Flow of Funds Accounts

Transcription

1 Board of Governors of the Federal Reserve System, Washington, D.C Digitized for FRASER Z.1 September 17,1993 Flow of Funds Accounts Flows and Outstandings Second Quarter 1993 Annual Revisions

2 Flow of Funds Accounts Second Quarter 1993 and Annual Revisions This publication presents the flow of funds accounts for 1993:Q2. It also contains revisions to data for earlier quarters, and there are changes to the structure of the accounts. The data incorporate figures from the national income and product accounts (NIPA) published by the Bureau of Economic Analysis on August 31, 1993, including data for 1990 through 1992 from the benchmark revision to the NIPA. The tables that follow include data for both flows and outstandings. Table numbers for tables with flows are prefaced with an F, and those for levels tables with an L. The table of contents provides a listing of the tables. Listed below are specific changes made in the accounts: 1. The sector tables for U.S.-Chartered Commercial Banks (tables F.112 and L.112) now show detail for net purchases and holdings of different types of U.S. government agency securities and corporate and foreign bonds. 2. A new financial sector, Funding Corporations (tables F.117 and L.117), has been added to the accounts. This sector includes: (a) subsidiaries of foreign banks that raise funds in U.S. capital markets and transfer the proceeds to foreign banking offices in the U.S., (b) subsidiaries of foreign bank and nonbank financial firms that transfer the funds raised to the parent company abroad, and (c) parents of domestic nonbank financial corporations. The assets of the funding corporation sector, estimated to be about $65 billion at the end of 1993:Q2, are investments in affiliates. The funds are raised in the commercial paper market. Future work on this sector will be directed toward expanding the information on their assets and liabilities. 3. A new sector, Savings Institutions (tables F.119 and L.119), combines the figures for savings and loan associations and mutual savings banks, which are no longer shown separately. The thrift sector is the sum of savings institutions and credit unions. 4. Finance Companies (tables F.125 and L.125) have been redefined to correspond to the group of institutions reported in the Federal Reserve s G.20 release on finance companies, except that the sector in the flow of funds accounts also includes captive retail finance companies. -1 -

3 5. Mortgage Companies (tables F.126 and L.126), which had been part of the finance company sector in the accounts, are now a separate sector. Although information needed to show all assets and liabilities is not yet available, the sector holds mortgage assets, which are distinguished by property type, and has liabilities consisting of bank loans and investment by parents. Efforts are under way to increase the information shown for this sector. The current estimation procedure resulted in a substantial downward revision to total outstanding home mortgages. 6. A new sector, Closed-End Funds (tables F.128 and L.128), has been created. This sector has net purchases and asset holdings consisting of corporate equities, government securities, tax-exempt debt, and corporate and foreign bonds. The source of funds for the sector is net issues of shares of closed-end funds, a type of equity issued by financial corporations. The market value of outstanding shares of closed-end funds was $90 billion at the end of 1993:Q2. 7. The sector for issuers of securitized credit obligations has been completely revised and renamed Issuers of Asset-Backed Securities (ABSs) (tables F.132 and L.132). The name was changed to correspond more closely to industry terminology. The ABS sector now contains data on a wider range of assets, including mortgages and trade*credit. Liabilities issued by the sector include commercial paper in addition to bonds. The ABS sector is estimated to have liabilities of $406 billion at the end of 1993:Q2, compared with $320 billion for the former sector at the end of 1993:Q1. 8. A new sector, Bank Personal Trusts (tables F.133 and L.133), has been added to show assets of individuals managed by bank trust departments and nondeposit noninsured trust companies. Assets of personal trusts have been subtracted from the former sector, households, personal trusts, and nonprofit organizations, now redefined as "households and nonprofit organizations. Investment in bank personal trusts, amounting to $636 billion at the end of 1993:Q2, is now a financial asset of the household sector. Work is under way to estimate the assets and liabilities of nonprofit organizations. -ii -

4 9. There are several new financial transaction categories: household investment in bank personal trusts (tables F.229 and L.229); shares of closed-end funds (included in the corporate equities tables. F.215 and L.215); and investment in financial subsidiaries by nonfinancial corporate business and by funding corporations. This latter item is an "identified miscellaneous financial claim, meaning that it appears as a miscellaneous asset or liability of a sector and as a specific line item in the identified miscellaneous financial claims transaction table (tables F.231 and L.231). 10. New detail on the holders of small and large time deposits (tables F.205, F.206, L.205 and L.206) was introduced. 11. Tables F.210, F.211, L.210, and L.211, which formerly showed issues and holdings of all U.S, government securities, have been revised. Tables F.210 and L.210 now show only Treasury securities, and tables F.211 and L.211 show budget agency securities and issues of government - sponsored enterprises and federally related mortgage pools. 12. Estimates of the value of corporate equities outstanding (table L.215) were recalculated for the period 1952 forward; revisions were based on both new information and new data estimation procedures. The size of the data revisions is fairly small except for 1991 and 1992, which are higher owing to an increase in the estimate of the value of closely-held shares. 13. The open market paper transaction tables (F.223 and L.223) now show two new issuers and two new purchasers of commercial paper. Funding corporations and issuers of asset-backed securities are estimated to have had about $126 billion and $51 billion of commercial paper liabilities outstanding at the end of 1993:Q2. Commercial paper holdings by credit unions and personal trusts are now shown in the accounts. The series for holdings by pension funds has also been revised substantially. 14. Federal Home Loan Bank loans to members, shown in the other loans tables (F.224 and L.224), were expanded to include those loans made to commercial banks, life insurance companies, and credit unions. Membership in the Federal Home Loan Bank system outside the savings institutions sector grew after enactment of the Financial Institutions Reform, Recovery, and Enforcement Act in October Loans outstanding to borrowers other than savings institutions were $11.3 billion at the end of 1993:Q2. Digitized for FRASER -iii -

5 15. Foreign loans to U.S, nonbanks (shown in tables F.224 and L.224) are now estimated using Treasury International Capital data and data from a new banking report (FFIECOO2S) of assets and liabilities of offshore branches managed by branches or agencies of foreign banks located in the United States. Foreign loans to U.S. nonbanks are now estimated to total $129 billion at the end of 1993:Q2, compared to $73 billion reported previously for Q1. Seasonal Adjustment, Seasonal adjustment to quarterly financial flows has been revised from 1983:Q1 forward. New seasonal factors were generated using the Statistics Canada X-11ARIMA/88 seasonal adjustment program. Each series that is a direct input into the accounts was examined to determine if stable seasonality was present. A few series that had previously been seasonally adjusted showed no stable seasonality for the reviewed period, and these series are no longer adjusted for any time period. A small number of series that previously were not seasonally adjusted showed stable seasonality after significant data revisions and have seasonal factors from 1983:Q1 forward. Relation of Flows to Outstandings. Estimates of financial assets and liabilities are linked to data on flows. However, figures on outstandings contain breaks in series that could affect analysis of specific relationships over time. Specifically, outstandings in the flow of funds accounts are related to the flows in the following way: Outstandingt= Outstanding^_^+ Flowt+ Discrepancy^ where t is the time period. Level-flow discrepancies or series breaks result from changes in valuation, breaks in source data, and changes in definitions. For most series, the discrepancy is zero for nearly all time periods. However, in a few instances, the discrepancy is nonzero for almost all time periods, or can be quite large in a particular quarter, such as a period when there is a sharp increase or decrease in equity prices or a major break in source data. The discrepancies in the outstanding-flow relationship can distort estimated rates of growth in assets and liabilities between periods. In order to minimize these distortions, percentage changes in assets and liabilities in flow of funds releases are calculated in the following manner: Percentage change.^ (Flow^_/Outstanding^_) * 100 Digitized for FRASER - iv-

6 Preliminary estimates. Figures shown for the most recent quarter in these tables are based on preliminary and incomplete information. A summary list of the principal sources of information available when the second - quarter data were compiled follows this preface. The distinction between "available data and "missing" data is not between final and preliminary versions of data, but rather between those source estimates that are fully ready when the first quarterly estimate is put together and those that are not yet completed. However, the items that are shown as available are, in general, also preliminary in the sense that many series are subject to regular quarterly or annual revision by source agencies. Margins of Uncertainty. Flow of funds statistics, like all aggregate data, are subject to uncertainties resulting from incompatibilities among source data, potential revisions in both financial and nonfinancial series, and incomplete data in certain parts of the accounts. The size of these uncertainties cannot be quantified in precise statistical terms, but allowance for them is explicitly made throughout the accounts by the inclusion of "discrepancies for various sectors and transaction types. The size of such discrepancies relative to the main asset or liability components is often one indication of the degree of measurement difficulty with source data, especially on an annual basis. For quarterly data, differing seasonal adjustment methods in financial and nonfinancial components sometimes result in discrepancies that cancel in annual data. Experience also suggests that many discrepancies for the latest few quarters tend to be reduced with the introduction of revised national accounts figures or with annual revisions in financial data. Availability of Flows and Outstandings. Flow of funds statistics are usually compiled and available about two months following the last quarter reported. The Z.7 release, "Flow of Funds Summary Statistics," is made available as soon as a new quarter s data have been compiled. The Z.7 provides an overview of major credit market demands, together with developments in a few key sectors. The Z.7 is available from the Board s Publications Services and electronically through the Economic Bulletin Board of the Department of Commerce. This publication--the Z.1 release, which covers the full range of the accounts--is subject to printing and mailing delays of up to two weeks from the time the estimates are completed. To facilitate access in the meantime, preliminary copies are distributed to Federal Reserve Bank information offices for use by the public. - v-

7 Data from the flow of funds accounts are also available on 3-1/2 inch diskettes. The diskettes contain quarterly data beginning in 1952, organized in files that correspond to the tables published in the Z.l release. One diskette contains the seasonally adjusted flows, a second diskette contains unadjusted flows, and the third diskette contains the unadjusted outstandings. In addition, the outstandings diskette contains files with the monthly debt aggregate data published in the Board s H.6 release and data from the "Balance Sheets for the U.S. Economy" (C.9 release). Subscription Information. The Federal Reserve Board charges for subscriptions to all statistical releases. The annual price of the Z.7 Summary Statistics release is $5.00; the price of the Z.l release is $ Diskettes are available at $25.00 per diskette. Inquiries for releases or the diskettes should be directed to: Publications Services, Stop 402 Board of Governors of the Federal Reserve System 20th and Constitution Avenue, N.W. Washington, DC (202) ************************************************************************** A Guide to the Flow of Funds Accounts is available. The Guide explains the principles underlying the accounts and describes how they are constructed. The Guide may be ordered from Publication Services for $8.50. ************************************************************************** - vi -

8 Availability of Data for Preliminary Estimates for 1993:02 NONFINANCIAL DATA 1. National income and product accounts (NIPA) FINANCIAL DATA Available at time of publication Preliminary estimates, seasonally adjusted, for 1993:Q2. Major items missing None, 2. Households Estimates for this sector are largely residual and derived from data for other sectors. Availability of data is dependent on schedules for other sectors. Data for consumer credit, which are estimated directly rather than through a residual calculation, are available for 1993:Q2. 3. Farms 4. Nonfarm noncorporate business 5. Nonfinancial corporate business 6. State and local governments Bank loans and loans from governmentsponsored enterprises for 1993:Q2. Internal Revenue Service,St&tjrstigs i,of IncQiae data for 1991; bank and finance company loans, mortgage borrowing, and consumer credit for 1993:Q2 Quarterly Financial Report (QFR) of the Census Bureau through 1993:Q1. Internal Revenue Service Statistics of Income data for 1990; securities offerings, mortgages, bank loans, open market paper, and other loans for 1993:Q2. Gross security offerings, deposits at banks, and nonmarketable U.S. government securities issues for 1993:Q2. U.S. government loans since 1991:Q4. See item 7 below. Statistics of Income data since QFR data for 1993:Q2..t^ti.stics 9f IncQme data since Security retirements, other asset items since 1991;Q2. 7. U.S. government Data on federal receipts and outlays from the Monthly Treasury Statement of Receipts and Outlays for 1993:Q2; data from the Federal Financing Bank statement for 1993;Q2. Loans outstanding since 1991:Q4 except at the Federal Financing Bank. 8. Government - sponsored enterprises Balance sheet data for FNMA, Federal Home None. Loan Banks, FHLMC, SLMA, FICO, REFCORP, and FCA for 1993:Q2. 9. Federally related mortgage pools 10. Foreign (U.S. international transactions) All data for 1993;Q2 are available. NIPA estimates, data from bank reports of condition, Treasury International Capital System data for banks, and Balance of Payments data for 1993;Q2. -viii- None. None,

9 11. Monetary authority All data for 1993:Q2 are available. None. 12. Commercial banking All data for 1993:Q2 are available for domestically chartered and foreign related banks. Data for 1993:Q2 for bank holding companies, and data since 1992:Q4 for banks in U.S.-affiliated areas. 13. Funding corporations Estimates for this sector are largely residual and derived from data for other sectors. Data for brokers and dealers which are estimated directly are available for 1993:Q Savings institutions All data through 1993:Q1 and data for savings institutions that report to FDIC are available for 1993:Q2. Data for 1993:Q2 for savings institutions that report to OTS. 15. Credit unions All data for 1993:Q2 are available. None. 16. Life insurance companies Asset data are available through 1993:Q1 and liability data through Liability data since 1991 asset data for 1993:Q2. and 17. Other insurance companies Data are available through Data since Private pension funds (including FERS) 19. State and local government retirement funds All data for 1993:Q2 are available. Data are available through 1992:Q1. None. Data since 1992:Q Finance companies All data for 1993:Q2 are available. None. 21. Mortgage companies Data are available through 1993:Q1. Data for 1993:Q Mutual funds All data for 1993:Q2 are available. None. 23. Closed-end funds Data are available through Data since Real estate investment trusts Data are available through 1993:Q1. Data for 1993:Q Security brokers and dealers All data for 1993:Q2 are available. None. 26. Issuers of asset-backed securities (ABSs) Complete data from Trepp/PSA Information Services and data for private mortgage pools, consumer credit and trade credit securitization for 1993:Q2. None. 27. Bank personal trusts Data are available through Data since ix-

10 September 17 > 1993 GROWTH OF NONFINANCIAL DEBT BY SECTOR (In percent) Domestic sectors Households Business State & Foreign U.S. Non- Home Consumer Long- Short- local and Total govt, federal Total mtgs. credit Total term term govts. Foreign domestic Memo: Private finan. assets Annual Quarterly (SAAR) 1989 I II III IV I II III IV I II III IV I II III IV I II Digitized for FRASER -x-

11 September 17, 1993 BORROWING BY NONFINANCIAL SECTORS (Billions of dollars) Domestic sectors Households Business State & Foreign U.S. Non- Home Consumer Long- Short- local and Total govt, federal Total mtgs. credit Total term term govts. Foreign domestic Memo: Private finan. assets Annual flows Quarterly flows (SAAR) 1989 I II III IV I II III IV I II III IV I II III IV I II Digitized for FRASER -xi-

12 September 17, 1993 NONFINANCIAL DEBT OUTSTANDING BY SECTOR (Billions ot dollars) Domestic Sectors Households Business State & Foreign U.S. Non- Home Consumer Long- Short- local and Total govt, federal Total mtgs. credit Total term term govts. Foreign domestic Memo: Private finan. assets Year-end outstandings Quarterly outstandings (seasonally adjusted) 1989 I II III , IV I II III IV I II % III IV I II III IV I II xii-

13 TABLE OF CONTENTS Flows Levels Title Table Page Table Page SUMMARIES Income and product distribution F. 1 1 Funds Raised in credit and equity markets Credit market borrowing: Nonfinancial sectors F.2 3 L.2 67 Financial sectors F.3 3 L.3 67 All sectors, by transaction F.4 3 L.4 67 Funds raised through mutual funds and corporate equities F.5 3 Total claims: Total net borrowing and lending in credit markets F.6 5 L.6 69 Total liabilities and their relation to total financial assets F.7 5 L.7 69 Derivation of measures of personal saving F.8 7 L.8 71 SECTORS Households and nonprofit organizations F L Nonfinancial business F L Farm F L Nonfarm: Noncorporate F L Corporate F L State and local government general funds F L U.S. government F L Government sponsored enterprises F L Federally related mortgage pools F L Foreign F L Monetary authority F L Commercial banking F.lll 21 L.lll 85 U.Schartered commercial banks F L Foreign banking offices in U.S. F L Bank holding companies F L Banks in U.S.-affiliated areas F L xiii-

14 Flows Levels Title Table Page Table Page Private nonbank financial institutions F L Funding corporations F L Thrift institutions F L Savings institutions F L Credit unions F L Insurance and pension funds: Life insurance companies F L Other insurance companies F L Private pension funds F L State and local government employee retirement funds F L Other financial institutions: Finance companies F L Mortgage companies F L Mutual funds F L Closed-end funds F L Money market mutual funds F L Real estate investment trusts F L Security brokers and dealers F L Issuers of asset-backed securities (ABSs) F L Bank personal trusts F L TRANSACTIONS Foreign exchange, Treasury currency, and insurance reserves: Gold and official foreign exchange holdings F L Treasury currency and SDR certificates F L Insurance and pension fund reserves F L Net interbank claims F.203 > 39 L Deposits: Checkable deposits and currency F L Small time and savings deposits F L Large time deposits F L Other deposits, federal funds, and security RPs: Money market mutual fund shares F L xiv-

15 Flows Levels Title Table Page Table Page Federal funds and security repurchase agreements F L U.S. deposits in foreign countries F L U.S. government securities: Treasury securities F L Agency securities F L Private securities: Tax-exempt debt securities and loans F L Corporate and foreign bonds F L Mutual fund shares F L Corporate equities F L Mortgage markets Total mortgages F L Home mortgages F L Multifamily residential mortgages F L Commercial mortgages F L Farm mortgages F L Consumer credit and bank loans not elsewhere classified: Consumer credit F L Bank loans not elsewhere classified F L Open market paper and other loans: Open market paper F L Other loans F L Security credit, trade credit, and taxes payable: Security credit F L Trade credit F L Taxes payable by businesses F L Proprietors equity in noncorporate business F Investment in bank personal trusts F L Total miscellaneous financial claims F L Identified miscellaneous financial claims F L Unidentified miscellaneous financial claims F L Discrepancies: Sectors F.9 65 Transactions F XV-

16 SEPTMEBER 17, 1993 Income and Product Distribution 1 ANNUAL FLOWS F.l Income and Product Distribution Income and Product Distribution ANNUAL FLOWS GDP Current purchases Households Of which consumer durables State and local governments U.S. government Gross domestic investment Private fixed Investment Residential construction Households Farm Nonfarm noncorp. bus Nonfin. corporations REITs Nonres. plant 8 equipment Nonprofit inst. (HH) Farm Nonfarm noncorp. bus Nonfin. corporations Financial corporations Inventories Farm Nonfarm Noncorporate Corporate Net exports Exports of goods 8 services Imports of goods 8 services Memo: Net factor income (1) U.S. receipts U.S. payments GNP=GDP net factor income Disposable personal income Personal saving Saving rate (percent) 8.8X 8.6X OX X 4.3X 4.3X 4. OX 4. IX 4.7X 5.3X Federal government surplus St. 8 local government surplus Corporate profits, taxes, and dividends: 38 Profits - total (book) Farms X X Foreign subsidiaries Financial corporations Dom. nonfin. corporations Tax accruals - total Farms Financial corporations Nonfin. corporations Dividends - total Farms Financial corporations Foreign subsidiaries Dom. nonfin. corporations Undist. prof. - total (boox) Farms Financial corooratlons Foreign subsidiaries Dom. nonfin. corporations Cap. cons, adjust. - total Farms Financial corporations Dom. nonfin. corporations Total capital cons. w/ccadj Owner-occupied homes (HH) Nonprofit institutions (HH) Farm noncorporate Nonfarm noncorp. business Total corporate Financial business Corporate farms Nonfin. corporations Memo: Cap. cons, on consumer 70 durables not included above Tot. cap. cons. incl. durables Statistical discrepancy (1) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. BILLIONS OF DOLLARS

17 Income and Product Distribution SEASONALLY ADJUSTED ANNUAL RATES F.l Income and Product Distrloution Income and Product Distribution SEASONALLY ADJUSTED ANNUAL RATES I 1990 I 1991 I 1992 I III IV i I II III IV 1 I II III IV 1 I II , GDP Current purchases Households Of which consumer durables State and local governments U.S. government Gross domestic investment Private fixed investment Residential construction Households Farm , Nonfarm noncorp. bus Nonfin. corporations REITs Nonres. plant 8 equipment , Nonprofit inst. (HH) Farm Nonfarm noncorp. bus Nonfin. corporations Financial corporations Inventories Farm Nonfarm M Noncorporate Corporate Net exports Exports of goods 8 services Imports of goods 8 services Memo: Net factor income (1) U.S. receipts U.S. payments GNP=GDP + net factor income Disposable personal income , Personal saving % 4.2% 4,8% 4.8% 4.4% 4.9% 4.9% 5.3% 4.8% 6.0% 3.8% 4.5% Saving rate (percent) , Federal government surplus St. 8 local government surplus 37 Corporate profits, taxes, and dividends: Profits - total (book) Farms Foreign subsidiaries 40 41' Financial corporations Dom. nonfin. corporations Tax accruals - total ' ,4 0.4 Farms , Financial corporations Nonfin. corporations Dividends - total Farms , Financial corporations Foreign subsidiaries Dom. nonfin. corporations Undist. prof. - total (book) Farms Financial corporations Foreign subsidiaries Dom. nonfin. corporations Cap. cons, adjust. - total Farms Financial corporations Dom. nonfin. corporations Total capital cons. w/ccadj Owner-occupied homes (HH) Nonprofit institutions (HH) Farm noncorporate Nonfarm noncorp. business Total corporate Financial business Corporate farms Nonfin. corporations 69 Memo: Cap. cons, on consumer , durables not included above Tot. cap. cons. incl. durables Statistical discrepancy 72 BILLIONS OF DOLLARS. (1) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation.

18 SEPTMEBER 17, 1993 Funds Raised 3 ANNUAL FLOWS F.2-F.5 Funds Raised ln Credit and Equity Market: Funds Raised ANNUAL FLOWS F.2 Credit Market Borrowing by Nonfinancial Sectors 1 Total domestic U.S. government Treasury securities Budget agency secur.8mtgs Private, by transaction Tax-exempt securities Corporate bonds Mortgages Home mortgages Multifamily resid Commercial Farm Consumer credit Bank loans n.e.c Commercial paper Other loans Private, by sector Households Nonfinancial business Farm Nonfarm noncorporate Corporate StateSlocal governments Fgn. borrowing in U.S Bonds Bank loans n.e.c Commercial paper U.S. govt. 8 other loans Total domestic plus foreign F,.3 Credit Market Borrowingi by Financial Sectors 1 Total, by transaction U.S. government-related GSEs securities Mortgage pools securities Loans from U.S. government w * 5 6 Private financial sectors Corporate bonds Mortgages M 0.1 N M 8 9 Bank loans n.e.c l.l Open market pacer Fed. Home Loan Banks loans Total, by sector , Govt.-spons. enterprises / Fed. related mortgage pools ' Private financial sectors Commercial banks Bank holding companies Funding coraoratlons Savings institutions Credit unions M Life insurance companies M Finance companies Mortgage companies REITs -.8 N ABS issuers F.4 Credit Market Borrowing, All Sectors, by Transaction 1 Total U.S. government securities Tax-exempt securities Corporate & foreign bonds Mortgages Consumer credit Bank loans n.e.c Open market paper Other loans F.5 Funds Raised Through Mutual Funds and Corporate Equities 1 Total net Issues Mutual funds Corporate equities Nonfinancial corporations Financial corporations Foreign shares 6 purchased ln U.S BILLIONS OF DOLLARS

19 SEPTEMBER 17, 1995 Funds Raised SEASONALLY ADJUSTED ANNUAL RATES F.2-F.5 Funds Rslssd In Credit end Equity Markets I 1990 I 1991 I 1992 f III IV 1 I II III IV 1 I II III IV 1 I II F.2 Credit Market Borrowing by Nonfinanclal Sectors 4 Funds Rslssd SEASONALLY ADJUSTED ANNUAL RATES Total domestic U.S. government Treasury securities Budget agency secur.smtgs Private, by transaction Tax-exempt securities Corporate bonds Mortgages Home mortgages Multifamily resid Commercial Farm Consumer credit Bank loans n.e.c Commercial paper Other loans Private, by sector Households Nonfinancial business Farm Nonfarm noncorporate Corporate State&local governments Fgn. borrowing in U.S Bonds Bank loans n.e.c Commercial paper U.S. govt. 8 other loans Total domestic plus foreign 29 F.3 Credit Market Borrowing by Financial Sectors Total, by transaction U.S. government-related GSEs securities Mortgage pools securities Loans from U.S. government Private financial sectors Corporate bonds M Mortgages 8 9-8, Bank loans n.e.c l.l Open market paper Fed. Home Loan Banks loans Total, by sector Govt.-spons. enterprises Fed. related mortgage pools Private financial sectors Commercial banks Bank holding companies Funding corporations Savings institutions w 0.1 M 0.3 Credit unions N M Life insurance companies Finance companies Mortgage companies REITs ABS issuers 25 F.4 Credit Market Borrowing1, All Sectors, by Trans action Total U.S. government securities Tax-exempt securities Corporate 8 foreign bonds Mortgages Consumer credit Bank loans n.e.c M Open market paper Other loans 9 F. 5 Funds Raised Through Mutual Funds and Corporate Equities Total net issues Mutual funds Corporate equities Nonfinancial corporations Financial corporations 5 Foreign shares purchased in U.S. 6 BILLIONS OF DOLLARS.

20 SEPTMEBER 17, 1993 Total Claims ANNUAL FLOWS F.6-F.7 Total Claims Total Claims ANNUAL FLOWS F.6 Total Net Borrowing and Lending in Credit Markets (1) 1 Total net borrowing Domestic nonfinan. sectors U.S. government Private domestic Households Farm business O.S Nonfarm noncorp. bus Corporate business StateSlocal governments Foreign borr. In U.S Financial sectors Govt.-spons. enterprises Fed. related mortgage pool Commercial banks Bank holding companies Funding corporations Thrift institutions Life inurance companies a Finance companies Mortgage companies REITs -.8 w ABS Issuers Total net lending Private dom. nonfin. sectors Households Nonfarm noncorp. business Corporate business State 8 local governments U.S. government Foreign Financial sectors Govt.-spons. enterprises Fed. related mtg. pools Monetary authority Commercial banking U.S. commercial banks Foreign banking offices Bank holding companies Banks in U.S.-aff. areas Private nonbank finance Thrift institutions Insurance sector Life insurance cos Other insurance cos Private pension funds St.81oc.govt.rtr.funds Finance n.e.c Finance companies Mortgage companies Mutual funds Closed-end fund a Money mkt. mutual fds REITs -1.1 a a Brokers and dealers ABS issuers Bank personal trusts (1) Excludes corporate equities and mutual fund shares. F.7 Total Liabilities and Tbeir Relation to Total Financial Assets Net flows through credit markets (from 1 preceding table) Other financial sources: 2 Official foreign exchange Treasury curr. and SDR ctfs * Life Insurance reserves Pension fund reserves Interbank claims Deposits at financial insts Checkable deposits Small time 8 savings dep Large time deposits Money market fund shares Security RPs Foreign deposits Mutual fund shares Corporate equities Security credit Trade debt Taxes payable Noncorp. proprietors' equity Inv. in bank personal trusts Miscellaneous Total financial sources Floats not incl. in assets 23 Check, dep.: U.S. govt M Other Trade credit Liabilities not Identified as assets 26 Treasury currency N Interbank claims Security RPs Taxes payable Miscellaneous Totals identified to sectors as assets Digitized for FRASER BILLIONS OF OOLLARS.

