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For use at 12:00 noon, eastern time

March 12, 2015


R

FEDERAL RESERVE STATISTICAL RELEASE

Z.1

Financial Accounts
of the United States
Flow of Funds, Balance Sheets,
and Integrated Macroeconomic Accounts

Fourth Quarter 2014

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Recent Developments in Household Net Worth and


Domestic Nonfinancial Debt
The net worth of households and nonprofits rose to
$82.9 trillion during the fourth quarter of 2014. The
value of directly and indirectly held corporate equities
increased $742 billion and the value of real estate rose
$356 billion.
Domestic nonfinancial debt outstanding was
$41.4 trillion at the end of the fourth quarter of 2014, of
which household debt was $13.5 trillion, nonfinancial
business debt was $12 trillion, and total government
debt was $15.9 trillion.
Domestic nonfinancial debt growth was 4.7 percent at
a seasonally adjusted annual rate in the fourth quarter of
2014.

6 percent, while mortgage debt (excluding charge-offs)


grew 0.7 percent at an annual rate.
Nonfinancial business debt rose at an annual rate of
7.2 percent in the fourth quarter, a somewhat larger
increase than in the previous quarter. As in recent years,
corporate bonds accounted for most of the increase.
State and local government debt increased at an
annual rate of 1.1 percent in the fourth quarter, after
decreasing at an annual rate of 2.8 percent in the
previous quarter.
Federal government debt rose 5.4 percent at an annual
rate in the fourth quarter, down from a 7.2 percent
annual rate in the previous quarter.

Household debt increased at an annual rate of


2.7 percent in the fourth quarter. Consumer credit grew

Household Net Worth and Growth of Domestic Nonfinancial Debt


Growth of domestic nonfinancial debt2
Year

Household
net worth1

Total

Households

Businesses

State and
local govts

Federal
government

2005

61,839

9.0

11.2

8.1

5.8

7.0

2006

66,334

8.4

10.3

9.8

3.9

3.9

2007

66,750

8.2

7.1

12.4

5.5

4.9

2008

56,509

6.2

1.1

5.8

0.6

24.2

2009

58,251

3.3

0.0

-4.3

4.0

22.7

2010

62,448

4.1

-1.1

-0.9

2.3

20.2

2011

63,668

3.6

-0.2

3.0

-1.7

11.4

2012

69,509

5.0

1.5

4.8

-0.2

10.9

2013

78,844

3.8

1.5

5.1

-1.3

6.5

2014

82,912

4.3

2.9

5.9

-0.5

5.4

2012:

Q4

69,509

5.2

1.9

6.9

-2.6

9.3

2013:

Q1

72,272

4.1

0.7

3.5

1.9

9.1

Q2

73,850

3.0

1.6

4.9

-0.2

3.5

Q3

76,215

3.5

3.1

7.0

-3.7

2.6

Q4

78,844

4.4

0.6

4.4

-3.3

10.5

Q1

80,015

4.3

2.3

6.1

-1.3

6.0

Q2

81,409

3.4

3.5

5.0

1.2

2.5

Q3

81,395

4.4

2.8

5.0

-2.8

7.2

Q4

82,912

4.7

2.7

7.2

1.1

5.4

2014:

1. Shown on table B.101, which includes nonprofit organizations. Billions of dollars; amounts outstanding end of period, not
seasonally adjusted
2. Percentage changes calculated as seasonally adjusted flow divided by previous quarters seasonally adjusted level, shown
at an annual rate.

ii

iii

Release Highlights
Fourth Quarter 2014
Topic

Description

Domestic nonfinancial sector tables

New tables for the domestic nonfinancial sector (tables F.100


and L.100) have been added. The domestic nonfinancial sector
aggregates the household and nonprofit organizations sector,
the nonfinancial business sector, and the general government
sector. Subsequent sector tables have been renumbered.

General government sector tables

New tables for the general government sector (tables F.105


and L.105) have been added. The general government sector
aggregates the federal government and state and local
governments sectors, on an unconsolidated basis (i.e., without
netting transactions between federal and state and local
governments). The tables for the consolidated statement for
federal, state, and local governments, previously shown as
supplemental tables F.105.c and L.105.c, have been
discontinued. However, new memo items on F.105 and L.105
show financial assets and liabilities of the general government
sector on a consolidated basis. Subsequent sector tables have
been renumbered.

Reorganization of sector tables

To make tables easier to find and to follow international norms,


a number of sector tables have been relocated and renumbered.
Federal government tables now precede state and local
government tables. Similarly, federal government employee
retirement fund tables now precede state and local government
employee retirement fund tables. Tables showing the split
between defined-benefit and defined-contribution pension plans
have been moved from the Supplements section to
immediately follow their respective pension sector tables.
Similarly, tables showing the split between life insurance
companies general accounts and separate accounts have been
moved to immediately follow the life insurance companies sector
tables, and tables showing the split between equity and
mortgage real estate investment trusts have been moved to
immediately follow the real estate investment trusts sector
tables. The rest of the world sector tables have been moved to
the end.

Individual retirement accounts


(IRAs)

Assets held in Individual Retirement Accounts (IRAs), previously


shown in supplemental tables F.226.i and L.226.i, are now
shown as memo items on the pension entitlements instrument
tables (tables F.226 and L.226). Supplemental tables F.226.i
and L.226.i have been discontinued.

iv

Topic

Description

Detail on federal funds and security


repurchase agreements

New detail is available on the federal funds and security


repurchase agreements instrument tables (tables F.207 and
L.207). Federal funds are now reported separately from security
repurchase agreements for the following sectors: U.S.-chartered
depository institutions from 2012:Q1, foreign banking offices in
U.S from 2003:Q1, credit unions from 2010:Q4, and the Federal
Home Loan Banks (FHLB), a government-sponsored enterprise,
from 2000:Q4.

Detail on the Federal Reserves


reverse repurchase agreement
operations

A new memo section on the federal funds and security


repurchase agreements instrument tables (tables F.207 and
L.207) shows the borrowing of the monetary authority sector
through the Federal Reserves reverse repurchase agreement
operations, which includes both overnight and term security
repurchase agreements, with money market mutual funds and
other financial institutions. Similar detail is also shown on the
monetary authority tables (tables F.108 and L.108). A
forthcoming FEDS note with more detail on this topic will soon
be available on the Federal Reserve Boards website at
www.federalreserve.gov/econresdata/notes/feds-notes/default.html.

Dow Jones total U.S. stock market


index

A memo item showing the percent change in the Dow Jones


total U.S. stock market index is now included on the corporate
equities levels instrument table (table L.213).

Adjustments for differences


between the Bureau of Economic
Analysis national income and
product accounts (NIPA) and the
financial accounts treatment of the
federal government sector

The adjustment for the Office of Personnel Managements


Employees Life Insurance Fund, part of life insurance and
pension reserves, has been removed from the federal
government table (table F.106) to align its treatment in the NIPA
and the financial accounts. Similarly, the adjustment for
contributions for government social insurance for U.S.-affiliated
areas has also been removed from the federal government table
(table F.106). However, the adjustment for contributions for
government social insurance for U.S.-affiliated areas is now
included on the households and nonprofit organizations table
(table F.101) because such contributions are reflected in the
financial assets and liabilities of households, but are not
included in the NIPA measure of domestic personal income.

State and local government defined


contribution employee retirement
funds FEDS Note

The following FEDS Note, Introducing Defined-Contribution


Pensions for State and Local Government Employees in the
Financial Accounts of the United States (Matthew Hoops, Irina
Stefanescu, and Ivan Vidangos), will soon be available on the
Federal Reserve Boards website at
www.federalreserve.gov/econresdata/notes/feds-notes/default.html.

New series mnemonic two-letter


prefix

The two-letter prefix on level series mnemonics for corporate


equities and mutual funds shares have been changed from FL
to LM to signify that these series are recorded at market value.
At this time, the mnemonics of calculated series that include
components with mixed valuation have not been changed.
Work to update the mnemonics of other market value series is
ongoing.

Explanatory Notes
Financial Accounts of the United States
The Statistical Release Z.1, Financial Accounts of the
United States, is organized into the following sections:

Matrices summarizing flows and levels across


sectors, and tables summarizing credit market
borrowing, gross domestic product (GDP),
national income, saving, and so on
Flow of funds, by sector and by financial
instrument
Levels of financial assets and liabilities, by
sector and by financial instrument
Balance sheets, including nonfinancial assets,
and changes in net worth for households and
nonprofit organizations, nonfinancial corporate
businesses, and nonfinancial noncorporate
businesses
Supplementary tables providing additional
detail on selected sectors
Integrated Macroeconomic Accounts

The Integrated Macroeconomic Accounts (IMA) relate


production, income, saving, and capital formation from
the national income and product accounts (NIPA) to
changes in net worth from the Financial Accounts on a
sector-by-sector basis. The IMA are published jointly
by the Federal Reserve Board and the Bureau of
Economic Analysis and are based on international
guidelines and terminology as defined in the System of
National Accounts (SNA1993, revised in 2008).
Federal Reserve Board staff have taken many steps over
the past several years to conform the Financial
Accounts with the SNA guidelines. Nonetheless, a few
important differences remain. In particular, in the
Financial Accounts:

liability in existence at a point in time. In the Financial


Accounts, the levels are reported as of the end of each
calendar quarter. In the SNA2008, the change in the
level from one period to the next is called the economic
flow, and can be decomposed into three broad
elements: transactions, which measure the exchange of
assets; revaluations, which measure changes in market
value of untraded assets; and other changes in volume,
which measure discontinuities or breaks in time series
due to disaster losses or a change in source data or
definition.
In the Financial Accounts, flow of funds refers to
the exchange of assets, corresponding to the SNA
definition of transactions, that is, flow tables in the
Financial Accounts are equivalent to transaction
tables in the SNA terminology. In practice, other
volume changes are relatively rare, and revaluations
occur only for series carried at market value (such as
corporate equities and mutual fund shares), so for many
series the change in the level is equal to the flow.

Growth Rates
Growth rates calculated from levels will include
revaluations and other changes in volume. To isolate
the effect of transactions on growth of a given asset or
liability, users should calculate the ratio of the flow in a
given period to the level in the preceding period.
Growth rates in table D.1 are calculated by dividing
seasonally adjusted flows from table D.2 by seasonally
adjusted levels at the end of the previous period from
table D.3. Growth rates calculated from changes in
unadjusted levels printed in table L.2 may differ from
those in table D.1.

Seasonal Adjustment
The purchase of consumer durables is treated as
investment rather than as consumption.
Nonfinancial noncorporate businesses (which
are often small businesses) are shown in a
separate sector rather than being included in the
household sector.
Most debt securities are recorded at book value
rather than market value.

Concepts of Level and Flow in the SNA


and the Financial Accounts
The level of an asset or liability (also referred to as the
stock or outstanding) measures the value of the asset or

Seasonal factors are recalculated and updated every


year, and these revised factors are first published in the
September release of second-quarter data. All series that
exhibit significant seasonal patterns are adjusted. The
seasonal factors are generated using the X-12-ARIMA
seasonal adjustment program from the U.S. Census
Bureau, estimated using the most recent 10 years of
data. Because the effects of the recent financial crisis
resulted in large outliers in some series that would have
distorted the estimated seasonal factors, seasonal factors
for some series were extrapolated using pre-crisis data.
Seasonally adjusted levels shown in table D.3 are
derived by carrying forward year-end levels by
seasonally adjusted flows.

vi

Data Revisions
Data shown for the most recent quarters are based on
preliminary and potentially incomplete information. A
summary list of the most recent data available for each
sector is provided in a table following these notes.
Nonetheless, when source data are revised or estimation
methods are improved, all data are subject to revision.
There is no specific revision schedule; rather, data are
revised on an ongoing basis. In each release of the
Financial Accounts, major revisions are highlighted at
the beginning of the publication.

Discrepancies
The data in the Financial Accounts come from a large
variety of sources and are subject to limitations and
uncertainty due to measurement errors, missing
information, and incompatibilities among data sources.
The size of this uncertainty cannot be quantified, but its
existence is acknowledged by the inclusion of
statistical discrepancies for various sectors and
financial instruments.
The discrepancy for a given sector is defined as the
difference between the aggregate value of the sectors
sources of funds and the value of its uses of funds. For a
financial instrument category, the discrepancy is defined
as the difference between the measurement of funds
raised through the financial instrument and funds
disbursed through that instrument. The relative size of
the statistical discrepancy is one indication of the quality
of the underlying source data. Note that differences in
seasonal adjustment procedures sometimes result in
quarterly discrepancies that partially or completely
offset each other in the annual data.

Financial Accounts Guide


Substantially more detail on the construction of the
Financial Accounts is available in the Financial
Accounts Guide, which provides interactive, online
documentation for each data series. The tools and
descriptions in the guide are designed to help users
understand the structure and content of the Financial
Accounts. The guide allows users to search for series,
browse tables of data, and identify links among series
within these accounts. It also provides descriptions of
each of the published tables and information on the
source data underlying each series.
The guide is not part of the quarterly release, but it is
continually updated and kept consistent with the most
recently published data. The guide and the data from the
Financial Accounts are available free of charge online:
www.federalreserve.gov/apps/fof

Each input and calculated series in the Z.1 is identified


according to a unique string of patterned numbers and
letters. The series structure page of the guide provides a
breakdown of what the letters and numbers represent in
the series mnemonics. The relationships between
different components of a series (for example, levels,
seasonally adjusted annual rate flows, unadjusted flows,
revaluations, other changes in volume, seasonal factors,
and so on) are also described on the series structure
page.

Production Schedule
The Financial Accounts are published online and in
print four times per year, about 10 weeks following the
end of each calendar quarter. The publication and the
guide are available online:
www.federalreserve.gov/releases/Z1
This website provides coded tables and historical annual
tables beginning in 1945 that correspond with the tables
published in this release. It also includes compressed
ASCII files of quarterly data for seasonally adjusted
flows, unadjusted flows, outstandings, balance sheets,
debt (tables D.1, D.2, and D.3), supplementary tables,
and the IMA.
In addition, the data are available as customizable
datasets through the Federal Reserve Boards Data
Download Program at:
www.federalreserve.gov/datadownload/default.htm

Print Subscription Information


The Federal Reserve Board charges a fee for
subscriptions to print versions of statistical releases.
Inquiries regarding print versions should be directed to
the following office:
Publications Services, Stop 127
Board of Governors
of the Federal Reserve System
20th Street and Constitution Avenue, N.W.
Washington, DC 20551
(202) 452-3245

vii

Description of Most Recent Data Available


Sector Table

National income and product


accounts (NIPA)
(various tables)

Available at time of publication

Second estimate, seasonally adjusted, for 2014:Q4. Unadjusted


flows since 2013 for the government sectors and since 2006 for
all other sectors are unavailable.

Households and nonprofit


organizations sector
(tables F.101 and L.101)

Estimates for this sector are largely residuals and are derived
from data for other sectors. Availability of data depends on
schedules for other sectors. Data for consumer credit, which are
estimated directly, are available through 2014:Q4. The source
for nonprofit organizations data (tables F.101.a and L.101.a) is
the Internal Revenue Service Statistics of Income (IRS/SOI).
Data for nonprofit organizations are available for 1987 through
2000.

Nonfinancial corporate business


(tables F.102 and L.102)

Quarterly Financial Report (QFR) of the Census Bureau through


2014:Q3 (preliminary); Internal Revenue Service Statistics of
Income data through 2012; securities offerings, mortgages, bank
loans, commercial paper, and other loans through 2014:Q4.
Corporate farm data through 2013.

Nonfinancial noncorporate business


(tables F.103 and L.103)

IRS/SOI data through 2011; bank and finance company loans,


and mortgage borrowing through 2014:Q4. Noncorporate farm
data through 2013.

Federal government
(tables F.106 and L.106)

Data from the Monthly Treasury Statement of Receipts and


Outlays and Treasury data for loan programs and the Troubled
Assets Relief Program (TARP) through 2014:Q4.

State and local governments


(tables F.107 and L.107)

Gross offerings and retirements of municipal securities, deposits


at banks, and nonmarketable U.S. government security issues
through 2014:Q4; total financial assets through 2012:Q2 from
the Census Bureau; breakdown of financial assets through
2011:Q2 from the comprehensive annual financial reports of
state and local governments.

Monetary authority
(tables F.109 and L.109)

All data through 2014:Q4.

U.S.-chartered depository
institutions
(tables F.111 and L.111)

All data through 2014:Q4

Foreign banking offices in U.S.


(tables F.112 and L.112)

All data through 2014:Q4.

Banks in U.S.-affiliated areas


(tables F.113 and L.113)

All data through 2014:Q4.

Credit unions
(tables F.113 and L.113)

All data through 2014:Q4.

Property-casualty insurance
companies
(tables F.115 and L.115)

Preliminary data through 2014:Q4.

viii

Sector Table

Available at time of publication

Life insurance companies


(tables F.116 and L.116)

Preliminary data through 2014:Q4.

Private pension funds


(tables F.118 and L.118)

Internal Revenue Service/Department of Labor Form 5500 data


through 2012. Investment Company Institute data through
2014:Q3.

Federal government retirement


funds
(tables F.119 and L.119)

Data from the Monthly Treasury Statement of Receipts and


Outlays, the Thrift Savings Plan, and the National Railroad
Retirement Investment Trust through 2014:Q4.

State and local government


employee retirement funds
(tables F.120 and L.120)

Detailed annual survey data through 2012:Q2 and quarterly


survey data through 2014:Q3 from the Census Bureau.
Investment Company Institute data through 2014:Q3.

Money market mutual funds


(tables F.121 and L.121)

All data through 2014:Q4.

Mutual funds
(tables F.122 and L.122)

All data through 2014:Q4.

Closed-end funds
(tables F.123 and L.123)

All data through 2014:Q4.

Exchange-traded funds
(tables F.123 and L.123)

All data through 2014:Q4.

Government sponsored enterprises


(GSEs)
(tables F.124 and L.124)

Data for Farmer Mac, FCS, and FHLB through 2014:Q3. Data
for Fannie Mae, Freddie Mac, FICO, and REFCORP through
2014:Q4.

Agency- and GSE-backed


mortgage pools
(tables F.125 and L.125)

Data for Farmer Mac and Ginnie Mae through 2014:Q3. Data for
Fannie Mae and Freddie Mac through 2014:Q4.

Issuers of asset-backed securities


(ABSs)
(tables F.126 and L.126)

All data for private mortgage pools, consumer credit, business


loans, student loans, consumer leases, and trade credit
securitization through 2014:Q4.

Finance companies
(tables F.127 and L.127)

All data through 2014:Q4.

Real estate investment trusts


(REITs)
(tables F.128 and L.128)

Data from SNL Financial through 2014:Q4.

Security brokers and dealers


(tables F.129 and L.129)

Data for firms filing FOCUS and FOGS reports through 2014:Q4

Holding companies
(table F.130 and L.130)

All data through 2014:Q4.

Funding corporations
(tables F.131 and L.131)

Estimates for this sector are largely residuals and are derived
from data for other sectors.

Rest of the world


(tables F.132 and L.132)

Balance of payments and International Investment Position data


through 2014:Q3. NIPA estimates, bank Call Reports, and
Treasury International Capital System data through 2014:Q4.

ix

List of Data Tables


Title

Table

Page

Summaries
Flow of Funds MatrixFlows

Flow of Funds MatrixAssets and Liabilities

Credit Market Debt Growth by Sector

D.1

Credit Market Borrowing by Sector

D.2

Credit Market Debt Outstanding by Sector

D.3

Total Credit Market Borrowing and Lending

F.1

Credit Market Borrowing by Nonfinancial Sectors

F.2

Credit Market Borrowing by Financial Sectors

F.3

Credit Market Borrowing, All Sectors, by Instrument

F.4

Total Liabilities and Its Relation to Total Financial Assets

F.5

Credit Market Debt Outstanding

L.1

Credit Market Debt Owed by Nonfinancial Sectors

L.2

10

Credit Market Debt Owed by Financial Sectors

L.3

10

Credit Market Debt, All Sectors, by Instrument

L.4

11

Total Liabilities and Its Relation to Total Financial Assets

L.5

11

Distribution of Gross Domestic Product

F.6

12

Distribution of National Income

F.7

13

Saving and Investment

F.8

14

Net Capital Transfers

F.9

15

Derivation of Measures of Personal Saving

F.10

16

Assets and Liabilities of the Personal Sector

L.10

17

Flows
Title

Levels

Table

Page

Table

Page

F.100

18

L.100

76

Households and Nonprofit Organizations

F.101

19

L.101

77

Nonfinancial Business

F.102

20

L.102

78

Nonfinancial Corporate Business

F.103

21

L.103

79

Nonfinancial Noncorporate Business

F.104

22

L.104

80

Sectors
Domestic Nonfinancial

Sectors
General Government

F.105

23

L.105

81

Federal Government

F.106

24

L.106

82

State and Local Governments

F.107

25

L.107

83

F.108

26

L.108

84

Monetary Authority

F.109

27

L.109

85

Private Depository Institutions

F.110

28

L.110

86

U.S.-Chartered Depository Institutions

F.111

29

L.111

87

Foreign Banking Offices in U.S.

F.112

30

L.112

88

Banks in U.S.-Affiliated Areas

F.113

31

L.113

89

Credit Unions

F.114

31

L.114

89

Property-Casualty Insurance Companies

F.115

32

L.115

90

Life Insurance Companies

F.116

33

L.116

91

Life Insurance Companies: General Accounts

F.116.g

34

L.116.g

92

Life Insurance Companies: Separate Accounts

F.116.s

34

L.116.s

92

F.117

35

L.117

93

F.118

36

L.118

94

Private Pension Funds: Defined Benefit Plans

F.118.b

37

L.118.b

95

Private Pension Funds: Defined Contribution


Plans

F.118.c

37

L.118.c

95

F.119

38

L.119

96

Federal Government Employee Retirement Funds:


Defined Benefit Plans

F.119.b

39

L.119.b

97

Federal Government Employee Retirement Funds:


Defined Contribution Plans

F.119.c

39

L.119.c

97

F.120

40

L.120

98

State and Local Government Employee


Retirement Funds: Defined Benefit Plans

F.120.b

41

L.120.b

99

State and Local Government Employee


Retirement Funds: Defined Contribution Plans

F.120.c

41

L.120.c

99

Money Market Mutual Funds

F.121

42

L.121

100

Mutual Funds

F.122

42

L.122

100

Closed-End and Exchange-Traded Funds

F.123

42

L.123

100

Government-Sponsored Enterprises

F.124

43

L.124

101

Agency- and GSE-Backed Mortgage Pools

F.125

43

L.125

101

Issuers of Asset-Backed Securities

F.126

44

L.126

102

Finance Companies

F.127

44

L.127

102

Domestic Financial

Private and Public Pension Funds


Private Pension Funds

Federal Government Employee Retirement Funds

State and Local Government Employee Retirement


Funds

xi

Sectors
Real Estate Investment Trusts (REITs)

F.128

45

L.128

103

Equity Real Estate Investment Trusts

F.128.e

46

L.128.e

104

Mortgage Real Estate Investment Trusts

F.128.m

46

L.128.m

104

Security Brokers and Dealers

F.129

47

L.129

105

Holding Companies

F.130

48

L.130

106

Funding Corporations

F.131

49

L.131

107

F.132

50

L.132

108

Rest of the World


Instruments
U.S. Official Reserve Assets and SDR Allocations

F.200

51

L.200

109

Special Drawing Rights (SDRs) Certificates and Treasury


Currency

F.201

51

L.201

109

U.S. Deposits in Foreign Countries

F.202

51

L.202

109

Net Interbank Transactions

F.203

52

L.203

110

Checkable Deposits and Currency

F.204

53

L.204

111

Time and Savings Deposits

F.205

54

L.205

112

Money Market Mutual Fund Shares

F.206

54

L.206

112

Federal Funds and Security Repurchase Agreements

F.207

55

L.207

113

Open Market Paper

F.208

56

L.208

114

Treasury Securities

F.209

57

L.209

115

Agency- and GSE-Backed Securities

F.210

58

L.210

116

Municipal Securities and Loans

F.211

59

L.211

117

Corporate and Foreign Bonds

F.212

60

L.212

118

Corporate Equities

F.213

61

L.213

119

Mutual Fund Shares

F.214

61

L.214

119

Depository Institution Loans Not Elsewhere Classified

F.215

62

L.215

120

Other Loans and Advances

F.216

63

L.216

121

Total Mortgages

F.217

64

L.217

122

Home Mortgages

F.218

65

L.218

123

Multifamily Residential Mortgages

F.219

65

L.219

123

Commercial Mortgages

F.220

66

L.220

124

Farm Mortgages

F.221

66

L.221

124

Consumer Credit

F.222

67

L.222

125

Trade Credit

F.223

68

L.223

126

Security Credit

F.224

68

L.224

126

Life Insurance Reserves

F.225

68

L.225

126

xii

Instruments
Pension Entitlements

F.226

69

L.226

127

Taxes Payable by Businesses

F.227

69

L.227

127

Proprietors' Equity in Noncorporate Business

F.228

69

L.228

127

Direct Investment

F.229

70

L.229

128

Total Miscellaneous Financial Claims

F.230

71

L.230

129

Identified Miscellaneous Financial ClaimsPart I

F.231

72

L.231

130

Identified Miscellaneous Financial ClaimsPart II

F.232

73

L.232

131

Unidentified Miscellaneous Financial Claims

F.233

74

L.233

132

Sector Discrepancies

F.11

75

Instrument Discrepancies

F.12

75

Balance Sheet
Title

Reconciliation

Table

Page

Table

Page

Households and Nonprofit Organizations

B.101

133

R.101

136

Nonfinancial Corporate Business

B.103

134

R.103

137

Nonfarm Noncorporate Business

B.104

135

R.104

138

Balance Sheet and Changes in Net Worth

Flows
Title

Table

Levels
Page

Table

Page

Supplementary Tables
Balance Sheet of Households and Nonprofit Organizations
with Equity Detail
Nonprofit Organizations

F.101.a
Title

140

B.101.e

139

L.101.a

141

Table

Page

Total EconomyCurrent Account

S.1.a

142

Selected Aggregates for Total Economy and Sectors

S.2.a

143

Households and Nonprofit Institutions Serving Households

S.3.a

145

Nonfinancial Noncorporate Business

S.4.a

148

Nonfinancial Corporate Business

S.5.a

151

Financial Business

S.6.a

154

Federal Government

S.7.a

157

State and Local Governments

S.8.a

160

Rest of the World

S.9.a

163

Integrated Macroeconomic Accounts for the United States

Life insurance reserves


Pension entitlements
Taxes payable
Equity in noncorp. business
U.S. direct investment abroad
Foreign direct investment in U.S.
Miscellaneous

37
38
39
40
41
42
43
-274.8

36.4
556.9
--7.0
--13.3

-47.2
518.3
-53.0

-465.7
-0.1
-140.5
-101.4
-78.1
-128.8
--3.3
-7.5
-5.9

---0.9
-119.3
409.1
-15.8
--

759.6
1171.4
--

2570.8
1811.1
1229.1
452.3
137.1
--7.3

----

U
(1)

--

------2.1

--3.1
30.4

376.3
----4.8
-129.3
2.5
30.8
218.4

----------

--411.8

--------

2296.0
1428.9
867.1

S
(2)

Households
and Nonprofit
Organizations

298.4

----233.3
-328.9

-0.9
132.2
--

-1.1
-4.3
2.1
4.1
-1.5
----0.2
-1.3

---1.7
-68.0
26.9
37.4
4.2

-298.6
832.5
--

1753.0
2051.6
-106.7
1858.8
84.3
1.8

----

U
(3)

--

--14.6
-9.7
-94.5
686.9

-422.9
-96.0
--

671.7
37.9
---0.1
267.8
157.0
53.1
155.9
--

----------

--1131.1

--------

2051.4
1576.2
475.3

S
(4)

Nonfinancial
Business

Flow of Funds Matrix for 2014

3.0

--5.8
---4.7

0.1
0.0
6.7
--

-11.2
-9.1
17.0
-20.1
0.0
0.2
--0.9
--

-----17.1
20.7
2.5
2.4

-256.1
49.0
--

88.4
344.5
-5.3
330.9
-8.3

----

U
(5)

--

------278.0

--40.8
--

-13.7
----14.0
--0.4
---

----------

--305.1

--------

91.4
245.5
-154.2

S
(6)

State
and Local
Governments

-56.8

--50.2
---14.2

-1.6
-1.0
--

116.3
--0.0
--0.0
-2.5
1.7
112.1

0.0
----60.8
0.2
---

-557.8
241.1
--

-306.6
251.2
-1.5
252.5
--2.8

----

U
(7)

--

0.8
-----108.1

--23.1
--

667.1
-667.2
-0.1
----0.0
--

0.0
0.0
-0.3
-------

--798.9

--------

-363.5
274.4
-637.9

S
(8)

Federal
Government

-30.3

36.4
556.9
56.1
-7.0
233.3
-361.0

-48.7
519.3
139.9
53.0

-361.6
-13.5
-121.4
-117.5
-79.6
-128.7
--0.8
-5.1
104.9

0.0
--2.6
-265.3
456.9
24.0
6.6

-352.9
2294.0
--

4105.6
4458.5
1229.1
565.8
2579.3
84.3
-0.0

----

U
(9)

--

0.8
-14.6
-9.7
-94.5
1075.1

-422.9
-163.0
30.4

1701.4
37.9
667.2
-0.1
-18.8
267.8
286.3
56.0
186.7
218.4

0.0
0.0
-0.3
-------

--2646.9

--------

4075.3
3525.0
550.3

S
(10)

Domestic
Nonfinancial
Sectors

(Billions of dollars; All Sectors -- Flows)

-34.3

10.9
---34.8
-735.6

160.0
15.8
2.6
42.8

1965.5
-11.7
521.5
247.6
58.1
419.8
308.2
109.0
199.5
113.5

0.2
0.0
0.8
-9.6
131.4
5.9
4.7
-20.8
-6.8

111.2
3073.8
--

325.7
214.6
--0.0
214.6
---

----

U
(11)

--

46.5
556.9
21.1
2.7
-2.2
288.6

221.7
586.1
3.4
65.4

240.8
-36.6
-140.4
-58.2
-7.1
78.2
7.7
--

----44.0
351.6
515.7
9.6
6.4

--2962.6

--------

291.4
185.9
105.5

S
(12)

Domestic
Financial
Sectors

395.7

-----96.7
--

121.7
51.0
6.3
--

501.1
3.9
267.1
10.2
2.7
188.5
-28.7
---

0.0
----39.8
79.6
54.1
6.3
88.1

70.9
965.1
--

70.9
0.0
----0.0

----

U
(13)

--

----268.1
--0.4

434.1
--15.0
--

162.8
-22.6
---153.7
28.9
2.8
---

0.2
--9.6
----34.8

--894.2

--------

466.7
-466.7

S
(14)

Rest of
the World

General notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government.

Sector discrepancies (1 less 4)

Corporate equities
Mutual fund shares
Trade credit
Security credit

33
34
35
36

44

Credit market instruments


Open market paper
Treasury securities
Agency- and GSE-backed sec.
Municipal securities
Corporate and fgn. bonds
Depository inst. loans n.e.c.
Other loans and advances
Mortgages
Consumer credit

23
24
25
26
27
28
29
30
31
32

Net lending (+) or net borrowing (-)


Total financial assets
Total liabilities

11
12
13

U.S. official reserve assets


SDR certificates
Treasury currency
Foreign deposits
Interbank claims
Checkable dep. and currency
Time and savings deposits
Money market fund shares
Fed. funds and security RPs

Gross investment (5 plus 11)


Capital expenditures
Consumer durables
Residential
Nonresidential
Inventory change
Nonproduced nonfinancial assets

4
5
6
7
8
9
10

14
15
16
17
18
19
20
21
22

Gross saving less net cap. transfers


Capital consumption
Net saving (1 less 2)

1
2
3

Z.1, March 12, 2015

331.2

47.3
556.9
56.1
-7.0
268.1
96.7
1096.6

232.9
586.1
148.8
95.8

2105.0
-21.2
667.2
140.2
-18.8
479.6
308.2
137.0
194.4
218.4

0.2
0.0
0.8
-7.0
91.6
350.7
515.7
9.6
87.9

-170.9
6332.8
--

4502.2
4673.1
1229.1
565.8
2793.9
84.3
--

----

U
(15)

S
(16)

--

47.3
556.9
35.7
-7.0
268.1
96.7
1363.3

232.9
586.1
151.3
95.8

2105.0
-21.2
667.2
140.2
-18.8
479.6
308.2
137.0
194.4
218.4

0.2
0.0
-0.3
9.6
44.0
351.6
515.7
9.6
41.2

--6503.7

--------

4833.4
3710.9
1122.5

All
Sectors

----

Summary

331.2

---20.3
---266.7

--2.5
--

-----------

---1.1
16.5
-47.6
0.9
---46.7

170.9
---

331.2
160.3
------

(17)

Instrument
Discrepancy

U.S. official reserve assets


SDR certificates
Treasury currency
Foreign deposits
Interbank claims

Checkable dep. and currency


Time and savings deposits
Money market fund shares
Fed. funds and security RPs

Credit market instruments


Open market paper
Treasury securities
Agency- and GSE-backed sec.
Municipal securities
Corporate and fgn. bonds
Depository inst. loans n.e.c.
Other loans and advances
Mortgages
Consumer credit

Corporate equities
Mutual fund shares
Trade credit
Security credit

Life insurance reserves


Pension entitlements
Taxes payable
Equity in noncorp. business
U.S. direct investment abroad
Foreign direct investment in U.S.
Miscellaneous

4
5
6
7
8

9
10
11
12

13
14
15
16
17
18
19
20
21
22

23
24
25
26

27
28
29
30
31
32
33

1276.9
20814.3
-9337.7
--938.2

13365.2
7804.2
-868.5

3355.8
14.9
705.9
1.1
1540.4
949.2
-22.6
68.6
53.2

1186.5
7871.7
1119.9
--

---53.4
--

67992.2
---

------29.9

--258.1
369.5

13496.9
---223.1
-222.0
143.8
9591.7
3316.3

-----

------

-14154.5
14154.5

----4534.5
-10085.2

-220.3
3122.5
--

264.8
33.4
92.4
13.4
15.9
---67.5
42.3

932.7
1044.7
639.0
12.9

---88.2
--

20944.9
---

--165.0
9317.8
-2737.4
5139.8

22554.4
-2489.3
--

11972.6
182.4
--518.4
4408.1
1933.1
1303.6
3627.0
--

-----

------

-54376.3
22504.2

L
(4)

A
(3)

A
(1)

L
(2)

Nonfinancial
Business

Households
and Nonprofit
Organizations

Flow of Funds Matrix for 2014

--137.2
---113.0

174.4
84.7
174.3
--

1521.5
66.3
601.2
461.2
13.6
169.3
--209.9
--

141.0
322.6
165.8
132.3

------

2967.0
---

A
(5)

------1290.2

--826.6
--

2927.5
---2910.9
--16.6
---

-----

------

-5044.2
5044.2

L
(6)

State
and Local
Governments

--173.0
---164.1

33.4
-49.8
--

1156.0
--0.0
-0.5
-196.4
117.2
841.9

224.2
1.7
---

100.6
-----

1902.9
---

A
(7)

51.3
-----3498.2

--271.5
--

13019.9
-12995.6
24.4
----0.0
--

-----

51.2
5.2
25.3
---

-16922.6
16922.6

L
(8)

Federal
Government

1276.9
20814.3
310.2
9337.7
4534.5
-11300.6

13573.0
8109.3
3346.6
868.5

6298.2
114.6
1399.5
475.6
1569.9
1119.1
-219.0
463.1
937.4

2484.3
9240.8
1924.6
145.2

100.6
--141.7
--

93807.0
---

A
(9)

51.3
-165.0
9317.8
-2737.4
9958.1

22554.4
-3845.5
369.5

41416.9
182.4
12995.6
24.4
3652.4
4408.1
2155.1
1464.0
13218.7
3316.3

-----

51.2
5.2
25.3
---

-90497.6
58625.5

L
(10)

Domestic
Nonfinancial
Sectors

(Billions of dollars; All Sectors -- Assets and Liabilities)

194.6
---948.8
-13270.6

17002.5
3842.8
133.5
463.6

42150.9
711.0
5426.9
6553.7
2003.7
7610.6
2816.9
1683.8
12965.4
2379.0

377.4
711.2
645.1
2732.3

32.0
5.2
46.3
24.1
2453.2

85034.0
---

A
(11)

1420.2
20814.3
-38.0
20.0
-561.5
7380.9

7290.3
12574.0
17.9
962.5

14161.2
363.6
-7910.0
-4748.5
356.2
573.1
209.8
--

3538.0
10451.2
2688.1
2942.0

----2794.3

-87578.5
80268.3

L
(12)

Domestic
Financial
Sectors

-----3298.9
--

5881.3
622.0
159.5
--

10266.4
104.7
6169.2
905.1
78.8
2839.4
-169.2
---

670.9
499.2
118.5
822.2

51.2
---374.5

22764.5
---

A
(13)

----5483.3
-159.8

6612.1
-38.7
--

3137.5
384.3
---2412.5
305.7
35.0
---

---756.4

121.5
--966.3
--

-17275.6
10663.4

L
(14)

Rest of
the World

1471.5
20814.3
310.2
9337.7
5483.3
3298.9
24571.1

36456.8
12574.0
3639.6
1332.0

58715.6
930.4
12995.6
7934.4
3652.4
11569.1
2816.9
2072.0
13428.5
3316.3

3532.6
10451.2
2688.1
3699.7

183.7
5.2
46.3
165.8
2827.7

201605.6
---

A
(15)

L
(16)

1471.5
20814.3
127.0
9337.7
5483.3
3298.9
17498.8

36456.8
12574.0
3902.1
1332.0

58715.6
930.4
12995.6
7934.4
3652.4
11569.1
2816.9
2072.0
13428.5
3316.3

3538.0
10451.2
2688.1
3698.4

172.7
5.2
25.3
966.3
2794.3

-195351.7
149557.2

All
Sectors

General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2 is the sum of
corporate equities (line 23) and equity in noncorporate business (line 30). The matrix shows a discrepancy in column 17 for monetary gold (line 4) because by international accounting convention, monetary gold is a financial asset
without a corresponding liability.

Total financial assets


Total liabilities and equity
Total liabilities

1
2
3

Z.1, March 12, 2015

---183.2
----7072.3

--262.5
--

-----------

5.4
---1.3

-11.0
--21.0
800.5
-33.4

-6253.8
---

(17)

Instrument
Discrepancy

Summary
2

Domestic
financial
sectors

Foreign

Summary

Z.1, March 12, 2015

D.1 Credit Market Debt Growth by Sector 1


In percent; quarterly figures are seasonally adjusted annual rates
Domestic nonfinancial sectors

Total

Total

Households
Home
mortgage

Business
Consumer
credit

Total

Corporate

State and
local
governments

Federal
government

1983
1984
1985
1986
1987

12.0
14.9
15.6
11.9
9.1

11.0
13.0
16.1
11.4
10.4

10.2
11.4
14.6
13.7
13.4

12.1
18.4
15.9
9.1
4.8

9.2
16.1
11.0
11.5
7.8

8.4
16.6
12.6
13.9
8.9

11.4
11.4
31.8
10.9
12.0

18.9
16.9
16.5
13.6
8.0

13.3
17.5
19.3
26.2
18.3

7.7
3.7
0.5
3.0
3.3

1988
1989
1990
1991
1992

9.1
7.2
6.5
4.4
4.6

9.9
9.1
7.1
5.1
5.4

11.8
10.9
8.8
7.0
6.5

6.7
6.3
1.9
-1.1
1.1

9.9
6.3
3.6
-2.1
-0.3

10.9
7.3
5.3
-2.1
0.6

6.0
5.3
5.0
9.2
1.5

8.0
7.0
11.0
11.1
10.9

13.1
10.5
8.6
5.9
8.5

-1.2
-2.0
2.8
3.4
4.0

1993
1994
1995
1996
1997

5.6
5.1
4.9
4.9
5.3

6.1
7.7
7.1
6.7
5.9

5.5
5.6
4.9
6.2
6.1

7.4
15.2
14.4
9.0
5.5

3.1
5.4
5.9
5.4
8.5

5.3
7.1
6.7
5.2
8.6

5.3
-3.9
-5.5
-2.0
4.9

8.3
4.7
4.1
4.0
0.6

9.7
14.0
11.4
12.4
12.0

15.8
-4.5
15.3
14.1
10.8

1998
1999
2000
2001
2002

6.5
6.2
4.9
6.1
7.1

7.5
8.0
9.0
9.6
10.6

8.0
9.4
8.7
10.6
13.3

7.2
7.8
11.4
8.6
5.6

11.5
10.5
9.1
5.2
2.2

10.8
9.6
8.3
3.8
0.1

6.2
3.3
1.4
8.8
11.1

-1.4
-1.9
-8.0
-0.2
7.6

19.4
16.6
10.7
10.6
9.6

4.5
1.8
7.5
-2.4
6.3

2003
2004
2005
2006
2007

7.8
9.0
9.0
8.4
8.2

11.9
11.1
11.2
10.3
7.1

14.5
13.5
13.4
11.2
7.4

5.3
5.6
4.5
5.2
6.1

1.1
5.6
8.1
9.8
12.4

0.1
3.0
5.3
7.4
11.5

8.3
11.4
5.8
3.9
5.5

10.9
9.0
7.0
3.9
4.9

10.7
8.6
9.4
10.3
12.9

1.8
8.6
8.1
21.2
15.7

2008
2009
2010
2011
2012

6.2
3.3
4.1
3.6
5.0

1.1
0.0
-1.1
-0.2
1.5

0.9
0.6
-1.7
-0.7
-0.7

1.3
-3.9
-1.0
4.1
6.2

5.8
-4.3
-0.9
3.0
4.8

4.1
-5.4
-1.2
4.3
6.4

0.6
4.0
2.3
-1.7
-0.2

24.2
22.7
20.2
11.4
10.9

6.0
-9.7
-5.7
-2.4
-3.0

-9.9
13.8
7.4
7.7
7.6

2013
2014

3.8
4.3

1.5
2.9

-0.0
0.2

6.0
7.1

5.1
5.9

6.4
6.3

-1.3
-0.5

6.5
5.4

1.5
1.7

9.5
5.5

2008 -- Q1
Q2
Q3
Q4

6.4
3.7
8.0
6.3

4.2
0.8
0.3
-1.1

3.5
1.1
-0.1
-0.9

6.2
2.5
-0.7
-2.8

8.7
7.4
5.7
1.0

8.3
6.4
4.7
-3.0

2.0
0.8
0.7
-1.0

10.4
5.9
36.5
37.2

6.4
6.8
7.1
3.3

-3.1
-0.9
-25.5
-12.7

2009 -- Q1
Q2
Q3
Q4

4.2
4.8
2.5
1.5

0.1
0.3
-0.2
-0.2

1.3
0.7
-0.0
0.5

-2.8
-5.8
-3.1
-4.1

-2.7
-3.7
-5.7
-5.3

-3.7
-4.2
-7.5
-6.8

2.6
4.8
3.8
4.3

25.4
27.1
18.9
12.7

-9.9
-12.6
-9.8
-7.4

4.7
12.6
10.8
22.1

2010 -- Q1
Q2
Q3
Q4

3.7
4.1
4.3
3.9

-2.4
-0.4
-1.2
-0.6

-3.9
-0.7
-1.7
-0.7

-2.9
-2.5
0.1
1.3

-1.5
-3.5
1.8
-0.4

-1.9
-5.4
3.1
-0.3

3.2
0.1
1.8
4.2

21.4
22.3
16.7
15.1

-6.1
-7.1
-5.0
-5.9

7.9
-3.0
5.7
17.5

2011 -- Q1
Q2
Q3
Q4

2.4
2.4
5.1
4.5

-0.1
-1.4
-0.3
0.9

-0.8
-0.7
-0.7
-0.6

4.3
3.4
3.9
4.6

1.7
3.3
3.4
3.6

2.7
4.9
4.8
4.5

-2.7
-3.3
-0.4
-0.6

8.3
8.5
15.6
11.3

-0.8
-4.3
-2.5
-1.9

15.1
15.8
-3.3
2.5

2012 -- Q1
Q2
Q3
Q4

5.1
5.5
3.8
5.2

1.1
2.7
0.5
1.9

-0.9
-0.6
-0.5
-0.6

5.5
7.2
5.2
6.1

4.0
3.7
4.2
6.9

5.8
5.0
5.5
8.9

0.0
2.1
-0.2
-2.6

12.6
11.6
8.4
9.3

-3.9
-5.0
-2.0
-1.2

-1.5
3.2
13.4
13.6

2013 -- Q1
Q2
Q3
Q4

4.1
3.0
3.5
4.4

0.7
1.6
3.1
0.6

-0.8
0.1
1.1
-0.5

6.1
5.5
6.3
5.4

3.5
4.9
7.0
4.4

5.7
5.5
9.1
4.6

1.9
-0.2
-3.7
-3.3

9.1
3.5
2.6
10.5

-0.6
0.2
0.6
5.9

13.4
5.2
7.1
11.9

2014 -- Q1
Q2
Q3
Q4

4.3
3.4
4.4
4.7

2.3
3.5
2.8
2.7

-0.6
0.1
0.7
0.7

6.5
8.2
6.7
6.0

6.1
5.0
5.0
7.2

8.0
4.1
5.1
7.5

-1.3
1.2
-2.8
1.1

6.0
2.5
7.2
5.4

-2.1
2.4
2.9
3.7

5.6
14.6
0.7
0.6

1. Data shown are on an end-of-period basis.

Summary

Z.1, March 12, 2015

D.2 Credit Market Borrowing by Sector


Billions of dollars; quarterly figures are seasonally adjusted annual rates
Domestic nonfinancial sectors

Total

Total

Households
Home
mortgage

Business
Consumer
credit

Total

Corporate

State and
local
governments

Federal
government

Domestic
financial
sectors

Foreign

1983
1984
1985
1986
1987

570.6
794.4
955.4
844.7
721.6

172.4
223.9
311.4
259.5
263.6

105.2
127.6
181.7
199.3
221.6

48.2
81.7
84.0
55.8
32.3

165.7
320.8
254.7
295.0
223.7

94.4
207.1
184.3
227.8
165.6

47.3
52.5
163.6
74.2
90.4

185.2
197.2
225.7
216.0
143.9

104.3
156.2
203.2
330.1
291.8

17.3
8.4
1.2
10.2
11.4

1988
1989
1990
1991
1992

786.3
684.3
658.8
472.6
514.4

272.2
276.3
233.5
183.6
204.3

215.6
224.9
200.0
174.5
173.0

46.6
47.0
15.1
-8.8
9.2

308.5
214.3
131.3
-80.5
-10.5

224.4
165.9
131.0
-54.3
16.0

50.4
47.4
47.1
91.2
16.5

155.1
146.4
246.9
278.2
304.0

249.8
224.8
207.8
153.1
236.5

-4.4
-7.9
11.1
13.4
16.4

1993
1994
1995
1996
1997

667.3
639.0
640.7
681.5
761.9

239.6
324.4
319.5
324.8
306.9

156.3
166.5
153.6
205.1
215.9

61.4
135.0
147.0
105.7
70.3

113.7
204.3
237.5
232.3
381.2

134.3
189.8
192.2
161.9
279.3

57.9
-45.5
-60.8
-20.5
50.8

256.1
155.9
144.4
144.9
23.1

292.9
464.4
433.6
523.2
570.3

67.5
-23.2
76.4
89.0
77.7

1998
1999
2000
2001
2002

984.7
1007.2
846.2
1106.6
1369.0

412.2
473.8
574.4
666.1
812.1

301.5
379.2
383.5
508.2
706.0

97.1
112.4
176.5
150.6
105.2

558.2
567.3
550.8
340.6
154.8

379.2
373.5
358.4
177.1
3.0

66.8
37.3
16.9
105.5
144.6

-52.6
-71.2
-295.9
-5.6
257.6

1026.5
1052.6
790.8
862.3
881.5

36.0
15.4
60.5
-21.1
53.6

2003
2004
2005
2006
2007

1598.6
1990.7
2234.3
2289.5
2412.7

1004.7
1051.8
1177.0
1201.5
913.2

872.1
934.7
1053.3
997.7
733.5

105.9
117.2
100.4
120.5
151.3

77.3
398.1
608.7
803.7
1115.8

3.4
143.4
266.9
388.3
652.5

120.5
178.8
141.7
100.9
146.7

396.0
361.9
306.9
183.4
237.1

1071.6
938.8
1113.7
1336.4
1834.3

17.2
99.1
103.9
286.7
260.9

2008
2009
2010
2011
2012

1990.4
1102.4
1405.4
1287.9
1827.9

145.6
1.2
-154.0
-29.2
201.8

93.6
66.3
-182.1
-70.6
-63.2

34.9
-103.6
-25.3
108.5
169.7

587.7
-455.7
-90.3
301.9
491.2

262.2
-358.6
-70.8
259.2
403.7

17.9
113.0
69.5
-52.7
-5.3

1239.2
1443.9
1580.2
1067.9
1140.2

978.2
-1663.4
-901.8
-341.4
-419.3

-198.2
222.2
149.0
172.8
188.6

2013
2014

1463.0
1701.4

196.8
376.3

-1.1
22.8

174.3
218.4

546.0
671.7

426.7
449.1

-38.9
-13.7

759.1
667.1

213.1
240.8

268.8
162.8

2008 -- Q1
Q2
Q3
Q4

2055.8
1214.1
2608.8
2083.0

587.4
118.2
36.7
-159.7

373.2
116.7
-14.8
-100.5

163.4
67.6
-17.7
-73.7

879.7
763.5
604.7
102.7

526.7
414.3
309.9
-202.4

55.7
22.7
20.6
-27.3

533.0
309.7
1946.8
2167.3

1038.2
1114.9
1193.4
566.4

-62.5
-18.7
-494.6
-217.1

2009 -- Q1
Q2
Q3
Q4

1418.1
1630.2
856.6
504.9

14.3
45.7
-23.2
-31.9

142.7
70.0
-4.9
57.3

-74.1
-153.1
-81.3
-106.0

-284.3
-388.4
-599.1
-551.0

-243.8
-274.5
-483.1
-433.2

73.9
139.2
111.3
127.6

1614.2
1833.6
1367.6
960.1

-1687.8
-2153.7
-1617.1
-1194.9

76.0
203.3
189.6
419.8

2010 -- Q1
Q2
Q3
Q4

1289.7
1429.1
1523.4
1379.6

-322.6
-54.5
-164.4
-74.7

-410.1
-76.4
-175.9
-65.9

-73.3
-64.7
3.6
33.0

-154.9
-349.9
181.0
-37.3

-117.3
-329.7
184.9
-21.3

95.2
2.0
54.2
126.9

1672.1
1831.5
1452.6
1364.7

-958.1
-1066.6
-736.7
-845.7

158.7
-62.4
116.4
383.2

2011 -- Q1
Q2
Q3
Q4

848.3
862.1
1821.1
1620.1

-19.5
-180.9
-36.5
120.2

-79.9
-70.4
-71.7
-60.5

112.8
90.1
106.3
124.8

167.3
326.1
344.6
369.4

163.4
295.3
297.1
280.9

-83.2
-99.2
-11.0
-17.4

783.7
816.1
1524.1
1147.8

-112.3
-620.6
-358.3
-274.3

341.1
371.3
-81.6
60.4

2012 -- Q1
Q2
Q3
Q4

1866.4
2049.1
1434.8
1961.4

142.6
350.5
68.1
246.1

-91.1
-59.4
-47.0
-55.1

152.4
201.7
148.9
175.7

406.7
384.8
436.7
736.5

361.0
318.3
350.9
584.7

1.1
61.2
-4.9
-78.5

1315.9
1252.6
934.8
1057.3

-544.6
-692.7
-268.4
-171.5

-38.3
79.9
344.1
368.6

2013 -- Q1
Q2
Q3
Q4

1589.6
1150.7
1377.7
1733.9

95.6
206.9
403.2
81.7

-76.3
10.2
104.0
-42.5

179.0
162.9
190.6
164.7

380.7
535.2
776.1
491.9

382.1
377.5
626.0
321.2

57.3
-4.9
-109.4
-98.5

1056.0
413.6
307.9
1258.8

-82.3
33.3
87.6
813.7

378.6
151.0
201.7
344.0

2014 -- Q1
Q2
Q3
Q4

1694.2
1383.6
1789.8
1938.0

304.0
460.8
379.1
361.2

-52.1
9.6
65.8
67.8

202.7
259.4
216.6
195.1

688.0
572.7
581.3
844.7

567.4
294.2
376.6
558.0

-38.8
35.7
-83.7
32.2

741.0
314.4
913.1
700.0

-295.7
339.2
402.8
516.7

167.4
444.9
21.5
17.5

Domestic
financial
sectors

Foreign

Summary

Z.1, March 12, 2015

D.3 Credit Market Debt Outstanding by Sector 1


Billions of dollars; quarterly figures are seasonally adjusted
Domestic nonfinancial sectors
Households
Home
mortgage

Business
Consumer
credit

Corporate

Federal
government

Total

Total

1983
1984
1985
1986
1987

5344.2
6138.2
7111.8
7953.5
8656.8

1719.8
1939.8
2272.0
2529.5
2747.1

1116.4
1243.3
1450.2
1649.0
1828.6

444.9
526.6
610.6
666.4
698.6

1996.2
2320.6
2572.0
2866.0
3117.4

1247.2
1458.0
1638.9
1865.8
2059.2

461.1
513.6
677.9
752.1
842.6

1167.0
1364.2
1589.9
1805.9
1949.8

890.1
1054.9
1259.0
1596.6
1899.7

228.7
228.9
335.5
346.6
357.7

1988
1989
1990
1991
1992

9439.6
10141.0
10827.2
11296.4
11813.9

3036.3
3305.1
3567.8
3755.0
3959.4

2054.8
2260.1
2489.3
2667.4
2840.4

745.2
809.3
824.4
815.6
824.8

3405.5
3644.3
3773.8
3686.4
3679.1

2263.5
2454.1
2583.3
2524.4
2543.6

893.0
940.4
987.4
1078.6
1095.1

2104.9
2251.2
2498.1
2776.4
3080.3

2149.5
2402.8
2613.8
2766.8
3018.9

393.7
389.7
396.7
406.7
426.4

1993
1994
1995
1996
1997

12496.1
13141.4
13797.9
14479.4
15239.2

4201.3
4525.0
4844.5
5182.3
5489.2

2999.0
3165.5
3319.2
3537.3
3753.2

886.2
1021.2
1168.2
1273.9
1344.2

3805.2
4016.5
4269.8
4489.1
4868.3

2690.4
2887.2
3095.2
3244.1
3521.3

1153.0
1107.5
1046.7
1026.2
1076.9

3336.5
3492.3
3636.7
3781.7
3804.8

3317.2
3789.7
4226.3
4749.5
5299.7

521.1
501.0
631.3
721.4
802.2

1998
1999
2000
2001
2002

16223.8
17265.4
18121.5
19211.1
20580.1

5901.4
6375.3
6959.5
7625.7
8437.7

4054.7
4431.6
4813.9
5322.0
6028.0

1441.3
1553.6
1741.3
1891.8
1997.0

5426.5
6028.2
6579.0
6902.6
7057.4

3900.4
4308.3
4666.7
4826.9
4829.8

1143.8
1181.0
1197.9
1303.4
1447.9

3752.2
3681.0
3385.1
3379.5
3637.0

6326.2
7376.5
8168.4
9156.8
10038.3

842.9
804.4
868.2
849.9
956.3

2003
2004
2005
2006
2007

22222.9
24945.4
27179.7
29514.0
31903.6

9472.5
10544.3
11721.3
12946.8
13832.0

6909.9
7859.4
8912.7
9910.4
10613.3

2102.9
2220.1
2320.6
2461.9
2615.7

7148.9
7558.0
8166.7
8991.1
10111.8

4847.3
5001.7
5268.6
5677.7
6336.7

1568.4
2448.2
2589.8
2690.8
2837.5

4033.1
4395.0
4701.9
4885.3
5122.3

10945.2
11898.8
12958.0
14261.5
16206.5

1157.1
1285.7
1351.1
1658.4
1997.2

2008
2009
2010
2011
2012

33756.2
34470.5
35619.0
36758.2
38423.0

13851.4
13560.1
13231.1
13060.6
13060.3

10580.7
10419.4
9915.5
9698.3
9494.7

2650.6
2552.8
2647.4
2755.9
2923.6

10687.9
10136.5
9964.3
10258.7
10789.0

6593.9
6151.1
6013.4
6272.6
6719.8

2855.4
2968.4
3038.0
2985.3
2980.0

6361.5
7805.4
9385.6
10453.6
11593.7

17104.6
15715.6
14455.7
14036.3
13802.4

1605.0
2006.5
2258.5
2485.5
2828.0

2013
2014

39766.9
41416.9

13169.4
13496.9

9405.8
9379.8

3097.9
3316.3

11303.6
11972.6

7119.6
7568.6

2941.1
2927.5

12352.8
13019.9

13948.3
14161.2

2966.2
3137.5

2008 -- Q1
Q2
Q3
Q4

32396.7
32667.5
33280.5
33756.2

13958.9
13957.3
13934.2
13851.4

10686.7
10684.7
10648.7
10580.7

2656.6
2673.5
2669.1
2650.6

10330.8
10520.1
10664.4
10687.9

6468.4
6571.9
6644.4
6593.9

2851.4
2857.1
2862.2
2855.4

5255.6
5333.0
5819.7
6361.5

16455.6
16716.8
16991.1
17104.6

2016.9
1941.7
1705.5
1605.0

2009 -- Q1
Q2
Q3
Q4

34001.6
34355.3
34503.3
34470.5

13738.6
13699.0
13630.3
13560.1

10570.6
10531.4
10467.2
10419.4

2632.1
2599.6
2579.3
2552.8

10624.1
10524.1
10371.1
10136.5

6542.5
6473.9
6353.1
6151.1

2873.9
2908.7
2936.5
2968.4

6765.1
7223.5
7565.4
7805.4

17106.5
16534.5
16098.0
15715.6

1610.4
1751.5
1901.2
2006.5

2010 -- Q1
Q2
Q3
Q4

34803.2
35110.6
35447.6
35619.0

13473.7
13412.7
13330.0
13231.1

10268.8
10202.3
10116.7
9915.5

2538.1
2521.9
2522.8
2647.4

10113.8
10023.9
10066.9
9964.3

6139.0
6056.6
6102.8
6013.4

2992.2
2992.7
3006.2
3038.0

8223.4
8681.3
9044.5
9385.6

14941.5
14651.9
14447.1
14455.7

2067.7
2056.6
2195.7
2258.5

2011 -- Q1
Q2
Q3
Q4

35790.1
35970.5
36389.2
36758.2

13187.2
13108.8
13064.9
13060.6

9856.6
9800.4
9747.7
9698.3

2675.6
2698.2
2724.7
2755.9

10004.1
10083.7
10168.1
10258.7

6054.2
6128.0
6202.3
6272.6

3017.2
2992.3
2989.6
2985.3

9581.6
9785.6
10166.6
10453.6

14408.8
14229.8
14121.8
14036.3

2347.2
2479.0
2458.1
2485.5

2012 -- Q1
Q2
Q3
Q4

37183.9
37652.9
37966.3
38423.0

13064.0
13110.1
13031.7
13060.3

9640.8
9586.4
9539.0
9494.7

2794.0
2842.5
2879.7
2923.6

10351.8
10446.3
10605.5
10789.0

6353.5
6433.1
6572.7
6719.8

2985.5
3000.8
2999.6
2980.0

10782.6
11095.7
11329.4
11593.7

13945.9
13752.7
13853.2
13802.4

2522.7
2558.7
2718.8
2828.0

2013 -- Q1
Q2
Q3
Q4

38792.8
39054.7
39365.8
39766.9

13057.9
13085.1
13165.0
13169.4

9449.3
9427.4
9432.4
9405.8

2968.4
3009.1
3056.7
3097.9

10882.8
11015.4
11196.9
11303.6

6815.2
6909.6
7054.7
7119.6

2994.3
2993.1
2965.7
2941.1

11857.7
11961.1
12038.1
12352.8

13766.2
13759.6
13765.8
13948.3

2882.8
2829.7
2885.0
2966.2

2014 -- Q1
Q2
Q3
Q4

40175.6
40509.0
40944.4
41416.9

13231.4
13334.7
13418.1
13496.9

9378.8
9369.3
9374.3
9379.8

3148.6
3213.4
3267.6
3316.3

11474.7
11617.3
11762.0
11972.6

7261.3
7334.8
7429.0
7568.6

2931.4
2940.4
2919.4
2927.5

12538.1
12616.7
12844.9
13019.9

13865.8
13944.4
14038.6
14161.2

3041.4
3208.6
3157.6
3137.5

1. Data shown are on an end-of-period basis.

Total

State and
local
governments

Summary

Z.1, March 12, 2015

F.1 Total Credit Market Borrowing and Lending (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

2011

2012

2013

2014

2013
Q3

1
2

Credit market borrowing


Domestic nonfinancial sectors

2014
Q4

Q1

Q2

Q3

Q4

652.6

1119.3

1597.2

1944.9

2105.0

1667.1

2891.6

1566.0

2167.7

2214.1

2472.2

1405.4

1287.9

1827.9

1463.0

1701.4

1377.7

1733.9

1694.2

1383.6

1789.8

1938.0

3
4
5

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

-154.0
-70.8
-19.4

-29.2
259.2
42.7

201.8
403.7
87.5

196.8
426.7
119.3

376.3
449.1
222.6

403.2
626.0
150.1

81.7
321.2
170.7

304.0
567.4
120.6

460.8
294.2
278.5

379.1
376.6
204.7

361.2
558.0
286.7

3
4
5

6
7

Federal government
State and local governments

1580.2
69.5

1067.9
-52.7

1140.2
-5.3

759.1
-38.9

667.1
-13.7

307.9
-109.4

1258.8
-98.5

741.0
-38.8

314.4
35.7

913.1
-83.7

700.0
32.2

6
7

-901.8

-341.4

-419.3

213.1

240.8

87.6

813.7

-295.7

339.2

402.8

516.7

Domestic financial sectors

9
10
11

U.S.-chartered depository institutions


Foreign banking offices in U.S.
Credit unions

-217.6
0.0
-0.4

-50.5
0.0
-2.0

-110.8
0.0
0.9

-33.5
0.0
1.9

41.7
0.0
8.1

-53.5
0.0
12.5

63.6
0.0
1.7

-25.8
0.0
1.7

106.3
0.0
10.2

35.8
0.0
12.7

50.6
0.0
7.6

9
10
11

12
13
14

Life insurance companies


Government-sponsored enterprises
Agency- and GSE-backed mortgage pools

-3.2
-233.8
186.9

1.8
-187.2
165.3

4.8
-154.6
132.2

7.8
107.5
132.4

11.2
64.9
75.4

-2.9
40.2
154.4

22.5
210.1
144.1

7.7
-355.5
77.4

8.0
156.9
27.8

13.7
142.5
83.4

15.3
315.8
113.1

12
13
14

15
16
17

ABS issuers
Finance companies
REITs

-413.9
-174.9
0.1

-174.2
-13.5
25.6

-145.1
-56.7
35.5

-235.5
4.2
178.4

-72.2
26.9
54.5

-69.8
41.3
38.5

-64.6
-0.2
116.8

-161.0
-24.5
140.1

-75.0
11.6
49.4

-9.8
48.0
1.0

-42.8
72.6
27.7

15
16
17

18
19
20

Brokers and dealers


Holding companies
Funding corporations

36.9
-16.5
-65.3

-37.9
-16.5
-52.4

-1.7
-99.9
-23.9

22.2
0.5
27.0

11.5
-8.4
27.0

-27.8
-27.5
-17.8

65.1
203.8
50.8

41.3
12.9
-10.0

-37.4
4.0
77.5

42.1
-45.0
78.3

-0.1
-5.3
-37.8

18
19
20

149.0

172.8

188.6

268.8

162.8

201.7

344.0

167.4

444.9

21.5

17.5

21

652.6

1119.3

1597.2

1944.9

2105.0

1667.1

2891.6

1566.0

2167.7

2214.1

2472.2

22

71.3

-265.9

-119.2

-490.5

-361.6

-438.0

-158.3

-821.1

-387.9

-237.3

-0.3

23

-94.6
2.6
6.6

-214.1
-7.1
1.0

-247.2
-12.6
1.3

-543.0
-44.0
2.1

-465.7
-4.9
3.9

-378.1
-34.2
2.4

-178.3
-49.8
2.7

-989.3
8.0
2.3

-444.2
-8.9
4.5

-257.4
-23.2
3.4

-171.7
4.3
5.3

24
25
26

84.5
72.2

18.3
-64.0

104.9
34.4

124.2
-29.7

116.3
-11.2

118.5
-146.6

114.2
-47.2

130.2
27.8

110.6
-49.9

114.5
-74.5

109.8
52.0

27
28

-37.9

1147.7

1272.9

1884.2

1965.5

1651.1

2082.1

1882.9

2157.7

1869.2

1952.1

29

271.5
-120.7
-24.4
-19.3
24.9

376.5
173.7
42.5
-4.9
38.6

34.5
424.0
5.8
-0.1
47.0

1086.1
253.5
-7.2
0.3
50.2

480.6
672.5
56.6
-5.6
63.3

1023.6
53.6
68.1
-3.2
56.3

1102.9
513.8
21.5
5.6
30.6

911.1
667.0
67.0
-0.3
48.5

538.5
763.4
54.6
-10.3
75.6

299.7
534.2
-3.0
-7.0
82.0

173.1
725.4
107.9
-4.6
47.1

30
31
32
33
34

21
22
23

Rest of the world


Credit market lending
Domestic nonfinancial sectors

24
25
26

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

27
28

Federal government
State and local governments

29

Domestic financial sectors

30
31
32
33
34

Monetary authority
U.S.-chartered depository institutions
Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions

35
36

Property-casualty insurance companies


Life insurance companies

3.9
151.6

36.2
125.3

1.0
74.3

25.3
77.4

13.9
118.7

27.2
51.2

38.3
124.4

-10.3
133.4

14.5
101.2

44.3
100.3

7.2
139.9

35
36

37
38
39

Private pension funds


Federal government retirement funds
State and local govt. retirement funds

120.6
10.9
22.4

73.6
25.6
14.4

146.6
15.4
8.0

50.7
9.4
62.3

33.1
16.9
96.8

42.5
-381.4
9.9

39.8
477.4
83.8

-8.2
6.1
61.4

78.8
9.4
240.9

45.5
20.6
1.3

16.3
31.6
83.7

37
38
39

40
41
42
43

Money market mutual funds


Mutual funds
Closed-end funds
Exchange-traded funds

-396.6
353.6
5.2
29.7

-9.8
359.4
-1.7
46.1

-82.7
642.0
11.2
52.3

30.8
363.9
13.6
12.2

-120.8
457.7
-3.9
51.0

116.6
231.1
-1.8
17.3

-169.5
295.2
1.7
-9.7

-256.1
329.7
1.1
43.8

-354.0
494.8
2.8
48.2

150.4
491.1
-10.6
24.4

-23.6
515.3
-8.9
87.6

40
41
42
43

44
45

Government-sponsored enterprises
Agency- and GSE-backed mortgage pools

-288.4
186.9

-163.2
165.3

-189.4
132.2

59.8
132.4

54.4
75.4

186.0
154.4

0.3
144.1

-188.3
77.4

102.1
27.8

193.8
83.4

110.1
113.1

44
45

46
47
48

ABS issuers
Finance companies
REITs

-404.2
-102.6
44.1

-170.0
-44.4
120.2

-138.7
-28.6
127.6

-230.0
-19.0
39.2

-67.8
12.9
35.8

-63.4
-15.3
-79.6

-68.9
-57.3
-193.5

-155.3
-2.0
64.7

-73.4
19.9
35.3

1.7
-5.4
-11.2

-44.0
39.2
54.4

46
47
48

49
50
51

Brokers and dealers


Holding companies
Funding corporations

32.2
22.1
38.8

5.7
3.1
-64.5

89.1
-50.1
-48.7

-175.4
56.2
-7.3

-81.0
-11.1
15.8

-40.6
184.6
14.1

-224.6
-27.6
-46.0

-57.8
-25.4
175.5

-28.8
-8.1
24.5

-145.4
36.3
-57.2

-92.0
-47.1
-79.5

49
50
51

619.2

237.4

443.5

551.1

501.1

454.0

967.8

504.1

397.8

582.2

520.4

52

52

Rest of the world

(1) Excludes corporate equities and mutual fund shares.

