183.5 202.4 216.7 228.3 245.1 256.0 268.1 Bank personal trusts 9
---------------------------------------------------------------------------------------------------
L.215 Corporate Equities (5)
---------------------------------------------------------------------------------------------------
1 3098.9 3809.7 3530.2 4863.6 5462.9 6278.5 6293.4 6835.8 7393.0 8013.8 8345.4 8820.5 Shares at market value 1
2 2242.8 2728.7 2610.8 3614.7 3968.8 4393.1 4470.1 4854.5 5240.9 5609.1 5833.0 6139.1 Nonfin. corporate business 2
3 86.0 119.9 110.0 158.8 178.1 297.7 313.9 317.1 326.4 347.3 361.1 383.4 Rest of the world (3) 3
4 770.1 961.2 809.3 1090.1 1316.1 1587.7 1509.4 1664.2 1825.8 2057.4 2151.2 2298.1 Financial corporations 4
5 3098.9 3809.7 3530.2 4863.6 5462.9 6278.5 6293.4 6835.8 7393.0 8013.8 8345.4 8820.5 Holdings at market value 5
6 1629.7 1928.6 1760.0 2652.7 2918.9 3285.4 3198.8 3507.7 3801.0 4134.5 4312.5 4523.0 Household sector 6
7 213.8 276.1 243.8 299.0 329.0 372.9 337.9 334.1 339.5 344.2 353.7 357.4 Rest of the world (4) 7
8 * 4.7 2.2 3.8 3.4 4.3 2.9 2.8 3.0 4.6 5.0 5.2 Commercial banking 8
9 8.5 11.0 8.8 10.3 11.2 12.5 10.4 11.3 12.6 13.6 14.3 15.9 Savings institutions 9
10 89.3 106.5 97.9 151.4 175.5 228.0 274.4 291.7 314.6 341.1 356.4 378.2 Life insurance companies 10
11 71.4 84.0 79.9 94.1 97.3 103.4 112.1 121.6 131.0 140.8 148.6 158.2 Other insurance companies 11
12 480.6 609.7 592.5 686.6 821.9 924.9 921.4 988.0 1044.1 1111.4 1148.7 1191.9 Private pension funds 12
13 219.7 300.1 296.1 386.6 448.9 506.7 507.4 562.4 611.3 668.3 705.7 752.4 St.&loc. govt. rtr. fnds 13
14 187.6 250.5 233.2 308.9 401.3 607.4 709.6 784.3 886.2 991.7 1024.9 1159.1 Mutual funds 14
15 14.3 17.1 16.2 21.8 23.8 27.7 33.1 35.3 37.3 39.8 40.8 43.8 Closed-end funds 15
16 12.2 14.1 9.6 14.3 14.8 24.2 20.1 22.0 23.9 26.8 34.2 27.8 Brokers and dealers 16
17 171.7 207.3 190.1 234.2 216.9 181.0 165.3 174.7 188.6 197.0 200.5 207.5 Bank personal trusts 17
Memo: Market value of domestic
18 2914.9 3570.0 3312.3 4570.9 5145.5 5821.2 5811.2 6337.0 6871.5 7454.5 7755.7 8202.2 corporations (6) 18
(3) Holdings of foreign issues by U.S. residents. �
(4) Holdings of U.S. issues by foreign residents. �
(5) Excludes mutual fund shares shown above. �
(6) Sum of lines 2 and 4 less the sum of lines 8, 11, 15, and 16; �
line 1 excludes intercorporate holdings of nonfinancial corporations. �
BILLIONS OF DOLLARS.
Z.7:
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Last update: July 16, 1996 12:00 pm