21 Total Claims SEASONALLY ADJUSTED ANNUAL RATES F.6-F.7 Total Claims I 1990 I 1991 I 1992 I III IV 1 I II III IV 11 I II III IV 1 I II F.6 Total Net Borrowing and Lending in Credit Markets (1) Total Claims SEASONALLY ADJUSTED ANNUAL RATES A A A7.0 9A Total net borrowing A A A All.A A A Domestic nonfinan. sectors A U.S. government 3 A A01.A Private domestic A 5 20A A Households A.3 -A Farm business A Nonfarm noncorp. bus Corporate business 8 9 AA.2 A3.A A StateSlocal governments A A Foreign borr. in U.S A8.A A.6 29A A Financial sectors II A Govt.-spons. enterprises A3.7 1A A A Fed. related mortgage pool 13 IA A.5 5.A 10.A Commercial banks IA 15 -A l.a -A Bank holding companies A A Funding corporations A AA A9.0-3A A A Thrift institutions N Life lnurance companies A.l S Al.A Finance companies A A.A -6.A -10.A 10.3 Mortgage companies l.a 0.7 REITs A A.9 A A5.0 6A.A 59.2 A7.5 5A.3 ABS issuers A A A7.0 9A Total net lending 23 2A 1A2.1 A A -A3.A A.A Private dom. nonfin. sectors 2A 25 9A A AA Households Nonfarm noncorp. business A A Corporate business AA AA State 8 local governments A A U.S. government A.2 27.A A1.3 9A.A A.6 92.A Foreign A.A A A.7 53A A.2 Financial sectors A AA.1 Govt.-spons. enterprises A3.7 1A3.8 1A A A Fed. related mtg. pools 33 3A A.8 2.A A8.3 AA Monetary authority 3A AS A A A Commercial banking A U.S. commercial banks A1.8 A A A A Foreign banking offices A.2-2.A 0.6 N A 16.A -.6 -A.3 -.A Bank holding companies Banks in U.S.-aff. areas 39 AO A A81.6 A A A3.7 AA Private nonbank finance A0 Al -16A A A A A Thrift institutions Al A A1.A Insurance sector A2 A A Life Insurance cos. A3 AA A.9 3A A Other insurance cos. AA A A A S.A Private pension funds A5 A A9.0 A A A2.A A5.9 St.&loc.govt.rtr.funds A6 A7 27A.A A A A8.5 A A Finance n.e.c. A7 A8 A A A.O 2A.0-3A Finance companies A8 A9 6.A -15.A A Mortgage companies A A A A Mutual funds A A Closed-end funds A2.A A AA A A Money mkt. mutual fds REITs 53 5A -1A A Brokers and dealers 5A A AA A A7.0 A9.5 ABS issuers A A IA.A Bank personal trusts 56 F.7 Total Liabilities and Their Relation to Total Financial Assets (1) Exclude s corporate equities and mutual fund shares. Net flows through credit markets (from A A A7.0 9A preceding table) 1 Other financial sources: A.O 1.5 -A A -3.5 Official foreign exchange 2 3 O.A O.A O.A O.A Treasury curr. and SDR ctfs. 3 A 2A.A A 19.A A Al.0 Life insurance reserves A 5-10A A A A.1 A50.6 A Pension fund reserves A A A7.2 Interbank claims A A A A2.2 -A Deposits at financial insts A A Checkable deposits A A Small time & savings dep A A Large time deposits AA.A A Money market fund shares A Security RPs A A3.2 A3.0-1A A Foreign deposits 13 IA A A.A 2A Mutual fund shares IA 15-5A Corporate equities A A A Security credit A A 17.A A2.5 Trade debt M A Taxes payable A Noncorp. proprietors* equity A A A Inv. in bank personal trusts A A.A A A.8 21A.A Miscellaneous A16.6 1All A A 137A.0 177A A Total financial sources 22 - Floats not incl. in assets A.A Check, dep.: U.S. govt. 23 2A A Other 2A A AA Trade credit 25 - Liabilities not identified as assets A Treasury currency A Interbank claims A.1 A A Security RPs A.A Taxes payable Miscellaneous 30 Totals identified to sectors AA6.1 9A5.A A A as assets 31 Digitized for FRASER BILLIONS OF DOLLARS.

22 SEPTMEBER 17, 1993 Personal Savins annua! FLOWS F.S Derivation of Measures of Personal Saving (1) Personal Saving ANNUAL FLOWS Net acq. of financial assets Checkable deposits and curr Time and savings deposits Money market fund shares Securities U.S. savings bonds Other U.S. Treasury secur ? 8 U.S. govt, agency secur Tax-exempt securities Corporate 8 foreign bonds N Open market paper Mutual fund shares Corporate equities Private life insurance res Private insured pension res Private nonlnsured pen. res Govt. Insurance 8 pen. res IS Inv. in bank pers. trusts Miscellaneous finan. assets Gross inv. in tangible assets Owner-occupied homes Other fixed assets (2) Consumer durables Inventories (2) Capital consumption allowances Owner-occupied homes Other fixed assets (2) J Consumer durables i/ Net inv. in tangible assets Owner-occupied homes Other fixed assets (2) Consumer durables Inventories (2) Net increase in liabilities Mtg. debt on nonfarm homes Other mortgage debt (2) Consumer credit Security credit Policy loans M Other liaoxllties (2) Personal saving, FOF (3) Govt, insurance 8 pen. res Net investment in cons. dur Net saving by farm corps = Personal saving (NIPA concept, FOF data) 46 Personal saving (NIPA measure) Difference (4) Personal saving as a percentage of disposable personal income: FOF measure (line 41) 11.4k 11.0% 12.6% 13.1% 13.2% 14.8% 11.0% 10.1% 11.8% 10.7% 9.0% 9.8% NIPA concept,fof datadine 45) 5.3X 8.2% 8.5% 7.8% 7.5% 8.7% 5.6% 4.6% 6.5% 6.3% 5.8% 6.3% NIPA measure (line 46) 8.8% 8.6% 6.7% 8.0% 6.4X 5.9% 4.3% 4.3% 4.0% 4.1% 4.7% 5.3% Difference (line 47) -0.5% -0.3% 1.8% -0.1% 1.1% 2.7% 1.3% 0.2% 2.5% 2.1% 1.1% 1.0% 51 (1) Combined statement for housenold sector, farm business, and nonfarm noncorporate business. (2) Includes corporate farms. (3) Line 1 plus line 29 less line 34. (4) Household discrepancy with sign reversed. BILLIONS OF DOLLARS.

23 Personal Saving SEASONALLY ADJUSTED ANNUAL RATES F.B Derivation of Measures of Personal Saving (1) I 1990 I 1991 I 1992 I III IV 1 I II III IV 1 I II III IV 1 I II Personal Saving SEASONALLY ADJUSTED ANNUAL RATES Net acq. of financial assets Checkable deposits and curr Time and savings deposits Money market fund shares Securities U.S. savings bonds Other U.S. Treasury secur U.S. govt, agency secur Tax-exempt securities Corporate 8 foreign bonds Open market paper Mutual fund shares Corporate equities Private life insurance res Private Insured pension res Private noninsured pen. res Govt, insurance 8 pen. res Inv. in bank pers. trusts Miscellaneous finan. assets Gross inv. in tangible assets Owner-occupied homes Other fixed assets (2) Consumer durables Inventories (2) Capital consumption allowances Owner-occupied homes Other fixed assets (2) Consumer durables Net inv. in tangible assets Owner-occupied homes Other fixed assets (2) Consumer durables Inventories (2) Net increase in liabilities Mtg. debt on nonfarm homes Other mortgage debt (2) Consumer credit Security credit Policy loans Other liabilities (2) Personal saving, FOF (3) Govt, insurance 8 pen. res Net investment in cons. dur Net saving by farm corps s Personal saving 45 (NIPA concept, FOF data) Personal saving (NIPA measure) Personal saving as Difference (4) a percentage of disposable personal income: X 9. IX 11.6X 7. OX 9.6X 8. OX 9.8X 9. IX 9.2X 11. OX 7. IX 13.3X FOF measure (line 41) OX 5.3X 8.6X 3.8X 6. IX 5. OX 6.4X 5.8X 5.9X 7.2X 3. ax 9.6X NIPA concept,fof datadine 45) X 4.2X 4.8X 4.8X 4.4X 4.9X 4.9X 5.3X 4.8X 6. OX 3.8X 4.5X NIPA measure (line 46) X 1.0X 3.7X -I.OX 1.7X o.ox 1.4X 0.5X 1.OX 1.2X o.-x 5. IX Difference (line 47) BILLIONS OF DOLLARS. (1) Combined statement for household sector, farm business, and nonfarm noncorporate business. (2) Includes corporate farms. (3) Line 1 plus line 29 less line 34. (4) Household discrapancy with sign reversed.

24 SEPTMEBER 17, 1993 Households ANNUAL?LOWS F.100 Households and Monprofit Organization Households ANNUAL FLOWS Personal income Personal taxes and nontaxes Disposable personal income Personal outlays = Personal saving, NIPA (1) Credits from govt, insurance Net durables in consumption Capital consumption Gross saving Gross investment Capital expend, net of sales Residential construction Consumer durable goods Nonprofit plant and equip Net financial investment Net acq. of financial assets Dep. & cr. mkt. instr Deposits Checkable dep. 8 curr Small time 8 svgs.dep Large time deposits Money mkt. fund shares Credit mkt. instruments U.S. govt, securities Treasury Agency Tax-exempt securities Corporate 8 fgn. bonds M Mortgages Open market paper Mutual fund shares Corporate equities Life insurance reserves Pension fund reserves Inv. in bank pers. trusts Net inv. in noncorp. bus. Security credit -46, Miscellaneous assets Net increase in liabilities Credit market instruments Home mortgages Installment cons, credit Other consumer credit Tax-exempt debt Other mortgages ^6,Bank loans n.e.c Other loans Security credit Trade debt Miscellaneous Discrepancy (1) See t3ble F.3 for derivation of alternative personal saving measures. Memo: Net physical investment: (A) Residential construction 52 expenditures Capital consumption = Net investment Home mortgages Excess net investment (B) Consumer durables 57 expenditures , Capital consumption = Net investment Consumer credit = Excess net investment BILLIONS OF DOLLARS.

25 Households SEASONALLY ADJUSTED ANNUAL RATES F.100 Households and Nonprofit Organizations Households SEASONALLY ^SlUSTED ANNUAL RATES I 1990 I 1991 I 1992 I 1993 i in IV 1 I II * III IV 1 I II III IV 1 I II Personal income , Personal taxes and nontaxes = Disposable personal income Personal outlays a Personal saving, NIPA (1) Credits from govt, insurance Net durables in consumption * Capital consumption = Gross saving Gross investment 10 ll Capital expend, net of sales Residential construction Consumer durable goods Nonprofit plant and equip Net financial Investment Net acq. of financial assets Dep. 8 cr. mkt. instr Deposits Checkaole dep. 8 curr Small time 8 svgs.dep Large time deposits Money mkt. fund shares Credit mkt. instruments U.S. govt, securities Treasury Agency Tax-exempt securities 27 Corporate 8 fgn. bonds Mortgages Open market paper Mutual fund shares Corporate equities ' Life insurance reserves Pension fund reserves Inv. in bank pars, trusts Net inv. in noncorp. bus Security credit Miscellaneous assets Net increase in liabilities Credit market instruments Home mortgages Installment cons, credit Other consumer credit Tax-exempt debt ll.o 9.0 ll.o Other mortgages Bank loans n.e.c Other loans Security credit Trade debt Miscellaneous Discrepancy 51 (1) See table F.S for derivation of alternative personal saving measures. Memo: Net physical investment: (A) Residential construction expenditures Capital consumption = Net investment Home mortgages = Excess net investment 50 (B) Consumer durables expenditures Capital consumption = Net investment Consumer credit a Excess net Investment 61 BILLIONS OF DOLLARS.

26 SEPTMEBER 17, 1993 Nonfinanclal Business Mo ANNUAL FLOWS F.101-F.103 Nonfinanclal Business Nonflnenclal Business ANNUAL FLOWS F.101 All Nonfinanclal Business 1 Income before taxes I 2 Gross saving Gross Investment Capital expenditures Fixed investment / Residential construction Business plant 8 equipment Change In inventories Mineral rts. from U.S. govt Net financial investment Net acq. of financial assets Net Increase In liabilities Corporate equities Credit market instruments Tax-exempt debt M Corporate bonds Mortgages Bank loans n.e.c Commercial paper Other loans Trade debt Taxes payable Miscellaneous liabilities Proprietor net investment Discrepancy F.102 Farm Business (1) 1 Proprietor net income I w/iva 8 CCAdj. 2 Net saving (corporate) Capital consumption Corporate Noncorporate Current surplus 3 gross saving Gross investment Capital expenditures Residential construction Plant and equipment Change in Inventories Net financial investment Net acq. of financial assets Checkable dep. 8 currency Miscellaneous assets Insurance receivables M Equity in GSEs (2) Net increase in liabilities Credit market instruments Mortgages Bank loans n.e.c Other loans M Trade debt Proprietor net Investment (1) Includes corporate and noncorporate farms. F.103 Nonfarm Noncorporate Business 1 Net income w/ IVA and CCAdj Gross svg. 3 capital consump Gross investment Capital expenditures Fixed capital Residential construction Plant and equipment Change in inventories Net financial investment Net acq. of financial assets Checkable dep. 8 currency Time deposits Treasury securities Consumer credit M Mortgages Trade credit Miscellaneous assets Insurance receivables Equity in GSEs (2) 0.1 N «H N -.1 M N K Other Net increase in liabilities Credit market instruments Mortgages Bank loans n.e.c Other loans Taxes payable Trade debt Miscellaneous liabilities Proprietor net investment (2) Equity In the Farm Credit System. BILLIONS OF DOLLARS Digitized for FRASER

27 Nonfinancial Business SEASONALLY ADJUSTED ANNUAL RATES F.101-F.103 Nonfinancial Business I 1990 I 1991 I 1992 I III IV 1 I II III IV 1 I II III IV 1 I II F.101 All Nonfinancial Business Nonfinancial Business AZ ADJUSTED ANNUAL RATES Income before taxes Gross saving Gross investment Capital expenditures Fixed investment Residential construction Business plant 8 equipment Change in inventories Mineral rts. from U.S. govt Net financial investment Net acq. of financial assets Net increase in liabilities Corporate equities Credit market instruments Tax-exempt debt Corporate bonds Mortgages Bank loans n.e.c Commercial paper Other loans Trade debt * Taxes payable Miscellaneous liabilities Proprietor net investment Discrepancy 25 F. 102 Farm Business (1) I Proprietor net income w/iva 8 CCAdj Net saving (corporate) Capital consumption Corporate Noncorporate Current surplus = gross saving Gross investment Capital expenditures Residential construction Plant and equipment Change in inventories Net financial investment N Net acq. of financial assets l.l * Checkable dep. 8 currency i.l Miscellaneous assets Insurance receivables Equity in GSEs (2) Net increase in liabilities Credit market instruments Mortgages X Bank loans n.e.c Other loans Trade debt Proprietor net investment 24 (1) Includes corporate and noncorporate farms. F.103 Nonfarm Noncorporate Business Net income w/ IVA and CCAdj Gross svg. = capital consump Gross investment Capital expenditures Fixed capital Residential construction Plant and equipment x Change in inventories Net financial investment i.o 0.3 X 4.2 Net acq. of financial assets Checkable dep. & currency Time deposits l.l Treasury securities Consumer credit Mortgages Trade credit x Miscellaneous assets Insurance receivables X X Equity in GSEs (2) Other Net increase in liabilities Credit market instruments Mortgages Bank loans n.e.c Other loans Taxes payable Trade debt Miscellaneous liabilities Proprietor net investment 29 BILLIONS OF DOLLARS Digitized for FRASER (2) Equity ln the Farm Credit System.

28 SEPTMEBER 17, 1993 Nonfinancial Corporations ANNUAL tt. FLOWS F.104 Nonfarm Nonfinancial Corporate Business Nonfinancial Corporations ANNUAL FLOWS Profits before tax (book) Profit tax accruals Dividends U.S. undistributed profits Capital consumption adj. + Depreciation charges, NIPA = U.S. internal funds, book * Fgn. earnings ret. abroad Inv. valuation adjustment» Total internal funds * IVA Gross investment Capital expenditures (1) Fixed investment Residential construction l.l Plant and equipment Inventory change IVA Mineral rts. from U.S. govt Net financial investment Net acq. of financial assets Liquid assets Checkable dep. and curr Small time 8 savings dep Large time deposits Money mkt. fund shares Security RPs Foreign deposits U.S. govt, securities Treasury Agency * 0.1 w Tax-exempt securities M Commercial paper Consumer credit Mutual fund shares Trade credit Miscellaneous assets Foreign dir. invest. (2) Insurance receivables Equity in GSEs (3) N * w * M 0.5» Inv. in finance co.subs. l.l Other Net increase in liabilities Net funds raised in mkts. Net new equity issues Debt instruments Tax-exempt debt (4) * Corporate bonds (2) , Mortgages Bank loans n.e.c Commercial paper Other loans Savings institutions Finance companies U.S. government Accept.liab.to banks * Foreign ABS issuers Taxes payable Trade debt Miscellaneous liabilities Fgn. dir. Invest, in US Pen. fund contr. payable Discrepancy Memo: 63 Trade credit net of trade debt Earnings rec. from abroad { (1)1 Capital outlays on book basis: 65 Inventory change, NIPA Less: Inv. val. adjustment Inventory change before IVA Total cap. expend, before IVA Less: US internal funds, book Financing gap: Excess of capital expenditures 70 over U.S. internal funds Capital exp./us internal funds 135.2X 120.IX 109.4X 125.5X 112.8X 110.OX 103.7X 102.4X 109.6X 110.IX 96.7X 93.8X Cr. mkt. borrowing/capital exp 34. OX 22.7X 24.6X 46.5X 42.8X 65.8X 37. OX 47.7X 44.2X 24. OX -3. OX 10. IX 72 (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) Equity in the Federal National Mortgage Association. (4) 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. BILLIONS OF DOLLARS.

29 Nonfinanoiai Corporation* F.104 Nonfarm Nonfinancial Corporate Bualnaaa Nonfinancial Corporation* SEASONALLY ADJUSTED ANNUAL RATES SEASONAL ADJUSTED ANNUAL RATES i 1990 I 1991 I 1992 I 1993 III IV 11 I II III IV 11 I II III IV 11 I Profits before tax (book) Profit tax accruals Dividends » U.S. undistributed profits * Capital consumption adj * Depreciation charges, NIPA = U.S. internal funds, book Fgn. earnings ret. abroad Inv. valuation adjustment «Total internal funds * IVA Gross investment ll Capital expenditures (1) Fixed investment l.l Residential construction Plant and equipment Inventory change IVA Mineral rts. from U.S. govt. 17 IB Net financial investment Net acq. of financial assets Liquid assets Checkable dep. and curr M Small time 8 savings dep Large time deposits Money mkt. fund shares Security RPs Foreign deposits U.S. govt, securities Treasury Agency Tax-exempt securities X Commercial paper Consumer credit Mutual funa shares Trade credit Miscellaneous assets Foreign dir. invest. (2) Insurance receivables M X 2.0 X X Equity in GSEs (3) Inv. in finance co.subs Other Net increase in liabilities Net funds raised in mkts Net new equity issues Debt Instruments Tax-exempt debt (4) Corporate bonds (2) X Mortgages Bank loans n.e.c Commercial paper Other loans Savings institutions Finance companies U.S. government Accept.liab.to banks Foreign ABS issuers Taxes payable Trade debt Miscellaneous liabilities Fgn. dir. invest, in US Pen. fund contr. payable Discrepancy 62 Memo: Trade credit net of trade debt 11.5 Earnings rec. from abroad (1) Capital outlays on book basis: Inventory change, NIPA Less: Inv. val. adjustment Inventory change before IVA Total cap. expend, before IVA Less: US internal funds, book 69 - Financing gap: Excess of capital expenditures over U.S. internal funds IX 107.7X 98. IX 92.IX 99. IX 97.5X 90.6X 96.4X 92.9X 95. IX 108.OX 105.8X Capital exp./us internal funds IX 9. OX 2.7X 5.8X -2.4X -16.9X 9. OX 8.OX 14.3X 9.2X -2. IX 15.8X Cr. mkt. borrowing/capital axp 72 BILLIONS OF DOLLARS. (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) Equity in the Federal National Mortgage Association. (4) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal oy the industrial user of the funds.

30 SEPTMEBER 17, 1993 State and Local Governments 15 ANNUAL FLOWS F.105 State and Local Government General Funds (1) State and Local Governments ANNUAL FLOWS Receipts, NIPA basis Tax receipts Social Insurance receipts Grants-in-aid received Expenditures, NIPA basis Purch. of goods and services Net interest and transfers Net surplus, NIPA basis Retirement credit to HH = Gross saving Net financial investment Net acq. of financial assets Checkable dep. and curr Time deposits Security RPs Credit market instruments U.S. govt, securities Treasury Agency Tax-exempt securities Mortgages Taxes receivable Net increase in liabilities Credit market borrowing Tax-exempt securities Short-term Other U.S. government loans l.l Trade debt Discrepancy (1) Employee retirement funds are included in the Insurance sector. BILLIONS OF DOLLARS ll *

31 Stitt end Loeal Governments SEASONALLY AOJUSTED ANNUAL RATES P.105 Stste end Loeal Government Qenerel Funds (1) I 1990 I 1991 I 1992 I III XV 1 X XX XXX XV 11 X XX XXX XV 1I X XX Stete end Local Governments SEASONALLY AOJUSTEO ANNUAL RATES Receipts, NIPA basis Tax receipts Social insurance receipts Grants-in-aid received Expenditures, NIPA basis Purch. of goods end services Net interest and transfers 7 S l.s Net surplus, NIPA basis Retirement credit to HH Gross saving Net financial investment Net aco. of financial assets Checkable dep. and curr Time deposits Security RPs Credit market instruments $ U.S. govt, securities Treesury l.l Agency Tax-exempt securities Mortgages Taxes receivable Net Increase in liabilities Credit market borrowing Tr*-exempt securities Short-term Other U.S. government loans Trade debt l.l Discrepancy 30 BILLIONS OF OOLLARS (1) Employee retirement funds are Included in the insurance sector.

32 SEPTMEBER 17, 1993 U.S. Govt., GSEs, and Pools ANNUAL F.1O6-F.1O0 U.S. Government, GSEs, and Mortgage Pools U.S. Govt., GSEs, and Pools ANNUAL FLOWS F.106 U.S. Government 1 Receipts, NIPA basis Personal taxes Corp, profits tax accruals Indirect taxes Social insurance receipts Expenditures, NIPA basis Goods and services Transfers, etc Net interest Net surplus, NIPA basis Insurance credits to HH * Mineral rights sales * Gross saving Net financial Investment Net acq. of financial assets Gold, SDRs 8 fgn. exch Checkable dep. 8 currency Time deposits * Credit market instruments Agency securities Mortgages , l.l Other loans H Taxes receivable Trade credit Miscellaneous Net increase in liabilities Treasury curr. & SDR ctfs N Credit market instruments Savings bonds Other Treas. securities Budget agency secur.8mtg Life a retirement reserves Trade debt Miscellaneous Discrepancy Memo: 36 U.S. govt, cash balance M M F.107 Government -Sponsored Enterprises (GSEs) (1) 1 Gross saving Fixed nonres. investment Net acq. of financial assets Checkable dep. and currency tt N 4 5 Fed. funds a security RPs Credit market instruments U.S. government securities Treasury Agency Mortgages ll Home Multifamily l.l Farm l.l Open market paper »» Other loans Student loans (SLMA) Loans to farmers (FICB) Loans to co-ops (BC) * FHLB loans to members Miscellaneous assets N Net Increase in liabilities Credit market instruments GSEs issues (2) U.S. government loans tt N Miscellaneous liabilities Discrepancy (1) Federal Homa Loan Banks, Federal National Mortgage Assn., Fadaral Homa Loan Mortgage Corp., Student Loan Marketing Assn., Fadaral Land Banks, Fadaral Intermediate Credit Banks, Banks for Cooperatives, the Financing Corp., and the Resolution Funding Corporation. (2) Such issues are classified as U.S. government securities. F.106 Federally Related Mortgage Pools (3) 1 Net acq. of mortgages Home mortgages Multifamily mortgages l.l Farm mortgages N w m tt tt * a a 4 5 Net incr. in pool sees. (4) (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. government mortgages and other loans. Digitized for FRASER (4) Such issues are classified as U.S. government securities. BILLIONS OF DOLLARS

33 SEPTEMBER 17, 1995 U.S. Govt., GSEs, snd Pools SEASONALLY ADJUSTED ANNUAL RATES F.106-F.108 U.S. Government, GSEs, and Mortgage Pool III IV I1 I II III IV 1 I II III IV t I II F.106 U.S. Government U.S. Govt., GSEs, and Pools SEASONALLY ADJUSTED ANNUAL RATES Receipts, NIPA basis Personal taxes Corp, profits tax accruals Indirect taxes Social insurance receipts Expenditures, NIPA basis Goods and services Transfers, etc Net interest Net surplus, NIPA basis Insurance credits to HH * Mineral rights sales = Gross saving Net financial investment Net acq. of financial assets Gold, SDRs 8 fgn. exch Checkable dep. 8 currency Time deposits Credit market instruments Agency securities Mortgages Other loans Taxes receivable Trade credit Miscellaneous Net increase in liabilities Treasury curr. 8 SDR ctfs Credit market instruments Savings oonds i Other Treas. securities Budget agency secur.8mtg Life 8 retirement reserves Trade debt Miscellaneous Discrepancy 35 Memo: X 85.4 U.S. govt, cash balance 36 F.107 Government-Sponsored Enterprises (GSEs) (1) I Gross saving Fixed nonres. investment Net acq. of financial assets * l.l Checkable dep. and currency Fed. funds 8 security RPs Credit market instruments U.S. government securities Treasury Agency Mortgages Home i.l Multifamily X X Farm Open market paper Other loans Student loans (SLMA) Loans to farmers (FICB) Loans to co-ops (BC) FHLB loans to members Miscellaneous assets Net Increase in liabilities Credit Market instruments GSEs issues (2) U.S. government loans Miscellaneous liabilities Discrepancy 26 F.108 Federally Related Mortgage Pools (5) (1) Federal Home Loan Banks, Federal National Mortgage Assn., Federal Home Loan Mortgage Corp., Student Loan Marketing Assn., Federal Land Banks, Federal Intermediate Credit Banks, Banks for Cooperatives, the Financing Corp., and the Resolution Funding Corporation. (2) Such issues are classified as U.S. government securities. I Net acq. of mortgages I Home mortgages Multifamily mortgages 3 4 X X X * X X N X X - Farm mortgages Net incr. In pool secs. (4) 5 BILLIONS OF DOLLARS Digitized for FRASER (5) 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. government mortgages and other loans. (A) Such issues are classified as U.S. government securities.