Summary

Z.1, March 12, 2015

F.2 Credit Market Borrowing by Nonfinancial Sectors


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

1
2

Domestic
By instrument

3
4
5
6
7

Commercial paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate bonds

8
9

Depository institution loans n.e.c.


Other loans and advances

10
11
12
13
14
15
16

Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit
By sector

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

1405.4

1287.9

1827.9

1463.0

1701.4

1377.7

1733.9

1694.2

1383.6

1789.8

1938.0

1405.4

1287.9

1827.9

1463.0

1701.4

1377.7

1733.9

1694.2

1383.6

1789.8

1938.0

24.5
1579.6
0.7
99.7
179.4

33.4
1066.8
1.1
-52.8
161.6

14.0
1140.6
-0.4
-4.9
324.1

14.2
759.5
-0.4
-43.2
278.1

37.9
667.2
-0.1
-18.8
267.8

92.0
307.4
0.5
-105.4
429.9

-35.2
1261.2
-2.4
-113.8
199.0

75.0
743.0
-1.9
-38.0
284.8

57.8
314.3
0.1
15.7
232.3

22.2
913.8
-0.7
-88.5
209.5

-3.2
697.9
2.1
35.5
344.4

3
4
5
6
7

-53.7
-82.4

70.7
63.6

276.9
-22.7

126.1
62.4

286.3
56.0

196.9
19.7

83.8
49.6

255.1
147.8

397.3
-51.8

193.7
79.8

299.2
48.0

8
9

-316.9
-161.8
-4.8
-158.5
8.1
-25.3

-165.0
-89.4
6.2
-95.0
13.1
108.5

-69.3
-75.6
35.6
-35.1
5.8
169.7

92.0
-4.0
34.2
56.7
5.1
174.3

186.7
29.2
63.4
89.5
4.6
218.4

246.2
109.7
44.6
86.7
5.1
190.6

127.1
-42.9
50.9
113.9
5.1
164.7

25.8
-49.9
45.2
25.9
4.5
202.7

158.5
18.3
42.4
93.2
4.6
259.4

243.4
75.8
67.3
95.7
4.6
216.6

319.1
72.5
98.8
143.1
4.6
195.1

10
11
12
13
14
15

1405.4

1287.9

1827.9

1463.0

1701.4

1377.7

1733.9

1694.2

1383.6

1789.8

1938.0

16

17
18
19
20

Household sector
Nonfinancial business
Corporate
Noncorporate

-154.0
-90.3
-70.8
-19.4

-29.2
301.9
259.2
42.7

201.8
491.2
403.7
87.5

196.8
546.0
426.7
119.3

376.3
671.7
449.1
222.6

403.2
776.1
626.0
150.1

81.7
491.9
321.2
170.7

304.0
688.0
567.4
120.6

460.8
572.7
294.2
278.5

379.1
581.3
376.6
204.7

361.2
844.7
558.0
286.7

17
18
19
20

21
22

Federal government
State and local governments

1580.2
69.5

1067.9
-52.7

1140.2
-5.3

759.1
-38.9

667.1
-13.7

307.9
-109.4

1258.8
-98.5

741.0
-38.8

314.4
35.7

913.1
-83.7

700.0
32.2

21
22

149.0

172.8

188.6

268.8

162.8

201.7

344.0

167.4

444.9

21.5

17.5

23

-2.7
127.4
24.0
0.3

-53.5
181.7
43.2
1.4

27.9
124.7
30.4
5.6

34.0
194.4
39.1
1.4

-22.6
153.7
28.9
2.8

-26.6
183.7
41.0
3.6

28.1
259.7
57.0
-0.8

63.8
48.2
54.9
0.5

33.9
349.8
56.4
4.8

-205.9
258.7
-30.6
-0.7

17.7
-42.1
35.1
6.7

24
25
26
27

1554.4

1460.7

2016.5

1731.8

1864.2

1579.4

2077.9

1861.7

1828.5

1811.2

1955.5

28

23
24
25
26
27
28

Foreign borrowing in U.S.


Commercial paper
Bonds
Depository institution loans n.e.c.
Other loans and advances
Domestic and foreign

F.3 Credit Market Borrowing by Financial Sectors


Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

By instrument

-901.8

-341.4

-419.3

213.1

240.8

87.6

813.7

-295.7

339.2

402.8

516.7

2
3
4
5

Open market paper


GSE issues
Agency- and GSE-backed mortgage pool sec.
Corporate bonds

-102.2
-233.8
186.9
-546.3

-68.2
-187.2
165.3
-237.4

-58.8
-154.6
132.2
-225.2

-48.9
107.5
132.4
-84.9

-36.6
64.9
75.4
58.2

-94.4
40.2
154.4
18.6

-29.2
210.1
144.1
259.0

-83.2
-355.5
77.4
30.8

30.9
156.9
27.8
105.0

48.5
142.5
83.4
15.2

-142.5
315.8
113.1
81.7

2
3
4
5

6
7
8

Depository institution loans n.e.c.


Other loans and advances
Mortgages

-62.5
-144.7
0.8

32.6
-60.0
13.5

-121.2
3.5
4.8

20.9
78.3
7.8

-7.1
78.2
7.7

-75.5
58.6
-14.3

114.4
95.1
20.2

6.1
16.0
12.6

-132.1
144.2
6.5

34.4
79.2
-0.3

63.4
73.3
11.9

6
7
8

-901.8

-341.4

-419.3

213.1

240.8

87.6

813.7

-295.7

339.2

402.8

516.7

By sector

10
11
12

U.S.-chartered depository institutions


Foreign banking offices in U.S.
Credit unions

-217.6
0.0
-0.4

-50.5
0.0
-2.0

-110.8
0.0
0.9

-33.5
0.0
1.9

41.7
0.0
8.1

-53.5
0.0
12.5

63.6
0.0
1.7

-25.8
0.0
1.7

106.3
0.0
10.2

35.8
0.0
12.7

50.6
0.0
7.6

10
11
12

13
14
15

Life insurance companies


Government-sponsored enterprises
Agency- and GSE-backed mortgage pools

-3.2
-233.8
186.9

1.8
-187.2
165.3

4.8
-154.6
132.2

7.8
107.5
132.4

11.2
64.9
75.4

-2.9
40.2
154.4

22.5
210.1
144.1

7.7
-355.5
77.4

8.0
156.9
27.8

13.7
142.5
83.4

15.3
315.8
113.1

13
14
15

16
17
18

ABS issuers
Finance companies
REITs

-413.9
-174.9
0.1

-174.2
-13.5
25.6

-145.1
-56.7
35.5

-235.5
4.2
178.4

-72.2
26.9
54.5

-69.8
41.3
38.5

-64.6
-0.2
116.8

-161.0
-24.5
140.1

-75.0
11.6
49.4

-9.8
48.0
1.0

-42.8
72.6
27.7

16
17
18

19
20
21

Brokers and dealers


Holding companies
Funding corporations

36.9
-16.5
-65.3

-37.9
-16.5
-52.4

-1.7
-99.9
-23.9

22.2
0.5
27.0

11.5
-8.4
27.0

-27.8
-27.5
-17.8

65.1
203.8
50.8

41.3
12.9
-10.0

-37.4
4.0
77.5

42.1
-45.0
78.3

-0.1
-5.3
-37.8

19
20
21

Summary

Z.1, March 12, 2015

F.4 Credit Market Borrowing, All Sectors, by Instrument


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

1
2
3
4
5
6
7
8
9
10

Total

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

652.6

1119.3

1597.2

1944.9

2105.0

1667.1

2891.6

1566.0

2167.7

2214.1

2472.2

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

-80.4
1579.6
-46.2
99.7
-239.5

-88.3
1066.8
-20.8
-52.8
105.9

-16.9
1140.6
-22.8
-4.9
223.6

-0.8
759.5
239.5
-43.2
387.6

-21.2
667.2
140.2
-18.8
479.6

-29.0
307.4
195.2
-105.4
632.2

-36.4
1261.2
351.8
-113.8
717.7

55.6
743.0
-280.0
-38.0
363.7

122.7
314.3
184.8
15.7
687.2

-135.3
913.8
225.2
-88.5
483.5

-128.0
697.9
431.0
35.5
384.1

2
3
4
5
6

Depository institution loans n.e.c.


Other loans and advances
Mortgages
Consumer credit

-92.2
-226.8
-316.1
-25.3

146.6
4.9
-151.6
108.5

186.1
-13.6
-64.5
169.7

186.1
142.1
99.8
174.3

308.2
137.0
194.4
218.4

162.4
81.9
231.8
190.6

255.2
143.8
147.3
164.7

316.2
164.4
38.5
202.7

321.6
97.2
165.0
259.4

197.5
158.3
243.1
216.6

397.7
128.0
330.9
195.1

7
8
9
10

385.5

52.7

537.0

703.5

819.0

519.1

502.6

531.9

1037.5

812.4

894.4

11

15.4
-255.1

-285.7
-456.7

-87.9
-359.5

65.1
-372.7

232.9
-422.9

-155.0
-414.1

85.9
-482.2

-165.4
-527.5

389.6
-275.3

229.8
-460.8

477.6
-427.9

12
13

79.2
191.4
370.1

7.0
164.1
338.4

103.3
168.3
624.9

275.2
162.5
638.4

434.1
221.7
586.1

78.7
180.3
674.1

381.8
186.4
416.7

325.0
37.1
697.3

365.9
299.0
647.9

509.7
180.9
582.6

535.8
369.7
416.7

14
15
16

Memo:
Funds raised through corporate equities and mutual fund shares
11
12
13
14
15
16

Total net issues


Corporate equities
Nonfinancial
Foreign shares purchased by
U.S. residents
Financial
Mutual fund shares

F.5 Net Increase in Liabilities and Its Relation to Net Acquisition of Financial Assets
Billions of dollars; quarterly figures are seasonally adjusted annual rates

1
2
3
4
5

Net flows through credit markets


(from table F.4, line 1)
U.S. official reserve assets
SDR certificates
Treasury currency
Foreign deposits

652.6

1119.3

1597.2

1944.9

2105.0

1667.1

2891.6

1566.0

2167.7

2214.1

2472.2

1.8
0.0
-0.3
71.6

15.9
0.0
0.0
-215.0

4.5
0.0
0.0
-144.0

-3.1
0.0
-0.4
32.7

0.2
0.0
-0.3
9.6

-4.0
0.0
-1.4
-4.2

-11.1
0.0
0.0
-236.2

-3.8
0.0
0.0
-118.5

3.1
0.0
0.0
-71.7

-3.6
0.0
-1.0
217.7

5.2
0.0
0.0
10.7

2
3
4
5

6
7
8
9
10

Net interbank transactions


Checkable deposits and currency
Small time and savings deposits
Large time deposits
Money market fund shares

-142.8
266.3
298.3
-182.7
-503.2

820.5
234.5
577.4
-173.3
-112.8

-194.5
267.7
539.6
-19.2
7.1

1129.2
332.6
307.0
102.1
28.9

44.0
351.6
367.6
148.1
9.6

516.4
126.2
557.4
242.6
263.6

150.7
743.1
173.2
120.0
-96.4

1176.0
183.4
517.3
231.4
-86.3

98.3
578.9
355.7
69.6
-143.8

290.5
229.8
449.6
-278.3
39.7

-1388.8
414.2
147.9
569.7
228.7

6
7
8
9
10

11
12
13
14

Security repurchase agreements


Corporate equities
Mutual fund shares
Trade payables

421.3
15.4
370.1
154.9

276.3
-285.7
338.4
81.6

251.3
-87.9
624.9
124.2

-473.0
65.1
638.4
182.0

41.2
232.9
586.1
151.3

-13.4
-155.0
674.1
193.4

-535.4
85.9
416.7
141.0

316.3
-165.4
697.3
59.9

160.0
389.6
647.9
235.3

-338.9
229.8
582.6
148.1

27.5
477.6
416.7
162.0

11
12
13
14

15
16
17
18

Security credit
Life insurance reserves
Pension entitlements
Taxes payable

105.0
14.4
596.4
19.4

-7.4
81.1
498.3
20.7

97.7
-11.9
497.6
11.2

104.3
30.0
498.7
11.8

95.8
47.3
556.9
35.7

44.8
45.3
498.4
34.4

209.9
34.4
590.5
76.9

147.5
64.6
526.7
32.0

225.5
17.1
569.7
42.6

172.7
40.2
527.4
16.2

-162.6
67.2
603.7
52.2

15
16
17
18

19
20

Noncorporate proprietors equity


Miscellaneous

163.8
602.0

-57.3
1234.5

-0.9
977.6

-46.6
1353.7

-7.0
1363.3

-73.9
2145.1

-48.5
729.9

12.4
2262.5

-46.3
1307.5

34.6
1064.0

-29.0
819.1

19
20

3431.5

5102.0

5050.5

6824.2

6503.7

7335.0

6068.4

7173.0

7210.2

6231.8

5399.7

21

21

Total financial sources

22
23
24
25
26
27

- Liabilities not identified as assets:


Treasury currency
Foreign deposits
Net interbank liabilities
Security repurchase agreements
Taxes payable
Miscellaneous

-1.1
49.2
25.8
54.6
-8.6
266.0

-0.7
-136.3
3.5
70.2
-8.1
598.0

-0.6
-137.3
5.7
-6.8
-19.7
486.5

-1.1
-11.7
56.8
-163.8
-19.2
61.1

-1.1
16.5
-47.6
-46.7
-20.3
266.7

-2.1
-10.0
-219.3
114.3
5.7
1098.9

-0.6
-278.6
185.7
-173.3
34.1
-72.1

-1.0
-10.1
189.5
-33.8
-23.1
56.2

-0.9
-142.5
-55.5
-305.6
-73.6
213.7

-1.8
209.7
-139.3
188.6
-11.8
768.5

-0.5
9.0
-185.3
-35.8
27.1
28.2

22
23
24
25
26
27

28
29
30
31

- Floats not included in assets:


Checkable deposits: State and local govt.
Federal govt.
Private domestic
Trade credit

0.0
0.0
-1.1
-10.2

0.0
-0.1
0.9
-31.4

0.0
0.6
0.9
47.8

0.0
0.4
-1.2
13.7

0.0
1.1
-0.3
2.5

0.0
3.6
1.0
41.4

0.0
-53.6
-2.8
60.7

0.0
-43.2
4.0
-52.2

0.0
97.6
0.1
15.7

0.0
4.4
-5.8
45.9

0.0
-54.3
0.6
0.7

28
29
30
31

32

Totals identified to sectors


as assets

3056.9

4606.0

4673.3

6889.0

6332.8

6301.5

6368.9

7086.8

7461.1

5173.3

5610.0

32

Summary

Z.1, March 12, 2015

L.1 Credit Market Debt Outstanding (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

2011

2012

2013

2014

2013
Q3

1
2

Total credit market debt owed by:


Domestic nonfinancial sectors

3
4
5

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

6
7

Federal government
State and local governments

Domestic financial sectors

2014
Q4

Q1

Q2

Q3

Q4

52333.1

53279.9

55053.3

56681.4

58715.6

55936.8

56681.4

57092.5

57564.9

58056.3

58715.6

35619.0

36758.2

38423.0

39766.9

41416.9

39266.2

39766.9

40189.4

40393.9

40841.5

41416.9

13231.1
6013.4
3950.9

13060.6
6272.6
3986.1

13060.3
6719.8
4069.1

13169.4
7119.6
4183.9

13496.9
7568.6
4404.0

13137.5
7053.9
4139.8

13169.4
7119.6
4183.9

13173.1
7258.2
4211.5

13278.2
7332.6
4280.3

13388.2
7435.1
4330.5

13496.9
7568.6
4404.0

3
4
5

9385.6
3038.0

10453.6
2985.3

11593.7
2980.0

12352.8
2941.1

13019.9
2927.5

11981.9
2953.1

12352.8
2941.1

12614.8
2931.8

12568.4
2934.4

12779.4
2908.3

13019.9
2927.5

6
7

14455.7

14036.3

13802.4

13948.3

14161.2

13762.7

13948.3

13856.7

13951.0

14034.9

14161.2

882.9
0.0
26.1

832.4
0.0
24.2

720.3
0.0
25.1

686.9
0.0
27.0

728.6
0.0
35.0

659.8
0.0
26.6

686.9
0.0
27.0

662.4
0.0
27.4

705.0
0.0
30.0

703.3
0.0
33.1

728.6
0.0
35.0

9
10
11

9
10
11

U.S.-chartered depository institutions


Foreign banking offices in U.S.
Credit unions

12
13
14

Life insurance companies


Government-sponsored enterprises
Agency- and GSE-backed mortgage pools

45.1
6434.5
1139.5

46.8
6247.3
1304.8

51.6
6092.7
1437.0

59.4
6200.2
1569.4

70.6
6265.1
1644.9

53.8
6147.7
1540.8

59.4
6200.2
1569.4

61.3
6111.4
1585.8

63.3
6150.6
1600.0

66.8
6186.2
1623.6

70.6
6265.1
1644.9

12
13
14

15
16
17

ABS issuers
Finance companies
REITs

2235.9
1280.7
339.9

1989.0
1261.9
365.5

1769.4
1205.1
401.0

1481.1
1209.3
579.4

1381.1
1236.3
633.9

1505.4
1206.6
550.2

1481.1
1209.3
579.4

1431.1
1198.5
614.4

1405.8
1201.6
626.8

1396.5
1215.6
627.0

1381.1
1236.3
633.9

15
16
17

18
19
20

Brokers and dealers


Holding companies
Funding corporations

129.7
1237.2
704.2

91.8
1220.8
651.8

90.2
1416.4
593.5

112.4
1402.7
620.5

123.9
1394.3
647.5

96.1
1363.4
612.2

112.4
1402.7
620.5

122.7
1405.9
635.8

113.4
1406.9
647.8

123.9
1395.6
663.2

123.9
1394.3
647.5

18
19
20

2258.5

2485.5

2828.0

2966.2

3137.5

2907.9

2966.2

3046.4

3220.0

3179.9

3137.5

21

52333.1

53279.9

55053.3

56681.4

58715.6

55936.8

56681.4

57092.5

57564.9

58056.3

58715.6

22

7631.3

7051.4

6988.5

6713.7

6298.2

6722.6

6713.7

6552.5

6383.1

6331.2

6298.2

23

21
22
23

Rest of the world


Total credit market assets held by:
Domestic nonfinancial sectors

24
25
26

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

4915.7
229.4
95.8

4390.0
222.3
96.8

4201.0
209.7
98.1

3874.8
165.7
100.2

3355.8
160.7
104.1

3892.6
169.0
99.5

3874.8
165.7
100.2

3670.0
158.8
100.8

3500.3
153.2
101.9

3434.4
150.9
102.7

3355.8
160.7
104.1

24
25
26

27
28

Federal government
State and local governments

792.4
1598.0

810.7
1531.6

915.6
1564.1

1039.8
1533.3

1156.0
1521.5

1021.4
1540.0

1039.8
1533.3

1083.0
1539.8

1099.7
1528.0

1140.0
1503.1

1156.0
1521.5

27
28

36288.0

37283.8

38556.1

40235.3

42150.9

39649.6

40235.3

40572.6

41072.9

41544.4

42150.9

29

29

Domestic financial sectors

30
31
32
33
34

Monetary authority
U.S.-chartered depository institutions
Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions

2259.2
9356.2
785.2
68.9
758.6

2635.6
9489.9
827.7
64.0
796.2

2670.1
9866.3
833.5
63.9
842.3

3756.3
10101.0
826.3
64.1
891.8

4236.9
10762.9
882.9
58.6
954.7

3475.1
9925.3
819.3
62.7
886.7

3756.3
10101.0
826.3
64.1
891.8

3970.1
10167.7
845.6
64.1
903.8

4108.2
10378.4
856.1
61.5
926.3

4188.2
10527.8
854.9
59.7
945.2

4236.9
10762.9
882.9
58.6
954.7

30
31
32
33
34

35
36

Property-casualty insurance companies


Life insurance companies

890.6
3174.2

926.8
3299.6

927.8
3373.9

953.1
3451.3

967.0
3570.0

943.5
3424.4

953.1
3451.3

950.5
3481.0

954.1
3508.5

965.2
3539.4

967.0
3570.0

35
36

37
38
39

Private pension funds


Federal government retirement funds
State and local govt. retirement funds

895.9
141.8
795.3

969.5
167.3
809.8

1116.2
182.7
817.7

1166.8
192.1
880.1

1199.9
209.0
976.9

1156.9
72.8
859.1

1166.8
192.1
880.1

1164.8
193.6
895.4

1184.5
196.0
955.6

1195.9
201.1
956.0

1199.9
209.0
976.9

37
38
39

40
41
42
43

Money market mutual funds


Mutual funds
Closed-end funds
Exchange-traded funds

1673.4
2969.9
146.4
132.7

1663.6
3329.3
144.7
178.8

1580.9
3981.3
155.9
231.1

1611.7
4345.2
169.4
243.3

1490.8
4803.0
165.5
294.3

1572.4
4287.7
169.0
245.8

1611.7
4345.2
169.4
243.3

1520.4
4462.9
169.7
254.3

1387.3
4583.4
170.4
266.3

1419.6
4692.3
167.8
272.4

1490.8
4803.0
165.5
294.3

40
41
42
43

44
45

Government-sponsored enterprises
Agency- and GSE-backed mortgage pools

6333.1
1139.5

6133.4
1304.8

5914.8
1437.0

5956.4
1569.4

5999.3
1644.9

5954.6
1540.8

5956.4
1569.4

5924.2
1585.8

5945.4
1600.0

5968.1
1623.6

5999.3
1644.9

44
45

46
47
48

ABS issuers
Finance companies
REITs

2184.1
1405.4
211.1

1941.5
1359.6
331.2

1728.3
1324.9
458.5

1445.4
1305.4
497.6

1349.8
1318.1
533.3

1470.7
1311.2
546.0

1445.4
1305.4
497.6

1396.8
1293.8
513.7

1371.9
1295.1
522.5

1365.5
1296.4
519.7

1349.8
1318.1
533.3

46
47
48

49
50
51

Brokers and dealers


Holding companies
Funding corporations

557.5
97.9
311.1

563.2
101.1
246.4

652.3
209.2
187.4

476.9
151.8
179.8

395.9
140.8
196.5

499.1
217.8
208.8

476.9
151.8
179.8

450.5
145.5
218.5

429.6
143.5
228.2

385.7
152.5
247.4

395.9
140.8
196.5

49
50
51

8413.9

8944.8

9508.7

9732.4

10266.4

9564.6

9732.4

9967.4

10108.9

10180.7

10266.4

52

52

Rest of the world

(1) Excludes corporate equities and mutual fund shares.

Summary

10

Z.1, March 12, 2015

L.2 Credit Market Debt Owed by Nonfinancial Sectors


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

1
2

Domestic
By instrument

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

35619.0

36758.2

38423.0

39766.9

41416.9

39266.2

39766.9

40189.4

40393.9

40841.5

41416.9

35619.0

36758.2

38423.0

39766.9

41416.9

39266.2

39766.9

40189.4

40393.9

40841.5

41416.9

3
4
5
6
7

Commercial paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate bonds

82.9
9361.5
24.2
3772.1
3376.6

116.3
10428.3
25.3
3719.4
3538.2

130.3
11568.9
24.9
3714.4
3862.2

144.5
12328.3
24.5
3671.2
4140.3

182.4
12995.6
24.4
3652.4
4408.1

171.2
11956.8
25.1
3685.7
4090.6

144.5
12328.3
24.5
3671.2
4140.3

180.2
12590.8
24.0
3660.8
4211.5

185.9
12544.4
24.0
3661.4
4269.6

208.5
12755.6
23.9
3631.1
4322.0

182.4
12995.6
24.4
3652.4
4408.1

3
4
5
6
7

8
9

Depository institution loans n.e.c.


Other loans and advances

1465.6
1269.4

1541.7
1333.0

1742.8
1372.4

1868.8
1408.0

2155.1
1464.0

1825.3
1404.5

1868.8
1408.0

1909.4
1440.7

2014.8
1428.3

2056.8
1444.8

2155.1
1464.0

8
9

13619.2
10446.7
824.4
2193.9
154.1
2647.4

13300.1
10203.2
830.7
2099.0
167.2
2755.9

13083.5
9980.4
866.2
2063.9
173.0
2923.6

13083.3
9884.2
900.4
2120.6
178.1
3097.9

13218.7
9862.1
963.9
2210.1
182.7
3316.3

13070.5
9913.5
887.7
2092.5
176.8
3036.6

13083.3
9884.2
900.4
2120.6
178.1
3097.9

13068.0
9851.2
911.7
2125.8
179.2
3104.0

13094.7
9842.5
922.3
2149.5
180.4
3170.7

13151.5
9856.7
939.2
2174.1
181.5
3247.4

13218.7
9862.1
963.9
2210.1
182.7
3316.3

10
11
12
13
14
15

35619.0

36758.2

38423.0

39766.9

41416.9

39266.2

39766.9

40189.4

40393.9

40841.5

41416.9

16

13231.1
9964.3
6013.4
3950.9

13060.6
10258.7
6272.6
3986.1

13060.3
10789.0
6719.8
4069.1

13169.4
11303.6
7119.6
4183.9

13496.9
11972.6
7568.6
4404.0

13137.5
11193.7
7053.9
4139.8

13169.4
11303.6
7119.6
4183.9

13173.1
11469.7
7258.2
4211.5

13278.2
11612.9
7332.6
4280.3

13388.2
11765.6
7435.1
4330.5

13496.9
11972.6
7568.6
4404.0

17
18
19
20

9385.6
3038.0

10453.6
2985.3

11593.7
2980.0

12352.8
2941.1

13019.9
2927.5

11981.9
2953.1

12352.8
2941.1

12614.8
2931.8

12568.4
2934.4

12779.4
2908.3

13019.9
2927.5

21
22

2258.5

2485.5

2828.0

2966.2

3137.5

2907.9

2966.2

3046.4

3220.0

3179.9

3137.5

23

398.6
1677.6
162.0
20.2

345.1
1913.6
205.2
21.5

373.0
2186.5
237.7
30.8

407.0
2250.4
276.7
32.2

384.3
2412.5
305.7
35.0

405.9
2207.2
262.5
32.4

407.0
2250.4
276.7
32.2

413.8
2309.8
290.5
32.3

435.1
2446.9
304.5
33.5

390.7
2459.0
296.9
33.3

384.3
2412.5
305.7
35.0

24
25
26
27

37877.4

39243.6

41251.0

42733.1

44554.3

42174.1

42733.1

43235.8

43613.9

44021.4

44554.3

28

10
11
12
13
14
15
16

Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit
By sector

17
18
19
20

Household sector
Nonfinancial business
Corporate
Noncorporate

21
22

Federal government
State and local governments

23
24
25
26
27
28

Foreign credit market debt


held in U.S.
Commercial paper
Bonds
Depository institution loans n.e.c.
Other loans and advances
Domestic and foreign

L.3 Credit Market Debt Owed by Financial Sectors


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

By instrument

2
3
4
5

Open market paper


GSE issues
Agency- and GSE-backed mortgage pool sec.
Corporate bonds

6
7
8

Depository institution loans n.e.c.


Other loans and advances
Mortgages

By sector

14455.7

14036.3

13802.4

13948.3

14161.2

13762.7

13948.3

13856.7

13951.0

14034.9

14161.2

576.0
6434.5
1139.5
5282.9

507.9
6247.3
1304.8
4972.8

449.1
6092.7
1437.0
4870.3

400.2
6200.2
1569.4
4718.2

363.6
6265.1
1644.9
4748.5

399.9
6147.7
1540.8
4680.1

400.2
6200.2
1569.4
4718.2

398.2
6111.4
1585.8
4714.4

384.5
6150.6
1600.0
4743.0

396.9
6186.2
1623.6
4736.5

363.6
6265.1
1644.9
4748.5

2
3
4
5

373.6
473.2
176.1

400.8
413.1
189.5

342.3
416.6
194.4

363.2
494.9
202.2

356.2
573.1
209.8

337.1
460.0
197.1

363.2
494.9
202.2

360.8
480.9
205.3

333.1
532.9
206.9

342.6
542.1
206.9

356.2
573.1
209.8

6
7
8

14455.7

14036.3

13802.4

13948.3

14161.2

13762.7

13948.3

13856.7

13951.0

14034.9

14161.2

882.9
0.0
26.1

832.4
0.0
24.2

720.3
0.0
25.1

686.9
0.0
27.0

728.6
0.0
35.0

659.8
0.0
26.6

686.9
0.0
27.0

662.4
0.0
27.4

705.0
0.0
30.0

703.3
0.0
33.1

728.6
0.0
35.0

10
11
12

10
11
12

U.S.-chartered depository institutions


Foreign banking offices in U.S.
Credit unions

13
14
15

Life insurance companies


Government-sponsored enterprises
Agency- and GSE-backed mortgage pools

45.1
6434.5
1139.5

46.8
6247.3
1304.8

51.6
6092.7
1437.0

59.4
6200.2
1569.4

70.6
6265.1
1644.9

53.8
6147.7
1540.8

59.4
6200.2
1569.4

61.3
6111.4
1585.8

63.3
6150.6
1600.0

66.8
6186.2
1623.6

70.6
6265.1
1644.9

13
14
15

16
17
18

ABS issuers
Finance companies
REITs

2235.9
1280.7
339.9

1989.0
1261.9
365.5

1769.4
1205.1
401.0

1481.1
1209.3
579.4

1381.1
1236.3
633.9

1505.4
1206.6
550.2

1481.1
1209.3
579.4

1431.1
1198.5
614.4

1405.8
1201.6
626.8

1396.5
1215.6
627.0

1381.1
1236.3
633.9

16
17
18

19
20
21

Brokers and dealers


Holding companies
Funding corporations

129.7
1237.2
704.2

91.8
1220.8
651.8

90.2
1416.4
593.5

112.4
1402.7
620.5

123.9
1394.3
647.5

96.1
1363.4
612.2

112.4
1402.7
620.5

122.7
1405.9
635.8

113.4
1406.9
647.8

123.9
1395.6
663.2

123.9
1394.3
647.5

19
20
21

Summary

11

Z.1, March 12, 2015

L.4 Credit Market Debt, All Sectors, by Instrument


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

52333.1

53279.9

55053.3

56681.4

58715.6

55936.8

56681.4

57092.5

57564.9

58056.3

58715.6

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

1057.6
9361.5
7598.2
3772.1
10337.1

969.3
10428.3
7577.4
3719.4
10424.6

952.4
11568.9
7554.6
3714.4
10919.0

951.6
12328.3
7794.1
3671.2
11108.9

930.4
12995.6
7934.4
3652.4
11569.1

976.9
11956.8
7713.6
3685.7
10977.9

951.6
12328.3
7794.1
3671.2
11108.9

992.2
12590.8
7721.1
3660.8
11235.7

1005.5
12544.4
7774.6
3661.4
11459.5

996.1
12755.6
7833.7
3631.1
11517.5

930.4
12995.6
7934.4
3652.4
11569.1

2
3
4
5
6

Depository institution loans n.e.c.


Other loans and advances
Mortgages
Consumer credit

2001.2
1762.8
13795.3
2647.4

2147.8
1767.7
13489.6
2755.9

2322.7
1819.8
13277.9
2923.6

2508.8
1935.1
13285.4
3097.9

2816.9
2072.0
13428.5
3316.3

2424.8
1896.8
13267.6
3036.6

2508.8
1935.1
13285.4
3097.9

2560.7
1953.9
13273.3
3104.0

2652.4
1994.7
13301.6
3170.7

2696.3
2020.2
13358.4
3247.4

2816.9
2072.0
13428.5
3316.3

7
8
9
10

Memo:
Selected claims not included above:
11
Corporate equities
12
Mutual fund shares

23552.5
7873.0

22939.4
7870.9

26203.5
9326.1

33621.4
11544.4

36456.8
12574.0

31142.3
10904.5

33621.4
11544.4

34176.7
11899.2

35847.8
12374.8

35248.5
12343.7

36456.8
12574.0

11
12

2
3
4
5
6
7
8
9
10

Total

2011

L.5 Total Liabilities and Its Relation to Total Financial Assets


Billions of dollars; amounts outstanding end of period, not seasonally adjusted

Total credit market debt


(from table L.4)

52333.1

53279.9

55053.3

56681.4

58715.6

55936.8

56681.4

57092.5

57564.9

58056.3

58715.6

U.S. official reserve assets


SDR certificates
Treasury currency
Foreign deposits
Net interbank liabilities

175.5
5.2
25.9
1303.9
1068.5

190.9
5.2
25.9
1066.4
1889.0

193.2
5.2
25.9
922.8
1683.8

187.7
5.2
25.6
954.8
2813.0

172.7
5.2
25.3
966.3
2794.3

190.7
5.2
25.6
1014.7
2767.7

187.7
5.2
25.6
954.8
2813.0

187.7
5.2
25.6
927.5
3025.3

188.6
5.2
25.6
909.5
3052.3

178.2
5.2
25.3
963.7
3131.2

172.7
5.2
25.3
966.3
2794.3

2
3
4
5
6

7
8
9
10
11

Checkable deposits and currency


Small time and savings deposits
Large time deposits
Money market fund shares
Security repurchase agreements

2359.8
6624.9
1923.2
2755.4
3597.9

2594.3
7202.2
1750.0
2642.5
3878.7

2853.8
7803.9
1659.9
2649.6
4130.1

3186.5
8110.8
1762.0
2678.5
3657.1

3538.0
8478.5
1972.8
2688.1
3698.4

2924.6
8052.9
1736.8
2637.3
3795.1

3186.5
8110.8
1762.0
2678.5
3657.1

3183.8
8265.3
1810.4
2592.5
3741.7

3295.7
8290.7
1848.6
2522.4
3780.5

3356.9
8431.3
1833.5
2565.4
3693.4

3538.0
8478.5
1972.8
2688.1
3698.4

7
8
9
10
11

12
13
14
15

Mutual fund shares


Security credit
Life insurance reserves
Pension entitlements

7873.0
1041.7
1278.6
17035.7

7870.9
1034.2
1352.3
17447.7

9326.1
1131.9
1359.3
18460.8

11544.4
1236.2
1416.8
19893.7

12574.0
1332.0
1471.5
20814.3

10904.5
1183.8
1397.6
19448.2

11544.4
1236.2
1416.8
19893.7

11899.2
1273.1
1434.6
20096.2

12374.8
1329.5
1443.9
20418.9

12343.7
1372.7
1449.2
20491.3

12574.0
1332.0
1471.5
20814.3

12
13
14
15

16
17
18

Trade payables
Taxes payable
Miscellaneous

3370.8
53.1
15900.2

3452.5
74.0
16561.4

3574.2
79.5
17182.9

3742.4
91.3
16966.8

3902.1
127.0
17498.8

3714.8
80.2
17304.7

3742.4
91.3
16966.8

3762.8
110.1
17131.6

3831.3
114.7
17216.9

3869.8
122.0
17455.9

3902.1
127.0
17498.8

16
17
18

19

Total liabilities

125623.6 129716.4 136063.6 143415.3 149557.2 141474.6 143415.3 145027.0 146814.0 148015.9 149557.2

19

2
3
4
5
6

+ Financial assets not included in


liabilities:
20
Gold
21
Corporate equities
22
Household equity in noncorp. bus.

11.0
23552.5
6888.5

11.0
22939.4
7363.1

11.0
26203.5
8027.2

11.0
33621.4
9001.1

11.0
36456.8
9337.7

11.0
31142.3
8800.9

11.0
33621.4
9001.1

11.0
34176.7
9059.8

11.0
35847.8
9107.0

11.0
35248.5
9215.9

11.0
36456.8
9337.7

20
21
22

23
24
25

- Liabilities not identified as assets:


Treasury currency
Foreign deposits
Net interbank transactions

-17.6
1090.1
24.8

-18.3
931.3
28.3

-18.8
794.5
20.1

-19.9
782.0
76.9

-21.0
800.5
-33.4

-19.8
852.5
32.9

-19.9
782.0
76.9

-20.2
781.8
49.8

-20.4
746.1
38.6

-20.8
798.3
13.3

-21.0
800.5
-33.4

23
24
25

26
27
28

Security repurchase agreements


Taxes payable
Miscellaneous

254.6
-209.0
-5880.8

325.3
-198.8
-6106.1

209.1
-200.4
-6269.1

45.3
-198.3
-6670.6

-1.3
-183.2
-7072.3

95.2
-207.1
-6400.2

45.3
-198.3
-6670.6

79.5
-186.1
-6891.1

-12.6
-182.3
-6847.2

12.0
-182.5
-6846.4

-1.3
-183.2
-7072.3

26
27
28

0.0
2.2
3.2
238.5

0.0
2.3
4.1
207.2

0.0
2.1
4.9
252.4

0.0
1.2
3.7
260.3

0.0
2.0
3.5
262.5

0.0
1.2
4.5
162.3

0.0
1.2
3.7
260.3

0.0
1.6
4.4
185.8

0.0
1.7
4.6
157.8

0.0
0.1
3.5
180.4

0.0
2.0
3.5
262.5

29
30
31
32

160569.7 164854.8 175510.7 191768.2 201605.6 186907.3 191768.2 194269.0 197893.6 198533.5 201605.6

33

29
30
31
32
33

- Floats not included in assets:


Checkable deposits: State and local govt.
Federal govt.
Private domestic
Trade credit
Totals identified to sectors as assets

Summary

12

Z.1, March 12, 2015

F.6 Distribution of Gross Domestic Product (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

1
2
3
4
5
6
7

Gross Domestic Product (GDP)


Personal consumption expenditures (2)
Durable goods
Nondurable goods
Services
Gross private domestic investment
Fixed investment (3)

8
9
10
11
12

Nonresidential
Household sector (nonprofit organizations)
Nonfinancial corporate business
Nonfinancial noncorporate business
Financial institutions

13
14
15
16
17

Residential
Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business
REITs

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

14964.4

15517.9

16163.1

16768.0

17418.3

16872.3

17078.3

17044.0

17328.2

17599.8

17701.3

10202.2

10689.3

11083.1

11484.3

11928.6

11518.7

11653.3

11728.5

11870.7

12002.0

12113.2

1070.7
2292.1
6839.4

1125.3
2471.1
7092.8

1192.1
2549.8
7341.3

1249.3
2601.9
7633.2

1302.4
2665.8
7960.4

1252.4
2612.9
7653.4

1261.5
2624.6
7767.2

1262.3
2628.4
7837.8

1298.4
2666.1
7906.2

1320.2
2691.3
7990.4

1328.8
2677.4
8107.1

3
4
5

2100.8

2239.9

2479.2

2648.0

2853.8

2708.9

2745.2

2714.4

2843.6

2905.1

2952.1

2039.3

2198.1

2414.3

2573.9

2769.5

2598.1

2654.6

2674.3

2743.4

2810.6

2849.6

1658.2
134.1
1178.1
183.3
162.8

1812.1
130.8
1299.2
214.6
167.5

1972.0
134.9
1415.1
231.8
190.2

2054.0
136.0
1475.9
240.7
201.5

2210.6
137.1
1589.9
268.9
214.6

2060.2
136.0
1480.6
242.2
201.3

2118.7
137.0
1523.0
252.2
206.4

2134.6
132.9
1535.5
259.8
206.3

2191.2
136.4
1575.9
265.7
213.1

2244.3
138.9
1613.6
273.7
218.0

2272.2
140.2
1634.5
276.5
221.0

8
9
10
11
12

381.1
318.3
0.5
58.3
4.0

386.0
321.1
-1.8
60.2
6.5

442.3
368.0
0.1
68.9
5.3

519.9
433.4
-8.1
79.9
14.7

558.9
452.3
24.1
82.6
-0.0

538.0
448.6
13.6
82.4
-6.6

535.9
447.1
-10.1
82.0
17.0

539.7
434.8
28.8
79.8
-3.6

552.2
446.2
4.5
81.7
19.7

566.4
460.5
16.4
84.0
5.4

577.3
467.5
46.5
85.0
-21.7

13
14
15
16
17

61.5
57.9
3.6

41.8
34.9
6.8

64.9
61.8
3.0

74.1
56.7
17.4

84.3
68.5
15.8

110.7
85.9
24.8

90.5
71.0
19.5

40.1
32.9
7.2

100.3
81.9
18.3

94.5
75.3
19.2

102.5
84.0
18.5

18
19
20

18
19
20

Change in private inventories


Nonfinancial corporate business
Nonfinancial noncorporate business

21

Net U.S. exports of goods and services

-512.7

-580.0

-568.3

-508.2

-539.8

-509.9

-462.9

-538.0

-549.2

-516.5

-555.6

21

22
23

Exports
- Imports

1852.3
2365.0

2106.4
2686.4

2194.2
2762.5

2262.2
2770.4

2335.1
2875.0

2268.4
2778.3

2324.6
2787.5

2284.7
2822.7

2344.3
2893.5

2366.5
2883.0

2345.0
2900.6

22
23

3174.0

3168.7

3169.2

3143.9

3175.8

3154.7

3142.7

3139.1

3163.1

3209.3

3191.6

24

2522.2
1003.9
1518.3

2530.9
1006.1
1524.8

2549.7
1003.6
1546.1

2547.6
963.0
1584.5

2585.5
965.0
1620.5

2555.9
965.7
1590.2

2545.9
951.1
1594.9

2564.5
957.1
1607.4

2572.1
955.5
1616.6

2616.2
987.7
1628.5

2589.3
959.8
1629.5

25
26
27

651.8
300.0
351.9

637.9
297.4
340.5

619.4
287.8
331.6

596.3
268.5
327.8

590.2
254.0
336.2

598.7
268.2
330.5

596.7
265.1
331.6

574.6
251.0
323.6

591.0
255.0
336.1

593.0
253.6
339.4

602.2
256.5
345.8

28
29
30

206.0
720.0
514.1

246.6
792.6
546.0

227.4
793.8
566.5

224.3
810.4
586.1

214.1
832.3
618.2

230.8
814.2
583.4

242.9
831.8
588.9

211.0
822.6
611.6

213.5
828.5
615.0

229.9
847.2
617.3

202.2
830.9
628.7

31
32
33

15170.4

15764.6

16390.5

16992.4

17632.5

17103.1

17321.2

17255.0

17541.7

17829.6

17903.5

34

-8.5
-1.1
-1.0
10.6
-0.0

-7.8
-0.5
-0.9
9.2
-0.0

-7.7
0.9
-1.9
8.7
-0.1

-7.9
1.3
-2.4
9.0
0.0

-7.3
1.8
-2.8
8.3
0.0

-7.9
2.6
-3.7
9.0
0.0

-7.8
0.3
-1.3
8.9
0.0

-7.6
0.3
-1.3
8.6
-0.1

-7.4
0.8
-1.9
8.4
0.1

-7.2
5.4
-6.5
8.2
0.1

-7.1
0.6
-1.6
8.0
0.0

35
36
37
38
39

24

Government consumption expenditures and


gross investment

25
26
27

Consumption expenditures (4)


Federal
State and local

28
29
30

Gross investment (4)


Federal
State and local
Memo:

31
32
33

Net U.S. income receipts from rest of the world


U.S. income receipts
- U.S. income payments

34

Gross National Product (GNP) =


GDP + net U.S. income receipts

35
36
37
38
39

Acquisition of nonproduced nonfinancial assets (net)


Household sector
Nonfinancial corporate business
Federal government
State and local governments
Rest of the world

(1) This table is based on NIPA table 1.1.5 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov).
(2) Component of personal outlays, found on table F.101, line 4.
(3) Structures, equipment, and intellectual property products.
(4) Government inventory investment is included in consumption expenditures.

13

Summary

Z.1, March 12, 2015

F.7 Distribution of National Income (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

1
2
3
4

National Income
Compensation of employees
Wages and salaries
Employer social contributions

Proprietors income with inventory


valuation and capital consumption adjustments
Rental income of persons (with capital
consumption adjustment)

Corporate profits with inventory


valuation and capital consumption adjustments

8
9
10
11
12

Corporate profits with inventory


valuation adjustment
Profits before tax
Domestic nonfinancial
Domestic financial
Rest of the world

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

12739.5

13352.3

14069.5

14577.1

15062.3

14650.5

14770.2

14733.7

14972.9

15244.9

15297.7

7961.4
6377.5
1583.9

8269.0
6633.2
1635.9

8606.5
6932.1
1674.4

8844.8
7124.7
1720.1

9221.5
7445.9
1775.6

8871.6
7145.3
1726.2

8946.8
7208.5
1738.3

9096.2
7339.8
1756.4

9159.5
7391.7
1767.8

9260.7
7478.9
1781.8

9369.8
7573.3
1796.5

2
3
4

1032.7

1143.7

1260.2

1336.6

1380.4

1345.9

1342.7

1351.0

1381.0

1386.4

1403.1

402.8

485.3

533.0

595.8

640.5

604.2

613.3

622.9

635.4

646.7

656.8

1746.4

1816.6

2022.8

2106.9

2081.8

2140.7

2143.8

1942.1

2106.2

2170.7

2108.0

1799.7

1738.5

2126.6

2238.7

2411.4

2273.7

2278.6

2272.6

2437.4

2501.1

2434.3

1840.7
1039.2
406.3
395.2

1806.8
1008.9
375.9
421.9

2136.1
1245.4
488.9
401.8

2235.3
1298.8
533.5
403.1

2419.0
1503.0
515.8
400.2

2270.9
1307.3
554.1
409.6

2281.6
1308.7
549.4
423.5

2297.2
1418.8
480.8
397.5

2450.1
1541.6
514.5
393.9

2497.1
1556.0
530.7
410.4

2431.5
1495.4
537.0
399.0

9
10
11
12

370.6
220.6
150.0

379.1
228.8
150.3

454.8
271.4
183.4

474.3
329.3
144.9

592.7
386.0
206.7

467.5
319.3
148.3

495.4
341.8
153.6

562.3
366.2
196.1

608.0
394.8
213.2

602.5
400.0
202.5

597.9
383.1
214.9

13
14
15

13
14
15

Less:
Taxes on corporate income
Domestic nonfinancial
Domestic financial

16
17
18
19
20

Equals:
Profits after tax
Net dividends
Domestic nonfinancial
Domestic financial
Rest of the world

1470.1
564.0
375.5
67.1
121.4

1427.7
703.7
441.0
107.7
154.9

1681.3
857.1
520.6
159.7
176.9

1761.1
959.6
536.9
289.8
132.9

1826.3
904.9
555.8
169.4
179.7

1803.4
911.7
597.8
218.8
95.0

1786.1
992.3
516.5
339.6
136.2

1734.9
902.8
575.0
165.5
162.3

1842.2
902.3
554.3
159.9
188.1

1894.6
898.4
535.0
174.9
188.5

1833.5
916.2
558.9
177.3
180.0

16
17
18
19
20

21
22
23
24

Undistributed profits
Domestic nonfinancial
Domestic financial
Rest of the world

906.2
443.1
189.3
273.8

724.0
339.1
117.9
267.0

824.2
453.5
145.8
225.0

801.5
432.6
98.7
270.2

921.4
561.2
139.7
220.5

891.7
390.2
187.0
314.5

793.8
450.4
56.2
287.3

832.1
477.6
119.3
235.2

939.9
592.6
141.4
205.9

996.2
621.0
153.3
221.9

917.3
553.4
144.9
219.0

21
22
23
24

25

Inventory valuation adjustment

-41.0

-68.3

-9.5

3.3

-7.6

2.8

-3.0

-24.6

-12.7

4.0

2.9

25

26
27
28

Capital consumption adjustment


Domestic nonfinancial
Domestic financial

-53.3
-15.2
-38.1

78.1
98.3
-20.2

-103.8
-66.5
-37.3

-131.8
-88.3
-43.5

-329.6
-267.3
-62.3

-133.1
-89.1
-44.0

-134.8
-90.3
-44.6

-330.5
-268.4
-62.1

-331.3
-268.7
-62.5

-330.4
-267.8
-62.6

-326.3
-264.3
-62.0

26
27
28

29

Net interest and miscellaneous payments

30
31
32
33

Taxes on production and imports


Less: Subsidies
Business current transfer payments (net)
Current surplus of government enterprises

489.4

488.1

491.7

499.8

486.1

493.3

511.2

506.5

461.0

479.3

497.5

29

1057.1
55.9
128.5
-22.9

1102.6
60.1
131.5
-24.5

1132.0
58.0
106.7
-25.3

1162.4
60.2
120.6
-29.6

1203.2
57.3
140.4
-34.2

1167.1
60.6
118.4
-30.1

1175.7
58.9
126.6
-31.0

1184.5
57.7
119.2
-31.1

1197.9
57.5
123.0
-33.6

1212.4
57.4
182.4
-36.3

1218.0
56.9
136.9
-35.6

30
31
32
33

National Income, from line 1 above

12739.5

13352.3

14069.5

14577.1

15062.3

14650.5

14770.2

14733.7

14972.9

15244.9

15297.7

34

Plus:
35 Private consumption of fixed capital
36 Government consumption of fixed capital
37 Statistical discrepancy

1923.5
458.1
49.2

1971.1
479.6
-38.3

2034.2
496.0
-209.2

2120.8
506.4
-211.9

2216.1
520.0
-165.9

2132.5
507.8
-187.6

2158.7
511.8
-119.5

2183.5
515.2
-177.5

2203.8
518.5
-153.5

2228.6
521.8
-165.7

2248.5
524.4
-167.2

35
36
37

206.0

246.6

227.4

224.3

214.1

230.8

242.9

211.0

213.5

229.9

202.2

38

14964.4

15517.9

16163.1

16768.0

17418.3

16872.3

17078.3

17044.0

17328.2

17599.8

17701.3

39

Memo:
Calculation of Gross Domestic Product
from National Income: (2)
34

38

Less:
Net U.S. income receipts from rest of the world

39

Equals:
Gross Domestic Product

(1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov).
(2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.7.5 in the Survey of Current Business, Bureau of Economic Analysis.

Summary

14

Z.1, March 12, 2015

F.8 Saving and Investment by Sector (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

Gross saving

2
3
4
5
6
7
8
9
10

Net saving
Net private saving
Domestic business
Nonfinancial corporate business
Financial business
Households and institutions
Net government saving
Federal
State and local

11
12
13
14
15
16
17
18
19
20

Consumption of fixed capital


Private
Domestic business
Nonfinancial corporate business
Nonfinancial noncorporate business
Financial business
Households and institutions
Government
Federal
State and local

21

Gross domestic investment, capital account


transactions, and net lending, NIPAs

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

2255.5

2435.6

2825.6

3034.1

3143.7

3074.8

3108.5

3000.9

3148.1

3220.6

3205.3

-126.1
1439.9
811.9
603.5
208.4
628.0
-1566.0
-1328.7
-237.3

-15.1
1445.0
733.9
584.2
149.7
711.1
-1460.1
-1244.1
-215.9

295.4
1607.1
710.9
563.7
147.2
896.2
-1311.7
-1079.1
-232.6

406.8
1281.1
673.0
571.3
101.7
608.1
-874.3
-649.1
-225.1

407.6
1215.1
584.2
528.9
55.3
631.0
-807.5
-581.7
-225.8

434.6
1414.2
761.5
593.8
167.7
652.8
-979.7
-749.8
-229.9

438.0
1208.9
656.0
572.6
83.4
552.9
-770.9
-539.4
-231.6

302.1
1103.2
477.1
492.0
-15.0
626.1
-801.0
-560.1
-240.9

425.9
1251.5
595.9
534.3
61.6
655.6
-825.7
-598.6
-227.1

470.2
1298.0
669.8
552.8
117.0
628.1
-827.8
-611.0
-216.8

432.3
1207.9
593.9
536.4
57.5
614.0
-775.6
-557.3
-218.3

2
3
4
5
6
7
8
9
10

2381.6
1923.5
1523.0
1094.6
251.8
176.7
400.5
458.1
245.3
212.7

2450.6
1971.1
1572.8
1139.2
265.0
168.6
398.2
479.6
257.4
222.2

2530.2
2034.2
1629.7
1183.8
271.7
174.1
404.5
496.0
264.1
231.8

2627.2
2120.8
1693.7
1229.8
281.7
182.2
427.1
506.4
268.0
238.4

2736.1
2216.1
1762.1
1282.1
294.1
185.9
454.1
520.0
274.4
245.5

2640.2
2132.5
1701.9
1235.6
283.1
183.2
430.5
507.8
268.5
239.3

2670.5
2158.7
1720.3
1248.9
286.6
184.8
438.4
511.8
270.4
241.4

2698.7
2183.5
1735.9
1263.1
290.4
182.4
447.7
515.2
272.1
243.1

2722.3
2203.8
1753.5
1276.1
292.5
184.9
450.3
518.5
273.7
244.7

2750.4
2228.6
1771.9
1289.1
295.5
187.3
456.7
521.8
275.3
246.5

2773.0
2248.5
1787.0
1300.1
297.7
189.2
461.6
524.4
276.7
247.7

11
12
13
14
15
16
17
18
19
20

2304.7

2397.3

2616.4

2822.1

2977.8

2887.2

2989.0

2823.4

2994.6

3054.9

3038.2

21

22
23
24
25
26
27
28
29
30
31

Gross domestic investment


Gross private domestic investment
Domestic business
Nonfinancial corporate business
Nonfinancial noncorporate business
Financial business
Households and institutions
Gross government investment
Federal
State and local

2752.6
2100.8
1648.4
1239.0
246.7
162.8
452.4
651.8
300.0
351.9

2877.8
2239.9
1788.0
1338.9
281.7
167.5
451.9
637.9
297.4
340.5

3098.6
2479.2
1976.3
1482.3
303.7
190.2
502.9
619.4
287.8
331.6

3244.3
2648.0
2078.6
1539.2
337.9
201.5
569.4
596.3
268.5
327.8

3444.0
2853.8
2264.4
1695.7
354.1
214.6
589.4
590.2
254.0
336.2

3307.6
2708.9
2124.3
1576.4
346.6
201.3
584.6
598.7
268.2
330.5

3341.9
2745.2
2161.1
1602.5
352.1
206.4
584.1
596.7
265.1
331.6

3289.0
2714.4
2146.8
1603.7
336.8
206.3
567.6
574.6
251.0
323.6

3434.7
2843.6
2261.0
1692.7
355.2
213.1
582.6
591.0
255.0
336.1

3498.1
2905.1
2305.6
1726.8
360.8
218.0
599.5
593.0
253.6
339.4

3554.3
2952.1
2344.3
1759.8
363.5
221.0
607.8
602.2
256.5
345.8

22
23
24
25
26
27
28
29
30
31

32
33
34
35
36
37
38
39
40
41

Capital account transactions (net) (2)


Private
Domestic business
Nonfinancial corporate business
Nonfinancial noncorporate business
Financial business
Households and institutions
Government
Federal
State and local

0.7
-58.5
-29.4
19.8
-7.8
-41.5
-29.1
59.2
125.3
-66.2

1.6
-46.7
-40.9
-6.9
-1.6
-32.4
-5.8
48.4
113.0
-64.6

-6.5
-23.8
-11.1
-15.8
-4.9
9.6
-12.7
17.3
82.8
-65.5

0.8
7.5
-4.3
-4.3
-0.0
0.0
11.8
-6.6
56.0
-62.6

0.4
8.3
5.2
-4.8
-0.0
10.0
3.1
-7.9
55.4
-63.3

1.0
11.1
-1.9
-1.9
-0.0
0.0
13.0
-10.1
56.1
-66.2

0.4
11.1
-2.6
-2.6
-0.0
0.0
13.6
-10.6
50.5
-61.1

0.5
6.6
-7.1
-7.1
-0.0
0.0
13.6
-6.1
55.6
-61.7

0.3
7.5
-5.7
-5.7
0.0
0.0
13.2
-7.2
56.6
-63.8

0.3
14.0
41.1
1.1
0.0
40.0
-27.1
-13.7
54.8
-68.6

0.4
5.2
-7.5
-7.5
0.0
0.0
12.7
-4.8
54.4
-59.2

32
33
34
35
36
37
38
39
40
41

42
43
44
45
46
47
48
49
50
51

Net lending (+) or net borrowing (-), NIPAs (3)


Private
Domestic business
Nonfinancial corporate business (3)
Nonfinancial noncorporate business
Financial business
Households and institutions
Government
Federal
State and local

-448.6
1370.4
765.2
488.5
12.8
263.8
605.2
-1819.0
-1508.7
-310.3

-482.1
1184.6
521.3
353.1
-15.1
183.3
663.3
-1666.7
-1397.1
-269.6

-475.7
976.7
166.2
71.7
-27.1
121.5
810.5
-1452.4
-1185.6
-266.9

-423.0
534.5
80.6
54.3
-56.2
82.5
454.0
-957.5
-705.6
-252.0

-466.6
403.2
-89.3
-45.9
-60.0
16.6
492.5
-869.8
-616.7
-253.1

-421.5
639.1
153.4
67.3
-63.5
149.6
485.7
-1060.6
-805.7
-254.9

-353.3
491.9
98.3
102.0
-65.5
61.8
393.5
-845.2
-584.6
-260.7

-466.0
388.3
-104.2
-19.0
-46.3
-38.9
492.5
-854.3
-594.6
-259.7

-440.3
450.8
-59.3
-29.9
-62.7
33.3
510.1
-891.1
-636.4
-254.7

-443.5
441.8
-70.6
-51.7
-65.3
46.4
512.4
-885.3
-644.2
-241.1

-516.6
332.0
-123.2
-83.0
-65.8
25.6
455.1
-848.6
-591.5
-257.1

42
43
44
45
46
47
48
49
50
51

52

Statistical discrepancy (line 21 less line 1)

49.2

-38.3

-209.2

-211.9

-165.9

-187.6

-119.5

-177.5

-153.5

-165.7

-167.2

52

0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0
0.0

45.9
38.3
17.5
20.9
7.6
0.0
7.6

0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0
0.0

53
54
55
56
57
58
59

53
54
55
56
57
58
59

Addenda:
Disaster losses
Private
Domestic business
Households and institutions
Government
Federal
State and local

(1) This table is based on NIPA table 5.1 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov). It is consistent with the Integrated Macroeconomic Accounts of the
United States jointly compiled by the Federal Reserve Board and the Bureau of Economic Analysis.
(2) Consists of net capital transfers shown on table F.9 and the acquisition of nonproduced nonfinancial assets (net) shown on table F.6.
(3) Differs from net lending or net borrowing (capital account) in the Integrated Macroeconomic Accounts of the United States by the statistical discrepancy (line 52).

15

Summary

Z.1, March 12, 2015

F.9 Net Capital Transfers (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

2011

2012

2013

2014

2013
Q3

1
2
3
4
5
6
7

Capital transfers paid, by sector


By private business
Financial corporations
Disaster-related insurance benefits
Other
Nonfinancial corporations
Noncorporate business

2014
Q4

Q1

Q2

Q3

Q4

186.7

137.9

139.8

105.4

115.2

109.4

101.0

105.5

106.1

147.9

101.4

25.8
0.0
0.0
0.0
25.8
0.0

0.0
0.0
0.0
0.0
0.0
0.0

14.3
14.3
14.3
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0

10.0
10.0
0.0
10.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0

40.0
40.0
0.0
40.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0

2
3
4
5
6
7

141.4
141.4
72.1
0.0
41.5
12.7
14.5
0.7
0.0
0.0

123.5
123.5
69.1
0.0
32.4
8.0
12.4
1.6
0.0
0.0

98.8
98.8
66.6
7.6
4.7
8.2
10.5
1.1
0.0
0.0

79.3
79.3
66.3
0.0
0.0
5.7
6.5
0.8
0.0
0.0

79.2
79.2
66.5
0.0
0.0
6.6
5.7
0.4
0.0
0.0

81.9
81.9
69.9
0.0
0.0
4.5
6.5
1.0
0.0
0.0

73.8
73.8
64.7
0.0
0.0
2.9
5.8
0.4
0.0
0.0

78.6
78.6
65.1
0.0
0.0
7.4
5.8
0.4
0.0
0.0

79.7
79.7
67.0
0.0
0.0
6.6
5.8
0.4
0.0
0.0

82.1
82.1
71.6
0.0
0.0
4.3
5.8
0.4
0.0
0.0

76.2
76.2
62.2
0.0
0.0
8.1
5.5
0.4
0.0
0.0

8
9
10
11
12
13
14
15
16
17

8
9
10
11
12
13
14
15
16
17

By government
Federal
Investment grants to state and local govts.
Disaster-related insurance benefits
Financial stabilization payments
Other capital transfers paid to business
Other capital transfers paid to persons
Capital transfers paid to the rest of the world (net)
State and local
Disaster-related insurance benefits

18
19
20

By persons
Estate and gift taxes, federal
Estate and gift taxes, state and local

19.5
15.1
4.4

14.4
9.6
4.7

19.0
14.1
4.9

26.2
20.9
5.3

26.1
20.9
5.2

27.4
22.1
5.3

27.2
21.9
5.3

26.9
21.7
5.2

26.3
21.2
5.2

25.8
20.7
5.1

25.2
20.2
5.1

18
19
20

21
22
23

By the rest of the world


Disaster-related insurance benefits
Other

0.0
0.0
0.0

0.0
0.0
0.0

7.7
7.7
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

21
22
23

24

Capital transfers received, by sector

186.7

137.9

139.8

105.4

115.2

109.4

101.0

105.5

106.1

147.9

101.4

24

25
26
27
28
29
30
31
32
33
34

By private business
Financial corporations
Disaster-related insurance benefits
Other
Nonfinancial corporations
Disaster-related insurance benefits
Other
Noncorporate business
Disaster-related insurance benefits
Other

54.2
41.5
0.0
41.5
4.9
0.0
4.9
7.8
0.0
7.8

40.4
32.4
0.0
32.4
6.4
0.0
6.4
1.6
0.0
1.6

26.3
4.7
0.0
4.7
16.7
8.5
8.1
4.9
4.9
0.0

5.7
0.0
0.0
0.0
5.7
0.0
5.7
0.0
0.0
0.0

6.6
0.0
0.0
0.0
6.6
0.0
6.6
0.0
0.0
0.0

4.5
0.0
0.0
0.0
4.5
0.0
4.5
0.0
0.0
0.0

2.9
0.0
0.0
0.0
2.8
0.0
2.8
0.0
0.0
0.0

7.4
0.0
0.0
0.0
7.4
0.0
7.4
0.0
0.0
0.0

6.6
0.0
0.0
0.0
6.6
0.0
6.6
0.0
0.0
0.0

4.3
0.0
0.0
0.0
4.3
0.0
4.3
0.0
0.0
0.0

8.1
0.0
0.0
0.0
8.1
0.0
8.1
0.0
0.0
0.0

25
26
27
28
29
30
31
32
33
34

35
36
37
38
39
40
41
42

By government
Federal
Estate and gift taxes paid by persons
State and local
Disaster-related insurance benefits
Estate and gift taxes paid by persons
Investment grants paid by federal government
Other

91.8
15.1
15.1
76.7
0.0
4.4
72.1
0.2

83.5
9.6
9.6
73.8
0.0
4.7
69.1
0.0

88.3
14.1
14.1
74.2
2.7
4.9
66.6
0.0

92.5
20.9
20.9
71.6
0.0
5.3
66.3
0.0

92.6
20.9
20.9
71.6
0.0
5.2
66.5
0.0

97.3
22.1
22.1
75.2
0.0
5.3
69.9
0.0

91.9
21.9
21.9
70.0
0.0
5.3
64.7
0.0

92.0
21.7
21.7
70.3
0.0
5.2
65.1
0.0

93.3
21.2
21.2
72.2
0.0
5.2
67.0
0.0

97.4
20.7
20.7
76.7
0.0
5.1
71.6
0.0

87.4
20.2
20.2
67.3
0.0
5.1
62.2
0.0

35
36
37
38
39
40
41
42

43
44
45

By persons
Disaster-related insurance benefits
Other

40.1
0.0
40.1

12.4
0.0
12.4

24.0
13.5
10.5

6.5
0.0
6.5

15.7
0.0
15.7

6.5
0.0
6.5

5.8
0.0
5.8

5.8
0.0
5.8

5.8
0.0
5.8

45.7
0.0
45.7

5.5
0.0
5.5

43
44
45

46
47
48

By the rest of the world


Capital transfers paid by U.S. government
Other

0.7
0.7
0.0

1.6
1.6
0.0

1.1
1.1
0.0

0.8
0.8
0.0

0.4
0.4
0.0

1.0
1.0
0.0

0.4
0.4
0.0

0.4
0.4
0.0

0.4
0.4
0.0

0.4
0.4
0.0

0.4
0.4
0.0

46
47
48

Addenda: Net capital transfers paid by sector


49
50
51
52
53
54
55
56
57
58
59

By private business (lines 2-25)


Financial corporations (lines 3-26)
Property-casualty insurance companies (line 4)
U.S.-chartered depository institutions
Financial stabilization payments (2)
Other (lines 5-27)
Government-sponsored enterprises (2)
Holding companies (GMAC) (2)
Funding corporations (AIG) (2)
Nonfinancial corporations (lines 6-29)
Noncorporate business (lines 7-32)

-28.3
-41.5
0.0
2.4
2.4
0.0
-40.2
-1.5
-2.2
20.9
-7.8

-40.4
-32.4
0.0
3.2
3.2
0.0
-31.9
-0.3
-3.4
-6.4
-1.6

-12.0
9.6
14.3
0.0
0.0
0.0
-4.7
0.0
0.0
-16.7
-4.9

-5.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-5.7
-0.0

3.4
10.0
0.0
10.0
0.0
10.0
0.0
0.0
0.0
-6.6
-0.0

-4.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-4.5
-0.0

-2.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-2.8
-0.0

-7.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-7.4
-0.0

-6.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-6.6
0.0

35.6
40.0
0.0
40.0
0.0
40.0
0.0
0.0
0.0
-4.3
0.0

-8.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-8.1
0.0

49
50
51
52
53
54
55
56
57
58
59

60
61
62

By government (lines 8-35)


Federal (lines 9-36)
State and local (lines 16-38)

49.6
126.3
-76.7

40.0
113.9
-73.8

10.5
84.7
-74.2

-13.2
58.4
-71.6

-13.4
58.2
-71.6

-15.4
59.8
-75.2

-18.1
51.8
-70.0

-13.4
56.9
-70.3

-13.6
58.5
-72.2

-15.3
61.4
-76.7

-11.2
56.0
-67.3

60
61
62

63

By persons (lines 18-43)

-20.6

2.0

-5.0

19.7

10.4

20.9

21.4

21.2

20.6

-19.9

19.7

63

64

By the rest of the world (lines 21-46)

-0.7

-1.6

6.5

-0.8

-0.4

-1.0

-0.4

-0.4

-0.4

-0.4

-0.4

64

(1) This table is based on NIPA table 5.11 in the Survey of Current Business, Bureau of Economic Analysis (www.bea.gov).
(2) Sum of lines 53, 55, 56, and 57 equals the negative of line 12. Series treated as capital losses rather than as capital transfers in the Financial Accounts of the United States.