34 SEPTMEBER 17, 1993 Foreign ANNUAC flows F.109 Foreign Foreign ANNUAL FLOWS Foreign income from U.S US imports from abroad US factor payments to fgn Net transfers to foreign Foreign outlays to U.S US exports to foreign US factor receipts from fgn Net capital grants from fgn. l.l Gross saving (1) Net financial investment Net acq. of financial assets Gold and SORs (2) U.S. checkable dep U.S. time deposits Net interbank claims Security RPs N U.S. corporate equities Credit market instruments U.S. govt, securities Official, net Private, net U.S. corporate bonds (3) Loans to US nonbanks Open market paper Security credit Trade credit Miscellaneous assets Dir. investmt.in U.S.(4) Equity Reinvested earnings Intercompany accounts Other Net increase in liabilities U.S. off. fgn. exchange net IMF position U.S. private deposits Foreign corporate equities Credit market instruments Corporate bonds Bank loans n.e.c. To foreign official N M To foreign banks To other foreign Commercial paper Accept, liabs. to banks U.S. government loans Security debt - 47 Trade debt Miscellaneous liabilities U.S.equity in IBRD, etc U.S. govt, deposits U.S. dir. invstmt. (3,4) ll.l Equity Reinvested earnings Intercompany accounts Other Discrepancy (FOF basis) (5) Memo: 57 Net U.S. exports, NIPA basis * Net U.S. factor income (6) Net transfer payments to fgn Net capital grants received l.l = Net fgn. investment in U.S (NIPA basis) (1) Line 1 minus line 5; also equal to line 61 with the 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 (5) BOP discrepancy adjusted to NIPA concepts. (6) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GOP. BILLIONS OF DOLLARS « <

35 Foreign SEASONALLY ADJUSTED ANNUAL RATES F.109 Foreign 1990 I 1991 I 1992 I III IV i I 11 III IV 1 I II III IV 11 I II Foreign 20 SEASONALLY ADJUSTED ANNUAL RATES Foreign Income from U.S US imports from abroad US factor payments to fgn * Net transfers to foreign * Foreign outlays to U.S US exports to foreign US factor receipts from fgn Net capital grants from fgn Gross saving (1) Net financial Investment Net acq, of financial assets N Gold and SDRs (2) U.S. checkable dep U.S. time deposits Net interbank claims M Security RPs U.S. corporate equities Credit market instruments U.S. govt, securities Official, net Private, net U.S. corporate bonds (3) Loans to US nonbanks Open market paper Security credit Trt,Je credit Miscellaneous assets Dir. investmt.in U.S.(4) Equity Reinvested earnings Intercompany accounts Other Net increase in liabilities U.S. off. fgn. exchange net IMF position U.S. private deposits Foreign corporate equities Credit market instruments Corporate bonds Bank loans n.e.c M To foreign official To foreign banks To other foreign Commercial paoer Accept, liabs. to banks U.S. government loans Security debt Trade debt Miscellaneous liabilities U.S.equity in IBRD, etc U.S. govt, deposits U.S. dir. invstmt. (3,4) Equity l.l Reinvested earnings Intercompany accounts Other Discrepancy (FOF basis) (5) Memo: Net transfer payments to fgn Net capital grants received Net U.S. exports, NIpA basis -2.5 Net U.S. factor income (6) = Net fgn. investment in U.S. 61 (NIPA basis) BILLIONS OF DOLLARS (1) Line 1 minus line 5; also equal to line 61 with the 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 (5) BOP discrepancy adjusted to NIPA concepts. (6) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP. 56

36 SEPTMEBER 17, 1993 Banking System ANNUAL LOWS F.110-F.111 Monetary Authority and Commercial Banking Banking System ANNUAL FLOWS F. 110 Monetary Authority 1 Gross saving 0.3 e Fixed nonres. investment Net acq. of financial assets Gold and foreign exchange Treasury currency SDR certificates Federal Reserve float O.S F.R. loans to domestic banks * Security RPs * Credit market instruments U.S. government securities ll 12 Treasury Agency Acceptances Bank loans n.e.c Miscellaneous assets * Net increase in liabilities Depository inst. reserves Vault cash of comm, banks Checkable dep. and currency Due to U.S. government Due to foreign * N Currency outside banks Miscellaneous liabilities 0.7 M Discrepancy F,.111 Commercial Banking <l) 1 Gross saving Fixed nonres. investment Net acq. of financial assets Checkable dep.and currency Total bank credit U.S. government securities Treasury Agency Tax-exempt securities Corporate bonds Total loans ll 12 Mortgages Consumer credit Bank loans n.e.c Open market paper Security credit 5.3 M Mutual fund shares Corporate equities -.1 M M w -.1 M Cust. liabs. on acceptances Vault cash Reserves at Federal Reserve Miscellaneous assets Net increase ln liabilities Checkable deposits : U.S. government Foreign Private domestic Small time and savings dep Large time deposits Fed. funds and security RPs Net interbank claims To Federal Reserve To domestic banks (2) To foreign banxs Corporate equity Issues Credit market debt ll.l Corporate bonds Open market paper Fed. Home Loan Banks loans Taxes payable M M Miscellaneous liabilities Discrepancy Memo: Cred. mkt. funds adv.(3) (1) U.S.-charterad 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 ln foreign countries. (2) Floats and discrepancies in interbank deposits and loans. (3) Total bank credit (line 5) less security credit (line 16) lass mutual fund shares (line 17) less corporate equities (line Id) plus customer liabilities on acceptances (line 19). BILLIONS OF OOLLARS

37 Banking System SEASONALLY ADJUSTED ANNUAL RATES F.llO-F.lli Monetary Authority and Commercial Banking I 1990 I 1991 I 1992 I III IV 1 I II III IV 1 I II III IV 1 I II F.110 Monetary Authority Banking System SEASONALLY ADJUSTED ANNUAL RATES l.l Gross saving Fixed nonres. investment Net acq. of financial assets Gold and foreign exchange Treasury currency SDR certificates M Federal Reserve float F.R. loans to domestic banks Security RPs Credit market instruments U.S. government securities Treasury Agency Acceptances Bank loans n.e.c Miscellaneous assets Net increase in liabilities Deoository inst. reserves Vault cash of comm, banks Checkable dep. and currency Due to U.S. government Due to foreign Currency outside banks Miscellaneous liabilities l.l Discrepancy 25 F.1U Commercial Banking (1) Gross saving Fixed nonres. investment Net acq. of financial assets 3 4 M Checkable dep.and currency Total bank credit U.S. government securities Treasury Agency a Tax-exempt securities Corporate bonds ll.l Total loans M Mortgages Consumer credit Bank loans n.e.c Open market paper Security credit Mutual fund shares N l.l M Corporate equities Cust. liabs. on acceptances Vault cash Reserves at Federal Reserve Miscellaneous assets Net increase in liabilities Checkable deposits U.S. government Foreign Private domestic Small time and savings dep Large time deposits Fed. funds and security RPs Net interbank claims To Federal Reserve To domestic banks (2) To foreign banks Corporate equity issues Credit market debt Corporate bonds Open market paper Fed. Home Loan Banks loans N Taxes payable Miscellaneous liabilities Discrepancy Memo: Cred. mkt. funds adv.(3) 43 BILLIONS OF DOLLARS Cl) 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 m foreign countries. (2) Floats and discrepancies in interbank deposits and loans. (3) Total bank credit (line 5) less security credit (line 16) less mutual fund shares (line 17) less corporate equities (line 18) plus customer liabilities on acceptances (line 19).

38 SEPTMEBER 17, 1993 Commercial Banking Subsectors ANNUAL F.112-F.113 Commercial Banking Subsectors Commercial Banking Subsectors ANNUAL FLOWS A ~ 1992 F.112 U.S.-Chartered Commercial Banks 1 Gross saving A I 2 Fixed nonres. investment A A Net acq. of financial assets A A Total bank credit 91.A 10A A A 5 U.S. government securities 11.A 26.7 AA A.6 A2. A 2A A.0 5A Treasury A A A A Agency A A Mortgage pool secur A.2-2.A A Agency-issued CMOs A Other agency secur A A.A Tax-exempt securities 5.7 A A A -1 A Corporate-3 foreign bends X A A 3.6 A Private mtg. pool secur X X O.A IA Privately issued CMOs O.A -6.6 IA 15 Other bonds X Total loans 7A A AO.S Mortgages A AA.l A9. A A 62. A Consumer credit A.O A A Bank loans n.e.c. A6.6 A A6.6-1A Open market paper Security credit A A A A.2-5. A Mutual fund shares A Corporate equities O.A 23 2A Cust. liab. on acceptances A A.l -A A 25 Vault cash a res. at F.R. -A.l Miscellaneous assets A A.A -A Net increase in liabilities 12A A A Checkable deposits 1A U.S. government A.O A Foreign l.a 3.0 x A Private domestic A A Small time and savings dep. AO.l 96. A A A Large time deposits A A A Fed. funds 8 sec. RPs, net 1A A 3A 35 Net interbank liabilities A 6.9 A A A Federal Reserve float Borrowing at F.R. oan<s X To domestic banking A IA To foreign banks -6. A A AO Corporate equities l.a l.a A.3 A0 Al Corporate bonds A A A Al A2 Acceptance liabilities A. A -A A2 A3 Fed. Home Loan Banxs loans - - * O.A 1.6 A.3 A3 AA Taxes payable -. A X 0.1 X X 0.2 AA A5 Miscellaneous liabilities A A A5 A6 Inv. by bank holding cos A 19. A 27.8 A6 A7 Other A l.a A -6.2 A. A A7 A8 Discrepancy 1A.9 2. A 8. A A A8 A9 Memo: Credit mkt. funds adv A 1A6.1 9A A9 F.113 Foreign Banking Offices in U.S. (1) 1 Gross saving O.A O.A O.A O.A Fixed nonres. investment O.A O.A Net acq. of financial assets 10. A A A Total bank credit A A.0 A 5 U.S. government securities O.A A Treasury O.A x A A Agency 0.2 X A.O Tax-exempt securities Corporate bonds O.A Total loans A A5. A Mortgages O.A Bank loans n.e.c A A A;O Open market paper A O.A IA Security credit A A 8. A 13.9 IA 15 Corporate equities -.1 X X X -.1 X X - X X Cust. liab. on acceotances Reserves at Fed. Reserve A -1.1 X Miscellaneous assets A A Net increase In liabilities A A Checkable deposits O.A Small time and savings dep Large time deposits A. A Fed. funds 8 sec. RPs, net A.5 a.a -1.7 A A A Net interbank liabilities A.S A.3 6. A A 2A 25 To foreign banks -S.A A.6 A.9 1A A.6 A To domestic banks A O.A Acceptance liabilities Miscellaneous liabilities l.a A X 2. A A A Fgn. direct invest, in JS l.a Due to affiliates A Other Discrepancy O.A l.a Memo: Credit mkt. funds adv A A A A A (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies, and American Express Bank. Digitized for FRASER BILLIONS OF DOLLARS.

39 Commercial Bankins Subsectors Commercial Bankins Subsectors F.112-F.113 Commercial Bankins Subsectors SEASONALLY ADJUSTED ANNUAL RATES DJUSTED ANNUAL RATES 1990 I 1991 I 1992 I III IV 1 I II III IV 1 I II III IV 1 I II F.112 U.S. -Chartered Commercial Banks Gross savins Fixed nonres. investment Net acq. of financial assets Total bank credit U.S. sovernment securities Treasury ( Agency 7 B Mortsase pool secur * Agency-issued CMOs Other asency secur Tax-exempt securities Corporate 8 forelsn bonds N Private mts. pool secur Privately issued CMOs Other bonds Total loans Mortgages 17 IS Consumer credit Bank loans n.e.c Open market paper Security credit Mutual fund shares N M Corporate equities Cust. liab. on acceptances Vault cash 8 res. at F.R Miscellaneous assets Net increase in liabilities Checkable deposits U.S. government Foreisn Private domestic Small time and savings dep Large time deposits Fed. funds 8 sec. RPs, net Net interbank liabilities w Federal Reserve float Borrowing at F.R. banks To domestic bankins To foreisn banks :8 Corporate equities Corporate bonds Acceptance liabilities Fed. Home Loan Banks loans w Taxes payable S' Miscellaneous liabilities Inv. by bank holding cos Other Discrepancy Memo: Credit mkt. funds adv. 49 F. 113 Foreign Banking Offices in U..S. (1) Gross savins Fixed nonres. investment Net acq. of financial assets Total bank credit U.S. sovernment securities Treasury Agency Tax-exempt securities Corporate bonds Total loans Mortgases Bank loans n.e.c Open market paper Security credit N - N - M w N - - Corporate equities Cust. liab. on acceptances Reserves at Fed. Reserve Miscellaneous assets Net Increase in liabilities Checkable deposits Small time and savings dep Large time deposits Fed. funds 8 sec. RPs, net Net interbank liabilities To foreisn banks To domestic banks Acceptance liabilities Miscellaneous liabilities Fsn. direct invest, in US Due to affiliates Other Discrepancy Memo: Credit mkt. funds adv. 33 Digitized for FRASER BILLIONS OF DOLLARS (1) Branches and agencies of foreisn banks, Edge Act and Agreement corporations, New York Investment companies, and American Express Bank.

40 SEPTMEBER 17, 1993 Commercial Banking Subsectors, Continued Commercial Banking Subsectors, Continued F.114-F.115 Commercial Banking Subsectors, Continued ANNUAT FLOWS ANNUAL FLOWS F.114 Bank Holding Companies 1 Gross saving I 2 Fixed nonres. investment Net acq. of financial assets Credit market instruments U.S. government securities w a.i Treasury H M Agency M M Corporate bonds W Bank loans n.e.c Miscellaneous assets Inv.in bank subsidiaries Inv. in noncank subs » Other Net increase in liabilities Fed. funds 8 sec. RPs, net m Net interbank claims To domestic oanks To foreign banns CorDorats bonds Commercial paper Miscellaneous liaoilities Equity, etc Other Discrepancy M M w 0.1 M 24 F.115 Banks in U.S.-Affiliated Areas 1 Gross saving Fixed nonres. investment Net 3cq. of financial assets Checkable dep.and currency Credit market Instruments Treasury securities * M Tax-exempt securities M e M -.1 M 7 8 Corporate bonds * -.9 M M Home mortgages * Commercial mortgages 0.4 u -.3 M I an< loans n.e.c Miscellaneous assets Net incr. in liabilities Deposit liabilities O.S Miscellaneous liaoilities Discrepancy « M M 16 BILLIONS OF DOLLARS.

41 Commercial Banking Subsectors, Continued SEASONALLY ADJUSTED ANNUAL RATES F.114-F.115 Commercial Banking Subsectors, Continued 1990 I 1991 I 1992 I III IV 1 I IX III IV X II III IV 1 I XI F.114 Bank Holding Companies Commercial Banking Subsectors, Continued SEASONALLY ADJUSTED ANNUAL RATES Gross saving Fixed nonres. Investment V* Net acq. of financial assets M Credit market instruments U.S. government securities 5 6 H -.2 N Treasury Agency Corporate bonds Bank loans n.e.c Miscellaneous assets Inv.in bank subsidiaries Inv. in nonbank subs Other Net increase in liabilities Fed. funds 8 sec. RPs, net Net Interbank claims J To domestic banks To foreign banks Corporate bonds l.l Commercial paper Miscellaneous liabilities $ Equity, etc Other M * N N 0.1 M N w Discrepancy 24 F.115 Banks in U.S. -Affiliated Areas Gross saving Fixed nonres. investment Net acq. of financial assets 3 4 N Checkable dep.and currency Credit market instruments Treasury securities 6 7 M M M M «N - M Tax-exempt securities 7 8 H « Corporate bonds M Home mortgages Commercial mortgages Bank loans n.e.c H Miscellaneous assets Net incr. in liabilities Deposit liebilities Miscellaneous liabilities N M -.1 M M * Discrepancy 16 BILLIONS OF DOLLARS.

42 SEPTMEBER 17, 1993 Monbank Finance Summary ANNUAL FLOWS F.116-F.117 Private Monbank Financial Institutions Monbank Finance Summary ANNUAL FLOWS F.116 Private Nonbank Financial Institutions (1) 1 Gross saving Fixed nonres. investment Multifamily resid. Invest Net acq. of financial assets Checkable dep.and currency Time and savings deposits Money market fund shares Security RPs Foreign deposits Mutual fund shares l.l Corporate equities Credit market Instruments U.S. government securities Treasury Agency Tax-exempt securities Corporate and fgn. bonds Mortgages Consumer credit Other loans Reserves at Fed. Reserve l.l Security credit Trade credit Miscellaneous assets Net increase in liabilities Thrift deposits Money market fund shares Security RPs Insurance 8 pension reserves Mutual fund shares Corporate equity issues Credit market instruments Corporate bonds Mortgages H 0.1 N M Bank loans n.a.e. Open market paper l.l Fed. Home Loan Banks loans Security credit Trade debt Taxes payable K Proprietor net investment Inv. in bank pars, trusts Miscellaneous liabilities Discrepancy (11 Thrift Institutions, insurance and pension funds;, and other financial institutions. F.,117 Funding Corporations (2) 1 Net acq. of finan. assets (3) j 2 Invest, in fgn. bkg. offices Invest, in brokers 8 dealers Net increase in liabilities Open market paper Foreign direct invest, in US X (2) Funding subsidiaries and nonbank financial holding companies. (3) Due from affiliated companies. BILLIONS OF DOLLARS.

43 Nonbank Finance Summary SEASONALLY ADJUSTED ANNUAL RATES F.116-F.117 Private Nonbank Financial Institutions Nonbank Finance Summary 28 SEASONALLY ADJUSTED ANNUAL RATES I 1990 I 1991 I 1992 I III IV 1 I II III IV 1 I II III IV 1 I II F.116 Private Nonbank Financial Institutions (1) I Gross saving Fixed nonres. investment Multifamily resid. invest Net acq. of financial assets Checkable dep.and currency Time and savings deposits ,5 2.0 Money market fund shares Security RPs Foreign deposits Mutual fund shares Corporate equities Credit market instruments U.S. government securities Treasury Agency Tax-exempt securities Corporate and fgn. bonds Mortgages Consumer credit Other loans Reserves at Fed. Reserve Security credit M Trade credit Mlscel*ineous assets Net increase in liabilities Thrift deposits Money market fund shares Security RPs Insurance 8 pension reserves Mutual fund shares Corporate equity issues Credit market instruments Corporate bonds M Mortgages Bank loans n.e.c Open market paper Fed. Home Loan Banks loans Security credit Trade debt Taxes payable Proprietor net investment Inv. in bank pers. trusts Miscellaneous liabilities Discrepancy 44 F.117 Funding Corporations (2) (1) Thrift institutions, insurance and pension funds, and other financial institutions Net acq. of finan. assets (3) l.l Invest, in fgn. bkg. offices Invest, in brokers 8 dealers Net increase in liabilities Ooen market paper Foreign direct invest. In US 6 BILLIONS OF DOLLARS. (2) Funding subsidiaries and nonbank financial holding companies. (3) Due from affiliated companies.

44 SEPTMEBER 17, 1993 Thrift Institutions Thrift Institutions F.118-F.120 Thrift Institutions ANNUAL FLOWS ANNUAL FLOWS F.118 Thrift Institutions (1) 1 Gross saving Fixed nonres. investment Net acq. of financial assets , Checkable dep.and currency Time deposits Security RPs Corporate equities M 7 8 Credit market instruments U.S. government securities Tax-exempt securities N N Corporate bonds Mortgages Consumer credit Other loanscto business) Open market paper Reserves at Fed. Reserve Miscellaneous assets Net increase in liabilities Deposits Security RPs Credit mkt. instruments Taxes payable M N M M Miscellaneous liabilities Discrepancy (1) Savings and loan associations, mutual savings banks, federal savings banks, and credit unions. F.119 Savings Institutions (2) 1 Gross saving I 2 Fixed nonres. investment Net acq. of financial assets Checkable dep. 8 currency Time deposits a Fed. funds 8 security RPs Corporate equities a 7 8 Credit market instruments U.S. government securities Treasury Agency Tax-exempt securities a a Corporate and fgn. bonds Mortgages Consumer credit Other loanscto business) Open market paper a Reserves at Fee. Reserve Miscellaneous assets Net increase in liabilities Deposits Checkable Small time and savings Large time Security RPs Credit market instruments Corporate bonds Bank loans n.e.c a Fed. Home Loan Banks loans ll.o Taxes payable N a a a Miscellaneous liabilities Investment by parant a a a Other a Discrepancy (2) Savings and loan associations, mutual savings banks, and federal savings banks. F.120 Credit Unions 1 Gross saving Fixed nonres. investment Net acq. of financial assets Checkable dep. 8 currency Time deposits N Fed. funds 8 security RPs Credit market instruments U.S. government securities Treasury Agency N Home mortgages Consumer credit Open market paper Miscellaneous assets -.4 M Net increase in liabilities Shares/deposits Checkable Small time 8 savings Large time M «19 20 Fed. Home Loan Banks loans N Miscellaneous liabilities Digitized for FRASER 22 Discrepancy l.l BILLIONS OF OOLLARS

45 Thrift Institutions SEASONALLY ADJUSTED ANNUAL RATES F.118-F.120 Thrift Institutions Thrift Institutions 30 SEASONALLY ADJUSTED ANNUAL RATES I 1990 J 1991 I 1992 I III IV I I II III IV 1 I II III IV 1 I II F.118 Thrift Institutions (1) Gross saving Fixed nonres. investment Net acq. of financial assets Checkable dep.and currency Time deposits Security RPs Corporate equities Credit market instruments U.S. government securities l.l Tax-exempt securities Corporate bonds Mortgages Consumer credit Other loans(to business) Open market paper Reserves at Fed. Reserve Miscellaneous assets Net increase in liabilities Deposits Security RPs Credit mkt. instruments N m Taxes payable Miscellaneous liabilities Discrepancy 24 F.119 Savings Institutions (2) (1) Savings and loan associations, mutual savings banks, federal savings banks, and credit unions Gross saving Fixed nonres. Investment Net acq. of financial assets Checkable dep. 8 currency l.i 0.3 Time deposits Fed. funds 8 security RPs Corporate equities Credit market instruments U.S. government securities Treasury Agency Tax-exempt securities Corporate and fgn. bonds Mortgages Consumer credit Other loanscto business) l.l Open market paper Reserves at Fed. Reserve Miscellaneous assets Net increase in liabilities J Deposits Checkable Small time and savings Large time Security RPs Credit market instruments Corporate bonds i* Bank loans n.e.c Fed. Home Loan Banks loans tt tt Taxes payable Miscellaneous liabilities Investment by parent Other Discrepancy 34 F.120 Credit Unions (2) Savings and loan associations, mutual savings banks, and federal savings banks. Digitized for FRASER Gross saving Fixed nonres. investment Net acq. of financial assets Checkable dep. 3 currency Time deposits Fed. funds 8 security RPs Credit market instruments U.S. government securities Treasury Agency Home mortgages Consumer credit tt Open market paper Miscellaneous assets Net increase in liabilities Shares/deposits Checkable Small time 8 savings Large time tt 0.1 tt 0.3 Fed. Home Loan Banks loans Miscellaneous liabilities Discrepancy 22 BILLIONS OF DOLLARS

46 SEPTMEBER 17, 1993 Insurance and Pension Funds Insurance and Pension Funds F.121-F.124 Insurance and Pension Funds ANNUAL "FLOWS ANNUAL FLOWS F.121 Life Insurance Companies 1 Gross saving Fixed nonres. investment Net acq. of financial assets Checkable dep. 8 currency Money mkt. fund shares Mutual fund shares Corporate equities Credit market instruments U.S. government securities Treasury Agency Tax-exempt securities Corporate and fgn. bonds Mortgages Open market paper Policy loans Miscellaneous assets Net increase in liabilities Life insurance reserves Pension fund reserves Fed. Home Loan Banks loans w Taxes payaole -.5 X X X X Miscellaneous liabilities Discrepancy F..122 Other Insurance Companies 1 Gross saving Fixed nonres. investment Net acq. of financial assets Checkable dep. 8 currency 0.1 X Security RPs Corporate equities Credit market instruments U.S. government securities Treasury A Agency Tax-exempt securities Corporate and fgn. bonds Commercial mortgages Trade credit Miscellaneous assets Net increase in liabilities Corporate equity issues Taxes payaole -.2 X X X -.1 X X Miscellaneous liabilities Discrepancy F.123 Private Pension Funds (1) 1 Gross saving 2 Fixed nonres. investment Net acq. of financial assets Checkable dao. and currency X 4 5 Small rime & svgs. deposits Large time deposits Money mkt. fund shares X Mutual fund shares l.l Corporate equities Credit market instruments U.S. government securities Treasury Agency i.o Tax-exempt securities X X 0.3 X Corporate & foreign bonds Mortgages Open market paper Miscellaneous assets Discrepancy (1) Includes the Federal Employees Retirement System Thrift Savings Plan. F.124 State and Local Government Employee Retirement Funds 1 Net acq. of financial assets Checkable dep. and currency X Time deposits X Corporate equities Credit market instruments U.S. government securities Treasury Agency Tax-exempt securities l.l X -.4 X Corporate 8 foreign bonds Mortgages Open market paper Miscellaneous assets BILLIONS OF DOLLARS.

47 Insurance and Pension Funds SEASONALLY ADJUSTED ANNUAL RATES F.121-F.124 Insurance and Pension Funds Insurance and Pension Funds 32 SEASONALLY ADJUSTED ANNUAL RATES I 1990 I 1991 I 1992 I III IV 1 I II III IV 1 I II III IV 1 I II F.121 Life Insurance Companies M 0.1 Gross saving Fixed nonres. investment Net acq. of financial assets Checkable dep. 8 currency M Money mkt. fund shares Mutual fund shares Corporate equities Credit market instruments U.S. government securities Treasury Agency Tax-exempt securities Corporate and fgn. bonds Mortgages Open market paper Policy loans Miscellaneous assets Net increase in liabilities Life insurance reserves Pension fund reserves M * Fed. Home Loan Banks loans M Taxes payable Miscellaneous liabilities Discrepancy 24 F.122 Other Insurance Companies l.l Gross saving Fixed nonres. investment Net acq. of financial assets Checkable dep. 8 currency Security RPs Corporate equities Credit market instruments U.S. government securities Treasury Agency Tax-exempt securities Corporate and fgn. bonds Commercial mortgages Trade credit Miscellaneous assets Net increase in liabilities Corporate equity issues Taxes payable Miscellaneous liabilities Discrepancy 20 F.123 Private Pension Funds (1) Gross saving Fixed nonres. investment Net acq. of financial assets Checkable dep. and currency Small time 8 svgs. deposits Large time deposits Money mkt. fund shares Mutual fund shares Corporate equities Credit market instruments U.S. government securities Treasury Agency X X Tax-exempt securities Corporate 8 foreign bonds Mortgages Open market paper Miscellaneous assets Discrepancy 19 (1) Includes the Federal Employees Retirement System Thrift Savings Plan. F.124 State and Local Government Employee Retirement Funds Net acq. of financial assets Checkable dep. and currency Time deposits Corporate equities Credit market instruments U.S. government securities Treasury Agency Tax-exempt securities Corporate 3 foreign bonds Mortgages Open market paper Miscellaneous assets 13 «ILL IONS OF DOLLARS. Digitized for FRASER

48 SEPTMEBER 17, 1993 Other Finance ~ _ F.125-F.129 Other Financial Institutions 33 ANNUAL FLOWS Other Finance ANNUAL FLOWS F.125 F mance Companies (1) 1 Gross saving Fixed nonres. investment Net acq. of financial assets , Checkable dep. 8 currency Credit market instruments , Mortgages Consumer credit Other loanscto business) Miscellaneous assets Net Increase in liabilities Credit market instruments Corporate bonds Bank loans n.e.c Open market paper Taxes payable -.2 X X x X X Miscellaneous liabilities Fgn. dir, invest, in US Investment by parent Other Discrepancy (1) Includes retail captive finance companies. F.126 Mortgage Companies 1 Net acq. of financial assets , Home mortgages Multifamily mortgages X Commercial mortgages , Net increase in liabilities Bank loans n.e.c Investment by parent F.127 Mutual Funds (2) 1 Gross saving Net acq. of financial assets Checkable dep. and currency X Corporate equities Credit market instruments U.S. government securities Treasury a Agency * Tax-exempt- securities O Corporate & foreign bonds , Open market paper Net share issues , Memo: Capital -gains dividends (2) Includes only.open-end investment companies. F.128 Closed-End Funds 1 Net acq. of financial assets Corporate equities X Credit market instruments X U.S. government securities -.1 X X Tax-exempt securities Corporate 8 foreign bonds x Net share issues F.129 Money Market Mutual Funds I Net acq. of financial assets 1*09.a Checkable dep. and currency Time deposits Security RPs , Foreign deposits Credit market instruments U.S. government securities Treasury Agency , Tax-exempt securities Open market paper Miscellaneous Net share Issues BILLIONS OF DOLLARS.