Summary

16

Z.1, March 12, 2015

F.10 Derivation of Measures of Personal Saving (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

Net acquisition of financial assets

775.0

1146.8

1294.1

1076.6

1337.6

550.9

1575.6

1083.7

1679.5

812.8

1774.4

2
3
4
5

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares

4.5
36.2
165.8
-180.5

-9.9
326.1
375.3
-12.6

-7.7
197.5
422.0
-4.6

2.8
142.5
212.7
27.2

0.9
142.8
423.4
-12.7

1.9
-42.5
297.0
52.4

-16.9
292.6
243.2
-94.3

-3.9
344.3
515.5
113.8

-4.7
303.4
254.8
21.4

12.6
-15.6
208.5
-56.7

-0.3
-60.8
715.0
-129.4

2
3
4
5

6
7
8
9
10
11
12
13

Securities
Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Corporate equities (2)
Mutual fund shares

-10.6
-1.5
318.9
-11.7
44.1
-422.0
-221.2
280.9

-180.3
-1.8
-224.9
-4.9
-65.4
89.0
-307.7
334.9

146.2
-0.6
217.4
-129.4
-143.5
-165.9
-240.1
607.7

49.1
-3.8
-191.3
-91.3
-43.8
-200.2
-56.9
635.5

24.3
-0.1
-140.5
-101.4
-77.9
-128.8
-47.2
518.3

-343.8
-0.8
-100.9
-80.8
-66.9
-112.2
-637.0
653.4

309.9
-10.4
-304.1
54.5
-71.7
161.3
67.1
411.8

-741.6
3.5
-321.6
-436.2
-78.5
-147.1
-403.6
640.7

399.1
0.9
-440.2
43.4
-35.5
18.4
303.3
506.6

-97.0
-0.6
70.6
-87.1
-165.9
-62.7
-342.1
489.0

536.9
-4.2
129.0
74.3
-31.5
-324.0
253.7
437.0

6
7
8
9
10
11
12
13

14
15

Life insurance reserves


Pension entitlements

6.2
596.4

73.5
498.3

-26.6
497.6

19.2
498.7

36.4
556.9

35.9
498.4

16.0
590.5

54.2
526.7

5.9
569.7

30.5
527.4

55.1
603.7

14
15

16

Miscellaneous and other assets

167.4

80.3

78.5

130.9

171.5

59.1

238.2

280.2

135.0

210.1

60.6

16

17
18
19
20
21
22

Gross investment in nonfinancial assets


Residential fixed investment
Nonresidential fixed investment
Consumer durables
Nonproduced nonfinancial assets
Inventories

1694.0
376.5
317.4
1005.0
-8.5
3.6

1783.0
381.3
345.4
1057.2
-7.8
6.8

1918.0
436.9
366.6
1119.1
-7.7
3.0

2078.4
513.3
376.7
1178.9
-7.9
17.4

2178.5
534.9
406.1
1229.1
-7.3
15.8

2108.0
531.0
378.2
1181.9
-7.9
24.8

2120.5
529.0
389.3
1190.5
-7.8
19.5

2098.0
514.5
392.7
1191.2
-7.6
7.2

2166.3
527.9
402.1
1225.3
-7.4
18.3

2215.1
544.6
412.6
1245.9
-7.2
19.2

2234.7
552.6
416.7
1253.9
-7.1
18.5

17
18
19
20
21
22

23
24
25
26

Consumption of fixed capital


Residential fixed investment
Nonresidential fixed investment
Consumer durables

1580.9
372.0
290.7
918.1

1601.5
369.9
293.4
938.2

1637.0
372.3
304.0
960.7

1693.4
393.9
314.9
984.6

1723.5
411.6
337.1
974.8

1702.8
396.0
317.7
989.1

1719.6
400.9
324.2
994.5

1703.2
405.5
333.1
964.6

1712.9
409.3
334.1
969.5

1731.1
413.9
339.0
978.3

1746.9
417.6
342.4
987.0

23
24
25
26

27

Net investment in nonfinancial assets (3)

113.2

181.5

281.0

384.9

455.0

405.2

400.9

394.9

453.4

484.0

487.7

27

4.5
26.7
86.9
-8.5
3.6

11.5
52.0
119.0
-7.8
6.8

64.6
62.7
158.4
-7.7
3.0

119.4
61.8
194.3
-7.9
17.4

123.3
68.9
254.2
-7.3
15.8

135.0
60.6
192.7
-7.9
24.8

128.1
65.1
195.9
-7.8
19.5

109.0
59.6
226.6
-7.6
7.2

118.7
68.0
255.7
-7.4
18.3

130.7
73.7
267.6
-7.2
19.2

135.0
74.3
267.0
-7.1
18.5

28
29
30
31
32

-146.1

18.4

379.8

372.4

650.7

619.8

369.0

380.5

986.1

627.6

608.8

33

-155.0
-31.4
-25.3
3.4
75.2
-12.9

-86.0
-5.6
108.5
2.4
-39.3
38.4

-75.1
2.1
169.7
1.4
64.9
216.9

-4.3
71.4
174.3
0.9
35.4
94.6

27.7
129.2
218.4
1.3
30.4
243.7

108.9
100.5
190.6
1.6
44.6
173.7

-43.8
107.1
164.7
-0.6
101.9
39.7

-51.5
70.3
202.7
-0.2
-74.3
233.6

16.2
122.2
259.4
1.2
219.3
367.8

74.3
138.9
216.6
3.1
59.4
135.3

71.7
185.5
195.1
1.0
-82.9
238.4

34
35
36
37
38
39

-28.4

0.4

-10.0

19.7

10.4

20.9

21.4

21.2

20.6

-19.9

19.7

40

1005.9

1310.3

1185.4

1108.8

1152.3

357.2

1629.0

1119.3

1167.4

649.4

1673.0

41

86.9
-3.2
4.9

119.0
-2.4
4.4

158.4
-2.5
4.6

194.3
-2.2
5.4

254.2
-2.0
5.6

192.7
-3.4
5.4

195.9
-0.8
5.4

226.6
-2.9
5.6

255.7
-1.0
5.6

267.6
-2.7
5.6

267.0
-1.5
5.7

42
43
44

28
29
30
31
32
33
34
35
36
37
38
39

Residential fixed investment


Nonresidential fixed investment
Consumer durables
Nonproduced nonfinancial assets
Inventories
Net increase in liabilities
Home mortgages
Other mortgages
Consumer credit
Policy loans
Security credit
Other liabilities

40

Net capital transfers paid (4)

41

Personal saving, FOF concept (FOF)

42
43
44

- Net investment in consumer durables


- Government insurance and pension fund reserves (5)
+ Contr. for govt. soc. insur., U.S.-affiliated areas

45

= Personal saving, NIPA concept (FOF) (6)

927.2

1198.1

1034.1

922.2

905.7

173.3

1439.2

901.2

918.2

390.2

1413.3

45

46

Personal saving, NIPA concept (NIPA)

628.0

711.1

896.2

608.1

631.0

652.8

552.9

626.1

655.6

628.1

614.0

46

47

Difference

299.2

487.0

137.9

314.1

274.8

-479.5

886.3

275.1

262.6

-238.0

799.3

47

11237.9

11801.4

12384.0

12505.1

12986.8

12585.8

12623.7

12772.9

12945.2

13061.2

13167.8

48

9.0
8.3
5.6
2.7

11.1
10.2
6.0
4.1

9.6
8.4
7.2
1.1

8.9
7.4
4.9
2.5

8.9
7.0
4.9
2.1

2.8
1.4
5.2
-3.8

12.9
11.4
4.4
7.0

8.8
7.1
4.9
2.2

9.0
7.1
5.1
2.0

5.0
3.0
4.8
-1.8

12.7
10.7
4.7
6.1

49
50
51
52

Memo:
48 Disposable personal income

49
50
51
52

Personal saving as a percentage of disposable personal income:


FOF concept (FOF data) (line 41)
NIPA concept (FOF data) (line 44)
NIPA concept (NIPA data) (line 45)
Difference (line 46)

(1) Consolidated statement for households and nonprofit organizations and nonfinancial noncorporate business.
(2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 13), life insurance reserves (line 14), and pension entitlements (line 15).
(3) Line 17 less line 23.
(4) Table F.9, line 59 plus line 63.
(5) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves.
(6) Line 45 and 46 are conceptually equivalent but measure saving using different data. Line 45 is net acquisition of financial assets net of government insurance and pension fund reserves (line 1 less line 43) and
including contributions for government social insurance to U.S.-affiliated areas, plus net investment in nonfinancial assets net of consumer durables (line 27 less line 42) less net increase in liabilities (line 33)
plus net capital transfers paid (line 40). Personal savings, NIPA concept (NIPA) (line 46) is disposable personal income (line 48) less personal outlays (table F.101, line 4).

Summary

17

Z.1, March 12, 2015

L.10 Assets and Liabilities of the Personal Sector (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

Total financial assets

2
3
4
5

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares

Securities

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

49739.0

50259.9

53884.6

59819.6

62686.8

57839.8

59819.6

60524.6

61804.9

61538.2

62686.8

67.3
955.4
6807.1
1206.1

57.4
1281.5
7182.3
1193.5

49.7
1465.4
7559.4
1188.9

52.5
1607.8
7772.8
1216.1

53.4
1750.7
8258.9
1203.4

56.7
1471.1
7712.6
1174.3

52.5
1607.8
7772.8
1216.1

51.5
1662.4
7928.7
1180.1

50.3
1700.8
7958.4
1151.2

53.5
1701.1
8085.7
1170.2

53.4
1750.7
8258.9
1203.4

2
3
4
5

18066.1

17359.4

19377.9

23318.8

24439.2

22092.1

23318.8

23563.9

24444.0

23902.7

24439.2

Open market paper


Treasury securities
Agency- and GSE-backed securities

21.1
1124.4
332.7

19.4
709.2
303.9

18.8
937.1
163.7

15.0
953.7
112.2

14.9
705.9
1.1

17.6
985.6
105.8

15.0
953.7
112.2

15.9
904.9
14.3

16.1
724.4
22.6

15.9
727.5
6.1

14.9
705.9
1.1

7
8
9

10
11

Municipal securities
Corporate and foreign bonds

1877.1
1361.5

1811.7
1352.9

1668.2
1245.4

1624.3
1014.4

1546.5
949.2

1646.9
979.5

1624.3
1014.4

1615.3
966.9

1610.1
982.2

1561.0
981.8

1546.5
949.2

10
11

12
13

Corporate equities (2)


Mutual fund shares

8665.2
4636.1

8455.3
4658.5

9592.6
5702.8

12406.8
7142.1

13365.2
7804.2

11557.1
6749.5

12406.8
7142.1

12576.2
7419.9

13323.8
7713.7

12873.1
7685.8

13365.2
7804.2

12
13

1137.5
17035.7
2341.3
6650.1
8044.3

1199.3
17447.7
2383.2
6753.3
8311.2

1186.4
18460.8
2575.3
7278.0
8607.5

1233.0
19893.7
2831.3
8148.3
8914.2

1276.9
20814.3
2952.8
8578.6
9282.9

1218.5
19448.2
2756.6
7888.0
8803.6

1233.0
19893.7
2831.3
8148.3
8914.2

1248.3
20096.2
2859.2
8237.2
8999.8

1254.8
20418.9
2907.5
8409.2
9102.3

1257.6
20491.3
2892.8
8417.8
9180.7

1276.9
20814.3
2952.8
8578.6
9282.9

14
15
16
17
18

4385.5

4464.5

4530.5

4665.7

4836.8

4606.2

4665.7

4735.7

4769.9

4821.3

4836.8

19

19458.4

19328.8

19499.5

19779.8

20379.3

19676.6

19779.8

19801.0

20037.2

20208.8

20379.3

20

10433.1
2542.8
2647.4

10193.0
2537.2
2755.9

9970.7
2539.3
2923.6

9874.2
2610.7
3097.9

9850.6
2740.0
3316.3

9903.8
2584.0
3036.6

9874.2
2610.7
3097.9

9840.8
2628.3
3104.0

9831.6
2658.9
3170.7

9845.4
2693.6
3247.4

9850.6
2740.0
3316.3

21
22
23

124.5
278.2
3432.3

126.9
238.9
3476.8

128.3
303.7
3633.9

129.2
339.2
3728.6

130.5
369.5
3972.4

129.3
313.7
3709.2

129.2
339.2
3728.6

129.1
320.6
3778.1

129.4
375.4
3871.2

130.2
390.3
3901.9

130.5
369.5
3972.4

24
25
26

7
8
9

14
15
16
17
18

Life insurance reserves


Pension entitlements
Life insurance companies
Private pension funds
Governments

19

Miscellaneous and other assets

20

Total liabilities

21
22
23

Home mortgages
Other mortgages
Consumer credit

24
25
26

Policy loans
Security credit
Other liabilities

(1) Combined statement for households and nonprofit organizations and nonfinancial noncorporate business.
(2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 13), life insurance reserves (line 14), and pension entitlements (line 15).

18

Z.1, March 12, 2015

F.100 Domestic Nonfinancial Sectors (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates

Flows

2010

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

Gross saving less net capital transfers paid

2879.8

3167.2

3636.4

3920.6

4075.3

3869.7

4045.3

3907.1

4066.6

4182.4

4145.2

Gross investment

2940.2

2799.7

3079.3

3754.3

4105.6

2568.8

4521.8

3813.5

4420.1

3207.9

4980.7

3
4
5
6
7
8

Capital expenditures
Consumer durables
Fixed residential investment
Fixed nonresidential investment
Inventory change
Nonproduced nonfinancial assets

3590.9
1005.0
387.0
2137.4
61.5
0.0

3761.1
1057.2
388.0
2274.0
41.8
0.0

4022.2
1119.1
443.3
2394.9
64.9
0.1

4207.0
1178.9
511.8
2442.2
74.1
-0.0

4458.5
1229.1
565.8
2579.3
84.3
-0.0

4294.8
1181.9
551.3
2450.9
110.7
-0.0

4309.0
1190.5
525.6
2502.3
90.5
0.0

4277.5
1191.2
549.9
2496.2
40.1
0.1

4427.0
1225.3
539.3
2562.3
100.3
-0.1

4520.4
1245.9
567.8
2612.4
94.5
-0.1

4608.9
1253.9
606.1
2646.4
102.5
0.0

3
4
5
6
7
8

Net lending (+) or net borrowing (-)

-650.6

-961.4

-942.9

-452.7

-352.9

-1726.1

212.8

-464.0

-6.8

-1312.5

371.7

10

Net acqisition of financial assets

1934.1

1400.8

1997.6

2167.0

2294.0

1115.6

2887.2

1762.5

2743.1

1582.0

3088.1

10

1.6
13.6

16.2
-15.7

4.3
-7.1

-3.3
54.0

0.0
2.6

-4.2
8.9

-11.2
52.6

-4.0
-51.1

3.0
41.7

-4.1
21.7

5.1
-1.9

11
12

270.3
219.9
-323.5
3.6

114.8
403.9
-46.1
-4.4

188.0
475.0
19.3
2.1

285.4
274.4
72.4
3.1

265.3
456.9
24.0
6.6

-33.4
476.5
157.9
14.1

797.9
233.6
-8.0
-13.1

166.8
630.5
29.4
20.0

386.6
239.2
3.2
6.2

130.6
111.9
15.6
-4.0

377.1
845.9
47.9
4.2

13
14
15
16

71.3

-265.9

-119.2

-490.5

-361.6

-438.0

-158.3

-821.1

-387.9

-237.3

-0.3

17

24.0
335.2
-31.7
42.4
-413.3
3.0
0.6
111.3

-14.1
-266.0
-137.6
-66.8
86.5
2.0
3.8
126.4

-16.0
254.6
-170.7
-142.6
-162.4
-0.0
-7.0
125.0

-33.5
-204.8
-108.6
-55.0
-197.9
12.2
-3.8
100.9

-13.5
-121.4
-117.5
-79.6
-128.7
-0.8
-5.1
104.9

-43.5
-188.8
-115.0
-66.6
-117.0
9.8
-12.9
96.1

-49.4
-311.3
38.8
-81.4
160.9
8.2
-4.7
80.7

-6.3
-326.6
-422.8
-84.7
-137.1
10.1
7.2
139.2

-30.5
-425.5
13.1
-40.5
12.1
-14.1
-12.5
110.0

-10.2
67.3
-130.8
-172.1
-70.5
2.1
-14.6
91.7

-7.0
199.4
70.6
-21.1
-319.2
-1.2
-0.4
78.6

18
19
20
21
22
23
24
25

-196.9
295.0

-270.9
321.8

-251.4
608.6

-60.4
637.0

-48.7
519.3

-649.8
653.0

65.8
412.5

-398.9
644.3

298.9
505.8

-350.5
487.7

255.6
439.2

26
27

11
12

U.S. official reserve assets


Foreign deposits

13
14
15
16

Checkable deposits and currency


Time and savings deposits
Money market fund shares
Security repurchase agreements

17

Credit market instruments

18
19
20
21
22
23
24
25

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Other loans and advances
Mortgages
Consumer credit

26
27

Corporate equities
Mutual fund shares

28
29

Trade receivables
Security credit

155.1
23.5

96.7
0.9

66.4
42.0

158.6
58.5

139.9
53.0

140.6
-10.1

73.5
95.9

60.6
202.8

193.6
1.6

134.7
103.6

170.8
-96.0

28
29

30
31

Life insurance reserves


Pension entitlements

6.2
596.4

73.5
498.3

-26.6
497.6

19.2
498.7

36.4
556.9

35.9
498.4

16.0
590.5

54.2
526.7

5.9
569.7

30.5
527.4

55.1
603.7

30
31

32
33
34

Taxes payable
Equity in noncorpate business
U.S. direct investment abroad

28.1
163.8
303.3

28.7
-57.3
403.9

30.9
-0.9
315.9

31.0
-46.6
317.4

56.1
-7.0
233.3

28.7
-73.9
291.3

42.8
-48.5
327.2

55.0
12.4
148.6

116.2
-46.3
315.4

27.9
34.6
304.9

25.1
-29.0
164.4

32
33
34

35

Miscellaneous assets

302.6

102.5

152.6

358.2

361.0

19.7

417.9

486.1

490.1

246.8

221.2

35

2584.7

2362.2

2940.5

2619.7

2646.9

2841.6

2674.4

2226.5

2749.9

2894.5

2716.3

36

36

Net increase in liabilities

37
38
39

U.S. official reserve assets


SDR certificates
Treasury currency

0.0
0.0
-0.3

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
-0.4

0.0
0.0
-0.3

0.0
0.0
-1.4

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
-1.0

0.0
0.0
0.0

37
38
39

40

Credit market instruments

1405.4

1287.9

1827.9

1463.0

1701.4

1377.7

1733.9

1694.2

1383.6

1789.8

1938.0

40

24.5
1579.6
0.7
99.7
179.4
-53.7
-82.4
-316.9
-25.3

33.4
1066.8
1.1
-52.8
161.6
70.7
63.6
-165.0
108.5

14.0
1140.6
-0.4
-4.9
324.1
276.9
-22.7
-69.3
169.7

14.2
759.5
-0.4
-43.2
278.1
126.1
62.4
92.0
174.3

37.9
667.2
-0.1
-18.8
267.8
286.3
56.0
186.7
218.4

92.0
307.4
0.5
-105.4
429.9
196.9
19.7
246.2
190.6

-35.2
1261.2
-2.4
-113.8
199.0
83.8
49.6
127.1
164.7

75.0
743.0
-1.9
-38.0
284.8
255.1
147.8
25.8
202.7

57.8
314.3
0.1
15.7
232.3
397.3
-51.8
158.5
259.4

22.2
913.8
-0.7
-88.5
209.5
193.7
79.8
243.4
216.6

-3.2
697.9
2.1
35.5
344.4
299.2
48.0
319.1
195.1

41
42
43
44
45
46
47
48
49

-255.1

-456.7

-359.5

-372.7

-422.9

-414.1

-482.2

-527.5

-275.3

-460.8

-427.9

50

200.9
75.2

81.4
-39.3

123.5
64.9

178.3
35.4

163.0
30.4

202.8
44.6

131.1
101.9

106.0
-74.3

218.1
219.3

147.7
59.4

180.2
-82.9

51
52

0.9
6.4

1.3
10.0

0.3
4.3

0.2
-5.9

0.8
14.6

-0.5
-2.0

0.5
17.6

-0.1
-14.8

0.6
14.8

1.2
26.3

1.4
32.0

53
54

41
42
43
44
45
46
47
48
49

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Depository institution loans n.e.c.
Other loans and advances
Mortgages
Consumer credit

50

Corporate equities

51
52

Trade payables
Security credit

53
54

Life insurance reserves


Taxes payable

55
56

Equity in noncorpate business


Foreign direct investment in U.S.

163.0
157.4

-54.5
192.7

-7.6
170.7

-42.7
207.6

-9.7
94.5

-58.2
204.6

-53.3
265.8

9.3
-448.0

-44.5
259.2

28.3
256.9

-32.0
309.9

55
56

57

Miscellaneous liabilities

831.0

1339.4

1115.9

1156.8

1075.1

1488.0

959.0

1481.7

974.2

1046.9

797.6

57

-60.4

367.5

557.0

166.3

-30.3

1300.9

-476.5

93.6

-353.6

974.5

-835.5

58

58

Discrepancy

(1) Sum of domestic nonfinancial sectors shown on tables F.101 through F.107.

19

Z.1, March 12, 2015

F.101 Households and Nonprofit Organizations (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates

1
2
3
4
5

Personal income
- Personal current taxes
= Disposable personal income
- Personal outlays
= Personal saving, NIPA (2)

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

12429.3
1191.5
11237.9
10609.8
628.0

13202.0
1400.6
11801.4
11090.2
711.1

13887.7
1503.7
12384.0
11487.8
896.2

14166.9
1661.8
12505.1
11897.1
608.1

14729.1
1742.3
12986.8
12355.8
631.0

14247.4
1661.5
12585.8
11933.1
652.8

14311.7
1688.1
12623.7
12070.8
552.9

14484.7
1711.8
12772.9
12146.9
626.1

14660.5
1715.3
12945.2
12289.6
655.6

14811.2
1750.1
13061.2
12433.0
628.1

14959.9
1792.1
13167.8
12553.8
614.0

1
2
3
4
5

6
7
8
9
10

+ Government insurance and pension reserves (3)


- Contr. for govt. soc. insur., U.S.-affiliated areas
+ Net investment in consumer durables
+ Consumption of fixed capital
- Net capital transfers paid (4)

-3.2
4.9
86.9
1314.0
-20.6

-2.4
4.4
119.0
1336.5
2.0

-2.5
4.6
158.4
1365.2
-5.0

-2.2
5.4
194.3
1411.7
19.7

-2.0
5.6
254.2
1428.9
10.4

-3.4
5.4
192.7
1419.7
20.9

-0.8
5.4
195.9
1432.9
21.4

-2.9
5.6
226.6
1412.3
21.2

-1.0
5.6
255.7
1419.8
20.6

-2.7
5.6
267.6
1435.0
-19.9

-1.5
5.7
267.0
1448.5
19.7

6
7
8
9
10

11

= Gross saving less net capital transfers paid

2041.3

2157.8

2417.8

2186.8

2296.0

2235.5

2154.2

2235.3

2304.1

2342.2

2302.5

11

12

Gross investment

2340.5

2644.7

2555.7

2500.9

2570.8

1755.9

3040.5

2510.3

2566.7

2104.2

3101.8

12

1448.9
1005.0
318.3
134.1
-8.5

1501.3
1057.2
321.1
130.8
-7.8

1614.3
1119.1
368.0
134.9
-7.7

1740.4
1178.9
433.4
136.0
-7.9

1811.1
1229.1
452.3
137.1
-7.3

1758.5
1181.9
448.6
136.0
-7.9

1766.8
1190.5
447.1
137.0
-7.8

1751.3
1191.2
434.8
132.9
-7.6

1800.6
1225.3
446.2
136.4
-7.4

1838.2
1245.9
460.5
138.9
-7.2

1854.6
1253.9
467.5
140.2
-7.1

13
14
15
16
17

13
14
15
16
17

Capital expenditures
Consumer durable goods
Residential
Nonprofit nonresidential
Nonproduced nonfinancial assets

18

Net lending (+) or net borrowing (-)

891.6

1143.4

941.4

760.4

759.6

-2.6

1273.7

759.1

766.1

266.1

1247.2

18

19

Net acquisition of financial assets

786.0

1075.7

1212.7

996.7

1171.4

442.5

1462.4

996.9

1455.0

703.8

1529.9

19

20
21
22
23

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares

4.5
38.9
162.8
-183.6

-9.9
328.5
371.4
-13.4

-7.7
182.7
417.1
-5.7

2.8
145.9
205.0
25.5

0.9
119.3
409.1
-15.8

1.9
-40.8
287.9
50.4

-16.9
293.0
233.1
-96.5

-3.9
329.1
507.0
112.0

-4.7
276.7
238.1
17.8

12.6
-36.5
196.0
-59.4

-0.3
-92.0
695.2
-133.7

20
21
22
23

24

Credit market instruments

-94.6

-214.1

-247.2

-543.0

-465.7

-378.1

-178.3

-989.3

-444.2

-257.4

-171.7

24

-1.5
318.9
-11.7
43.6
-422.0
-0.6
-10.9
-10.4

-1.8
-224.9
-4.9
-65.4
89.0
-2.8
0.7
-3.9

-0.6
217.4
-129.4
-143.6
-165.9
-2.5
-13.9
-8.8

-3.8
-191.3
-91.3
-44.0
-200.2
5.0
-10.9
-6.5

-0.1
-140.5
-101.4
-78.1
-128.8
-3.3
-7.5
-5.9

-0.8
-100.9
-80.8
-67.0
-112.2
1.9
-10.9
-7.4

-10.4
-304.1
54.5
-71.8
161.3
5.6
-9.8
-3.6

3.5
-321.6
-436.2
-78.6
-147.1
3.0
-6.9
-5.5

0.9
-440.2
43.4
-35.8
18.4
-17.7
-8.1
-5.1

-0.6
70.6
-87.1
-166.1
-62.7
3.2
-7.9
-6.8

-4.2
129.0
74.3
-31.9
-324.0
-1.5
-7.1
-6.4

25
26
27
28
29
30
31
32

-221.2
280.9
23.5
6.2
596.4
163.8
8.3

-307.7
334.9
0.9
73.5
498.3
-57.3
70.7

-240.1
607.7
42.0
-26.6
497.6
-0.9
-6.1

-56.9
635.5
58.5
19.2
498.7
-46.6
52.2

-47.2
518.3
53.0
36.4
556.9
-7.0
13.3

-637.0
653.4
-10.1
35.9
498.4
-73.9
54.6

67.1
411.8
95.9
16.0
590.5
-48.5
95.2

-403.6
640.7
202.8
54.2
526.7
12.4
8.8

303.3
506.6
1.6
5.9
569.7
-46.3
30.5

-342.1
489.0
103.6
30.5
527.4
34.6
5.7

253.7
437.0
-96.0
55.1
603.7
-29.0
8.0

33
34
35
36
37
38
39

-105.6

-67.7

271.3

236.3

411.8

445.1

188.7

237.8

688.9

437.8

282.7

40

-154.0

-29.2

201.8

196.8

376.3

403.2

81.7

304.0

460.8

379.1

361.2

41

-182.1
-25.3
-2.2
50.1
2.4
3.0

-70.6
108.5
-7.8
-54.9
1.9
-6.4

-63.2
169.7
-14.5
110.8
1.2
-2.3

-1.1
174.3
-13.1
30.0
2.0
4.8

22.8
218.4
-4.8
129.3
2.5
8.1

104.0
190.6
-13.4
115.4
0.6
6.1

-42.5
164.7
-18.1
-34.8
1.7
10.5

-52.1
202.7
-1.0
152.8
-1.1
2.7

9.6
259.4
-2.3
179.2
6.4
8.5

65.8
216.6
-9.8
97.2
1.7
7.7

67.8
195.1
-6.0
87.9
3.0
13.2

42
43
44
45
46
47

75.2
-29.4
2.7

-39.3
1.2
-0.4

64.9
4.0
0.6

35.4
1.0
3.0

30.4
3.1
2.1

44.6
1.0
-3.7

101.9
1.0
4.2

-74.3
4.0
4.1

219.3
3.6
5.3

59.4
1.9
-2.6

-82.9
3.0
1.5

48
49
50

-299.2

-487.0

-137.9

-314.1

-274.8

479.5

-886.3

-275.1

-262.6

238.0

-799.3

51

25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Other loans and advances (5)
Mortgages
Consumer credit (student loans)
Corporate equities (6)
Mutual fund shares
Security credit
Life insurance reserves
Pension entitlements (7)
Equity in noncorporate business
Miscellaneous assets
Net increase in liabilities
Credit market instruments
Home mortgages (8)
Consumer credit
Municipal securities
Depository institution loans n.e.c. (9)
Other loans and advances
Commercial mortgages
Security credit
Trade payables
Deferred and unpaid life insurance premiums
Discrepancy

(1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary tables (tables F.101.a and L.101.a) show estimates of annual flows and year-end
outstandings of nonprofit organizations.
(2) See table F.10 for derivation of alternative measures of personal saving.
(3) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves.
(4) Table F.9, line 63.
(5) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds.
(6) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 34) and life insurance reserves (line 36), and pension entitlements (line 37).
(7) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, at life insurance companies. Excludes social security.
(8) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 24.
(9) Includes loans extended by the Federal Reserve to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF), shown on table F.109, line 21.

Flows

2010

20

Z.1, March 12, 2015

F.102 Nonfinancial Business (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

2011

2012

2013

2014

2013
Q3

Q1

Q2

Q3

Q4

Income before taxes

2206.6

2311.0

2682.4

2820.3

3081.6

2840.8

2841.7

2963.1

3119.8

3142.5

3100.8

Gross saving less net capital transfers paid

1951.3

1995.1

2037.6

2086.2

2051.4

2087.4

2131.3

1941.3

2055.2

2128.1

2081.0

Gross investment

1655.2

1197.6

1275.7

1586.3

1753.0

1383.6

1696.9

1663.4

1830.4

1588.9

1929.6

1480.6

1613.5

1781.7

1863.7

2051.6

1932.2

1937.9

1944.4

2028.9

2087.6

2145.7

1420.1
58.8
1361.4

1572.3
58.4
1513.9

1715.9
69.0
1646.9

1788.3
71.8
1716.5

1965.5
106.7
1858.8

1818.9
96.0
1722.8

1847.1
71.8
1775.3

1903.9
108.6
1795.4

1927.9
86.2
1841.7

1987.7
100.4
1887.3

2042.5
131.5
1911.0

5
6
7

61.5
-1.1

41.8
-0.5

64.9
0.9

74.1
1.3

84.3
1.8

110.7
2.6

90.5
0.3

40.1
0.3

100.3
0.8

94.5
5.4

102.5
0.6

8
9

Flows

2014
Q4

Capital expenditures

5
6
7

Fixed investment
Residential
Nonresidential

8
9

Change in inventories
Nonproduced nonfinancial assets

10

Net lending (+) or net borrowing (-)

174.7

-415.9

-506.0

-277.4

-298.6

-548.6

-241.0

-281.0

-198.6

-498.7

-216.0

10

11

Net acquisition of financial assets

784.7

510.0

580.0

935.1

832.5

808.4

941.7

474.0

1204.7

701.3

949.9

11

12
13
14
15
16

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security repurchase agreements

9.1
76.8
62.8
-154.6
4.3

-5.8
27.3
17.1
-34.6
0.4

0.6
8.0
38.2
19.3
-2.9

51.2
63.2
57.5
42.3
-1.0

1.7
68.0
26.9
37.4
4.2

7.0
172.2
159.2
109.8
15.4

69.6
157.7
-9.8
86.6
-15.1

-47.2
-136.2
75.7
-94.4
10.1

46.4
211.4
12.4
-11.0
8.6

9.1
76.5
-109.9
80.4
-0.2

-1.6
120.5
129.5
174.7
-1.8

12
13
14
15
16

17

Credit market instruments

9.2

-6.1

-11.3

-41.9

-1.1

-31.8

-47.1

10.2

-4.4

-19.8

9.6

17

12.0
7.0
1.7
-2.6

-0.1
-4.5
-1.7
-1.6

-8.4
-2.9
-1.2
0.7

-21.8
1.5
-3.8
-11.3

-4.3
2.1
4.1
-1.5

-31.2
2.5
0.4
0.8

-29.6
8.4
6.3
-9.5

-5.1
-6.0
5.6
-6.9

-19.5
1.2
7.7
-4.2

2.8
-1.5
-1.1
-5.4

4.5
15.0
4.1
10.4

18
19
20
21

18
19
20
21

Commercial paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities

22
23

Mortgages
Consumer credit

2.6
-11.4

-0.1
1.9

-1.3
1.7

-1.0
-5.6

-0.2
-1.3

-0.8
-3.5

-0.7
-22.0

-0.9
23.5

0.1
10.4

-0.4
-14.2

0.5
-24.8

22
23

24
25

Mutual fund shares


Trade receivables

11.1
142.8

-12.8
89.6

-0.1
59.2

0.9
151.6

0.9
132.2

0.9
136.1

0.9
70.3

0.9
50.9

0.9
185.9

0.9
128.7

0.9
163.3

24
25

26
27

U.S. direct investment abroad


Miscellaneous assets

303.3
319.8

403.9
31.0

315.9
153.0

317.4
294.0

233.3
328.9

291.3
-51.7

327.2
301.3

148.6
455.3

315.4
439.0

304.9
230.7

164.4
190.5

26
27

610.0

926.0

1086.0

1212.5

1131.1

1357.0

1182.7

755.0

1403.2

1200.0

1165.9

28

-90.3

301.9

491.2

546.0

671.7

776.1

491.9

688.0

572.7

581.3

844.7

29

24.5
33.2
179.4

33.4
8.5
161.6

14.0
15.2
324.1

14.2
9.3
278.1

37.9
-0.1
267.8

92.0
17.8
429.9

-35.2
3.3
199.0

75.0
2.0
284.8

57.8
-17.2
232.3

22.2
5.2
209.5

-3.2
9.7
344.4

30
31
32

-103.8
-85.7
-137.9

125.6
60.8
-88.0

166.1
-24.3
-3.9

96.1
59.9
88.4

157.0
53.1
155.9

81.5
18.7
136.1

118.5
47.2
159.0

102.3
148.8
75.2

218.1
-58.7
140.4

96.5
77.8
170.0

211.3
44.5
238.0

33
34
35

-255.1
186.6

-456.7
33.1

-359.5
67.4

-372.7
121.2

-422.9
96.0

-414.1
141.3

-482.2
72.9

-527.5
57.9

-275.3
141.7

-460.8
80.1

-427.9
104.2

36
37

28
29

Net increase in liabilities


Credit market instruments

30
31
32

Commercial paper
Municipal securities
Corporate bonds

33
34
35

Depository institution loans n.e.c.


Other loans and advances
Mortgages

36
37

Corporate equities
Trade payables

38
39

Taxes payable
Foreign direct investment in U.S.

6.4
157.4

10.0
192.7

4.3
170.7

-5.9
207.6

14.6
94.5

-2.0
204.6

17.6
265.8

-14.8
-448.0

14.8
259.2

26.3
256.9

32.0
309.9

38
39

40

Miscellaneous liabilities

442.1

899.6

719.5

759.1

686.9

709.2

870.0

990.2

734.6

688.0

335.0

40

Proprietors net investment

163.0

-54.5

-7.6

-42.7

-9.7

-58.2

-53.3

9.3

-44.5

28.3

-32.0

41

296.1

797.5

761.9

499.9

298.4

703.7

434.4

278.0

224.8

539.2

151.4

42

41
42

Discrepancy

(1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business.

21

Z.1, March 12, 2015

F.103 Nonfinancial Corporate Business


Billions of dollars; quarterly figures are seasonally adjusted annual rates

1
2
3
4
5
6
7
8
9
10

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

Profits before tax (book)


- Taxes on corporate income
- Net dividends
+ Capital consumption allowance (1)
= U.S. internal funds, book
+ Foreign earnings retained abroad
+ Inventory valuation adjustment (IVA)
- Net capital transfers paid (2)
= Total internal funds + IVA

1039.2
220.6
375.5
1077.3
1520.4
218.2
-41.0
20.9
1676.7

1008.9
228.8
441.0
1236.1
1575.2
215.1
-68.3
-6.4
1728.5

1245.4
271.4
520.6
1115.7
1569.2
184.6
-9.5
-16.7
1761.0

1298.8
329.3
536.9
1140.6
1573.2
222.4
3.3
-5.7
1804.6

1503.0
386.0
555.8
1014.2
1575.4
182.4
-7.6
-6.6
1756.8

1307.3
319.3
597.8
1147.8
1538.0
258.9
2.8
-4.5
1804.2

1308.7
341.8
516.5
1156.8
1607.2
237.6
-3.0
-2.8
1844.6

1418.8
366.2
575.0
995.7
1473.4
194.3
-24.6
-7.4
1650.4

1541.6
394.8
554.3
1005.3
1597.9
170.3
-12.7
-6.6
1762.2

1556.0
400.0
535.0
1019.1
1640.1
183.5
4.0
-4.3
1832.0

1495.4
383.1
558.9
1036.8
1590.2
181.4
2.9
-8.1
1782.6

1
2
3
4
5
6
7
8
9

Gross investment

1380.6

931.0

999.1

1304.6

1458.4

1100.5

1410.2

1372.4

1537.3

1292.8

1631.2

10

1235.4
1178.6
57.9
-1.1

1331.9
1297.4
34.9
-0.5

1478.0
1415.2
61.8
0.9

1525.8
1467.8
56.7
1.3

1684.3
1613.9
68.5
1.8

1582.7
1494.2
85.9
2.6

1584.2
1512.9
71.0
0.3

1597.6
1564.3
32.9
0.3

1663.2
1580.4
81.9
0.8

1710.7
1630.0
75.3
5.4

1765.6
1681.0
84.0
0.6

11
12
13
14

11
12
13
14

Capital expenditures
Fixed investment (3)
Inventory change + IVA
Nonproduced nonfinancial assets

15

Net lending (+) or net borrowing (-)

145.2

-400.9

-478.9

-221.2

-225.8

-482.3

-174.0

-225.1

-125.9

-417.9

-134.4

15

16

Net acquisition of financial assets

632.7

493.4

506.2

897.9

676.0

758.2

881.8

377.8

1024.7

564.0

737.5

16

17
18
19
20
21

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security repurchase agreements

9.1
79.6
59.9
-157.7
4.3

-5.8
29.7
13.2
-35.4
0.4

0.6
-6.8
33.3
18.2
-2.9

51.2
66.6
49.7
40.6
-1.0

1.7
44.5
12.5
34.3
4.2

7.0
173.9
150.1
107.8
15.4

69.6
158.0
-19.8
84.5
-15.1

-47.2
-151.4
67.3
-96.3
10.1

46.4
184.7
-4.3
-14.6
8.6

9.1
55.6
-122.4
77.7
-0.2

-1.6
89.3
109.6
170.4
-1.8

17
18
19
20
21

22

Credit market instruments

2.6

-7.1

-12.6

-44.0

-4.9

-34.2

-49.8

8.0

-8.9

-23.2

4.3

22

12.0
5.1
1.7
-3.2
-1.6
-11.4

-0.1
-5.1
-1.7
-1.6
-0.6
1.9

-8.4
-3.5
-1.2
0.6
-1.9
1.7

-21.8
0.5
-3.8
-11.4
-1.9
-5.6

-4.3
0.2
4.1
-1.8
-1.9
-1.3

-31.2
1.3
0.4
0.6
-1.9
-3.5

-29.6
7.0
6.3
-9.7
-1.9
-22.0

-5.1
-7.2
5.6
-7.0
-1.9
23.5

-19.5
-1.0
7.7
-4.5
-1.9
10.4

2.8
-3.2
-1.1
-5.6
-1.9
-14.2

4.5
12.3
4.1
10.1
-1.9
-24.8

23
24
25
26
27
28

23
24
25
26
27
28

Commercial paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Mortgages
Consumer credit

29
30

Mutual fund shares


Trade receivables

11.1
105.7

-12.8
83.8

-0.1
51.8

0.9
140.0

0.9
110.7

0.9
122.5

0.9
55.3

0.9
38.2

0.9
160.9

0.9
110.0

0.9
133.5

29
30

31
32
33
34
35
36

U.S. direct investment abroad (4)


Miscellaneous assets
Insurance receivables
Equity in GSEs
Investment in finance co. subs.
Other

303.3
214.8
11.7
0.1
26.7
176.3

403.9
23.6
10.1
-0.0
8.4
5.1

315.9
108.8
7.6
0.0
2.6
98.6

317.4
276.6
-6.6
0.0
14.7
268.4

233.3
238.8
6.4
0.1
15.0
217.3

291.3
-76.5
-5.3
-0.1
0.8
-71.9

327.2
271.0
-9.3
0.1
-2.6
282.8

148.6
399.6
4.2
0.6
66.9
327.9

315.4
335.5
15.5
-0.2
-4.8
324.9

304.9
151.6
13.3
-0.0
-6.5
144.8

164.4
68.5
-7.6
0.2
4.4
71.5

31
32
33
34
35
36

37
38

Net increase in liabilities


Net funds raised in markets

39

Net new equity issues

40

Credit market instruments

487.6

894.3

985.1

1119.1

901.8

1240.5

1055.8

602.9

1150.5

981.9

871.8

37

-326.0

-197.6

44.2

54.1

26.2

211.9

-161.0

39.8

18.8

-84.2

130.2

38

-255.1

-456.7

-359.5

-372.7

-422.9

-414.1

-482.2

-527.5

-275.3

-460.8

-427.9

39

-70.8

259.2

403.7

426.7

449.1

626.0

321.2

567.4

294.2

376.6

558.0

40

41
42
43
44
45
46

Commercial paper
Municipal securities (5)
Corporate bonds (4)
Depository institution loans n.e.c.
Other loans and advances (6)
Mortgages

24.5
33.2
179.4
-87.0
-90.4
-130.5

33.4
8.5
161.6
68.9
60.2
-73.4

14.0
15.2
324.1
80.4
-33.7
3.7

14.2
9.3
278.1
46.6
53.7
24.9

37.9
-0.1
267.8
61.5
52.1
29.8

92.0
17.8
429.9
39.2
10.2
36.8

-35.2
3.3
199.0
58.1
32.1
63.8

75.0
2.0
284.8
39.7
158.9
7.0

57.8
-17.2
232.3
77.6
-76.4
20.1

22.2
5.2
209.5
44.7
64.7
30.2

-3.2
9.7
344.4
84.0
61.2
61.8

41
42
43
44
45
46

47
48
49
50
51
52
53

Trade payables
Taxes payable
Foreign direct investment in U.S.
Miscellaneous liabilities
Pension fund contributions payable
Claims of pension fund on sponsor
Other

156.3
7.2
157.0
493.0
15.4
-20.7
498.3

25.2
8.8
192.7
865.2
3.0
-16.8
879.0

66.2
2.3
170.1
702.3
-12.3
8.4
706.2

113.7
-9.0
207.1
753.3
-0.6
12.1
741.8

85.6
8.8
94.1
687.2
0.9
23.1
663.3

135.5
-5.7
203.0
695.7
-0.9
7.0
689.7

67.0
13.6
265.4
870.9
-3.0
51.2
822.7

50.1
-18.2
-449.1
980.2
-0.8
8.2
972.8

129.0
8.1
258.4
736.3
1.9
-47.1
781.5

73.5
21.2
257.0
714.4
3.6
31.9
678.9

89.8
24.0
309.9
318.0
-1.2
99.3
219.8

47
48
49
50
51
52
53

296.1

797.5

761.9

499.9

298.4

703.7

434.4

278.0

224.8

539.2

151.4

54

-244.0

-175.1

-81.7

-50.7

116.4

41.9

-20.0

148.8

77.9

66.6

172.5

55

54

55

Discrepancy
Memo:
Financing gap (7)

(1) Consumption of fixed capital plus capital consumption adjustment.


(2) Table F.9, line 58.
(3) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 10 and 15 respectively.
(4) 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.
(5) 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.
(6) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table F.216.
(7) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).

Flows

2010

22

Z.1, March 12, 2015

F.104 Nonfinancial Noncorporate Business


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

2011

2012

2013

2014

2013

Flows

Q3

2014
Q4

Q1

Q2

Q3

Q4

Gross saving = consumption of fixed capital

266.9

265.0

271.8

281.7

294.6

283.1

286.7

290.9

293.0

296.2

298.4

Gross saving less net capital transfers paid (1)

274.7

266.6

276.7

281.7

294.6

283.2

286.7

290.9

293.0

296.2

298.4

Gross investment

274.7

266.6

276.7

281.7

294.6

283.2

286.7

290.9

293.0

296.2

298.4

245.1
241.5
3.6

281.7
274.8
6.8

303.7
300.7
3.0

337.9
320.6
17.4

367.4
351.6
15.8

349.5
324.6
24.8

353.7
334.2
19.5

346.8
339.6
7.2

365.7
347.4
18.3

376.9
357.7
19.2

380.1
361.5
18.5

4
5
6

4
5
6

Capital expenditures
Fixed investment (2)
Change in inventories

Net lending (+) or net borrowing (-)

29.5

-15.1

-27.0

-56.2

-72.8

-66.3

-67.0

-55.9

-72.7

-80.8

-81.7

Net acquisition of financial assets

152.0

16.6

73.9

37.2

156.5

50.2

59.9

96.2

180.0

137.3

212.5

9
10
11

Checkable deposits and currency


Time and savings deposits
Money market mutual funds

-2.7
2.9
3.1

-2.4
3.9
0.8

14.9
5.0
1.1

-3.4
7.8
1.7

23.5
14.4
3.1

-1.7
9.1
2.0

-0.3
10.0
2.2

15.2
8.5
1.8

26.7
16.7
3.6

20.9
12.5
2.7

31.2
19.9
4.3

9
10
11

12

Credit market instruments

6.6

1.0

1.3

2.1

3.9

2.4

2.7

2.3

4.5

3.4

5.3

12

1.9
0.5
4.2
0.0

0.5
0.1
0.5
0.0

0.7
0.1
0.6
0.0

1.0
0.1
0.9
0.0

1.9
0.2
1.7
0.0

1.2
0.1
1.1
0.0

1.4
0.2
1.2
0.0

1.1
0.1
1.0
0.0

2.3
0.3
2.0
0.0

1.7
0.2
1.5
0.0

2.7
0.3
2.3
0.0

13
14
15
16

37.0
105.0
29.9
0.4
74.7

5.8
7.4
-11.6
0.3
18.8

7.4
44.2
15.9
0.2
28.2

11.6
17.4
-27.4
0.6
44.2

21.5
90.1
7.0
1.0
82.1

13.6
24.8
-27.0
1.0
50.8

15.0
30.3
-28.4
0.5
58.3

12.7
55.7
5.2
1.1
49.4

25.0
103.5
10.1
0.3
93.0

18.7
79.2
9.2
0.7
69.3

29.8
122.0
3.6
1.6
116.8

17
18
19
20
21

122.4

31.7

100.9

93.4

229.2

116.5

126.9

152.1

252.7

218.1

294.1

22

-19.4

42.7

87.5

119.3

222.6

150.1

170.7

120.6

278.5

204.7

286.7

23

-16.8
4.7
-7.3

56.7
0.6
-14.6

85.7
9.3
-7.5

49.5
6.2
63.5

95.5
1.0
126.1

42.3
8.5
99.3

60.4
15.1
95.2

62.6
-10.1
68.2

140.5
17.7
120.3

51.8
13.1
139.8

127.3
-16.7
176.1

24
25
26

30.3
-0.7

7.9
1.2

1.2
2.0

7.5
3.2

10.4
5.8

5.8
3.7

5.9
4.1

7.7
3.4

12.8
6.8

6.6
5.1

14.4
8.1

27
28

13
14
15
16
17
18
19
20
21
22
23
24
25
26

Treasury securities
Municipal securities
Mortgages
Consumer credit
Trade receivables
Miscellaneous assets
Insurance receivables
Equity investment in GSEs (3)
Other
Net increase in liabilities
Credit market instruments
Depository institution loans n.e.c.
Other loans and advances
Mortgages

27
28

Trade payables
Taxes payable

29
30

Foreign direct investment in U.S.


Miscellaneous liabilities

0.3
-50.9

0.0
34.4

0.6
17.2

0.5
5.8

0.4
-0.3

1.6
13.5

0.5
-1.0

1.0
9.9

0.8
-1.7

-0.2
-26.4

0.0
17.0

29
30

31

Proprietors net investment

163.0

-54.5

-7.6

-42.7

-9.7

-58.2

-53.3

9.3

-44.5

28.3

-32.0

31

(1) Net capital transfers paid from table F.9, line 59.
(2) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 11 and 16 respectively.
(3) Equity in the Farm Credit System.

23

Z.1, March 12, 2015

F.105 General Government (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates

1
2
3
4
5
6
7
8
9

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

Current receipts, NIPA basis


Personal current taxes
Taxes on production and imports
Taxes on corporate income
Taxes from the rest of the world
Contributions for govt. social insurance
Income receipts on assets
Current transfer receipts
Current surplus of government enterprises

3885.0
1191.5
1057.1
346.3
15.7
989.0
137.2
171.1
-22.9

4077.6
1400.6
1102.6
349.6
16.7
922.2
135.6
174.7
-24.5

4301.0
1503.7
1132.0
422.7
18.0
955.8
132.3
161.8
-25.3

4788.6
1661.8
1162.4
440.2
19.2
1109.9
244.4
180.4
-29.6

5005.6
1742.3
1203.2
554.7
19.2
1167.0
159.0
194.4
-34.2

4715.6
1661.5
1167.1
433.6
19.9
1113.2
173.5
177.0
-30.1

4894.1
1688.1
1175.7
459.3
19.6
1122.9
272.4
187.0
-31.0

4929.5
1711.8
1184.5
525.9
20.4
1152.2
187.3
178.5
-31.1

4965.6
1715.3
1197.9
570.3
17.8
1159.8
159.5
178.6
-33.6

5057.8
1750.1
1212.4
564.2
19.3
1171.8
142.1
234.2
-36.3

5069.6
1792.1
1218.0
558.6
19.1
1184.2
147.0
186.2
-35.6

1
2
3
4
5
6
7
8
9

10
11
12
13
14
15

Current expenditures, NIPA basis


Consumption expenditures
Government social benefits
Other current transfer payments
Interest payments
Subsidies

5451.0
2522.2
2250.5
49.7
572.7
55.9

5537.6
2530.9
2274.8
55.6
616.4
60.1

5612.7
2549.7
2325.7
48.8
630.4
58.0

5662.9
2547.6
2391.1
46.4
617.7
60.2

5813.1
2585.5
2498.2
36.0
636.1
57.3

5695.3
2555.9
2403.1
51.1
624.6
60.6

5665.0
2545.9
2408.7
39.2
612.3
58.9

5730.5
2564.5
2446.8
43.0
618.6
57.7

5791.3
2572.1
2487.2
2.6
671.9
57.5

5885.6
2616.2
2520.5
49.6
641.8
57.4

5845.2
2589.3
2538.3
48.7
612.0
56.9

10
11
12
13
14
15

16
17
18
19

Net saving, NIPA basis


+ Consumption of fixed capital
- Insurance and pension fund reserves (2)
- Net capital transfers (3)

-1566.0
458.1
-3.2
8.1

-1460.1
479.6
-2.4
7.6

-1311.7
496.0
-2.5
5.8

-874.3
506.4
-2.2
-13.2

-807.5
520.0
-2.0
-13.4

-979.7
507.8
-3.4
-15.4

-770.9
511.8
-0.8
-18.1

-801.0
515.2
-2.9
-13.4

-825.7
518.5
-1.0
-13.6

-827.8
521.8
-2.7
-15.3

-775.6
524.4
-1.5
-11.2

16
17
18
19

20

= Gross saving less net capital transfers

-1112.8

-985.7

-819.1

-352.4

-272.1

-453.1

-240.2

-269.5

-292.7

-287.9

-238.4

20

21
22
23

Gross investment
Fixed investment
Nonproduced nonfinancial assets

-1055.5
651.8
9.6

-1042.7
637.9
8.3

-752.1
619.4
6.8

-332.9
596.3
6.5

-218.3
590.2
5.4

-570.8
598.7
5.3

-215.6
596.7
7.5

-360.2
574.6
7.3

23.1
591.0
6.4

-485.2
593.0
1.6

-50.8
602.2
6.4

21
22
23

-1716.9

-1688.9

-1378.3

-935.7

-813.9

-1174.8

-819.8

-942.1

-574.3

-1079.9

-659.5

24

24

Net lending (+) or net borrowing (-)

25

Net acquisition of financial assets

363.4

-185.0

204.9

235.2

290.1

-135.4

483.1

291.6

83.4

176.9

608.2

25

26
27
28
29
30

U.S. official reserve assets


Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security repurchase agreements

1.6
154.5
-5.8
14.7
-0.7

16.2
-241.0
15.3
1.9
-4.9

4.3
-2.7
19.7
5.7
5.0

-3.3
76.3
11.9
4.6
4.1

0.0
77.9
20.9
2.5
2.4

-4.2
-164.8
29.3
-2.2
-1.3

-11.2
347.2
10.2
1.9
2.0

-4.0
-26.1
47.8
11.9
10.0

3.0
-101.5
-11.3
-3.6
-2.4

-4.1
90.6
25.8
-5.4
-3.8

5.1
348.6
21.3
7.0
6.0

26
27
28
29
30

31
32
33
34
35
36
37
38
39

Credit market instruments


Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Mortgages
Consumer credit
Other loans and advances

156.7
13.5
9.2
-21.7
1.4
8.7
8.8
133.1
3.6

-45.7
-12.2
-36.6
-131.0
0.2
-2.5
3.1
128.5
4.8

139.3
-7.0
40.1
-40.2
0.3
3.5
8.1
132.1
2.4

94.5
-8.0
-15.0
-13.4
0.2
2.3
8.1
113.1
7.2

105.1
-9.1
17.0
-20.1
0.0
0.2
2.6
112.1
2.5

-28.1
-11.5
-90.4
-34.6
-0.4
-4.8
-1.2
107.0
7.9

67.1
-9.4
-15.5
-22.0
-0.0
-0.5
5.8
106.2
2.6

158.0
-4.7
1.0
7.7
0.8
10.0
15.0
121.2
7.1

60.7
-11.9
13.4
-38.0
-0.5
-6.2
-4.6
104.7
3.7

40.0
-12.5
-1.7
-42.6
-0.6
-7.9
-6.2
112.7
-1.1

161.8
-7.3
55.4
-7.7
0.4
4.8
6.2
109.8
0.3

31
32
33
34
35
36
37
38
39

40
41
42
43
44

Corporate equities
Mutual fund shares
Trade receivables
Taxes receivable
Miscellaneous assets

24.3
3.1
12.4
28.1
-25.4

36.8
-0.3
7.1
28.7
0.8

-11.2
1.0
7.2
30.9
5.7

-3.5
0.7
7.0
31.0
12.0

-1.5
0.0
7.7
56.1
18.9

-12.8
-1.3
4.5
28.7
16.8

-1.3
-0.1
3.2
42.8
21.4

4.8
2.7
9.7
55.0
22.0

-4.3
-1.7
7.7
116.2
20.6

-8.4
-2.2
6.0
27.9
10.4

1.9
1.3
7.5
25.1
22.7

40
41
42
43
44

2080.3

1504.0

1583.2

1171.0

1104.0

1039.5

1303.0

1233.7

657.8

1256.8

1267.7

45

0.0
0.0
-0.3

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
-0.4

0.0
0.0
-0.3

0.0
0.0
-1.4

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
-1.0

0.0
0.0
0.0

46
47
48

1649.8
-3.3
1582.9
0.7
68.7
0.0
0.9

1015.2
-2.7
1069.5
1.1
-53.6
0.0
0.9

1134.9
-2.8
1143.3
-0.4
-5.7
0.0
0.4

720.2
-3.3
762.7
-0.4
-39.4
0.0
0.5

653.5
-3.3
670.5
-0.1
-14.0
0.0
0.4

198.5
-3.4
310.7
0.5
-109.9
0.0
0.5

1160.3
-3.4
1264.6
-2.4
-99.1
0.0
0.6

702.2
-3.3
746.2
-1.9
-39.0
0.0
0.2

350.1
-3.0
317.3
0.1
35.2
0.0
0.5

829.4
-3.5
917.2
-0.7
-84.0
0.0
0.3

732.1
-3.2
701.1
2.1
31.7
0.0
0.4

49
50
51
52
53
54
55

43.7
0.9
386.2

47.2
1.3
440.3

52.2
0.3
395.8

56.1
0.2
394.8

63.9
0.8
386.1

60.5
-0.5
782.4

57.2
0.5
84.9

44.2
-0.1
487.4

72.7
0.6
234.4

65.6
1.2
361.5

73.1
1.4
461.1

56
57
58

-57.4

57.0

-66.9

-19.6

-53.9

117.7

-24.6

90.7

-315.8

197.3

-187.6

59

353.3
2070.2

-149.3
1539.6

164.4
1542.7

249.7
1185.4

272.6
1086.6

-45.4
1129.5

498.1
1317.9

290.5
1232.5

69.5
643.8

178.3
1258.2

552.4
1211.8

60
61

45

Net increase in liabilities

46
47
48

SDR allocations
SDR certificates
Treasury currency

49
50
51
52
53
54
55

Credit market instruments


U.S. savings securities
Treasury bills and other Treasury securities
Budget agency securities
Municipal securities
Multifamily residential mortgages
Other loans and advances

56
57
58

Trade payables
Insurance reserves
Miscellaneous liabilities

59

60
61

Discrepancy
Memo:
Net acquisition of financial assets (consolidated) (4)
Net increase in liabilities (consolidated) (4)

(1) Sum of the federal government (table F.106) and state and local governments (table F.107) sectors.
(2) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector.
Includes value of Treasury and agency- and GSE-backed securities held by state and local government employee retirement funds.
(3) Table F.9, line 60 less line 12.
(4) Excludes Treasury securities held by state and local governments (line 33) and federal government loans to state and local governments (line 55).

Flows

2010

24

Z.1, March 12, 2015

F.106 Federal Government


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

Flows

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Current receipts, NIPA basis


Personal current taxes
Taxes on production and imports
Taxes on corporate income
Taxes from the rest of the world
Contributions for govt. social insurance
Income receipts on assets
Current transfer receipts
Current surplus of government enterprises
Current expenditures, NIPA basis
Consumption expenditures
Government social benefits
Other current transfer payments
Interest payments
Subsidies

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

2391.7

2519.5

2684.1

3113.0

3301.0

3043.9

3207.1

3242.6

3276.9

3342.2

3342.3

893.8
96.8
298.7
15.7
970.9
54.6
64.4
-3.1

1076.6
108.6
299.4
16.7
904.0
56.4
65.0
-7.1

1149.0
115.0
369.5
18.0
938.1
53.6
49.9
-9.1

1286.8
120.9
384.9
19.2
1092.3
164.7
59.5
-15.3

1373.9
134.1
497.6
19.2
1149.4
78.1
68.5
-19.7

1295.5
120.9
378.2
19.9
1095.6
93.6
56.3
-16.0

1319.3
123.5
403.2
19.6
1105.2
192.2
61.0
-16.9

1340.3
132.0
470.0
20.4
1134.5
106.8
55.5
-16.9

1356.2
133.4
513.5
17.8
1142.1
78.6
54.6
-19.3

1383.6
135.0
506.4
19.3
1154.2
61.1
104.2
-21.7

1415.5
135.8
500.4
19.1
1166.7
65.8
59.8
-20.8

2
3
4
5
6
7
8
9

3720.5

3763.7

3763.2

3762.1

3882.7

3793.7

3746.4

3802.7

3875.5

3953.2

3899.6

10

1003.9
1726.6
555.0
380.6
54.3

1006.1
1744.4
528.0
425.7
59.5

1003.6
1785.1
493.2
423.8
57.6

963.0
1825.6
496.3
417.4
59.7

965.0
1882.6
536.9
441.3
56.9

965.7
1828.6
513.6
425.8
60.1

951.1
1835.4
488.1
413.5
58.4

957.1
1854.3
513.0
421.1
57.2

955.5
1879.5
507.7
475.9
57.0

987.7
1892.8
567.9
447.9
56.9

959.8
1903.9
559.0
420.5
56.4

11
12
13
14
15

-1328.7

-1244.1

-1079.1

-649.1

-581.7

-749.8

-539.4

-560.1

-598.6

-611.0

-557.3

16

245.3
-3.2
84.8

257.4
-2.4
81.5

264.1
-2.5
80.0

268.0
-2.2
58.4

274.4
-2.0
58.2

268.5
-3.4
59.8

270.4
-0.8
51.8

272.1
-2.9
56.9

273.7
-1.0
58.5

275.3
-2.7
61.4

276.7
-1.5
56.0

17
18
19

16

Net saving, NIPA basis

17
18
19

+ Consumption of fixed capital


- Insurance and pension reserves (1)
- Net capital transfers paid (2)

20

= Gross saving less net capital transfers paid

-1165.0

-1065.8

-892.6

-437.3

-363.5

-537.7

-320.0

-342.0

-382.4

-394.4

-335.1

20

21
22
23

Gross investment
Fixed investment
Nonproduced nonfinancial assets

-1115.9
300.0
-1.0

-1055.9
297.4
-0.9

-831.4
287.8
-1.9

-396.9
268.5
-2.4

-306.6
254.0
-2.8

-577.8
268.2
-3.7

-281.1
265.1
-1.3

-406.4
251.0
-1.3

-97.0
255.0
-1.9

-550.7
253.6
-6.5

-172.4
256.5
-1.6

21
22
23

-1414.9

-1352.4

-1117.2

-662.9

-557.8

-842.4

-544.9

-656.1

-350.1

-797.8

-427.3

24

281.9

-150.7

132.4

217.4

241.1

-49.6

497.2

168.2

118.6

221.6

455.8

25

1.6
148.9
0.1
84.5
-47.2
0.3
3.6
-5.4
133.1
24.1
-0.7
27.1
-3.6

16.2
-257.6
-0.3
18.3
-118.1
-0.1
4.8
3.3
128.5
40.3
4.8
25.6
2.0

4.3
6.7
0.2
104.9
-31.1
-0.2
2.4
1.6
132.1
-13.2
2.6
27.9
-1.0

-3.3
69.6
-0.5
124.2
0.0
-0.1
7.2
4.0
113.1
-4.8
-1.5
27.8
5.9

0.0
60.8
0.2
116.3
0.0
-0.0
2.5
1.7
112.1
-1.6
1.0
50.2
14.2

-4.2
-188.9
0.2
118.5
0.0
-0.1
7.9
3.7
107.0
-10.3
-5.1
25.1
15.2

-11.2
345.3
-1.3
114.2
0.0
-0.0
2.6
5.5
106.2
-1.1
-2.0
36.3
17.1

-4.0
-36.0
-0.1
130.2
0.0
-0.0
7.1
1.9
121.2
-0.6
7.7
60.1
11.0

3.0
-104.1
-0.0
110.6
0.0
-0.1
3.7
2.3
104.7
-1.1
-4.5
94.6
19.9

-4.1
73.3
0.4
114.5
0.0
0.0
-1.1
2.9
112.7
-4.2
0.5
30.2
11.0

5.1
309.8
0.6
109.8
0.0
0.0
0.3
-0.3
109.8
-0.7
0.3
16.0
14.9

26
27
28
29
30
31
32
33
34
35
36
37
38

1696.7

1201.7

1249.6

880.3

798.9

792.8

1042.1

824.3

468.6

1019.4

883.1

39

0.0
0.0
-0.3
1580.2
-3.3
-19.0
1601.8
0.7
0.0
5.2
0.9
110.7
65.7
20.2
24.9

0.0
0.0
0.0
1067.9
-2.7
-249.5
1319.0
1.1
0.0
8.8
1.3
123.7
70.8
20.8
32.1

0.0
0.0
0.0
1140.2
-2.8
107.0
1036.3
-0.4
0.0
13.4
0.3
95.7
40.4
50.3
5.0

0.0
0.0
-0.4
759.1
-3.3
-35.9
798.7
-0.4
0.0
16.5
0.2
104.8
98.2
-6.8
13.4

0.0
0.0
-0.3
667.1
-3.3
-133.9
804.4
-0.1
0.0
23.1
0.8
108.1
68.8
25.9
13.4

0.0
0.0
-1.4
307.9
-3.4
-160.7
471.4
0.5
0.0
20.7
-0.5
466.2
-63.5
562.7
-33.0

0.0
0.0
0.0
1258.8
-3.4
250.6
1014.0
-2.4
0.0
17.2
0.5
-234.4
592.0
-904.1
77.7

0.0
0.0
0.0
741.0
-3.3
238.7
507.6
-1.9
0.0
4.2
-0.1
79.2
74.9
19.8
-15.5

0.0
0.0
0.0
314.4
-3.0
-1055.3
1372.7
0.1
0.0
32.0
0.6
121.7
52.6
42.1
27.0

0.0
0.0
-1.0
913.1
-3.5
92.9
824.3
-0.7
0.0
24.5
1.2
81.6
79.9
14.7
-13.1

0.0
0.0
0.0
700.0
-3.2
188.3
512.9
2.1
0.0
31.9
1.4
149.9
67.8
26.8
55.2

40
41
42
43
44
45
46
47
48
49
50
51
52
53
54

-49.1

-9.9

-61.2

-40.4

-56.8

40.1

-38.9

64.4

-285.4

156.3

-162.7

55

148.9

-258.0

7.5

69.6

62.1

-185.2

290.4

-79.3

-6.5

78.1

256.1

56

24

Net lending (+) or net borrowing (-)

25

Net acquisition of financial assets

26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55

56

U.S. official reserve assets


Checkable deposits and currency
Time and savings deposits
Credit market instruments
Agency- and GSE-backed securities
Corporate and foreign bonds
Other loans and advances
Mortgages
Consumer credit (3)
Corporate equities (4)
Trade receivables
Taxes receivable
Miscellaneous assets
Net increase in liabilities
SDR allocations
SDR certificates
Treasury currency
Credit market instruments
U.S. savings securities
Treasury bills
Other Treasury securities
Budget agency securities
Multifamily residential mortgages
Trade payables
Insurance reserves
Miscellaneous liabilities
Nonmarketable securities held by pension plans (5)
Claims of pension fund on sponsor
Other
Discrepancy
Memo:
Change in cash balance (6)

(1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves.
(2) Table F.9, line 61 less line 12.
(3) Includes loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that
the government purchased from depository institutions and finance companies.
(4) Corporate equities purchased from financial businesses under the Troubled Asset Relief Program (TARP) and from GSEs at issuance price.
(5) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund,
and foreign service retirement and disability fund.
(6) Time and savings deposits (line 29) plus checkable deposits and currency at the monetary authority and U.S.-chartered depository institutions sectors (table F.204, lines 3 and 8).