49 Other Finance Other Finance F.125-F.129 Other Financial Institutions SEASONALLY ADJUSTED ANNUAL RATES SEASONAL ADJUSTED ANNUAL RATES I 1990 I I III IV I 1991 I II III IV I 1992 II III I 1993 IV I I II F.125 Finance Companies (1) Gross saving Fixed nonres. investment Net acq. of financial assets Checkable dep. 3 currency Credit market instruments Mortgages Consumer credit Other loans(to business) Miscellaneous assets Nat increase in liabilities Credit market instruments Corporate bonds l.l Bank loans n.e.c Open market paper Taxes payable Miscellaneous liabilities * Fgn. dir. invest, in US Investment by parent Other Discrepancy 20 (1) Includes retail captive finance companies. F.,126 Mortgage Companies Net acq. of financial assets Home mortgages Multifamily mortgages Commercial mortgages Net increase in liabilities Bank loans n.e.c Investment by parent 7 F.127 Mutual Funds (2) Gross saving Net acq. of financial assets Checkable dep. and currency Corporate equities Credit market instruments U.S. government securities Treasury , Agency Tax-exempt securities Corporate 8 foreign bonds 10 ll Open market paper Net share issues Memo: Capital gains dividends 13 (2) Includes only open-end investment companies. F.128 Closed-End founds Net acq. of financial assets X Corporate equities Credit market instruments U.S. government securities Tax-exempt securities Corporate 8 foreign bonds Net share Issues 7 F.129 Money Market Mutual Funds Net acq. of financial assets I Checkable dep. and currency Time deposits Security RPs Foreign deposits Credit market instruments U.S. government securities Treasury Agency Tax-exempt securities Open market paper Miscellaneous Net share Issues 13 BILLIONS OF DOLLARS.

50 SEPTMEBER 17, 1993 Other Finance, Continued annua? ^lows F.130-F.133 Other Financial Institutions, Continued Other Finance, Continued ANNUAL FLOWS F. 130 Real Estate Investment Trusts 1 Gross saving X Fixed nonres. investment Multifamily resid. invest A Net acq. of financial assets -1.1 X Mortgages -1.1 X X Miscellaneous assets X * Net increase in liabilities Corporate equity issues Credit market instruments -.8 X Mortgages X 0.1 X X Corporate bonds -.7 X X Bank loans n.e.c. -.1 X Open market paper X Miscellaneous liabilities X Discrepancy F. 131 Security Brokers and Dealers 1 Gross saving w Fixed nonres. Investment Net 3cq. of financial assets Checkable dep. a currency Corporate equities Credit market instruments S Treasury securities a Tax-exempt securities Corporate 3 foreign bonds Open market paper Security credit Miscellaneous assets Net increase in liabilities Corporate equity issues Security RPs (net) Security credit From banks 5.3 w id Customer credit balances Trade debt Taxes payable X Miscellaneous liabilities Fgn direct invest, in US Due to affiliates Other Proprietor net investment Discrepancy X F. 132 Issuers of Asset-Backed Securities (ABSs) 1 Net acq. of financial assets Agency securities (1) Mortgages (2) Home Multifamily Commercial Consumer credit a Loans to ousiness Trade credit Net increase in liabilities Corporate bonds Commercial paper (11 Includes federally related mortgage pool securities backing privately issued CMOs. (2) Includes mortgages backing privately issued pool securities and privately issued CMOs. F.133 Bank Personal Trusts (3) I Net acq. of financial assets Deposits Checkable dep. 8 curr X Small time 8 svgs.dep Large time deposits Money mkt. fund shares Credit mkt. instruments U.S. government securities Treasury Agency Tax-exempt securities Corporate 8 foreign bonds X Mortgages X Open market paper X Mutual fund shares l.l Corporate equities Miscellaneous assets (3) Includes personal trusts administered by nondeposit noninsured trust companies. BILLIONS OF OOLLARS. Digitized for FRASER

51 Other Finance, Continued Other Finance, Continued F.130-F.133 Other Financial Institutions, Continued SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I 1990 I I III IV I 1991 i 1992 II III IV I I II III I 1993 IV I I II F.130 Real Estate Investment Trusts Gross saving Fixed nonres. Investment Multifamily resid. invest X Net acq. of financial assets Mortgages Miscellaneous assets Net increase in liabilities Corporate equity issues Credit market Instruments X Mortgages X Corporate bonds Bank loans n.e.c x X Open market paper Miscellaneous liabilities Discrepancy 15 F.131 Security Brokers and Dealers X 0.1 Gross saving Fixed nonres. investment Net acq. of financial assets Checkable dep. 8 currency l.l Corporate equities Credit market instruments Treasury securities Tax-exempt securities Corporate 8 foreign bonds Open market paper Security credit Miscellaneous assets Net increase in liabilities Corporate equity issues Security RPs (net) Security credit From banks Customer credit balances Trade debt X X Taxes payable Miscellaneous liabilities Fgn direct invest, in US Due to affiliates Other Proprietor net investment Discrepancy 26 F.132 Issuers of Asset-Backed Securities (ABSs) Net acq. of financial assets Agency securities (1) Mortgages (2) Home * Multifamily Commercial Consumer credit Loans to business Trade credit Net increase in liabilities Corporate bonds Commercial paper 12 (1) Includes federally related mortgage pool securities backing privately Issued CMOs. (2) Includes mortgages backing privately issued pool securities and privately issued CMOs. F.133 Bank Personal Trusts (3) Net acq. of financial assets Deposits 2 3 X X X Checkable dep. 8 curr Small time 8 svgs.dep Large time deposits Money mkt. fund shares Credit mkt. instruments U.S. government securities Treasury Agency Tax-exempt securities Corporate 8 foreign bonds X x Mortgages Open market paper Mutual fund shares Corporate equities Miscellaneous assets 17 BILLIONS OF DOLLARS Digitized for FRASER (3) Includes personal trusts administered by nondeposit noninsured trust companies.

52 SEPTMEBER 17, 1993 Monetary and Insurance Reserves Monetary and Insurance Reserves F.200-F.202 Foreign Exchange, Treasury Currency, and Insurance Reserves ANNUAL FLOWS F.200 Gold and Official Foreign Exchange Holdings (1) 1 Total U.S. reserves U.S. gold stock and SDRs U.S. govt.: Ex. Stab. Fund Monetary authority (2) X X X X X X X x X X X X 4 5 U.S. foreign exchange position Official fgn.currency hldgs Treasury Monetary authority Net IMF position U.S. government asset Monetary authority X X X x X X X X - X X X 11 (1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which occurred at various dates beginning January Transactions in SDRs are included. Also excluded from the table are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are reflected in tables on outstandings. (2) Treasury gold stock. F.201 Treasury Currency and SDR Certificates 1 Total U.S. govt, liability X Treasury currency SDR certificates Unallocated assets X Life insurance reserves: F.202 Insurance and Pension Fund Reserves 1 Net change in liabilities U.S. government Life insurance companies Net change in assets (HH) Pension fund reserves: 5 Net change in liabilities U.S. government Insurance sector Life insurance companies Private pension funds St.Sloc. govt. rtr. funds Net change In assets (HH) BILLIONS OF DOLLARS

53 Monetary and Insurance Reserves Monetary and Insurance Reserves F.200-F.202 Foreign Exchange, Treasury Currency, and Insurance Reserves SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES III IV I II III IV 11 I II III IV 1 I 1993 II F.200 Gold and Official Foreign Exchange Holdings (1) Total U.S. reserves X U.S. gold stock and SDRs X U.S. govt.: Ex. Stab. Fund 3 4 X X - - X X X X X X X X Monetary authority (2) U.S. foreign exchange position Official fgn.currency hldgs Treasury Monetary authority 8 9 X X X Net IMF position 9 10 X X X U.S. government asset X X X X X - X X X -.1 X X Monetary authority 11 (1) Lines 1, 2, and 3 exclude increases in SDRs tnrough allocations, which occurred at various d3tes beginning January Transactions in SDRs are included. Also excluded from the table are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are reflected in taoies on outstandings. (2) Trea sury gold stock F.201 Treasury Currency and SDR Certificates Total U.S. govt, liability Treasury currency SDR certificates Unallocated assets 4 F.202 Insurance and Pension Fund Reserves Life insurance reserves: Net change in liabilities U.S. government Life insurance companies 3 4, Net change in assets (HH) 4 Pension fund reserves: Net change ln liabilities U.S. government , Insurance sector Life insurance companies a Private pension funds St.Sloc. govt. rtr. funds Net change in assets (HH) 11 BILLIONS OF DOLLARS.

54 SEPTMEBER 17, 1993 Interbank Claims 3.9 ANNUAL FLOWS F.203 Net Interbank Claims Interbank Claims ANNUAL FLOWS A Net change In liabilities -30.A -3A A A A Monetary authority -3.A Depository inst. reserves O.A A A Vault cash A 5 Commercial banking A A To monetary authority A To banks in fgn entries A AA.l A.A Liabilities, net A2.1 6.A -9.A 2A U.S. chartered banks A A Due to fgn affils A.9 7.A Due from fgn affils l.a A Bank holding companies O.A Due to fgn. affil A IA -Due from fgn. affil l.a A.O IA 15 Fgn. bkg. off. in U.S A.1 23.A A.6 A2.A Due to fgn affil A A Due from fgn. affil A.6-10.A Less: Dep. at fgn. banks A A U.S. chartered banks 3.A A Fgn. bkg. off. in U.S. -.A O.A * To U.S. banking, net A.O A.A A.O U.S.-chartered banks A A Liabilities 3.A M 6.9 A A A A To bank holding cos IA.A A 25 To fgn. off in U.S A Unallocated A.O A.A A.O 26 Less, due from: 27 Fgn. offices in US 13.A -A.7-5.A -A Bank holding cos A w A -l.a -3.A Bank holding companies -A.O A Due to U.S. banks A * A -l.a -3.A Due from U.S. banks IA.A Fgn. bkg. off. in U.S A O.A Due to U.S. banks 13.A -A.7-5.A -A A -Due from U.S. banks A.8 3A 35 Net change in assets A Foreign A AA.l A.A Domestic A A A Monetary authority A Federal Reserve float AO Loans to member banks N 0.5 A0 Al Commercial banking A A A Al A2 Reserves at F.R A A A2 A3 Vault cash A3 AA Thrifts: Reserves at F.R O.A AA A5 Discrepancy: Floats, etc l.i A.O A.A A.O A5 BILLIONS OF DOLLARS.

55 Interbank Claims SEASONALLY ADJUSTED ANNUAL RATES F.203 Net Interbank Claims, 40 Interbank Claims SEASONALLY ADJUSTED ANNUAL RATES I 1990 I 1991 I 1992 I III IV 1 I II III IV 1 I II III IV 1 I II Net change in liabilities Monetary authority Depository inst. reserves Vault cash Commercial banking 5 b To monetary authority To banks in fgn entries Liabilities, net U.S. chartered banks Due to fgn affils Due from fgn affils Bank holding companies Due to fgn. affil Due from fgn. affil Fgn. bkg. off. in U.S Due to fgn affil Due from fgn. affil Less: Dep. at fgn. banks N U.S. chartered banks Fgn. bkg. off. in U.S To U.S. banking, net U.S.-chartered banks Liabilities M To bank holding cos To fgn. off in U.S Unallocated 26 Less, due from: Fgn. offices in US Bank holding cos Bank holding companies l.l Due to U.S. banks Due from U.S. banks Fgn. bkg. off. in U.S ll.l Due to U.S. banks Due from U.S. banks Net change in assets Foreign Domestic Monetary authority M Federal Reserve float Loans to member banks Commercial banking Reserves at F.R Vault cash Thrifts: Reserves at F.R Discrepancy: Floats, etc. 45 BILLIONS OF DOLLARS.

56 SEPTMEBER 17, 1993 Oeposits 41 ANNUAL FLOWS F.204-F.206 Deposits Deposits ANNUAL FLOWS F.204 Checkable Deposits and Currency 1 Net change in liabilities Monetary authority U.S. govt, cash 8 deposits Foreign deposits M tt Currency outside banks Commercial banking U.S. government deposits Foreign deposits Private domestic deposits Thrift institutions Savings institutions ll 12 Credit unions Net change in assets Households Bus iness Farm Nonfarm noncorporate Corporate StateSlocal governments U.S. government Foreign Financial sectors Govt.-spons. enterprises tt tt Commercial banking Savings institutions Credit unions Life insurance companies Other insurance companies Private pension funds tt St.Sloc. govt. rtr. funds tt Finance companies Mutual funds» Money market mutual funds Brokers and dealers Bank personal trusts N Mail float F.205 Smail Time and Sav ings Deposits 1 Net change in liabilities Commercial banking Domestic banks Foreign banking offices Thrift institutions Savings institutions Credit unions Net change in assets Households Nonfinancial business ll Nonfarm noncorporate l.l Corporate State and local governments U.S. government k Credit unions Private pension funds Bank personal trusts F,.206 Large Time Deposits (1) 1 Net change in liabilities Commercial banking Domestic banks Foreign banking offices Thrift institutions Savings Institutions Credit unions ii tt tt 7 8 Net change in assets Households Nonfinancial business Nonfarm noncorporate Corporate State 8 local governments Foreign Financial sectors Saving institutions * Credit unions Private pension funds St.Slocal govt.rtr.funds tt Money market mutual funds Bank personal trusts (1) Large time deposits are those issued in amounts of $100,,000 or more. BILLIONS OF DOLLARS

57 Deposits Deposits F.204-F.206 Deposits SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY Al STED ANNUAL RATES I 1990 I 1991 I 1992 I III IV 1 I II III IV I I II III IV 1 I II F. 204 Checkable Deposits and Currency Net change ln liabilities Monetary authority U.S. govt, cash 8 deposits Foreign deposits Currency outside banks Commercial banking U.S. government deposits Foreign deposits Private domestic deposits Thrift institutions Savings institutions Credit unions , Net change in assets , Households Business l.l X Farm Nonfarm noncorporate Corporate , StateSlocal governments U.S. government Foreign Financial sectors X Govt.-spons. enterprises X Commercial barking Savings institutions Credit unions Life insurance companies Other insurance companies Private pension funds St.Sloc. govt. rtr. funds Finance companies Mutual funds Money market mutual funds Brokers and dealers X X X Bank personal trusts Mail float 36 F. 205 Small Time and Savings Deposits Net change in liabilities Commercial banking Domestic banks Foreign banking offices Thrift institutions Savings institutions Credit unions Net change in assets Households Nonfinancial business Nonfarm noncorporate X Corporate State and local governments U.S. government Credit unions Private pension funds Bank personal trusts 17 F.206 Large Time Depos its (1) Net change ln liabilities Commercial banking Domestic banks Foreign banking offices Thrift institutions Savings institutions * Credit unions Net change in assets Households Nonfinancial business l.l Nonfarm noncorporate Corporate State 8 local governments Foreign Financial sectors Saving institutions X Credit unions Private pension funds St.Slocal govt. rtr.funds Money market mutual funds Bank personal trusts 21 (1) Large time deposits are those issued in amounts of $100,000 or more. BILLIONS OF DOLLARS. Digitized for FRASER

58 SEPTMEBER 17, 1993 Other Deposits and Federal Funds Other Deposits and Federal Funds F.207-F.209 Other Deposits, Federal Funds and Security RPs ANNUAL'FLOWS ANNUAL FLOWS F.207 Money Market Mutual Fund Shares 1 Net change in assets Households Nonfin. corp, business Life insurance cos Private pension funds w Bank personal trusts F.208 Federal Funds and Security Repurchase Agreements 1 Net change in liabilities Commercial banking (net) Domestic banks Foreign banking offices Bank holding companies m Savings institutions Brokers S dealers (net) Net change in assets Nonfinancial corporations State and local governments Foreign * Financial sectors Monetary authority M Govt.-spons. enterprises Savings institutions Credit unions Other insurance companies Money market mutual funds Discrepancy-unallocated assets F.209 U..S. Deposits in Foreign Countries I Total fgn. liability, held by: Nonfinan. corporate business Money market mutual funds BILLIONS OF DOLLARS.

59 Other Deposits and Federal Funds SEASONALLY ADJUSTED ANNUAL RATES F.207-F.209 Other Deposits, Federal Funds and Security RPs Other Deposits and Federal Funds 44.. SEASONALLY ADJUSTED ANNUAL RATES I 1990 I 1991 I 1992 I III IV 1 I II III IV 1 I II III IV 1 I II F.207 Money Market Mutual Fund Shares Net change in assets Households Nonfin. corp, business M Life insurance cos Private Decision funds Bank personal trusts 6 F,,208 Federal Funds and Security Repurchase Agreements Net change in liabilities Commercial banking (net) Domestic banks Foreign banking offices Bank holding companies Savings institutions Brokers 8 dealers (net) Net change in assets Nonfinancial corporations State and local governments N Foreign Financial sectors Monetary authority Govt.-spons. enterprises Savings 'nstitutions Credit unions Other insurance companies Money market mutual funds Discrepancy-unallocated assets 19 F.209 U.S. Deposits in Foreign Countries Total fgn. liability, held by: Nonfinan. corporate business Money market mutual funds 3 BILLIONS OF DOLLARS.

60 SEPTMEBER 17, 1993 U.S. Government Securities ANNUAL & FLOWS F.210-F.211 Treasury Securities and Agency Securities U.S. Government Securities ANNUAL FLOWS F.210 Treasury Securities 1 Net issues 2 Savings bonds 3 Other Treasury issues 4 Net purchases 5 Govt.-spons, enterprises 6 Monetary authority 7 Foreign 8 Total private domestic 9 Nonfinancial sectors 10 Households 11 Savings bonds 12 Other Treas. issues 13 Nonfarm noncorp. bus. 14 Nonfin. corp, business 15 State and local govts. 16 Commercial banking 17 U.S. commercial banks 18 Foreign banking offices 19 Bank holding companies 20 Banks in U.S.-aff. areas 21 Nonbank financial sectors 22 Savings institutions 23 Credit unions 24 Life insurance companies 25 Other insurance cos. 26 Private pension funds 27 St.Slocal govt.rtr.funds 28 Mutual funds 29 Closed-end funds 30 Money mkt. mutual funds 31 Brokers 8 dealers 32 Bank personal trusts Memo: 33 U.S. govt, borrowing (1) , w X X X X X (1) Total issuas of Treasury securities (F.210, line 1) plus budget agency securities (F.211, line 2) and federal mortgage borrowing (F.216, line 7). F.211 Agency Securities (2) I Net issues Budget agencies X -.1 X Govt.-spons. enterprises Fed. related mortgage pools Net purchases U.S. government Govt.-spons. enterprises Monetary authority Foreign X Total private domestic Nonfinancial sectors X Households Nonfin. corp, business w 0.1 X State and local govts Commercial banking l.l U.S. commercial banks Foreign banking offices 0.2 X Bank holding companies X X Nonbank financial sectors Savings institutions Credit unions X Life insurance companies Other insurance cos Private pension funds St.&local govt.rtr.funds Mutual funds X Money mkt. mutual funds 5, ABS issuers Bank personal crusts (2) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB; and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total borrowing of the U.S. government, which is shown in table F.210, line 33. BILLIONS OF DOLLARS.

61 U.S. Government Securities SEASONALLY ADJUSTED ANNUAL RATES F.210-F.211 Treasury Securities and Agency Securities U.S. Government Securities 46 SEASONALLY ADJUSTED ANNUAL RATES I 1990 I 1991 I 1992 I III IV 1 I II III IV 1 I II III IV 1 I II F.210 Treasury Securities Net issues Savings bonds Other Treasury issues Net purchases Govt.-spons. enterprises Monetary authority Foreign Total private domestic Nonfinancial sectors Households Savings bonds Other Treas. issues Nonfarm noncorp. bus Nonfin. corp, business State and local govts Commercial banking U.S. commercial banks Foreign banking offices X -.2 X Bank holding companies Banks in U.S.-aff. areas Nonbank financial sectors Savings institutions Credit unions Life insurance companies Other insurance cos Private pension funds St.Slocal govt.rtr.funds Mutual funds Closed-end funds Money mkt. mutual funds Brokers S dealers Bank personal trusts 32 Memo: U.S. govt, borrowing (1) 33 (1) Total issues of Treasury securities (F.210, line 1) plus budget agency securities (F.211, line 2) and federal mortgage borrowing (F.216, line 7). F.211 Agency Securities (2) Net issues Budget agencies Govt.-spons. enterprises Fed. related mortgage pools Net purchases U.S. government Govt.-spons. enterprises Monetary authority Foreign Total private domestic Nonfinancial sectors Households Nonfin. corp, business State and local govts Commercial banking U.S. commercial banks Foreign banking offices Bank holding companies Nonbank financial sectors Savings institutions Credit unions Life insurance companies Other insurance cos Private pension funds St.Slocal govt.rtr.funds Mutual funds Money mkt. mutual funds ABS issuers Bank personal trusts 29 BILLIONS OF DOLLARS. (2) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB; and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total borrowing of the U.S. government, which is shown in table F.210, line 33.

62 SEPTMEBER 17, 1993 Private Securities Private Securities F.212-F.215 Private Securities ANNUAL FLOWS ANNUAL FLOWS F.212 Tax-Exempt Debt Securities and Loans (1) 1 Net change in liabilities State and local governments Short-term Other Households 8 nonprof. org Nonfin. corporate business M 6 (industrial revenue bonds) 7 Net change in assets Households a 9 Nonfin. corporate business M St.Sloc. govt. gen. funds Commercial banking Savings institutions * Insurance Life insurance companies Other insurance companies Private oenslon funds N m 0.3 * St.Sloc. govt.rtr.funds l.l M -.4 M Money market mutual funds Closed-end funds Mutual funds Broxers and dealers Bank personal trusts (1) Includes small amounts of taxable securities issued since F.213 Corporate and Foreign Bonds 1 Net issues ,3 1 2 Nonfin. corporate business Foreign (2) Financial Commercial banking Savings institutions Finance companies REITs -.7 M M ABS issuers Net purchases Households M io.e Foreign (3) Commercial banking Savings institutions Insurance Life insurance companies Other insurance companies Private pension funds St.Sloc. govt. rtr. funds Mutual funds Closed-end funds M Brokers and dealers Bank personal trusts N F.214 Mutual Fund Shares 1 Net issues Net purchases Households Nonfin. corp, business Commercial banking Life insurance companies Private pension funds l.l Bank personal trusts ll.l F.215 Corporate Equities (4) Digitized for FRASER 1 Net issues Nonfin. corporate business Foreign (2) Financial Commercial banking Other insurance cos Closed-end funds REITs Brokers and dealers Net purchases Households Foreign (3) Commercial banking -.1 w M K -.1 M Savings institutions * Insurance Life insurance cos Other insurance cos Private pension funds St.Sloc. govt. rtr. fnds Mutual funds Closed-end funds N Brokers and dealers Bank personal trusts (2) Net purchases of foreign issues by U.S. residents. (3) Net purchases of U.S. issues by foreign residents. (A) Does not include mutual fund shares shown above. BILLIONS OF DOLLARS

63 BILLIONS OF DOLLARS. Digitized for FRASER Private Securities SEASONALLY ADJUSTED ANNUAL RATES F.212-F.215 Private Securities Private Securities 48 SEASONALLY ADJUSTED ANNUAL RATES I 1990 I 1991 I 1992 I III IV 1 I II III IV 11 I II III IV 1 I II F.212 Tax-Exempt Debt Securities and Loans (1) Net change in liabilities State and local governments Short-term Other Households 3 nonprof. org Nonfin. corporate business 6 (industrial revenue bonds) Net change in assets Households Nonfin. corporate business St.31oc. govt. gen. funds Commercial banking Savings institutions Insurance Life insurance companies Other insurance companies X X Private pension funds St.Sloe, govt.rtr.funds Money market mutual funds Closed-end funds Mutual funds Brokers and dealers Bank personal trusts 22 (1) Includes small amounts of taxable! securities :issued since F.213 Corporate and Foreign Bonds Net issues Nonfin. corporate business Foreign (2) Financial Commercial banking Savings institutions Finance companies REITs ABS issuers Net purchases Households Foreign (3) Commercial banking Savings institutions Insurance Life insurance companies Other insurance companies Private pension funds St.Sloe. govt. rtr. funds Mutual funds Closed-end funds Brokers and dealers Bank personal trusts 23 F.214 Mutual Fund Shares Net issues Net purchases Households Nonfin. corp, business Commercial banking Life insurance companies Private pension funds Bank personal trusts 8 F.215 Corporate Equities (4) Net issues Nonfin. corporate business Foreign (2) Financial Commercial banking Other insurance cos Closed-end funds REITs Brokers and dealers Net purchases Households Foreign (3) l.l X X Commercial banking Savings institutions Insurance Life insurance cos Other insurance cos Private pension funds St.Bloc. govt. rtr. fnds Mutual funds X Closed-end funds Brokers and dealers Bank personal trusts 23 (2) Net purchases of foreign issues by U.S. residents. (3) Net purchases of U.S. issues by foreign residents. (4) Does not include mutual fund shares shown above.

64 SEPTMEBER 17, 1993 Mortgages ANNUAL FLOWS F.216-F.217 Mortgage Markets Mortgages ANNUAL FLOWS F.216 Total Mortgages 1 Net change in mortgages Home mortgages Multifamily residential Commercial Farm Borrowings by: U.S. government M N M M M - M 7 8 REITs it 0.1 M M 8 9 Private nonfinancial sectors Households Nonfinancial business Farms Nonfarm noncorporate Corporate Funds advanced by: Households Nonfarm noncorp. business St.&loc. govt. gen. funds * U.S. government l.l Govt.-spons. enterprises (1) Fed. related mortgage pools Private finan. institutions Commercial banking Thrift institutions Savings institutions Credit unions Insurance Life insurance companies Other insurance cos Private pension funds O.S St.&loc. govt, rtr.funds Finance companies Mortgage companies REITs -1.1 N ABS issuers Bank personel trusts » (1) FHLB loans to members are included in "other loans * category. F.217 Home Mortgages (2) 1 Net borrowing Households Nonfarm noncorp. business Nonfin. corporate business Net change in assets Households Nonferm noncorp. business N State and local governments U.S. government Govt.-spons. enterprises Fed. related mortgage pools Commercial banking Thrift institutions Savings institutions Credit unions Insurance M Life insurance companies Private pension funds l.l St.&loc. govt. rtr. funds M w Finance companies Mortgage companies REITs -.1 N M * 0.1 N w a X M ABS Issuers Bank personal trusts * (2) Mortgages on 1-4 family structures. BILLIONS OF OOLLARS

65 Mortgages SEASONALLY ADJUSTED ANNUAL RATES F.216-F.217 Mortgage Markets Mortgages 50 SEASONALLY ADJUSTED ANNUAL RATES III IV I II III 1 IV I II III 1 IV 1 I 1993 II F.216 Total Mortgages Net change in mortgages Home mortgages Multifamily residential Commercial Farm Borrowings by: 6 7 m - m tt tt U.S. government tt REITs Private nonfinancial sectors Households Nonfinancial business Farms Nonfarm noncorporate * Corporate Funds advanced by: Households , Nonfarm noncorp. business St.Sloc. govt. gen. funds U.S. government Govt.-spons. enterprises (1) Fed. related mortgage pools Private finan. institutions tt Commercial banking Thrift institutions Savings institutions Credit unions Insurance Life insurance companies Other insurance cos Private pension funds St.Sloc. govt, rtr.funds Finance companies Mortgage companies REITs , ABS issuers * * Bank personal trusts 36 (1) FHLB loans to members are included in "other loans" category. F.,217 Home Mortgages (2) Net borrowing Households Nonfarm noncorp. business Nonfin. corporate business Net change in assets Households Nonfarm noncorp, business State and local governments U.S. government Govt.-spons. enterprises Fed. related mortgage pools Commercial banking Thrift institutions Savings institutions Credit unions k Insurance tt Life insurance companies tt Private pension funds St.Sloc. govt. rtr. funds l.l -3.6 Finance companies Mortgage companies k tt M tt tt REITs ABS issuers tt tt Bank personal trusts 24 BILLIONS OF DOLLARS (2) Mortgages on 1-4 family structures.