25

Z.1, March 12, 2015

F.107 State and Local Governments (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates

1
2
3
4
5
6
7
8
9
10
11
12
13

Current receipts, NIPA basis


Personal current taxes
Taxes on production and imports
Taxes on corporate income
Contributions for govt. social insurance
Income receipts on assets
Current transfer receipts
Current surplus of government enterprises
Current expenditures, NIPA basis
Consumption expenditures
Govt. social benefit payments to persons
Interest payments
Subsidies

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

1998.5

2030.5

2061.2

2125.6

2205.6

2134.2

2135.9

2157.0

2193.8

2233.9

2237.6

297.6
960.4
47.7
18.1
82.6
612.0
-19.8

324.1
994.0
50.2
18.2
79.2
582.1
-17.4

354.7
1017.0
53.2
17.7
78.6
556.2
-16.2

375.0
1041.6
55.3
17.7
79.7
570.8
-14.3

368.4
1069.2
57.2
17.6
80.9
626.8
-14.5

366.0
1046.2
55.4
17.7
80.0
583.2
-14.1

368.8
1052.2
56.1
17.7
80.3
574.9
-14.1

371.5
1052.5
55.9
17.7
80.5
593.1
-14.1

359.1
1064.6
56.8
17.7
80.9
629.1
-14.3

366.5
1077.4
57.8
17.6
81.0
648.3
-14.7

376.6
1082.2
58.2
17.5
81.1
636.8
-14.9

2
3
4
5
6
7
8

2235.8

2246.4

2293.8

2350.7

2431.3

2364.1

2367.5

2397.9

2420.9

2450.7

2455.9

1518.3
523.8
192.1
1.6

1524.8
530.4
190.7
0.5

1546.1
540.6
206.6
0.5

1584.5
565.4
200.3
0.5

1620.5
615.6
194.8
0.5

1590.2
574.5
198.8
0.5

1594.9
573.3
198.8
0.5

1607.4
592.5
197.5
0.5

1616.6
607.8
196.1
0.5

1628.5
627.7
193.9
0.5

1629.5
634.4
191.6
0.5

10
11
12
13

-237.3

-215.9

-232.6

-225.1

-225.8

-229.9

-231.6

-240.9

-227.1

-216.8

-218.3

14

212.7
-76.7

222.2
-73.8

231.8
-74.2

238.4
-71.6

245.5
-71.6

239.3
-75.2

241.4
-70.0

243.1
-70.3

244.7
-72.2

246.5
-76.7

247.7
-67.3

15
16

14

Net saving, NIPA basis

15
16

+ Consumption of fixed capital


- Net capital transfers paid (2)

17

= Gross saving less net capital transfers paid

52.2

80.1

73.5

84.9

91.4

84.6

79.8

72.5

89.7

106.5

96.7

17

18

Gross investment

60.4

13.2

79.3

64.0

88.4

7.1

65.5

46.2

120.2

65.5

121.6

18

351.9
10.6

340.5
9.2

331.6
8.7

327.8
9.0

336.2
8.3

330.5
9.0

331.6
8.9

323.6
8.6

336.1
8.4

339.4
8.2

345.8
8.0

19
20

-302.0

-336.6

-261.1

-272.8

-256.1

-332.4

-275.0

-286.0

-224.3

-282.1

-232.2

21

19
20

Fixed investment
Nonproduced nonfinancial assets

21

Net lending (+) or net borrowing (-)

22

Net acquisition of financial assets

81.5

-34.3

72.5

17.8

49.0

-85.8

-14.1

123.4

-35.1

-44.7

152.4

22

23
24

Checkable deposits and currency


Time and savings deposits

5.7
-5.9

16.6
15.6

-9.4
19.6

6.7
12.4

17.1
20.7

24.1
29.1

1.9
11.6

9.9
47.9

2.6
-11.2

17.3
25.4

38.8
20.7

23
24

25
26

Money market fund shares


Security repurchase agreements

14.7
-0.7

1.9
-4.9

5.7
5.0

4.6
4.1

2.5
2.4

-2.2
-1.3

1.9
2.0

11.9
10.0

-3.6
-2.4

-5.4
-3.8

7.0
6.0

25
26

27

Credit market instruments

72.2

-64.0

34.4

-29.7

-11.2

-146.6

-47.2

27.8

-49.9

-74.5

52.0

27

28
29
30

Open market paper


Treasury securities
Agency- and GSE-backed securities

13.5
9.2
25.5

-12.2
-36.6
-12.9

-7.0
40.1
-9.1

-8.0
-15.0
-13.4

-9.1
17.0
-20.1

-11.5
-90.4
-34.6

-9.4
-15.5
-22.0

-4.7
1.0
7.7

-11.9
13.4
-38.0

-12.5
-1.7
-42.6

-7.3
55.4
-7.7

28
29
30

31
32
33

Municipal securities
Corporate and foreign bonds
Mortgages

1.4
8.4
14.2

0.2
-2.4
-0.2

0.3
3.7
6.5

0.2
2.4
4.1

0.0
0.2
0.9

-0.4
-4.8
-4.9

-0.0
-0.4
0.3

0.8
10.0
13.0

-0.5
-6.1
-6.9

-0.6
-7.9
-9.2

0.4
4.8
6.5

31
32
33

0.3
3.1

-3.5
-0.3

2.0
1.0

1.3
0.7

0.1
0.0

-2.5
-1.3

-0.2
-0.1

5.3
2.7

-3.3
-1.7

-4.2
-2.2

2.5
1.3

34
35

13.1
1.0
-21.9

2.3
3.1
-1.2

4.5
3.0
6.7

8.5
3.2
6.1

6.7
5.8
4.7

9.6
3.6
1.6

5.2
6.5
4.3

2.0
-5.1
11.0

12.2
21.6
0.6

5.5
-2.3
-0.6

7.3
9.1
7.8

36
37
38

383.5

302.3

333.6

290.7

305.1

246.6

260.9

409.4

189.1

237.4

384.6

39

34
35

Corporate equities
Mutual fund shares

36
37
38

Trade receivables
Taxes receivable
Miscellaneous assets

39

Net increase in liabilities

40

Credit market instruments

69.5

-52.7

-5.3

-38.9

-13.7

-109.4

-98.5

-38.8

35.7

-83.7

32.2

40

41
42
43
44

Municipal securities
Short-term (3)
Long-term
U.S. government loans

68.7
-0.7
69.3
0.9

-53.6
-10.6
-42.9
0.9

-5.7
3.8
-9.4
0.4

-39.4
-10.9
-28.6
0.5

-14.0
-6.7
-7.4
0.4

-109.9
-17.8
-92.0
0.5

-99.1
-18.1
-80.9
0.6

-39.0
-5.0
-34.0
0.2

35.2
16.0
19.2
0.5

-84.0
-33.5
-50.5
0.3

31.7
-4.1
35.9
0.4

41
42
43
44

38.5
275.5

38.4
316.6

38.8
300.1

39.6
289.9

40.8
278.0

39.9
316.2

40.0
319.3

40.0
408.2

40.7
112.7

41.1
280.0

41.2
311.2

45
46

-8.3

66.9

-5.8

20.9

3.0

77.5

14.3

26.3

-30.4

41.0

-24.9

47

45
46
47

Trade payables
Claims of pension fund on sponsor (4)
Discrepancy

(1) Data for state and local government employee retirement funds are shown in table F.120.
(2) Table F.9, line 62.
(3) Debt with original maturity of 13 months or less.
(4) Included in miscellaneous liabilities.

Flows

2010

26

Z.1, March 12, 2015

F.108 Financial Business (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

2011

2012

2013

2014

2013

Flows

Q3

2014
Q4

Q1

Q2

Q3

Q4

Gross saving less net capital transfers paid

375.1

319.6

310.2

286.2

291.4

380.5

247.9

279.0

300.8

278.0

307.9

Gross investment

174.6

222.6

314.6

361.8

325.7

846.0

-272.0

194.9

243.9

660.8

203.3

166.8
4.0
162.8

173.9
6.5
167.5

195.5
5.3
190.2

216.2
14.7
201.5

214.6
-0.0
214.6

194.7
-6.6
201.3

223.4
17.0
206.4

202.7
-3.6
206.3

232.9
19.7
213.1

223.4
5.4
218.0

199.3
-21.7
221.0

3
4
5

3
4
5

Capital expenditures
Fixed residential investment
Fixed nonresidential investment

Net lending (+) or net borrowing (-)

7.8

48.7

119.1

145.6

111.2

651.3

-495.5

-7.8

11.0

437.4

3.9

Net acqisition of financial assets

35.3

2155.4

1842.9

3530.5

3073.8

4231.2

2467.3

4157.1

3567.3

2535.5

2035.3

8
9
10
11
12

U.S. official reserve assets


SDR certificates
Treasury currency
Foreign deposits
Net interbank assets

0.3
0.0
0.9
8.7
-106.9

-0.3
0.0
0.7
-62.9
603.0

0.2
0.0
0.6
0.4
-64.1

0.2
0.0
0.7
-9.6
760.1

0.2
0.0
0.8
-9.6
131.4

0.2
0.0
0.7
-3.2
897.4

0.1
0.0
0.6
-10.3
70.0

0.2
0.0
1.0
-57.3
776.2

0.1
0.0
0.9
29.0
47.8

0.5
0.0
0.8
-13.7
339.5

0.1
0.0
0.5
3.6
-637.7

8
9
10
11
12

13
14
15
16

Checkable deposits and currency


Time and savings deposits
Money market fund shares
Federal funds and security repos

-32.3
-109.1
-172.6
270.8

37.2
-47.1
-71.3
117.8

10.1
7.4
-34.8
262.6

-2.9
82.3
-58.7
-374.4

5.9
4.7
-20.8
-6.8

64.9
241.8
108.0
-152.8

-67.5
-41.8
-99.7
-381.4

-63.8
53.4
-121.7
44.5

28.2
49.3
-148.1
316.6

87.0
76.9
19.8
-349.5

-27.8
-160.7
167.1
-38.9

13
14
15
16

17

Credit market instruments

-37.9

1147.7

1272.9

1884.2

1965.5

1651.1

2082.1

1882.9

2157.7

1869.2

1952.1

17

-93.6
504.0
52.1
44.2
210.6
-92.2
-209.7
-316.7
-136.7

-74.9
977.6
158.3
13.4
130.9
146.6
-30.9
-155.3
-17.9

-0.8
296.3
221.5
138.3
405.7
186.1
38.7
-57.4
44.7

34.2
533.0
432.8
7.5
380.3
186.1
133.4
103.6
73.4

-11.7
521.5
247.6
58.1
419.8
308.2
109.0
199.5
113.5

101.3
271.2
220.7
-44.5
477.9
162.4
122.9
244.8
94.5

-35.5
761.8
449.6
-37.0
327.1
255.2
124.8
152.0
84.0

41.6
697.9
250.3
43.6
348.6
316.2
90.0
31.3
63.5

110.8
456.1
167.3
54.6
604.6
321.6
115.8
177.5
149.4

-136.2
663.4
252.8
78.0
284.2
197.5
146.8
257.7
124.9

-62.9
268.5
319.8
56.1
441.8
397.7
83.2
331.4
116.5

18
19
20
21
22
23
24
25
26

18
19
20
21
22
23
24
25
26

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Depository institution loans n.e.c.
Other loans and advances
Mortgages
Consumer credit

27
28

Corporate equities
Mutual fund shares

84.5
16.8

-58.8
-58.1

36.7
-73.4

203.7
23.8

160.0
15.8

227.4
38.8

403.2
0.3

-104.4
22.4

200.7
19.5

326.0
14.9

217.5
6.6

27
28

29
30

Trade receivables
Security credit

-8.6
81.4

-0.8
-8.3

-1.6
55.7

-2.2
45.9

2.6
42.8

0.4
55.0

-8.0
114.0

13.6
-55.3

13.6
224.0

-13.6
69.2

-3.4
-66.6

29
30

31
32
33

Life insurance reserves


U.S. direct investment abroad
Miscellaneous assets

8.2
-2.3
33.4

7.7
15.2
534.0

14.7
17.1
338.5

10.8
32.1
934.4

10.9
34.8
735.6

9.4
65.5
1026.5

18.3
3.1
384.1

10.4
34.9
1720.2

11.2
13.1
603.7

9.8
50.1
48.7

12.1
41.1
569.7

31
32
33

34

Net increase in liabilities

27.5

2106.8

1723.7

3384.8

2962.6

3579.9

2962.7

4164.8

3556.3

2098.1

2031.4

34

35

Net interbank liabilities

-142.8

820.5

-194.5

1129.2

44.0

516.4

150.7

1176.0

98.3

290.5

-1388.8

35

36
37
38
39

Checkable deposits and currency


Time and savings deposits
Money market fund shares
Federal funds and security repos

266.3
115.6
-503.2
213.4

234.5
404.1
-112.8
179.9

267.7
520.4
7.1
210.9

332.6
409.1
28.9
-389.4

351.6
515.7
9.6
6.4

126.2
800.0
263.6
-196.1

743.1
293.2
-96.4
-271.7

183.4
748.7
-86.3
34.0

578.9
425.3
-143.8
357.2

229.8
171.3
39.7
-511.0

414.2
717.7
228.7
145.6

36
37
38
39

40

Credit market instruments

-901.8

-341.4

-419.3

213.1

240.8

87.6

813.7

-295.7

339.2

402.8

516.7

40

-102.2
-46.9
-546.3
-62.5
-144.7
0.8

-68.2
-21.9
-237.4
32.6
-60.0
13.5

-58.8
-22.4
-225.2
-121.2
3.5
4.8

-48.9
239.9
-84.9
20.9
78.3
7.8

-36.6
140.4
58.2
-7.1
78.2
7.7

-94.4
194.6
18.6
-75.5
58.6
-14.3

-29.2
354.2
259.0
114.4
95.1
20.2

-83.2
-278.1
30.8
6.1
16.0
12.6

30.9
184.6
105.0
-132.1
144.2
6.5

48.5
225.9
15.2
34.4
79.2
-0.3

-142.5
428.9
81.7
63.4
73.3
11.9

41
42
43
44
45
46

41
42
43
44
45
46

Open market paper


Agency- and GSE-backed securities
Corporate and foreign bonds
Depository institution loans n.e.c.
Other loans and advances
Mortgages

47
48

Corporate equities
Mutual fund shares

191.4
370.1

164.1
338.4

168.3
624.9

162.5
638.4

221.7
586.1

180.3
674.1

186.4
416.7

37.1
697.3

299.0
647.9

180.9
582.6

369.7
416.7

47
48

49
50

Trade payables
Security credit

-52.0
29.8

-3.8
31.9

-0.0
32.8

0.3
68.9

3.4
65.4

-9.3
0.2

4.9
108.1

1.0
221.8

11.9
6.3

8.4
113.4

-7.8
-79.7

49
50

51
52

Life insurance reserves


Pension entitlements

13.6
596.4

79.9
498.3

-12.2
497.6

29.8
498.7

46.5
556.9

45.8
498.4

33.8
590.5

64.6
526.7

16.5
569.7

39.0
527.4

65.8
603.7

51
52

53
54
55
56

Taxes payable
Equity in noncorporate business
Foreign direct investment in U.S.
Miscellaneous liabilities

13.0
0.9
48.5
-231.7

10.7
-2.9
43.4
-237.9

6.9
6.7
4.5
1.8

17.7
-3.9
28.7
220.2

21.1
2.7
2.2
288.6

36.3
-15.8
16.8
555.2

59.3
4.8
36.0
-110.3

46.7
3.0
18.4
788.1

27.8
-1.8
15.6
308.1

-10.1
6.3
-15.3
42.3

20.1
3.0
-10.1
15.7

53
54
55
56

200.5

97.0

-4.4

-75.7

-34.3

-465.4

519.9

84.1

56.9

-382.8

104.7

57

57

Discrepancy

(1) Sum of financial sectors shown on tables F.109 through F.131.

27

Z.1, March 12, 2015

F.109 Monetary Authority (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2011

2012

2013

2014

2013
Q3

Gross saving

Fixed nonresidential investment

Net acquisition of financial assets

2014
Q4

Q1

Q2

Q3

Q4

-8.5

-0.2

-17.5

-0.8

-1.4

-2.6

-1.1

-1.1

-1.4

-1.6

-1.4

0.7

0.6

0.8

0.9

0.9

0.9

0.9

0.9

0.9

0.9

1.0

186.0

494.0

7.7

1118.8

481.6

1022.7

1125.2

922.1

543.3

291.4

169.6

4
5
6

U.S. official reserve assets


SDR certificates
Treasury currency

0.3
0.0
0.9

-0.3
0.0
0.7

0.2
0.0
0.6

0.2
0.0
0.7

0.2
0.0
0.8

0.2
0.0
0.7

0.1
0.0
0.6

0.2
0.0
1.0

0.1
0.0
0.9

0.5
0.0
0.8

0.1
0.0
0.5

4
5
6

Federal Reserve float (2)

0.7

0.8

0.1

-0.5

0.4

0.6

-1.6

1.7

0.1

-1.6

1.4

-96.4
-96.4
0.0

-0.0
-0.0
0.0

-0.1
-0.1
0.0

0.0
0.0
0.0

0.1
0.1
0.0

0.2
0.2
0.0

-0.4
-0.4
0.0

-0.2
-0.2
0.0

0.5
0.5
0.0

0.7
0.7
0.0

-0.7
-0.7
0.0

8
9
10

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

11

271.5

376.5

34.5

1086.1

480.6

1023.6

1102.9

911.1

538.5

299.7

173.1

12

8
9
10

Interbank loans (2)


Discount window (3)
AMLF (4)

11

Security repurchase agreements

12

Credit market instruments

13
14
15
16
17
18
19

Open market paper


Treasury securities
Treasury bills
Other Treasury securities
Agency- and GSE-backed securities
Mortgage-backed securities
Other agency- and GSE-baked securities

0.0
244.9
0.0
244.9
71.4
83.8
-12.4

0.0
642.0
0.0
642.0
-197.9
-154.5
-43.5

0.0
2.7
-18.4
21.1
61.8
89.0
-27.2

0.0
542.6
0.0
542.6
543.9
563.5
-19.6

0.0
252.6
0.0
252.6
228.1
246.7
-18.5

0.0
522.5
0.0
522.5
501.7
535.8
-34.1

0.0
524.3
0.0
524.3
578.6
592.3
-13.7

0.0
498.9
0.0
498.9
412.3
451.8
-39.5

0.0
310.2
0.0
310.2
228.4
243.2
-14.7

0.0
184.4
0.0
184.4
115.5
130.1
-14.6

0.0
16.9
0.0
16.9
156.3
161.6
-5.3

13
14
15
16
17
18
19

20
21
22
23
24
25
26
27
28

Depository institution loans n.e.c.


Households (TALF) (5)
Brokers and dealers (6)
Funding corporations (Maiden Lane) (7)
Funding corporations (AIG)
Funding corporations (Maiden Lane II) (8)
Funding corporations (Maiden Lane III) (9)
Funding corporations (CPFF) (10)
Rest of world

-44.8
-22.8
0.0
-3.4
-2.2
-2.5
-4.4
-9.4
0.0

-67.6
-15.7
0.0
-21.0
-20.0
-6.7
-4.2
0.0
0.0

-29.9
-8.5
0.0
-4.9
0.0
-6.8
-9.8
0.0
0.0

-0.5
-0.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0

-0.1
-0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0

-0.6
-0.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0

-0.0
-0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

-0.1
-0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0

-0.1
-0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0

-0.1
-0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0

-0.1
-0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0

20
21
22
23
24
25
26
27
28

1.3
7.8
-10.2
18.0

-26.4
142.9
99.7
43.1

0.0
-27.6
-90.9
63.4

0.0
32.3
-8.6
40.9

0.0
-0.5
1.3
-1.8

0.0
-2.6
-4.7
2.1

0.0
23.6
-1.0
24.5

0.0
8.2
0.5
7.7

0.0
3.3
-1.1
4.4

0.0
-8.8
0.5
-9.3

0.0
-4.9
5.2
-10.0

29
30
31
32

185.1

493.7

7.3

1118.7

480.5

1022.9

1124.9

919.9

542.9

291.3

168.1

33

-8.9
-2.2

594.2
8.1

-71.2
7.1

758.0
2.6

128.9
2.0

876.6
20.0

66.7
5.3

781.0
-6.3

46.1
1.1

328.0
12.3

-639.4
1.0

34
35

185.0

-122.1

62.1

139.5

152.2

-102.2

362.2

-16.3

58.8

194.4

372.1

36

29
30
31
32
33

Corporate equities (11)


Miscellaneous assets
Nonofficial foreign currencies (12)
Other
Net increase in liabilities

34
35

Depository institution reserves


Vault cash of depository institutions

36

Checkable deposits and currency

37
38
39
40

Due to federal government


Treasury cash holdings
Treasury general deposit account
Treasury temporary supplementary financing account

149.0
-0.1
-45.9
195.0

-255.0
-0.0
-55.0
-200.0

7.0
0.0
7.0
0.0

69.8
0.1
69.7
0.0

61.0
-0.0
61.1
0.0

-185.9
0.2
-186.1
0.0

290.8
0.3
290.5
0.0

-78.7
0.2
-78.9
0.0

-7.4
-0.5
-6.9
0.0

75.8
0.1
75.8
0.0

254.4
0.2
254.2
0.0

37
38
39
40

41
42
43

Due to government-sponsored enterprises


Due to rest of the world
Currency outside banks

-21.6
0.9
56.7

51.1
-3.2
85.0

-37.4
6.3
86.2

-1.3
1.5
69.5

-5.8
-2.7
99.7

18.3
-4.3
69.7

7.3
-3.9
68.0

-60.3
-4.0
126.6

1.4
-4.1
69.0

62.9
-2.8
58.5

-27.0
0.0
144.7

41
42
43

-18.0
0.0
-18.0

40.2
0.0
40.2

7.3
0.0
7.3

208.7
197.8
11.0

193.9
199.0
-5.0

249.0
232.6
16.4

634.1
558.4
75.7

100.4
177.3
-76.9

461.9
389.6
72.3

-185.5
-157.9
-27.6

398.8
386.8
12.0

44
45
46

29.2
0.9
28.3

-26.7
0.4
-27.1

2.0
0.5
1.5

9.8
0.1
9.7

3.4
1.1
2.4

-20.4
-0.2
-20.2

56.7
0.3
56.4

61.2
2.2
59.0

-25.1
0.4
-25.5

-58.0
0.1
-58.1

35.7
1.5
34.1

47
48
49

-10.0

-1.2

-18.8

-1.9

-3.4

-3.3

-2.3

-4.1

-2.8

-2.6

-3.9

50

44
45
46

Security repurchase agreements


Reverse repurchase agreement operations (13)
Other

47
48
49

Miscellaneous liabilities
Federal Reserve Bank stock
Other

50

Discrepancy

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.
(2) Shown on table F.203.
(3) Federal Reserve loans extended to U.S.-chartered depository institutions through term auction credit, primary credit, secondary credit, and seasonal credit.
(4) Federal Reserve loans extended to U.S.-chartered depository institutions through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).
(5) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF).
(6) Loans extended through the Federal Reserves Primary Dealer Credit Facility (PDCF) and AMLF.
(7) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.s acquisition of Bear Stearns Companies, Inc.
(8) Loan extended by the Federal Reserve to Maiden Lane II LLC to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of AIG subsidiaries.
(9) Loan extended by the Federal Reserve to Maiden Lane III LLC to purchase CDOs on which AIG has written credit default swap contracts.
(10) Loan extended by the Federal Reserve to Commercial Paper Funding Facility LLC.
(11) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance
Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG.
(12) Reciprocal currency arrangements (swap lines) with foreign central banks.
(13) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserves Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4).

Flows

2010

28

Z.1, March 12, 2015

F.110 Private Depository Institutions (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

2011

2012

2013

2014

2013

Flows

Q3

Gross saving less net capital transfers paid (2)

Fixed nonresidential investment

2014
Q4

Q1

Q2

Q3

Q4

144.6

75.8

15.8

15.5

-30.3

2.0

15.3

-19.0

-35.3

-54.7

-12.1

35.7

25.1

27.5

28.9

31.3

28.4

29.4

28.9

31.5

31.9

33.1

Net lending (+) or net borrowing (-)

-24.5

-14.5

-71.3

55.1

-45.8

347.9

-337.2

-95.9

-104.1

146.9

-130.0

Net acquisition of financial assets

-193.2

840.5

500.1

993.4

968.9

890.9

410.1

1809.1

1240.3

793.0

33.1

5
6
7

Vault cash
Reserves at Federal Reserve
Federal funds and security repos

-2.2
-8.9
20.9

8.1
594.2
22.5

7.1
-71.2
112.0

2.6
758.0
-98.0

2.0
128.9
10.1

20.0
876.6
-7.2

5.3
66.7
-106.0

-6.3
781.0
44.8

1.1
46.1
118.6

12.3
328.0
-62.7

1.0
-639.4
-60.2

5
6
7

Credit market instruments

-139.5

249.9

476.7

296.7

786.8

174.7

571.4

782.2

883.2

606.2

875.7

9
10
11
12
13

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

0.0
103.0
138.5
29.3
-124.7

0.0
-46.7
133.6
46.8
4.3

0.0
86.6
49.7
68.0
-13.8

0.0
-35.1
42.4
55.1
-16.2

0.0
200.0
26.1
31.0
-35.9

0.0
-58.6
-99.7
53.7
51.9

0.0
125.8
44.8
44.3
-11.6

0.0
176.9
27.7
37.0
-54.0

0.0
173.8
9.0
16.2
2.8

0.0
217.5
76.7
34.4
-95.4

0.0
231.8
-8.9
36.6
2.8

9
10
11
12
13

14
15
16
17

Depository institution loans n.e.c.


Other loans and advances
Mortgages
Consumer credit

-47.4
0.0
-157.2
-81.0

214.1
0.0
-105.8
3.6

216.0
0.0
21.7
48.7

186.6
0.0
-11.0
74.9

308.3
0.0
149.2
108.1

163.1
0.0
-32.0
96.3

255.2
0.0
16.2
96.8

316.2
0.0
205.2
73.2

321.7
0.0
217.4
142.3

197.6
0.0
66.8
108.7

397.8
0.0
107.5
108.1

14
15
16
17

-1.7
-5.6

0.9
-0.5

-10.5
-0.7

0.8
1.5

0.6
-0.8

1.3
5.1

8.1
6.9

-2.5
8.7

-0.7
5.0

1.6
-13.1

3.9
-3.6

18
19

6.2
4.5

31.0
5.2

-9.2
7.4

10.4
5.7

12.5
5.9

10.3
4.9

12.2
8.7

19.0
5.6

4.7
6.0

9.8
5.0

16.3
6.9

20
21

2.7
-69.4

-6.2
-64.8

-2.6
-9.1

3.5
12.2

4.5
18.3

30.6
-225.4

7.2
-170.4

-5.4
182.0

0.4
175.9

12.5
-106.6

10.6
-178.1

22
23

18
19

Corporate equities
Mutual fund shares

20
21

Security credit
Life insurance reserves

22
23

U.S. direct investment abroad


Miscellaneous assets

24

Net increase in liabilities

-168.7

855.0

571.4

938.3

1014.7

543.0

747.3

1905.0

1344.4

646.1

163.1

24

25

Net interbank liabilities

-131.7

218.2

-130.3

368.6

-87.0

-380.1

78.7

401.3

51.0

-49.9

-750.4

25

26
27
28

Checkable deposits
Small time and savings deposits
Large time deposits

81.3
298.3
-182.7

356.7
577.4
-173.3

205.6
539.6
-19.2

193.1
307.0
102.1

199.4
367.6
148.1

228.5
557.4
242.6

380.9
173.2
120.0

199.7
517.3
231.4

520.1
355.7
69.6

35.4
449.6
-278.3

42.2
147.9
569.7

26
27
28

29

Federal funds and security repos

6.7

-27.1

-32.0

-92.8

25.4

3.8

-200.5

208.7

-0.4

-43.1

-63.8

29

30

Credit market instruments

-218.0

-52.4

-109.9

-31.5

49.8

-41.1

65.3

-24.1

116.5

48.6

58.2

30

-20.1
-49.2
-148.7

7.6
2.4
-62.5

-33.1
-82.3
5.6

-27.8
-74.9
71.2

-5.2
-12.0
67.0

-27.3
-75.3
61.5

9.3
-16.6
72.6

-5.2
-27.2
8.3

-9.6
-10.1
136.2

-5.0
-11.9
65.4

-0.9
1.0
58.0

31
32
33

11.9
6.6
12.4

6.4
10.6
26.0

1.6
7.0
-0.8

2.2
0.1
4.0

2.7
15.5
-2.2

2.6
24.1
5.4

4.9
21.9
5.6

2.5
31.1
3.7

4.3
29.0
2.7

2.8
-11.6
-7.6

1.2
13.7
-7.7

34
35
36

-53.5
33.4
-31.5
-55.4

-87.4
76.1
-33.7
-129.8

109.8
101.2
-11.8
20.4

85.5
59.3
-2.5
28.7

295.4
191.0
-20.3
124.7

-100.2
70.2
-93.6
-76.8

97.4
157.1
19.2
-78.9

333.3
165.5
1.5
166.3

195.8
206.4
-12.2
1.6

500.3
114.4
28.1
357.8

152.0
277.5
-98.5
-26.9

37
38
39
40

133.4

65.1

59.7

-68.5

-15.8

-374.4

323.2

48.0

37.3

-233.4

84.9

41

-0.8

-0.1

0.4

1.5

0.7

1.8

0.8

0.7

0.9

1.1

0.1

42

31
32
33

Open market paper


Corporate bonds
Other loans and advances

34
35
36

Corporate equity issues


Taxes payable (net)
Foreign direct investment in U.S.

37
38
39
40

Miscellaneous liabilities
Investment by holding companies
Investment by funding corporations
Other

41

Discrepancy
Memo:

42

Consumer leases not included above (3)

(1) U.S.-chartered depository institutions (F.111), foreign banking offices (F.112), banks in U.S.-affiliated areas (F.113), and credit unions (F.114).
(2) Net capital transfers paid from table F.9, line 54.
(3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).
The leased automobile is a nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.

29

Z.1, March 12, 2015

F.111 U.S.-Chartered Depository Institutions


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2011

2012

2013

2014

2013
Q3

Gross saving less net capital transfers paid (1)

Fixed nonresidential investment

2014
Q4

Q1

Q2

Q3

Q4

133.8

62.7

0.4

-0.5

-41.7

-14.0

-0.5

-29.7

-46.7

-66.5

-23.8

31.0

20.1

21.7

21.9

23.9

21.5

22.2

21.7

24.2

24.4

25.5

Net acquisition of financial assets

-304.7

322.7

472.6

635.0

845.7

738.6

489.1

1012.9

1033.8

704.5

631.7

4
5
6

Vault cash
Reserves at Federal Reserve
Federal funds and security repos

-2.2
-85.6
0.7

8.1
222.9
-25.0

7.1
-0.2
60.1

2.5
454.4
-87.2

2.0
190.7
-30.4

20.0
885.1
-80.8

5.3
121.7
-6.9

-6.3
233.6
-54.6

1.0
114.0
2.8

12.4
285.2
-25.8

0.9
130.0
-43.9

4
5
6

Credit market instruments

-120.7

173.7

424.0

253.5

672.5

53.6

513.8

667.0

763.4

534.2

725.4

8
9
10
11
12
13
14
15

Open market paper


Treasury securities
Agency- and GSE-backed securities
Residential mortgage pass-through securities
Commercial mortgage pass-through securities
Residential CMOs and other structured MBS
Commercial CMOs and other structured MBS
Other

0.0
93.0
110.1
-2.2
-0.2
129.4
-0.4
-16.6

0.0
-43.7
106.9
63.8
4.8
80.3
9.8
-51.8

0.0
69.3
35.5
18.6
8.6
-10.8
21.0
-2.0

0.0
-26.1
47.7
40.8
8.5
-23.6
23.9
-1.9

0.0
203.3
43.0
26.3
12.1
13.1
14.5
-23.0

0.0
-66.6
-101.1
-79.1
-1.9
-49.7
19.9
9.7

0.0
134.4
67.7
22.8
9.3
32.7
29.0
-26.1

0.0
174.0
54.9
22.0
7.2
44.9
12.8
-32.0

0.0
175.1
19.6
11.4
22.4
-6.1
10.7
-18.7

0.0
216.7
89.0
53.4
15.2
14.0
15.2
-8.8

0.0
247.3
8.3
18.4
3.8
-0.5
19.3
-32.6

8
9
10
11
12
13
14
15

16
17
18
19
20
21
22

Municipal securities
Corporate and foreign bonds
Private residential mortgage pass-through securities
Private commercial mortgage pass-through securities
Private residential CMOs and other structured MBS
Private commercial CMOs and other structured MBS
Other

30.3
-98.2
-9.7
-6.4
-70.6
-1.4
-10.2

42.6
2.5
-3.1
-2.5
-22.0
2.7
27.3

67.8
-9.0
15.3
0.4
-20.8
4.1
-8.0

53.8
15.2
9.9
-1.2
-14.6
4.6
16.5

32.7
-37.4
-6.0
-2.5
-5.6
5.4
-28.8

49.1
50.1
13.1
-4.8
-6.0
4.2
43.6

47.4
13.6
9.2
-1.3
-13.8
7.2
12.2

37.7
-75.8
-3.4
-6.5
-19.3
5.9
-52.4

17.4
2.1
-9.0
1.8
17.3
-5.1
-2.8

34.5
-82.4
-7.4
-4.3
-11.5
7.0
-66.2

41.1
6.4
-4.2
-0.9
-8.7
13.8
6.3

16
17
18
19
20
21
22

23
24
25
26

Depository institution loans n.e.c.


Other loans and advances
Mortgages
Consumer credit

-36.3
0.0
-149.2
-70.3

163.6
0.0
-105.3
7.1

218.6
0.0
13.7
28.1

136.4
0.0
-26.6
52.9

241.6
0.0
117.9
71.5

105.8
0.0
-55.5
71.8

182.5
0.0
-12.2
80.4

258.6
0.0
176.8
40.8

269.3
0.0
184.6
95.2

165.0
0.0
30.2
81.2

273.4
0.0
79.9
68.9

23
24
25
26

-1.8
-5.8

1.0
-0.8

-10.5
-1.1

0.8
1.6

0.6
-0.7

1.3
5.6

8.1
7.1

-2.5
8.5

-0.7
5.1

1.6
-12.8

3.9
-3.7

27
28

3.2
4.5
2.7
-99.7

12.2
5.2
-6.2
-68.5

-1.9
7.4
-2.6
-9.7

7.9
5.7
3.5
-7.8

8.2
5.9
4.5
-7.5

8.3
4.9
30.6
-190.0

-3.9
8.7
7.2
-172.0

21.9
5.6
-5.4
145.0

10.6
6.0
0.4
131.3

-2.7
5.0
12.5
-105.0

2.9
6.9
10.6
-201.2

29
30
31
32

-250.1

370.0

536.7

628.3

963.0

597.9

828.8

1259.3

1150.9

607.0

834.9

33

-201.3
0.7
-96.4
-16.8
-88.8

-263.4
0.8
-0.0
40.8
-304.9

-114.2
0.1
-0.1
-29.5
-84.8

191.0
-0.5
0.0
38.5
153.0

40.8
0.4
0.1
-45.3
85.6

-4.4
0.6
0.2
-144.0
138.7

158.4
-1.6
-0.4
107.8
52.6

203.3
1.7
-0.2
147.3
54.5

40.4
0.1
0.5
-2.1
41.9

135.3
-1.6
0.7
-157.5
293.7

-215.9
1.4
-0.7
-169.0
-47.6

34
35
36
37
38

69.6
-0.1
73.5

319.4
-2.7
296.5

176.2
0.3
180.1

148.2
0.3
148.6

136.4
0.9
133.4

197.7
0.6
160.9

327.1
1.0
319.9

126.3
-0.5
120.2

474.1
1.0
459.9

43.3
1.9
57.2

-97.9
1.2
-103.7

39
40
41

27
28

Corporate equities
Mutual fund shares

29
30
31
32

Security credit
Life insurance reserves
U.S. direct investment abroad
Miscellaneous assets

33

Net increase in liabilities

34
35
36
37
38

Net interbank liabilities


Federal Reserve float
Borrowing from Federal Reserve banks
To domestic banking
To foreign banks

39
40
41

Checkable deposits
Federal government
Private domestic

42
43
44
45

Rest of the world


Small time and savings deposits
Large time deposits
Federal funds and security repos

-3.8
271.7
-133.8
-48.1

25.6
537.1
-13.2
-81.5

-4.2
491.5
-9.1
-52.6

-0.7
256.7
23.9
-80.5

2.1
343.8
102.3
-33.2

36.2
470.9
4.6
-94.7

6.3
138.7
129.1
-143.5

6.6
543.0
-7.9
55.5

13.2
303.3
44.8
-45.3

-15.8
415.5
-373.3
-88.0

4.6
113.4
745.7
-55.0

42
43
44
45

46

Credit market instruments

-217.6

-50.5

-110.8

-33.5

41.7

-53.5

63.6

-25.8

106.3

35.8

50.6

46

-20.1
-49.2
-148.3

7.6
2.4
-60.5

-33.1
-82.3
4.6

-27.8
-74.9
69.2

-5.2
-12.0
58.9

-27.3
-75.3
49.0

9.3
-16.6
70.9

-5.2
-27.2
6.7

-9.6
-10.1
126.0

-5.0
-11.9
52.7

-0.9
1.0
50.4

47
48
49

11.9
6.6
-8.9
33.4
-42.3

6.4
10.6
-94.9
76.1
-171.0

1.6
7.0
147.1
101.2
45.9

2.2
0.1
120.2
59.3
60.9

2.7
15.5
312.9
191.0
121.9

2.6
24.1
50.7
70.2
-19.5

4.9
21.9
128.5
157.1
-28.6

2.5
31.1
331.3
165.5
165.7

4.3
29.0
194.0
206.4
-12.5

2.8
-11.6
447.2
114.4
332.8

1.2
13.7
279.0
277.5
1.6

50
51
52
53
54

157.4

90.0

42.8

-29.1

51.6

-176.2

316.9

194.9

46.2

-188.4

153.9

55

-0.8

-0.1

0.4

1.5

0.7

1.8

0.8

0.7

0.9

1.1

0.1

56

47
48
49
50
51
52
53
54
55

Open market paper


Corporate bonds
Other loans and advances
Corporate equity issues
Taxes payable (net)
Miscellaneous liabilities
Investment by holding companies
Other
Discrepancy
Memo:

56

Consumer leases not included above (2)

(1) Net capital transfers paid from table F.9, line 54.
(2) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).
The leased automobile is a nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.

Flows

2010

30

Z.1, March 12, 2015

F.112 Foreign Banking Offices in U.S. (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

2011

2012

2013

2014

2013

Flows

Q3

2014
Q4

Q1

Q2

Q3

Q4

Gross saving

2.3

2.9

3.3

4.1

4.2

4.1

4.2

4.1

4.2

4.2

4.3

Fixed nonresidential investment

2.0

2.4

3.0

3.8

4.1

3.8

3.9

3.9

4.0

4.1

4.2

Net acquisition of financial assets

50.3

468.1

-15.8

316.5

56.6

144.6

-113.7

705.1

154.6

57.1

-690.4

0.0
66.7

0.0
360.2

0.0
-72.2

0.0
309.3

0.0
-59.3

0.0
15.7

0.0
-61.9

-0.0
491.9

0.1
-9.7

-0.1
76.7

0.1
-796.0

4
5

20.3
-24.4

31.7
42.5

58.2
5.8

-1.2
-7.2

40.6
56.6

72.8
68.1

-88.7
21.5

92.7
67.0

111.7
54.6

-37.8
-3.0

-4.5
107.9

6
7

0.0
3.5
-4.8
0.0
-9.4

0.0
-0.5
4.0
0.0
-1.4

0.0
16.1
1.5
0.0
-6.2

0.0
-9.6
-6.7
0.0
-34.1

0.0
-10.5
-4.9
0.0
0.9

0.0
9.4
0.1
0.0
1.3

0.0
-8.9
-3.1
0.0
-27.0

0.0
-2.9
-11.5
0.0
16.6

0.0
-3.0
-6.3
0.0
1.2

0.0
-20.7
-1.9
0.0
-7.7

0.0
-15.5
0.1
0.0
-6.4

8
9
10
11
12

-11.3
0.0
-2.5

42.9
0.0
-2.6

-3.7
0.0
-1.9

43.8
0.0
-0.6

63.9
0.0
7.3

56.1
0.0
1.0

58.7
0.0
1.9

57.1
0.0
7.8

54.9
0.0
7.8

22.1
0.0
5.1

121.5
0.0
8.3

13
14
15

0.1
3.1

-0.0
18.8

0.0
-7.3

0.0
2.5

0.0
4.3

0.0
2.0

0.0
16.0

0.0
-2.9

0.0
-5.9

0.0
12.5

0.0
13.4

16
17

-15.3

15.0

-0.3

13.1

14.4

-14.0

-0.6

56.3

3.7

8.8

-11.3

18

4
5

Vault cash
Reserves at Federal Reserve

6
7

Federal funds and security repos


Credit market instruments

8
9
10
11
12

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

13
14
15

Depository institution loans n.e.c.


Other loans and advances
Mortgages

16
17

Corporate equities
Security credit

18

Miscellaneous assets

19

Net increase in liabilities

32.4

469.0

-4.0

263.2

-3.7

-65.4

-111.5

574.3

158.1

15.8

-763.1

19

20
21
22

Net interbank liabilities


To foreign banks
To domestic banks

30.7
27.0
3.7

504.6
518.8
-14.2

-1.9
-51.2
49.3

175.1
159.3
15.9

-127.3
-125.4
-1.9

-347.7
-300.4
-47.4

-83.7
-157.6
73.9

165.4
155.9
9.5

36.6
64.0
-27.4

-185.2
-203.4
18.2

-526.0
-518.2
-7.8

20
21
22

23
24
25

Checkable deposits
Small time and savings deposits
Large time deposits

5.7
5.8
-46.5

23.7
13.2
-163.1

16.2
13.8
-16.2

30.8
27.7
71.1

45.1
-5.8
39.7

34.5
61.4
225.5

42.2
17.8
-11.8

36.3
-23.4
233.4

50.0
11.1
26.3

-0.0
9.4
91.3

94.1
-20.1
-192.3

23
24
25

26
27

Federal funds and security repos


Acceptance liabilities

54.8
0.0

54.4
0.0

20.6
0.0

-12.3
0.0

58.6
0.0

98.5
0.0

-57.1
0.0

153.2
0.0

44.9
0.0

44.9
0.0

-8.8
0.0

26
27

28

Foreign direct investment in U.S.

12.4

26.0

-0.8

4.0

-2.2

5.4

5.6

3.7

2.7

-7.6

-7.7

28

29
30
31

Miscellaneous liabilities
Investment by funding corporations
Other

-30.5
-31.5
1.1

10.1
-33.7
43.8

-35.7
-11.8
-23.9

-33.2
-2.5
-30.7

-11.7
-20.3
8.5

-143.1
-93.6
-49.5

-24.5
19.2
-43.7

5.7
1.5
4.2

-13.6
-12.2
-1.4

63.2
28.1
35.0

-102.3
-98.5
-3.7

29
30
31

-17.6

1.4

12.2

-53.0

-60.2

-209.7

2.4

-130.6

3.6

-41.2

-72.6

32

32

Discrepancy

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank (through 2008:Q4).

31

Z.1, March 12, 2015

F.113 Banks in U.S.-Affiliated Areas (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2011

2012

2013

2014

2013
Q3

2014
Q4

Q1

Q2

Q3

Q4

Gross saving

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

Fixed nonresidential investment

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

Net acquisition of financial assets

-14.8

-4.1

0.0

8.8

7.0

7.8

3.0

-12.8

9.9

-11.8

42.6

4
5
6
7
8
9
10
11
12
13

Credit market instruments

-19.3

-4.9

-0.1

0.3

-5.6

-3.2

5.6

-0.3

-10.3

-7.0

-4.6

Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

0.6
-7.7
-0.9
-1.4

-0.0
-8.0
0.9
3.6

-0.6
-2.2
-0.8
1.0

0.7
-0.8
0.9
0.6

0.2
-0.1
-0.9
-0.4

0.8
-0.9
3.0
0.3

2.2
-0.4
0.3
0.6

0.6
-0.4
-0.6
2.5

-1.9
0.1
-2.8
-0.6

1.7
-0.0
-0.3
-2.3

0.3
-0.2
0.3
-1.4

5
6
7
8

Depository institution loans n.e.c.


Home mortgages
Commercial mortgages

-3.3
-2.5
-4.0

1.1
-2.4
-0.1

1.0
2.3
-0.8

1.3
-1.1
-1.4

-2.3
-1.5
-0.5

1.8
-0.6
-7.7

-0.6
-0.6
4.0

-0.6
-2.2
0.4

-4.4
-0.3
-0.5

-2.8
-2.7
-0.6

-1.3
-1.0
-1.3

9
10
11

4.5

0.8

0.2

8.6

12.5

11.1

-2.6

-12.5

20.3

-4.8

47.2

12

-14.8

-3.1

-0.1

8.5

7.1

12.1

-4.8

-10.1

11.2

-14.8

42.0

13

Miscellaneous assets
Net increase in liabilities

14
15
16
17

Net interbank liabilities


Checkable deposits
Small time and savings deposits
Large time deposits

0.9
0.5
-5.2
-5.2

-1.2
2.8
-0.4
-0.4

-0.4
2.5
-0.1
-0.1

0.2
6.3
2.5
2.5

-0.6
5.2
2.0
2.0

1.1
5.7
4.2
4.2

1.2
2.0
-1.2
-1.2

-3.2
-3.5
-2.7
-2.7

-1.4
5.2
2.8
2.8

2.6
-3.3
-1.9
-1.9

-0.5
22.5
9.9
9.9

14
15
16
17

18

Miscellaneous liabilities

-5.9

-3.9

-2.0

-3.0

-1.6

-3.1

-5.6

2.1

1.7

-10.5

0.2

18

-0.0

1.0

-0.1

-0.3

0.1

4.3

-7.8

2.8

1.2

-3.0

-0.6

19

19

Discrepancy

(1) Commercial banks and branches of U.S.-chartered depository institutions located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.

F.114 Credit Unions


Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Gross saving

8.4

10.1

12.0

11.8

7.1

11.7

11.6

6.5

7.2

7.5

7.3

Fixed nonresidential investment

2.5

2.5

2.8

3.0

3.2

3.0

3.1

3.1

3.2

3.3

3.3

Net acquisition of financial assets

76.0

53.8

43.3

33.2

59.6

-0.2

31.7

103.9

42.0

43.2

49.2

4
5

Reserves at Federal Reserve


Federal funds and security repos

10.0
-0.1

11.1
15.9

1.2
-6.2

-5.7
-9.6

-2.5
-0.0

-24.2
0.8

6.8
-10.3

55.5
6.7

-58.1
4.1

-33.9
0.9

26.6
-11.8

4
5

Credit market instruments

24.9

38.6

47.0

50.2

63.3

56.3

30.6

48.5

75.6

82.0

47.1

7
8
9
10
11

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

0.0
5.9
40.9
0.0
-15.7

0.0
-2.5
30.6
3.2
-0.3

0.0
1.7
14.9
1.0
0.3

0.0
-0.2
2.2
0.3
2.2

0.0
7.1
-11.8
-0.8
1.0

0.0
-2.2
2.1
1.5
0.2

0.0
-1.8
-19.4
-3.5
1.1

0.0
5.2
-15.3
-0.1
2.6

0.0
3.6
-4.4
1.6
0.2

0.0
19.7
-10.4
0.2
-3.0

0.0
-0.3
-17.1
-4.8
4.3

7
8
9
10
11

12
13
14

Depository institution loans n.e.c.


Home mortgages
Consumer credit

3.5
0.9
-10.7

6.6
4.5
-3.4

0.1
8.3
20.6

5.1
18.6
21.9

5.1
26.1
36.5

-0.7
30.9
24.5

14.7
23.0
16.4

1.2
22.4
32.4

1.8
25.7
47.1

13.2
34.8
27.4

4.2
21.6
39.2

12
13
14

0.2
41.1

0.3
-12.1

0.4
0.8

-0.1
-1.6

-0.1
-1.1

-0.6
-32.5

-0.2
4.9

0.1
-6.8

-0.2
20.5

-0.3
-5.5

0.1
-12.8

15
16

15
16

Mutual fund shares


Miscellaneous assets

17

Net increase in liabilities

63.8

19.0

38.8

38.2

48.3

-1.7

34.8

81.5

24.2

38.2

49.4

17

18

Net interbank liabilities

38.1

-21.9

-13.8

2.2

0.2

-29.0

2.9

35.9

-24.6

-2.6

-7.9

18

19
20
21
22

Shares/deposits
Checkable
Small time and savings
Large time

34.3
5.5
26.1
2.8

41.5
10.7
27.4
3.4

51.3
10.7
34.4
6.2

32.6
7.9
20.1
4.7

44.2
12.6
27.5
4.1

19.6
-9.4
20.8
8.2

31.3
9.7
17.9
3.8

49.7
40.7
0.5
8.5

24.8
-9.3
38.4
-4.3

27.6
-4.5
26.5
5.6

74.6
23.6
44.7
6.4

19
20
21
22

23
24

Federal funds and security repos


Other loans and advances

0.0
-0.4

0.0
-2.0

0.0
0.9

0.0
1.9

0.0
8.1

0.0
12.5

0.0
1.7

0.0
1.7

0.0
10.2

0.0
12.7

0.0
7.6

23
24

25

Miscellaneous liabilities

-8.3

1.3

0.3

1.5

-4.2

-4.7

-1.0

-5.8

13.8

0.4

-24.9

25

-6.4

-27.2

4.8

13.8

-7.3

7.2

11.6

-19.0

-13.8

-0.8

4.2

26

26

Discrepancy

Flows

2010

32

Z.1, March 12, 2015

F.115 Property-Casualty Insurance Companies


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

2011

2012

2013

2014

2013

Flows

Q3

2014
Q4

Q1

Q2

Q3

Q4

Gross saving less net capital transfers paid (1)

51.3

31.2

47.8

51.2

46.8

58.6

51.1

51.3

49.1

46.4

40.5

Fixed nonresidential investment

15.8

16.7

19.1

19.8

20.8

19.8

20.2

20.2

20.6

21.1

21.3

Net acquisition of financial assets

-38.2

26.7

27.0

38.3

33.7

51.8

26.4

22.8

36.0

63.0

13.2

4
5
6

Checkable deposits and currency


Money market fund shares
Security repurchase agreements

5.0
-4.0
-0.7

-8.5
-5.6
-2.1

12.3
2.2
0.0

-6.7
-2.3
0.0

5.5
1.7
0.2

-0.1
0.3
0.2

-3.4
7.5
0.8

14.9
-7.3
-0.7

5.5
7.5
0.6

3.5
4.3
0.4

-1.9
2.5
0.3

4
5
6

Credit market instruments

3.9

36.2

1.0

25.3

13.9

27.2

38.3

-10.3

14.5

44.3

7.2

-1.9
3.2
-0.4
-21.0
24.3
-0.3

0.9
4.6
6.9
-17.4
40.4
0.8

-1.4
-6.7
-8.4
-2.9
19.6
0.7

0.7
6.0
-5.6
-2.3
24.2
2.3

0.8
8.1
-6.6
0.6
9.1
2.0

1.4
7.3
-5.6
-2.2
24.5
1.8

4.4
17.3
-6.1
-3.9
22.8
3.7

-3.1
-0.8
-8.1
-0.2
0.6
1.3

3.0
8.8
-4.9
0.2
5.3
2.1

1.7
14.8
-2.8
2.6
25.7
2.3

1.5
9.5
-10.5
-0.2
4.7
2.2

8
9
10
11
12
13

8
9
10
11
12
13

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Commercial mortgages

14
15

Corporate equities
Mutual fund shares

-20.9
-0.1

2.9
-0.7

4.6
1.8

3.5
1.2

-2.6
1.8

0.1
0.9

-2.6
1.8

1.9
1.8

-13.1
1.8

3.2
1.8

-2.3
1.8

14
15

16
17

Trade receivables
U.S. direct investment abroad

0.8
-22.2

3.4
1.1

4.8
0.2

3.3
14.1

7.0
6.2

6.8
16.4

-12.3
-3.7

19.3
3.2

15.2
4.0

-2.0
7.5

-4.6
10.3

16
17

2.9

16.8

-16.7

19.5

-4.8

12.8

39.0

-7.9

20.2

4.4

-35.9

18

0.8
-12.7

-1.1
-10.7

0.4
-14.5

1.4
-7.6

1.0
-16.5

1.5
-9.5

1.8
-11.0

1.0
-17.9

1.3
-9.4

0.8
-22.1

0.8
-16.7

19
20

18

Net increase in liabilities

19
20

Security repurchase agreements


Corporate equity issues

21
22

Taxes payable (net)


Foreign direct investment in U.S.

5.6
2.8

-4.4
-2.2

3.8
-5.3

19.1
6.8

4.9
-4.3

10.7
0.5

43.5
5.5

7.3
-2.1

-2.8
-3.1

3.0
-4.2

12.3
-7.6

21
22

23
24
25

Miscellaneous liabilities
Investment by parent companies
Policy payables

6.3
0.0
6.3

35.2
0.0
35.2

-1.0
-6.8
5.8

-0.3
-6.0
5.7

10.1
0.1
10.0

9.6
0.8
8.8

-0.9
-0.3
-0.6

3.8
-2.2
6.0

34.3
1.9
32.4

26.8
-0.2
27.1

-24.7
0.9
-25.6

23
24
25

76.6

4.6

-15.0

12.6

-12.5

-0.2

43.5

0.4

12.7

-33.2

-30.0

26

26

Discrepancy

(1) Net capital transfers paid from table F.9, line 51.

33

Z.1, March 12, 2015

F.116 Life Insurance Companies (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2011

2012

2013

2014

2013
Q3

2014
Q4

Q1

Q2

Q3

Q4

Gross saving

16.2

7.2

12.6

7.6

17.7

4.2

-5.2

16.9

17.5

18.3

18.1

Fixed nonresidential investment

11.5

12.3

14.0

14.6

15.4

14.6

14.9

14.9

15.2

15.5

15.8

Net acquisition of financial assets

181.5

229.0

127.0

102.7

212.0

115.9

176.4

225.0

200.6

139.5

282.9

4
5
6

Checkable deposits and currency


Money market fund shares
Security repurchase agreements

1.0
-12.7
0.7

2.0
7.9
-0.8

2.7
-1.4
-1.6

-9.2
-5.9
-0.0

5.5
-0.7
-1.3

31.9
10.0
5.4

-25.3
0.1
2.0

11.7
-5.4
-6.2

-8.2
-5.6
-1.9

12.8
1.5
0.5

5.5
6.7
2.3

4
5
6

Credit market instruments

151.6

125.3

74.3

77.4

118.7

51.2

124.4

133.4

101.2

100.3

139.9

-8.9
23.2
4.0
39.2
102.9
-0.2
-8.6

-11.2
18.8
-1.6
9.4
87.1
7.9
15.0

13.9
5.5
-13.5
9.7
45.0
1.8
11.9

3.2
-12.2
-6.8
10.1
60.8
3.5
18.8

0.7
10.0
-20.0
7.7
93.2
6.1
21.0

5.3
-8.9
-11.2
8.1
29.0
3.5
25.3

21.5
-9.1
-5.0
11.3
70.2
7.0
28.5

7.1
13.9
-18.0
9.1
99.9
8.0
13.4

-12.8
12.4
-19.4
11.6
87.7
5.5
16.3

-13.4
8.9
-24.1
4.8
97.6
10.4
16.1

21.8
4.9
-18.6
5.1
87.6
0.7
38.4

8
9
10
11
12
13
14

45.6
1.0

37.7
1.1

15.3
1.3

13.4
1.4

32.7
1.4

-2.8
1.4

34.5
1.4

31.3
1.4

37.3
1.4

29.9
1.4

32.4
1.4

15
16

8
9
10
11
12
13
14

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Other loans and advances
Mortgages

15
16

Corporate equities
Mutual fund shares

17

U.S. direct investment abroad

18
19
20
21

Miscellaneous assets
Equity in FHLB
Deferred and unpaid life ins. premiums
Other

22

3.3

5.2

1.2

-0.1

-0.5

1.0

-0.3

-1.8

1.8

-0.2

17

52.4
-0.8
-0.4
53.6

31.2
0.1
0.6
30.6

24.4
1.0
3.0
20.4

55.9
0.4
2.1
53.4

19.3
0.6
-3.7
22.4

38.1
3.7
4.2
30.3

59.1
0.2
4.1
54.7

78.1
0.6
5.3
72.2

-8.7
0.4
-2.6
-6.5

95.0
0.2
1.5
93.3

18
19
20
21

145.0

203.7

90.4

87.1

180.6

122.5

124.4

181.6

169.8

117.9

253.1

22

23
24
25

Security repurchase agreements


Corporate equity issues
Other loans and advances

-2.2
-4.8
-3.2

0.1
-11.5
1.8

3.1
-9.9
4.8

-0.8
-9.2
7.8

1.0
-13.4
11.2

-1.8
-10.7
-2.9

-2.5
-9.6
22.5

0.8
-14.3
7.7

-0.5
-11.8
8.0

1.9
-14.0
13.7

1.9
-13.6
15.3

23
24
25

26
27

Life insurance reserves


Pension entitlements (2)

13.6
72.1

79.9
85.7

-12.2
80.5

29.8
53.8

46.5
75.8

45.8
28.7

33.8
26.3

64.6
66.5

16.5
64.4

39.0
73.6

65.8
98.9

26
27

28
29

Taxes payable (net)


Foreign direct investment in U.S.

2.6
6.3

5.2
-5.4

-4.6
1.4

-2.3
5.1

0.1
6.6

0.0
6.8

-1.8
-3.3

5.0
5.8

-1.0
9.2

-3.4
2.1

-0.2
9.0

28
29

30
31
32
33
34

Miscellaneous liabilities
Investment by parent companies
Other reserves (3)
Unallocated insurance contracts
Other

60.7
22.2
17.1
13.9
7.4

48.0
9.3
14.8
9.9
14.0

27.4
10.3
-1.8
-1.9
20.7

3.0
3.4
0.4
1.3
-2.1

52.8
0.8
6.3
23.5
22.2

56.5
21.2
14.4
41.2
-20.4

59.0
-8.1
-5.7
48.2
24.7

45.5
0.9
15.0
26.6
2.9

84.8
2.3
12.7
36.4
33.4

4.8
-0.3
1.7
4.2
-0.8

75.9
0.2
-4.3
26.8
53.2

30
31
32
33
34

-31.8

-30.3

-38.0

-22.5

-29.1

-3.8

-72.1

-41.5

-28.5

-18.8

-27.5

35

35

Net increase in liabilities

1.9
-7.6
-0.0
2.7
-10.2

Discrepancy

(1) Additional detail on the financial assets and liabilities held in life insurers general and separate accounts is available on tables F.116.g and F.116.s.
(2) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are shown on line 33.
(3) Includes reserves for accident and health policies, policy dividend accumulation, and contract claims.

Flows

2010

34

Z.1, March 12, 2015

F.116.g Life Insurance Companies: General Accounts


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

2011

2012

2013

2014

2013

Flows

Q3

2014
Q4

Q1

Q2

Q3

Q4

Net acquisition of financial assets

126.9

176.4

56.5

84.6

163.0

80.7

154.5

200.8

89.8

120.7

240.8

2
3
4

Checkable deposits and currency


Money market fund shares
Security repurchase agreements

-2.0
-12.7
0.7

3.0
7.9
-0.8

1.4
-1.4
-1.6

-4.8
-5.9
-0.0

7.5
-0.7
-1.3

36.2
10.0
5.4

-21.2
0.1
2.0

13.8
-5.4
-6.2

-6.1
-5.6
-1.9

14.9
1.5
0.5

7.5
6.7
2.3

2
3
4

Credit market instruments

111.7

122.4

37.9

70.1

120.7

43.7

116.6

135.4

103.2

102.3

141.9

-12.0
15.2
-5.6

-12.6
10.3
-1.5

15.9
1.3
-4.9

1.4
-11.3
-6.6

0.2
9.2
-12.1

3.5
-8.0
-10.9

19.7
-8.2
-4.7

6.6
13.0
-10.0

-13.3
11.5
-11.4

-13.9
8.0
-16.1

21.3
4.1
-10.7

6
7
8

39.5
83.4
-0.2
-8.6

9.2
93.3
7.9
15.8

9.0
1.6
1.9
13.1

9.2
57.0
3.5
16.9

6.8
90.0
6.1
20.5

7.2
25.1
3.5
23.3

10.3
66.1
7.0
26.4

8.3
96.6
8.0
12.8

10.8
84.5
5.5
15.7

4.0
94.3
10.4
15.6

4.2
84.4
0.7
37.9

9
10
11
12

6
7
8
9
10
11
12

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Other loans and advances
Mortgages

13
14

Corporate equities
Mutual fund shares

4.0
-0.1

0.3
0.7

-2.5
0.2

0.8
-0.2

4.1
0.0

-15.6
0.0

21.7
0.0

2.7
0.0

8.7
0.0

1.3
0.0

3.8
0.0

13
14

15
16

U.S. direct investment abroad


Miscellaneous assets

1.9
23.4

3.3
39.7

5.2
17.3

1.2
23.4

-0.1
32.8

-0.5
1.4

1.0
34.2

-0.3
60.8

-1.8
-6.8

1.8
-1.6

-0.2
78.9

15
16

17

91.2

151.2

17.8

68.7

131.8

86.8

102.8

157.3

58.9

99.9

211.0

17

18
19
20

Net increase in liabilities


Security repurchase agreements
Corporate equity issues
Other loans and advances

-2.2
-4.8
-3.2

0.1
-11.5
1.8

3.1
-9.9
4.8

-0.8
-9.2
7.8

1.0
-13.4
11.2

-1.8
-10.7
-2.9

-2.5
-9.6
22.5

0.8
-14.3
7.7

-0.5
-11.8
8.0

1.9
-14.0
13.7

1.9
-13.6
15.3

18
19
20

21
22

Life insurance reserves


Pension entitlements (1)

32.0
21.0

73.0
36.4

-6.2
9.7

28.3
36.9

41.3
46.6

44.3
18.3

32.4
17.5

62.7
60.2

4.4
-12.5

36.3
64.4

61.9
74.4

21
22

23
24

Taxes payable (net)


Foreign direct investment in U.S.

2.6
6.3

5.2
-5.4

-4.6
1.4

-2.3
5.1

0.1
6.6

0.0
6.8

-1.8
-3.3

5.0
5.8

-1.0
9.2

-3.4
2.1

-0.2
9.0

23
24

25

Miscellaneous liabilities

39.5

51.6

19.5

2.8

38.3

32.8

47.6

29.4

62.9

-1.3

62.2

25

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are included in miscellaneous liabilities (line 25).

F.116.s Life Insurance Companies: Separate Accounts


Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net acquisition of financial assets

54.6

52.6

70.5

18.1

49.0

35.2

21.9

24.3

110.7

18.8

42.1

Checkable deposits and currency

3.0

-0.9

1.3

-4.4

-2.1

-4.3

-4.1

-2.1

-2.1

-2.1

-2.1

Credit market instruments

39.9

3.0

36.4

7.3

-2.0

7.5

7.8

-2.0

-2.0

-2.0

-2.0

3.1
8.0
9.6

1.4
8.5
-0.0

-2.0
4.2
-8.5

1.8
-0.9
-0.2

0.5
0.8
-7.9

1.8
-0.9
-0.2

1.8
-0.9
-0.2

0.5
0.8
-7.9

0.5
0.8
-7.9

0.5
0.8
-7.9

0.5
0.8
-7.9

4
5
6

-0.3
19.5
-0.0
-0.0

0.2
-6.2
-0.0
-0.8

0.7
43.3
-0.1
-1.1

0.9
3.8
0.0
1.9

0.9
3.2
0.0
0.5

1.0
3.9
0.0
2.0

1.0
4.1
0.0
2.0

0.9
3.2
0.0
0.5

0.9
3.2
0.0
0.5

0.9
3.2
0.0
0.5

0.9
3.2
0.0
0.5

7
8
9
10

41.6
1.1

37.5
0.4

17.7
1.1

12.6
1.5

28.6
1.4

12.8
1.4

12.8
1.4

28.6
1.4

28.6
1.4

28.6
1.4

28.6
1.4

11
12

-31.0

12.7

13.9

1.0

23.0

17.9

4.0

-1.7

84.8

-7.1

16.1

13

4
5
6
7
8
9
10

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Other loans and advances
Mortgages

11
12

Corporate equities
Mutual fund shares

13

Miscellaneous assets

14

Net increase in liabilities

53.8

52.5

72.7

18.5

48.8

35.7

21.6

24.3

110.9

18.0

42.1

14

15
16
17

Life insurance reserves


Pension entitlements (1)
Miscellaneous liabilities

-18.4
51.0
21.1

6.9
49.2
-3.6

-5.9
70.8
7.8

1.4
16.8
0.2

5.2
29.2
14.4

1.4
10.5
23.8

1.4
8.8
11.4

1.9
6.3
16.1

12.2
76.8
21.9

2.7
9.2
6.1

3.9
24.5
13.6

15
16
17

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are included in miscellaneous liabilities (line 17).

35

Z.1, March 12, 2015

F.117 Private and Public Pension Funds (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2011

2012

2013

2014

2013
Q3

2014
Q4

Q1

Q2

Q3

Q4

Gross saving

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.2

Fixed nonresidential investment

0.1

0.1

0.4

0.4

0.4

0.4

0.4

0.4

0.4

0.4

0.4

Net acquisition of financial assets (2)

524.4

412.7

416.9

444.7

480.8

469.4

564.0

460.0

505.1

453.6

504.5

4
5

Checkable deposits and currency


Time and savings deposits

2.7
4.7

6.0
4.1

-1.4
-4.5

0.8
7.7

0.4
-7.7

-1.1
3.7

-1.5
19.6

-0.6
-13.6

4.9
-10.9

0.3
-0.3

-2.9
-5.8

4
5

6
7

Money market fund shares


Security repurchase agreements

-7.9
0.1

15.5
0.1

-20.6
-0.5

11.0
0.6

-9.4
-0.6

-1.8
0.2

24.5
1.7

-23.4
-1.2

-1.8
-0.9

-10.2
-0.0

-2.4
-0.4

6
7

Credit market instruments

153.8

113.6

170.0

122.4

146.9

-329.0

601.0

59.3

329.2

67.4

131.6

9
10
11

Open market paper


Treasury securities
Agency- and GSE-backed securities

2.5
52.0
8.0

4.5
62.0
17.3

-6.2
75.6
44.5

5.5
61.9
27.1

-7.4
91.2
5.8

-0.6
-349.5
18.7

11.8
502.3
19.8

-9.9
47.8
0.8

-13.1
134.9
56.9

2.1
76.6
-25.0

-8.8
105.4
-9.7

9
10
11

12
13

Corporate and foreign bonds


Mortgages

88.2
2.4

35.1
-4.7

56.2
0.5

33.6
-6.0

54.5
3.0

8.3
-5.6

74.2
-7.5

14.8
6.7

142.3
8.1

12.1
1.5

48.8
-4.1

12
13

14
15

Corporate equities
Mutual fund shares

-50.5
21.6

-117.9
-58.1

-68.7
-75.8

-145.9
19.8

-135.6
13.4

-157.7
31.4

-212.3
-9.7

-200.7
10.5

-114.0
11.3

-55.8
24.8

-171.8
7.0

14
15

16
17
18
19
20
21

Miscellaneous assets
Unallocated insurance contracts (3)
Contributions receivable
Nonmarketable Treasury securities (4)
Claims of pension fund on sponsor (5)
Other

399.9
13.9
15.4
65.7
275.0
29.9

449.4
9.9
3.0
70.8
320.6
45.1

418.5
-1.9
-12.3
40.4
358.7
33.6

428.2
1.3
-0.6
98.2
295.2
34.1

473.4
23.5
0.9
68.8
327.0
53.2

923.7
41.2
-0.9
-63.5
885.9
61.0

140.6
48.2
-3.0
592.0
-533.6
37.1

629.6
26.6
-0.8
74.9
436.3
92.7

287.4
36.4
1.9
52.6
107.7
88.9

427.4
4.2
3.6
79.9
326.6
13.1

549.2
26.8
-1.2
67.8
437.3
18.3

16
17
18
19
20
21

524.3

412.6

417.1

444.9

481.0

469.6

564.2

460.2

505.3

453.9

504.7

22

635.9
352.4
172.0
51.8
59.8

690.0
351.9
60.8
208.0
69.3

658.4
321.8
95.1
177.2
64.3

381.5
311.5
133.3
-110.9
47.7

ND
327.1
153.7
ND
ND

774.1
313.5
155.9
281.0
23.6

266.2
327.8
236.2
-321.7
23.9

700.8
326.6
133.4
186.8
54.0

697.4
327.3
177.8
142.3
50.0

695.7
326.9
126.8
176.3
65.7

ND
327.6
176.8
ND
ND

23
24
25
26
27

22

Pension entitlements (liabilities) (6)


Memo:

23
24
25
26
27

Household retirement assets (7)


Defined benefit plans
Defined contribution plans
Individual retirement plans (IRAs) (8)
Annuities at life insurance companies (9)

(1) Private pension funds, state and local government employee retirement funds, and federal government employee retirement funds defined benefit plans and defined contribution plans.
(2) Includes claims on sponsor (i.e., unfunded pension entitlements).
(3) Assets of pension plans held at life insurance companies; series begins 1985:Q4.
(4) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund,
and foreign service retirement and disability fund.
(5) Unfunded defined benefit pension entitlements.
(6) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector.
(7) Households retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities.
(8) IRA assets are not included above. See memo item on table F.226 for a sectoral distribution of IRA accounts.
(9) Annuities held in IRAs at life insurance companies are excluded. They are included in line 26.

Flows

2010

36

Z.1, March 12, 2015

F.118 Private Pension Funds (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

2011

2012

2013

2014

2013

Flows

Q3

2014
Q4

Q1

Q2

Q3

Q4

Gross saving

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Fixed nonresidential investment

0.0

0.0

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

Net acquisition of financial assets (2)

177.9

95.7

114.0

127.8

135.3

145.8

154.4

126.2

161.5

107.2

146.5

4
5

Checkable deposits and currency


Time and savings deposits

2.1
-0.6

5.6
1.6

-1.7
-3.9

0.1
-0.3

1.2
1.0

-1.2
-1.3

-0.9
0.4

1.0
1.8

3.4
3.0

0.1
-1.2

0.1
0.2

4
5

6
7

Money market fund shares


Security repurchase agreements

-10.2
-0.2

16.5
0.0

-17.1
-0.3

2.2
-0.1

-0.7
0.1

-5.9
-0.1

1.2
0.0

-6.1
0.2

11.4
0.3

-8.3
-0.1

0.3
0.1

6
7

Credit market instruments

120.6

73.6

146.6

50.7

33.1

42.5

39.8

-8.2

78.8

45.5

16.3

9
10
11

Open market paper


Treasury securities
Agency- and GSE-backed securities

-2.0
31.2
6.5

2.4
27.0
4.3

-4.9
44.4
22.1

-3.3
36.4
15.4

1.8
19.6
-1.1

-7.7
22.1
14.5

-7.0
23.4
16.3

4.1
14.8
-5.4

2.7
18.6
16.4

-0.2
25.5
-6.7

0.5
19.3
-8.4

9
10
11

12
13

Corporate and foreign bonds


Mortgages

82.1
2.8

44.5
-4.6

83.8
1.2

5.5
-3.4

13.0
-0.2

17.1
-3.6

10.3
-3.2

-18.8
-2.9

37.7
3.5

23.0
4.0

10.2
-5.3

12
13

22.7
35.0

-60.2
8.3

-18.5
-26.2

4.2
31.9

-6.8
21.4

-8.6
42.7

-4.1
16.7

16.3
28.0

2.2
22.8

-27.3
22.0

-18.6
12.6

14
15

8.6
-0.3
15.4
-20.7
14.2

50.2
20.7
3.0
-16.8
43.4

35.2
5.0
-12.3
8.4
34.1

39.0
7.5
-0.6
12.1
20.0

86.1
17.7
0.9
23.1
44.5

77.8
25.7
-0.9
7.0
46.1

101.3
28.3
-3.0
51.2
24.8

93.1
23.1
-0.8
8.2
62.6

39.5
21.9
1.9
-47.1
62.8

76.5
6.9
3.6
31.9
34.1

135.4
18.9
-1.2
99.3
18.3

16
17
18
19
20

177.9

95.6

114.0

127.8

135.4

145.9

154.4

126.3

161.5

107.2

146.5

21

47.5
130.4

46.6
49.0

24.8
89.2

18.8
109.0

30.8
104.6

19.0
126.8

30.8
123.6

30.8
95.4

30.8
130.7

30.8
76.4

30.8
115.7

22
23

14
15

Corporate equities
Mutual fund shares

16
17
18
19
20

Miscellaneous assets
Unallocated insurance contracts (3)
Contributions receivable
Claims of pension fund on sponsor (4)
Other

21

Pension entitlements (liabilities) (5)


Memo:

22
23

Net acquisition of financial assets (6)


Defined benefit plans
Defined contribution plans

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans).
(2) Includes claims on sponsor (i.e., unfunded pension entitlements).
(3) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.
(4) Unfunded defined benefit pension entitlements.
(5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector.
(6) Additional detail on defined benefit plans and defined contribution plans is available on tables F.118.b and F.118.c.

37

Z.1, March 12, 2015

F.118.b Private Pension Funds: Defined Benefit Plans


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2011

2012

2013

2014

2013
Q3

Q1

Q2

Q3

Q4

47.5

46.6

24.8

18.8

30.8

19.0

30.8

30.8

30.8

30.8

30.8

2
3
4
5

Checkable deposits and currency


Time and savings deposits
Money market fund shares
Security repurchase agreements

2.7
-0.2
-5.1
-0.2

1.8
1.2
-0.3
0.0

-1.0
-3.3
-4.0
-0.3

-0.2
-0.7
-0.8
-0.1

0.4
0.8
-0.2
0.1

-0.6
-1.8
-1.9
-0.1

0.1
0.2
0.2
0.0

0.6
1.8
-0.7
0.2

0.9
2.9
3.3
0.3

-0.4
-1.3
-1.5
-0.1

0.5
-0.2
-2.0
0.1

2
3
4
5

Credit market instruments

71.7

78.0

83.8

35.2

20.7

47.3

48.3

-3.7

65.8

19.1

1.5

-1.0
7.4
2.7
61.4
1.2

1.1
19.3
14.3
45.8
-2.4

-3.6
15.9
11.0
60.7
-0.1

-3.8
24.8
9.8
6.9
-2.4

1.3
11.9
0.8
6.9
-0.2

-7.4
18.1
10.1
28.9
-2.4

-6.7
15.9
10.8
30.9
-2.6

2.2
10.1
-1.1
-13.0
-1.9

2.8
14.6
12.4
33.5
2.6

-1.3
16.6
-4.1
5.8
2.0

1.3
6.2
-4.1
1.5
-3.4

7
8
9
10
11

7
8
9
10
11

Net acquisition of financial assets (1)

2014
Q4

Open market paper


Treasury securities
Agency- and GSE-backed securities
Corporate and foreign bonds
Mortgages

12
13

Corporate equities
Mutual fund shares

-4.1
-10.8

-65.4
12.5

-11.0
-46.4

-21.7
-7.9

-22.0
-11.1

-25.5
-8.8

-37.0
-28.9

-4.8
-1.6

-22.6
-13.3

-24.4
-8.4

-36.1
-21.0

12
13

14
15
16
17
18

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Claims of pension fund on sponsor (3)
Other

-6.2
-8.2
13.4
-20.7
9.3

18.8
12.7
1.7
-16.8
21.2

7.1
-9.5
-12.4
8.4
20.6

14.9
-0.3
-0.8
12.1
4.0

42.0
2.3
-0.3
23.1
17.0

10.4
1.2
-0.6
7.0
2.8

48.0
-3.0
-3.5
51.2
3.3

39.1
1.2
-0.2
8.2
29.9

-6.6
4.8
2.1
-47.1
33.6

47.8
4.5
-0.5
31.9
12.0

87.8
-1.5
-2.4
99.3
-7.6

14
15
16
17
18

47.5

46.6

24.9

18.8

30.8

19.0

30.8

30.8

30.8

30.8

30.8

19

19

Net increase in pension entitlements (liabilities) (4)

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).


(2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.
(3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.
(4) Actuarial value of accrued defined benefit pension entitlements.

F.118.c Private Pension Funds: Defined Contribution Plans (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net acquisition of financial assets

2
3
4
5
6
7
8
9
10
11

130.4

49.0

89.2

109.0

104.6

126.8

123.6

95.4

130.7

76.4

115.7

Checkable deposits and currency


Time and savings deposits
Money market fund shares
Security repurchase agreements

-0.5
-0.4
-5.1
0.0

3.8
0.4
16.8
0.0

-0.7
-0.6
-13.1
0.0

0.4
0.4
2.9
0.0

0.8
0.2
-0.5
0.0

-0.6
0.5
-4.0
0.0

-1.0
0.3
1.0
0.0

0.5
0.0
-5.4
0.0

2.5
0.2
8.1
0.0

0.5
0.1
-6.7
0.0

-0.3
0.4
2.2
0.0

2
3
4
5

Credit market instruments

48.9

-4.4

62.8

15.4

12.4

-4.8

-8.5

-4.5

13.0

26.4

14.7

-1.0
23.9
3.8
20.7
1.6

1.4
7.7
-10.0
-1.2
-2.2

-1.2
28.4
11.2
23.2
1.3

0.5
11.7
5.6
-1.4
-1.0

0.5
7.7
-1.8
6.1
-0.0

-0.3
4.0
4.4
-11.8
-1.1

-0.3
7.5
5.5
-20.6
-0.7

2.0
4.8
-4.4
-5.8
-1.0

-0.1
4.0
4.0
4.2
0.9

1.0
8.9
-2.6
17.2
2.0

-0.8
13.1
-4.3
8.7
-1.9

7
8
9
10
11

Open market paper


Treasury securities
Agency- and GSE-backed securities
Corporate and foreign bonds
Mortgages

12
13

Corporate equities
Mutual fund shares

26.8
45.8

5.2
-4.2

-7.6
20.2

25.9
39.8

15.1
32.4

16.9
51.5

32.9
45.6

21.1
29.7

24.8
36.1

-2.9
30.4

17.5
33.6

12
13

14
15
16
17

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

14.8
7.9
2.0
4.9

31.4
8.0
1.3
22.2

28.1
14.5
0.1
13.5

24.1
7.8
0.2
16.0

44.1
15.4
1.1
27.5

67.4
24.5
-0.3
43.2

53.3
31.2
0.5
21.6

54.0
21.9
-0.6
32.7

46.1
17.0
-0.2
29.2

28.7
2.4
4.1
22.2

47.6
20.4
1.2
25.9

14
15
16
17

130.4

49.0

89.2

109.0

104.6

126.8

123.6

95.4

130.7

76.4

115.7

18

18

Net increase in pension entitlements (liabilities)

(1) Includes 401(k) and 403(b) type plans.


(2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.

Flows

2010

38

Z.1, March 12, 2015

F.119 Federal Government Employee Retirement Funds


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

1
2

Flows

3
4
5

Net acquisition of financial assets (1)


Credit market instruments
Treasury securities (2)
Agency- and GSE-backed securities
Corporate and foreign bonds

Corporate equities

7
8
9

Miscellaneous assets
Nonmarketable Treasury securities (3)
Claims of pension fund on sponsor (4)

10

Pension entitlements (liabilities) (5)

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

102.1

113.0

102.0

109.9

115.8

108.7

185.2

108.0

103.8

121.6

130.0

10.9

25.6

15.4

9.4

16.9

-381.4

477.4

6.1

9.4

20.6

31.6

10.1
0.6
0.2

23.4
0.7
1.4

12.1
1.5
1.7

12.4
-1.7
-1.3

18.0
-0.4
-0.7

-379.4
-1.8
-0.2

479.1
-0.8
-0.9

12.1
-2.9
-3.1

8.3
0.7
0.4

21.1
-0.1
-0.4

30.7
0.6
0.4

3
4
5

5.4

-4.2

-4.1

9.1

4.2

-9.2

20.0

7.2

-0.3

6.3

3.7

85.9
65.7
20.2

91.6
70.8
20.8

90.7
40.4
50.3

91.4
98.2
-6.8

94.7
68.8
25.9

499.2
-63.5
562.7

-312.1
592.0
-904.1

94.7
74.9
19.8

94.7
52.6
42.1

94.7
79.9
14.7

94.7
67.8
26.8

7
8
9

102.1

113.0

102.0

109.9

115.8

108.7

185.2

108.0

103.8

121.6

130.0

10

84.2
18.0

90.0
23.0

88.6
13.3

89.9
20.0

93.2
22.6

90.6
18.0

93.9
91.3

92.7
15.3

93.4
10.4

93.0
28.6

93.8
36.2

11
12

Memo:

11
12

Net acquisition of financial assets (6)


Defined benefit plans
Defined contibution plans

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).


(2) Includes nonmarketable Treasury securities held by the Thrift Savings Plan.
(3) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund,
and foreign service retirement and disability fund.
(4) Unfunded defined benefit pension entitlements and suspended investments in the Thrift Savings Plan G Fund by the Treasury.
(5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans, including suspended investments in the Thrift Savings Plan G Fund.
These liabilities are assets of the household sector.
(6) Additional detail on defined benefit plans and defined contribution plans is available on tables F.119.b and F.119.c.

39

Z.1, March 12, 2015

F.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2011

2012

2013

2014

2013
Q3

1
2
3
4
5

Net acquisition of financial assets (2)


Credit market instruments
Treasury securities
Agency- and GSE-backed securities
Corporate and foreign bonds

2014
Q4

Q1

Q2

Q3

Q4

84.2

90.0

88.6

89.9

93.2

90.6

93.9

92.7

93.4

93.0

93.8

-0.8

0.3

-0.0

-0.0

-0.5

1.5

-0.3

-0.7

-0.4

-0.6

-0.3

-0.2
-0.2
-0.3

-0.3
-0.2
0.8

-0.3
-0.2
0.4

-0.0
-0.0
0.1

-0.1
-0.0
-0.3

0.2
0.0
1.3

-0.1
-0.0
-0.2

-0.2
-0.1
-0.5

-0.1
-0.0
-0.3

-0.1
-0.0
-0.4

-0.1
-0.0
-0.2

3
4
5

Corporate equities

-0.9

-1.9

-2.0

-1.5

-1.0

-3.2

-0.5

-1.3

-0.8

-1.1

-0.6

7
8
9

Miscellaneous assets
Nonmarketable Treasury securities (3)
Claims of pension fund on sponsor (4)

85.9
65.7
20.2

91.6
70.8
20.8

90.7
40.4
50.3

91.4
98.2
-6.8

94.7
68.8
25.9

92.4
-63.5
155.9

94.7
592.0
-497.3

94.7
74.9
19.8

94.7
52.6
42.1

94.7
79.9
14.7

94.7
67.8
26.8

7
8
9

84.2

90.0

88.6

89.9

93.2

90.6

93.9

92.7

93.4

93.0

93.8

10

10

Pension entitlements (liabilities) (5)

(1) Includes civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, foreign service retirement and
disability fund, and the National Railroad Investment Trust.
(2) Includes claims on sponsor (i.e., unfunded pension entitlements).
(3) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund,
and foreign service retirement and disability fund.
(4) Unfunded defined benefit pension entitlements.
(5) Actuarial value of accrued pension entitlements in defined benefit plans. These liabilities are assets of the household sector.

F.119.c Federal Government Employee Retirement Funds: Defined Contribution Plans (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1
2
3
4
5
6
7
8

Net acquisition of financial assets


Credit market instruments
Treasury securities (2)
Agency- and GSE-backed securities
Corporate and foreign bonds
Corporate equities
Claims of pension fund on sponsor (misc. assets) (3)
Pension entitlements (liabilities)

18.0

23.0

13.3

20.0

22.6

18.0

91.3

11.6

25.2

10.4
0.8
0.5

23.7
0.9
0.6

6.3

-2.3

15.3

10.4

28.6

36.2

15.4

9.4

17.4

-382.8

12.4
1.7
1.3

12.5
-1.7
-1.4

18.2
-0.4
-0.4

-379.5
-1.8
-1.5

477.7

6.8

9.9

21.2

31.9

479.2
-0.8
-0.7

12.2
-2.8
-2.7

8.4
0.7
0.7

21.2
-0.0
-0.0

30.8
0.6
0.6

3
4
5

-2.1

10.6

5.2

-6.0

20.5

8.5

0.5

7.4

4.3

0.0

0.0

0.0

0.0

0.0

406.8

-406.8

0.0

0.0

0.0

0.0

18.0

23.0

13.3

20.0

22.6

18.0

91.3

15.3

10.4

28.6

36.2

(1) Thrift Savings Plan.


(2) Includes nonmarketable and marketable Treasury securities held by the Thrift Savings Plan G and F funds.
(3) Suspended investments in the Thrift Savings Plan G Fund by the Treasury.

Flows

2010

40

Z.1, March 12, 2015

F.120 State and Local Government Employee Retirement Funds


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

2011

2012

2013

2014

2013

Flows

Q3

2014
Q4

Q1

Q2

Q3

Q4

Gross saving

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

Fixed nonresidential investment

0.1

0.1

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

0.3

Net acquisition of financial assets (1)

244.4

204.0

201.0

207.0

229.6

214.9

224.4

225.8

239.8

224.9

228.0

4
5

Checkable deposits and currency


Time and savings deposits

0.5
5.4

0.4
2.5

0.3
-0.6

0.7
8.0

-0.8
-8.6

0.1
5.0

-0.5
19.2

-1.7
-15.4

1.4
-13.9

0.2
0.9

-3.0
-6.1

4
5

6
7

Money market fund shares


Security repurchase agreements

2.3
0.3

-1.0
0.1

-3.5
-0.1

8.8
0.7

-8.8
-0.7

4.0
0.3

23.3
1.7

-17.3
-1.3

-13.2
-1.2

-1.9
0.1

-2.7
-0.5

6
7

Credit market instruments

22.4

14.4

8.0

62.3

96.8

9.9

83.8

61.4

240.9

1.3

83.7

9
10
11

Open market paper


Treasury securities
Agency- and GSE-backed securities

4.5
10.7
0.9

2.1
11.6
12.3

-1.3
19.1
20.9

8.8
13.1
13.4

-9.2
53.6
7.2

7.0
7.7
6.1

18.8
-0.2
4.3

-14.0
20.8
9.1

-15.8
108.0
39.9

2.3
30.0
-18.2

-9.3
55.4
-1.8

9
10
11

12
13
14

Municipal securities
Corporate and foreign bonds
Mortgages

0.8
5.9
-0.4

-0.7
-10.9
-0.1

-0.7
-29.3
-0.7

0.2
29.5
-2.6

-0.1
42.2
3.2

-0.3
-8.6
-2.0

0.3
64.8
-4.2

-0.8
36.7
9.6

0.0
104.3
4.6

0.2
-10.5
-2.5

0.1
38.2
1.2

12
13
14

15
16

Corporate equities
Mutual fund shares

-78.6
-13.4

-53.5
-66.3

-46.0
-49.6

-159.2
-12.1

-133.0
-8.0

-139.9
-11.2

-228.1
-26.5

-224.3
-17.6

-115.9
-11.5

-34.7
2.8

-156.9
-5.6

15
16

17
18
19
20

Miscellaneous assets
Unallocated insurance contracts (2)
Claims of pension fund on sponsor (3)
Other

305.4
14.2
275.5
15.7

307.6
-10.7
316.6
1.7

292.6
-6.9
300.1
-0.6

297.8
-6.2
289.9
14.1

292.6
5.8
278.0
8.8

346.7
15.5
316.2
14.9

351.5
19.9
319.3
12.2

441.8
3.5
408.2
30.1

153.3
14.5
112.7
26.0

256.3
-2.7
280.0
-21.1

319.1
7.9
311.2
0.0

17
18
19
20

244.3

204.0

201.1

207.2

229.8

215.1

224.6

225.9

240.0

225.1

228.2

21

220.7
23.6

215.2
-11.2

208.3
-7.4

202.8
4.2

203.1
26.5

203.9
11.0

203.1
21.3

203.1
22.7

203.1
36.7

203.1
21.8

203.1
24.9

22
23

21

22
23

Pension entitlements (liabilities) (4)


Net acquisition of financial assets (5)
Defined benefit plans
Defined contibution plans

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).


(2) Assets of defined contribution funds held at life insurance companies.
(3) Unfunded defined benefit pension entitlements.
(4) Actuarial value of accrued pension entitlements. These liabilities are assets of the household sector.
(5) Additional detail on defined benefit plans and defined contribution plans is available on tables F.120.b and F.120.c.

41

Z.1, March 12, 2015

F.120.b State and Local Government Employee Retirement Funds: Defined Benefit Plans
Billions of dollars; quarterly figures are seasonally adjusted annual rates
2011

2012

2013

2014

2013
Q3

Q1

Q2

Q3

Q4

220.7

215.2

208.3

202.8

203.1

203.9

203.1

203.1

203.1

203.1

203.1

2
3

Checkable deposits and currency


Time and savings deposits

0.5
5.9

0.2
2.8

-0.1
-0.3

0.9
7.7

-0.9
-8.4

0.4
3.8

2.2
19.3

-1.7
-15.1

-1.6
-13.8

0.1
1.1

-0.7
-5.8

2
3

4
5

Money market fund shares


Security repurchase agreements

2.3
0.3

-1.4
0.1

-3.1
-0.1

8.1
0.7

-8.9
-0.7

4.0
0.3

20.3
1.7

-15.9
-1.3

-14.6
-1.2

1.1
0.1

-6.1
-0.5

4
5

Credit market instruments

19.2

12.4

6.6

64.7

96.6

14.8

88.3

62.8

239.5

0.2

84.1

5.7
7.8
1.1

2.4
9.2
13.2

-0.7
18.8
21.4

8.2
16.1
13.6

-9.0
54.1
7.5

4.1
12.4
6.8

20.6
4.1
4.2

-16.2
20.6
13.1

-14.8
108.8
37.3

1.1
31.4
-17.1

-6.2
55.6
-3.5

7
8
9

0.7
4.4
-0.4

-0.7
-11.5
-0.1

-0.9
-31.3
-0.7

-0.1
29.5
-2.6

-0.2
41.0
3.2

-0.3
-6.1
-2.0

0.3
63.3
-4.2

-0.7
36.3
9.6

-0.0
103.7
4.6

-0.1
-12.7
-2.5

-0.0
36.9
1.2

10
11
12

7
8
9
10
11
12

Net acquisition of financial assets (1)

2014
Q4

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Mortgages

13
14

Corporate equities
Mutual fund shares

-80.6
-18.2

-56.2
-61.0

-44.1
-50.1

-170.7
-11.7

-147.8
-12.9

-141.9
-9.0

-239.3
-19.0

-240.5
-23.2

-129.1
-11.6

-55.5
-2.8

-166.1
-14.2

13
14

15
16
17

Miscellaneous assets
Claims of pension fund on sponsor (2)
Other

291.2
275.5
15.7

318.3
316.6
1.7

299.6
300.1
-0.5

303.2
289.9
13.3

286.2
278.0
8.2

331.3
316.2
15.1

329.6
319.3
10.3

438.2
408.2
30.0

135.5
112.7
22.8

258.8
280.0
-21.2

312.4
311.2
1.3

15
16
17

220.7

215.2

208.4

202.9

203.3

204.1

203.3

203.3

203.3

203.3

203.3

18

18

Pension entitlements (liabilities) (3)

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).


(2) Unfunded defined benefit pension entitlements.
(3) Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector.

F.120.c State and Local Government Employee Retirement Funds: Defined Contribution Plans (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net acquisition of financial assets

23.6

-11.2

-7.4

4.2

26.5

11.0

21.3

22.7

36.7

21.8

24.9

2
3

Checkable deposits and currency


Time and savings deposits

0.0
-0.5

0.2
-0.4

0.4
-0.3

-0.2
0.3

0.2
-0.2

-0.3
1.2

-2.7
-0.1

0.0
-0.3

3.0
-0.1

0.1
-0.2

-2.3
-0.2

2
3

4
5

Money market fund shares


Security repurchase agreements

0.0
0.0

0.4
0.0

-0.4
0.0

0.7
0.0

0.1
0.0

0.0
0.0

3.0
0.0

-1.3
0.0

1.4
0.0

-3.0
0.0

3.4
0.0

4
5

Credit market instruments

7
8
9
10
11

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

12
13

Corporate equities
Mutual fund shares

14
15
16

Miscellaneous assets
Unallocated insurance contracts (2)
Other

17

Pension entitlements (liabilities)

(1) Includes 403(b) and 457 type plans.


(2) Assets held at life insurance companies.

3.1

2.0

1.4

-2.4

0.2

-5.0

-4.4

-1.3

1.5

1.1

-0.3

-1.2
2.8
-0.2
0.1
1.6

-0.3
2.4
-0.8
0.0
0.7

-0.6
0.3
-0.5
0.2
2.0

0.6
-3.1
-0.2
0.3
0.0

-0.2
-0.6
-0.2
0.1
1.1

3.0
-4.6
-0.7
-0.1
-2.5

-1.8
-4.3
0.1
-0.0
1.6

2.2
0.2
-4.0
-0.1
0.4

-1.0
-0.8
2.6
0.1
0.6

1.1
-1.4
-1.1
0.3
2.2

-3.1
-0.2
1.6
0.1
1.3

7
8
9
10
11

2.0
4.8

2.7
-5.4

-2.0
0.5

11.5
-0.3

14.9
5.0

2.0
-2.3

11.2
-7.5

16.3
5.7

13.2
0.0

20.8
5.6

9.2
8.5

12
13

14.2
14.2
0.1

-10.8
-10.7
-0.0

-6.9
-6.9
-0.0

-5.4
-6.2
0.8

6.4
5.8
0.6

15.3
15.5
-0.2

21.9
19.9
2.0

3.6
3.5
0.1

17.8
14.5
3.3

-2.5
-2.7
0.2

6.7
7.9
-1.2

14
15
16

23.6

-11.2

-7.4

4.2

26.5

11.0

21.3

22.7

36.7

21.8

24.9

17

Flows

2010

42

Z.1, March 12, 2015

F.121 Money Market Mutual Funds (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

2011

2012

2013

2014

2013

Flows

Q3

2014
Q4

Q1

Q2

Q3

Q4

Net acquisition of financial assets

-503.2

-112.8

7.1

28.9

9.6

263.6

-96.4

-86.3

-143.8

39.7

228.7

2
3
4
5

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Security repurchase agreements

8.7
-3.7
-107.7
-0.6

-62.9
5.8
-56.3
11.1

0.4
-3.6
32.8
54.2

-9.6
-3.2
59.4
-51.3

-9.6
-17.6
20.7
151.2

-3.2
-74.8
177.6
66.1

-10.3
-2.1
-40.5
17.6

-57.3
54.3
40.5
194.4

29.0
-14.4
99.3
167.8

-13.7
-93.6
55.4
-34.3

3.6
-16.7
-112.6
276.9

2
3
4
5

Credit market instruments


Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

-396.6
-116.3
-71.0
-140.2
-53.4
-15.7

-9.8
-40.0
107.9
0.9
-29.4
-49.1

-82.7
-13.3
14.5
-60.2
-20.6
-3.0

30.8
11.2
30.2
17.7
-28.3
-0.0

-120.8
-18.5
-75.3
23.4
-26.7
-23.8

116.6
-5.7
114.3
20.5
-6.1
-6.4

-169.5
-93.7
-45.2
-23.3
-59.2
51.8

-256.1
5.1
-150.4
-44.0
-13.9
-53.0

-354.0
21.5
-235.4
-19.6
-31.0
-89.5

150.4
-46.0
128.8
49.9
-1.1
18.8

-23.6
-54.5
-44.2
107.2
-60.7
28.6

6
7
8
9
10
11

6
7
8
9
10
11
12
13

Miscellaneous assets
Net share issues (liabilities)

-3.4

-0.8

6.1

2.8

-14.3

-18.7

108.5

-62.1

-71.6

-24.4

101.0

12

-503.2

-112.8

7.1

28.9

9.6

263.6

-96.4

-86.3

-143.8

39.7

228.7

13

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.116).

F.122 Mutual Funds (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Gross saving

-24.9

-35.7

-39.8

-41.3

-14.0

-43.5

-42.0

-16.5

-18.1

-11.0

-10.4

Net acquisition of financial assets

370.1

338.4

624.9

638.4

586.1

674.1

416.7

697.3

647.9

582.6

416.7

Security repurchase agreements

-15.8

-28.8

54.1

92.9

22.7

103.1

6.9

104.7

168.5

-115.0

-67.5

4
5
6
7
8
9
10

Credit market instruments


Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Other loans and advances

353.6
-13.9
121.3
78.0
46.7
122.3
-0.8

359.4
-26.3
75.0
105.8
15.7
170.3
18.9

642.0
27.6
121.2
88.8
86.2
306.0
12.2

363.9
27.7
56.5
-25.5
-13.5
279.3
39.4

457.7
7.5
95.5
-18.6
44.5
313.0
15.8

231.1
67.3
-17.3
-81.3
-80.9
315.2
28.0

295.2
67.5
20.4
-0.1
-27.3
205.9
28.8

329.7
-106.3
140.5
-57.1
17.3
274.9
60.3

494.8
68.7
79.0
-140.2
48.7
453.3
-14.6

491.1
17.3
80.8
91.8
51.1
240.3
9.8

515.3
50.4
81.8
31.3
60.8
283.4
7.6

4
5
6
7
8
9
10

11
12

Corporate equities
Miscellaneous assets

44.3
-12.0

4.9
2.9

-38.1
-33.1

162.5
19.1

74.8
30.9

210.5
129.5

216.0
-101.4

132.1
130.7

71.4
-86.9

124.4
82.2

-28.8
-2.3

11
12

13

Net share issues (liabilities)

370.1

338.4

624.9

638.4

586.1

674.1

416.7

697.3

647.9

582.6

416.7

13

14

Discrepancy

-24.9

-35.7

-39.8

-41.3

-14.0

-43.5

-42.0

-16.5

-18.1

-11.0

-10.4

14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.116).

F.123 Closed-End and Exchange-Traded Funds


Billions of dollars; quarterly figures are seasonally adjusted annual rates
Closed-end funds
1
2
3
4
5
6
7

Net acquisition of financial assets


Credit market instruments
Treasury securities
Municipal securities
Corporate and foreign bonds
Corporate equities
Net share issues (liabilities)

0.5

-2.9

2.6

-2.6

-10.8

-17.4

-24.0

6.4

9.3

-10.0

-48.8

5.2
0.7
0.4
4.1
-4.7

-1.7
-0.3
0.9
-2.3
-1.2

11.2
0.3
3.4
7.5
-8.5

13.6
0.6
-1.6
14.6
-16.1

-3.9
-0.2
0.5
-4.2
-6.8

-1.8
-0.2
-5.5
3.9
-15.6

1.7
-0.0
-2.2
3.9
-25.7

1.1
0.3
3.6
-2.8
5.3

2.8
0.3
2.5
-0.1
6.5

-10.6
-0.5
-6.3
-3.8
0.6

-8.9
-1.0
2.2
-10.1
-39.8

2
3
4
5
6

0.5

-2.9

2.6

-2.6

-10.8

-17.4

-24.0

6.4

9.3

-10.0

-48.8

118.0

117.6

185.2

179.0

239.2

214.4

233.9

57.3

229.6

192.8

477.0

29.7
9.2
1.7
18.7
88.3

46.1
11.4
1.0
33.6
71.6

52.3
1.2
3.6
47.6
132.9

12.2
-6.5
-0.8
19.5
166.8

51.0
13.0
3.2
34.8
188.2

17.3
-0.7
-4.0
22.0
197.1

-9.7
-27.0
-0.3
17.5
243.6

43.8
8.7
1.5
33.6
13.5

48.2
15.0
3.1
30.2
181.4

24.4
5.3
3.3
15.8
168.4

87.6
23.0
4.8
59.7
389.4

9
10
11
12
13

118.0

117.6

185.2

179.0

239.2

214.4

233.9

57.3

229.6

192.8

477.0

14

Exchange-traded funds
8
9
10
11
12
13
14

Net acquisition of financial assets


Credit market instruments
Treasury securities
Municipal securities
Corporate and foreign bonds
Corporate equities
Net share issues (liabilities)

43

Z.1, March 12, 2015

F.124 Government-Sponsored Enterprises (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2011

2012

2013

2014

2013
Q3

Gross saving

Fixed nonresidential investment

2014
Q4

Q1

Q2

Q3

Q4

10.5

8.8

8.4

8.5

5.7

8.9

7.8

5.3

5.8

6.0

5.9

3.7

3.4

3.5

3.8

4.1

3.8

3.9

3.9

4.0

4.1

4.2

Net acquisition of financial assets

-274.1

-205.7

-176.0

104.4

38.3

224.4

79.4

-477.0

135.1

249.7

245.4

4
5
6

Checkable deposits and currency


Time and savings deposits
Federal funds and security repos

-36.0
0.3
20.7

9.3
-12.7
-38.9

-20.1
-9.1
38.6

29.0
1.1
1.5

9.6
0.5
-15.7

102.5
10.8
-71.4

17.0
-8.5
75.5

-144.7
10.3
-100.1

15.6
-8.1
28.2

159.9
-1.9
-93.5

7.8
1.7
102.8

4
5
6

Credit market instruments

-288.4

-163.2

-189.4

59.8

54.4

186.0

0.3

-188.3

102.1

193.8

110.1

8
9
10

Open market paper


Treasury securities
Agency- and GSE-backed securities

0.2
45.9
-85.1

-3.4
17.6
-18.1

-3.1
-31.2
-48.3

1.0
-9.9
-22.7

1.8
6.3
-5.1

3.0
28.5
8.7

-2.5
-94.1
-27.2

1.3
24.4
-17.2

3.6
-2.8
8.1

1.2
2.1
18.9

1.2
1.4
-30.2

8
9
10

11
12

Municipal securities
Corporate and foreign bonds

-4.2
-29.6

-3.9
-30.8

-4.1
-50.0

-3.5
-59.4

-2.8
-28.9

-4.1
-118.3

-1.4
-51.2

-3.0
-24.8

-2.1
-42.9

-3.0
-31.8

-3.1
-16.2

11
12

13
14
15
16

Other loans and advances


Sallie Mae
Farm Credit System
FHLB loans

-144.7
0.0
7.2
-151.9

-64.2
0.0
-3.5
-60.7

18.6
0.0
8.3
10.3

81.9
0.0
2.9
79.0

80.5
0.0
2.4
78.2

61.4
0.0
2.8
58.6

110.9
0.0
15.9
95.1

11.6
0.0
-4.4
16.0

157.7
0.0
13.5
144.2

92.1
0.0
12.9
79.2

60.8
0.0
-12.5
73.3

13
14
15
16

17
18
19
20
21
22
23
24
25

Mortgages
Home
Consolidated trusts (2)
Other
Multifamily residential
Consolidated trusts (2)
Other
Farm
Consumer credit (3)

-71.0
-76.4
-192.7
116.3
2.0
25.3
-23.3
3.4
0.0

-60.5
-66.5
-72.5
5.9
2.8
24.5
-21.7
3.3
0.0

-71.4
-82.5
-44.9
-37.6
6.2
27.5
-21.3
4.9
0.0

72.5
87.1
148.0
-60.9
-21.9
18.9
-40.8
7.4
0.0

2.6
2.9
28.1
-25.2
-2.7
17.8
-20.5
2.4
0.0

206.7
224.6
238.3
-13.7
-25.1
10.6
-35.7
7.2
0.0

65.8
91.4
130.1
-38.8
-33.2
17.5
-50.7
7.6
0.0

-180.6
-164.7
-66.0
-98.7
-18.5
10.3
-28.7
2.5
0.0

-19.6
-3.6
23.8
-27.4
-18.4
8.9
-27.2
2.4
0.0

114.2
103.3
61.6
41.7
8.6
25.7
-17.1
2.3
0.0

96.3
76.4
92.8
-16.4
17.3
26.4
-9.0
2.5
0.0

17
18
19
20
21
22
23
24
25

29.3

-0.1

4.1

13.1

-10.6

-3.5

-4.8

-54.1

-2.7

-8.6

23.0

26

-237.8

-208.1

-146.6

100.5

63.3

34.5

199.5

-375.1

156.1

152.1

320.2

27

26
27

Miscellaneous assets
Net increase in liabilities

28

Federal funds and security repos

0.1

-0.9

-0.4

0.0

0.1

-0.1

0.0

0.1

-0.1

0.0

0.2

28

29

Credit market instruments

-233.8

-187.2

-154.6

107.5

64.9

40.2

210.1

-355.5

156.9

142.5

315.8

29

30
31
32
33

GSE issues (4)


Consolidated trusts (2)
Other
U.S. government loans

-233.8
-167.4
-66.4
0.0

-187.2
-48.0
-139.2
0.0

-154.6
-17.4
-137.2
0.0

107.5
166.8
-59.3
0.0

64.9
45.9
19.1
0.0

40.2
248.9
-208.7
0.0

210.1
147.6
62.5
0.0

-355.5
-55.7
-299.8
0.0

156.9
32.7
124.2
0.0

142.5
87.3
55.2
0.0

315.8
119.2
196.6
0.0

30
31
32
33

38.1

29.2

14.5

2.4

-0.1

3.3

9.2

-5.9

0.0

2.8

2.8

34

-42.2

-49.2

-6.1

-9.4

-1.5

-8.9

-19.8

-13.8

-0.7

6.8

1.5

35

43.0

3.0

34.3

0.7

26.7

-184.9

124.0

103.2

22.7

-95.7

76.5

36

34

Corporate equities

35

Miscellaneous liabilities

36

Discrepancy

(1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing
Association (Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (table F.125) are consolidated on
Fannie Maes and Freddie Macs balance sheets.
(2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules.
(3) Sallie Mae student loans.
(4) Such issues are classified as agency- and GSE-backed securities.

F.125 Agency- and GSE-Backed Mortgage Pools (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net acquisition of financial assets

186.9

165.3

132.2

132.4

75.4

154.4

144.1

77.4

27.8

83.4

113.1

2
3
4
5

Home mortgages
Multifamily residential mortgages
Commercial mortgages
Farm mortgages

175.8
11.3
0.0
-0.2

148.0
19.4
0.0
-2.1

105.0
27.0
0.0
0.3

98.8
33.7
0.0
-0.2

51.1
24.3
0.0
-0.0

119.7
34.8
0.0
-0.1

111.1
33.2
0.0
-0.2

57.9
19.7
0.0
-0.1

5.6
22.3
0.0
-0.1

61.1
22.5
0.0
-0.1

80.0
32.8
0.0
0.3

2
3
4
5

186.9

165.3

132.2

132.4

75.4

154.4

144.1

77.4

27.8

83.4

113.1

Net increase in pool securities (liabilities)(2)

(1) GNMA, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools are consolidated on
Fannie Maes and Freddie Macs balance sheets (table F.124). Also includes agency- and GSE-backed mortgage pool securities that are used as collateral for agency- and GSE-backed CMOs
and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans.
(2) Such issues are classified as agency- and GSE-backed securities.

Flows

2010

44

Z.1, March 12, 2015

F.126 Issuers of Asset-Backed Securities (ABS)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

2011

2012

2013

2014

2013

Flows

Q3

2014
Q4

Q1

Q2

Q3

Q4

Gross saving

0.3

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Fixed nonresidential investment

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Net acquisition of financial assets

-413.6

-174.2

-145.1

-235.5

-72.2

-69.8

-64.6

-161.0

-75.0

-9.8

-42.8

-13.8
-96.0
-38.9
-213.3
-160.8
-8.6
-43.9

-10.9
-3.3
-5.4
-146.2
-120.9
-7.7
-17.6

-5.8
-0.0
-0.6
-136.0
-106.7
-9.6
-19.7

1.0
-0.2
-11.5
-218.4
-83.8
-5.9
-128.8

-0.9
0.3
5.5
-73.0
-67.9
-1.2
-3.9

6.8
-0.1
14.1
-81.7
-84.0
-1.7
3.9

5.7
0.2
-3.6
-72.6
-82.7
3.0
7.2

2.5
0.0
18.0
-173.1
-62.0
-2.9
-108.2

-3.2
0.3
-16.5
-50.4
-77.2
-2.7
29.5

1.4
0.3
20.0
-27.8
-72.8
-0.9
45.9

-4.3
0.4
0.4
-40.6
-59.8
1.9
17.3

4
5
6
7
8
9
10

-42.3
-9.5

-4.1
-4.2

3.8
-6.4

-0.8
-5.4

0.4
-4.4

-2.4
-6.4

1.4
4.4

-2.6
-5.7

-3.6
-1.6

7.8
-11.6

0.1
1.2

11
12

4
5
6
7
8
9
10

Treasury securities
Agency- and GSE-backed securities (1)
Other loans and advances
Mortgages (2)
Home
Multifamily residential
Commercial

11
12

Consumer credit
Trade credit

13

Net increase in liabilities

-413.9

-174.2

-145.1

-235.5

-72.2

-69.8

-64.6

-161.0

-75.0

-9.8

-42.8

13

14
15

Commercial paper
Corporate bonds (net) (3)

-40.3
-373.6

-24.1
-150.1

-9.0
-136.0

-7.1
-228.4

-15.1
-57.1

-3.4
-66.4

-24.4
-40.1

-32.0
-129.0

24.1
-99.2

-15.5
5.7

-37.1
-5.7

14
15

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

16

-0.2
-0.5

0.0
-3.8

0.0
1.3

0.0
139.6

0.0
7.5

0.0
2.8

0.0
32.3

0.0
81.6

0.0
-23.5

0.0
-5.5

0.0
-22.7

17
18

16

17
18

Discrepancy
Memo:
Securitized assets not included above
Consumer leases (4)
REIT assets (5)

(1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs.
(2) Mortgages backing privately issued pool securities and privately issued CMOs.
(3) Net issuance less net acquisition of corporate bonds held as assets.
(4) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).
The leased automobile is a nonfinancial asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.
(5) Included in table F.128.

F.127 Finance Companies (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Gross saving

69.9

102.6

107.4

91.6

76.4

163.1

77.4

80.3

75.9

76.1

73.4

Fixed nonresidential investment

39.6

51.2

64.2

69.5

74.3

69.4

71.6

71.6

73.7

75.8

76.2

Net acquisition of financial assets

-212.8

-17.8

-69.6

-20.4

25.3

-44.3

-18.2

-5.2

29.4

-35.4

112.5

4
5
6
7
8
9
10

Checkable deposits and currency


Time and savings deposits
Credit market instruments
Corporate and foreign bonds
Other loans and advances
Mortgages
Consumer credit

-1.7
-5.2
-102.6
-19.8
-15.2
-54.2
-13.4

5.1
15.4
-44.4
0.9
3.0
-30.9
-17.4

-3.8
-11.5
-28.6
-6.3
11.2
-25.7
-7.8

4.2
12.7
-19.0
-10.8
14.4
-21.9
-0.6

0.0
0.1
12.9
6.1
10.6
-8.7
5.0

16.7
50.1
-15.3
-0.4
10.7
-26.1
0.6

-8.5
-25.4
-57.3
-8.1
-8.2
-26.9
-14.1

3.2
9.7
-2.0
15.6
2.6
-13.0
-7.1

-2.2
-6.6
19.9
2.5
24.8
-18.0
10.7

-4.8
-14.5
-5.4
-10.1
6.3
-10.0
8.4

3.9
11.8
39.2
16.3
8.6
6.0
8.2

4
5
6
7
8
9
10

11
12

U.S. direct investment abroad


Miscellaneous assets

6.8
-110.1

12.0
-5.9

7.7
-33.4

4.0
-22.3

17.0
-4.7

10.5
-106.3

-6.6
79.6

28.5
-44.8

9.4
8.8

16.0
-26.6

14.0
43.6

11
12

-233.1

-26.0

-82.1

-21.6

10.2

-53.9

9.2

-32.9

22.3

-51.1

102.6

13

-174.9
1.7
-111.7
-64.9
0.0

-13.5
10.0
-39.4
15.9
0.0

-56.7
8.2
-81.3
16.4
0.0

4.2
-10.3
4.4
10.1
0.0

26.9
-1.5
19.9
8.6
0.0

41.3
20.3
24.4
-3.4
0.0

-0.2
-45.0
27.1
17.7
0.0

-24.5
-16.2
-10.2
1.9
0.0

11.6
3.4
38.2
-30.0
0.0

48.0
20.0
2.9
25.2
0.0

72.6
-13.3
48.7
37.2
0.0

14
15
16
17
18

0.3
13.2

0.5
6.1

0.2
-0.8

0.1
0.5

0.2
-2.6

0.9
1.1

-0.9
-3.4

0.1
1.6

0.1
3.2

0.8
-10.0

-0.2
-5.3

19
20

-71.7
-12.8
-58.8

-19.1
-12.0
-7.1

-24.7
-0.9
-23.8

-26.4
-1.0
-25.4

-14.3
2.4
-16.7

-97.2
1.5
-98.7

13.6
-5.0
18.6

-10.1
21.0
-31.1

7.4
-7.8
15.2

-90.0
-10.6
-79.4

35.5
7.2
28.4

21
22
23

9.9

43.2

30.6

20.9

-13.0

84.1

33.2

-18.9

-4.8

-15.5

-12.8

24

-16.5

7.9

24.3

23.3

21.6

26.9

13.8

19.2

22.1

26.7

18.3

25

13

Net increase in liabilities

14
15
16
17
18

Credit market instruments


Open market paper
Corporate bonds
Depository institution loans n.e.c.
Other loans and advances

19
20

Taxes payable
Foreign direct investment in U.S.

21
22
23

Miscellaneous liabilities
Investment by parent
Other

24

Discrepancy

Memo:
25 Consumer leases not included above (2)
(1) Includes retail captive finance companies and mortgage companies.
(2) See footnote (4), table F.126.

45

Z.1, March 12, 2015

F.128 Real Estate Investment Trusts (REITs) (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2011

2012

2013

2014

2013
Q3

Gross saving

2
3

Fixed nonresidential investment


Multifamily residential investment

Net acquisition of financial assets

Checkable deposits and currency

-5.7

2.5

7.7

-1.3

2.4

9.7

Credit market instruments

44.1

120.2

127.6

39.2

35.8

-79.6

Agency- and GSE-backed securities


Corporate and foreign bonds

38.2
7.2

104.7
3.8

109.5
9.5

-95.6
-0.2

6.4
1.4

-82.7
1.1

Mortgages
Home
Multifamily residential
Commercial

-1.3
0.2
-0.3
-1.2

11.7
11.0
-0.2
0.9

8.6
6.9
0.1
1.5

135.0
-3.3
0.5
137.7

27.9
13.3
1.2
13.4

1.3

8.5

25.8

12.2

62.3

168.0

211.0

136.4

29.9

97.7

102.4

0.1

25.6

35.5

0.0
1.0

0.0
7.6

0.0
26.7

-1.8
0.8

4.6
13.5

28.2
4.1

7
8
9
10
11
12
13
14

Miscellaneous assets
Net increase in liabilities

15

Security repurchase agreements

16

Credit market instruments

17
18

Open market paper


Corporate bonds

19
20

Depository institution loans n.e.c.


Mortgages

21
22
23

24
25
26
27
28

Corporate equity issues


Miscellaneous liabilities
Discrepancy
Memo:
Securitized assets included above
Agency- and GSE-backed securities
Home mortgages
Multifamily residential mortgages
Commercial mortgages

2014
Q4

Q1

Q2

Q3

Q4

-4.8

-7.3

-10.4

-7.4

-7.6

6.2

-14.7

-8.9

-6.1

-6.1

-9.2

5.8
4.0

4.9
6.5

6.2
5.3

6.9
14.7

7.6
-0.0

7.0
-6.6

7.2
17.0

7.3
-3.6

7.5
19.7

7.7
5.4

7.8
-21.7

2
3

39.7

131.2

161.0

50.1

61.7

-124.3

-174.8

99.3

98.6

-5.5

54.5

-23.5

-4.6

18.5

-0.5

-3.8

-193.5

64.7

35.3

-11.2

54.4

-179.7
-14.6

-35.4
6.0

44.1
-2.7

-21.4
-1.1

38.3
3.5

7
8

2.0
0.0
-0.4
2.4

0.7
-32.3
-1.2
34.2

94.0
9.1
-0.8
85.8

-6.1
6.8
0.2
-13.1

11.2
28.7
4.3
-21.9

12.6
8.8
1.2
2.6

9
10
11
12

23.5

-54.4

42.2

39.3

44.8

6.2

3.9

13

107.9

-76.0

-5.3

131.8

150.8

29.4

119.8

14

-66.6

6.0

-84.1

-139.3

-53.2

36.8

-1.8

42.0

15

178.4

54.5

38.5

116.8

140.1

49.4

1.0

27.7

16

0.0
173.6

0.0
46.2

0.0
35.1

0.0
111.0

0.0
115.5

0.0
55.1

0.0
-1.0

0.0
15.0

17
18

4.0
4.8

-2.9
7.8

0.7
7.7

17.8
-14.3

-14.4
20.2

12.0
12.6

-12.2
6.5

2.3
-0.3

0.8
11.9

19
20

37.5
7.1

47.6
25.4

46.2
-21.7

32.7
14.7

24.9
-55.5

32.6
-15.4

18.9
26.1

46.9
17.7

30.4
-0.2

34.7
15.3

21
22

8.1

18.2

28.4

57.4

31.3

54.3

130.7

20.2

18.9

15.9

70.2

23

-0.5
0.0
1.1
-0.0
-1.6

-3.8
0.0
-0.7
-0.0
-3.0

1.3
0.0
3.7
-0.0
-2.4

139.6
0.0
4.0
0.0
135.6

7.5
0.0
0.3
-0.0
7.2

2.8
0.0
0.5
-0.0
2.3

32.3
0.0
5.7
-0.1
26.8

81.6
0.0
1.4
-0.2
80.3

-23.5
0.0
-1.6
0.3
-22.3

-5.5
0.0
3.7
-0.1
-9.1

-22.7
0.0
-2.4
-0.2
-20.2

24
25
26
27
28

(1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on tables F.128.e and F.128.m.

Flows

2010

46

Z.1, March 12, 2015

F.128.e Equity Real Estate Investment Trusts


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

2011

2012

2013

2014

2013

Flows

Q3

2014
Q4

Q1

Q2

Q3

Q4

Net acquisition of financial assets

-0.8

8.1

14.1

13.3

23.0

24.8

13.6

30.4

43.9

-6.7

24.4

Checkable deposits and currency

-4.1

-2.3

4.1

1.0

2.5

19.1

-19.1

-3.6

15.4

-0.8

-1.0

Credit market instruments

0.7

2.3

1.5

-1.9

4.2

-0.3

2.4

3.9

2.4

-0.2

10.6

Corporate and foreign bonds

0.4

-0.6

-0.2

-1.8

1.4

-1.0

-2.0

0.4

1.4

-0.4

4.3

5
6
7
8

Mortgages
Home
Multifamily residential
Commercial

0.4
0.0
0.0
0.3

2.9
0.1
-0.0
2.9

1.6
0.0
0.1
1.5

-0.1
0.0
-0.0
-0.1

2.8
0.0
-0.1
2.9

0.6
-0.0
-0.2
0.9

4.4
0.1
-0.6
4.9

3.4
-0.0
-0.1
3.6

1.0
0.0
-0.0
1.0

0.2
0.0
-0.1
0.4

6.4
0.0
-0.2
6.6

5
6
7
8

2.6

8.1

8.5

14.2

16.3

6.1

30.3

30.1

26.1

-5.7

14.8

-0.4

37.4

38.5

36.4

41.7

48.0

80.5

53.8

70.9

1.8

40.0

10

0.1

32.8

33.9

34.5

33.5

38.8

74.8

51.7

59.1

-4.7

27.8

11

1.0
-1.8

13.2
6.1

27.6
1.4

28.9
-2.2

24.6
1.3

35.4
17.8

66.5
-11.9

27.6
11.5

61.1
-8.4

-4.7
0.3

14.2
1.7

12
13

0.8
0.4
0.4

13.5
0.1
13.3

4.8
-1.1
6.0

7.8
3.3
4.5

7.7
0.2
7.5

-14.3
-1.7
-12.7

20.2
-2.7
22.9

12.6
-1.8
14.4

6.5
2.1
4.4

-0.3
-0.6
0.3

11.9
1.2
10.7

14
15
16

-0.5

4.6

4.6

1.9

8.2

9.2

5.7

2.1

11.9

6.5

12.2

17

146.9

36.8

38.7

-149.1

-188.4

68.9

54.8

1.2

30.1

9
10
11

Miscellaneous assets
Net increase in liabilities
Credit market instruments

12
13

Corporate bonds
Depository institution loans n.e.c.

14
15
16

Mortgages
Multifamily residential
Commercial

17

Miscellaneous liabilities

F.128.m Mortgage Real Estate Investment Trusts


Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net acquisition of financial assets

40.5

123.1

Checkable deposits and currency

-1.6

4.8

3.6

-2.3

-0.1

-9.4

-4.4

-1.0

3.1

0.3

-2.8

Credit market instruments

43.3

117.9

126.1

41.1

31.6

-79.2

-195.9

60.8

32.9

-11.0

43.8

4
5

Agency- and GSE-backed securities


Corporate and foreign bonds

38.2
6.8

104.7
4.4

109.5
9.7

-95.6
1.6

6.4
0.0

-82.7
2.1

-179.7
-12.6

-35.4
5.6

44.1
-4.1

-21.4
-0.6

38.3
-0.7

4
5

6
7
8
9

Mortgages
Home
Multifamily residential
Commercial

-1.7
0.1
-0.3
-1.5

8.8
10.9
-0.2
-1.9

6.9
6.8
0.1
-0.0

135.1
-3.3
0.5
137.8

25.2
13.3
1.4
10.5

1.4
0.0
-0.2
1.5

-3.7
-32.4
-0.6
29.3

90.6
9.1
-0.7
82.2

-7.0
6.8
0.2
-14.0

11.0
28.7
4.5
-22.3

6.2
8.8
1.4
-3.9

6
7
8
9

-1.2

0.4

17.2

-2.0

7.2

-60.6

11.9

9.2

18.8

11.9

-11.0

10

10
11

Miscellaneous assets

34.4

93.1

124.9

53.8

33.6

-149.0

-118.4

59.1

33.0

-2.8

45.0

11

12

Security repurchase agreements

29.9

97.7

102.4

-66.6

6.0

-84.1

-139.3

-53.2

36.8

-1.8

42.0

12

13

Credit market instruments

-0.1

-7.2

1.6

143.9

21.1

-0.3

42.1

88.3

-9.7

5.7

-0.1

13

0.0
-0.0
-0.0

0.0
-5.7
-1.5

0.0
-0.9
2.5

0.0
144.7
-0.8

0.0
21.6
-0.6

0.0
-0.3
0.0

0.0
44.5
-2.5

0.0
87.8
0.5

0.0
-5.9
-3.8

0.0
3.7
1.9

0.0
0.8
-0.9

14
15
16

4.6

2.5

20.9

-23.5

6.6

-64.7

-21.2

24.0

5.8

-6.7

3.1

17

-0.5
0.0
1.1
-0.0
-1.6

-3.8
0.0
-0.7
-0.0
-3.0

1.3
0.0
3.7
-0.0
-2.4

139.6
0.0
4.0
0.0
135.6

7.5
0.0
0.3
-0.0
7.2

2.8
0.0
0.5
-0.0
2.3

32.3
0.0
5.7
-0.1
26.8

81.6
0.0
1.4
-0.2
80.3

-23.5
0.0
-1.6
0.3
-22.3

-5.5
0.0
3.7
-0.1
-9.1

-22.7
0.0
-2.4
-0.2
-20.2

18
19
20
21
22

14
15
16
17

18
19
20
21
22

Net increase in liabilities

Open market paper


Corporate bonds
Depository institution loans n.e.c.
Miscellaneous liabilities
Memo:
Securitized assets included above
Agency- and GSE-backed securities
Home mortgages
Multifamily residential mortgages
Commercial mortgages

47

Z.1, March 12, 2015

F.129 Security Brokers and Dealers


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2011

2012

2013

2014

2013
Q3

2014
Q4

Q1

Q2

Q3

Q4

Gross saving

25.8

6.3

23.2

14.4

25.3

29.9

12.5

23.1

26.1

29.2

22.6

Fixed nonresidential investment

17.9

16.1

13.0

13.5

14.3

13.6

13.9

13.9

14.2

14.5

14.7

Net acquisition of financial assets

234.4

29.1

173.7

-298.1

-153.7

-344.0

-481.6

235.4

-123.2

-185.5

-541.3

4
5

Checkable deposits and currency


Security repurchase agreements

6.2
243.4

14.9
154.6

16.3
55.1

-16.5
-317.2

0.0
-168.2

-19.8
-260.2

-20.3
-371.7

2.0
-190.8

8.5
-172.0

9.5
-39.4

-19.8
-270.7

4
5

Credit market instruments

32.2

5.7

89.1

-175.4

-81.0

-40.6

-224.6

-57.8

-28.8

-145.4

-92.0

-5.3
-28.5
38.9
4.6
35.2
-12.7

5.9
89.1
-2.1
-9.1
-85.0
6.9

-12.2
63.0
21.9
-4.3
35.5
-14.8

-1.3
-110.5
-55.4
-8.0
-11.1
10.9

-7.8
-75.9
7.7
0.2
-6.8
1.5

6.2
33.4
-80.7
-3.0
-2.8
6.3

-9.2
-256.8
34.0
1.5
-20.6
26.5

22.8
-64.1
-3.3
-7.1
-3.3
-2.7

-7.8
-57.8
3.4
5.3
28.3
-0.3

-46.1
-65.3
-30.0
-8.0
-4.5
8.4

-0.1
-116.3
60.8
10.6
-47.7
0.6

7
8
9
10
11
12

-18.5
75.2

-5.0
-39.3

9.7
64.9

18.6
35.4

8.7
30.4

-5.5
44.6

141.5
101.9

-85.5
-74.3

32.0
219.3

53.8
59.4

34.6
-82.9

13
14

8.7
-112.9

4.9
-106.6

6.7
-68.1

9.2
147.7

7.2
49.3

8.5
-71.0

5.2
-113.5

9.0
633.0

1.0
-183.2

12.3
-135.6

6.4
-116.8

15
16

220.4

69.4

120.5

-329.1

-165.1

-351.7

-493.8

222.3

-111.7

-184.4

-586.5

17

195.9

70.5

131.2

-439.3

-220.9

-364.5

-565.3

-223.8

-141.9

-283.3

-234.4

18

36.9

-37.9

-1.7

22.2

11.5

-27.8

65.1

41.3

-37.4

42.1

-0.1

19

36.9
0.0

-37.9
0.0

-1.7
0.0

22.2
0.0

11.5
0.0

-27.8
0.0

65.1
0.0

41.3
0.0

-37.4
0.0

42.1
0.0

-0.1
0.0

20
21

-11.1
-52.0

14.1
-3.8

-50.7
-0.0

-31.0
0.3

-11.7
3.4

0.3
-9.3

-37.1
4.9

-7.1
1.0

-0.1
11.9

-0.5
8.4

-39.1
-7.8

22
23

7
8
9
10
11
12

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Other loans and advances

13
14

Corporate equities
Security credit

15
16

U.S. direct investment abroad


Miscellaneous assets

17

Net increase in liabilities

18

Security repurchase agreements

19

Credit market instruments

20
21

Corporate bonds
Depository institution loans n.e.c. (1)

22
23

Corporate equity issues


Trade payables

24
25
26
27

Security credit
From households
From U.S.-chartered depository institutions
From foreign banking offices in U.S.

29.8
23.5
3.2
3.1

31.9
0.9
12.2
18.8

32.8
42.0
-1.9
-7.3

68.9
58.5
7.9
2.5

65.4
53.0
8.2
4.3

0.2
-10.1
8.3
2.0

108.1
95.9
-3.9
16.0

221.8
202.8
21.9
-2.9

6.3
1.6
10.6
-5.9

113.4
103.6
-2.7
12.5

-79.7
-96.0
2.9
13.4

24
25
26
27

28
29

Taxes payable
Foreign direct investment in U.S.

-2.1
13.2

-1.1
18.2

0.5
9.4

0.6
11.6

0.3
4.1

0.6
2.3

-3.5
31.0

3.2
8.8

2.5
3.0

1.1
3.7

-5.5
1.0

28
29

30
31
32

Miscellaneous liabilities
Investment by parent companies
Other

9.0
-51.2
60.2

-19.4
40.4
-59.8

-7.7
71.3
-79.0

41.3
72.6
-31.3

-19.9
23.6
-43.5

62.2
-118.7
180.8

-101.8
322.7
-424.5

174.1
98.3
75.9

45.7
126.3
-80.5

-75.5
-149.5
74.0

-223.9
19.5
-243.4

30
31
32

33

Proprietors net investment

0.9

-2.9

6.7

-3.9

2.7

-15.8

4.8

3.0

-1.8

6.3

3.0

33

-6.0

30.5

-43.0

-30.2

-0.5

8.5

-13.5

-3.9

23.4

15.8

-37.2

34

34

Discrepancy

(1) Includes loans extended through the Federal Reserves Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).