66 SEPTMEBER 17, 1993 Mortgages, Continued 51 ANNUAL FLOWS F.218-F.220 Mortgage Markets, Continued Mortgages, Continued ANNUAL FLOWS F.218 Multifamily Residential Mortgages 1 Net borrowing Nonfarm noncord. business Nonfin. corporate business REITs X X X 0.1 * X 4 5 U.S. government X X X X * - X 5 6 Net change in assets Households Nonfarm noncorp. business State and local governments U.S. government X Govt.-spons. enterprises Fed. related mortgage pools Commercial banking Savings Institutions Life insurance companies Private pension funds X 0.1 X St.Slocal govt. rtr. funds X X Mortgage companies x REITs -.3 X X ABS issuers F.219 Commercial Mortgages 1 Net borrowing Households Nonfarm noncorp. business Nonfin. corporate business REITs X 0.1 X 0.3 X X 5 6 Net change in assets Households Nonfarm noncorp. business State and local governments U.S. government X Commercial banking Savings institutions Life insurance companies Other insurance companies Private pension funds X St.Slocal govt. rtr. funds Mortgage companies REITs X X ABS issuers F.220 Farm Mortgages 1 Net borrowing Net change in assets Households 1.4 X X Nonfarm noncorp. business X X X X X X X X 4 5 State and local governments 0.1 X X X X 0.2 X X X X X X 5 6 U.S. government Govt.-spons. enterprises Fed. related mortgage pools X X X X * X X * 8 9 Commercial banks -.2 X Savings institutions - X X X Life insurance companies X ll 12 St.Slocal govt. rtr. funds - - * BILLIONS OF DOLLARS

67 Mortgages, Continued SEASONALLY ADJUSTED ANNUAL RATES F.218-F.220 Mortgage Markets, Continued 52 Mortgages, Continued SEASONALLY ADJUSTED ANNUAL RATES III IV I II III 1 IV 1 I 1992 II III 1 IV 1 I 1993 II F.218 Multifamily Residential Mortgages Net borrowing Nonfarm noncorp, business Nonfin. corporate business 3 A X REITs 4 5 X - x X - - X U.S. government Net change in assets Households Nonfarm noncorp, business State and local governments U.S. government Govt.-spons. enterprises Fed. related mortgage pools Commercial banking , Savings institutions Life insurance companies Private pension funds » St.&local govt. rtr. funds Mortgage companies X X REITs X F.219 Commercial Mortgages ABS issuers Net borrowing Households Nonfarm noncorp, business Nonfin. corporate business i.o X REITs C Net change in assets Households Nonfarm noncorp, business x -.5 State and local governments U.S. government Commercial banking Savings institutions Life insurance companies Other insurance companies Private pension funds St.&local govt. rtr. funds Mortgage companies X REITs ABS issuers 19 F.220 Farm Mortgages l.l 0.1 Net borrowing Net change in assets Households 3 4 x X X * X X X X X X X Nonfarm noncorp, business 4 5 X X X X X * X X X X X X State and local governments U.S. government X X Govt.-spons. enterprises 7 8 X X X X X * X X X - Fed. related mortgage pools Commercial banks X X X X Savings institutions Life insurance companies St.&local govt. rtr. funds 12 BILLIONS OF DOLLARS.

68 SEPTMEBER 17, 1993 Consumer Credit and Bank Loans n.e.c Consumer Credit 3nd Bank Loans n.e.c 53. ANNUAL FLOWS F.221-F.222 Consumer Credit and Bank Loans Not Elsewhere Classified ANNUAL FLOWS $ F.221 Consumer Credit 1 Net change in liabilities (HH) Installment credit Noninstallment credit Net change in assets Installment credit 13, $ Nonfarm noncorp. business * M Nonfin. corporate business Commercial banking Savings institutions Credit unions Finance companies ABS issuers Noninstallment credit Nonfarm noncorp. business -.1 * Nonfin. corporate business $ Commercial banking Savings institutions F.222 Bank Loans Not Elsewnere Classified Total loans by commercial 1 banking, flow of funds basis Loans elsewhere classified: Mortgages Consumer credit Security credit 5.3 * Open market paper = Banking sector total bank loans n.e.c. 7 U.S. chartered banks Bank holding companies Foreign banking off. in 'JS Banks in U.S.-aff. areas Loans by F.R. banks = Total bank loans n.e.c Net change in liabilities Nonfinancial sectors Households Farm business Nonfarm noncorp. business Corporate business Foreign Official institutions 0.8 * w Banks Other Financial sectors Savings institutions , * Finance companies Mortgage companies REITs -.1 w BILLIONS OF OOLLARS.

69 Consumer Credit and Bank Loans n.e.c Consumer Credit and Bank Loans n.e.c SEASONALLY ADJUSTED ANNUAL RATES F.221-F.222 Consumer Credit and Bank Loans Not Elsewhere Classified SEASONALLY^ JUSTED ANNUAL RATES I 1990 I 1991 I 1992 I III IV I II III IV 1 I II III IV I I II F.221 Consumer Credit 1 19.A A A A Net change in liabilities (HH) A A A 2A.7 22.A Installment credit A.O 2.A 8.8 -A Noninstallment credit 3 A 19.A A A A Net change in assets A A A A 2A.7 22.A Installment credit O.A Nonfarm nonccrp. business A A Nonfin. corporate business Commercial banking A Savings institutions A -A.S l.l A Credit unions A A A A Finance companies A.5 1A.A 1A.5 2A ABS issuers A.O 2.A 8.8 -A Noninstaliment credit 13 IA A 0.2 O.A A O.A Nonfarm noncorp, business IA A.l A Nonfin. corporate business A.8-13.A A Commercial banking A A Savings institutions 17 F.222 Bank Loans Not Elsewhere Classified Total loans by commercial A A A A.5 banking, flow of funds basis A.A X A Loans elsewhere classified: Mortgages l.a A Consumer credit 3 A -A.5-2.A A.A 9.7 l.a A Security credit A A Open market paper A3.A A = Banking sector total bank 6 loans n.e.c. 7 -A.A A A A A.9 U.S. chartered banks O.A Bank holding companies a 9 1A.6 9.A A A Foreign banking off. in US 9 10 A A.O -A.A Banks in U.S.-aff. areas * Loans by F.R. banks A3.A A s Total bank loans n.e.c , A3.A A Net change in liabilities 13 IA A A2.7 -A7.2 -A2.2 Al.A A.5 A2.2 Nonfinanclal sectors IA 15 2A A A A.A Households O.A 1.8 X Farm business A -A.O Nonfarm noncorp, business A Corporate business l.a A Fore ign X l.a 0.3 Official institutions l.s A Banks A A Other A Financial sectors 23 2A X O.A Savings institutions 2A A.A Finance companies A A.A -6.A -10.A 10.3 Mortgage companies A O.A A REITs 27 BILLIONS OF DOLLARS.

70 SEPTMEBER 17, 1993 Open Market Paper and Other Loans & F,223-F.224 Open Market Paper and Other Loans Open Market Paper and Other Loans ANN FLOWS ANNUAL FLOWS F.223 Open Market Paper 1 Total net issues, all types Commercial paper Nonfinancial corporations Foreign issues in U.S Financial business Commercial banking Funding corporations Finance companies REITs X ABS issuers Bankers acceptances (1) ll 12 Net purchases, by sector Households Nonfin. corporate business Foreign Govt.-spons. enterprises X X Monetary authority Commercial banking (1) Savings institutions X Credit unions Life insurance companies Private pension funds St.Slocal govt. rtr. funds Mutual funds Money market mutual funds Brokers and dealers Bank personal trusts » (1) Excludes banks* holdings of own acceptances. F.224 Other Loans 1 Total other loans Savings inst. loans to bus l.l Liab. : Noncorporate business Nonfin. corp, business Finance co. loans to business Liab. : Noncorporate business Nonfin. corp, business ABS issuers loans to business Liab. : Noncorporate business Nonfin. corp, business U.S. government loans X Liab. : Households Farm business X Nonfarm noncorp. bus Nonfin. corp, business St.Slocal governments Foreign Govt.-sp. enterprises X X Govt. -spons. enterprise loans Liab. : Households (SLMA) Farm business (FICB) Noncorp. business (BC) X Commercial banks(fhlb) Savings inst. (FHLB) Credit unions (FHLB) Life insurance (FHLB) X Policy loans (HH liability) X Asset : U.S. government 0.1 X X X X X X X X Life insurance cos Cust. liab. on acceptances 30 outstanding (bank asset) Liab: Nonfin. corp, business X Foreign Foreign loans to US nonbanks 33 Liab. : Nonfin. corp, business BILLIONS OF DOLLARS.

71 Open Market Paper and Other Loans Open Market Paper and Other Loans F.223-F.224 Open Market Paper and Other Loans SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I 1990 I 1991 I 1992 I III IV 1 I II III IV 1 I II III IV 1 I II F.223 Open Market Paper M Total net issues, all types Commercial paper Nonfinancial corporations Foreign issues in U.S Financial business l.l Commercial banking Funding corporations Finance companies M N REITs ABS issuers Bankers acceptances (1) it Net purchases, by sector Households tt Nonfin. corporate business Foreign Govt.-spons. enterprises Monetary authority Commercial banking (1) Savings Institutions K Credit unions Life Insurance comoanies Private pension funds St.Slocal govt. rtr. funds Mutual funds Money market mutual funds Brokers and dealers Bank personal trusts 27 (1) Excludes banks' holdings of own acceptances. F.224 Other Loans Total other loans Savings inst. loans to bus Liab. : Noncorporate business Nonfin. corp, business Finance co. loans to business Liab. : Noncorporate business Nonfin. corp, business ABS issuers loans to business Liab. : Noncorporate business Nonfin. corp, business U.S. government loans Liab. : Households Farm business M 0.7 Nonfarm noncorp. bus Nonfin. corp, business St.Slocal governments Foreign Govt.-sp. enterprises Govt. -spons. enterprise loans Liab. : Households (SLMA) Farm business (FICB) Noncorp. business (BC) ll.o Commercial banks(fhlb) Savings inst. (FHLB) N 0.1 tt 0.3 Credit unions (FHLB) M M Life insurance (FHLB) Policy loans (HH liability) * * M M - N - tt M N M N Asset : U.S. government Life insurance cos. 29 Cust. liab. on acceptances outstanding (bank asset) Liab: Nonfin. corp, business Foreign 32 Foreign loans to US nonbanks Liab. : Nonfin. corp, business 33 BILLIONS OF DOLLARS.

72 SEPTMEBER 17, 1993 Security Credit, Trade Credit, and Taxes Security Credit, Trade Credit, and Taxes F.225-F.229 Security Credit, Trade Credit, and Taxes Payable ANNUAL FLOWS ANNUAL FLOWS F.225 Security Credit 1 Net change ln liabilities I 2 Households Foreign Brokers and dealers From domestic banxs From fgn. bkg. off. in US Customer credit balances Net change in assets Households Commercial banking 5.3 M Brokers and dealers Foreign * 12 F.226 Trade Credit 1 Net change in liabilities Households Farm business Nonfarm noncorp. business Nonfin. corporate business State and local governments Foreign U.S. government Brokers and dealers Net change in assets Nonfarm noncorp. business Nonfin. corporate business Foreign * U.S. government Other insurance companies ABS issuers Discrepancy F. 227 Taxes Payable by Businesses 1 Net change in taxes payable by all businesses 2 Nonfarm noncorp. business -1.6 l.s Nonfin. corporate business Commercial banks H 0.1 M w Savings institutions M K M M Life insurance companies -.5 W N M Other insurance companies -.2 M M -.1 K w Finance companies -.2 W N» M Brokers and dealers K 9 10 Net change in business taxes receivable 11 State and local governments U.S. government Discrepancy F.,228 Proprietors Equity in Noncorporate Business 1 Total household investment Farm business Nonfarm noncorp. business Brokers and dealers F.229 Investment in Bank Personal Trusts 1 Liab.: Bank personal trusts Asset: Households BILLIONS OF DOLLARS.

73 Security Credit, Trade Credit, and Taxes Security Credit, Trade Credit, and Taxes F.225-F.229 Security Credit, Trade Credit, and Taxes Payable SEASCNALC^ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES III IV 1 I II III IV 1 I II III IV 1 I II F. 225 Security Credit Net change in liabilities Households Foreign Brokers and dealers From domestic banks From fgn. bkg. off. in US Customer credit balances Net change in assets Households Commercial banking Brokers and dealers Foreign 12 F.226 Trade Credit Net change in liabilities Hcuseholds Farm business Nonfarm noncorp. business Nonfin. corporate business State and local governments Foreign U.S. government Brokers and dealers Net change in assets Nonfarm noncorp. business Nonfin. corporate business Foreign U.S. government Other insurance companies ABS issuers Discrepancy 17 F.227 Taxes Payable by Businesses 1 M Net change in taxes payable by all businesses Nonfarm noncorp. business Nonfin. corporate business X Commercial banks 4 5 M X Savings institutions N Life insurance companies Other insurance companies Finance companies 8 9 * X Brokers and dealers Net change in business taxes receivable , State and local governments U.S. government Discrepancy 13 F.228 Proprietors* Equity in Noncorporate Business i Total household investment Farm business Nonfarm noncorp. business Brokers and dealers 4 F.229 Investment in Bank Personal Trusts Liab.: Bank personal trusts Asset: Households 2 BILLIONS OF OOLLARS.

74 SEPTMEBER 17, 1993 Total Miscellaneous Claims L^L! ANNUAL FLOWS F.230 Total Miscellaneous Financial Claims Total Miscellaneous Claims ANNUAL FLOWS Net change in liabilities I 2 Households Nonfarm noncorp. business Nonfin. corporate business Foreign U.S. government Total finance Govt.-spons. enterprises Monetary authority 0.7 M * Commercial banking Funding corporations M Savings institutions Credit unions Life insurance companies Other insurance companies Finance companies Mortgage companies REITs M Brokers and dealers Net change in assets Households Farm business Nonfarm noncorp. business Nonfin. corporate business Foreign U.S. government Total finance Govt.-spons. enterprises Monetary authority H Commercial banking Funding corporations Savings institutions Credit unions -.4 M Life insurance companies Other insurance companies Private pension funds St.Sloe. govt. rtr. funds Finance companies REITs H K Money market mutual funds Brokers and dealers Ban* personal trusts Unidentified, net BILLIONS OF DOLLARS.

75 Total Miscellaneous Claims SEASONALLY ADJUSTED ANNUAL RATES F.230 Total Miscellaneous Financial Claims Total Miscellaneous Claims 60 SEASONALLY ADJUSTED ANNUAL RATES I 1990 I 1991 I 1992 I III IV 1 I II III IV I I II III IV 1 I II Net change in liabilities Households Nonfarm noncorp, business Nonfin. corporate business Foreign U.S. government Total finance Govt.-spons. enterprises Monetary authority Commercial banking Funding corporations Savings institutions Credit unions Life Insurance companies Other Insurance companies Finance companies Mortgage companies REITs Brokers and dealers Net change in assets Households Farm business N Nonfarm noncorp, business Nonfin. corporate business Foreign U.S. government Total finance Govt.-spons. enterprises Monetary authority Commercial banking Funding corporations Savings institutions Credit unions Life insurance companies i.l Other insurance companies Private pension funds St.Sloc. govt. rtr. funds Finance companies REITs Money market mutual funds Brokers and dealers Bank personal trusts Unidentified, net 43 BILLIONS OF DOLLARS.

76 SEPTMEBER 17, 1995 Identified Miscellaneous Claims Identified Miscellaneous Claims F.231 Identified Miscellaneous Financial Claims ANNUAL FLOWS ANNUAL FLOWS Total identified claims U.S. direct investment abroad (1) 2 Liab. : Foreign Equity Reinvested earnings Intercompany accts Asset : Nonfin. corp. bus Commercial banking Life insurance cos. 0.2 * Other insurance cos Finance companies Brokers and dealers Foreign direct investment in U.S. (1) 12 Liab. : Nonfarm noneorp. bus Nonfin. corp. bus Commercial banking Funding corporations Life insurance cos Other insurance cos Finance companies Brokers and dealers Asset : Foreign Equity Reinvested earnings Intercompany accts U.S. govt, equity in I3RD, etc. 24 Liab.: Foreign Asset: U.S. government Nonofficial foreign currencies 26 Liab.: Foreign Asset: U.S. government Postal Savings System deposits 28 Liab.: U.S. government Asset: Households Deposits at Federal Home Loan Banks 30 Liab.: Govt.-sp. enterprises Asset: Savings institutions l.s Federal Reserve Bank stock 32 Liab.: Monetary authority Asset: Commercial banking Equity in govt.-spons. enterprises 34 Liab.: Govt.-sp. enterprises Asset: U.S. government Farm bus. (FICB 8 FLB) Nonfarm noncorp. (BC) 0.1 X X X 38 Nonfin.corp.ous.(FNMA) X X 39 Savings inst. (FHLB) Deferred and unpaid life insurance prem i urns 40 Liab.: Households Asset: Life insurance cos Life insurance company reserves 42 Liab. : Life insurance cos Health Policy div. accum Asset: Households Policy payables 46 Liab.: Other insurance cos Asset: Households Farm business l.l X 49 Nonfarm noncorp. bus Nonfin. corp, business Pension fund contributions payable 51 Liab.: Nonfin. corp, business Asset: Private pension funds BHC investment in subsidiaries 53 Liab.: Commercial banking Savings institutions X Finance companies Mortgage companies Brokers and daalers Asset: Bank holding companies X X X X X X X X -.1 X X X X X X 0.5 X , , X X NFC investment in finance co. subs. Finance companies Nonfin. corp, business 59 Liab.: 60 Asset: Funding corp, invest, in subs. 61 Liab.: Fgn. banking offices Brokers and dealers Asset: Funding corporations (1) Excludes capital gains/losses. BILLIONS OF DOLLARS

77 Identified Miscellaneous Claims SEASONALLY ADJUSTED ANNUAL RATES F.231 Identified Miscellaneous Financial Claims Identified Miscellaneous Claims 62 SEASONALLY ADJUSTED ANNUAL RATES 1990 I 1991 I III IV I I II III IV I I II III IV I I II , , tt Total identified claims 1 U.S. direct investment abroad (1) ll.o Liab.: Foreign Equity Reinvested earnings Intercompany accts Asset: Nonfin. corp. bus Commercial banking tt Life insurance cos Other insurance cos Finance companies Brokers and dealers 11 Foreign direct investment in U.S. (1) tt Liab.: Nonfarm noncorp. bus Nonfin. corp. bus Commercial banking Funding corporations Life insurance cos Other insurance cos tt Finance companies Brokers and dealers Asset: Foreign Equity Reinvested earnings Intercompany accts. 23 U.S. govt. equity in IBRD, etc Liab.: Foreign Asset: U.S. government l.l Nonofficial foreign currencies 0.9 Liab.: Foreign 0.9 Asset: U.S. government * Postal Savings System deposits - Liab.: U.S. government Asset: Households Deposits at Federal Home Loan Banks Liab.: Govt.-sp. enterprises Asset: Savings institutions l.l ii tt tt 2.0 w l.l Federal Reserve Bank stock Liab.: Monetary authority Asset: Commercial banking 33 Equity in govt,.-spons. enterprises Liab.: Govt.-sp. enterprises Asset: U.S. government Farm bus. (FICB 3 FLB) 36 h tt Nonfarm noncorp. (BC) M Nonfin.corp.bus.(FNMA) Savings inst. (FHLB) Deferred 0.6 and unpaid life insurance premiums 1.0 Liab.: Households Asset: Life insurance cos. 41 Life insurance company reserves Liab.: Life insurance cos Health Policy div. accum Asset: Households 45 Policy payables Liab.: Other insurance cos Asset: Households Farm business Nonfarm noncorp. bus Nonfin. corp, business 50 Pension fund contributions payable Liab.: Nonfin. corp, business Asset: Private pension funds 52 BHC investment in subsidiaries Liab.: Cemmercial banking Savings institutions Finance companies Mortgage companies Brokers and dealers Asset: Bank holding companies 58 NFC investment in finance co. subs Liab.: Finance companies Asset: Nonfin. corp, business 60 Funding corp, invest, in subs Liab.: Fgn. banking offices Brokers and dealers Asset: Funding corporations 63 (1) Excludes capital gains/losses. BILLIONS OF DOLLARS

78 SEPTMEBER 17, 1995 Unidentified Miscellaneous Claims ANNUAL FLOWS F.232 Unidentified Miscellaneous Finsnoiel Claims Unidentified Mlseellsneous Claims ANNUAL FLOWS Net change In liabilities Nonfarm noncorp. business U.S. government Govt.-spons. enterprises M Foreign Monetary authority N Commercial banking U.S. commercial banks Foreign banking offices Bank holding companies Banks in U.S.-aff. areas Savings institutions N Credit unions Life insurance companies Finance companies REITs M Brokers and dealers Net change in assets Nonfarm noncorp. business Nonfin. corporate business U.S. government Govt.-spons. enterprises N Foreign Monetary authority * Commercial banking U.S. commercial banks Foreign banking offices Bank holding companies Banks in U.S.-aff. areas Savings institutions Credit unions -.4 N Life insurance companies Private pension funds St.Bloc. govt. rtr. funds Finance companies REITs M K Money market mutual funds Brokers 3nd dealers Bank personal trusts Net total (liab. less assets) BILLIONS OF DOLLARS.

79 Unidentified Miscellaneous Claims SEASONALLY ADJUSTED ANNUAL RATES F.232 Unidentified Miscellaneous Financial Claims. Unidentified Miscellaneous Claims 64 SEASONALLY ADJUSTED ANNUAL RATES I 1990 I 1991 I 1992 I III IV 1 I II III IV 1I I II III IV 1 I II A Net change in liabilities Nonfarm noncorp, business A A -17.A U.S. government 3 A A 7.9 1A A A Govt.-spons. enterprises A A0.A A A6.A Foreign 5 6 A A N A Monetary authority 6 7 7A A.A A6.A -3A.8 1A Commercial banking 7 a A5.A A -A A U.S. commercial banks A A A Foreign banking offices A A.5 33.A A3.1 Bank holding companies A A.3 -A.8-2.A 2.A Banks in U.S.-aff. areas Savings institutions O.A Credit unions 13 1A A Life insurance companies 1A 15 2A Finance companies REITs A AA A AO Brokers and dealers A 1A A A 18A Net change in assets A.O 3.9 A.O Nonfarm noncorp, business A A A Nonfin. corporate business A A A A U.S. government A A Govt.-spons. enterprises A A A Foreign 23 2A A A A Monetary authority 2A A A A Commercial banking A ll.o -3.A U.S. commercial banks A 16.2 A A Foreign banking offices A A A9.0-1A A 28.0 Bank holding companies N A A Banks in U.S.-aff. areas AA.l A.l A Savings institutions A.l 2.A A O.A Credit unions A A Life insurance companies A A A Private pension funds 33 3A St.Sloc. govt. rtr. funds 3A A A 51.A A A Finance companies A A REITs A A A 1A Money market mutual funds A A A.l Brokers and dealers A Bank personal trusts 39 AO AO.O Net total (liab. less assets) A0 BILLIONS OF DOLLARS.

80 SEPTMEBER 17, 1993 Discrepancies ANNUAL FLOWS F.9-F.10 Discrepancies Discrepancies ANNUAL FLOWS F.9 Sectors 1 All sectors Households Nonfin. corporate business State and local sovernments U.S. government Foreign Financial sectors Govt.-sp. enterprises Monetary authority Commercial banks Private nonbank finance Savings institutions Credit unions Life insurance Other insurance Private pension funds Finance companies REITs Brokers 8 dealers tt F.,10 Transactions 1 All types Treasury currency ti Interbank claims Security RPs Checkable dep. mail floats: 5 U.S. government ti Other Trade credit Taxes payable Miscellaneous Nonfinancial Nonfinancial components: 11 NIPA discrepancy Pvt. wage accr. less disb BILLIONS OF DOLLARS.