Flows

2010

48

Z.1, March 12, 2015

F.130 Holding Companies (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates

Flows

2010

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

Gross saving

94.6

130.8

162.5

146.8

172.5

153.8

146.5

147.4

187.2

175.1

180.3

Fixed nonresidential investment

31.9

37.0

41.6

43.2

45.5

43.4

44.1

44.2

45.0

46.0

46.6

Net acquisition of financial assets

-4.6

44.6

-75.5

311.7

91.2

690.9

324.5

173.7

277.1

-111.1

25.0

4
5

Time and savings deposits


Security repurchase agreements

-1.3
2.1

2.4
0.2

-0.3
-49.3

1.5
-2.8

-8.9
-5.1

-0.4
11.0

13.1
-8.3

6.5
-0.4

-24.5
7.7

38.3
-5.4

-55.8
-22.4

4
5

Credit market instruments

22.1

3.1

-50.1

56.2

-11.1

184.6

-27.6

-25.4

-8.1

36.3

-47.1

13.8
-3.2
7.3
4.3

7.1
12.0
-20.1
4.0

-30.6
-24.3
-11.9
16.7

8.5
13.5
37.0
-2.8

-2.8
0.0
2.6
-10.9

-6.5
32.4
154.0
4.7

-1.9
13.5
-1.7
-37.5

-0.4
-7.4
-6.9
-10.7

20.9
1.2
5.4
-35.6

8.7
3.0
25.7
-1.1

-40.5
3.3
-13.8
4.0

7
8
9
10

3.8

2.4

7.3

5.1

5.0

4.5

9.6

4.7

5.3

4.8

5.3

11

-31.2
33.4
0.0
22.2
-39.5
-24.3
10.6
-33.6

36.5
76.1
0.0
9.3
-20.3
-13.0
30.6
-46.2

16.9
101.2
-6.8
10.3
-3.5
52.3
-51.5
-85.0

251.8
59.3
-6.0
3.4
-15.8
57.1
-17.0
170.8

111.2
191.0
0.1
0.8
-12.6
0.2
-5.6
-62.6

491.1
70.2
0.8
21.2
0.7
-157.1
106.5
448.9

337.6
157.1
-0.3
-8.1
-2.3
338.0
-118.2
-28.5

188.2
165.5
-2.2
0.9
-45.9
88.7
-7.7
-11.1

296.8
206.4
1.9
2.3
-3.0
61.0
19.5
8.6

-185.0
114.4
-0.2
-0.3
-4.0
-158.6
-27.6
-108.6

145.0
277.5
0.9
0.2
2.7
9.8
-6.8
-139.3

12
13
14
15
16
17
18
19

-64.9

-49.3

-199.0

205.4

-39.8

578.5

217.6

67.9

131.2

-244.3

-113.8

20

0.2

0.4

-1.2

-0.0

-0.0

0.0

0.0

-0.0

0.0

0.0

0.0

21

-16.5

-16.5

-99.9

0.5

-8.4

-27.5

203.8

12.9

4.0

-45.0

-5.3

22

3.9
-46.5
26.1

11.1
-91.6
64.0

6.2
14.1
-120.2

-19.9
6.7
13.8

-19.6
27.6
-16.3

-4.8
67.2
-89.9

-51.3
143.9
111.2

-27.5
48.1
-7.7

6.5
87.3
-89.9

-37.7
-14.2
6.9

-19.7
-11.0
25.4

23
24
25

7
8
9
10

Treasury securities
Agency- and GSE-backed securities
Corporate and foreign bonds
Other loans and advances

11

Life insurance reserves

12
13
14
15
16
17
18
19

Miscellaneous assets
Net trans. with depository institution subs.
Net trans. with property-casualty ins. co. subs.
Net trans. with life insurance company subs.
Net trans. with finance company subs.
Net trans. with broker and dealer subs.
Net trans. with foreign subs.
Other

20

Net increase in liabilities

21

Security repurchase agreements

22

Credit market instruments

23
24
25

Commercial paper
Corporate bonds
Depository institution loans n.e.c.

26

Corporate equity issues

19.8

2.9

0.6

-17.1

-0.4

-27.5

-12.5

-2.7

30.3

-1.3

-27.8

26

27
28
29

Miscellaneous liabilities
Equity, etc.
Other

-68.5
-22.4
-46.1

-36.2
6.9
-43.1

-98.6
-29.1
-69.5

222.0
-0.1
222.1

-31.0
-0.2
-30.8

633.4
14.3
619.1

26.3
38.9
-12.7

57.7
66.9
-9.2

97.0
97.4
-0.5

-197.9
-98.7
-99.3

-80.8
-66.6
-14.2

27
28
29

2.3

-0.2

-2.6

-2.7

-3.9

-2.0

-4.5

-2.6

-3.7

-4.1

-5.1

30

30

Discrepancy

(1) Parent-only bank holding companies and savings and loan holding companies that file Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320.

49

Z.1, March 12, 2015

F.131 Funding Corporations (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2011

2012

2013

2014

2013
Q3

2014
Q4

Q1

Q2

Q3

Q4

Net acquisition of financial assets

-166.4

-160.4

-56.5

-56.0

6.6

58.5

-173.9

100.9

-70.8

4.2

-8.0

2
3

Money market fund shares


Security repurchase agreements

-148.0
0.0

-89.2
0.0

-15.0
0.0

-61.6
-0.1

-12.3
0.0

99.6
0.0

-131.9
0.0

-85.6
0.0

-148.3
0.0

24.2
0.0

160.3
0.0

2
3

Credit market instruments

38.8

-64.5

-48.7

-7.3

15.8

14.1

-46.0

175.5

24.5

-57.2

-79.5

50.1
-9.8
-1.5

-5.2
-57.3
-2.0

-6.0
-36.2
-6.5

-13.8
8.9
-2.3

11.2
4.7
-0.1

24.3
-4.4
-5.8

-35.4
-11.5
0.8

124.5
48.0
3.0

47.7
-18.1
-5.1

-53.0
-5.2
1.0

-74.2
-5.9
0.6

5
6
7

1.3

-26.4

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

-58.4
-31.5
-26.9

19.6
-33.7
53.4

7.2
-11.8
19.0

13.0
-2.5
15.5

3.1
-20.3
23.4

-55.2
-93.6
38.4

4.0
19.2
-15.3

11.0
1.5
9.6

53.1
-12.2
65.3

37.2
28.1
9.1

-88.9
-98.5
9.7

9
10
11

-166.4

-160.4

-56.5

-56.0

6.6

58.5

-173.9

100.9

-70.8

4.2

-8.0

12

-65.3

-52.4

-23.9

27.0

27.0

-17.8

50.8

-10.0

77.5

78.3

-37.8

13

-47.4
-3.2
-21.9
7.2

-72.7
71.6
-51.9
0.7

-30.9
35.3
-21.5
-6.8

16.2
11.4
0.0
-0.7

4.8
22.2
0.0
0.0

-79.3
61.5
0.0
0.0

82.3
-31.4
0.0
0.0

-2.4
-7.6
0.0
0.0

6.5
71.1
0.0
0.0

86.8
-8.4
0.0
0.0

-71.6
33.8
0.0
0.0

14
15
16
17

3.5
0.6

-18.4
0.6

-8.6
0.6

0.0
0.6

0.0
0.6

0.0
0.6

0.0
0.6

0.0
0.6

0.0
0.6

0.0
0.6

0.0
0.6

18
19

-105.1
-123.5
7.9
10.5

-90.2
-74.6
1.4
-17.0

-24.6
-79.2
0.1
54.5

-83.6
94.0
0.0
-177.6

-21.0
47.1
0.0
-68.1

75.7
-43.6
0.0
119.3

-225.3
-114.8
0.0
-110.5

110.3
484.0
0.0
-373.7

-148.9
-192.0
0.0
43.1

-74.7
-44.8
0.0
-30.0

29.2
-58.9
0.0
88.1

20
21
22
23

5
6
7
8
9
10
11
12
13
14
15
16
17

Open market paper


Corporate and foreign bonds
Other loans and advances
Corporate equities (2)
Miscellaneous assets
Investment in foreign banking offices
Investment in brokers and dealers
Net increase in liabilities
Credit market instruments
Open market paper
Corporate bonds
Depository institution loans n.e.c. (3)
Other loans and advances (4)

18
19

Corporate equities (5)


Foreign direct investment in U.S.

20
21
22
23

Miscellaneous liabilities
Securities loaned (net)
Equity interest under PPIP
Other (net)

(1) Funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities, and funds associated with
the Public-Private Investment Program (PPIP).
(2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG.
(3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG).
(4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) LLC and to funds associated with PPIP.
(5) Preferred shares issued by AIG to the federal goverment under the Troubled Asset Relief Program (TARP) program and the monetary authority sectors preferred interest in
AIA Aurora LLC and ALICO Holdings LLC.

Flows

2010

50

Z.1, March 12, 2015

F.132 Rest of the World


Billions of dollars; quarterly figures are seasonally adjusted annual rates

Flows

2010

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

1
2
3
4

Foreign income from U.S.


U.S. imports
U.S. income payments to rest of world
Current taxes and trans. payments to rest of world

3020.3
2365.0
514.1
141.2

3379.5
2686.4
546.0
147.2

3470.2
2762.5
566.5
141.3

3494.8
2770.4
586.1
138.3

3633.7
2875.0
618.2
140.6

3503.1
2778.3
583.4
141.4

3509.3
2787.5
588.9
132.9

3572.9
2822.7
611.6
138.6

3612.9
2893.5
615.0
104.3

3656.9
2883.0
617.3
156.6

3692.0
2900.6
628.7
162.8

1
2
3
4

5
6
7

Foreign outlays to U.S.


U.S. exports
U.S. income receipts from rest of world

2572.4
1852.3
720.0

2899.0
2106.4
792.6

2988.0
2194.2
793.8

3072.6
2262.2
810.4

3167.4
2335.1
832.3

3082.6
2268.4
814.2

3156.4
2324.6
831.8

3107.3
2284.7
822.6

3172.8
2344.3
828.5

3213.7
2366.5
847.2

3175.9
2345.0
830.9

5
6
7

8
9

- Net capital transfers paid (1)


Gross saving less net capital transfers paid (2)

-0.7
448.6

-1.6
482.1

6.5
475.7

-0.8
423.0

-0.4
466.7

-1.0
421.5

-0.4
353.3

-0.4
466.0

-0.4
440.5

-0.4
443.6

-0.4
516.6

8
9

Gross investment
Nonproduced nonfinancial assets

268.2
-0.0

416.7
-0.0

446.5
-0.1

371.9
0.0

70.9
0.0

41.3
0.0

583.1
0.0

385.5
-0.1

246.9
0.1

-183.2
0.1

-165.4
0.0

10
11

10
11
12

Net lending (+) or net borrowing (-)

268.2

416.7

446.6

371.9

70.9

41.3

583.1

385.5

246.8

-183.4

-165.4

12

13

Net acquisition of financial assets

1087.5

1049.7

832.9

1191.6

965.1

954.8

1014.4

1167.2

1150.7

1055.8

486.6

13

14
15
16
17
18
19
20

Monetary gold (3)


SDR allocations
Net interbank assets
U.S. checkable deposits and currency
U.S. time deposits
Money market fund shares
Security repurchase agreements

0.0
0.0
-61.8
29.5
4.9
-7.1
92.4

0.0
0.0
213.9
81.8
47.3
4.6
92.6

0.0
0.0
-136.0
68.2
37.9
22.6
-6.6

0.0
0.0
312.2
50.9
52.5
15.3
62.1

0.0
0.0
-39.8
79.6
54.1
6.3
88.1

0.0
0.0
-161.6
90.1
81.7
-2.4
11.0

0.0
0.0
-105.0
69.1
101.3
11.2
32.4

0.0
0.0
210.4
119.7
64.7
6.0
285.5

0.0
0.0
105.9
66.4
136.8
1.1
142.9

0.0
0.0
90.3
13.6
-17.5
4.3
-174.0

0.0
0.0
-565.8
118.6
32.4
13.7
98.1

14
15
16
17
18
19
20

21

Credit market instruments

619.2

237.4

443.5

551.1

501.1

454.0

967.8

504.1

397.8

582.2

520.4

21

22
23
24
25

Open market paper


Treasury securities
Treasury bills
Other Treasury securities

-10.7
740.4
-40.2
780.5

0.7
355.3
-62.6
417.9

-0.1
589.7
14.0
575.8

-1.4
431.3
24.4
406.9

3.9
267.1
-13.9
281.0

-86.8
225.0
-161.6
386.6

48.5
810.7
160.3
650.3

20.2
371.7
4.4
367.3

42.4
283.7
-206.0
489.7

11.1
183.1
-78.5
261.5

-58.1
230.0
224.5
5.5

22
23
24
25

26
27
28
29

Agency- and GSE-backed securities


Municipal securities
U.S. corporate bonds (4)
Loans to U.S. corporate business

-66.6
13.1
-36.8
-20.2

-41.6
0.6
-111.5
33.9

-73.6
-0.6
-19.7
-52.2

-84.7
4.3
205.2
-3.5

10.2
2.7
188.5
28.7

89.5
5.7
271.3
-50.8

-136.6
4.6
229.8
10.8

-107.4
3.2
152.3
64.2

4.4
1.5
70.4
-4.6

103.2
5.6
269.8
9.4

40.5
0.5
261.5
46.0

26
27
28
29

30
31
32
33

U.S. corporate equities


Mutual fund shares
Trade receivables
Foreign direct investment in U.S. (5)

127.8
58.2
18.6
205.9

44.0
74.7
17.1
236.1

126.8
89.7
11.6
175.2

-78.2
-22.4
11.9
236.3

121.7
51.0
6.3
96.7

267.4
-17.7
10.9
221.4

-383.0
3.9
14.7
301.8

337.9
30.6
37.9
-429.6

-110.1
122.6
12.5
274.9

254.3
80.0
-19.0
241.6

4.6
-29.1
-6.1
299.8

30
31
32
33

819.3

633.0

386.3

819.7

894.2

913.5

431.3

781.6

904.0

1239.2

652.0

34

34

Net increase in liabilities

35
36
37

U.S. official reserve assets


U.S. private deposits
Security repurchase agreements

1.8
71.6
207.9

15.9
-215.0
96.4

4.5
-144.0
40.4

-3.1
32.7
-83.5

0.2
9.6
34.8

-4.0
-4.2
182.7

-11.1
-236.2
-263.6

-3.8
-118.5
282.3

3.1
-71.7
-197.2

-3.6
217.7
172.1

5.2
10.7
-118.1

35
36
37

38

Credit market instruments

149.0

172.8

188.6

268.8

162.8

201.7

344.0

167.4

444.9

21.5

17.5

38

39
40
41
42

Commercial paper
Bonds
Depository institution loans n.e.c.
Other loans and advances

-2.7
127.4
24.0
0.3

-53.5
181.7
43.2
1.4

27.9
124.7
30.4
5.6

34.0
194.4
39.1
1.4

-22.6
153.7
28.9
2.8

-26.6
183.7
41.0
3.6

28.1
259.7
57.0
-0.8

63.8
48.2
54.9
0.5

33.9
349.8
56.4
4.8

-205.9
258.7
-30.6
-0.7

17.7
-42.1
35.1
6.7

39
40
41
42

43
44
45

Foreign corporate equities (6)


Trade payables
U.S. direct investment abroad (4,5)

79.2
6.0
301.1

7.0
4.0
419.1

103.3
0.7
333.0

275.2
3.4
349.5

434.1
-15.0
268.1

78.7
-0.2
356.9

381.8
5.0
330.4

325.0
-47.1
183.5

365.9
5.3
328.6

509.7
-8.0
355.0

535.8
-10.4
205.4

43
44
45

46
47
48
49

Miscellaneous liabilities
U.S. equity in IBRD, etc.
Nonofficial foreign currencies
Investment by holding companies

2.7
2.3
-10.2
10.6

132.9
2.6
99.7
30.6

-140.0
2.4
-90.9
-51.5

-23.4
2.2
-8.6
-17.0

-0.4
4.0
1.3
-5.6

101.9
0.1
-4.7
106.5

-118.8
0.3
-1.0
-118.2

-7.2
0.0
0.5
-7.7

25.1
6.8
-1.1
19.5

-25.2
1.9
0.5
-27.6

5.8
7.5
5.2
-6.8

46
47
48
49

180.3

65.5

29.1

51.1

395.7

380.2

-229.7

80.5

193.6

626.9

682.0

50

-512.7
206.0
141.2
-447.9

-580.0
246.6
147.2
-480.5

-568.3
227.4
141.3
-482.2

-508.2
224.3
138.3
-422.2

-539.8
214.1
140.6
-466.3

-509.9
230.8
141.4
-420.5

-462.9
242.9
132.9
-352.9

-538.0
211.0
138.6
-465.6

-549.2
213.5
104.3
-440.0

-516.5
229.9
156.6
-443.2

-555.6
202.2
162.8
-516.2

51
52
53
54

50

51
52
53
54

Discrepancy (FOF basis)


Memo:
Net U.S. exports, NIPA basis
+ Net U.S. income receipts (7)
- Current taxes and trans. payments to rest of world
= Balance on current account, NIPAs

(1) Table F.9, line 64.


(2) Line 1 minus line 5 minus line 8; equals net lending (+) or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 54 with the sign reversed minus line 8.
(3) U.S. net sales, sign reversed.
(4) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues.
(5) Direct investment is valued on a current-cost basis. Excludes capital gains and losses.
(6) Includes American Depositary Receipts (ADRs).
(7) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.

51

Z.1, March 12, 2015

F.200 U.S. Official Reserve Assets and SDR Allocations (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2011

2012

2013

2014

2013
Q3

Q1

Q2

Q3

Q4

1.8

15.9

4.5

-3.1

0.2

-4.0

-11.1

-3.8

3.1

-3.6

5.2

Federal government: SDR allocations

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

3
4
5
6

Rest of the world


SDR holdings
Reserve position in IMF
Other reserves

1.8
0.0
1.3
0.5

15.9
-1.8
18.1
-0.5

4.5
0.0
4.0
0.4

-3.1
0.0
-3.4
0.3

0.2
0.0
-0.0
0.2

-4.0
0.0
-4.3
0.3

-11.1
0.0
-11.3
0.2

-3.8
0.0
-4.2
0.3

3.1
0.0
2.8
0.2

-3.6
0.0
-3.8
0.2

5.2
0.0
5.0
0.2

3
4
5
6

1.8

15.9

4.5

-3.1

0.2

-4.0

-11.1

-3.8

3.1

-3.6

5.2

Net change in liabilities

2014
Q4

Net change in assets

8
9
10
11
12

Federal government
Monetary gold (2)
SDR holdings
Reserve position in IMF
Other reserves

1.6
0.0
0.0
1.3
0.3

16.2
0.0
-1.8
18.2
-0.2

4.3
0.0
0.0
4.0
0.2

-3.3
0.0
0.0
-3.4
0.2

0.0
0.0
0.0
-0.1
0.1

-4.2
0.0
0.0
-4.3
0.1

-11.2
0.0
0.0
-11.3
0.1

-4.0
0.0
0.0
-4.2
0.2

3.0
0.0
0.0
2.9
0.1

-4.1
0.0
0.0
-4.2
0.1

5.1
0.0
0.0
5.0
0.1

8
9
10
11
12

13
14
15

Rest of the world


Monetary gold (2)
SDR allocations

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

13
14
15

16
17
18
19

Monetary authority
Monetary gold (2)
Reserve position in IMF
Other reserves

0.3
0.0
0.0
0.3

-0.3
0.0
-0.1
-0.2

0.2
0.0
0.0
0.2

0.2
0.0
0.0
0.2

0.2
0.0
0.1
0.1

0.2
0.0
0.0
0.1

0.1
0.0
-0.0
0.1

0.2
0.0
0.1
0.2

0.1
0.0
-0.0
0.1

0.5
0.0
0.4
0.1

0.1
0.0
0.0
0.1

16
17
18
19

(1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest.
(2) By international accounting standards, transactions in monetary gold are recorded in the financial account of the domestic sectors as increases (decreases) in assets,
and the counterparts are recorded as decreases (increases) in assets of the rest of the world.

F.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency


Billions of dollars; quarterly figures are seasonally adjusted annual rates
SDR certificates:
1
2

Liab: Federal government


Asset: Monetary authority

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

1
2

Treasury currency:
3
4

Liab: Federal government


Asset: Monetary authority

-0.3
0.9

0.0
0.7

0.0
0.6

-0.4
0.7

-0.3
0.8

-1.4
0.7

0.0
0.6

0.0
1.0

0.0
0.9

-1.0
0.8

0.0
0.5

3
4

Discrepancy (seigniorage)

-1.1

-0.7

-0.6

-1.1

-1.1

-2.1

-0.6

-1.0

-0.9

-1.8

-0.5

F.202 U.S. Deposits in Foreign Countries


Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

2
3
4
5

Total rest of the world liability


Held by:
Household sector
Nonfinancial corporate business
Money market mutual funds
Discrepancy--unallocated assets

71.6

-215.0

-144.0

32.7

9.6

-4.2

-236.2

-118.5

-71.7

217.7

10.7

4.5
9.1
8.7

-9.9
-5.8
-62.9

-7.7
0.6
0.4

2.8
51.2
-9.6

0.9
1.7
-9.6

1.9
7.0
-3.2

-16.9
69.6
-10.3

-3.9
-47.2
-57.3

-4.7
46.4
29.0

12.6
9.1
-13.7

-0.3
-1.6
3.6

2
3
4

49.2

-136.3

-137.3

-11.7

16.5

-10.0

-278.6

-10.1

-142.5

209.7

9.0

Flows

2010

52

Z.1, March 12, 2015

F.203 Net Interbank Transactions


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

Flows

2
3
4
5
6
7
8
9
10
11
12
13

Net change in liabilities


Monetary authority
U.S.-chartered depository institutions
Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions
Net change in assets
Monetary authority
U.S.-chartered depository institutions
Foreign banking offices in U.S.
Credit unions
Rest of the world
Discrepancy

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

-142.8

820.5

-194.5

1129.2

44.0

516.4

150.7

1176.0

98.3

290.5

-1388.8

-11.1
-201.3
30.7
0.9
38.1

602.3
-263.4
504.6
-1.2
-21.9

-64.1
-114.2
-1.9
-0.4
-13.8

760.6
191.0
175.1
0.2
2.2

131.0
40.8
-127.3
-0.6
0.2

896.5
-4.4
-347.7
1.1
-29.0

72.0
158.4
-83.7
1.2
2.9

774.7
203.3
165.4
-3.2
35.9

47.2
40.4
36.6
-1.4
-24.6

340.4
135.3
-185.2
2.6
-2.6

-638.4
-215.9
-526.0
-0.5
-7.9

2
3
4
5
6

-168.7

817.0

-200.1

1072.3

91.6

735.7

-35.0

986.6

153.7

429.8

-1203.6

-95.7
-87.8
66.7
10.0
-61.8

0.8
231.0
360.2
11.1
213.9

0.0
6.9
-72.2
1.2
-136.0

-0.5
456.9
309.3
-5.7
312.2

0.5
192.7
-59.3
-2.5
-39.8

0.8
905.0
15.7
-24.2
-161.6

-2.0
127.0
-61.9
6.8
-105.0

1.5
227.3
491.9
55.5
210.4

0.6
114.9
-9.6
-58.1
105.9

-0.9
297.7
76.6
-33.9
90.3

0.7
130.9
-795.9
26.6
-565.8

8
9
10
11
12

25.8

3.5

5.7

56.8

-47.6

-219.3

185.7

189.5

-55.5

-139.3

-185.3

13

Memo:

14
15
16

Vault cash:
Liab.: Monetary authority
Asset: U.S.-chartered depository institutions
Foreign banking offices in U.S.

-2.2
-2.2
0.0

8.1
8.1
0.0

7.1
7.1
0.0

2.6
2.5
0.0

2.0
2.0
0.0

20.0
20.0
0.0

5.3
5.3
0.0

-6.3
-6.3
-0.0

1.1
1.0
0.1

12.3
12.4
-0.1

1.0
0.9
0.1

14
15
16

17
18
19
20

Depository institution reserves:


Liab.: Monetary authority
Asset: U.S.-chartered depository institutions
Foreign banking offices in U.S.
Credit unions

-8.9
-85.6
66.7
10.0

594.2
222.9
360.2
11.1

-71.2
-0.2
-72.2
1.2

758.0
454.4
309.3
-5.7

128.9
190.7
-59.3
-2.5

876.6
885.1
15.7
-24.2

66.7
121.7
-61.9
6.8

781.0
233.6
491.9
55.5

46.1
114.0
-9.7
-58.1

328.0
285.2
76.7
-33.9

-639.4
130.0
-796.0
26.6

17
18
19
20

21
22
23
24

Other transactions with the monetary authority


Liab: U.S.-chartered depository institutions
Asset: Monetary authority
Federal Reserve float
Loans

-95.7
-95.7
0.7
-96.4

0.8
0.8
0.8
-0.0

0.0
0.0
0.1
-0.1

-0.5
-0.5
-0.5
0.0

0.5
0.5
0.4
0.1

0.8
0.8
0.6
0.2

-2.0
-2.0
-1.6
-0.4

1.5
1.5
1.7
-0.2

0.6
0.6
0.1
0.5

-0.9
-0.9
-1.6
0.7

0.7
0.7
1.4
-0.7

21
22
23
24

25
26
27

Transactions with banks in foreign countries (net):


Liab.: U.S.-chartered depository institutions (net)
Due to foreign affiliates
- Due from foreign affiliates

-78.4
21.5
99.9

-309.3
-222.2
87.1

-87.8
-199.0
-111.1

153.5
103.7
-49.8

88.6
2.3
-86.3

134.4
47.6
-86.8

58.1
296.9
238.8

57.1
-27.0
-84.0

48.8
-77.7
-126.6

296.9
274.2
-22.7

-48.4
-160.4
-112.0

25
26
27

28
29
30

Foreign banking offices in U.S. (net)


Due to foreign affiliates
- Due from foreign affiliates

37.0
53.8
16.8

512.1
296.7
-215.4

-51.6
-90.0
-38.3

158.0
143.4
-14.6

-124.5
-123.8
0.7

-317.6
-417.7
-100.1

-145.3
150.6
295.9

145.2
80.5
-64.7

69.0
117.3
48.3

-198.3
-89.3
109.0

-514.1
-603.8
-89.7

28
29
30

31
32
33

Less: Deposits at foreign banks


U.S.-chartered depository institutions
Foreign banking offices in U.S.

13.6
6.9
6.6

-12.4
-4.0
-8.4

-2.6
-3.3
0.7

-0.3
0.4
-0.8

1.1
0.7
0.4

-7.6
-3.3
-4.3

6.8
0.7
6.1

2.0
4.2
-2.1

3.1
1.7
1.4

-0.0
-0.1
0.1

-0.7
-3.0
2.3

31
32
33

34
35
36

Plus: Loans from foreign banks


U.S.-chartered depository institutions
Foreign banking offices in U.S.

-6.8
-3.4
-3.4

-1.3
0.4
-1.7

0.8
-0.2
1.1

0.5
-0.1
0.5

-2.8
-2.3
-0.5

13.9
1.0
12.9

-10.9
-4.7
-6.2

10.1
1.6
8.5

-8.8
-5.2
-3.6

-8.3
-3.4
-5.0

-4.0
-2.2
-1.9

34
35
36

-61.8

213.9

-136.0

312.2

-39.8

-161.6

-105.0

210.4

105.9

90.3

-565.8

37

-16.8
-14.0
-0.8
-0.9
-38.1

40.8
21.7
-4.9
1.2
21.9

-29.5
23.0
3.1
0.4
13.8

38.5
52.1
-2.3
-0.2
-2.2

-45.3
-48.6
-1.4
0.6
-0.2

-144.0
-117.2
74.2
-1.1
29.0

107.8
97.9
-83.8
-1.2
-2.9

147.3
176.4
19.7
3.2
-35.9

-2.1
-8.5
20.9
1.4
24.6

-157.5
-179.5
-40.1
-2.6
2.6

-169.0
-182.9
-6.1
0.5
7.9

38
39
40
41
42

2.9

-19.1

52.5

13.6

-3.3

26.8

-9.9

29.2

-6.4

-21.9

-13.9

43

25.8

3.5

5.7

56.8

-47.6

-219.3

185.7

189.5

-55.5

-139.3

-185.3

44

37

38
39
40
41
42
43
44

Asset: Rest of the world (1)


Transactions between U.S. depository institutions (net) (2):
U.S.-chartered depository institutions (net)
Due to (3):
Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions
- Due from: Foreign banking offices in U.S.
Unallocated (2)

(1) Sum of lines 25 and 28 less line 31 plus line 34.


(2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 12 above. However, the unallocated amount (line 44), which is due to inconsistencies
in source data, appears on line 13 as the discrepancy between liabilities and assets.
(3) Sum of lines 40, 41, 42, and 44.

53

Z.1, March 12, 2015

F.204 Checkable Deposits and Currency


Billions of dollars; quarterly figures are seasonally adjusted annual rates

1
2
3
4
5
6

Net change in liabilities


Monetary authority
Federal government cash and deposits
Due to government-sponsored enterprises
Deposits due to foreign
Currency outside banks

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

266.3

234.5

267.7

332.6

351.6

126.2

743.1

183.4

578.9

229.8

414.2

185.0
149.0
-21.6
0.9
56.7

-122.1
-255.0
51.1
-3.2
85.0

62.1
7.0
-37.4
6.3
86.2

139.5
69.8
-1.3
1.5
69.5

152.2
61.0
-5.8
-2.7
99.7

-102.2
-185.9
18.3
-4.3
69.7

362.2
290.8
7.3
-3.9
68.0

-16.3
-78.7
-60.3
-4.0
126.6

58.8
-7.4
1.4
-4.1
69.0

194.4
75.8
62.9
-2.8
58.5

372.1
254.4
-27.0
0.0
144.7

2
3
4
5
6

69.6
-0.1
-3.8
73.5

319.4
-2.7
25.6
296.5

176.2
0.3
-4.2
180.1

148.2
0.3
-0.7
148.6

136.4
0.9
2.1
133.4

197.7
0.6
36.2
160.9

327.1
1.0
6.3
319.9

126.3
-0.5
6.6
120.2

474.1
1.0
13.2
459.9

43.3
1.9
-15.8
57.2

-97.9
1.2
4.6
-103.7

7
8
9
10

7
8
9
10

U.S.-chartered depository institutions


Federal government deposits
Deposits due to foreign
Private domestic deposits

11
12
13

Foreign banking offices in U.S.


Deposits due to foreign
Private domestic deposits

5.7
4.1
1.7

23.7
4.4
19.3

16.2
8.9
7.3

30.8
12.3
18.5

45.1
13.9
31.2

34.5
7.6
26.9

42.2
24.3
17.9

36.3
16.4
20.0

50.0
31.1
18.9

-0.0
8.0
-8.1

94.1
0.0
94.0

11
12
13

14

Banks in U.S.-affiliated areas

0.5

2.8

2.5

6.3

5.2

5.7

2.0

-3.5

5.2

-3.3

22.5

14

15

Credit unions

5.5

10.7

10.7

7.9

12.6

-9.4

9.7

40.7

-9.3

-4.5

23.6

15

126.2

743.1

183.4

578.9

229.8

414.2

16

16

Net change in assets

266.3

234.5

267.7

332.6

351.6

17

Household sector

38.9

328.5

182.7

145.9

119.3

-40.8

293.0

329.1

276.7

-36.5

-92.0

17

18
19
20

Nonfinancial business
Corporate
Noncorporate

76.8
79.6
-2.7

27.3
29.7
-2.4

8.0
-6.8
14.9

63.2
66.6
-3.4

68.0
44.5
23.5

172.2
173.9
-1.7

157.7
158.0
-0.3

-136.2
-151.4
15.2

211.4
184.7
26.7

76.5
55.6
20.9

120.5
89.3
31.2

18
19
20

21
22

Federal government
State and local governments

148.9
5.7

-257.6
16.6

6.7
-9.4

69.6
6.7

60.8
17.1

-188.9
24.1

345.3
1.9

-36.0
9.9

-104.1
2.6

73.3
17.3

309.8
38.8

21
22

23

Domestic financial sectors

-32.3

37.2

10.1

-2.9

5.9

64.9

-67.5

-63.8

28.2

87.0

-27.8

23

24
25

Property-casualty insurance companies


Life insurance companies

5.0
1.0

-8.5
2.0

12.3
2.7

-6.7
-9.2

5.5
5.5

-0.1
31.9

-3.4
-25.3

14.9
11.7

5.5
-8.2

3.5
12.8

-1.9
5.5

24
25

26
27

Private pension funds


State and local govt. retirement funds

2.1
0.5

5.6
0.4

-1.7
0.3

0.1
0.7

1.2
-0.8

-1.2
0.1

-0.9
-0.5

1.0
-1.7

3.4
1.4

0.1
0.2

0.1
-3.0

26
27

28
29

Money market mutual funds


Government-sponsored enterprises

-3.7
-36.0

5.8
9.3

-3.6
-20.1

-3.2
29.0

-17.6
9.6

-74.8
102.5

-2.1
17.0

54.3
-144.7

-14.4
15.6

-93.6
159.9

-16.7
7.8

28
29

30
31
32

Finance companies
REITs
Brokers and dealers

-1.7
-5.7
6.2

5.1
2.5
14.9

-3.8
7.7
16.3

4.2
-1.3
-16.5

0.0
2.4
0.0

16.7
9.7
-19.8

-8.5
-23.5
-20.3

3.2
-4.6
2.0

-2.2
18.5
8.5

-4.8
-0.5
9.5

3.9
-3.8
-19.8

30
31
32

33
34
35

Rest of the world


Checkable deposits
Currency

29.5
1.2
28.3

81.8
26.8
55.0

68.2
11.0
57.1

50.9
13.2
37.7

79.6
13.3
66.3

90.1
39.5
50.7

69.1
26.7
42.4

119.7
19.0
100.7

66.4
40.2
26.1

13.6
-10.6
24.3

118.6
4.6
114.0

33
34
35

36

Mail float

-1.1

0.8

1.5

-0.7

0.9

4.6

-56.3

-39.3

97.7

-1.3

-53.6

36

Flows

2010

54

Z.1, March 12, 2015

F.205 Time and Savings Deposits


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

2011

2012

2013

2014

2013
Q3

1
2

Flows

3
4
5
6
7
8
9
10
11

Net change in liabilities


Small time and savings deposits
U.S.-chartered depository institutions
Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions
Large time deposits (1)
U.S.-chartered depository institutions
Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions

2014
Q4

Q1

Q2

Q3

Q4

115.6

404.1

520.4

409.1

515.7

800.0

293.2

748.7

425.3

171.3

717.7

298.3

577.4

539.6

307.0

367.6

557.4

173.2

517.3

355.7

449.6

147.9

271.7
5.8
-5.2
26.1

537.1
13.2
-0.4
27.4

491.5
13.8
-0.1
34.4

256.7
27.7
2.5
20.1

343.8
-5.8
2.0
27.5

470.9
61.4
4.2
20.8

138.7
17.8
-1.2
17.9

543.0
-23.4
-2.7
0.5

303.3
11.1
2.8
38.4

415.5
9.4
-1.9
26.5

113.4
-20.1
9.9
44.7

3
4
5
6

-182.7

-173.3

-19.2

102.1

148.1

242.6

120.0

231.4

69.6

-278.3

569.7

-133.8
-46.5
-5.2
2.8

-13.2
-163.1
-0.4
3.4

-9.1
-16.2
-0.1
6.2

23.9
71.1
2.5
4.7

102.3
39.7
2.0
4.1

4.6
225.5
4.2
8.2

129.1
-11.8
-1.2
3.8

-7.9
233.4
-2.7
8.5

44.8
26.3
2.8
-4.3

-373.3
91.3
-1.9
5.6

745.7
-192.3
9.9
6.4

8
9
10
11

12

Net change in assets

115.6

404.1

520.4

409.1

515.7

800.0

293.2

748.7

425.3

171.3

717.7

12

13

Household sector

162.8

371.4

417.1

205.0

409.1

287.9

233.1

507.0

238.1

196.0

695.2

13

14
15
16

Nonfinancial business
Corporate
Noncorporate

62.8
59.9
2.9

17.1
13.2
3.9

38.2
33.3
5.0

57.5
49.7
7.8

26.9
12.5
14.4

159.2
150.1
9.1

-9.8
-19.8
10.0

75.7
67.3
8.5

12.4
-4.3
16.7

-109.9
-122.4
12.5

129.5
109.6
19.9

14
15
16

17
18

Federal government
State and local governments

0.1
-5.9

-0.3
15.6

0.2
19.6

-0.5
12.4

0.2
20.7

0.2
29.1

-1.3
11.6

-0.1
47.9

-0.0
-11.2

0.4
25.4

0.6
20.7

17
18

19

Domestic financial sectors

-109.1

-47.1

7.4

82.3

4.7

241.8

-41.8

53.4

49.3

76.9

-160.7

19

-0.6
5.4
-107.7

1.6
2.5
-56.3

-3.9
-0.6
32.8

-0.3
8.0
59.4

1.0
-8.6
20.7

-1.3
5.0
177.6

0.4
19.2
-40.5

1.8
-15.4
40.5

3.0
-13.9
99.3

-1.2
0.9
55.4

0.2
-6.1
-112.6

20
21
22

0.3
-5.2
-1.3

-12.7
15.4
2.4

-9.1
-11.5
-0.3

1.1
12.7
1.5

0.5
0.1
-8.9

10.8
50.1
-0.4

-8.5
-25.4
13.1

10.3
9.7
6.5

-8.1
-6.6
-24.5

-1.9
-14.5
38.3

1.7
11.8
-55.8

23
24
25

4.9

47.3

37.9

52.5

54.1

81.7

101.3

64.7

136.8

-17.5

32.4

26

20
21
22

Private pension funds


State and local govt. retirement funds
Money market mutual funds

23
24
25

Government-sponsored enterprises
Finance companies
Holding companies

26

Rest of the world

(1) Large time deposits are those issued in amounts of $100,000 or more.

F.206 Money Market Mutual Fund Shares


Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net issues

-503.2

-112.8

7.1

28.9

9.6

263.6

-96.4

-86.3

-143.8

39.7

228.7

Net purchases

-503.2

-112.8

7.1

28.9

9.6

263.6

-96.4

-86.3

-143.8

39.7

228.7

-183.6
-157.7
3.1

-13.4
-35.4
0.8

-5.7
18.2
1.1

25.5
40.6
1.7

-15.8
34.3
3.1

50.4
107.8
2.0

-96.5
84.5
2.2

112.0
-96.3
1.8

17.8
-14.6
3.6

-59.4
77.7
2.7

-133.7
170.4
4.3

3
4
5

14.7

1.9

5.7

4.6

2.5

-2.2

1.9

11.9

-3.6

-5.4

7.0

3
4
5

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

State and local governments

7
8

Property-casualty insurance companies


Life insurance companies

-4.0
-12.7

-5.6
7.9

2.2
-1.4

-2.3
-5.9

1.7
-0.7

0.3
10.0

7.5
0.1

-7.3
-5.4

7.5
-5.6

4.3
1.5

2.5
6.7

7
8

9
10

Private pension funds


State and local govt. retirement funds

-10.2
2.3

16.5
-1.0

-17.1
-3.5

2.2
8.8

-0.7
-8.8

-5.9
4.0

1.2
23.3

-6.1
-17.3

11.4
-13.2

-8.3
-1.9

0.3
-2.7

9
10

11

Funding corporations

-148.0

-89.2

-15.0

-61.6

-12.3

99.6

-131.9

-85.6

-148.3

24.2

160.3

11

12

Rest of the world

-7.1

4.6

22.6

15.3

6.3

-2.4

11.2

6.0

1.1

4.3

13.7

12

55

Z.1, March 12, 2015

F.207 Federal Funds and Security Repurchase Agreements (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2011

2012

2013

2014

2013
Q3

Net change in liabilities

2014
Q4

Q1

Q2

Q3

Q4

421.3

276.3

251.3

-473.0

41.2

-13.4

-535.4

316.3

160.0

-338.9

27.5

Monetary authority

-18.0

40.2

7.3

208.7

193.9

249.0

634.1

100.4

461.9

-185.5

398.8

3
4
5

U.S.-chartered depository institutions


Federal funds (2)
Security repurchase agreements

-48.1
ND
ND

-81.5
ND
ND

-52.6
ND
ND

-80.5
-11.0
-69.5

-33.2
-19.7
-13.5

-94.7
-16.6
-78.2

-143.5
-23.9
-119.6

55.5
25.4
30.1

-45.3
-0.1
-45.2

-88.0
-38.5
-49.5

-55.0
-65.4
10.4

3
4
5

6
7
8

Foreign banking offices in U.S.


Federal funds (2)
Security repurchase agreements

54.8
-75.7
130.6

54.4
-9.9
64.3

20.6
-2.6
23.3

-12.3
-2.6
-9.7

58.6
8.3
50.2

98.5
-17.5
116.0

-57.1
3.5
-60.6

153.2
30.2
123.0

44.9
-8.6
53.5

44.9
37.9
7.0

-8.8
-26.2
17.5

6
7
8

Credit unions

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.8
-2.2

-1.1
0.1

0.4
3.1

1.4
-0.8

1.0
1.0

1.5
-1.8

1.8
-2.5

1.0
0.8

1.3
-0.5

0.8
1.9

0.8
1.9

10
11

-0.9
97.7
70.5
0.4

-0.4
102.4
131.2
-1.2

0.0
-66.6
-439.3
-0.0

0.1
6.0
-220.9
-0.0

-0.1
-84.1
-364.5
0.0

0.0
-139.3
-565.3
0.0

0.1
-53.2
-223.8
-0.0

-0.1
36.8
-141.9
0.0

0.0
-1.8
-283.3
0.0

0.2
42.0
-234.4
0.0

12
13
14
15

10
11

Property-casualty insurance companies


Life insurance companies

12
13
14
15

Government-sponsored enterprises
REITs
Brokers and dealers
Holding companies

0.1
29.9
195.9
0.2

Rest of the world

207.9

96.4

40.4

-83.5

34.8

182.7

-263.6

282.3

-197.2

172.1

-118.1

16

366.7

206.1

258.1

-309.2

87.9

-127.7

-362.1

350.0

465.7

-527.5

63.4

17

4.3
-0.7

0.4
-4.9

-2.9
5.0

-1.0
4.1

4.2
2.4

15.4
-1.3

-15.1
2.0

10.1
10.0

8.6
-2.4

-0.2
-3.8

-1.8
6.0

18
19

16
17

Net change in assets

18
19

Nonfinancial corporate business


State and local governments

20

Monetary authority

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

20

21
22
23

U.S.-chartered depository institutions


Federal funds (2)
Security repurchase agreements

0.7
ND
ND

-25.0
ND
ND

60.1
ND
ND

-87.2
-11.1
-76.2

-30.4
-16.4
-14.0

-80.8
-20.4
-60.4

-6.9
-5.4
-1.5

-54.6
9.5
-64.1

2.8
5.7
-2.9

-25.8
-21.2
-4.6

-43.9
-59.6
15.7

21
22
23

24
25
26

Foreign banking offices in U.S.


Federal funds (2)
Security repurchase agreements

20.3
-1.8
22.1

31.7
1.5
30.2

58.2
-0.8
58.9

-1.2
-1.7
0.5

40.6
-0.5
41.1

72.8
4.2
68.6

-88.7
-6.4
-82.4

92.7
1.9
90.8

111.7
0.9
110.8

-37.8
-1.2
-36.6

-4.5
-3.7
-0.7

24
25
26

27
28
29

Credit unions
Federal funds
Security repurchase agreements

-0.1
ND
ND

15.9
15.9
0.0

-6.2
-6.3
0.1

-9.6
-9.6
-0.0

-0.0
0.0
-0.1

0.8
-0.4
-0.0

-10.3
0.0
0.0

6.7
0.6
0.0

4.1
-0.6
0.0

0.9
0.0
-0.1

-11.8
0.0
-0.1

27
28
29

30
31
32
33

Property-casualty insurance companies


Life insurance companies
Private pension funds
State and local govt. retirement funds

-0.7
0.7
-0.2
0.3

-2.1
-0.8
0.0
0.1

0.0
-1.6
-0.3
-0.1

0.0
-0.0
-0.1
0.7

0.2
-1.3
0.1
-0.7

0.2
5.4
-0.1
0.3

0.8
2.0
0.0
1.7

-0.7
-6.2
0.2
-1.3

0.6
-1.9
0.3
-1.2

0.4
0.5
-0.1
0.1

0.3
2.3
0.1
-0.5

30
31
32
33

34
35

Money market mutual funds


Mutual funds

-0.6
-15.8

11.1
-28.8

54.2
54.1

-51.3
92.9

151.2
22.7

66.1
103.1

17.6
6.9

194.4
104.7

167.8
168.5

-34.3
-115.0

276.9
-67.5

34
35

36
37

Government-sponsored enterprises
Of which: FHLB federal funds (3)

20.7
21.3

-38.9
-34.7

38.6
2.9

1.5
-14.5

-15.7
12.3

-71.4
-75.0

75.5
-13.5

-100.1
64.1

28.2
-39.9

-93.5
17.2

102.8
8.0

36
37

38
39
40

Brokers and dealers


Holding companies
Funding corporations

243.4
2.1
0.0

154.6
0.2
0.0

55.1
-49.3
0.0

-317.2
-2.8
-0.1

-168.2
-5.1
0.0

-260.2
11.0
0.0

-371.7
-8.3
0.0

-190.8
-0.4
0.0

-172.0
7.7
0.0

-39.4
-5.4
0.0

-270.7
-22.4
0.0

38
39
40

41

Rest of the world

92.4

92.6

-6.6

62.1

88.1

11.0

32.4

285.5

142.9

-174.0

98.1

41

54.6

70.2

-6.8

-163.8

-46.7

114.3

-173.3

-33.8

-305.6

188.6

-35.8

42

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

197.8
163.3
34.5

199.0
207.9
-9.0

232.6
219.5
13.2

558.4
433.7
124.7

177.3
234.8
-57.5

389.6
334.2
55.5

-157.9
-44.7
-113.3

386.8
307.4
79.4

43
44
45

42

Discrepancy
Memo:
Federal Reserves reverse repurchase agreement operations: (4)

43
44
45

Liability: Monetary authority (5)


Asset:
Money market mutual funds (6)
Other financial institutions (7)

(1) Detailed data on federal funds and security repurchase agreements are only available beginning 2012:Q1 for U.S.-chartered despository institutions, 2003:Q1 for foreign banking offices in U.S.,
2010:Q4 for credit unions, and 2000:Q1 for FHLB.
(2) Excludes term federal funds.
(3) Includes term federal funds.
(4) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserves Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4).
(5) Included in line 2.
(6) Included in line 32.
(7) Includes banks (consolidated), government-sponsored enterprises, and primary dealers.

Flows

2010

56

Z.1, March 12, 2015

F.208 Open Market Paper


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

2011

2012

2013

2014

2013
Q3

Flows

Total net issues, all types


Commercial paper

2014
Q4

Q1

Q2

Q3

Q4

-80.4

-88.3

-16.9

-0.8

-21.2

-29.0

-36.4

55.6

122.7

-135.3

-128.0

-79.9

-88.2

-16.8

-0.8

-21.2

-28.9

-36.4

55.6

122.7

-135.3

-128.0

Nonfinancial corporate business

24.5

33.4

14.0

14.2

37.9

92.0

-35.2

75.0

57.8

22.2

-3.2

4
5
6

Foreign issues in U.S.


Nonfinancial
Financial

-2.7
-3.8
1.1

-53.5
-0.5
-53.0

27.9
10.3
17.6

34.0
11.2
22.8

-22.6
-6.5
-16.1

-26.6
44.7
-71.3

28.1
0.1
27.9

63.8
28.1
35.7

33.9
-1.3
35.2

-205.9
-17.8
-188.1

17.7
-35.1
52.8

4
5
6

-101.7
-19.7
-40.3
1.7
0.0
3.9
-47.4

-68.1
7.7
-24.1
10.0
0.0
11.1
-72.7

-58.7
-33.1
-9.0
8.2
0.0
6.2
-30.9

-48.9
-27.8
-7.1
-10.3
0.0
-19.9
16.2

-36.6
-5.2
-15.1
-1.5
0.0
-19.6
4.8

-94.4
-27.2
-3.4
20.3
0.0
-4.8
-79.3

-29.2
9.3
-24.4
-45.0
0.0
-51.3
82.3

-83.2
-5.2
-32.0
-16.2
0.0
-27.5
-2.4

30.9
-9.6
24.1
3.4
0.0
6.5
6.5

48.5
-5.0
-15.5
20.0
0.0
-37.7
86.8

-142.5
-0.9
-37.1
-13.3
0.0
-19.7
-71.6

7
8
9
10
11
12
13

-0.5

-0.1

-0.1

-0.0

0.0

-0.0

0.0

0.0

0.0

0.0

0.0

14

-0.5
0.0

-0.1
0.0

-0.1
0.0

-0.0
0.0

0.0
0.0

-0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

15
16

7
8
9
10
11
12
13
14
15
16
17

Domestic financial sectors


U.S.-chartered depository institutions
ABS issuers
Finance companies
REITs
Holding companies
Funding corporations
Bankers acceptances (1)
U.S.-chartered depository institutions
Foreign banking offices in U.S.

-80.4

-88.3

-16.9

-0.8

-21.2

-29.0

-36.4

55.6

122.7

-135.3

-128.0

17

18
19

Net purchases, by sector


Household sector
Nonfinancial corporate business

-1.5
12.0

-1.8
-0.1

-0.6
-8.4

-3.8
-21.8

-0.1
-4.3

-0.8
-31.2

-10.4
-29.6

3.5
-5.1

0.9
-19.5

-0.6
2.8

-4.2
4.5

18
19

20

State and local governments

13.5

-12.2

-7.0

-8.0

-9.1

-11.5

-9.4

-4.7

-11.9

-12.5

-7.3

20

21
22
23
24

Monetary authority
U.S.-chartered depository institutions (1)
Foreign banking offices in U.S. (1)
Credit unions

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

21
22
23
24

25
26

Property-casualty insurance companies


Life insurance companies

-1.9
-8.9

0.9
-11.2

-1.4
13.9

0.7
3.2

0.8
0.7

1.4
5.3

4.4
21.5

-3.1
7.1

3.0
-12.8

1.7
-13.4

1.5
21.8

25
26

27
28

Private pension funds


State and local govt. retirement funds

-2.0
4.5

2.4
2.1

-4.9
-1.3

-3.3
8.8

1.8
-9.2

-7.7
7.0

-7.0
18.8

4.1
-14.0

2.7
-15.8

-0.2
2.3

0.5
-9.3

27
28

29
30

Money market mutual funds


Mutual funds

-116.3
-13.9

-40.0
-26.3

-13.3
27.6

11.2
27.7

-18.5
7.5

-5.7
67.3

-93.7
67.5

5.1
-106.3

21.5
68.7

-46.0
17.3

-54.5
50.4

29
30

31
32
33

Government-sponsored enterprises
Brokers and dealers
Funding corporations

0.2
-5.3
50.1

-3.4
5.9
-5.2

-3.1
-12.2
-6.0

1.0
-1.3
-13.8

1.8
-7.8
11.2

3.0
6.2
24.3

-2.5
-9.2
-35.4

1.3
22.8
124.5

3.6
-7.8
47.7

1.2
-46.1
-53.0

1.2
-0.1
-74.2

31
32
33

34

Rest of the world

-10.7

0.7

-0.1

-1.4

3.9

-86.8

48.5

20.2

42.4

11.1

-58.1

34

(1) Excludes banks holdings of own acceptances.

57

Z.1, March 12, 2015

F.209 Treasury Securities


Billions of dollars; quarterly figures are seasonally adjusted annual rates

1
2
3
4
5

Net issues
U.S. savings securities (1)
Treasury bills
Other Treasury securities
Net purchases

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

1579.6

1066.8

1140.6

759.5

667.2

307.4

1261.2

743.0

314.3

913.8

697.9

-3.3
-19.0
1601.8

-2.7
-249.5
1319.0

-2.8
107.0
1036.3

-3.3
-35.9
798.7

-3.3
-133.9
804.4

-3.4
-160.7
471.4

-3.4
250.6
1014.0

-3.3
238.7
507.6

-3.0
-1055.3
1372.7

-3.5
92.9
824.3

-3.2
188.3
512.9

2
3
4

1579.6

1066.8

1140.6

759.5

667.2

307.4

1261.2

743.0

314.3

913.8

697.9

6
7
8

Household sector
U.S. savings securities (1)
Bills and other Treasury securities

318.9
-3.3
322.2

-224.9
-2.7
-222.2

217.4
-2.8
220.1

-191.3
-3.3
-188.0

-140.5
-3.3
-137.3

-100.9
-3.4
-97.5

-304.1
-3.4
-300.8

-321.6
-3.3
-318.4

-440.2
-3.0
-437.1

70.6
-3.5
74.1

129.0
-3.2
132.2

6
7
8

9
10
11

Nonfinancial corporate business


Nonfinancial noncorporate business
State and local governments

5.1
1.9
9.2

-5.1
0.5
-36.6

-3.5
0.7
40.1

0.5
1.0
-15.0

0.2
1.9
17.0

1.3
1.2
-90.4

7.0
1.4
-15.5

-7.2
1.1
1.0

-1.0
2.3
13.4

-3.2
1.7
-1.7

12.3
2.7
55.4

9
10
11

12
13
14

Monetary authority
Treasury bills
Other Treasury securities

244.9
0.0
244.9

642.0
0.0
642.0

2.7
-18.4
21.1

542.6
0.0
542.6

252.6
0.0
252.6

522.5
0.0
522.5

524.3
0.0
524.3

498.9
0.0
498.9

310.2
0.0
310.2

184.4
0.0
184.4

16.9
0.0
16.9

12
13
14

15
16
17
18

U.S.-chartered depository institutions


Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions

93.0
3.5
0.6
5.9

-43.7
-0.5
-0.0
-2.5

69.3
16.1
-0.6
1.7

-26.1
-9.6
0.7
-0.2

203.3
-10.5
0.2
7.1

-66.6
9.4
0.8
-2.2

134.4
-8.9
2.2
-1.8

174.0
-2.9
0.6
5.2

175.1
-3.0
-1.9
3.6

216.7
-20.7
1.7
19.7

247.3
-15.5
0.3
-0.3

15
16
17
18

19
20
21

Property-casualty insurance companies


Treasury bills
Other Treasury securities

3.2
-0.3
3.5

4.6
1.9
2.7

-6.7
-3.3
-3.4

6.0
9.4
-3.4

8.1
3.0
5.1

7.3
10.7
-3.4

17.3
21.0
-3.7

-0.8
-9.2
8.4

8.8
8.7
0.1

14.8
5.0
9.8

9.5
7.3
2.2

19
20
21

22
23
24

Life insurance companies


Treasury bills
Other Treasury securities

23.2
-3.6
26.8

18.8
3.8
15.0

5.5
-4.5
10.0

-12.2
-2.8
-9.4

10.0
-0.2
10.2

-8.9
2.5
-11.4

-9.1
-0.7
-8.4

13.9
-1.7
15.6

12.4
-1.7
14.1

8.9
0.5
8.4

4.9
2.1
2.8

22
23
24

25
26
27

Private pension funds


Federal government retirement funds
State and local govt. retirement funds

31.2
10.1
10.7

27.0
23.4
11.6

44.4
12.1
19.1

36.4
12.4
13.1

19.6
18.0
53.6

22.1
-379.4
7.7

23.4
479.1
-0.2

14.8
12.1
20.8

18.6
8.3
108.0

25.5
21.1
30.0

19.3
30.7
55.4

25
26
27

28
29
30

Money market mutual funds


Treasury bills
Other Treasury securities

-71.0
-84.0
13.0

107.9
29.1
78.8

14.5
19.1
-4.7

30.2
6.6
23.6

-75.3
-48.5
-26.8

114.3
151.8
-37.5

-45.2
-2.2
-42.9

-150.4
-125.3
-25.1

-235.4
-170.4
-65.0

128.8
128.6
0.2

-44.2
-26.9
-17.3

28
29
30

31
32
33

Mutual funds
Treasury bills
Other Treasury securities

121.3
-1.4
122.7

75.0
0.4
74.6

121.2
12.2
109.1

56.5
-8.4
64.9

95.5
2.4
93.1

-17.3
0.5
-17.8

20.4
-39.9
60.3

140.5
23.4
117.2

79.0
-13.8
92.7

80.8
0.1
80.7

81.8
0.1
81.7

31
32
33

34
35

Closed-end funds
Exchange-traded funds

0.7
9.2

-0.3
11.4

0.3
1.2

0.6
-6.5

-0.2
13.0

-0.2
-0.7

-0.0
-27.0

0.3
8.7

0.3
15.0

-0.5
5.3

-1.0
23.0

34
35

36
37

Government-sponsored enterprises
ABS issuers

45.9
-13.8

17.6
-10.9

-31.2
-5.8

-9.9
1.0

6.3
-0.9

28.5
6.8

-94.1
5.7

24.4
2.5

-2.8
-3.2

2.1
1.4

1.4
-4.3

36
37

38
39

Brokers and dealers


Holding companies

-28.5
13.8

89.1
7.1

63.0
-30.6

-110.5
8.5

-75.9
-2.8

33.4
-6.5

-256.8
-1.9

-64.1
-0.4

-57.8
20.9

-65.3
8.7

-116.3
-40.5

38
39

40
41
42

Rest of the world


Treasury bills
Other Treasury securities

740.4
-40.2
780.5

355.3
-62.6
417.9

589.7
14.0
575.8

431.3
24.4
406.9

267.1
-13.9
281.0

225.0
-161.6
386.6

810.7
160.3
650.3

371.7
4.4
367.3

283.7
-206.0
489.7

183.1
-78.5
261.5

230.0
224.5
5.5

40
41
42

1580.2

1067.9

1140.2

759.1

667.1

307.9

1258.8

741.0

314.4

913.1

700.0

43

Memo:
43

Federal government borrowing (2)

(1) Includes U.S. savings bonds, U.S. individual retirement bonds, U.S. retirement plan bonds, U.S. savings stamps, and matured U.S. savings securities.
(2) Total issues of Treasury securities (line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 11).

Flows

2010

58

Z.1, March 12, 2015

F.210 Agency- and GSE-Backed Securities (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

1
2
3
4

Flows

Net issues
Budget agencies
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
Net purchases

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

-46.2

-20.8

-22.8

239.5

140.2

195.2

351.8

-280.0

184.8

225.2

431.0

0.7
-233.8
186.9

1.1
-187.2
165.3

-0.4
-154.6
132.2

-0.4
107.5
132.4

-0.1
64.9
75.4

0.5
40.2
154.4

-2.4
210.1
144.1

-1.9
-355.5
77.4

0.1
156.9
27.8

-0.7
142.5
83.4

2.1
315.8
113.1

2
3
4

-46.2

-20.8

-22.8

239.5

140.2

195.2

351.8

-280.0

184.8

225.2

431.0

6
7

Household sector
Nonfinancial corporate business

-11.7
1.7

-4.9
-1.7

-129.4
-1.2

-91.3
-3.8

-101.4
4.1

-80.8
0.4

54.5
6.3

-436.2
5.6

43.4
7.7

-87.1
-1.1

74.3
4.1

6
7

8
9

Federal government
State and local governments

-47.2
25.5

-118.1
-12.9

-31.1
-9.1

0.0
-13.4

0.0
-20.1

0.0
-34.6

0.0
-22.0

0.0
7.7

0.0
-38.0

0.0
-42.6

0.0
-7.7

8
9

10

Monetary authority

11
12
13
14

U.S.-chartered depository institutions


Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions

15
16

Property-casualty insurance companies


Life insurance companies

17
18
19

Private pension funds


Federal government retirement funds
State and local govt. retirement funds

20
21
22

Money market mutual funds


Mutual funds
Government-sponsored enterprises

23
24

ABS issuers
REITs

25
26

Brokers and dealers


Holding companies

27

Rest of the world

71.4

-197.9

61.8

543.9

228.1

501.7

578.6

412.3

228.4

115.5

156.3

10

110.1
-4.8
-7.7
40.9

106.9
4.0
-8.0
30.6

35.5
1.5
-2.2
14.9

47.7
-6.7
-0.8
2.2

43.0
-4.9
-0.1
-11.8

-101.1
0.1
-0.9
2.1

67.7
-3.1
-0.4
-19.4

54.9
-11.5
-0.4
-15.3

19.6
-6.3
0.1
-4.4

89.0
-1.9
-0.0
-10.4

8.3
0.1
-0.2
-17.1

11
12
13
14

-0.4
4.0

6.9
-1.6

-8.4
-13.5

-5.6
-6.8

-6.6
-20.0

-5.6
-11.2

-6.1
-5.0

-8.1
-18.0

-4.9
-19.4

-2.8
-24.1

-10.5
-18.6

15
16

6.5
0.6
0.9

4.3
0.7
12.3

22.1
1.5
20.9

15.4
-1.7
13.4

-1.1
-0.4
7.2

14.5
-1.8
6.1

16.3
-0.8
4.3

-5.4
-2.9
9.1

16.4
0.7
39.9

-6.7
-0.1
-18.2

-8.4
0.6
-1.8

17
18
19

-140.2
78.0
-85.1

0.9
105.8
-18.1

-60.2
88.8
-48.3

17.7
-25.5
-22.7

23.4
-18.6
-5.1

20.5
-81.3
8.7

-23.3
-0.1
-27.2

-44.0
-57.1
-17.2

-19.6
-140.2
8.1

49.9
91.8
18.9

107.2
31.3
-30.2

20
21
22

-96.0
38.2

-3.3
104.7

-0.0
109.5

-0.2
-95.6

0.3
6.4

-0.1
-82.7

0.2
-179.7

0.0
-35.4

0.3
44.1

0.3
-21.4

0.4
38.3

23
24

38.9
-3.2

-2.1
12.0

21.9
-24.3

-55.4
13.5

7.7
0.0

-80.7
32.4

34.0
13.5

-3.3
-7.4

3.4
1.2

-30.0
3.0

60.8
3.3

25
26

-66.6

-41.6

-73.6

-84.7

10.2

89.5

-136.6

-107.4

4.4

103.2

40.5

27

(1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as Fannie Mae and FHLB;
and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mae, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered
officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 43.

59

Z.1, March 12, 2015

F.211 Municipal Securities and Loans


Billions of dollars; quarterly figures are seasonally adjusted annual rates

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

99.7

-52.8

-4.9

-43.2

-18.8

-105.4

-113.8

-38.0

15.7

-88.5

35.5

2
3
4

State and local governments


Short-term (1)
Long-term

68.7
-0.7
69.3

-53.6
-10.6
-42.9

-5.7
3.8
-9.4

-39.4
-10.9
-28.6

-14.0
-6.7
-7.4

-109.9
-17.8
-92.0

-99.1
-18.1
-80.9

-39.0
-5.0
-34.0

35.2
16.0
19.2

-84.0
-33.5
-50.5

31.7
-4.1
35.9

2
3
4

5
6

Nonprofit organizations (2)


Nonfinancial corporate business
(industrial revenue bonds)

-2.2
33.2

-7.8
8.5

-14.5
15.2

-13.1
9.3

-4.8
-0.1

-13.4
17.8

-18.1
3.3

-1.0
2.0

-2.3
-17.2

-9.8
5.2

-6.0
9.7

5
6

99.7

-52.8

-4.9

-43.2

-18.8

-105.4

-113.8

-38.0

15.7

-88.5

35.5

43.6
-3.2
0.5

-65.4
-1.6
0.1

-143.6
0.6
0.1

-44.0
-11.4
0.1

-78.1
-1.8
0.2

-67.0
0.6
0.1

-71.8
-9.7
0.2

-78.6
-7.0
0.1

-35.8
-4.5
0.3

-166.1
-5.6
0.2

-31.9
10.1
0.3

8
9
10

Net change in liabilities

2011

Net change in assets

8
9
10

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

11

State and local governments

12
13
14
15

U.S.-chartered depository institutions


Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions

16
17
18

1.4

0.2

0.3

0.2

0.0

-0.4

-0.0

0.8

-0.5

-0.6

0.4

11

30.3
0.0
-0.9
0.0

42.6
0.0
0.9
3.2

67.8
0.0
-0.8
1.0

53.8
0.0
0.9
0.3

32.7
0.0
-0.9
-0.8

49.1
0.0
3.0
1.5

47.4
0.0
0.3
-3.5

37.7
0.0
-0.6
-0.1

17.4
0.0
-2.8
1.6

34.5
0.0
-0.3
0.2

41.1
0.0
0.3
-4.8

12
13
14
15

Property-casualty insurance companies


Life insurance companies
State and local govt. retirement funds

-21.0
39.2
0.8

-17.4
9.4
-0.7

-2.9
9.7
-0.7

-2.3
10.1
0.2

0.6
7.7
-0.1

-2.2
8.1
-0.3

-3.9
11.3
0.3

-0.2
9.1
-0.8

0.2
11.6
0.0

2.6
4.8
0.2

-0.2
5.1
0.1

16
17
18

19
20
21
22

Money market mutual funds


Mutual funds
Closed-end funds
Exchange-traded funds

-53.4
46.7
0.4
1.7

-29.4
15.7
0.9
1.0

-20.6
86.2
3.4
3.6

-28.3
-13.5
-1.6
-0.8

-26.7
44.5
0.5
3.2

-6.1
-80.9
-5.5
-4.0

-59.2
-27.3
-2.2
-0.3

-13.9
17.3
3.6
1.5

-31.0
48.7
2.5
3.1

-1.1
51.1
-6.3
3.3

-60.7
60.8
2.2
4.8

19
20
21
22

23
24

Government-sponsored enterprises
Brokers and dealers

-4.2
4.6

-3.9
-9.1

-4.1
-4.3

-3.5
-8.0

-2.8
0.2

-4.1
-3.0

-1.4
1.5

-3.0
-7.1

-2.1
5.3

-3.0
-8.0

-3.1
10.6

23
24

25

Rest of the world

13.1

0.6

-0.6

4.3

2.7

5.7

4.6

3.2

1.5

5.6

0.5

25

(1) Debt with original maturity of 13 months or less.


(2) Liability of the households and nonprofit organizations sector (tables F.101 and L.101).