81 Discrepancies SEASONALLY ADJUSTED ANNUAL RATES F.9-F.10 Discrepancies 66 Discrepancies SEASONALLY ADJUSTED ANNUAL RATES III IV I II III 1 IV 1 I 1992 II III I IV 1 I 1993 II F.9 Sectors AH sectors 1 Households 2 Nonfin. corporate business 3 State and local governments 4 U.S. government 5 Foreign Financial sectors 7 Govt.-sp. enterprises 8 Monetary authority 9 Commercial banks 10 Private nonbank finance 11 Savings institutions 12 Credit unions 13 Life insurance 14 Other insurance 15 Private pension funds 16 Finance companies 17 REITs 18 Brokers S dealers 19 F.10 Transactions All types 1 Treasury currency 2 Interbank claims 3 Security RPs Checkable dep. mall floats: U.S. government 5 Other 6 Trade credit 7 Taxes payable 8 Miscellaneous 9 Nonfinancial BILLIONS OF DOLLARS. Nonfinancial components: NIPA discrepancy 11 Pvt. wage accr. less disd. 12

82 Credit Market Debt LEVELS 67 L.2-L.4 Credit Market Debt Credit Market Debt LEVELS, L.2 Credit Market Debt Owed by Nonfinancial Sectors 1 Total domestic U.S. government Treasury securities Budget agency secur.bmtgs Private, by transaction Tax-exempt securities Corporate oonds Mortgages Home mortgages Multifamily resid Commercial ll 12 Farm Consumer credit Bank loans n.e.c , Commercial paper Other Private, by sector Households Nonfinancial business Q Farm Nonfarm noncorporate Corporate State 8 local governments Foreign credit market debt 24 held ln U.S Bonds Bank loans n.e.c Commercial paoer U.S. govt. 3 other loans , Total domestic and foreign L.3 Credit Market Debt Owed by Financial Sec tors 1 Total, by transaction U.S. government-related GSE securities Mortgage pool securities 70, Loans from U.S. government Private financial sectors Coroorate bonds a Mortgages 2. C a 9 Bank loans n.e.c Open market pacer Fed. Home Loan Banks loans Total, by sector Govt.-sponsored enterprises i Fed. related mortgage pools Private financial sectors Commercial oanks Bank holding companies Funding corporations Savings institutions Credit unions Life inurance companies Finance companies Mortgage companies REITs ABS issuers L.4 Credit Market Debt, All Sectors,, by Transaction 1 Total U.S. government securities Tax-exempt securities , Corporate and foreign bonds Mortgages Consumer credit Bank loans n.e.c Open market paper Other loans Memo: Selected claims not included above: 10 Security credit Trade credit Mutual fund shares Corporate equities BILLIONS OF DOLLARS, END OF PERIOD

83 Credit Market Debt LEVELS, L.2-L.4 Credit Market Debt Credit Market Debt 68 LEVELS, I 1990 I 1991 I 1992 I III IV 1 I II III IV 1 I II III IV 1 I II L.2 Credit Market Debt Owed by Nonfinancial Sectors Total domestic U.S. sovernment Treasury securities Budget agency secur.smtgs Private, by transaction Tax-exempt securities Corporate bonds Mortgages Home mortgages Multifamily resid Commercial Farm Consumer credit Bank loans n.e.c Commercial paper Other Private, by sector Households Nonfinancial business Farm Nonfarm noncorporate Corporate State 8 local governments 23 Foreign credit market debt held in U.S Bonds Bank loans n.e.c Commercial paper U.S. govt. 8 other loans Total domestic and foreign 29 L.3 Credit Market Debt Owed by Financial Sectors Total, by transaction U.S. government-related GSE securities Mortgage pool securities Loans from U.S. government Private financial sectors Corporate bonds 7 a Mortgages Bank loans n.e.c Open market paper 10 n Fed. Home Loan Banks loans Total, by sector Govt.-sponsored enterprises Fed. related mortgage pools Private financial sectors Commercial banks Bank holding comoanies Funding corporations Savings Institutions M * N 0.1 Credit unions N w * * M 0.2 Life inurance companies Finance companies Mortgage companies REITs ABS issuers 25 L.4 Credit Market Debt, All Sectors, by Transaction Total U.S. government securities Tax-exempt securities Corporate and foreign bonds Mortgages Consumer credit Bank loans n.e.c Open market paper a Other loans BILLIONS OF DOLLARS, END OF PERIOD Memo: Selected claims not included above: Security credit Trade credit Mutual fund shares Corporate equities 13

84 Total Claims Total Claims L.6-L.7 Total Claims 69 LEVELS, LEVELS, L.6 Credit Market Debt Outstanding (1) 1 Tot. cred. mkt. debt owed by: Domestic nonfinan. sectors U.S. government Private domestic Households Farm business Nonfarm noncorp. bus a Corporate business StateSlocal governments Foreign Financial sectors Govt.-spons. enterprises Fed. rel. mortgage pools Commercial banks Bank holding companies Funding corporations Thrift institutions Life insurance companies Finance companies Mortgage companies REITs ABS issuers Tot. cred. mkt. assets held by Private dom. nonfin. sectors Housenolds Nonfarm noncorp. business Nonfin. coroorata business State & lacal governments U.S. government Foreign Financial sectors , Govt.-spons. enterprises Fed. rel. mortgage pools Monetary authority Commercial banking U.S. commercial banks , Q Foreign banking offices Bank holding companies Banks in U.S.-aff. areas Private nonbank finance Thrift institutions Insurance Life insurance ccs Other insurance cos Private pension funds St.Sloe.govt.rtr.funds Finance n.e.c Finance companies Mortgage companies * 50 Mutual funds Closed-end funds Money mkt.mutual funds REITs S3 54 Brokers and dealers ABS issuers Bank personal trusts Cl) Excludes corporate equities and mutual fund shares. Total credit mkt. debt 1 (from preceding tabie) , Other liabilities: 2 Official foreign exchange Treasury curr. and SDR ctfs Life insurance reserves Pension fund reserves Interbank claims Deposits at financial insts Checkable deposits & curr Small time 8 svgs. dep Large time deposits Money market fund shares Security RPs Foreign deposits Mutual fund shares 46, Security credit Trade debt Taxes payable Inv. in bank personal trusts Miscellaneous Total liabilities above Financial assets not included in borrowing: Gold and SDRs Corporate equitias HH equity in noncorp. bus Floats not incl. in assets: 24 Check, dep.: U.S. govt Other Trade credit Liabilities not identified as assets: 27 Treasury currency Interbank claims Security RPs Taxes payable Miscellaneous Totals identified to sectors Digitized for FRASER 32 as assets BILLIONS OF DOLLARS, END OF PERIOD L.7 Total Liabilities and Their Relation to Total Financial Assets , A ,

85 Total Claims LEVELS, L.6-L.7 Total Claims Total Claims 70 LEVELS, I 1 III IV I II III IV!I I II III IV 1 L.6 Credit Market Debt Outstanding Cl) I 1993 II Tot. cred. mkt. debt owed by: Domestic nonfinan. sectors U.S. government S Private domestic Households Farm business Nonfarm noncorp. bus Corporate business 8 9 B5B StateSlocal governments B Foreign Financial sectors Govt.-spons. enterprises Fed. rel. mortgage pools , Commercial banks Bank holding companies IS Funding corporations Thrift institutions 17 IB X X X X X 0.2 Life insurance companies Finance companies Mortgage companies REITs ABS issuers Tot. cred. mkt. assets held by Private dom. nonfin. sectors Households Nonfarm noncorp, business Nonfin. corporate business State 8 local governments U.S. government Foreign Financial sectors Govt.-spons. enterprises Fed. rel. mortgage pools Monetary authority Commercial banking U.S. commercial banks Foreign banking offices 37 3B Bank holding companies Banks in U.S.-aff. areas Private nonbank finance Thrift Institutions Insurance Life insurance cos Other insurance cos Private pension funds St.Sloe.govt.rtr.funds Finance n.e.c Finance companies Mortgage companies Mutual funds Closed-end funds Money mkt.mutual funds REITs Brokers and dealers ABS issuers Bank personal trusts 56 L.7 Total Liabilities and Their Relation to Total Financial Assets (1) Excludes corporate equities and mutual fund shares. Total credit mkt. debt (from preceding table} Other liabilities: Official foreign exchange Treasury curr. and SDR ctfs Life insurance reserves Pension fund reserves Interbank claims Deposits at financial insts Checkable deposits 8 curr. a Small time & svgs. dep Large time deposits Money market fund shares Security RPs Foreign deposits Mutual fund shares Security credit Trade debt Taxes payable Inv. in bank personal trusts Miscellaneous , Total liabilities above Financial assets not included in borrowing: Gold and SDRs Corporate equities HH equity in noncorp. bus Floats not incl. in assets: Check, dep.: U.S. govt Other Trade credit 26 - Liabilities not identified as assets: Treasury currency Interbank claims Security RPs Taxes payable Miscellaneous Totals identified to sectors as assets 32 Digitized for FRASER BILLIONS OF DOLLARS, END OF PERIOD

86 Assets and Liabilities of Individuals 71 LEVELS, L.8 Assats and Liabilities of Individuals in the U.S. (1) Assets and Liabilities of Individuals LEVELS, Total financial assets Checkable deposits 8 curr Time 8 savings deposits Money market fund shares Securities U.S. savings bonds Other U.S. Treasury secur U.S. govt, agency secur Tax-exempt securities Corporate 8 foreign bonds Open market paper Mutual fund shares Corporate equities Private life insurance res Private insured pension res Private noninsured pen. res Govt, insurance 8 pen. res Inv. in bank pers. trusts Miscellaneous finan. assets Total liabilities Mtg. debt on nonfarm homes Other mortgage debt (2) Consumer credit Security credit Policy loans Other liabilities (2) (1) Combined statement for households, farm business, and nonfarm noncorporate business. (2) Includes corporate farms. BILLIONS OF DOLLARS, END OF PERIOD.

87 Assets and Liabilities of Individuals Assets and Liabilities of Individuals LEVELS, L.8 Assets and Liabilities of Individuals in the U.S. (1) 72 LEVELS, I 1990 I 1991 I 1992 I III IV 1 I II III IV 1 I II III IV 1 I II Total financial assets Checkable deposits 8 curr Time 8 savings deposits Money market fund shares Securities U.S. savings bonds Other U.S. Treasury secur U.S. govt, agency secur Tax-exempt securities Corporate 8 foreign bonds Open market paper Mutual fund shares Corporate equities Private life insurance res Q.0 Private insured pension res Private noninsured pen. res Govt, insurance 8 pen. res Inv. in bank pars, trusts Miscellaneous finan. assets Total liabilities Mtg. debt on nonfarm homes Other mortgage debt (2) Consumer credit Security credit Policy loans Other liabilities (2) 26 BILLIONS OF DOLLARS, END OF PERIOD. (1) Combined statement for households, farm business, and nonfarm noncorporate business. (2) Includes corporate farms.

88 Households Households L.100 Households and Nonprofit Organizations LEVELS LEVELS, Total financial assats Dep. 8 cr. mkt. instr Deposits Checkable dep. 8 curr Small time 8 svgs. dep Large time deposits , Money market fund shares a Credit market instruments U.S. govt, securities Treasury Savings bonds Other Treasury Agency Tax-exempt securities Corporate and fgn. bonds Mortgages Open market paper Mutual fund shares Corporate equities Life insurance reserves Pension *und reserves i Inv. in bank pers. trusts Equity in noncorp. business Security credit Miscellaneous assets Total liabilities Credit market instruments Home mortgages Installment cons, credit Other consumer credit Tax-exempt debt Other mortgages Bank loans n.e.c Other loans Security credit Trade credit , Deferred and unpaid life 37 insurance premiums BILLIONS OF DOLLARS, END OF PERIOD.

89 Households Households L.100 Households and Nonprofit Organizations 74 LEVELS, LEVELS, III IV 1 I II III IV 1 I II III IV 1 1 I 1993 II Total financial assets a Dep. 8 cr. mkt. instr Deposits Checkable dep. 3 curr Small time 8 svgs. dep Large time deposits Money market fund shares Credit market instruments , U.S. govt, securities Treasury Savings bonds Other Treasury Agency Tax-exempt securities Corporate and fgn. bonds Mortgages Open market paper Mutual fund shares Corporate equities Life insurance reserves Pension *und reserves Inv. in bank pers. trusts Equity in noncorp. business Security credit Miscellaneous assets Total liabilities Credit market instruments Home mortgages Installment cons, credit Other consumer credit Tax-exempt debt Other -nortgages Bank loans n.e.c Other loans Security credit Trade credit 36 Deferred and unpaid life insurance premiums 37 BILLIONS OF DOLLARS, END OF PERIOD

90 Nonfinancial Business LEVELS: 75, L.1Q1-L.103 Nonfinancial Business Nonfinancial Business LEVELS, L.101 All Nonfinancial Business 1 Total financial assets Checkable dep. and currency Time deposits Q.9, Money mkt. fund shares Security RPs Foreign deposits Credit market instruments a Mutual fund shares Trade credit Miscellaneous assets Total liabilities Credit market instruments Tax-exempt debt Corporate bonds Mortgages Bank loans n.e.c Commercial paper Other loans Trade debt Taxes payable Miscellaneous liabilities l.:102 Farm Business (1) 1 Total financial assets I 2 Checkable dep. and currency Miscellaneous assets Insurance receivables Equity in GSEs (2) Total liabilities Credit market instruments a Mortgages Bank loans n.e.c Other loans Trade debt (1) Includes corporate and noncorporate farms. L.103 Nonfarm Noncorporate Business 1 Total financial assets Checkable dep. and currency Time deposits U.S. Treasury securities Consumer credit Mortgages Trade credit Miscellaneous assets Insurance receivables Equity in GSEs (2) Other ll 12 Total liabilities S Credit market instruments Mortgages Home mortgages Q Multifamily Commercial Bank loans n.e.c Other loans Taxes payable Trade debt Miscellaneous liabilities (2) Equity in the Farm Credit System. BILLIONS OF DOLLARS, END OF PERIOD.

91 Nonfinancial Business Nonfinancial Business LEVELS, L.101-L.103 Nonfinancial Business 76 LEVELS, I 1990 I I III IV i 1991 I II III IV I 1992 I II III IV I 1993 II L.101 All Nonfinancial Business Total financial assets Checkable dep. and currency Time deposits Money mkt. fund shares Security RPs Foreign deposits Credit market instruments 7 a Mutual fund shares Trade credit Miscellaneous assets Total liabilities Credit market instruments Tax-exempt debt Corporate bonds Mortgages Bank loans n.e.c Commercial paper 17 Id Other loans Trade debt Taxes payable Miscellaneous liabilities 21 L.102 Farm Business (1) Total financial assets Checkable dep. and currency Miscellaneous assets Insurance receivables Equity in GSEs (2) Total liabilities Credit market instruments 7 a Mortgages Bank loans n.e.c Other loans Trade debt 11 (1) Includes corporate and noncorporate farms. L.103 Nonfarm Noncorporate Business Total financial assets Checkable dep. and currency Time deposits U.S. Treasury securities Consumer credit Mortgages Trade credit 7 a Miscellaneous assets Insurance receivables Equity in GSEs (2) Other Total liabilities Credit market Instruments Mortgages Home mortgages Multifamily Commercial Bank loans n.e.c Other loans Taxes payable Trade debt Miscellaneous liabilities 22 BILLIONS OF DOLLARS, END OF PERIOD (2) Equity in the Farm Credit System.

92 Nonfinancial Corporations Nonfinancial Corporations L.104 Nonfarm Nonfinancial Coroorate Business LEVELS LEVELS, Total financial assets Liquid assets Checkable dep. 3 currency Small time 8 savings dep Large time deposits Money mkt. fund snares Security RPs a Foreign deposits a 9 ll.s. government securities Treasury Agency Tax-exempt securities Commercial paper Consumer credit Mutual fund shares Trade credit Miscellaneous assets Foreign direct invest. (1) Insurance receivables Equity in GSEs (2) Inv. in finance co. subs Other Total liabilities Credit market instruments Tax-exempt debt (3) Corporate bonds (1) Mortgages Home mortgages Multifamily Commercial Bank loans n.e.c Commercial paper , Other loans Savings institutions Finance companies U.S. government Acceptance liab.to banks Foreign ABS issuers * Taxes oayable Trade debt Miscellaneous liabilities Fgn. direct invest, in US Pen. fund contr. payable Memo: 45 Net trade credit Market value of equities Debt subtotals: 47 Securities and mortgages Loans and short-term paper Total s-t liabilities (4) Percent ratios: 50 L-t debt/credit market debt 66.8X X 53.9X 54.4X 56. OX 57.7X 57.3X 56.7X S-t debt/credit market deot OX ax 43.7X 46. OX 45.5X 43.9X 42.2X 42.6X 43.2X Liquid assets/s-t liabil X 30.6X X 36.2X 36.4X 34.4X 33. OX 52 (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and ll.s. direct investment abroad excludes net inflows from those bond issues. (2) Equity in the Federal National Mortgage Association. (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) Loans (except mortgages), short-term paper, taxes payable, and trade debt. Includes loans due in more than cne year and excludes current maturities of securities and mortgages. BILLIONS OF DOLLARS, END OF PERIOD.

93 Nonfinancial Corporations Nonfinancial Corporations L.104 Nonfarm Nonfinancial Corporate Business _ 7 o LEVELS, LEVELS, I 1990 I 1991 I 1992 I III IV 1 I II III IV 1 I II III IV 1 I II Total financial assets Liquid assets Checkable dep. 8 currency Small time 8 savings dep Large time deposits Money mkt. fund shares Security RPs 7 a Foreign deposits a U.S. government securities Treasury Agency Tax-exempt securities Commercial paper Consumer credit ,2 Mutual fund shares Trade credit Miscellaneous assets Foreign direct invest. (1) Insurance receivables Equity in GSEs (2) Inv. in finance co. subs Other Total liabilities Credit market instruments Tax-exempt debt (3) Corporate bonds (1) Mortgages Home mortgages Multifamily Commercial Bank loans n.e.c Commercial paper Other loans Savings institutions Finance companies U.S. government Acceptance liab.to banks Foreign ABS issuers Taxes payable Trade debt Miscellaneous liabilities Fgn. direct invest, in US Pen. fund contr. oayable Net trade credit Markat value of equities 46 Memo: Debt subtotals: Securities and mortgages Loans and short-term paper Total s-t liabilities (4) 49 Percent ratios: /. 56.0% 56.9% 57.9% 58.8% 59.7% 59.8% 6 0.2% 6 0.4% 6 0.4% 6 0.8% 6 0.9% L-t debt/credit market debt % 43.9% 43.0% 42.0% 41.1% 40.2% 40.1% 39.7% 39.5% 39.5% 39.1% 39.0% S-t debt/credit market debt /. 32.4% 32.5% 33.6% 34.5% 35.9% 35.1% 35.2% 34.7% 34.7% 34.0% 34.3% Liquid assets/s-t liabil. 52 BILLIONS OF DOLLARS, END OF PERIOD. (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from thosa bond issues. (2) Equity in the Federal National Mortgage Association. (3) Industrial avenue bonds. Issued by stata and local governments to finance private investment and secured in interest and principal by the Industrial user of the funds. (4) Loans (except mortgages), short-term paper, taxes payable, and trade debt. Includes loans due in more than one year and excludes current maturities of securities and mortgages.

94 State and Local Governments 79 LEVELS, L.105 State and Local Government General Funds (1) State and Local Governments LEVELS, Total financial assets Checkable dep. and currency Time deposits Security RPs Credit market instruments U.S. government securities 1C Treasury A9ency Tax-exempt securities Mortgages Taxes receivable Total liabilities Credit market instruments Tax-exemot securities Short-term Other U.S. government loans Trade debt (1) Employee retirement funds are included in the insurance sector. BILLIONS OF DOLLARS, END OF PERIOD.

95 State and Local Governments LEVELS, L.1Q5 State and Local Government General Funds (1) State and Local Governments 80 LEVELS, I 1990 I 1991 I 1992 I III IV 1 I II III IV 1 I II III IV 1 I II Total financial assets 1 2 ia.o Checkable dap. and currency Time deposits 3 4 ioo.a Security RPs Credit market instruments U.S. government securities a Treasury 7 a Agency a Tax-exempt securities Mortgages Taxes receivable Total liabilities Credit market instruments , Tax-exempt securities Short-term Other U.S. government loans Trade debt 18 (1) Employee retirement funds are included in the insurance sector. BILLIONS OF DOLLARS, END OF PERIOD.

96 U.S. Govt., GSEs, and Pools LEVELS L.106-L.1Q8 U.S. Government, GSEs, and Mortgage Pools U.S. Govt., GSEs, and Pools LEVELS, L.106 U.S. Government 1 Total financial assets Gold, SDRs & off. fgn. exch Checkable dep. and currency Tima deposits Credit market instruments Fed. agency securities Mortgages a Other loans To foreign To others Q Taxes receivable Trade credit Miscellaneous Total liabilities Treasury curr. 8 SDR ctfs Credit market instruments Savings bonds Other Treasury secur Budget agency secur Residential mortgages X X X X Trade debt Life insurance reserves Retirement fund reserves Miscellaneous X X X X X X X L..107 Government-Sponsored Enterprises (GSEs) (1) 1 Total financial assets Checkable dep. and currency Fed. funds and security RPs Credit market instruments U.S. government securities Treasury Agency a Mortgages a 9 Homa Multifamily n Farm Open market paper X Other loans Student loans (SLMA) Loans to farmers (FICB) Loans to co-ops (BC) FHLB loans to members Miscellaneous assets IS 19 Total liabilities Credit market instruments GSE issues (2) U.S. government loans Miscellaneous liabilities Deposits at FHLBs Capital subscriptions Other (1) Federal Home Loan Banks, Federal National Mortgage Assn., Federal Home Loan Mortgage Corp., Student Loan Marketing Assn., Federal Land Banks, Federal Intermediate Credit Banks, Banks for Cooperatives, 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 Total mortgage holdings I 2 Homa mortgages Multifamily mortgages Farm mortgages X X 4 5 Total pool securities (4) (3) GNMA, FNMA, FHLMC, and Farmers Home Administration oools. 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. government mortgages and other loans. (4) Such issues are classified as U.S. government securities. BILLIONS OF DOLLARS, END OF PERIOD

97 U.S. Govt., GSEs, and Pools U.S. Govt., GSEs, and Pools L.106-L.108 U.S. Government, GSEs, and Mortgage Pools 82 LEVELS, LEVELS, t 1990 { 1 III IV 1 I II III IV 1 I 1992 II III IV 1 I II L.106 U.S. Government 1 A37.7 AA0.8 A38.9 A58.3 A79.7 A98.6 A A6S.A A61.0 A89.Q Total financial assets 1 2 3A A1.6 A Al.l A0.7 Gold, SDRs 8 off. fgn. exch A 25.A 32.7 A A A Checkable dep. and currency 3 A 1.5 l.a Time deposits A 5 2A ,1 2A6.A A A A Credit market instruments Fed. agency securities A Mortgages 7 a A9.2 1A8.7 1A8.7 1A8.6 1A8.6 1A8.7 1A7.A 1A6.7 Other loans A A.3 5A A To foreign A 9A.2 9A.9 9A.7 9A.8 9A.7 9A.7 9A.6 9A.A 9A.2 To others A 16.A 16.A 16.A Taxes receivable A7.0 A2.8 A1.3 A0.8 A Trade credit Miscellaneous 13 IA A A A Total liabilities IA 15 2A A A.5 2A.6 2A.7 Treasury curr. a SDR ctfs A10.A 2A A A A Credit market instruments A A2.0 IA5.A Savings bonds 17 IS A A A 290A A. 1 Other Treasury secur A 26. A 2A Budget agency secur * X m * X * X X X X X X Residential mortgages A7.5 A5.6 A3.5 A6.6 A5.3 AA.l A3.3 Trade debt A 11.2 Life insurance reserves 22 23' 2A A Retirement fund reserves 23 2A 7.A A Miscellaneous 2A L.107 Government-Sponsored En terprises (GSEs) (1) 1 A55.3 A7A.5 A79.9 A7A.8 A86.9 A A8.9 5A Total financial assets Checkabla dep. and currency 2 3 5A.2 70.A Ad.a Fed. funds and security RPs 3 A A19.9 A29.0 AA6.3 A66.A A6A.1 A99.2 Credit market instruments A A A A U.S. government securities 5 6 AO.O 3A.3 A9.2 A A A Treasury A A 3A.7 A0.3 A5.0 AA.9 A7.0 A6.2 A8.9 Agency Mortgages a AA Home A Multifamily A Farm Open market paper A A 137.A 137.A 1A Other loans 13 IA A A.3 Student loans (SLMA) IA A A A 10.A 11.1 Loans to farmers (FICB) A 13.0 Loans to co-ops (BC) A FHLB loans to members A 25. A A Miscellaneous assets A50.6 A69.1 A73.9 A68.3 A79.6 A A Total liabilities A A A.A A07.7 A10.5 A22.6 A39.5 AA7.9 A56.0 A73.1 Credit market instruments A.A A.7 A02.9 A05.7 A17.8 A3A.7 AA3.1 A51.2 A68.3 GSE issues (2) A.9 A.9 A.9 A.9 A.8 A.8 a.a A.a a.a A.8 A.a U.S. government loans Q Miscellaneous liabilities 23 2A A A.9 Deposits at FHLBs 2A A.8 1A.7 1A.A 1A.7 1A A Capital subscriptions A A A0.1 A5.A 3A.8 AA.7 Other 26 (1) Federal Home Loan Banks, Federal National Mortgage Assn., Federal Home Loan Mortgage Corp., Student Loan Marketing Assn., Federal Land Banks, Federal Intermediate Credit Banks, Banks for Cooperatives, the Financ ing Corp., and the Resolution Funding Corporation. (2) Such issues are classified as U.S. government securities. l.:108 Federally Related Mortgage Pools (3) A AA Total mortgage holdings A A A9.A A Home mortgages A Multifamily mortgages 3 A X X M X X X * X X X X X Farm mortgages A A AA Total pool securities (A) 5 BILLIONS OF DOLLARS, END OF PERIOD (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. government mortgages and other loans. (A) Such issues are classified as U.S. government securities.

98 Foreign Foreign L.109 Foreign LEVELS LEVELS, Total financial assets U.S. checkable dep U.S. time deposits Net interbank claims Security RPs U.S. corporate equities Credit market instruments U.S. government securities Official holdings Private holdings U.S. corporate bonds (1) Loans to U.S. nonbanks Open market paper Security credit Trade credit Miscellaneous assets Direct invest, in U.S.(2) Other Total liabilities U.S. official fgn. exchange net IMF position U.S. private deposits Credit market instruments Corporate bonds Bank loans n.e.c To foreign official To foreign banks To other foreign Commercial paper Acceptance liabs. to banks U.S. government loans Security debt Trade debt Miscellaneous liabilities U.S. eq. in IBRD, etc U.S. government deposits Dlr. invest, abroad (1)(2) Other Memo: 38 Market value of fgn equities held by US residents (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial suosxdiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (2) Direct investment is valued on a current-cost basis. BILLIONS OF DOLLARS, END OF PERIOD

99 Foreign Foreign L.109 Foreign 84 LEVELS, LEVELS, III IV 1 I II III IV 11 I II III IV I I II Total financial assets U.S. checkable dep U.S. time deposits Net Interbank claims Security RPs U.S. corporate equities Credit market instruments U.S. government securities Official holdings Private holdings U.S. corporate bonds (1) Loans to U.S. nonbanks Open market paper Security credit Trade credit Miscellaneous assets Direct Invest, in U.S.(2) Other Total liabilities U.S. official fgn. exchange & net IMF position U.S. private deposits Credit market instruments Corporate bonds Bank loans n.e.c To foreign official To foreign banks To other foreign Commercial paper C Acceptance liabs. to banks U.S. government loans Security debt Trade debt Miscellaneous liabilities U.S. eq. in IBRD, etc U.S. government deposits Dir. invest, abroad (11(2) Other 37 Memo: Market value of fgn equities 38 held by US residents BILLIONS OF DOLLARS, END OF PERIOD (1) Through 1992:Q4, coroorate oonds include net Issues by Netherlands Antillean financial subsidiaries, and U.S. direct Investment abroad excludes net inflows from tnose bond issues. (2) Direct investment is valued on a current-cost basis.

100 Banking System Banking System L.110 L.Ill Monetary Authority and Commercial Banking LEVELS. LEVELS, L.110 Monetary Authority 1 Total financial assets Gold and foreign exchange Treasury currency SDR certificates Federal Reserve float F.R. loans to domestic banks Security RPs Credit market instruments U.S. government securities Treasury Agency Acceptances Bank loans n.e.c Miscellaneous assets Total liabilities Depository inst. reserves Vault cash of comm, banks Checkable dep. and currency Due to U.S. government Due to foreign O.S Currency outside banks Miscellaneous liabilities L.ill Commercial Banking (1) 1 Tatal financial assets Checkable dep. and currency , Total bank credit U.S. government securities Treasury Agency Tax-exempt securities a Corporate 8 foreign bonds ll.l Total loans Mortgages Consumer credit ll 12 Bank loans n.e.c Open market paper Security credit Mutual fund shares Corporate equities w tt Cust. liabs. on acceptances Vault cash Reserves at F.R Miscellaneous assets Total liabilities Checkable deposits U.S. government Foreign Private domestic Small time 8 savings dep Large time deposits Fed. funds 8 security RPs Net interbank claims To monetary authority To domestic banks (2) To foreign banks Credit market debt Corporate bonds Open market paper Fed. Home Loan Banks loans * Taxes payable Miscellaneous liabilities Memo: Cred. mkt. funds adv.(3) (1) U.S.-chartared 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 like branches in foreign countries. (2) Floats and discrepancies in interbank deposits and loans. (3) Total bank credit (line 3) less security credit (line 14) less mutual fund shares (line IS) less corporate equitias (line 16) plus customer liabilities on acceptances (line 17). BILLIONS OF DOLLARS, END OF PERIOD.

101 Banking System LEVELS, L.110-L.111 Monetary Authority and Commercial Banking Banking System 86 LEVELS, I 1991 I 1992 I III IV 1 I II III IV 1 I II III IV I I II L.110 Monetary Authority Total financial assets I Gold and foreign exchange , Treasury currency SDR certificates O.S Federal Reserve float F.R. loans to domestic banks Security RPs 7 a Credit market instruments a U.S. government securities Treasury Agency Acceptances Bank loans n.e.c Miscellaneous assets Total liabilities Depository inst. reserves Vault cash of comm, banks 17 ia Checkable dep. and currency Due to U.S. government Due to foreign Currency outside banks Miscellaneous liabilities 22 L.lll Commercial Banking (1) Total financial assets , Checkaole dep. and currency , Total bank credit U.S. government securities Treasury Agency Tax-exempt securities 7 a Corporate 8 foreign bonds Total loans Mortgages Consumer credit Bank loans n.e.c Open market paper Security credit Mutual fund shares Corporate equities Cust. liabs. on acceptances Vault cash Reserves at F.R Miscellaneous assets Total liabilities Checkable deposits U.S. government Foreign Private domestic Small time 8 savings dep Large time deposits Fed. funds 8 security RPs Net interbank claims To monetary authority To domestic banks (2) , To foreign oanks Credit market debt Corporate bonds Open market paper Fed. Home Loan Banks loans Taxes payable Miscellaneous liabilities Memo: Cred. mkt. funds adv.(3) 39 BILLIONS OF DOLLARS, END OF PERIOD. (1) 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 like branches in foreign countries. (2) Floats and discrepancies in interbank deposits and loans. (3) Total bank credit (line 3) less security credit (line 14) less mutual fund shares (line 15) less corporate equities (line 16) plus customer liaoilities on acceptances (line 17).

102 Commercial Banking Subsectors Commercial Banking Subsectors 87 L.112-L.113 Commercial Banking Suosectors LEVELS, LEVELS, L.112 U.S. -Chartered Commercial Banks 1 Total financial assets Total bank credit U.S. government securities Treasury Agency Mortgage pool secur Agency-issued CMOs Other agency secur Tax-exempt securities Corporate 8 foreign bonds Private mtg. pool secs Privately issued CMOs Other bonds Total loans Mortgages Consumer credit Bank loans n.e.c Open market paper Security credit Mutual fund shares Corporate equities Cust. liabs. on acceptances Vault cash 8 res. at F.R Miscellaneous assets Total liabilities Checkable deposits U.S. government Foreign Private domestic Small time 8 savings dep Large time deposits Fed. funds 8 security RPs Net interbank liabilities Federal Reserve float Borrowing at F.R. banks To domestic banks To foreign banks Corporate bonds Acceptance liabilities Fed. Home Loan Banks loans Taxes payable Miscellaneous liabilities Inv. by bank holding cos Other Memo: Credit mkt. funds adv L.113 Foreign Banking Offices in U.S. (1) 1 Total financial assets Total bank credit U.S. government securities Treasury Agency Tax-exempt securities Corporate bonds Total loans Mortgages 0. I Bank loans n.e.c Open market paper Security credit Corporate equities N K * «13 14 Cust. liabs. on accepts Reserves at F.R Miscellaneous assets Total liabilities Checkable deposits Small time and savings dep Large time deposits Fed. funds and security RPs , Net interbank liabilities To foreign banks To domestic banks Acceptance liabilities Miscellaneous liabilities Fgn. direct invest, in US Due to affiliates Other * Memo: Credit mkt. funds adv (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies, and American Express Bank. BILLIONS OF DOLLARS, END OF PERIOD

103 Commercial Banking Subsectors LEVELS, L.112-L.113 Commercial Banking Subsectors Commercial Banking Subsectors 88 LEVELS, I 1990 I 1991 I 1992 I 1993 I III IV I I II III IV I I II III IV I I II L.112 U.S.-Chartered Commercial Banks Total financial assets Total bank credit U.S. government securities Treasury Agency Mortgage pool secur Agency-issued CMOs 7 a Other agency secur. a Tax-exempt securities Corporate 8 foreign bonds Private mtg. pool secs Privately issued CMOs Other bonds Total loans Mortgages Consumer credit Bank loans n.e.c. 17 Id Open market paper Security credit Mutual fund shares Corporate equities Cust. liabs. on acceptances Vault cash 8 res. at F.R Miscellaneous assets Total liabilities 25 2b Checkable deposits U.S. government Foreign Private domestic Small time 8 savings dep Large time deposits Fed. funds 8 security RPs Net interbank liabilities Federal Reserve float Borrowing at F.R. banks To domestic banks To foreign banks Corporate bonds Acceptance liabilities Fed. Home Loan Banks loans Taxes payable Miscellaneous liabilities Inv. by bank holding cos Other Memo: Credit mkt. funds adv. 45 L.113 Foreign Banking Offices in U.S.. (1) Total financial assets Total bank credit U.S. government securities Treasury Agency Tax-exempt securities Corporate bonds Total loans Mortgages Bank loans n.e.c Open market paper Security credit X * X X X X X X X X X X Corporate equities Cust. liabs. on accepts Reserves at F.R Miscellaneous assets Total liabilities Checkable deposits Small time and savings dep Large time deposits Fed. funds and security RPs Net interbank liabilities To foreign banks To domestic banks Acceptance liabilities Miscellaneous liabilities Fgn. direct invest, in US Due to affiliates Other Memo: Credit mkt. funds adv. 30 BILLIONS OF DOLLARS, END OF PERIOD. (1) Branches and1 agencies of 1foreign banks, Edge Act and Agreement corporations, New York investment companies, and American Express Bank.

104 SEPTEMBER 17/ 1993 Commercial Banking Subsectors/ Continued Commercial Banking Subsectors* Continued L.114-L.115 Commercial Banking Subsectors, Continued LEVELS, LEVELS, L.114 Bank Holding Companies 1 Total financial assets Credit market instruments U.S. government securities Treasury Agency Corporate bonds Bank loans n.e.c a Miscellaneous assets Inv. in bank subsidiaries Inv. in nonoank subs Other Total liabilities Fed funds 8 sec. RPs, net Net interbank claims To domestic banks To foreign banks Credit market debt Corporate bonds Commercial paper Miscellaneous liabilities L.115 Banks in U.S.-Affiliated Areas 1 Total financial assets Checkable dep. and currency Credit market instruments Treasury securities Tax-exempt securities Corporate bonds K Home mortgages Commercial mortgages a 9 Bank loans n.e.c Miscellaneous assets Total liabilities Deposit liabilities Miscellaneous liabilities BILLIONS OF DOLLARS, END CF PERIOD.

105 Commercial Bankins Subsectors, Continued Commerolel Banking Subsectors, Continued L'114**L'115 Commercial Banklns Subseotors, Continued gg LEVELS, LEVELS, I 1990 I 1991 I 1992 I III IV 1 I IX III IV 1 I IX III IV 1 X II L.114 Bank Holdins Companies I Total financial assets Credit market instruments a U.S. government securities Treesury Agency Corporate bonds Bank loans n.e.c. 7 a Miscellaneous assets Inv. in bank subsidiaries Inv. in nonbank subs Other Total liabilities Fed funds 8 sec. RPs, net Net interbank claims To domestic banks To foreign banks Credit market debt a Corporate bonds S Commercial paper Miscellaneous liabilities 20 L.115 Banks in U.S.-Affiliated Areas Total financial assets Checkable dep. and currency Credit market instruments Treasury securities Tax-exempt securities 5 6 w M Corporate bonds Home mortgages Commercial mortgages Bank loans n.e.c Miscellaneous assets Total liabilities Deposit liabilities Miscellaneous liabilities 13 BILLIONS OF DOLLARS, END OF PERIOD.

106 Nonbank Finance Summary 91 LEVELS, L.116 L.117 Private Nonbank Financial Institutions Nonbank Finance Summary LEVELS, L.116 Private Nonbank Financial Institutions (1) 1 Total financial assets Q Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds 8 security RPs Foreign deposits Mutual fund shares Corporate equities a 9 Credit market instruments U.S. government securities Treasury Agency Tax-exempt securities S Corporate 3 foreign bonds Mortgages A Consumer credit Q Other loans Reserves at Federal Reserve - - M Security credit Trade credit Miscellaneous assets Total liabilities Thrift deposits Money market fund shares Security RPs Insurance 8 pension reserves Mutual fund shares Credit market instruments Corporate bonds Mortgages Bank loans n.e.c Open mar<et paper Fed. Home Loan Banks loans Security credit Trade dadt Taxes payable Inv. in bank pers. trusts Miscellaneous liabilities (1) Thrift institutions, insurance and pension funds, and other financial institutions. L.117 Funding Corporations (2) 1 Total financial assets (3) Invest, in fgn. bkg. offices Invest, in brokers & dealers , Total liabilities Open market paper Foreign direct invest. in US (2) Funding subsidiaries and nonbank financial holding companies. (3) Due from affilated companies. BILLIONS OF DOLLARS, END OF PERIOD.

107 Nonbank Finance Summary Nonbank Finance Summary L.116-L.117 Private Nonbank Financial Institutions 92 LEVELS, LEVELS, I III IV 1 I II III IV 1 I II III IV 1 I II L.116 Private Nonbank Financial Institutions (1) Total financial assets Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds 8 security RPs Foreign deposits Mutual fund shares Corporate equities Credit market instruments ll.s. government securities Treasury Agency Tax-exempt securities Corporate 8 foreign bonds 14 IS Mortgages Consumer credit Other loans 17 Id Reserves at Federal Reserve Security credit Trade credit Miscellaneeus assets Total liabilities Thrift deposits Money market fund shares Security RPs Insurance 8 pension reserves Mutual fund shares Credit market instruments Corporate bonds Mortgages Bank loans n.e.c Open market paper Fed. Home Loan Banks loans Security credit Trade debt Taxes payable Inv. in bank pers. trusts Miscellaneous liabilities 38 (1) Thrift institutions, insurance and pension funds, and other financial Institutions. L.117 Funding Corporations (2) Total financial assets (3) Invest, in fgn. bkg. offices Invest, in brokers 8 dealers Total liabilities Open marxet paper Foreign direct invest, in US 6 BILLIONS OF DOLLARS, END OF PERIOD. (2) Funding subsidiaries and nonbank financial holding companies. (3) Due from affilated companies.

108 Thrift Institutions Thrift Institutions L.118-L.120 Thrift Institutions?? LEVELS LEVELS, L.118 Thrift Institutions (1) 1 Total financial assets Checkable dep. and currency Time deposits Fed. funds 8 security RPs Corporate equities Credit market instruments U.S. government securities Tax-exempt securities a 9 Corporate 8 foreign bonds Mortgages Consumer credit Other loans (to business) Open market paper Reserves at Federal Reserve X Miscellaneous assets Total liabilities Deposits Security RPs Credit mkt. instruments S , Taxes payable l.l Miscellaneous liabilities (1) Savings and loan associations, mutual savings banks, federal savings banks, and credit unions. L.119 Savings Institutions (2) 1 Total financial assets I 2 Checkable dep. & currency Time deposits Fad. funds 8 security RPs Corporate equities Credit market instruments U.S. government securities Treasury Agency Tax-exempt securities Corporate and fgn. bonds Mortgages Consumer credit Other loans(to business) Open market paper Reserves at Fed. Reserve - N Miscellaneous assets Total liabilities Deposits Checkable Small time and savings Large time Security RPs Credit market instruments Corporate bonds Bank loans n.e.c Fed. Home Loan Banks loans Taxes payable Miscellaneous liabilities Investment by parent Other (2) Includes all savings and loan associations, mutual savings banks, and federal savings banks. L.123 Credit Unions I Total financial assets Checkable dep. and currency Time deposits Fed.funds 8 security RPs Credit market instruments U.S. government securities Treasury a Agency Home mortgages Consumer credit , Open market paper Miscellaneous assets Total liabilities Shares/deposits , Checkable Small time & savings Large time Fed. Home Loan Banks loans Miscellaneous liabilities BILLIONS OF DOLLARS, END OF PERIOD

109 Thrift Institutions LEVELS, L.118-L.120 Thrift Institutions Thrift Institutions 94 LEVELS, I 1991 I 1992 I III IV I I II III IV 1 I II III IV 1 I II L.na Thrift Institutions (1) a Total financial assets a a Checkable dep. and currency Time deposits Fed. funds 8 security RPs a Corporate equities Credit market instruments U.S. government securities 7 a Tax-exempt securities Corporate 8 foreign bonds Mortgages 10 ll Consumer credit Other loans (to business) Open market paper Reserves at Federal Reserve Miscellaneous assets Total liabilities Deposits Security RPs Credit mkt. instruments Taxes payable Miscellaneous liabilities 21 (1) Savings and loan associations, mutual savings banks, federal savings banks, and credit unions. L.119 Savings Institutions (2) Total financial assets Checkable dep. 8 currency Time deposits Fed. funds 8 security RPs Corporate equities Credit market instruments U.S. government securities 7 a Treasury Agency Tax-exempt securities Corporate and fgn. bonds Mortgages Consumer credit Other loanscto business) Open market paper Reserves at Fed. Reserve Miscellaneous assets Total liabilities Deposits Checkable Small time and savings Large time Security RPs Credit market instruments Corporate bonos Bank loans n.e.c Fed. Home Loan Banks loans Taxes payable Miscellaneous liabilities Investment by parent Other 31 (2) Includes all savings and loan associations, mutual savings banks, and federal savings banks. L.120 Credit Unions Total financial assets Checkable dep. and currency Time deposits Fed.funds 3 security RPs Credit market instruments U.S. government securities Treasury Agency a Home mortgages Consumer credit Open market paper Miscellaneous assets Total liabilities Shares/deposits Checkable Small time 8 savings Large time * a 0.1 Fed. Home Loan Banks loans Miscellaneous liabilities 19 BILLIONS OF DOLLARS, END OF PERIOD

110 Insurance and Pension Funds Insurance and Pension Funds L.121-L.124 Insurance and Pension Funds LEVELS LEVELS, L.121 Lifii Insurance Companies 1 Total financial assets Checkable dep. and currency Money mkt. fund shares Mutual fund shares l.l Corporate equities Credit market instruments U.S. sovernment securities a Treasury Agency Tax-exempt securities Corporate 8 foreign bonds Mortgages Open market paper Policy loans Miscellaneous assets Total liabilities Life insurance reserves Pension fund reserves Fed. Home Loan Banks loans Taxes payable Miscellaneous liabilities L.122 Other Insurance Companies 1 Total financial assets Checkable dep. and currency Security RPs Corporate equities Credit market instruments U.S. government securities Treasury a Agency a 9 Tax-exempt securities Corporate 8 foreign bonds Commercial mortgages Trade credit Miscellaneous assets Total liabilities Taxes payable Miscellaneous liabilities L. 123 Private Pension Funds (1) 1 Total financial assets Checkable dep. and currency Small time 8 svgs. deposits Large time deposits Money mkt. fund shares Mutual fund shares Corporate equities a Credit market instruments U.S. government securities Treasury Agency Tax-exempt securities Corporate 8 foreign bonds Mortgages Open market paper Miscellaneous assets (1) Includes the Federal Employees Retirement System Thrift Savin9s Plan. L.124 State and Local Government Employee Retirement Funds 1 Total financial assets Checkable dep. and currency Time deposits Corporate equities Credit market instruments U.S. government securities Treasury Agency Tax-exempt securities Corporate 8 foreign bonds Mortgages Open market paper Miscellaneous assets BILLIONS OF DOLLARS, END OF PERIOD.

111 Insurance and Pension Funds LEVELS, L.121-L.124 Insurance and Pension Funds Insurance and Pension Funds 96 LEVELS, I 1990 I 1991 I 1992 I 1993 I III IV I I II III IV I I II III IV I I II L.121 Life Insurance Companies Total financial assets I Checkable dep. and currency Money mkt. fund shares Mutual fund shares Corporate equities Credit market instruments U.S. government securities 7 a Treasury Agency Tax-exempt securities Corporate 8 foreign bonds Mortgages Open market paper Policy loans Miscellaneous assets Total liabilities Life insurance reserves 17 Id Pension fund reserves * X X X X 0.2 Fad. Home Loan Banks loans Taxes payable Miscellaneous liabilities 21 L.122 Other :Insurance Companies Total financial assets Checkable dep. and currency Security RPs Corporate equities Credit market instruments U.S. government securities Treasury 7 a Agency Tax-exempt securities Corporate 8 foreign bonds Commercial mortgages Trade credit Miscellaneous assets Total liabilities Taxes payable Miscellaneous liabilities 16 L.123 Private Pension Funds (1) Total financial assets I Checkable dep. and currency Small time 8 svgs. deposits Large time deposits Money mkt. fund shares Mutual fund shares Corporate equities 7 a Credit market instruments U.S. government securities Treasury Agency Tax-exempt securities Corporate 8 foreign bonds Mortgages Open market paper Miscellaneous assets 16 (1) Includes the Federal Employees'' Retirement System Thrift Savings Plan. l. :124 State and Local Government Employee Retirement Funds Total financial assets Checkable dep. and currency Time deposits Corporate equities Credit market instruments U.S. government securities Treasury 7 a Agency Tax-exempt securities Corporate 8 foreign bonds Mortgages Open market paper Miscellaneous assets 13 BILLIONS OF DOLLARS, END OF PERIOD.

112 Other Finance LEVELS 97, L.125-L.129 Other Financial Institutions Other Finance LEVELS, L.125 Finance Companies (1) 1 Total financial assets Checkable dep. and currency Credit market instruments * Mortgages Consumer credit Other loans (to business) Miscellaneous assets Total liabilities a 9 Credit market instruments Corporate bonds Bank loans n.e.c Open market paper Taxes payable X X X Miscellaneous liabilities Fgn. dir. invest, in US X 0.4 X Investment by parent Otner (1) Includes retail captive finance companies. L.126 Mortgage Compan ies 1 Total financial assets Home mortgages ll.o Multifamily mortgages Commercial mortgages Total liabilities Bank loans n.e.c Investment by parant L.127 Mutual Funds (2) 1 Total financial assets Checkable dep. and currency Corporate equities Credit market instruments U.S. government securities Treasury Agency a Tax-exempt securities Corporate 8 foreign bonds Open market paper Total shares outstanding (2) Includes only open-end investment companies. L.128 Closed-End Funds 1 Total financial assets Corporate equities Credit market instruments U.S. government securities Tax-exempt securities Corporate 8 foreign bonds L Money Market Mutuai Funds 1 Total financial assets Checkable dep. and currency X Time deposits Security RPs Foreign deposits Credit market instruments U.S. government securities Treasury Agency Tax-exempt securities Open market paper Miscellaneous Total shares outstanding BILLIONS OF DOLLARS, END OF PERIOD

113 Other Finance Other Finance L.125-L.129 Other Financial Institutions 98 LEVELS, LEVELS, I 1990 I 1991 I 1992 I III IV 1 I II III IV 1 I II III IV 1 I II L..125 Finance Companies (1) Total financial assets Checkable dep. and currency Credit market instruments Mortgages Consumer credit Other loans (to business) Miscellaneous assets 7 a Total liabilities a Credit markat instruments Corporate bonds Ban* loans n.e.c Open market paper Taxes payable Miscellaneous liabilities Fgn. dir. invest, in US Investment by parent Other 17 (1) Includes retail captive finance comoanies. L.126 Mortgage Companies Total financial assets Home mortgages Multifamily mortgages Commercial mortgages Total liabilities Bank loans n.e.c Investment by parent 7 L..127 Mutual Funds (2) Total financial assets Checkable dep. and currency Corporate equities Credit market instruments U.S. government securities Treasury Agency Tax-exempt securities Corporate 8 foreign bonds Open market paper Total shares outstanding 11 (2) Includes only open-end investment companies. L.128 Closed-End Funds Total financial assets Corporate equities Credit market instruments U.S. government securities Tax-exempt securities Corporate & foreign bonds 6 L.129 Money Markat Mutual Funds Total financial assets Checkable dep. and currency Time deposits Security RPs Foreign deposits Credit market instruments U.S. government securities Treasury Agency Tax-exempt securities Open market paper Miscellaneous Total shares outstanding 13 BILLIONS OF OOLLARS, END OF PERIOD

114 Other Finance, Continued Other Finance, Continued L.130-L.133 Other Financial Institutions, Continued LEVELS LEVELS, L.130 Real Estate Investment Trusts 1 Total financial assets Home mortgages Commercial mortgages Multifamily mortgages Miscellaneous assets Total liabilities Credit market instruments Mortgages Corporate bonds Bank loans n.e.c Open market paper Miscellaneous liabilities M 0.7 M L.131 Security Brokers and Dealers 1 Total financial assets Checkable dep. and currency Corporate equities Credit market instruments Treasury securities Tax-exempt securities Corporate oonds Open market paper Security credit Miscellaneous assets Total liabilities Security RPs (net) Security credit From banks Customer credit balances Trade debt Taxes payable O.S Miscellaneous liabilities Fgn. direct invest, in US Due to affiliates Other L.132 Issuers of Asset-Backed Securities (ABSs) 1 Total financial assets Agency securities (1) Mortgages (2) Home Multifamily Commercial Consumer credit a Loans to business Trade credit Total liabilities Corporate bonds Commercial paper (1) Includes federally related mortgage pool securities backing privately issued CMOs. (2) Includes mortgages backing privately issued pool securities and privately issued CMOs. L. 133 Bank Personal Trusts (3) 1 Total financial assets Deposits Checkable dep. 8 curr O.S 3 4 Small time 3 svgs.dep Large time deposits Money mkt. fund shares Credit mkt. instruments U.S. government securities Treasury Agency Tax-exempt securities Corporate 8 foreign bonds Mortgages Open market paper S Mutual fund shares Corporate equities Miscellaneous assets (3) Includes personal trusts administered by nondeposit noninsured trust companies. BILLIONS OF DOLLARS, END OF PERIOD.

115 SEPTEMBER 17, 1393 Ot- ir Finance, Continued LEVELS, L.130-L.133 Other Financial Institutions, Continued Other Finance, Continued 100 LEVELS, ! Ill IV I II III 1 IV I II III 1 IV 1 I 1993 II L.130 Real Estate Investment Trusts Total financial assets Home mortgages Commercial mortgages Multifamily mortgages Miscellaneous assets Total liabilities Credit market instruments 7 a Mortgages Corporate bonds Bank loans n.e.c Open market paper M 0.5 X 0.1 M Miscellaneous liabilities 12 L.131 Security Brokers and Dealers Total financial assets Checkable dep. and currency Corporate equities , Credit market instruments Treasury securities Tax-exempt securities Corporate bonds Open market paper a Security credit Miscellaneous assets Total liabilities Security RPs (net) Security credit From banks Customer credit balances Trada debt I.l 1.1 Taxes payable Miscellaneous liabilities Fgn. direct invest, in US Due to affiliates Other 21 L,.132 Issuers of Asset-Backed Securities (ABSs) Total financial assets Agency securities (1) Mortgages (2) Home Multifamily Commercial Consumer credit 7 a Loans to business a Trada credit Total liabilities Corporata bonds Commercial paper 12 (1) Includes federally related mortgage pool securities backing privately issued CMOs. (2) Includes mortgages backing privately issued pool securities and privately issued CMOs. L.133 Bank Personal Trusts (3) Total financial assets Deposits Checkable dep. 8 curr Small time 8 svgs.dep Large time deposits Money mkt. fund shares Credit mkt. instruments U.S. government securities Treasury Agency Tax-exempt securities Corporate 8 foreign bonds Mortgages Open market paper Mutual fund shares Corporate equities Miscellaneous assets 17 BILLIONS OF DOLLARS, END OF PERIOD. (3) Includes personal trusts administered by nondeposit noninsured trust companies.

116 Monetary and Insurance Reserves Monetary and Insurance Reserves LS^ 0^78-1 L.200-L.202 Foreign Exchange, Treasury Currency, and Insurance Reserves LEVELS, I L.200 Gold and Official Foreign Exchange Holdings (1) 1 Total U.S. reserves U.S. gold stock and SDRs U.S. govt.: Ex. Stab. Fund Monetary authority (2) U.S. foreign exchange position Official fgn.currency nldgs Treasury Monetary authority a 9 Net IMF position U.S. government Monetary authority X X -.1 X X * -.1 x (1) Lines 1, 2, and 3 include increases in SDRs through allocations, which occurred at various dates beginni ng January Also included in tre table are revaluations of foreign currency holdings, gold, SDRs, and IMF position. These allocations and revaluations are excluded from tables on flows. (2) Treasury gold stock. L.201 Treasury Currency and SDR Certificates 1 Total U.S. govt, liability Treasury currency SDR certificates Unallocated assets Life insurance reserves: L.202 Insurance and Pension Fund Reserves 1 Total liabilities U.S. government ll.l Life insurance companies Total assets (households) Pension fund reserves: 5 Total liabilities U.S. government Employee retirement Railroad retirement a 9 Insurance sector Life insurance companies Private pension funds St.Sloc. govt. rtr. funds Total assets (households) BILLIONS OF DCLLARS, END OF PERIOD

117 Monetary and Insurance Reserves Monetary and Insurance Reserves L.200-L.202 Foreign Exchange, Treasury Currency, and Insurance Reserves LEVELS, LEVELS, III IV I II III IV 1 I II III IV 1 I 1993 II L.200 Gold and Official Foreign Exchange Holdings Cl) 1 ao.o Total U.S. reserves U.S. gold stock and SDRs U.S. govt.: Ex. Stab. Fund Monetary authority (2) 4 S U.S. foreign exchange position Official fgn.currency hlogs Treasury 7 a Monetary authority Net IMF position U.S. government 10 u Monetary authority 11 (1) Lines: 1, 2, and 3 include increases in SDRs through allocations, which occurred at varlous dates beginn ing January Also included in the tablei are revaluations of foreign currency holdings, gold, SDRs, and IMF position. These allocations and revaluations are excluded from tables on flows. (2) Treasury gold stock. L.201 Treasury Currency and SDR Certificates Total U.S. govt, liability Treasury currency SDR certificates Unallocated assets 4 L.202 Insurance and Pension Fund Reserves Life insurance reserves: ' Total liabilities U.S. government Life Insurance companies Total assets (households) A Pension fund reserves: Total liabilities U.S. government Employee retirement 7 a Railroad retii*eme<nt Insurance sector , Life insurance companies 10 n Private pension funds St.Sloc. govt. rtr. funds Total assets (households) 13 BILLIONS OF DOLLARS, END OF PERIOD

118 Interbank Claims Interbank Claims L.203 Net Interbank Claims LEVELS LEVELS, Total liabilities Monetary authority Depository inst. reserves Vault cash Commercial banking To monetary authority To bks.in fgn.entries,net Liabilities, net U.S. chartered banks Due to fgn affil Due from fgn affil Dom affil. of U.S. bks Due to fgn affil Due from fgn affil Fgn. bkg. off. in U.S Due to fgn affil Due from fgn affil Less: Dep. at fgn. banks U.S. chartered banks Fgn. bkg. off. in U.S To U.S. banking, net U.S. chartered banks Liabilities To bank holding cos To fgn off. in U.S Unallocated Less, due from: 27 Fgn. offices in US Bank holding cos Bank holding companies Due to U.S. banks Due from U.S. banks Fgn. bkg. off. in U.S Due to U.S. banks Due from U.S. banks Total assets Foreign Domestic Monetary authority Federal Reserve float Loans to member banks Commercial banking Comm, bank reserves Vault cash Thrifts: Reserves at F.R. - - N Discrepancy--floats, etc BILLIONS OF DOLLARS, END OF PERIOD

119 Interbank Claims LEVELS, L.203 Net Interbank Claims Interbank Claims 104 LEVELS, I 1990 I 1991 I 1992 I III IV I II III IV 1 I II III IV 1 I II Total liabilities Monetary authority Depository inst. reserves Vault cash Commercial banking To monetary authority To bks.in fgn.entries,net Liabilities, net a ll.s. chartered banks Due to fgn affil Due from fgn affil , Dom affil. of U.S. bks Due to fgn affil Due from fgn affil Fgn. bkg. off. in U.S. IS Due to fgn affil Due from fgn affil Less: Dep. at fgn. banks U.S. chartered banks Fgn. bug. off. in U.S To U.S. banking, net U.S. chartered banks Liabilities To bank holding cos To fgn off. in U.S Unallocated 26 Less, due from: Fgn. offices in US Bank holding cos Bank holding companies Due to U.S. banks Due from U.S. banks Fgn. bkg. off. in U.S. 3Z Due to U.S. banks Due from U.S. banks Total assets Foreign Domestic Monetary authority Federal Reserve float Loans to member banks Commercial banking Comm, bank reserves Vault cash Thrifts: Reserves at F.R Discrepancy floats, etc. 45 BILLIONS OF DOLLARS, END OF PERIOD

120 BILLIONS OF DOLLARS, END OF PERIOD Digitized for FRASER Deposits Deposits L.204-L.206 Deposits LEVEL LEVELS, L.204 Checkable Deposits and Currency 1 Total liabilities Monetary authority U.S. govt, cash 8 deposits Foreign deposits Currency outside banks Commercial banking Commercial banks U.S. government deposits Foreign deposits Private domestic dep Foreign banking offices Foreign deposits Private domestic dep Thrift institutions Savings institutions S.O Credit unions Total assets Households Business Farm Nonfarm noncorporate Corporate StateSlocal governments U.S. government Foreign Financial sectors Govt.-spons. enterprises Commercial banking Savings institutions Credit unions Life insurance cos Other insurance companies Private pension funds St.Bloc. govt. rtr. funds Finance companies Mutual funds Money market mutual funds X Brokers and dealers Bank personal trusts Mail float L.205 Small Time and Savings Deposits 1 Total liabilities Commercial banking Domestic banks Foreign banking offices Thrift institutions Savings institutions Credit unions Total assets Households Nonfinancial business Nonfarm noncorporate Corporate U.S. government State and local governments Credit unions Private pension funds Bank personal trusts l.l L.206 Large Time Deposits (1) 1 Total liabilities Commercial banking Domestic banks Foreign banking offices Thrift institutions Savings institutions Credit unions Total assets Households Nonfinancial business Nonfarm noncorporate Corporate State 8 local governments Foreign Financial sectors Savings institutions Credit unions Private pension funds St.Slocal govt.rtr.funds Money market mutual funds Bank personal trusts (1) Large time deposits a«*e those issued in amounts of $100.,000 or more.