Flows

2010

60

Z.1, March 12, 2015

F.212 Corporate and Foreign Bonds


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

Flows

Net issues

Nonfinancial corporate business

Domestic financial sectors

4
5
6
7
8
9
10
11
12

U.S.-chartered depository institutions


ABS issuers (net) (1)
Finance companies
REITs
Brokers and dealers
Holding companies
Funding corporations
Rest of the world (2)
Net purchases (3)

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

-239.5

105.9

223.6

387.6

479.6

632.2

717.7

363.7

687.2

483.5

384.1

179.4

161.6

324.1

278.1

267.8

429.9

199.0

284.8

232.3

209.5

344.4

-546.3

-237.4

-225.2

-84.9

58.2

18.6

259.0

30.8

105.0

15.2

81.7

-49.2
-373.6
-111.7
1.0

2.4
-150.1
-39.4
7.6

-82.3
-136.0
-81.3
26.7

-74.9
-228.4
4.4
173.6

-12.0
-57.1
19.9
46.2

-75.3
-66.4
24.4
35.1

-16.6
-40.1
27.1
111.0

-27.2
-129.0
-10.2
115.5

-10.1
-99.2
38.2
55.1

-11.9
5.7
2.9
-1.0

1.0
-5.7
48.7
15.0

4
5
6
7

36.9
-46.5
-3.2

-37.9
-91.6
71.6

-1.7
14.1
35.3

22.2
6.7
11.4

11.5
27.6
22.2

-27.8
67.2
61.5

65.1
143.9
-31.4

41.3
48.1
-7.6

-37.4
87.3
71.1

42.1
-14.2
-8.4

-0.1
-11.0
33.8

8
9
10

127.4

181.7

124.7

194.4

153.7

183.7

259.7

48.2

349.8

258.7

-42.1

11

-239.5

105.9

223.6

387.6

479.6

632.2

717.7

363.7

687.2

483.5

384.1

12

-422.0
0.3
8.4

89.0
-0.1
-2.4

-165.9
-0.2
3.7

-200.2
-0.1
2.4

-128.8
-0.0
0.2

-112.2
-0.1
-4.8

161.3
-0.0
-0.4

-147.1
-0.0
10.0

18.4
-0.1
-6.1

-62.7
0.0
-7.9

-324.0
0.0
4.8

13
14
15

-98.2
-88.1
-10.2

2.5
-24.8
27.3

-9.0
-1.0
-8.0

15.2
-1.3
16.5

-37.4
-8.6
-28.8

50.1
6.5
43.6

13.6
1.3
12.2

-75.8
-23.3
-52.4

2.1
4.9
-2.8

-82.4
-16.2
-66.2

6.4
0.1
6.3

16
17
18

-9.4
-1.4

-1.4
3.6

-6.2
1.0

-34.1
0.6

0.9
-0.4

1.3
0.3

-27.0
0.6

16.6
2.5

1.2
-0.6

-7.7
-2.3

-6.4
-1.4

19
20

-15.7
-0.7
-15.0

-0.3
-0.3
-0.1

0.3
0.7
-0.4

2.2
2.1
0.1

1.0
1.0
-0.0

0.2
0.3
-0.2

1.1
1.0
0.1

2.6
2.6
0.1

0.2
0.3
-0.1

-3.0
-2.6
-0.4

4.3
3.9
0.4

21
22
23

24.3
0.0
24.3

40.4
-0.6
41.1

19.6
3.2
16.4

24.2
8.7
15.5

9.1
0.7
8.3

24.5
7.6
16.9

22.8
12.7
10.1

0.6
-0.3
0.9

5.3
0.1
5.2

25.7
3.2
22.5

4.7
-0.1
4.8

24
25
26

102.9
0.0
102.9

87.1
0.0
87.1

45.0
-24.3
69.3

60.8
9.1
51.8

93.2
16.7
76.5

29.0
9.1
19.9

70.2
9.1
61.0

99.9
22.1
77.8

87.7
18.0
69.8

97.6
12.4
85.1

87.6
14.1
73.5

27
28
29

82.1
0.2
5.9

44.5
1.4
-10.9

83.8
1.7
-29.3

5.5
-1.3
29.5

13.0
-0.7
42.2

17.1
-0.2
-8.6

10.3
-0.9
64.8

-18.8
-3.1
36.7

37.7
0.4
104.3

23.0
-0.4
-10.5

10.2
0.4
38.2

30
31
32

13
14
15

Household sector
Federal government
State and local governments

16
17
18

U.S.-chartered depository institutions


MBS and other ABS
Other

19
20

Foreign banking offices in U.S.


Banks in U.S.-affiliated areas

21
22
23

Credit unions
MBS and other ABS
Other

24
25
26

Property-casualty insurance companies


MBS and other ABS
Other

27
28
29

Life insurance companies


MBS and other ABS
Other

30
31
32

Private pension funds


Federal government retirement funds
State and local govt. retirement funds

33
34
35
36

Money market mutual funds


Mutual funds
Closed-end funds
Exchange-traded funds

-15.7
122.3
4.1
18.7

-49.1
170.3
-2.3
33.6

-3.0
306.0
7.5
47.6

-0.0
279.3
14.6
19.5

-23.8
313.0
-4.2
34.8

-6.4
315.2
3.9
22.0

51.8
205.9
3.9
17.5

-53.0
274.9
-2.8
33.6

-89.5
453.3
-0.1
30.2

18.8
240.3
-3.8
15.8

28.6
283.4
-10.1
59.7

33
34
35
36

37
38
39

Government-sponsored enterprises
MBS and other ABS
Other

-29.6
-46.5
17.0

-30.8
-32.2
1.4

-50.0
-31.2
-18.8

-59.4
-58.8
-0.6

-28.9
-28.7
-0.2

-118.3
-117.8
-0.5

-51.2
-50.5
-0.7

-24.8
-24.3
-0.5

-42.9
-42.0
-0.8

-31.8
-31.1
-0.7

-16.2
-17.4
1.3

37
38
39

40
41

Finance companies
REITs

-19.8
7.2

0.9
3.8

-6.3
9.5

-10.8
-0.2

6.1
1.4

-0.4
1.1

-8.1
-14.6

15.6
6.0

2.5
-2.7

-10.1
-1.1

16.3
3.5

40
41

42
43
44

Brokers and dealers


Holding companies
Funding corporations

35.2
7.3
-9.8

-85.0
-20.1
-57.3

35.5
-11.9
-36.2

-11.1
37.0
8.9

-6.8
2.6
4.7

-2.8
154.0
-4.4

-20.6
-1.7
-11.5

-3.3
-6.9
48.0

28.3
5.4
-18.1

-4.5
25.7
-5.2

-47.7
-13.8
-5.9

42
43
44

45
46
47

Rest of the world (4)


MBS and other ABS
Other

-36.8
-45.5
8.8

-111.5
-44.8
-66.7

-19.7
-36.1
16.4

205.2
-22.5
227.7

188.5
-11.6
200.1

271.3
-13.0
284.3

229.8
-16.0
245.7

152.3
-8.6
160.9

70.4
-10.1
80.5

269.8
-36.0
305.8

261.5
8.5
253.0

45
46
47

(1) Net issuance less net acquisition of corporate bonds held as assets.
(2) Net purchases of foreign issues by U.S. residents.
(3) For some sectors, purchases of MBS and other ABS are shown separately. MBS and other ABS include privately issued mortgage-backed securities and other privately
issued asset-backed bonds.
(4) Net purchases of U.S. issues by foreign residents.

61

Z.1, March 12, 2015

F.213 Corporate Equities (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2011

2012

2013

2014

2013
Q3

Net issues

Q4

-285.7

-87.9

65.1

232.9

-155.0

85.9

-165.4

389.6

229.8

477.6

-359.5

-372.7

-422.9

-414.1

-482.2

-527.5

-275.3

-460.8

-427.9

191.4

164.1

168.3

162.5

221.7

180.3

186.4

37.1

299.0

180.9

369.7

U.S.-chartered depository institutions


Property-casualty insurance companies
Life insurance companies
Closed-end funds
Exchange-traded funds

11.9
-12.7
-4.8
0.5
118.0

6.4
-10.7
-11.5
-2.9
117.6

1.6
-14.5
-9.9
2.6
185.2

2.2
-7.6
-9.2
-2.6
179.0

2.7
-16.5
-13.4
-10.8
239.2

2.6
-9.5
-10.7
-17.4
214.4

4.9
-11.0
-9.6
-24.0
233.9

2.5
-17.9
-14.3
6.4
57.3

4.3
-9.4
-11.8
9.3
229.6

2.8
-22.1
-14.0
-10.0
192.8

1.2
-16.7
-13.6
-48.8
477.0

4
5
6
7
8

REITs
Government-sponsored enterprises
Brokers and dealers
Holding companies
Funding corporations (2)

28.2
38.1
-11.1
19.8
3.5

37.5
29.2
14.1
2.9
-18.4

47.6
14.5
-50.7
0.6
-8.6

46.2
2.4
-31.0
-17.1
0.0

32.7
-0.1
-11.7
-0.4
0.0

24.9
3.3
0.3
-27.5
0.0

32.6
9.2
-37.1
-12.5
0.0

18.9
-5.9
-7.1
-2.7
0.0

46.9
0.0
-0.1
30.3
0.0

30.4
2.8
-0.5
-1.3
0.0

34.7
2.8
-39.1
-27.8
0.0

9
10
11
12
13

79.2

7.0

103.3

275.2

434.1

78.7

381.8

325.0

365.9

509.7

535.8

14

15.4

-285.7

-87.9

65.1

232.9

-155.0

85.9

-165.4

389.6

229.8

477.6

15

-221.2
24.1
0.3

-307.7
40.3
-3.5

-240.1
-13.2
2.0

-56.9
-4.8
1.3

-47.2
-1.6
0.1

-637.0
-10.3
-2.5

67.1
-1.1
-0.2

-403.6
-0.6
5.3

303.3
-1.1
-3.3

-342.1
-4.2
-4.2

253.7
-0.7
2.5

16
17
18

1.3
-1.8
0.1

-26.4
1.0
-0.0

0.0
-10.5
0.0

0.0
0.8
0.0

0.0
0.6
0.0

0.0
1.3
0.0

0.0
8.1
0.0

0.0
-2.5
0.0

0.0
-0.7
0.0

0.0
1.6
0.0

0.0
3.9
0.0

19
20
21

-20.9
45.6
22.7
5.4
-78.6

2.9
37.7
-60.2
-4.2
-53.5

4.6
15.3
-18.5
-4.1
-46.0

3.5
13.4
4.2
9.1
-159.2

-2.6
32.7
-6.8
4.2
-133.0

0.1
-2.8
-8.6
-9.2
-139.9

-2.6
34.5
-4.1
20.0
-228.1

1.9
31.3
16.3
7.2
-224.3

-13.1
37.3
2.2
-0.3
-115.9

3.2
29.9
-27.3
6.3
-34.7

-2.3
32.4
-18.6
3.7
-156.9

22
23
24
25
26

44.3
-4.7
88.3

4.9
-1.2
71.6

-38.1
-8.5
132.9

162.5
-16.1
166.8

74.8
-6.8
188.2

210.5
-15.6
197.1

216.0
-25.7
243.6

132.1
5.3
13.5

71.4
6.5
181.4

124.4
0.6
168.4

-28.8
-39.8
389.4

27
28
29

Domestic financial sectors

15

Q3

-456.7

14

Q2

15.4

Nonfinancial corporate business

9
10
11
12
13

Q1

-255.1

4
5
6
7
8

2014
Q4

Rest of the world (3)


Net purchases

16
17
18

Household sector
Federal government
State and local governments

19
20
21

Monetary authority
U.S.-chartered depository institutions
Foreign banking offices in U.S.

22
23
24
25
26

Property-casualty insurance companies


Life insurance companies
Private pension funds
Federal government retirement funds
State and local govt. retirement funds

27
28
29

Mutual funds
Closed-end funds
Exchange-traded funds

30
31

Brokers and dealers


Funding corporations

-18.5
1.3

-5.0
-26.4

9.7
0.0

18.6
0.0

8.7
0.0

-5.5
0.0

141.5
0.0

-85.5
0.0

32.0
0.0

53.8
0.0

34.6
0.0

30
31

32

Rest of the world (4)

127.8

44.0

126.8

-78.2

121.7

267.4

-383.0

337.9

-110.1

254.3

4.6

32

(1) Excludes mutual fund shares shown on table F.214.


(2) Preferred shares issued by AIG to the federal goverment under the TARP program and the monetary authority sectors preferred interest in AIA Aurora LLC and ALICO Holdings LLC.
(3) Net purchases of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs).
(4) Net purchases of U.S. issues by foreign residents.

F.214 Mutual Fund Shares (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net issues

370.1

338.4

624.9

638.4

586.1

674.1

416.7

697.3

647.9

582.6

416.7

Net purchases

370.1

338.4

624.9

638.4

586.1

674.1

416.7

697.3

647.9

582.6

416.7

280.9
11.1

334.9
-12.8

607.7
-0.1

635.5
0.9

518.3
0.9

653.4
0.9

411.8
0.9

640.7
0.9

506.6
0.9

489.0
0.9

437.0
0.9

3
4

3.1

-0.3

1.0

0.7

0.0

-1.3

-0.1

2.7

-1.7

-2.2

1.3

3
4

Household sector
Nonfinancial corporate business

State and local governments

6
7

U.S.-chartered depository institutions


Credit unions

-5.8
0.2

-0.8
0.3

-1.1
0.4

1.6
-0.1

-0.7
-0.1

5.6
-0.6

7.1
-0.2

8.5
0.1

5.1
-0.2

-12.8
-0.3

-3.7
0.1

6
7

8
9

Property-casualty insurance companies


Life insurance companies

-0.1
1.0

-0.7
1.1

1.8
1.3

1.2
1.4

1.8
1.4

0.9
1.4

1.8
1.4

1.8
1.4

1.8
1.4

1.8
1.4

1.8
1.4

8
9

35.0
-13.4

8.3
-66.3

-26.2
-49.6

31.9
-12.1

21.4
-8.0

42.7
-11.2

16.7
-26.5

28.0
-17.6

22.8
-11.5

22.0
2.8

12.6
-5.6

10
11

58.2

74.7

89.7

-22.4

51.0

-17.7

3.9

30.6

122.6

80.0

-29.1

12

10
11

Private pension funds


State and local govt. retirement funds

12

Rest of the world

(1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities.

Flows

2010

62

Z.1, March 12, 2015

F.215 Depository Institution Loans Not Elsewhere Classified (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates

Flows

2010

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

Net change in liabilities

-92.2

146.6

186.1

186.1

308.2

162.4

255.2

316.2

321.6

197.5

397.7

2
3
4

Household sector
Corporate business
Noncorporate business

50.1
-87.0
-16.8

-54.9
68.9
56.7

110.8
80.4
85.7

30.0
46.6
49.5

129.3
61.5
95.5

115.4
39.2
42.3

-34.8
58.1
60.4

152.8
39.7
62.6

179.2
77.6
140.5

97.2
44.7
51.8

87.9
84.0
127.3

2
3
4

Domestic financial sectors

6
7
8
9
10
11
12
13
14
15

-62.5

32.6

-121.2

20.9

-7.1

-75.5

114.4

6.1

-132.1

34.4

63.4

Finance companies
REITs
Brokers and dealers

-64.9
-1.8
0.0

15.9
4.6
0.0

16.4
4.0
0.0

10.1
-2.9
0.0

8.6
0.7
0.0

-3.4
17.8
0.0

17.7
-14.4
0.0

1.9
12.0
0.0

-30.0
-12.2
0.0

25.2
2.3
0.0

37.2
0.8
0.0

6
7
8

Holding companies
Funding corporations

26.1
-21.9

64.0
-51.9

-120.2
-21.5

13.8
0.0

-16.3
0.0

-89.9
0.0

111.2
0.0

-7.7
0.0

-89.9
0.0

6.9
0.0

25.4
0.0

9
10

24.0
2.1
15.6
6.3

43.2
-1.2
16.8
27.6

30.4
0.8
0.6
29.1

39.1
1.0
20.0
18.1

28.9
1.1
-0.3
28.2

41.0
2.1
25.1
13.8

57.0
2.2
14.8
40.0

54.9
-2.7
6.2
51.5

56.4
4.1
26.6
25.7

-30.6
-0.4
-37.6
7.3

35.1
3.3
3.4
28.4

11
12
13
14

-92.2

146.6

186.1

186.1

308.2

162.4

255.2

316.2

321.6

197.5

397.7

15

Rest of the world


Foreign official institutions
Foreign banks
Other foreign
Net change in assets

16

Monetary authority (2)

-44.8

-67.6

-29.9

-0.5

-0.1

-0.6

-0.0

-0.1

-0.1

-0.1

-0.1

16

17
18
19
20

U.S.-chartered depository institutions


Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions

-36.3
-11.3
-3.3
3.5

163.6
42.9
1.1
6.6

218.6
-3.7
1.0
0.1

136.4
43.8
1.3
5.1

241.6
63.9
-2.3
5.1

105.8
56.1
1.8
-0.7

182.5
58.7
-0.6
14.7

258.6
57.1
-0.6
1.2

269.3
54.9
-4.4
1.8

165.0
22.1
-2.8
13.2

273.4
121.5
-1.3
4.2

17
18
19
20

(1) Excludes depository institution lending in the form of open market paper, mortgages, consumer credit, and security credit which are shown on other instrument tables.
(2) Loans from Federal Reserve banks to households, rest of the world, broker and dealers, and funding corporations. See loan details on table F.109.

63

Z.1, March 12, 2015

F.216 Other Loans and Advances


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2011

2012

2013

2014

2013
Q3

Q1

Q2

Q3

Q4

-226.8

4.9

-13.6

142.1

137.0

81.9

143.8

164.4

97.2

158.3

128.0

2
3
4
5
6
7
8
9
10

U.S. government loans


Liab.: Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business
State and local governments
Government-sponsored enterprises
Finance companies
Funding corporations
Rest of the world

3.7
-1.0
-4.3
0.6
0.9
0.0
0.0
7.2
2.7

4.8
-0.5
-0.5
2.9
0.9
0.0
0.0
0.7
3.9

2.5
-0.1
5.2
0.6
0.4
0.0
0.0
-6.8
5.6

7.2
1.1
0.8
2.0
0.5
0.0
0.0
-0.7
5.7

2.5
1.2
-1.5
-1.2
0.4
0.0
0.0
0.0
7.6

7.9
-1.0
-0.2
3.6
0.5
0.0
0.0
0.0
5.2

2.6
2.3
-0.1
0.9
0.6
0.0
0.0
0.0
-0.8

7.1
-0.9
5.3
-2.1
0.2
0.0
0.0
0.0
4.6

3.7
5.1
-9.5
2.4
0.5
0.0
0.0
0.0
11.9

-1.1
-1.4
-0.6
-0.2
0.3
0.0
0.0
0.0
2.8

0.4
2.0
-1.1
-4.9
0.4
0.0
0.0
0.0
11.4

2
3
4
5
6
7
8
9
10

11
12

Foreign loans to U.S. corporate business


Liab.: Nonfinancial corporate business

-20.2
-20.2

33.9
33.9

-52.2
-52.2

-3.5
-3.5

28.7
28.7

-50.8
-50.8

10.8
10.8

64.2
64.2

-4.6
-4.6

9.4
9.4

46.0
46.0

11
12

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

13
14
15
16

4.3
4.3
0.0

4.0
4.0
0.0

16.7
14.3
2.4

-2.8
-0.7
-2.0

-10.9
-10.1
-0.8

4.7
6.3
-1.5

-37.5
-37.8
0.3

-10.7
-6.6
-4.0

-35.6
-35.3
-0.4

-1.1
0.4
-1.6

4.0
1.1
2.8

17
18
19

3.4
-0.0
3.4

2.4
-0.0
2.5

1.4
-0.0
1.4

0.9
-0.0
1.0

1.3
-0.0
1.3

1.6
-0.0
1.6

-0.6
-0.0
-0.5

-0.2
-0.0
-0.2

1.2
-0.0
1.3

3.1
-0.0
3.1

1.0
-0.0
1.1

20
21
22

-144.7
0.0
1.6
5.7
-148.3
-0.4
-3.2

-64.2
0.0
-0.9
-2.6
-60.5
-2.0
1.8

18.6
0.0
0.7
7.6
4.6
0.9
4.8

81.9
0.0
0.1
2.8
69.2
1.9
7.8

80.5
0.0
1.3
1.1
58.9
8.1
11.2

61.4
0.0
-1.0
3.8
49.0
12.5
-2.9

110.9
0.0
0.9
15.0
70.9
1.7
22.5

11.6
0.0
3.9
-8.3
6.7
1.7
7.7

157.7
0.0
0.7
12.8
126.0
10.2
8.0

92.1
0.0
0.2
12.7
52.7
12.7
13.7

60.8
0.0
0.1
-12.6
50.4
7.6
15.3

23
24
25
26
27
28
29

-4.9
-4.9

-3.9
-3.9

1.7
1.7

0.2
0.2

-1.9
-1.9

-2.0
-2.0

-7.7
-7.7

-0.4
-0.4

-2.6
-2.6

-4.7
-4.7

0.0
0.0

30
31

13
14
15
16

Total other loans and advances

2014
Q4

Customers liability on acceptances outstanding


Asset: U.S.-chartered depository institutions
Foreign banking offices in U.S.
Liab.: Nonfinancial corporate business
Rest of the world

17
18
19

Holding company loans


Liab.: Nonfinancial corporate business
Rest of the world

20
21
22

Policy loans (Household liability)


Asset: Federal government
Life insurance companies

23
24
25
26
27
28
29

Govt.-sponsored enterprises loans (1)


Liab.: Household sector (SLMA)
Nonfinancial corporate business (FCS)
Nonfinancial noncorporate business (FCS)
U.S.-chartered dep. inst. (FHLB & SLMA)
Credit unions (FHLB)
Life insurance companies (FHLB)

30
31

Securitized loans held by ABS issuers


Liab.: Nonfinancial corporate business

32
33
34

Finance company loans to business


Liab.: Nonfinancial corporate business
Nonfinancial noncorporate business

-15.2
-13.7
-1.5

3.0
2.7
0.3

11.2
10.1
1.1

14.4
12.9
1.4

10.6
9.5
1.1

10.7
9.6
1.1

-8.2
-7.4
-0.8

2.6
2.3
0.3

24.8
22.3
2.5

6.3
5.7
0.6

8.6
7.7
0.9

32
33
34

35
36
37
38
39
40
41

Loans to nonfinancial corporate business (2)


Asset: Household sector
Life insurance companies
Mutual funds
ABS issuers
Brokers and dealers
Funding corporations

-53.3
-0.6
-3.7
-0.8
-34.0
-12.7
-1.5

24.9
-2.8
5.4
18.9
-1.5
6.9
-2.0

-13.5
-2.5
0.4
12.2
-2.3
-14.8
-6.5

43.9
5.0
2.6
39.4
-11.7
10.9
-2.3

26.1
-3.3
4.8
15.8
7.4
1.5
-0.1

48.3
1.9
1.9
28.0
16.0
6.3
-5.8

73.4
5.6
7.5
28.8
4.1
26.5
0.8

90.1
3.0
8.2
60.3
18.4
-2.7
3.0

-47.5
-17.7
4.2
-14.6
-13.9
-0.3
-5.1

54.3
3.2
7.3
9.8
24.7
8.4
1.0

7.3
-1.5
-0.4
7.6
0.4
0.6
0.6

35
36
37
38
39
40
41

(1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4.
(2) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere.

Flows

2010

64

Z.1, March 12, 2015

F.217 Total Mortgages


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

Net change in mortgages

-316.1

-151.6

-64.5

99.8

194.4

231.8

147.3

38.5

165.0

243.1

330.9

2
3
4
5

Home
Multifamily residential
Commercial
Farm

-161.8
-4.4
-158.1
8.1

-89.4
6.3
-81.6
13.1

-75.6
34.4
-29.1
5.8

-4.0
37.5
61.2
5.1

29.2
63.6
96.9
4.6

109.7
42.9
74.1
5.1

-42.9
48.2
136.8
5.1

-49.9
43.5
40.3
4.5

18.3
44.5
97.6
4.6

75.8
66.7
96.0
4.6

72.5
100.0
153.8
4.6

2
3
4
5

Flows

2011

-316.1

-151.6

-64.5

99.8

194.4

231.8

147.3

38.5

165.0

243.1

330.9

Household sector

-179.1

-77.0

-65.4

3.6

30.8

110.0

-31.9

-49.4

18.1

73.5

81.1

8
9
10

Nonfinancial business
Corporate
Noncorporate

-137.9
-130.5
-7.3

-88.0
-73.4
-14.6

-3.9
3.7
-7.5

88.4
24.9
63.5

155.9
29.8
126.1

136.1
36.8
99.3

159.0
63.8
95.2

75.2
7.0
68.2

140.4
20.1
120.3

170.0
30.2
139.8

238.0
61.8
176.1

8
9
10

11
12

Federal government
REITs

0.0
0.8

0.0
13.5

0.0
4.8

0.0
7.8

0.0
7.7

0.0
-14.3

0.0
20.2

0.0
12.6

0.0
6.5

0.0
-0.3

0.0
11.9

11
12

13

Net change in assets

-316.1

-151.6

-64.5

99.8

194.4

231.8

147.3

38.5

165.0

243.1

330.9

13

-10.9
-1.6
4.2

0.7
-0.6
0.5

-13.9
-1.9
0.6

-10.9
-1.9
0.9

-7.5
-1.9
1.7

-10.9
-1.9
1.1

-9.8
-1.9
1.2

-6.9
-1.9
1.0

-8.1
-1.9
2.0

-7.9
-1.9
1.5

-7.1
-1.9
2.3

14
15
16

-5.4
14.2

3.3
-0.2

1.6
6.5

4.0
4.1

1.7
0.9

3.7
-4.9

5.5
0.3

1.9
13.0

2.3
-6.9

2.9
-9.2

-0.3
6.5

17
18

-149.2
-2.5
-6.5
0.9

-105.3
-2.6
-2.4
4.5

13.7
-1.9
1.5
8.3

-26.6
-0.6
-2.5
18.6

117.9
7.3
-2.1
26.1

-55.5
1.0
-8.3
30.9

-12.2
1.9
3.4
23.0

176.8
7.8
-1.8
22.4

184.6
7.8
-0.8
25.7

30.2
5.1
-3.3
34.8

79.9
8.3
-2.3
21.6

19
20
21
22

Net borrowing

14
15
16

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

17
18

Federal government
State and local governments

19
20
21
22

U.S.-chartered depository institutions


Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions

23
24

Property-casualty insurance companies


Life insurance companies

-0.3
-8.6

0.8
15.0

0.7
11.9

2.3
18.8

2.0
21.0

1.8
25.3

3.7
28.5

1.3
13.4

2.1
16.3

2.3
16.1

2.2
38.4

23
24

25
26

Private pension funds


State and local govt. retirement funds

2.8
-0.4

-4.6
-0.1

1.2
-0.7

-3.4
-2.6

-0.2
3.2

-3.6
-2.0

-3.2
-4.2

-2.9
9.6

3.5
4.6

4.0
-2.5

-5.3
1.2

25
26

27
28

Government-sponsored enterprises (1)


Agency- and GSE-backed mortgage pools

-71.0
186.9

-60.5
165.3

-71.4
132.2

72.5
132.4

2.6
75.4

206.7
154.4

65.8
144.1

-180.6
77.4

-19.6
27.8

114.2
83.4

96.3
113.1

27
28

29
30
31

ABS issuers
Finance companies
REITs

-213.3
-54.2
-1.3

-146.2
-30.9
11.7

-136.0
-25.7
8.6

-218.4
-21.9
135.0

-73.0
-8.7
27.9

-81.7
-26.1
2.0

-72.6
-26.9
0.7

-173.1
-13.0
94.0

-50.4
-18.0
-6.1

-27.8
-10.0
11.2

-40.6
6.0
12.6

29
30
31

65

Z.1, March 12, 2015

F.218 Home Mortgages (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2011

2012

2013

2014

2013
Q3

1
2
3
4
5

Net borrowing
Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

Q1

Q2

Q3

Q4

-161.8

-89.4

-75.6

-4.0

29.2

109.7

-42.9

-49.9

18.3

75.8

72.5

-182.1
-6.8
27.1

-70.6
-3.4
-15.4

-63.2
-0.5
-11.9

-1.1
0.3
-3.1

22.8
1.5
4.9

104.0
0.8
4.9

-42.5
0.9
-1.4

-52.1
1.7
0.6

9.6
2.0
6.6

65.8
1.5
8.6

67.8
0.8
3.8

2
3
4

-161.8

-89.4

-75.6

-4.0

29.2

109.7

-42.9

-49.9

18.3

75.8

72.5

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

-8.0
-0.9
1.5

-8.0
-0.3
0.2

-8.0
-1.6
0.2

-8.0
-1.6
0.3

-8.0
-1.6
0.6

-8.0
-1.6
0.4

-8.0
-1.6
0.4

-8.0
-1.6
0.4

-8.0
-1.5
0.7

-8.0
-1.6
0.5

-8.0
-1.6
0.9

6
7
8

9
10

Federal government
State and local governments

-1.8
8.8

0.2
1.1

1.1
4.3

0.4
2.7

1.2
0.8

-2.4
-2.1

4.6
0.6

1.0
7.0

-0.9
-3.2

1.0
-4.4

3.6
3.6

9
10

11
12
13
14

U.S.-chartered depository institutions


Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions

-48.9
0.1
-2.5
0.9

-37.6
0.3
-2.4
4.5

5.5
0.5
2.3
8.3

-96.2
-0.4
-1.1
18.6

18.2
1.5
-1.5
26.1

-145.9
-0.8
-0.6
30.9

-126.7
0.1
-0.6
23.0

99.4
1.0
-2.2
22.4

80.6
1.2
-0.3
25.7

-52.7
2.1
-2.7
34.8

-54.4
1.6
-1.0
21.6

11
12
13
14

15
16
17

Life insurance companies


Private pension funds
State and local govt. retirement funds

0.3
-0.1
-0.1

-0.1
-0.3
-0.0

0.5
-0.1
-0.2

0.8
-0.2
-0.9

1.3
-0.1
1.2

2.0
-0.2
-0.7

0.3
-0.2
-1.5

1.3
-0.2
3.5

0.9
-0.1
1.6

1.2
-0.1
-0.9

1.9
-0.1
0.4

15
16
17

18
19

Government-sponsored enterprises
Agency- and GSE-backed mortgage pools

-76.4
175.8

-66.5
148.0

-82.5
105.0

87.1
98.8

2.9
51.1

224.6
119.7

91.4
111.1

-164.7
57.9

-3.6
5.6

103.3
61.1

76.4
80.0

18
19

20
21
22

ABS issuers
Finance companies
REITs

-160.8
-49.8
0.2

-120.9
-18.4
11.0

-106.7
-11.1
6.9

-83.8
-17.3
-3.3

-67.9
-9.8
13.3

-84.0
-21.7
0.0

-82.7
-20.8
-32.3

-62.0
-14.2
9.1

-77.2
-10.0
6.8

-72.8
-13.7
28.7

-59.8
-1.4
8.8

20
21
22

186.2

154.1

142.2

92.3

52.2

22.0

16.9

14.7

13.5

12.0

12.1

23

-52.8
-31.8
0.0
-6.4
-5.4
-9.3

-53.9
-41.1
-0.0
-6.0
-2.7
-4.0

-62.7
-51.7
-0.0
-6.5
-2.0
-2.4

-56.4
-46.9
0.1
-3.7
-2.3
-3.6

-25.0
-22.9
0.1
1.5
-1.6
-2.0

-53.3
-48.4
0.4
0.0
-1.9
-3.3

-40.4
-31.0
0.1
-2.1
-1.5
-5.9

-42.4
-36.0
0.0
-2.2
-1.6
-2.6

-21.0
-18.4
0.0
1.2
-1.8
-2.0

-14.7
-17.5
-0.1
6.3
-1.6
-1.9

-21.9
-19.6
0.3
0.7
-1.6
-1.6

24
25
26
27
28
29

6
7
8

23
24
25
26
27
28
29

Net change in assets

2014
Q4

Memo:
Charge-offs (2)
Home equity loans included above (3)
U.S.-chartered depository institutions
Foreign banking offices in U.S.
Credit unions
ABS issuers
Finance companies

(1) Mortgages on 1-4 family properties including mortgages on farm houses.


(2) Charge-offs are excluded from the flow (line 1) and are accounted for as other changes in volume. Quarterly figures are shown at an unadjusted quarterly rate. Data begin 2007:Q1.
(3) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals. Home equity loans
held by U.S.-chartered depository institutions exclude charge-offs.

F.219 Multifamily Residential Mortgages


Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

-4.4

6.3

34.4

37.5

63.6

42.9

48.2

43.5

44.5

66.7

100.0

-0.2
-4.5
0.0
0.4

0.3
5.9
0.0
0.1

1.8
33.8
0.0
-1.1

1.7
32.5
0.0
3.3

3.2
60.3
0.0
0.2

2.2
42.4
0.0
-1.7

2.5
48.4
0.0
-2.7

2.3
43.0
0.0
-1.8

2.1
40.3
0.0
2.1

3.4
63.9
0.0
-0.6

4.9
93.9
0.0
1.2

2
3
4
5

-4.4

6.3

34.4

37.5

63.6

42.9

48.2

43.5

44.5

66.7

100.0

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

0.0
-0.0
1.5

0.0
-0.0
0.2

0.0
-0.0
0.2

0.0
-0.0
0.3

0.0
-0.0
0.6

0.0
-0.0
0.4

0.0
-0.0
0.4

0.0
-0.0
0.3

0.0
-0.0
0.7

0.0
-0.0
0.5

0.0
-0.0
0.8

7
8
9

10
11

Federal government
State and local governments

-0.3
4.5

-0.3
-1.0

-0.3
1.8

0.0
1.2

-0.6
0.1

-0.6
-2.4

1.1
-0.2

-0.2
4.9

-0.4
-3.0

-1.0
-3.9

-0.8
2.4

10
11

12
13

U.S.-chartered depository institutions


Foreign banking offices in U.S.

-12.2
-0.5

-6.6
-0.6

10.2
-1.5

29.4
-0.4

38.0
0.2

33.8
0.7

43.5
0.0

37.7
-0.5

41.8
0.0

34.4
0.2

38.1
1.0

12
13

14
15
16

Life insurance companies


Private pension funds
State and local govt. retirement funds

-1.3
0.4
-0.1

2.1
-0.3
-0.0

1.7
-0.3
-0.2

2.5
-0.3
-0.8

3.0
-0.2
1.0

4.5
-0.4
-0.6

3.8
-0.3
-1.3

1.0
-0.3
2.9

2.7
-0.2
1.4

3.3
-0.2
-0.7

4.8
-0.2
0.4

14
15
16

17
18

Government-sponsored enterprises
Agency- and GSE-backed mortgage pools

2.0
11.3

2.8
19.4

6.2
27.0

-21.9
33.7

-2.7
24.3

-25.1
34.8

-33.2
33.2

-18.5
19.7

-18.4
22.3

8.6
22.5

17.3
32.8

17
18

19
20
21

ABS issuers
Finance companies
REITs

-8.6
-0.7
-0.3

-7.7
-1.5
-0.2

-9.6
-0.8
0.1

-5.9
-0.8
0.5

-1.2
0.1
1.2

-1.7
-0.1
-0.4

3.0
-0.6
-1.2

-2.9
0.1
-0.8

-2.7
0.2
0.2

-0.9
-0.3
4.3

1.9
0.3
1.2

19
20
21

2
3
4
5
6
7
8
9

Net borrowing
Nonfinancial corporate business
Nonfinancial noncorporate business
Federal government
REITs
Net change in assets

Flows

2010

66

Z.1, March 12, 2015

F.220 Commercial Mortgages


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

2011

2012

2013

2014

2013
Q3

1
2
3
4
5

Flows

Net borrowing
Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business
REITs

Q1

Q2

Q3

Q4

-158.1

-81.6

-29.1

61.2

96.9

74.1

136.8

40.3

97.6

96.0

153.8

3.0
-126.6
-35.0
0.4

-6.4
-74.8
-13.8
13.3

-2.3
0.1
-32.9
6.0

4.8
21.0
30.9
4.5

8.1
22.9
58.5
7.5

6.1
31.8
48.9
-12.7

10.5
58.5
44.9
22.9

2.7
1.1
22.1
14.4

8.5
13.7
71.1
4.4

7.7
23.1
64.9
0.3

13.2
53.7
76.1
10.7

2
3
4
5

-158.1

-81.6

-29.1

61.2

96.9

74.1

136.8

40.3

97.6

96.0

153.8

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

-1.1
-0.6
1.1

-0.6
-0.2
0.1

-0.3
-0.3
0.2

0.4
-0.3
0.3

1.4
-0.3
0.5

0.8
-0.3
0.3

0.7
-0.3
0.3

1.2
-0.3
0.3

1.2
-0.3
0.5

1.5
-0.3
0.4

1.7
-0.3
0.6

7
8
9

10
11

Federal government
State and local governments

-3.7
0.9

3.2
-0.2

0.8
0.4

3.9
0.2

0.2
0.0

6.5
-0.5

1.2
-0.0

0.8
1.0

2.7
-0.6

0.9
-0.8

-3.6
0.5

10
11

12
13
14

U.S.-chartered depository institutions


Foreign banking offices in U.S.
Banks in U.S.-affiliated areas

-95.1
-2.1
-4.0

-62.9
-2.3
-0.1

-8.1
-0.9
-0.8

38.8
0.2
-1.4

60.1
5.5
-0.5

55.1
1.1
-7.7

69.6
1.8
4.0

38.2
7.2
0.4

60.7
5.9
-0.5

46.9
2.9
-0.6

94.6
5.7
-1.3

12
13
14

15
16

Property-casualty insurance companies


Life insurance companies

-0.3
-6.8

0.8
12.3

0.7
9.8

2.3
15.4

2.0
16.4

1.8
18.7

3.7
24.2

1.3
10.7

2.1
12.3

2.3
11.3

2.2
31.4

15
16

17
18

Private pension funds


State and local govt. retirement funds

2.5
-0.1

-4.0
-0.0

1.6
-0.2

-2.8
-0.9

0.2
1.1

-3.0
-0.7

-2.8
-1.4

-2.5
3.3

3.9
1.5

4.3
-0.8

-5.1
0.4

17
18

19
20

Agency- and GSE-backed mortgage pools


ABS issuers

0.0
-43.9

0.0
-17.6

0.0
-19.7

0.0
-128.8

0.0
-3.9

0.0
3.9

0.0
7.2

0.0
-108.2

0.0
29.5

0.0
45.9

0.0
17.3

19
20

21
22

Finance companies
REITs

-3.7
-1.2

-11.0
0.9

-13.8
1.5

-3.8
137.7

1.0
13.4

-4.3
2.4

-5.5
34.2

1.2
85.8

-8.2
-13.1

4.0
-21.9

7.1
2.6

21
22

7
8
9

Net change in assets

2014
Q4

F.221 Farm Mortgages (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
1
2
3
4

Net borrowing
Nonfinancial corporate business
Nonfinancial noncorporate business
Net change in assets

8.1

13.1

5.8

5.1

4.6

5.1

5.1

4.5

4.6

4.6

4.6

3.1
5.0

4.5
8.6

2.3
3.5

1.8
3.3

2.2
2.4

2.0
3.2

1.9
3.2

2.0
2.5

2.2
2.4

2.2
2.4

2.3
2.3

2
3

8.1

13.1

5.8

5.1

4.6

5.1

5.1

4.5

4.6

4.6

4.6

-1.7
0.1

9.4
0.0

-5.6
0.0

-3.3
0.0

-0.9
0.0

-3.7
0.0

-2.5
0.0

-0.1
0.0

-1.2
0.0

-1.5
0.0

-0.7
0.0

5
6

Federal government
State and local governments

0.4
0.1

0.3
-0.0

0.1
0.0

-0.3
0.0

0.9
0.0

0.2
-0.0

-1.3
-0.0

0.3
0.1

1.0
-0.0

2.1
-0.0

0.5
0.0

7
8

9
10

U.S.-chartered depository institutions


Foreign banking offices in U.S.

7.0
0.0

1.7
-0.0

6.1
0.0

1.4
-0.0

1.6
0.2

1.4
0.0

1.4
-0.0

1.5
0.0

1.6
0.7

1.6
-0.1

1.6
-0.0

9
10

11
12

Life insurance companies


State and local govt. retirement funds

-0.9
0.0

0.6
0.0

0.0
0.0

0.1
0.0

0.3
0.0

0.1
0.0

0.1
0.0

0.3
0.0

0.3
0.0

0.3
0.0

0.3
0.0

11
12

13
14

Government-sponsored enterprises
Agency- and GSE-backed mortgage pools

3.4
-0.2

3.3
-2.1

4.9
0.3

7.4
-0.2

2.4
-0.0

7.2
-0.1

7.6
-0.2

2.5
-0.1

2.4
-0.1

2.3
-0.1

2.5
0.3

13
14

5
6

Household sector
Nonfinancial noncorporate business

7
8

(1) Excludes mortgages on farm houses.

67

Z.1, March 12, 2015

F.222 Consumer Credit


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

Net change in liabilities (Households)

-25.3

108.5

169.7

174.3

218.4

190.6

164.7

202.7

259.4

216.6

195.1

Net change in assets

-25.3

108.5

169.7

174.3

218.4

190.6

164.7

202.7

259.4

216.6

195.1

3
4
5

Households (nonprofit organizations) (1)


Nonfinancial corporate business
Nonfinancial noncorporate business

-10.4
-11.4
0.0

-3.9
1.9
0.0

-8.8
1.7
0.0

-6.5
-5.6
0.0

-5.9
-1.3
0.0

-7.4
-3.5
0.0

-3.6
-22.0
0.0

-5.5
23.5
0.0

-5.1
10.4
0.0

-6.8
-14.2
0.0

-6.4
-24.8
0.0

3
4
5

6
7
8

Federal government (2)


U.S.-chartered depository institutions
Credit unions

133.1
-70.3
-10.7

128.5
7.1
-3.4

132.1
28.1
20.6

113.1
52.9
21.9

112.1
71.5
36.5

107.0
71.8
24.5

106.2
80.4
16.4

121.2
40.8
32.4

104.7
95.2
47.1

112.7
81.2
27.4

109.8
68.9
39.2

6
7
8

Government-sponsored enterprises
ABS issuers
Finance companies

0.0
-42.3
-13.4

0.0
-4.1
-17.4

0.0
3.8
-7.8

0.0
-0.8
-0.6

0.0
0.4
5.0

0.0
-2.4
0.6

0.0
1.4
-14.1

0.0
-2.6
-7.1

0.0
-3.6
10.7

0.0
7.8
8.4

0.0
0.1
8.2

9
10
11

-69.7
-40.7
80.8
4.2

1.8
17.1
99.9
-10.2

5.0
59.9
119.0
-14.2

10.9
69.7
91.7
1.9

31.4
77.8
99.2
9.9

7.5
81.8
96.9
4.4

17.1
75.3
100.1
-27.8

15.7
64.4
88.0
34.5

54.4
86.6
104.2
14.2

25.8
82.0
109.6
-0.9

29.7
78.3
95.2
-8.1

12
13
14
15

9
10
11

Memo:
12
13
14
15

Credit card loans (3)


Auto loans
Student loans (4)
Other consumer credit (5)

(1) Student loans originated under the Federal Family Education Loan Program.
(2) Includes loans originated by the Department of Education under the Federal Direct Loan Program and Perkins Loans, as well as Federal Family Education Loan Program
loans that the government purchased from depository institutions, finance companies, and nonprofit and educational institutions, and loans in default.
(3) Revolving credit that also includes overdraft plans on checking accounts and other loans without a fixed repayment schedule.
(4) Includes student loans held by nonprofit organizations (line 3), the federal government (line 6), depository institutions (part of lines 7 and 8), and
finance companies (part of line 11). Data begin in 2006:Q1.
(5) Includes student loans before 2006:Q1.

Flows

2010

68

Z.1, March 12, 2015

F.223 Trade Credit


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

2011

2012

2013

2014

2013
Q3

Flows

Q1

Q2

Q3

Q4

154.9

81.6

124.2

182.0

151.3

193.4

141.0

59.9

235.3

148.1

162.0

Household sector

-29.4

1.2

4.0

1.0

3.1

1.0

1.0

4.0

3.6

1.9

3.0

3
4

Nonfinancial corporate business


Nonfinancial noncorporate business

156.3
30.3

25.2
7.9

66.2
1.2

113.7
7.5

85.6
10.4

135.5
5.8

67.0
5.9

50.1
7.7

129.0
12.8

73.5
6.6

89.8
14.4

3
4

5
6

Federal government
State and local governments

5.2
38.5

8.8
38.4

13.4
38.8

16.5
39.6

23.1
40.8

20.7
39.9

17.2
40.0

4.2
40.0

32.0
40.7

24.5
41.1

31.9
41.2

5
6

7
8

Brokers and dealers


Rest of the world

-52.0
6.0

-3.8
4.0

-0.0
0.7

0.3
3.4

3.4
-15.0

-9.3
-0.2

4.9
5.0

1.0
-47.1

11.9
5.3

8.4
-8.0

-7.8
-10.4

7
8

165.1

113.0

76.4

168.2

148.8

152.0

80.3

112.0

219.7

102.2

161.4

105.7
37.0

83.8
5.8

51.8
7.4

140.0
11.6

110.7
21.5

122.5
13.6

55.3
15.0

38.2
12.7

160.9
25.0

110.0
18.7

133.5
29.8

10
11

-0.7
13.1
0.8
-9.5

4.8
2.3
3.4
-4.2

2.6
4.5
4.8
-6.4

-1.5
8.5
3.3
-5.4

1.0
6.7
7.0
-4.4

-5.1
9.6
6.8
-6.4

-2.0
5.2
-12.3
4.4

7.7
2.0
19.3
-5.7

-4.5
12.2
15.2
-1.6

0.5
5.5
-2.0
-11.6

0.3
7.3
-4.6
1.2

12
13
14
15

Net change in trade payables

2014
Q4

Net change in trade receivables

10
11

Nonfinancial corporate business


Nonfinancial noncorporate business

12
13
14
15

Federal government
State and local governments
Property-casualty insurance companies
ABS issuers

16
17

Rest of the world


Discrepancy

18.6

17.1

11.6

11.9

6.3

10.9

14.7

37.9

12.5

-19.0

-6.1

16

-10.2

-31.4

47.8

13.7

2.5

41.4

60.7

-52.2

15.7

45.9

0.7

17

F.224 Security Credit


Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net change in liabilities

105.0

-7.4

97.7

104.3

95.8

44.8

209.9

147.5

225.5

172.7

-162.6

2
3

Household sector
Brokers and dealers

75.2
29.8

-39.3
31.9

64.9
32.8

35.4
68.9

30.4
65.4

44.6
0.2

101.9
108.1

-74.3
221.8

219.3
6.3

59.4
113.4

-82.9
-79.7

2
3

Net change in assets

105.0

-7.4

97.7

104.3

95.8

44.8

209.9

147.5

225.5

172.7

-162.6

Household sector

23.5

0.9

42.0

58.5

53.0

-10.1

95.9

202.8

1.6

103.6

-96.0

6
7

U.S.-chartered depository institutions


Foreign banking offices in U.S.

3.2
3.1

12.2
18.8

-1.9
-7.3

7.9
2.5

8.2
4.3

8.3
2.0

-3.9
16.0

21.9
-2.9

10.6
-5.9

-2.7
12.5

2.9
13.4

6
7

Brokers and dealers

75.2

-39.3

64.9

35.4

30.4

44.6

101.9

-74.3

219.3

59.4

-82.9

F.225 Life Insurance Reserves


Billions of dollars; quarterly figures are seasonally adjusted annual rates
1
2
3
4
5
6
7

Net change in liabilities


Federal government
Life insurance companies
Net change in assets
Households
U.S.-chartered depository institutions
Holding companies

14.4

81.1

-11.9

30.0

47.3

45.3

34.4

64.6

17.1

40.2

67.2

0.9
13.6

1.3
79.9

0.3
-12.2

0.2
29.8

0.8
46.5

-0.5
45.8

0.5
33.8

-0.1
64.6

0.6
16.5

1.2
39.0

1.4
65.8

2
3

14.4

81.1

-11.9

30.0

47.3

45.3

34.4

64.6

17.1

40.2

67.2

6.2
4.5
3.8

73.5
5.2
2.4

-26.6
7.4
7.3

19.2
5.7
5.1

36.4
5.9
5.0

35.9
4.9
4.5

16.0
8.7
9.6

54.2
5.6
4.7

5.9
6.0
5.3

30.5
5.0
4.8

55.1
6.9
5.3

5
6
7

69

Z.1, March 12, 2015

F.226 Pension Entitlements


Billions of dollars; quarterly figures are seasonally adjusted annual rates

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

596.4

498.3

497.6

498.7

556.9

498.4

590.5

526.7

569.7

527.4

603.7

2
3

Life insurance companies (1)


Private pension funds (2)

72.1
177.9

85.7
95.6

80.5
114.0

53.8
127.8

75.8
135.4

28.7
145.9

26.3
154.4

66.5
126.3

64.4
161.5

73.6
107.2

98.9
146.5

2
3

4
5

Federal government retirement funds (3)


State and local govt. retirement funds

102.1
244.3

113.0
204.0

102.0
201.1

109.9
207.2

115.8
229.8

108.7
215.1

185.2
224.6

108.0
225.9

103.8
240.0

121.6
225.1

130.0
228.2

4
5

596.4

498.3

497.6

498.7

556.9

498.4

590.5

526.7

569.7

527.4

603.7

51.8
26.6
3.0
12.3
-24.0
158.1
-124.3

208.0
20.3
1.2
16.3
9.0
67.3
93.8

177.2
24.4
1.4
16.2
6.0
126.7
2.4

-110.9
-0.4
-0.7
6.1
13.0
131.5
-260.5

ND
ND
ND
ND
ND
ND
ND

281.0
2.3
-0.1
5.1
24.0
136.4
113.3

-321.7
-26.9
-2.8
2.4
-12.0
162.1
-444.5

186.8
-27.0
-1.2
12.5
-16.0
153.3
65.3

142.3
-6.9
-1.5
14.4
-16.0
211.6
-59.3

176.3
15.4
-1.5
7.8
8.0
-16.4
162.9

ND
ND
ND
ND
ND
ND
ND

7
8
9
10
11
12
13

Net change in liabilities

2011

Net change in assets (Households) (4)


Memo:

7
8
9
10
11
12
13

Individual Retirement Accounts (IRAs) at: (5)


U.S.-chartered depository institutions
Credit unions
Life insurance companies
Money market mutual funds
Mutual funds
Other self-directed accounts

(1) Annuities, including those in IRAs.


(2) Includes unallocated insurance company contracts beginning 1985:Q4.
(3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds.
(4) Excludes all individual retirement accounts (IRAs), except those at life insurance companies.
(5) Assets of the household sector (F.101). Figures for depositories (lines 8 and 9) include Keogh accounts. Variable annuities in IRAs are included in the life insurance sector (line 10)
and excluded from the money market mutual fund and mutual fund sectors (lines 11 and 12).

F.227 Taxes Payable by Businesses


Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

Net change in taxes payable by all


businesses

19.4

20.7

11.2

11.8

35.7

34.4

76.9

32.0

42.6

16.2

52.2

7.2
-0.7

8.8
1.2

2.3
2.0

-9.0
3.2

8.8
5.8

-5.7
3.7

13.6
4.1

-18.2
3.4

8.1
6.8

21.2
5.1

24.0
8.1

2
3

2
3

Nonfinancial corporate business


Nonfinancial noncorporate business

U.S.-chartered depository institutions

6.6

10.6

7.0

0.1

15.5

24.1

21.9

31.1

29.0

-11.6

13.7

5
6

Property-casualty insurance companies


Life insurance companies

5.6
2.6

-4.4
5.2

3.8
-4.6

19.1
-2.3

4.9
0.1

10.7
0.0

43.5
-1.8

7.3
5.0

-2.8
-1.0

3.0
-3.4

12.3
-0.2

5
6

7
8

Finance companies
Brokers and dealers

0.3
-2.1

0.5
-1.1

0.2
0.5

0.1
0.6

0.2
0.3

0.9
0.6

-0.9
-3.5

0.1
3.2

0.1
2.5

0.8
1.1

-0.2
-5.5

7
8

28.1

28.7

30.9

31.0

56.1

28.7

42.8

55.0

116.2

27.9

25.1

27.1
1.0

25.6
3.1

27.9
3.0

27.8
3.2

50.2
5.8

25.1
3.6

36.3
6.5

60.1
-5.1

94.6
21.6

30.2
-2.3

16.0
9.1

10
11

-8.6

-8.1

-19.7

-19.2

-20.3

5.7

34.1

-23.1

-73.6

-11.8

27.1

12

9
10
11
12

Net change in business taxes receivable


Federal government
State and local governments
Discrepancy

F.228 Proprietors Equity in Noncorporate Business


Billions of dollars; quarterly figures are seasonally adjusted annual rates
1
2
3

Total household investment


Nonfinancial noncorporate business
Brokers and dealers

163.8

-57.3

-0.9

-46.6

-7.0

-73.9

-48.5

12.4

-46.3

34.6

-29.0

163.0
0.9

-54.5
-2.9

-7.6
6.7

-42.7
-3.9

-9.7
2.7

-58.2
-15.8

-53.3
4.8

9.3
3.0

-44.5
-1.8

28.3
6.3

-32.0
3.0

2
3

Flows

2010

70

Z.1, March 12, 2015

F.229 Direct Investment


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

Flows

U.S. direct investment abroad:


1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Liab.: Rest of the world (1)


Equity
Equity (other than reinvested earnings)
Reinvested earnings
Of which: Current-cost adjustment
Intercompany debt (2)
U.S. parents claims
Less: U.S. parents liabilities

301.1
343.0
40.6
302.5
23.3
-42.0
1.5
43.5

419.1
401.5
89.1
312.4
22.5
17.5
42.2
24.7

333.0
319.0
28.6
290.4
21.6
14.0
17.1
3.1

349.5
352.1
14.4
337.7
21.2
-2.6
23.3
25.9

268.1
321.5
-19.5
340.9
21.0
-15.8
8.9
24.7

356.9
398.3
46.5
351.8
21.1
-41.5
8.1
49.6

330.4
344.3
-18.9
363.2
21.1
-14.0
6.6
20.6

183.5
200.4
-110.0
310.4
21.0
-16.9
-0.4
16.5

328.6
339.7
-15.0
354.7
21.0
-11.1
5.1
16.2

355.0
374.9
22.4
352.4
21.0
-19.9
15.3
35.1

205.4
370.9
24.8
346.2
21.0
-15.5
15.5
31.1

1
2
3
4
5
6
7
8

Asset: Nonfinancial corporate business


Of which: Current-cost adjustment
U.S.-chartered depository institutions
Property-casualty insurance companies
Life insurance companies
Finance companies
Brokers and dealers

303.3
23.3
2.7
-22.2
1.9
6.8
8.7

403.9
22.5
-6.2
1.1
3.3
12.0
4.9

315.9
21.6
-2.6
0.2
5.2
7.7
6.7

317.4
21.2
3.5
14.1
1.2
4.0
9.2

233.3
21.0
4.5
6.2
-0.1
17.0
7.2

291.3
21.1
30.6
16.4
-0.5
10.5
8.5

327.2
21.1
7.2
-3.7
1.0
-6.6
5.2

148.6
21.0
-5.4
3.2
-0.3
28.5
9.0

315.4
21.0
0.4
4.0
-1.8
9.4
1.0

304.9
21.0
12.5
7.5
1.8
16.0
12.3

164.4
21.0
10.6
10.3
-0.2
14.0
6.4

9
10
11
12
13
14
15

Foreign direct investment in U.S.:


16
17
18
19
20
21
22
23
24

Liab.: Nonfinancial corporate business


Of which: Current-cost adjustment
Nonfinancial noncorporate business
Foreign banking offices in U.S.
Property-casualty insurance companies
Life insurance companies
Finance companies
Brokers and dealers
Funding corporations

157.0
7.8
0.3
12.4
2.8
6.3
13.2
13.2
0.6

192.7
6.2
0.0
26.0
-2.2
-5.4
6.1
18.2
0.6

170.1
5.6
0.6
-0.8
-5.3
1.4
-0.8
9.4
0.6

207.1
5.5
0.5
4.0
6.8
5.1
0.5
11.6
0.6

94.1
5.4
0.4
-2.2
-4.3
6.6
-2.6
4.1
0.6

203.0
5.5
1.6
5.4
0.5
6.8
1.1
2.3
0.6

265.4
5.5
0.5
5.6
5.5
-3.3
-3.4
31.0
0.6

-449.1
5.5
1.0
3.7
-2.1
5.8
1.6
8.8
0.6

258.4
5.5
0.8
2.7
-3.1
9.2
3.2
3.0
0.6

257.0
5.4
-0.2
-7.6
-4.2
2.1
-10.0
3.7
0.6

309.9
5.4
0.0
-7.7
-7.6
9.0
-5.3
1.0
0.6

16
17
18
19
20
21
22
23
24

25
26
27
28
29
30
31
32

Asset: Rest of the world (1)


Equity
Equity (other than reinvested earnings)
Reinvested earnings
Of which: Current-cost adjustment
Intercompany debt
U.S. affiliates liabilities
Less: U.S. affiliates claims

205.9
203.1
140.5
62.7
7.8
2.7
12.7
10.0

236.1
185.1
106.5
78.6
6.2
51.0
47.7
-3.4

175.2
191.4
93.9
97.5
5.6
-16.2
23.3
39.5

236.3
226.8
126.9
99.9
5.5
9.4
42.3
32.8

96.7
86.8
-7.9
94.7
5.4
-0.1
-15.7
-15.6

221.4
222.3
152.6
69.7
5.5
-1.0
12.6
13.5

301.8
277.9
169.5
108.4
5.5
23.9
90.1
66.3

-429.6
-401.7
-478.0
76.3
5.5
-27.9
-101.7
-73.7

274.9
253.3
139.7
113.6
5.5
21.5
41.3
19.7

241.6
254.6
159.3
95.3
5.4
-13.0
-28.2
-15.2

299.8
240.8
147.3
93.5
5.4
19.0
25.7
6.7

25
26
27
28
29
30
31
32

Memo:
Direct investment, asset/liability presentation:
33
34
35
36
37

Net U.S. acquisition of direct investment assets


Equity (line 2)
Intercompany debt
U.S. parents claims (line 7)
U.S. affiliates claims (line 32)

354.6
343.0
11.5
1.5
10.0

440.4
401.5
38.9
42.2
-3.4

375.5
319.0
56.5
17.1
39.5

408.2
352.1
56.1
23.3
32.8

314.7
321.5
-6.7
8.9
-15.6

420.0
398.3
21.7
8.1
13.5

417.2
344.3
72.8
6.6
66.3

126.3
200.4
-74.1
-0.4
-73.7

364.5
339.7
24.9
5.1
19.7

374.9
374.9
0.0
15.3
-15.2

393.2
370.9
22.3
15.5
6.7

33
34
35
36
37

38
39
40
41
42

Net U.S. incurrence of direct investment liabilities


Equity (line 26)
Intercompany debt
U.S. parents liabilities (line 8)
U.S. affiliates liabilities (line 31)

259.3
203.1
56.2
43.5
12.7

257.4
185.1
72.4
24.7
47.7

217.8
191.4
26.4
3.1
23.3

295.0
226.8
68.1
25.9
42.3

95.8
86.8
9.0
24.7
-15.7

284.5
222.3
62.2
49.6
12.6

388.6
277.9
110.7
20.6
90.1

-486.8
-401.7
-85.2
16.5
-101.7

310.8
253.3
57.5
16.2
41.3

261.5
254.6
6.9
35.1
-28.2

297.6
240.8
56.8
31.1
25.7

38
39
40
41
42

(1) Direct investment is valued on a current-cost basis and presented on a directional basis.
(2) Through 1992:Q4, U.S. direct investment abroad excludes net inflows from corporate bonds issued by Netherlands Antillean financial subsidiaries.

71

Z.1, March 12, 2015

F.230 Total Miscellaneous Financial Claims


Billions of dollars; quarterly figures are seasonally adjusted annual rates

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

602.0

1234.5

977.6

1353.7

1363.3

2145.1

729.9

2262.5

1307.5

1064.0

819.1

2
3
4

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

2.7
493.0
-50.9

-0.4
865.2
34.4

0.6
702.3
17.2

3.0
753.3
5.8

2.1
687.2
-0.3

-3.7
695.7
13.5

4.2
870.9
-1.0

4.1
980.2
9.9

5.3
736.3
-1.7

-2.6
714.4
-26.4

1.5
318.0
17.0

2
3
4

5
6

Federal government
State and local governments

110.7
275.5

123.7
316.6

95.7
300.1

104.8
289.9

108.1
278.0

466.2
316.2

-234.4
319.3

79.2
408.2

121.7
112.7

81.6
280.0

149.9
311.2

5
6

7
8
9
10
11

Monetary authority
U.S.-chartered depository institutions
Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions

29.2
-8.9
-30.5
-5.9
-8.3

-26.7
-94.9
10.1
-3.9
1.3

2.0
147.1
-35.7
-2.0
0.3

9.8
120.2
-33.2
-3.0
1.5

3.4
312.9
-11.7
-1.6
-4.2

-20.4
50.7
-143.1
-3.1
-4.7

56.7
128.5
-24.5
-5.6
-1.0

61.2
331.3
5.7
2.1
-5.8

-25.1
194.0
-13.6
1.7
13.8

-58.0
447.2
63.2
-10.5
0.4

35.7
279.0
-102.3
0.2
-24.9

7
8
9
10
11

12
13

Property-casualty insurance companies


Life insurance companies

6.3
60.7

35.2
48.0

-1.0
27.4

-0.3
3.0

10.1
52.8

9.6
56.5

-0.9
59.0

3.8
45.5

34.3
84.8

26.8
4.8

-24.7
75.9

12
13

14
15
16

Government-sponsored enterprises
Finance companies
REITs

-42.2
-71.7
4.1

-49.2
-19.1
7.1

-6.1
-24.7
25.4

-9.4
-26.4
-21.7

-1.5
-14.3
14.7

-8.9
-97.2
-55.5

-19.8
13.6
-15.4

-13.8
-10.1
26.1

-0.7
7.4
17.7

6.8
-90.0
-0.2

1.5
35.5
15.3

14
15
16

17
18
19

Brokers and dealers


Holding companies
Funding corporations

9.0
-68.5
-105.1

-19.4
-36.2
-90.2

-7.7
-98.6
-24.6

41.3
222.0
-83.6

-19.9
-31.0
-21.0

62.2
633.4
75.7

-101.8
26.3
-225.3

174.1
57.7
110.3

45.7
97.0
-148.9

-75.5
-197.9
-74.7

-223.9
-80.8
29.2

17
18
19

20

Rest of the world

2.7

132.9

-140.0

-23.4

-0.4

101.9

-118.8

-7.2

25.1

-25.2

5.8

20

336.0

636.5

491.1

1292.6

1096.6

1046.2

802.0

2206.3

1093.8

295.5

790.9

21

21

Net change in liabilities

2011

Net change in assets

22
23
24

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

8.3
214.8
105.0

70.7
23.6
7.4

-6.1
108.8
44.2

52.2
276.6
17.4

13.3
238.8
90.1

54.6
-76.5
24.8

95.2
271.0
30.3

8.8
399.6
55.7

30.5
335.5
103.5

5.7
151.6
79.2

8.0
68.5
122.0

22
23
24

25
26

State and local governments


Federal government

-21.9
-3.6

-1.2
2.0

6.7
-1.0

6.1
5.9

4.7
14.2

1.6
15.2

4.3
17.1

11.0
11.0

0.6
19.9

-0.6
11.0

7.8
14.9

25
26

27
28
29
30
31

Monetary authority
U.S.-chartered depository institutions
Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions

7.8
-99.7
-15.3
4.5
41.1

142.9
-68.5
15.0
0.8
-12.1

-27.6
-9.7
-0.3
0.2
0.8

32.3
-7.8
13.1
8.6
-1.6

-0.5
-7.5
14.4
12.5
-1.1

-2.6
-190.0
-14.0
11.1
-32.5

23.6
-172.0
-0.6
-2.6
4.9

8.2
145.0
56.3
-12.5
-6.8

3.3
131.3
3.7
20.3
20.5

-8.8
-105.0
8.8
-4.8
-5.5

-4.9
-201.2
-11.3
47.2
-12.8

27
28
29
30
31

32
33
34
35

Life insurance companies


Private pension funds
Federal government retirement funds
State and local govt. retirement funds

-7.6
8.6
85.9
305.4

52.4
50.2
91.6
307.6

31.2
35.2
90.7
292.6

24.4
39.0
91.4
297.8

55.9
86.1
94.7
292.6

19.3
77.8
499.2
346.7

38.1
101.3
-312.1
351.5

59.1
93.1
94.7
441.8

78.1
39.5
94.7
153.3

-8.7
76.5
94.7
256.3

95.0
135.4
94.7
319.1

32
33
34
35

36
37

Money market mutual funds


Mutual funds

-3.4
-12.0

-0.8
2.9

6.1
-33.1

2.8
19.1

-14.3
30.9

-18.7
129.5

108.5
-101.4

-62.1
130.7

-71.6
-86.9

-24.4
82.2

101.0
-2.3

36
37

38
39
40

Government-sponsored enterprises
Finance companies
REITs

29.3
-110.1
1.3

-0.1
-5.9
8.5

4.1
-33.4
25.8

13.1
-22.3
12.2

-10.6
-4.7
23.5

-3.5
-106.3
-54.4

-4.8
79.6
42.2

-54.1
-44.8
39.3

-2.7
8.8
44.8

-8.6
-26.6
6.2

23.0
43.6
3.9

38
39
40

41
42
43

Brokers and dealers


Holding companies
Funding corporations

-112.9
-31.2
-58.4

-106.6
36.5
19.6

-68.1
16.9
7.2

147.7
251.8
13.0

49.3
111.2
3.1

-71.0
491.1
-55.2

-113.5
337.6
4.0

633.0
188.2
11.0

-183.2
296.8
53.1

-135.6
-185.0
37.2

-116.8
145.0
-88.9

41
42
43

266.0

598.0

486.5

61.1

266.7

1098.9

-72.1

56.2

213.7

768.5

28.2

44

44

Discrepancy

Flows

2010

72

Z.1, March 12, 2015

F.231 Identified Miscellaneous Financial Claims - Part I


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

2011

2012

2013

2014

2013
Q3

2014
Q4

Q1

Q2

Q3

Q4

Federal government equity in IBRD, etc.:


1
2

Liab.: Rest of the world


Asset: Federal government

2.3
2.3

2.6
2.6

2.4
2.4

2.2
2.2

4.0
4.0

0.1
0.1

0.3
0.3

0.0
0.0

6.8
6.8

1.9
1.9

7.5
7.5

1
2

0.9
0.9

0.4
0.4

0.5
0.5

0.1
0.1

1.1
1.1

-0.2
-0.2

0.3
0.3

2.2
2.2

0.4
0.4

0.1
0.1

1.5
1.5

3
4

-2.7
0.1
0.4
0.0
-3.0
-0.2
-0.0

-5.9
-0.0
0.3
0.0
-6.1
0.7
-0.8

-1.8
0.0
0.2
0.0
-2.2
0.1
0.1

0.5
0.0
0.6
0.0
-0.6
-0.6
1.0

1.4
0.1
1.0
0.0
-0.5
0.4
0.4

-0.6
-0.1
1.0
0.0
-2.3
0.1
0.6

5.0
0.1
0.5
0.0
3.3
-2.6
3.7

-4.7
0.6
1.1
0.0
-6.7
0.1
0.2

6.1
-0.2
0.3
0.0
4.5
0.9
0.6

1.4
-0.0
0.7
0.0
-0.4
0.7
0.4

2.9
0.2
1.6
0.0
0.7
0.2
0.2

5
6
7
8
9
10
11

33.4
0.0
22.2
-39.5
-24.3
10.6
2.4

76.1
0.0
9.3
-20.3
-13.0
30.6
82.7

101.2
-6.8
10.3
-3.5
52.3
-51.5
101.9

59.3
-6.0
3.4
-15.8
57.1
-17.0
81.0

191.0
0.1
0.8
-12.6
0.2
-5.6
173.8

70.2
0.8
21.2
0.7
-157.1
106.5
42.3

157.1
-0.3
-8.1
-2.3
338.0
-118.2
366.2

165.5
-2.2
0.9
-45.9
88.7
-7.7
199.3

206.4
1.9
2.3
-3.0
61.0
19.5
288.2

114.4
-0.2
-0.3
-4.0
-158.6
-27.6
-76.4

277.5
0.9
0.2
2.7
9.8
-6.8
284.3

12
13
14
15
16
17
18

26.7
26.7

8.4
8.4

2.6
2.6

14.7
14.7

15.0
15.0

0.8
0.8

-2.6
-2.6

66.9
66.9

-4.8
-4.8

-6.5
-6.5

4.4
4.4

19
20

-31.5
-26.9
-58.4

-33.7
53.4
19.6

-11.8
19.0
7.2

-2.5
15.5
13.0

-20.3
23.4
3.1

-93.6
38.4
-55.2

19.2
-15.3
4.0

1.5
9.6
11.0

-12.2
65.3
53.1

28.1
9.1
37.2

-98.5
9.7
-88.9

21
22
23

7.9
4.0
4.0

1.4
0.7
0.7

0.1
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

24
25
26

Flows

Federal Reserve Bank stock:


3
4

Liab.: Monetary authority


Asset: U.S.-chartered depository institutions
Equity in govt.-sponsored enterprises:

5
6
7
8
9
10
11

Liab.: Government-sponsored enterprises


Asset: Nonfin. corporate business (Fannie Mae and FCS)
Nonfinancial noncorporate (FCS)
Federal government
U.S.-chartered depository institutions (FHLB)
Credit unions (FHLB)
Life insurance companies (FHLB)
Holding company net transactions with subsidiaries:

12
13
14
15
16
17
18

Liab.: U.S.-chartered depository institutions


Property-casualty insurance companies
Life insurance companies
Finance companies
Brokers and dealers
Rest of the world
Asset: Holding companies
NFC investment in finance company subsidiaries:

19
20

Liab.: Finance companies


Asset: Nonfinancial corporate business
Funding corporations investment in subsidiaries:

21
22
23

Liab.: Foreign banking offices in U.S.