121 Deposits LEVELS, L.204-L.206 Deposits Deposits 106 LEVELS, I 1990 I 1991 I 1992 I III IV. 1 I II III IV 1 I II III IV 1 I II L.204 Checkable Deposits and Currency Total liabilities Monetary authority U.S. govt, cash 8 deposits Foreign deposits Currency outside banks Commercial banking Commercial banks 7 a U.S. government deposits Foreign deposits Private domestic dep Foreign banking offices Foreign daposits Private domestic dep Thrift institutions Savings institutions Credit unions Total assets 17 Id ^ Households Business Farm Nonfarm noncorporate Corporate StateSlocal governments U.S. government Foreign Financial sectors Govt.-spons. enterprises Commercial banking Savings institutions Credit unions Life insurance cos Other insurance companies Private pension funds St.Sloc. govt. rtr. funds Finance companies Mutual funds Money market mutual funds Brokers and dealers Bank personal trusts Mail float 40 L,.205 Small Time and Savings Deposits Total liabilities Commercial banking Domestic banks Foreign banking offices Thrift institutions Savings institutions Credit unions Total assets Households Nonfinancial business Nonfarm noncorporate Corporate U.S. government State and local governments Credit unions Private pension funds Bank personal trusts 17 L.206 Large Time Deposits (1) Total liabilities Commercial banking Domestic banks Foreign banking offices Thrift institutions Savings institutions Credit unions Total assets Households Nonfinancial business Nonfarm noncorporate Corporate State 8 local governments Foreign Financial sectors Savings institutions Credit unions Private pension funds St.Slocal govt.rtr.funds Money market mutual funds Bank personal trusts 21 BILLIONS OF DOLLARS, ENO OF PERIOD Digitized for FRASER (1) Large time deposits are those issued in amounts of $100,000 or more.

122 Other Deposits and Federal Funds LEVELS 107, L.207-L.209 Other Deposits, Federal Funds and Security RPs Other Deposits and Federal Funds LEVELS, L.207 Money Market Mutual Fund Shares 1 Total assets Households Nonfin. corp, business Life insurance cos Private pension funds Bank personal trusts L.208 Federal Funds and Security Repurchase Agreements 1 Total liabilities Commercial banking (net) Domestic banks Foreign banking offices Bank holding companies M 5 6 Savings institutions Brokers 8 dealers (net) Total assets Nonfinancial corporations State and local governments Foreign Financial sectors Monetary authority Govt.-spons. enterprises Savings institutions Credit unions Other insurance companies Money market mutual funds Discrepancy-unallocated assets L.209 U.S. Deposits in Foreign Countries 1 Total, held by: Nonfinan. corporate business , Money market mutual funds BILLIONS OF DOLLARS, END OF PERIOD

123 Other Deposits and Federal Funds LEVELS, L.207-L.209 Other Deposits, Federal Funds and Security RPs Other Deposits and Federal Funds 108 LEVELS, I, III IV I II III IV I I II III L.207 Money Market Mutual Fund Shares IV 1 I II Total assets Households Nonfin. corp, business Life insurance cos Private pension funds Bank personal trusts 6 L.2C8 Federal Funds and Security Repurchase Agreements Total liabilities Commercial banking (net) Domestic banks Foreign banking offices Bank holding companies Savings institutions Brokers 8 dealers (net) Total assets Nonfinancial corporations State and local governments Foreign Financial sectors Monetary authority Govt.-spons. enterprises Savings institutions Credit unions Other insurance companies Money market mutual funds Discrepancy-unallocated assets 19 L.;209 U.S. Deposits in Foreign Countries Total, held by: Nonfinan. corporate business Money market mutual funds 3 BILLIONS OF DOLLARS, END OF PERIOD

124 U.S. Government Securities U.S. Government Securities L.210-L.211 Treasury Securities and Agency Securities LEVELS LEVELS, A L.210i Treasury Securities 1 Total liabilities 61A A AA Savings bonds A Other Treasury issues 53A A A A Total assets 61A A AA A 5 Govt.-spons. enterprises l.a A Monetary authority Foreign A A 269. A Total private domestic A18.6 A A 3A A A08.6 1A a 9 Nonfinancial sectors A A10.8 A A.7 62A Households A A.8 28A.A Savings bonds A Other Treas. issues Nonfarm noncorp. bus A 13 IA Nonfin. corp, business Al A IA 15 State and local govts A A A A A Commercial banking A A A.A U.S. commercial banks A Foreign banking offices A A.8 A.S A Bank holding companies O.A O.A Banks in U.S.-aff. areas Nonbank financial sectors AA. A 221. A A2.9 A Savings institutions A A7.5 3A Credit unions IA. A A Life insurance companies A.a A A A 25 Other insurance cos IA A A Private pension funds A.5 16A St.Slocal govt.rtr.funds 9.5 1A A Mutual funds Closed-end funds Money mkt. mutual funds A A 2A A A Brokers S dealers A A Bank personal trusts 8.A 9. A A A A.7 32 Memo: 33 U.S. govt, debt (1) A A A (1) Total Treasury securities (L.210, line 1) plus budget agency securities (L.211, line 2) and federal mortgage debt (L.216, line 7). L.211 Agency Securities (2) 1 Total liabilities A A Budget agencies 6.2 A.9 A.A A.l 3. A A Govt.-spons. enterprises A 205. A A A Mtg.-backed secur. issuers 70.A 9A.8 11A AA A 7A A 5 Total assets A A U.S. government Govt.-spons. enterprises Monetary authority A Foreign A A8.A 9 10 Total private domestic 17A A A AA Nonfinancial sectors AA.6 6A A A Households A.A A A A Nonfin. corp, business IA State and local govts A Al.7 A6.7 AA.A 6A.6 8A.6 75.A A IA 15 Commercial banking AA AA.5 17A U.S. commercial banks A3.A A Foreign banking offices O.A O.A O.A A Bank holding companies O.S A Nonbank financial sectors 85.A 10A A1A.3 5A Savings institutions 39.9 AA A3.7 1A Credit unions A.S Life insurance companies A A A9.A Other insurance cos. A A Private pension funds A7.A A 7A A 25 St.&local govt.rtr.funds 1A.0 15.A A.3 3A A3.3 A0.6 A Mutual funds A.9 3A.9 33.A Money mkt. mutual funds 0.6 A.O A A A A ABS issuers A Bank personal trusts A A A (2) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB; and federally related mortgage-backed securities issued by GNMA, FNMA, ^HLMC, and the Farmers Home Administration (line A). Only the budget agency Issues are considered officially to be part of the total debt of the U.S. government, which is shown in L.210, line 33. BILLIONS OF DOLLARS, END OF PERIOD

125 U.S. Government Securities LEVELS, L.210-L.211 Treasury Securities and Agency Securities U.S. Government Securities 110 LEVELS I 1990 I 1991 I 1992 I III IV 1 I II III IV 1 I II III IV 1 I II L.210 Treasury Securities A A AA A Total liabilities A A2.0 1A5.A Savings bonds A A A 290A A.1 Other Treasury issues 3 A A A AA A Total assets A 5 AO.O 3A.3 A9.2 A A A Govt.-spons. enterprises A.A A1.0 2A Monetary authority 6 7 S9A.0 A50.3 ASS. 2 A65.1 A69.5 A A Foreign 7 a 1709.A 17A A AA A A Total private domestic a A A 6A6.A Nonfinancial sectors A A 27A A A Households 10 ll A A2.0 1A5.A Savings bonds AA A A.1 Other Treas. issues A Nonfarm noncorp. bus. 13 IA A.A Nonfin. corp, business IA A A 36A.2 State and local govts. IS A A.A Commercial banking A 157.A A A A.5 U.S. commercial oanks A la.a A.A Foreign banking offices Bank holding companies A A.O A.2 A.3 A.A A.5 Banks in U.S.-aff. areas A.A lioa.a Nonbank financial sectors A A A A.5 Savings institutions A.1 16.A 18.A A 23.0 Credit unions 23 2A A Life insurance companies 2A A A C A Other insurance cos A A A Private pension funds A2.3 1A A A St.&local govt.rtr.funds A A Mutual funds Closed-end funds A.0 A5.S A A.5 79.A 79.A Money mkt. mutual funds A.2 21A.6 Brokers & dealers A0.1 A1.8 A1.5 A0.a A2.6 A A A 37.6 Bank personal trusts 32 Memo: 33 2A10.A 2A A A A U.S. govt, debt (1) 33 (1) Total Treasury securities (L.210, line 1) plus budget agency securities (L.211, line 2) and federal mortgage debt (L.216, line 7). L.211 Agency Securities (2) AA5.9 1A A Total liabilities A 26. A 2A Budget agencies A.A A.7 A02.9 A05.7 A17.8 A3A.7 AA3.1 A51.2 A68.3 Govt.-spons. enterprises 3 A A AA Mtg.-backed 3ecur. issuers A AA5.9 1A A Total assets U.S. government A A 3A.7 A0.3 A5.0 AA.9 A7.0 A6.2 A8.9 Govt.-spons. enterprises A A Monetary authority A A 91.3 Foreign A18.7 1AA1.9 1A7A.8 1A A5.0 Total private domestic A A A A2.8 Nonfinancial sectors A Households A.l A Nonfin. corp, business 13 IA A.2 8A A State and local govts. IA A.O A.8 3AA A A A06.1 Commercial banking A.8 27A A A U.S. commercial banks A Foreign banking offices A Bank holding companies A A Nonbank financial sectors A ISO.A 1A5.0 1A0.0 1A A3.0 1A1.8 1A3.7 Savings institutions A.A A Credit unions A5.6 1A8.9 16A Life insurance companies A.A 37.A A0.2 A2.1 A3.0 A2.9 A2.A A2.6 A3.8 A5.A Other insurance cos. 23 2A Private pension funds 2A A St.81ocal govt.rtr.funds A AO.2 AS.2 A A.0 Mutual funds A 36.2 A0.9 A AA.l A Money mkt. mutual funds A 12A.A A A ABS issuers A 31.A Ban* personal trusts 29 BILLIONS OF DOLLARS, END OF PERIOD. (2) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB; and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part cf the total debt of the U.S. government, which ls shown in L.210, line 33.

126 BILLIONS OF DOLLARS, END OF PERIOD Digitized for FRASER Private Securities Hl LEVELS, L.212-L.215 Private Securities Private Securities LEVELS, L.212 Tax-Exemot Securities andtoans (1) 1 Total liabilities State and local governments Short-term Other Households & nonprof. orgs Nonfin. corporate ousiness (industrial revenue bonds) 7 Total assets Households Nonfin. corporate business St.&loc. govt. gen. funds Commercial banking Savings institutions Insurance Life Insurance companies Other Insurance companies Private pension funds l.l St.&loc. govt. rtr. funds Mutual funds S.l Closed-end funds Money market mutual funds Brokers and dealers Bank personal trusts S (1) Includes small amounts of taxable securities issued since L. 213 Corporate and Foreign Bonds Total liabilities Nonfin. corporate business Foreign (2) Commercial banking Savings institutions Finance companies REITs ABS issuers Total assets Households Foreign (3) Commercial banking Savings institutions Insurance Life insurance companies Other insurance companies Private pension funds St.&loc. govt. rtr. funds Mutual funds Closed-end funds Brokers and dealers Bank personal trusts L.214 Mutual Fund Shares 1 Shares at market value Holdings at market value Households Nonfin. corp business Commercial banking Life insurance companies Private pension funds Bank personal trusts L.215 Corporate Equities (4) Issuance at market value Nonfinancial corporations Foreign (2) Financial corporations Holdings at market value Households Foreign (3) Commercial banking Savings institutions N * N n.o Insurance Life insurance cos. Other insurance cos. Private pension funds St.aioc. govt. rtr. fnds Mutual funds Closed-end funds Brokers and dealers Bank personal trusts Memo: Market value of domestic corporations (5) (2) Holdings of foreign issues by U.S. residents. (3) Holdings of U.S. issues by foreign residents. (4) Does not include mutual fund shares shown above. (5) Sum of lines 2 and 4 less the sum of lines 8, 12, 16, and 17; line 1 excludes intercorporate holdings of nonfinancial corporations.

127 BILLIONS OF DOLLARS, END OF PERIOD Digitized for FRASER Private Securities LEVELS, L.212-L.215 Private Securities Private Securities 112 LEVELS, I 1990 I 1991 I 1992 I III IV 1 I II III IV 1 I II III IV 1 I II L.212 Tax-Exempt Securities and Loans (1) Total liabilities State and local governments Short-term Other Households S nonprof. orgs Nonfin. corporate business 6 (industrial revenue bonds) Total assets 7 a Households a Nonfin. corporate business St.Sloc. govt. gen. funds Commercial banking Savings institutions Insurance Life insurance companies Other insurance companies Private pension funds St.Sloc. govt. rtr. funds Mutual funds Closed-end funds Money market mutual funds Brokers and dealers Bank personal trusts 22 (1) Includes small amounts of taxable securities issued since L.213 Corporate and Foreign Bonds Totai liabilities Nonfin. corporate business Foreign (2) Commercial banking Savings institutions Finance companies REITs ABS issuers a Total assets Households Foreign (3) Commercial banking Savings institutions ,1 Insurance Life insurance companies Other insurance companies Private pension funds St.Sloc. govt. rtr. funds Mutual funds Closed-end funds Brekers and dealers Bank personal trusts 22 L.,214 Mutual Fund Shares Shares at market value Holdings at market value Households Nonfin. corp Dusiness Commercial banking Life insurance companies Private pension funds Bank personal trusts 3 L.215 Corporate Equities (4) Issuance at market value Nonfinancial corporations Foreign (2) Financial corporations Holdings at market value Households Foreign (3) 7 a Commercial banking Savings institutions Insurance I Life insurance cos Otner insurance cos Private pension funds St.Sloc. govt. rtr. fnds Mutual funds Closed-end funds Brokers and dealers Bank personal trusts 18 Memo: Market value of domestic corporations (5) 19 (2) Holdings of foreign issues by U.S. residents. (3) Holdings of U.S. issues oy foreign residents. (4) Does not include mutual fund shares shown above. (5) Sum of lines 2 and 4 less the sum of lines 8, 12, 16, and 17; line 1 excludes intercorporate holdings of nonfinancial corporations.

128 Mortgages H3 LEVELS, I$/ L.216-L.217 Mortgage Marxats Mortgages LEVELS, L.,216 Total Mortgages 1 Total mortgages Home mortgages Multifamily residential Commercial Farm Total liabilities U.S. government * * * K 7 a REITs Private nonfinancial sectors Households Nonfinancial business Farms Nonfarm noncorporate Corporate Total assets Households Nonfarm noncorp. business ia St. 8 local govt. gen. funds U.S. government Govt.-spons. enterprises (1) Fed. related mortgage pools Private finan. institutions Commercial banking Thrift institutions Savings institutions Credit unions Insurance Life insurance companies Other insurance cos Private pension funds St.Bloc. govt. rtr.funds Finance companies Mortgage companies REITs ABS issuers Bank personal trusts (1) FHLB loans to members are Included in other loans category. L.217 Home Mortgages (2) 1 Total liabilities Hcuseholds Nonfarm noncorp. business Nonfin. corporate business Total assets Households Nonfarm noncorp. business a State and local governments a 9 U.S. government Govt.-spons. enterprises Fed. related mortgage pools Commercial banking Thrift institutions Savings institutions Credit unions Insurance Life insurance companies Private pension funds St.Bloc. govt. rtr. funds Finance companies Mortgage companies REITs ABS issuers Bank personal trusts (2) Mortgages on 1-4 family structures. BILLIONS OF DOLLARS, END OF PERIOD.

129 Mortgages LEVELS, L.216-L.217 Mortgage Markets III IV 1 I II III IV! I II III IV 1 I II Mortgages 114 LEVELS, ,3 L.216 Total Mortgagas 1 36S Total mortgages a Home mortgages Multifamily residential Commercial Farm Total liabilities 6 7 X * X X X X X X X X X X U.S. government 7 a REITs a Private nonfinancial sectors Households Nonfinancial business Farms S Nonfarm noncorporate Corporate 14 IS Total assets Households Nonfarm noncorp. business St. S local govt. gen. funds U.S. government Govt.-spons. enterprises (1) Fed. related mortgage pools Private finan. institutions Commercial banking Thrift institutions Savings institutions Credit unions Insurance 27 2B Life insurance companies Other insurance cos Private pension funds St.aioc. govt, rtr.funds Finance companies Mortgage companies REITs ABS issuers Bank personal trusts 36 (1) FHLB loans to members are included in other loans category. L.217 Homa Mortgages (2) Total liabilities Households , Nonfarm noncorp. business Nonfin. corporate business Total assets Households Nonfarm noncorp. business State and local governments a U.S. government Govt.-spons. enterprises Fed. related mortgage pools Commercial banking Thrift institutions Savings institutions Credit unions Insurance Life insurance companies Private oension funds St.Sloc. govt. rtr. funds Finance comoanies Mortgage companies REITs ABS issuers Bank personal trusts 24 BILLIONS OF DOLLARS, END OF PERIOD. (2) Mortgages on 1-4 family structures.

130 Mortgages, Continued Mortgages, Continued 115 L.218-L.220 Mortgage Markets, Continued LEVELS, LEVELS, L.218 Multifamily Residential Mortgages 1 Total liabilities Nonfarm noncorp, business Nonfin. corporate business REITs U.S. government N * M N 5 6 Total assets Households Nonfarm noncorp, business a 9 State and local governments U.S. government Govt.-spons. enterprises Fed. related mortgage pools Commercial banking Savings institutions Life insurance companies Private pension funds St.Sloc. govt. rtr. funds Mortgage companies I.a REITs ABS Issuers L.219 Commercial Mortgages 1 Total liabilities Households Nonfarm noncorp, business Nonfin. corporate business REITs Total assets Households Nonfarm noncorp, business State and local governments U.S. government a. l Commercial banking Savings institutions Life insurance companies Other insurance companies Private pension funds St.Sloc. govt. rtr. funds Mortgage companies REITs ABS issuers L.220 Farm Mortgages 1 Total liabilities Total assets Households Nonfarm noncorp, business State and local governments U.S. government Govt.-spons. enterprises Fed. related mortgage pools M N 8 9 Commercial banks Savings institutions M M * M N Life insurance companies St.Sloc. govt. rtr. funds K w K M X BILLIONS OF DOLLARS, END OF PERIOD.

131 Mortgages, Continued LEVELS, L.218-L.220 Mortgage Markets, Continued Mortgages, Continued 116 LEVELS, I 1990 I 1991 I 1992 I III IV 1 I II III IV 1 I II III IV 1 I II L.218 Multifamily Residential Mortgages Total liabilities Nonfarm noncorp. business Nonfin. corporate business REITs 4 5 N * N M N N M * w N K N U.S. government Total assets Households Nonfarm noncorp. business State and local governments U.S. government Govt.-spons. enterprises Fed. related mortgage pools Commercial banking Savings institutions Life Insurance companies Private pension funds St.aioc. govt. rtr. funds Mortgage companies REITs ABS issuers 20 L.219 Commercial Mortgages Total liabilities Households Nonfarm noncorp. business Nonfin. corporate business REITs Total assets Households Nonfarm noncorp. business State and local governments U.S. government Commercial banking Savings institutions Life insurance companies Other insurance companies Private pension funds St.aioc. govt. rtr. funds Mortgage companies REITs ABS Issuers 19 L.220 Farm Mortgages Total liabilities Total assets Households Nonfarm noncorp. business l.s 1.5 Stata and local governments U.S. government Govt.-spons. enterprises 7 a M N N N N * w M * M * Fed. related mortgage pools Commercial banks Savings institutions Life insurance companies St.aioc. govt. rtr. funds 12 BILLIONS OF DOLLARS, END OF PERIOD

132 Consumer Credit and Bank Loans n.e.c Consumer Credit and Bank Loans n.e.c L.221-L.222 Consumer Credit and Bank Loans Not Elsewhere Classified LEVELS, LEVELS, L.221 Consumer Credit 1 Total liabilities (HH) Installment credit Noninstallment credit Total assets Installment credit Nonfarm noncorp. business Nonfin. corporate business Commercial banking Savings institutions Credit unions Finance companies ll 12 ABS issuers * Noninstallment credit Nonfarm noncorp. business Nonfin. corporate business Commercial banking Savings instxtutions L.222 Bank Loans Not Elsewhere Classified Total loans by commercial 1 banking, flow of funds basis Loans elsewhere classified: Mortgages Consumer credit Security credit Open market paper = Banking sector total bank loans n.e.c. 7 U.S. chartered banks Bank holding companies a 9 Foreign banning off. in US Banks in U.S.-aff. areas Loans by F.R. banks = Total bank loans n.e.c Total liabilities Nonfinancial sectors Households Farm business Nonfarm noncorp. business Corporate business Foreign Official institutions Banks Other Financial sectors Savings institutions Finance companies Mortgage companies REITs BILLIONS OF DOLLARS, END OF PERIOD.

133 Consumer Credit and Bank Loans n.e.c. Consumer Credit and Bank Loans n.e.c. LEVELS, L. 221-L.222 Consumer Credit and Bank Loans Not Elsewhere Classified 118 LEVELS, 19,0-1,,S III IV t I II III IV 1 I II III IV i I II L.221 Consumer Credit Total liabilities CHH) Installment credit Noninstallment credit Total assets Installment credit Nonfarm noncorp. business Nonfin. corporate business 7 a Commercial banking Savings institutions Credit unions Finance companies ABS issuers Noninstallment credit Nonfarm noncorp. business Nonfin. corporate business Commercial banking Savings institutions 17 L.222 Bank Loans Not Elsewhere Classified Total loans by commercial banking, flow of funds basis Loans elsewhere classified: Mortgages Consumer credit Security credit Open market paper = Banking sector total bank 6 loans n.e.c U.S. chartered banks Bank holding companies i9i.a Foreign banking off. in US Banks in U.S.-aff. areas Loans by F.R. banks = Total bank loans n.e.c Total liabilities Nonfinancial sectors Households Farm business Nonfarm noncorp. business Corporate business Foreign Official institutions Banks Other Financial sectors Savings institutions Finance companies Mortgage companies REITs 27 BILLIONS OF DOLLARS, END OF PERIOD

134 Open Market Paper and Other Loans Open Market Paper and Other Loans 119 L.223-L.224 Open Market Paper and Otner Loans LEVELS, LEVELS, L.223 Open Market Paper 1 Total outstanding, all types Commercial paper Nonfinancial corporations Foreign issues in U.S Financial business Commercial banking Funding corporations a Finance companies REITs ABS issuers * , 11 Bankers acceptances (1) Holdings-, by sector Households Nonfin. corporate business Foreign Govt.-spons. enterprises N Monetary authority Commercial banking (1) Savings institutions , Credit unions Life insurance companies Private pension funds StTSlocal govt. rtr. funds Mutual funds Money market mutual funds Brokers and dealers Bank personal trusts (1) Excludes banks holdings of own acceptances. L.224 Other Loans 1 Total other loans Savings inst. loans to bus ' Liab.: Noncorporate business Nonfin. corp, business Finance co. loans to business Liab.: Noncorporate business Nonfin. corp, business ABS issuer loans to business Liab.: Noncorporate business Nonfin. corp, business * U.S. government loans Liab.: Households Farm business Nonfarm noncorp. bus Nonfin. corp, business St.alocal governments Foreign Govt.-sp. enterprises Govt.-spons. enterprise loans Liab.: Households (SLMA) Farm business (FICB) Noncorp. bus. (BC) Commercial banks(fhlb) Savings inst. (FHLB) Credit unions (FHLB) Life insurance (FHLB) Policy 2S Asset: 29 loans (HH liability) 31.2 U.S. Life government insurance cos Cust. liab. on acceptances 30 outstanding (bank asset) Liab: Nonfin. corp, business Foreign Foreign loans to US nonbanks 33 Liab.: Nonfin. corp, business BILLIONS OF DOLLARS, END OF PERIOD

135 Open Market Paper and Other Loans LEVELS, L.223-L.224 Open Market Paper and Other Loans Open Market Paper and Other Loans 120 LEVELS, I 1990 I 1991 I 1992 I III IV I I II III IV 11 I II III IV 1 I II L.223 Open Market Paper Total outstanding, all types S Commercial paper Nonfinancial corporations Foreign issues in U.S. 4 S Financial business Commercial banking Funding corporations 7 a Finance companies REITs ABS issuers Bankers acceptances (1) Holdings, by sector Households Nonfin. corporate business Foreign Govt.-spons. enterprises Monetary authority 17 id Commercial banking (1) O.S Savings institutions Credit unions Life Insurance companies Private pension funds St.Slocal govt. rtr. funds Mutual funds Money market mutual funds Brokers and dealers Bank personal trusts 27 (1) Excludes banks* holdings of own acceptances. L.224 Other Loans Total other loans Savings inst. loans to bus Liab. : Noncorporate business Nonfin. corp, business Finance co. loans to business Liab. : Noncorporate business Nonfin. corp, business ABS Issuer loans to business Liab. : Noncorporate business Nonfin. corp, business U.S. government loans Liab. : Households Farm business Nonfarm noncorp. bus Nonfin. corp, business St.Slocal governments Foreign Govt.-sp. enterprises Govt. -spons. enterprise loans Liab. : Households (SLMA) Farm business (FICB) Noncorp. bus. (BC) Commercial banks(fhlb) Savings inst. (FHLB) N N N 0.1 Credit unions (FHLB) N M M M N 0.2 Life insurance (FHLB) Policy loans (HH liability) Asset : U.S. government Life insurance cos. 29 Cust. liab. on acceptances outstandins (bank asset) Liab: Nonfin. corp, business Foreign 32 Foreign loans to US nonbanks Liab. : Nonfin. corp, business 33 BILLIONS OF OOLLARS, ENO OF PERIOD