Brokers and dealers
Asset: Funding corporations
Equity investment under Public-Private Inv. Program:

24
25
26

Liab.: Funding corporations


Asset: Households (2)
Federal government

(1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts-are not available before 1982.
(2) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP).

73

Z.1, March 12, 2015

F.232 Identified Miscellaneous Financial Claims - Part II


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

2011

2012

2013

2014

2013
Q3

2014
Q4

Q1

Q2

Q3

Q4

Nonofficial foreign currencies:


1
2
3

Liab.: Rest of the world


Asset: Federal government
Monetary authority (1)

-10.2
0.0
-10.2

99.7
0.0
99.7

-90.9
0.0
-90.9

-8.6
-0.0
-8.6

1.3
0.0
1.3

-4.7
0.0
-4.7

-1.0
0.0
-1.0

0.5
0.0
0.5

-1.1
0.0
-1.1

0.5
0.0
0.5

5.2
0.0
5.2

1
2
3

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

4
5

-1.5
-1.5

-1.8
-1.8

1.2
1.2

-3.2
-3.2

-1.7
-1.7

-6.1
-6.1

0.4
0.4

-0.5
-0.5

-5.6
-5.6

1.1
1.1

-1.9
-1.9

6
7

2.7
2.7

-0.4
-0.4

0.6
0.6

3.0
3.0

2.1
2.1

-3.7
-3.7

4.2
4.2

4.1
4.1

5.3
5.3

-2.6
-2.6

1.5
1.5

8
9

4
5

Liab.: Federal government


Asset: Household sector
Deposits at Federal Home Loan Banks:

6
7

Liab.: Government-sponsored enterprises


Asset: U.S.-chartered depository institutions
Deferred and unpaid life insurance premiums:

8
9

Liab.: Household sector


Asset: Life insurance companies
Life insurance company reserves:

10
11
12
13

Liab.: Life insurance companies


Accident and health
Policy dividend accumulation
Contract claims

17.1
17.0
0.4
-0.4

14.8
15.6
-1.8
0.9

-1.8
-2.4
0.4
0.3

0.4
0.2
0.2
-0.0

6.3
4.5
0.8
1.0

14.4
12.9
0.2
1.4

-5.7
-4.1
1.1
-2.7

15.0
14.5
-0.6
1.1

12.7
12.3
2.0
-1.6

1.7
-3.3
0.9
4.1

-4.3
-5.6
0.9
0.5

10
11
12
13

14

Asset: Household sector

17.1

14.8

-1.8

0.4

6.3

14.4

-5.7

15.0

12.7

1.7

-4.3

14

6.3

35.2

5.8

5.7

10.0

8.8

-0.6

6.0

32.4

27.1

-25.6

15

-35.2
11.7
29.9

36.7
10.1
-11.6

-17.7
7.6
15.9

39.7
-6.6
-27.4

-3.4
6.4
7.0

41.2
-5.3
-27.0

37.1
-9.3
-28.4

-3.4
4.2
5.2

6.8
15.5
10.1

4.6
13.3
9.2

-21.6
-7.6
3.6

16
17
18

13.9
-0.3
14.2

9.9
20.7
-10.7

-1.9
5.0
-6.9

1.3
7.5
-6.2

23.5
17.7
5.8

41.2
25.7
15.5

48.2
28.3
19.9

26.6
23.1
3.5

36.4
21.9
14.5

4.2
6.9
-2.7

26.8
18.9
7.9

19
20
21

15.4
15.4

3.0
3.0

-12.3
-12.3

-0.6
-0.6

0.9
0.9

-0.9
-0.9

-3.0
-3.0

-0.8
-0.8

1.9
1.9

3.6
3.6

-1.2
-1.2

22
23

-123.5
-123.5

-74.6
-74.6

-79.2
-79.2

94.0
94.0

47.1
47.1

-43.6
-43.6

-114.8
-114.8

484.0
484.0

-192.0
-192.0

-44.8
-44.8

-58.9
-58.9

24
25

65.7
65.7

70.8
70.8

40.4
40.4

98.2
98.2

68.8
68.8

-63.5
-63.5

592.0
592.0

74.9
74.9

52.6
52.6

79.9
79.9

67.8
67.8

26
27

22.5
22.5

18.5
18.5

13.3
13.3

12.2
12.2

10.4
10.4

-1.1
-1.1

63.8
63.8

-2.7
-2.7

11.0
11.0

-0.6
-0.6

33.9
33.9

28
29

Policy payables:
15

Liab.: Property-casualty insurance companies

16
17
18

Asset: Household sector


Nonfinancial corporate business
Nonfinancial noncorporate business
Unallocated insurance company contracts:

19
20
21

Liab.: Life insurance companies


Asset: Private pension funds
State and local government retirement funds
Pension fund contributions payable:

22
23

Liab.: Nonfinancial corporate business


Asset: Private pension funds
Securities borrowed (net):

24
25

Liab.: Funding corporations


Asset: Brokers and dealers
Nonmarketable government securities:

26
27

Liab.: Federal government


Asset: Federal government retirement funds
Retiree health care funds (2):

28
29

Liab.: Federal government


Asset: Household sector
Claims of pension fund on sponsor (3):

30
31
32

Liab.: Nonfinancial corporate business


Federal government
State and local governments

-20.7
20.2
275.5

-16.8
20.8
316.6

8.4
50.3
300.1

12.1
-6.8
289.9

23.1
25.9
278.0

7.0
562.7
316.2

51.2
-904.1
319.3

8.2
19.8
408.2

-47.1
42.1
112.7

31.9
14.7
280.0

99.3
26.8
311.2

30
31
32

33
34
35

Asset: Private pension funds


Federal government retirement funds
State and local govt. retirement funds

-20.7
20.2
275.5

-16.8
20.8
316.6

8.4
50.3
300.1

12.1
-6.8
289.9

23.1
25.9
278.0

7.0
562.7
316.2

51.2
-904.1
319.3

8.2
19.8
408.2

-47.1
42.1
112.7

31.9
14.7
280.0

99.3
26.8
311.2

33
34
35

(1) Reciprocal currency arrangements (swap lines) with foreign central banks.
(2) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund.
(3) Assets of the household sector.

Flows

Postal Savings System deposits:

74

Z.1, March 12, 2015

F.233 Unidentified Miscellaneous Financial Claims


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2010

2011

2012

2013

2014

2013
Q3

Flows

Net change in liabilities

2014
Q4

Q1

Q2

Q3

Q4

339.6

629.7

630.9

744.5

669.3

1331.0

307.1

944.5

896.4

709.7

126.8

498.3
-50.9

879.0
34.4

706.2
17.2

741.8
5.8

663.3
-0.3

689.7
13.5

822.7
-1.0

972.8
9.9

781.5
-1.7

678.9
-26.4

219.8
17.0

2
3

2.4

13.6

-8.3

1.3

3.0

-32.0

13.9

-12.8

16.0

-12.5

21.3

Monetary authority
U.S.-chartered depository institutions
Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions

28.3
-42.3
0.9
-5.9
-8.3

-27.1
-171.0
43.9
-3.9
1.3

1.5
45.9
-23.9
-2.0
0.3

9.7
60.9
-30.6
-3.0
1.5

2.4
121.9
8.5
-1.6
-4.2

-20.2
-19.5
-49.4
-3.1
-4.7

56.4
-28.6
-43.7
-5.6
-1.0

59.0
165.7
4.3
2.1
-5.8

-25.5
-12.5
-1.4
1.7
13.8

-58.1
332.8
35.1
-10.5
0.4

34.1
1.6
-3.9
0.2
-24.9

5
6
7
8
9

10
11
12
13

Life insurance companies


Government-sponsored enterprises
Finance companies
REITs

7.4
-37.9
-58.8
4.1

14.0
-41.4
-7.1
7.1

20.7
-5.4
-23.8
25.4

-2.1
-6.7
-25.4
-21.7

22.2
-1.2
-16.7
14.7

-20.4
-2.3
-98.7
-55.5

24.7
-25.1
18.6
-15.4

2.9
-8.6
-31.1
26.1

33.4
-1.2
15.2
17.7

-0.8
4.4
-79.4
-0.2

53.2
0.5
28.4
15.3

10
11
12
13

14
15
16

Brokers and dealers


Holding companies
Funding corporations

60.2
-68.5
10.5

-59.8
-36.2
-17.0

-79.0
-98.6
54.5

-31.3
222.0
-177.6

-43.5
-31.0
-68.1

180.8
633.4
119.3

-424.5
26.3
-110.5

75.9
57.7
-373.7

-80.5
97.0
43.1

74.0
-197.9
-30.0

-243.4
-80.8
88.1

14
15
16

2
3

Nonfinancial corporate business


Nonfinancial noncorporate business

Federal government

5
6
7
8
9

17

73.6

31.7

144.4

683.4

402.7

232.2

379.2

888.3

682.7

-58.9

98.6

17

18
19

Nonfinancial corporate business


Nonfinancial noncorporate business

176.3
74.7

5.1
18.8

98.6
28.2

268.4
44.2

217.3
82.1

-71.9
50.8

282.8
58.3

327.9
49.4

324.9
93.0

144.8
69.3

71.5
116.8

18
19

20
21

Federal government
State and local governments

-9.8
-21.9

-1.3
-1.2

-3.5
6.7

3.7
6.1

10.2
4.7

15.1
1.6

16.7
4.3

11.0
11.0

13.2
0.6

9.1
-0.6

7.5
7.8

20
21

22
23
24
25
26

Monetary authority
U.S.-chartered depository institutions
Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions

18.0
-96.0
-15.3
4.5
41.3

43.1
-60.9
15.0
0.8
-12.8

63.4
-9.2
-0.3
0.2
0.7

40.9
-4.2
13.1
8.6
-1.1

-1.8
-6.3
14.4
12.5
-1.6

2.1
-181.4
-14.0
11.1
-32.6

24.5
-176.0
-0.6
-2.6
7.5

7.7
150.0
56.3
-12.5
-6.8

4.4
132.0
3.7
20.3
19.7

-9.3
-105.8
8.8
-4.8
-6.2

-10.0
-201.5
-11.3
47.2
-12.9

22
23
24
25
26

27
28
29

Life insurance companies


Private pension funds
State and local govt. retirement funds

-10.2
14.2
15.7

53.6
43.4
1.7

30.6
34.1
-0.6

20.4
20.0
14.1

53.4
44.5
8.8

22.4
46.1
14.9

30.3
24.8
12.2

54.7
62.6
30.1

72.2
62.8
26.0

-6.5
34.1
-21.1

93.3
18.3
0.0

27
28
29

30
31

Money market mutual funds


Mutual funds

-3.4
-12.0

-0.8
2.9

6.1
-33.1

2.8
19.1

-14.3
30.9

-18.7
129.5

108.5
-101.4

-62.1
130.7

-71.6
-86.9

-24.4
82.2

101.0
-2.3

30
31

32
33
34

Government-sponsored enterprises
Finance companies
REITs

29.3
-110.1
1.3

-0.1
-5.9
8.5

4.1
-33.4
25.8

13.1
-22.3
12.2

-10.6
-4.7
23.5

-3.5
-106.3
-54.4

-4.8
79.6
42.2

-54.1
-44.8
39.3

-2.7
8.8
44.8

-8.6
-26.6
6.2

23.0
43.6
3.9

32
33
34

35
36

Brokers and dealers


Holding companies

10.6
-33.6

-32.0
-46.2

11.1
-85.0

53.7
170.8

2.2
-62.6

-27.4
448.9

1.3
-28.5

149.0
-11.1

8.7
8.6

-90.8
-108.6

-57.9
-139.3

35
36

266.0

598.0

486.5

61.1

266.7

1098.9

-72.1

56.2

213.7

768.5

28.2

37

37

Net change in assets

Discrepancy

75

Z.1, March 12, 2015

F.11 Sector Discrepancies


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2011

2012

2013

2014

2013
Q3

All sectors

2014
Q4

Q1

Q2

Q3

Q4

320.5

530.0

581.8

141.7

331.2

1215.7

-186.3

258.1

-103.1

1218.5

-48.9

-299.2
296.1

-487.0
797.5

-137.9
761.9

-314.1
499.9

-274.8
298.4

479.5
703.7

-886.3
434.4

-275.1
278.0

-262.6
224.8

238.0
539.2

-799.3
151.4

2
3

Federal government
State and local governments

-49.1
-8.3

-9.9
66.9

-61.2
-5.8

-40.4
20.9

-56.8
3.0

40.1
77.5

-38.9
14.3

64.4
26.3

-285.4
-30.4

156.3
41.0

-162.7
-24.9

4
5

Domestic financial sectors

200.5

97.0

-4.4

-75.7

-34.3

-465.4

519.9

84.1

56.9

-382.8

104.7

Monetary authority

-10.0

-1.2

-18.8

-1.9

-3.4

-3.3

-2.3

-4.1

-2.8

-2.6

-3.9

8
9
10
11

U.S.-chartered depository institutions


Foreign banking officed in U.S.
Banks in U.S.-affiliated areas
Credit unions

157.4
-17.6
-0.0
-6.4

90.0
1.4
1.0
-27.2

42.8
12.2
-0.1
4.8

-29.1
-53.0
-0.3
13.8

51.6
-60.2
0.1
-7.3

-176.2
-209.7
4.3
7.2

316.9
2.4
-7.8
11.6

194.9
-130.6
2.8
-19.0

46.2
3.6
1.2
-13.8

-188.4
-41.2
-3.0
-0.8

153.9
-72.6
-0.6
4.2

8
9
10
11

12
13

Property-casualty insurance companies


Life insurance companies

76.6
-31.8

4.6
-30.3

-15.0
-38.0

12.6
-22.5

-12.5
-29.1

-0.2
-3.8

43.5
-72.1

0.4
-41.5

12.7
-28.5

-33.2
-18.8

-30.0
-27.5

12
13

14
15

Mutual funds
Government-sponsored enterprises

-24.9
43.0

-35.7
3.0

-39.8
34.3

-41.3
0.7

-14.0
26.7

-43.5
-184.9

-42.0
124.0

-16.5
103.2

-18.1
22.7

-11.0
-95.7

-10.4
76.5

14
15

16
17
18

Issuers of asset-backed securities


Finance companies
REITs

0.0
9.9
8.1

0.0
43.2
18.2

0.0
30.6
28.4

0.0
20.9
57.4

0.0
-13.0
31.3

0.0
84.1
54.3

0.0
33.2
130.7

0.0
-18.9
20.2

0.0
-4.8
18.9

0.0
-15.5
15.9

0.0
-12.8
70.2

16
17
18

19
20

Brokers and dealers


Holding companies

-6.0
2.3

30.5
-0.2

-43.0
-2.6

-30.2
-2.7

-0.5
-3.9

8.5
-2.0

-13.5
-4.5

-3.9
-2.6

23.4
-3.7

15.8
-4.1

-37.2
-5.1

19
20

180.3

65.5

29.1

51.1

395.7

380.2

-229.7

80.5

193.6

626.9

682.0

21

2
3

Household sector
Nonfinancial corporate business

4
5
6
7

21

Rest of the world

F.12 Instrument Discrepancies


Billions of dollars; quarterly figures are seasonally adjusted annual rates
1

All types

320.5

530.0

581.8

141.7

331.2

1215.7

-186.3

258.1

-103.1

1218.5

-48.9

2
3

Treasury currency
Foreign deposits

-1.1
49.2

-0.7
-136.3

-0.6
-137.3

-1.1
-11.7

-1.1
16.5

-2.1
-10.0

-0.6
-278.6

-1.0
-10.1

-0.9
-142.5

-1.8
209.7

-0.5
9.0

2
3

4
5

Net interbank transactions


Security repurchase agreements

25.8
54.6

3.5
70.2

5.7
-6.8

56.8
-163.8

-47.6
-46.7

-219.3
114.3

185.7
-173.3

189.5
-33.8

-55.5
-305.6

-139.3
188.6

-185.3
-35.8

4
5

6
7
8
9

Mail floats
Federal government
State and local governments
Private domestic

-1.1
0.0
0.0
-1.1

0.8
-0.1
0.0
0.9

1.5
0.6
0.0
0.9

-0.7
0.4
0.0
-1.2

0.9
1.1
0.0
-0.3

4.6
3.6
0.0
1.0

-56.3
-53.6
0.0
-2.8

-39.3
-43.2
0.0
4.0

97.7
97.6
0.0
0.1

-1.3
4.4
0.0
-5.8

-53.6
-54.3
0.0
0.6

6
7
8
9

10
11

Trade credit
Taxes payable

-10.2
-8.6

-31.4
-8.1

47.8
-19.7

13.7
-19.2

2.5
-20.3

41.4
5.7

60.7
34.1

-52.2
-23.1

15.7
-73.6

45.9
-11.8

0.7
27.1

10
11

12

Miscellaneous

266.0

598.0

486.5

61.1

266.7

1098.9

-72.1

56.2

213.7

768.5

28.2

12

13

Nonfinancial

-54.1

33.9

204.6

206.5

160.3

182.3

114.1

171.9

147.8

160.1

161.4

13

49.2
4.9

-38.3
4.4

-209.2
4.6

-211.9
5.4

-165.9
5.6

-187.6
5.4

-119.5
5.4

-177.5
5.6

-153.5
5.6

-165.7
5.6

-167.2
5.7

14
15

14
15

Nonfinancial components (sign reversed):


Statistical discrepancy (NIPA)
Contr. for govt. soc. insur., U.S. affiliated areas

Flows

2010

76

Z.1, March 12, 2015

L.100 Domestic Nonfinancial Sectors (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

75012.8

76264.6

81339.3

89579.8

93807.0

86967.4

89579.8

90473.9

92124.5

92143.6

93807.0

95.1
107.9

110.9
92.2

114.2
85.1

109.8
139.1

100.6
141.7

112.6
125.9

109.8
139.1

109.3
126.3

110.1
136.7

103.7
142.1

100.6
141.7

2
3

Checkable deposits and currency


Time and savings deposits
Money market fund shares
Security repurchase agreements

1636.8
7598.3
1855.0
137.8

1751.4
8002.1
1808.9
133.4

1932.1
8446.1
1828.2
135.5

2218.7
8721.2
1900.6
138.6

2484.3
9240.8
1924.6
145.2

1959.2
8663.4
1837.2
141.9

2218.7
8721.2
1900.6
138.6

2212.3
8905.9
1843.5
143.6

2293.5
8931.7
1810.1
145.2

2330.7
9034.8
1847.1
144.2

2484.3
9240.8
1924.6
145.2

4
5
6
7

Credit market instruments

7631.3

7051.4

6988.5

6713.7

6298.2

6722.6

6713.7

6552.5

6383.1

6331.2

6298.2

191.8
1816.1
1014.6
1913.9
1527.8
205.7
481.3
480.1

177.7
1359.8
853.1
1847.1
1516.7
207.6
482.7
606.6

161.7
1625.0
671.6
1704.5
1412.8
207.6
473.7
731.6

128.1
1628.0
602.8
1649.5
1184.1
219.8
468.9
832.5

114.6
1399.5
475.6
1569.9
1119.1
219.0
463.1
937.4

137.6
1656.5
600.3
1674.6
1149.4
217.8
470.3
816.3

128.1
1628.0
602.8
1649.5
1184.1
219.8
468.9
832.5

124.7
1577.7
508.2
1638.9
1139.1
222.3
470.5
871.0

116.1
1401.8
508.9
1632.4
1152.8
218.8
467.2
885.1

113.3
1397.9
481.5
1581.8
1150.5
219.3
463.4
923.5

114.6
1399.5
475.6
1569.9
1119.1
219.0
463.1
937.4

9
10
11
12
13
14
15
16

2
3

U.S. official reserve assets


Foreign deposits

4
5
6
7
8
9
10
11
12
13
14
15
16

Levels

Total financial assets

2011

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Other loans and advances
Mortgages
Consumer credit

17
18

Corporate equities
Mutual fund shares

8842.0
4881.6

8637.7
4883.4

9771.3
5949.2

12607.1
7433.5

13573.0
8109.3

11749.1
7024.9

12607.1
7433.5

12779.1
7715.1

13529.6
8016.3

13076.2
7985.2

13573.0
8109.3

17
18

19
20

Trade receivables
Security credit

2885.0
725.2

2981.7
726.1

3048.1
757.0

3206.7
815.5

3346.6
868.5

3278.8
791.5

3206.7
815.5

3282.3
866.2

3372.4
866.6

3394.1
892.5

3346.6
868.5

19
20

21
22

Life insurance reserves


Pension entitlements

1137.5
17035.7

1199.3
17447.7

1186.4
18460.8

1233.0
19893.7

1276.9
20814.3

1218.5
19448.2

1233.0
19893.7

1248.3
20096.2

1254.8
20418.9

1257.6
20491.3

1276.9
20814.3

21
22

23
24
25

Taxes payable
Equity in noncorpate business
U.S. direct investment abroad

262.1
6888.5
3402.9

272.8
7363.1
3759.2

279.9
8027.2
4081.0

289.6
9001.1
4370.0

310.2
9337.7
4534.5

287.4
8800.9
4311.4

289.6
9001.1
4370.0

296.2
9059.8
4394.9

297.0
9107.0
4465.6

304.5
9215.9
4506.1

310.2
9337.7
4534.5

23
24
25

26

Miscellaneous assets

9890.1

10043.3

10248.8

10787.9

11300.6

10493.9

10787.9

10842.5

10986.0

11086.3

11300.6

26

50548.1

52544.5

54796.0

56432.6

58625.5

55963.9

56432.6

56921.7

57291.0

57976.2

58625.5

27

27

Total liabilities

28
29
30

U.S. official reserve assets


SDR certificates
Treasury currency

54.4
5.2
25.9

54.2
5.2
25.9

54.3
5.2
25.9

54.4
5.2
25.6

51.2
5.2
25.3

54.2
5.2
25.6

54.4
5.2
25.6

54.6
5.2
25.6

54.6
5.2
25.6

52.4
5.2
25.3

51.2
5.2
25.3

28
29
30

31

Credit market instruments

35619.0

36758.2

38423.0

39766.9

41416.9

39266.2

39766.9

40189.4

40393.9

40841.5

41416.9

31

82.9
9361.5
24.2
3772.1
3376.6
1465.6
1269.4
13619.2
2647.4

116.3
10428.3
25.3
3719.4
3538.2
1541.7
1333.0
13300.1
2755.9

130.3
11568.9
24.9
3714.4
3862.2
1742.8
1372.4
13083.5
2923.6

144.5
12328.3
24.5
3671.2
4140.3
1868.8
1408.0
13083.3
3097.9

182.4
12995.6
24.4
3652.4
4408.1
2155.1
1464.0
13218.7
3316.3

171.2
11956.8
25.1
3685.7
4090.6
1825.3
1404.5
13070.5
3036.6

144.5
12328.3
24.5
3671.2
4140.3
1868.8
1408.0
13083.3
3097.9

180.2
12590.8
24.0
3660.8
4211.5
1909.4
1440.7
13068.0
3104.0

185.9
12544.4
24.0
3661.4
4269.6
2014.8
1428.3
13094.7
3170.7

208.5
12755.6
23.9
3631.1
4322.0
2056.8
1444.8
13151.5
3247.4

182.4
12995.6
24.4
3652.4
4408.1
2155.1
1464.0
13218.7
3316.3

32
33
34
35
36
37
38
39
40

32
33
34
35
36
37
38
39
40

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Depository institution loans n.e.c.
Other loans and advances
Mortgages
Consumer credit

41
42

Trade payables
Security credit

3301.7
278.2

3383.1
238.9

3504.2
303.7

3682.5
339.2

3845.5
369.5

3657.5
313.7

3682.5
339.2

3709.4
320.6

3773.6
375.4

3808.7
390.3

3845.5
369.5

41
42

43
44
45

Life insurance reserves


Taxes payable
Foreign direct investment in U.S.

48.7
142.0
2134.0

50.0
152.0
2236.8

50.3
156.3
2415.5

50.5
150.4
2617.5

51.3
165.0
2737.4

50.4
154.2
2517.0

50.5
150.4
2617.5

50.5
157.5
2577.5

50.6
155.2
2635.8

50.9
165.0
2658.7

51.3
165.0
2737.4

43
44
45

46

Miscellaneous liabilities

8939.0

9640.3

9857.6

9740.3

9958.1

9920.0

9740.3

9831.4

9821.1

9978.2

9958.1

46

(1) Sum of domestic nonfinancial sectors shown on tables L.101 through L.107.

77

Z.1, March 12, 2015

L.101 Households and Nonprofit Organizations (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1
2
3
4
5
6
7

Total financial assets


Deposits
Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Credit market instruments

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

52883.3

53866.3

58075.8

64947.2

67992.2

62783.3

64947.2

65686.1

66968.6

66776.0

67992.2

8071.1

8747.6

9275.4

9655.3

10231.4

9423.8

9655.3

9822.3

9848.7

9989.3

10231.4

67.3
423.7
6450.8
1129.3

57.4
752.2
6822.2
1115.9

49.7
921.2
7194.3
1110.2

52.5
1067.1
7400.0
1135.7

53.4
1186.5
7871.7
1119.9

56.7
930.3
7342.2
1094.5

52.5
1067.1
7400.0
1135.7

51.5
1117.8
7553.7
1099.2

50.3
1149.6
7579.2
1069.5

53.5
1144.7
7703.4
1087.7

53.4
1186.5
7871.7
1119.9

3
4
5
6

4915.7

4390.0

4201.0

3874.8

3355.8

3892.6

3874.8

3670.0

3500.3

3434.4

3355.8

8
9
10

Open market paper


Treasury securities
Agency- and GSE-backed securities

21.1
1124.4
332.7

19.4
709.2
303.9

18.8
937.1
163.7

15.0
953.7
112.2

14.9
705.9
1.1

17.6
985.6
105.8

15.0
953.7
112.2

15.9
904.9
14.3

16.1
724.4
22.6

15.9
727.5
6.1

14.9
705.9
1.1

8
9
10

11
12
13
14
15

Municipal securities
Corporate and foreign bonds
Other loans and advances (2)
Mortgages
Consumer credit (student loans)

1871.4
1361.5
26.2
100.1
78.4

1806.0
1352.9
23.4
100.8
74.5

1662.4
1245.4
20.9
86.9
65.6

1618.4
1014.4
25.9
76.0
59.1

1540.4
949.2
22.6
68.6
53.2

1641.1
979.5
24.5
78.5
60.0

1618.4
1014.4
25.9
76.0
59.1

1609.4
966.9
26.6
74.3
57.8

1604.1
982.2
22.2
72.3
56.5

1555.0
981.8
23.0
70.3
54.8

1540.4
949.2
22.6
68.6
53.2

11
12
13
14
15

8665.2
4636.1

8455.3
4658.5

9592.6
5702.8

12406.8
7142.1

13365.2
7804.2

11557.1
6749.5

12406.8
7142.1

12576.2
7419.9

13323.8
7713.7

12873.1
7685.8

13365.2
7804.2

16
17

725.2
1137.5
17035.7
3523.7
13512.0

726.1
1199.3
17447.7
3916.2
13531.5

757.0
1186.4
18460.8
3812.0
14648.8

815.5
1233.0
19893.7
3127.6
16766.2

868.5
1276.9
20814.3
3127.6
17686.7

791.5
1218.5
19448.2
3622.5
15825.8

815.5
1233.0
19893.7
3127.6
16766.2

866.2
1248.3
20096.2
3208.5
16887.6

866.6
1254.8
20418.9
3054.5
17364.4

892.5
1257.6
20491.3
3181.2
17310.1

868.5
1276.9
20814.3
3127.6
17686.7

18
19
20
21
22

6888.5
808.2

7363.1
878.8

8027.2
872.7

9001.1
924.9

9337.7
938.2

8800.9
901.1

9001.1
924.9

9059.8
927.1

9107.0
934.7

9215.9
936.2

9337.7
938.2

23
24

13782.8

13573.8

13642.9

13791.4

14154.5

13732.9

13791.4

13778.6

13940.7

14065.4

14154.5

25

13231.1

13060.6

13060.3

13169.4

13496.9

13137.5

13169.4

13173.1

13278.2

13388.2

13496.9

26

9915.5
2647.4
263.2

9698.3
2755.9
255.5

9494.7
2923.6
241.0

9405.8
3097.9
227.8

9379.8
3316.3
223.1

9434.2
3036.6
232.4

9405.8
3097.9
227.8

9372.9
3104.0
227.6

9362.7
3170.7
227.0

9375.0
3247.4
224.6

9379.8
3316.3
223.1

27
28
29

61.0
136.1
207.7

11.5
138.1
201.4

62.6
139.3
199.1

92.7
141.3
203.9

222.0
143.8
211.9

92.3
140.9
201.2

92.7
141.3
203.9

123.0
141.0
204.6

168.4
142.6
206.7

189.6
143.0
208.6

222.0
143.8
211.9

30
31
32

278.2
248.8
24.7

238.9
250.0
24.3

303.7
254.0
24.9

339.2
255.0
27.9

369.5
258.1
29.9

313.7
254.8
26.8

339.2
255.0
27.9

320.6
256.0
28.9

375.4
256.9
30.2

390.3
257.4
29.6

369.5
258.1
29.9

33
34
35

16
17

Corporate equities (3)


Mutual fund shares

18
19
20
21
22

Security credit
Life insurance reserves
Pension entitlements (4)
Claims of pension fund on sponsor
Funded pension entitlements

23
24

Equity in noncorporate business


Miscellaneous assets

25
26

Total liabilities
Credit market instruments

27
28
29

Home mortgages (5)


Consumer credit
Municipal securities

30
31
32

Depository institution loans n.e.c. (6)


Other loans and advances
Commercial mortgages

33
34
35

Security credit
Trade payables
Deferred and unpaid life insurance premiums

Levels

2010

78

Z.1, March 12, 2015

L.102 Nonfinancial Business (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

17745.0

18250.4

18903.6

20021.7

20944.9

19688.6

20021.7

20115.0

20471.3

20638.7

20944.9

2
3
4
5
6

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security repurchase agreements

40.6
766.1
905.0
574.7
12.1

34.8
793.5
922.1
540.0
12.6

35.4
801.5
960.3
559.3
9.7

86.6
864.6
1017.8
601.6
8.7

88.2
932.7
1044.7
639.0
12.9

69.2
825.2
1020.2
579.9
12.5

86.6
864.6
1017.8
601.6
8.7

74.8
830.6
1036.7
577.9
11.2

86.4
883.4
1039.8
575.2
13.4

88.7
902.5
1012.3
595.3
13.3

88.2
932.7
1044.7
639.0
12.9

2
3
4
5
6

Credit market instruments

325.2

319.1

307.8

265.9

264.8

268.6

265.9

259.6

255.1

253.7

264.8

8
9
10
11

Commercial paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities

68.0
96.1
16.0
29.6

67.9
91.6
14.3
28.0

59.5
88.7
13.1
28.7

37.7
90.2
9.3
17.4

33.4
92.4
13.4
15.9

42.2
88.1
7.7
19.8

37.7
90.2
9.3
17.4

34.6
88.7
10.7
15.7

28.7
89.0
12.6
14.6

29.2
88.6
12.4
13.3

33.4
92.4
13.4
15.9

8
9
10
11

12
13

Mortgages
Consumer credit

70.1
45.5

70.0
47.4

68.7
49.2

67.7
43.5

67.5
42.3

67.9
42.8

67.7
43.5

67.5
42.4

67.5
42.6

67.4
42.8

67.5
42.3

12
13

14
15

Mutual fund shares


Trade receivables

186.8
2689.9

165.9
2779.5

180.1
2838.7

211.4
2990.3

220.3
3122.5

199.8
3062.0

211.4
2990.3

213.9
3063.7

219.6
3150.4

217.2
3170.8

220.3
3122.5

14
15

16
17

U.S. direct investment abroad


Miscellaneous assets

3402.9
8841.8

3759.2
8923.8

4081.0
9129.8

4370.0
9604.7

4534.5
10085.2

4311.4
9339.9

4370.0
9604.7

4394.9
9651.6

4465.6
9782.3

4506.1
9878.7

4534.5
10085.2

16
17

18902.3

19633.4

20551.8

21579.6

22504.2

21323.6

21579.6

21714.9

22022.4

22257.7

22504.2

18

9964.3

10258.7

10789.0

11303.6

11972.6

11193.7

11303.6

11469.7

11612.9

11765.6

11972.6

19

18

Levels

Total financial assets

2011

19

Total liabilities
Credit market instruments

20
21
22

Commercial paper
Municipal securities
Corporate bonds

82.9
485.4
3376.6

116.3
493.9
3538.2

130.3
509.1
3862.2

144.5
518.5
4140.3

182.4
518.4
4408.1

171.2
516.4
4090.6

144.5
518.5
4140.3

180.2
517.7
4211.5

185.9
516.4
4269.6

208.5
514.8
4322.0

182.4
518.4
4408.1

20
21
22

23
24
25

Depository institution loans n.e.c.


Other loans and advances
Mortgages

1404.6
1118.9
3495.9

1530.2
1179.7
3400.4

1680.1
1217.4
3389.7

1776.1
1250.5
3473.6

1933.1
1303.6
3627.0

1732.9
1247.5
3435.1

1776.1
1250.5
3473.6

1786.4
1283.4
3490.5

1846.4
1269.3
3525.3

1867.2
1285.2
3567.9

1933.1
1303.6
3627.0

23
24
25

26
27

Trade payables
Taxes payable

2174.2
142.0

2207.3
152.0

2272.2
156.3

2393.4
150.4

2489.3
165.0

2374.8
154.2

2393.4
150.4

2400.5
157.5

2444.1
155.2

2463.8
165.0

2489.3
165.0

26
27

28
29

Foreign direct investment in U.S.


Miscellaneous liabilities

2134.0
4487.7

2236.8
4778.7

2415.5
4918.9

2617.5
5114.7

2737.4
5139.8

2517.0
5083.9

2617.5
5114.7

2577.5
5109.7

2635.8
5174.4

2658.7
5204.6

2737.4
5139.8

28
29

(1) Combined statement for nonfinancial corporate business and nonfinancial noncorporate business.

79

Z.1, March 12, 2015

L.103 Nonfinancial Corporate Business


Billions of dollars; amounts outstanding end of period, not seasonally adjusted

Total financial assets

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

14016.8

14505.6

15084.9

16165.8

16932.5

15847.7

16165.8

16235.1

16546.4

16679.5

16932.5

2
3
4
5
6

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security repurchase agreements

40.6
234.5
548.7
497.8
12.1

34.8
264.2
561.9
462.4
12.6

35.4
257.3
595.2
480.6
9.7

86.6
323.9
644.9
521.1
8.7

88.2
368.5
657.5
555.5
12.9

69.2
284.4
649.9
500.0
12.5

86.6
323.9
644.9
521.1
8.7

74.8
286.1
661.7
497.1
11.2

86.4
332.2
660.7
493.4
13.4

88.7
346.1
630.1
512.9
13.3

88.2
368.5
657.5
555.5
12.9

2
3
4
5
6

Credit market instruments

229.4

222.3

209.7

165.7

160.7

169.0

165.7

158.8

153.2

150.9

160.7

8
9
10
11

Commercial paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities

68.0
48.0
16.0
23.9

67.9
43.0
14.3
22.3

59.5
39.4
13.1
22.9

37.7
39.9
9.3
11.5

33.4
40.1
13.4
9.8

42.2
38.2
7.7
14.0

37.7
39.9
9.3
11.5

34.6
38.1
10.7
9.8

28.7
37.9
12.6
8.7

29.2
37.1
12.4
7.3

33.4
40.1
13.4
9.8

8
9
10
11

12
13

Mortgages
Consumer credit

28.0
45.5

27.4
47.4

25.5
49.2

23.7
43.5

21.8
42.3

24.1
42.8

23.7
43.5

23.2
42.4

22.7
42.6

22.2
42.8

21.8
42.3

12
13

14
15

Mutual fund shares


Trade receivables

186.8
2156.5

165.9
2240.3

180.1
2292.1

211.4
2432.1

220.3
2542.7

199.8
2507.5

211.4
2432.1

213.9
2502.3

219.6
2582.8

217.2
2598.5

220.3
2542.7

14
15

16

U.S. direct investment abroad (1)

3402.9

3759.2

4081.0

4370.0

4534.5

4311.4

4370.0

4394.9

4465.6

4506.1

4534.5

16

17
18
19
20
21

Miscellaneous assets
Insurance receivables
Equity in GSEs
Investment in finance company subs.
Other

6707.4
318.7
0.6
60.7
6327.4

6782.0
328.8
0.5
69.1
6383.6

6943.8
336.4
0.6
71.7
6535.1

7401.3
329.8
0.6
86.4
6984.4

7791.7
336.2
0.7
101.4
7353.4

7144.0
332.2
0.6
87.1
6724.2

7401.3
329.8
0.6
86.4
6984.4

7434.2
330.9
0.7
103.1
6999.5

7539.1
334.8
0.7
101.9
7101.7

7615.7
338.1
0.7
100.3
7176.6

7791.7
336.2
0.7
101.4
7353.4

17
18
19
20
21

13226.7

13878.4

14695.2

15591.2

16279.4

15379.9

15591.2

15692.6

15925.9

16114.3

16279.4

22

22

Total liabilities

23

Credit market instruments

6013.4

6272.6

6719.8

7119.6

7568.6

7053.9

7119.6

7258.2

7332.6

7435.1

7568.6

23

24
25
26

Commercial paper
Municipal securities (2)
Corporate bonds (1)

82.9
485.4
3376.6

116.3
493.9
3538.2

130.3
509.1
3862.2

144.5
518.5
4140.3

182.4
518.4
4408.1

171.2
516.4
4090.6

144.5
518.5
4140.3

180.2
517.7
4211.5

185.9
516.4
4269.6

208.5
514.8
4322.0

182.4
518.4
4408.1

24
25
26

27
28
29

Depository institution loans n.e.c.


Other loans and advances (3)
Mortgages

477.1
948.1
643.2

546.0
1008.3
569.8

607.9
1036.8
573.5

654.4
1063.6
598.3

715.8
1115.7
628.1

627.0
1066.0
582.8

654.4
1063.6
598.3

654.3
1095.7
598.8

675.6
1080.8
604.2

682.6
1094.8
612.5

715.8
1115.7
628.1

27
28
29

30
31

Trade payables
Taxes payable

1746.4
42.9

1771.6
51.7

1837.8
54.0

1951.5
45.0

2037.1
53.7

1932.3
49.7

1951.5
45.0

1955.9
51.2

1995.6
47.1

2013.1
55.7

2037.1
53.7

30
31

32

Foreign direct investment in U.S.

2128.7

2230.7

2408.9

2610.3

2729.7

2510.1

2610.3

2569.9

2628.1

2651.1

2729.7

32

33
34
35
36

Miscellaneous liabilities
Pension fund contributions payable
Claims of pension fund on sponsor
Other

3295.3
90.8
446.5
2758.0

3551.8
93.8
517.2
2940.9

3674.8
81.4
389.8
3203.6

3864.9
80.9
131.4
3652.6

3890.2
81.7
19.4
3789.1

3833.8
81.6
208.2
3544.1

3864.9
80.9
131.4
3652.6

3857.4
80.7
103.8
3672.9

3922.6
81.1
31.7
3809.8

3959.3
82.0
49.7
3827.6

3890.2
81.7
19.4
3789.1

33
34
35
36

410.1
14356.5

468.7
14368.3

454.3
15960.5

480.6
20711.3

505.7
22554.4

575.2
19142.7

480.6
20711.3

546.4
20988.5

587.2
22014.4

585.3
21665.9

505.7
22554.4

37
38

Memo:
37
38

Trade receivables net of payables


Market value of equities

39
40

Securities and mortgages


Loans and short-term paper

4505.2
1508.2

4601.9
1670.7

4944.9
1775.0

5257.1
1862.5

5554.6
2014.0

5189.7
1864.2

5257.1
1862.5

5328.0
1930.1

5390.2
1942.3

5449.3
1985.9

5554.6
2014.0

39
40

41
42

Total short-term liabilities (4)


Total liquid assets (5)

3297.5
1676.5

3493.9
1649.2

3666.7
1693.2

3858.9
1895.2

4104.8
1999.6

3846.2
1817.9

3858.9
1895.2

3937.2
1838.0

3985.0
1893.6

4054.7
1894.2

4104.8
1999.6

41
42

43
44

Analytical measures (percent)


Long-term debt/credit market debt
Short-term debt/credit market debt

74.9
25.1

73.4
26.6

73.6
26.4

73.8
26.2

73.4
26.6

73.6
26.4

73.8
26.2

73.4
26.6

73.5
26.5

73.3
26.7

73.4
26.6

43
44

45

Liquid assets/short-term liabilities

50.8

47.2

46.2

49.1

48.7

47.3

49.1

46.7

47.5

46.7

48.7

45

(1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.
(2) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.
(3) Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table L.216.
(4) Sum of lines 24, 27, 28, 30, and 31. Includes loans due in more than one year and excludes current maturities of bonds and mortgages.
(5) Sum of lines 2 through 6, lines 8 through 11, and line 14.

Levels

2010

80

Z.1, March 12, 2015

L.104 Nonfinancial Noncorporate Business


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

Checkable deposits and currency


Time and savings deposits
Money market fund shares

Credit market instruments

6
7
8
9
10
11
12
13
14
15
16

Levels

Total financial assets

2
3
4

17
18
19

Treasury securities
Municipal securities
Mortgages
Consumer credit
Trade receivables
Miscellaneous assets
Insurance receivables
Equity investment in GSEs (1)
Other
Total liabilities
Credit market instruments
Depository institution loans n.e.c.
Other loans and advances
Mortgages

20
21

Trade payables
Taxes payable

22
23

Foreign direct investment in U.S.


Miscellaneous liabilities

(1) Equity in the Farm Credit System.

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

3728.3

3744.9

3818.7

3855.9

4012.4

3840.9

3855.9

3879.9

3924.9

3959.3

4012.4

531.6
356.2
76.8

529.3
360.1
77.7

544.1
365.1
78.7

540.7
372.9
80.4

564.2
387.2
83.5

540.8
370.4
79.9

540.7
372.9
80.4

544.5
375.0
80.9

551.2
379.2
81.8

556.4
382.3
82.4

564.2
387.2
83.5

2
3
4

95.8

96.8

98.1

100.2

104.1

99.5

100.2

100.8

101.9

102.7

104.1

48.1
5.6
42.1
0.0

48.6
5.7
42.5
0.0

49.3
5.8
43.1
0.0

50.3
5.9
44.0
0.0

52.2
6.1
45.7
0.0

50.0
5.8
43.7
0.0

50.3
5.9
44.0
0.0

50.6
5.9
44.3
0.0

51.2
6.0
44.8
0.0

51.6
6.0
45.1
0.0

52.2
6.1
45.7
0.0

6
7
8
9

533.4
2134.4
131.7
6.7
1996.0

539.2
2141.8
120.1
7.0
2014.8

546.6
2186.0
135.9
7.2
2043.0

558.2
2203.4
108.5
7.8
2087.1

579.8
2293.5
115.6
8.7
2169.3

554.5
2195.9
115.6
7.6
2072.6

558.2
2203.4
108.5
7.8
2087.1

561.4
2217.4
109.8
8.0
2099.5

567.7
2243.2
112.4
8.1
2122.8

572.3
2263.0
114.7
8.3
2140.1

579.8
2293.5
115.6
8.7
2169.3

10
11
12
13
14

5675.6

5755.0

5856.6

5988.4

6224.8

5943.7

5988.4

6022.4

6096.5

6143.4

6224.8

15

3950.9

3986.1

4069.1

4183.9

4404.0

4139.8

4183.9

4211.5

4280.3

4330.5

4404.0

16

927.4
170.8
2852.7

984.2
171.3
2830.6

1072.2
180.7
2816.2

1121.8
186.9
2875.3

1217.3
187.8
2998.9

1105.9
181.5
2852.3

1121.8
186.9
2875.3

1132.1
187.8
2891.6

1170.8
188.5
2921.1

1184.6
190.4
2955.4

1217.3
187.8
2998.9

17
18
19

427.8
99.2

435.7
100.3

434.4
102.3

441.9
105.5

452.3
111.3

442.4
104.5

441.9
105.5

444.6
106.3

448.5
108.0

450.7
109.3

452.3
111.3

20
21

5.3
1192.4

6.1
1226.8

6.6
1244.1

7.3
1249.8

7.7
1249.5

7.0
1250.1

7.3
1249.8

7.5
1252.3

7.7
1251.9

7.7
1245.3

7.7
1249.5

22
23

81

Z.1, March 12, 2015

L.105 General Government (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted

Total financial assets

2
3
4
5
6

U.S. official reserve assets


Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security repurchase agreements

Credit market instruments

8
9
10
11
12
13
14
15

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Mortgages
Consumer credit
Other loans and advances

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

4384.4

4147.8

4359.8

4611.0

4869.9

4495.4

4611.0

4672.8

4684.6

4728.9

4869.9

95.1
446.9
242.6
151.1
125.6

110.9
205.8
257.9
153.0
120.8

114.2
209.3
291.5
158.7
125.8

109.8
286.9
303.5
163.3
129.9

100.6
365.2
324.4
165.8
132.3

112.6
203.6
300.9
162.8
129.4

109.8
286.9
303.5
163.3
129.9

109.3
263.8
315.4
166.3
132.4

110.1
260.5
312.6
165.4
131.8

103.7
283.4
319.1
164.0
130.8

100.6
365.2
324.4
165.8
132.3

2
3
4
5
6

2390.4

2342.3

2479.7

2573.1

2677.6

2561.4

2573.1

2622.8

2627.7

2643.2

2677.6

102.7
595.6
665.9
12.9
166.3
311.2
356.2
179.5

90.4
559.1
534.9
13.1
163.9
312.0
484.7
184.3

83.4
599.1
494.7
13.4
167.4
318.2
616.8
186.7

75.4
584.1
481.3
13.6
169.7
325.1
729.8
193.9

66.3
601.2
461.2
13.6
169.9
327.1
841.9
196.4

77.8
582.7
486.8
13.6
169.8
323.9
713.5
193.3

75.4
584.1
481.3
13.6
169.7
325.1
729.8
193.9

74.2
584.1
483.2
13.8
172.2
328.7
770.9
195.7

71.3
588.3
473.7
13.7
170.6
327.4
786.0
196.6

68.2
581.8
463.1
13.5
168.7
325.7
825.9
196.3

66.3
601.2
461.2
13.6
169.9
327.1
841.9
196.4

8
9
10
11
12
13
14
15

16
17

Corporate equities
Mutual fund shares

176.8
58.7

182.4
59.0

178.7
66.3

200.3
80.0

207.9
84.7

192.0
75.5

200.3
80.0

202.9
81.4

205.8
83.0

203.2
82.2

207.9
84.7

16
17

18
19
20

Trade receivables
Taxes receivable
Miscellaneous assets

195.1
262.1
240.0

202.2
272.8
240.7

209.4
279.9
246.3

216.4
289.6
258.3

224.1
310.2
277.2

216.8
287.4
252.9

216.4
289.6
258.3

218.6
296.2
263.7

221.9
297.0
268.9

223.3
304.5
271.5

224.1
310.2
277.2

18
19
20

17863.1

19337.3

20601.3

21061.5

21966.8

20907.5

21061.5

21428.1

21327.9

21653.1

21966.8

21

54.4
5.2
25.9

54.2
5.2
25.9

54.3
5.2
25.9

54.4
5.2
25.6

51.2
5.2
25.3

54.2
5.2
25.6

54.4
5.2
25.6

54.6
5.2
25.6

54.6
5.2
25.6

52.4
5.2
25.3

51.2
5.2
25.3

22
23
24

12423.6

13438.8

14573.7

15293.9

15947.4

14935.0

15293.9

15546.6

15502.8

15687.7

15947.4

25

188.0
9173.5
24.2
3023.6
0.0
14.4

185.3
10243.0
25.3
2970.0
0.0
15.3

182.5
11386.4
24.9
2964.3
0.0
15.7

179.2
12149.1
24.5
2924.9
0.0
16.2

176.0
12819.6
24.4
2910.9
0.0
16.6

180.0
11776.8
25.1
2937.0
0.0
16.1

179.2
12149.1
24.5
2924.9
0.0
16.2

178.4
12412.4
24.0
2915.5
0.0
16.3

177.7
12366.7
24.0
2918.0
0.0
16.4

176.8
12578.8
23.9
2891.8
0.0
16.5

176.0
12819.6
24.4
2910.9
0.0
16.6

26
27
28
29
30
31

878.7
48.7
4426.6

925.9
50.0
4837.3

978.0
50.3
4913.9

1034.2
50.5
4597.7

1098.1
51.3
4788.4

1028.0
50.4
4809.2

1034.2
50.5
4597.7

1052.9
50.5
4692.8

1072.6
50.6
4616.4

1087.5
50.9
4744.1

1098.1
51.3
4788.4

32
33
34

3774.4
17253.0

3573.5
18763.0

3745.0
19986.5

4010.6
20461.1

4252.1
21349.0

3896.6
20308.7

4010.6
20461.1

4072.5
20827.8

4079.9
20723.1

4130.6
21054.8

4252.1
21349.0

35
36

21

Total liabilities

22
23
24

SDR allocations
SDR certificates
Treasury currency

25

Credit market instruments

26
27
28
29
30
31
32
33
34

35
36

U.S. savings securities


Treasury bills and other Treasury securities
Budget agency securities
Municipal securities
Multifamily residential mortgages
Other loans and advances
Trade payables
Insurance reserves
Miscellaneous liabilities
Memo:
Total financial assets (consolidated) (2)
Total liabilities (consolidated) (2)

(1) Sum of the federal government (table L.106) and state and local governments (table L.107) sectors.
(2) Excludes Treasury securities held by state and local governments (line 9) and federal government loans to state and local governments (line 31).

Levels

2010

82

Z.1, March 12, 2015

L.106 Federal Government


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

U.S. official reserve assets


Checkable deposits and currency
Time and savings deposits

Credit market instruments

6
7
8
9
10
11
12
13
14
15

Levels

Total financial assets

2
3
4

Agency- and GSE-backed securities


Corporate and foreign bonds
Other loans and advances
Mortgages
Consumer credit (1)
Corporate equities (2)
Trade receivables
Taxes receivable
Miscellaneous assets
Total liabilities

16
17
18

SDR allocations
SDR certificates
Treasury currency

19

Credit market instruments

20
21
22
23
24

U.S. savings securities


Treasury bills
Other Treasury securities
Budget agency securities
Multifamily residential mortgages

25
26

Trade payables
Insurance reserves

27
28
29
30

Miscellaneous liabilities
Nonmarketable securities held by pension plans (3)
Claims of pension fund on sponsor
Other

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

1612.2

1411.3

1516.9

1713.7

1902.9

1620.1

1713.7

1742.2

1763.4

1821.8

1902.9

95.1
342.3
2.0

110.9
84.6
1.7

114.2
92.2
2.0

109.8
163.0
1.5

100.6
224.2
1.7

112.6
88.6
1.9

109.8
163.0
1.5

109.3
142.6
1.5

110.1
139.6
1.5

103.7
160.5
1.6

100.6
224.2
1.7

2
3
4

792.4

810.7

915.6

1039.8

1156.0

1021.4

1039.8

1083.0

1099.7

1140.0

1156.0

149.2
0.9
179.5
106.6
356.2

31.1
0.8
184.3
109.9
484.7

0.0
0.6
186.7
111.5
616.8

0.0
0.6
193.9
115.5
729.8

0.0
0.5
196.4
117.2
841.9

0.0
0.6
193.3
114.1
713.5

0.0
0.6
193.9
115.5
729.8

0.0
0.5
195.7
116.0
770.9

0.0
0.5
196.6
116.5
786.0

0.0
0.5
196.3
117.3
825.9

0.0
0.5
196.4
117.2
841.9

6
7
8
9
10

49.9
42.9
144.3
143.2

57.8
47.7
152.8
145.1

39.9
50.3
158.6
144.0

35.1
48.8
165.8
149.9

33.4
49.8
173.0
164.1

35.3
50.6
164.0
145.7

35.1
48.8
165.8
149.9

34.9
50.6
167.6
152.7

34.7
50.8
169.4
157.6

33.6
50.8
171.2
160.4

33.4
49.8
173.0
164.1

11
12
13
14

12812.7

13996.3

15252.9

16130.5

16922.6

15825.5

16130.5

16424.3

16413.9

16650.7

16922.6

15

54.4
5.2
25.9

54.2
5.2
25.9

54.3
5.2
25.9

54.4
5.2
25.6

51.2
5.2
25.3

54.2
5.2
25.6

54.4
5.2
25.6

54.6
5.2
25.6

54.6
5.2
25.6

52.4
5.2
25.3

51.2
5.2
25.3

16
17
18

9385.6

10453.6

11593.7

12352.8

13019.9

11981.9

12352.8

12614.8

12568.4

12779.4

13019.9

19

188.0
1768.9
7404.6
24.2
0.0

185.3
1519.5
8723.6
25.3
0.0

182.5
1626.5
9759.9
24.9
0.0

179.2
1590.6
10558.5
24.5
0.0

176.0
1456.7
11362.9
24.4
0.0

180.0
1527.9
10248.8
25.1
0.0

179.2
1590.6
10558.5
24.5
0.0

178.4
1650.2
10762.2
24.0
0.0

177.7
1386.4
10980.3
24.0
0.0

176.8
1409.6
11169.2
23.9
0.0

176.0
1456.7
11362.9
24.4
0.0

20
21
22
23
24

209.7
48.7

218.5
50.0

231.9
50.3

248.4
50.5

271.5
51.3

252.2
50.4

248.4
50.5

257.1
50.5

266.7
50.6

271.2
50.9

271.5
51.3

25
26

3083.1
1142.9
1733.7
206.5

3189.0
1213.7
1750.7
224.6

3291.6
1254.1
1800.0
237.5

3393.7
1352.3
1792.1
249.2

3498.2
1421.1
1818.0
259.1

3456.1
1161.5
2061.2
233.4

3393.7
1352.3
1792.1
249.2

3416.5
1339.7
1828.4
248.4

3442.8
1342.6
1849.3
251.0

3466.2
1361.8
1853.7
250.7

3498.2
1421.1
1818.0
259.1

27
28
29
30

(1) Includes loans originated by the Department of Education under the Federal Direct Loan Program, as well as Federal Family Education Loan Program loans that
the government purchased from depository institutions and finance companies.
(2) Corporate equities purchased from financial businesses under the Troubled Asset Relief Program (TARP) and from GSEs at market price.
(3) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military
retirement fund, and foreign service retirement and disability fund.

83

Z.1, March 12, 2015

L.107 State and Local Governments (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

2772.2

2736.5

2843.0

2897.2

2967.0

2875.3

2897.2

2930.6

2921.2

2907.0

2967.0

2
3

Checkable deposits and currency


Time and savings deposits

104.6
240.6

121.2
256.2

117.2
289.5

123.9
301.9

141.0
322.6

115.0
299.0

123.9
301.9

121.3
313.9

120.9
311.1

123.0
317.4

141.0
322.6

2
3

4
5

Money market fund shares


Security repurchase agreements

151.1
125.6

153.0
120.8

158.7
125.8

163.3
129.9

165.8
132.3

162.8
129.4

163.3
129.9

166.3
132.4

165.4
131.8

164.0
130.8

165.8
132.3

4
5

Credit market instruments

1598.0

1531.6

1564.1

1533.3

1521.5

1540.0

1533.3

1539.8

1528.0

1503.1

1521.5

Open market paper


Treasury securities
Agency- and GSE-backed securities

102.7
595.6
516.7

90.4
559.1
503.8

83.4
599.1
494.7

75.4
584.1
481.3

66.3
601.2
461.2

77.8
582.7
486.8

75.4
584.1
481.3

74.2
584.1
483.2

71.3
588.3
473.7

68.2
581.8
463.1

66.3
601.2
461.2

7
8
9

Municipal securities
Corporate and foreign bonds
Mortgages

12.9
165.5
204.6

13.1
163.1
202.1

13.4
166.7
206.7

13.6
169.2
209.7

13.6
169.3
209.9

13.6
169.3
209.8

13.6
169.2
209.7

13.8
171.7
212.8

13.7
170.1
210.9

13.5
168.1
208.4

13.6
169.3
209.9

10
11
12

7
8
9
10
11
12

Total financial assets

2011

13
14

Corporate equities
Mutual fund shares

126.8
58.7

124.6
59.0

138.8
66.3

165.2
80.0

174.4
84.7

156.7
75.5

165.2
80.0

167.9
81.4

171.1
83.0

169.6
82.2

174.4
84.7

13
14

15
16
17

Trade receivables
Taxes receivable
Miscellaneous assets

152.2
117.8
96.8

154.5
120.0
95.6

159.1
121.3
102.3

167.5
123.8
108.3

174.3
137.2
113.0

166.2
123.4
107.3

167.5
123.8
108.3

168.0
128.6
111.1

171.1
127.6
111.2

172.5
133.3
111.1

174.3
137.2
113.0

15
16
17

5050.4

5341.0

5348.4

4931.0

5044.2

5082.0

4931.0

5003.9

4914.0

5002.4

5044.2

18

18

Total liabilities

19

Credit market instruments

3038.0

2985.3

2980.0

2941.1

2927.5

2953.1

2941.1

2931.8

2934.4

2908.3

2927.5

19

20
21
22
23

Municipal securities
Short-term (2)
Long-term
U.S. government loans

3023.6
63.0
2960.6
14.4

2970.0
52.3
2917.6
15.3

2964.3
56.1
2908.2
15.7

2924.9
45.3
2879.6
16.2

2910.9
38.6
2872.3
16.6

2937.0
46.0
2891.0
16.1

2924.9
45.3
2879.6
16.2

2915.5
43.0
2872.5
16.3

2918.0
33.6
2884.4
16.4

2891.8
37.0
2854.8
16.5

2910.9
38.6
2872.3
16.6

20
21
22
23

669.0
1343.4

707.4
1648.3

746.2
1622.2

785.8
1204.1

826.6
1290.2

775.8
1353.1

785.8
1204.1

795.8
1276.3

806.0
1173.6

816.3
1277.9

826.6
1290.2

24
25

24
25

Trade payables
Claims of pension fund on sponsor (3)

(1) Data for state and local government employee retirement funds are shown in table L.120.
(2) Debt with original maturity of 13 months or less.
(3) Included in miscellaneous liabilities.

Levels

2010

84

Z.1, March 12, 2015

L.108 Domestic Financial Sectors (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

Levels

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

69502.9

71077.2

75220.4

81074.0

85034.0

79528.0

81074.0

82122.6

83516.8

83976.6

85034.0

U.S. official reserve assets


SDR certificates
Treasury currency
Foreign deposits
Net interbank assets

37.0
5.2
43.5
105.9
1019.6

36.8
5.2
44.2
42.9
1622.6

35.8
5.2
44.8
43.3
1561.7

34.6
5.2
45.5
33.7
2321.8

32.0
5.2
46.3
24.1
2453.2

35.0
5.2
45.3
36.3
2294.2

34.6
5.2
45.5
33.7
2321.8

34.8
5.2
45.7
19.4
2508.6

34.9
5.2
46.0
26.7
2520.4

33.2
5.2
46.2
23.2
2602.0

32.0
5.2
46.3
24.1
2453.2

2
3
4
5
6

7
8
9
10

Checkable deposits and currency


Time and savings deposits
Money market fund shares
Federal funds and security repos

327.1
641.6
830.6
2623.8

364.3
594.5
759.3
2741.6

374.4
624.2
724.5
3113.6

371.5
706.5
665.8
2739.1

377.4
711.2
645.1
2732.3

385.7
706.5
690.7
2832.1

371.5
706.5
665.8
2739.1

344.2
708.5
635.4
2713.1

358.0
712.1
598.3
2806.8

381.4
738.9
603.3
2739.5

377.4
711.2
645.1
2732.3

7
8
9
10

11

Credit market instruments

36288.0

37283.8

38556.1

40235.3

42150.9

39649.6

40235.3

40572.6

41072.9

41544.4

42150.9

11

763.7
3086.6
5487.8
1786.5
6286.2

688.9
4064.1
5646.1
1799.9
6416.8

688.0
4372.4
5881.8
1938.1
6888.7

721.8
4905.4
6306.1
1945.6
7190.8

711.0
5426.9
6553.7
2003.7
7610.6

749.7
4645.6
6187.3
1936.2
7148.1

721.8
4905.4
6306.1
1945.6
7190.8

761.0
5061.3
6351.2
1945.0
7277.9

772.2
5130.1
6399.6
1951.7
7429.1

763.6
5289.4
6464.3
1970.7
7500.2

711.0
5426.9
6553.7
2003.7
7610.6

12
13
14
15
16

2001.2
1394.8
13313.9
2167.3

2147.8
1363.9
13006.9
2149.4

2322.7
1468.3
12804.1
2192.0

2508.8
1574.8
12816.6
2265.4

2816.9
1683.8
12965.4
2379.0

2424.8
1540.1
12797.4
2220.3

2508.8
1574.8
12816.6
2265.4

2560.7
1579.8
12802.8
2232.9

2652.4
1617.6
12834.4
2285.7

2696.3
1641.1
12895.0
2323.9

2816.9
1683.8
12965.4
2379.0

17
18
19
20

11494.6
2731.4

10904.5
2617.2

12479.3
2881.5

15854.5
3561.3

17002.5
3842.8

14647.4
3358.3

15854.5
3561.3

16080.3
3621.2

16786.8
3749.9

16558.0
3737.3

17002.5
3842.8

21
22

2
3
4
5
6

Total financial assets

2011

12
13
14
15
16

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

17
18
19
20

Depository institution loans n.e.c.


Other loans and advances
Mortgages
Consumer credit

21
22

Corporate equities
Mutual fund shares

23
24

Trade receivables
Security credit

135.6
316.4

134.8
308.1

133.2
374.9

131.0
420.8

133.5
463.6

133.0
392.2

131.0
420.8

134.4
406.9

137.8
462.9

134.4
480.2

133.5
463.6

23
24

25
26

Life insurance reserves


U.S. direct investment abroad

141.1
870.7

153.0
840.3

172.9
891.9

183.7
914.0

194.6
948.8

179.1
926.4

183.7
914.0

186.3
925.6

189.1
930.8

191.6
942.1

194.6
948.8

25
26

27

Miscellaneous assets

11891.0

12624.1

13203.3

12849.5

13270.6

13211.0

12849.5

13180.2

13078.2

13215.9

13270.6

27

28

66213.0

67740.4

71360.5

76717.3

80268.3

75192.4

76717.3

77688.7

78915.5

79336.5

80268.3

28

29

Total liabilities
Net interbank liabilities

1068.5

1889.0

1683.8

2813.0

2794.3

2767.7

2813.0

3025.3

3052.3

3131.2

2794.3

29

30
31
32
33

Checkable deposits and currency


Time and savings deposits
Money market fund shares
Federal funds and security repos

2359.8
8548.1
2755.4
2934.2

2594.3
8952.2
2642.5
3114.0

2853.8
9463.7
2649.6
3325.0

3186.5
9872.9
2678.5
2935.5

3538.0
10451.2
2688.1
2942.0

2924.6
9789.7
2637.3
3007.6

3186.5
9872.9
2678.5
2935.5

3183.8
10075.7
2592.5
2949.5

3295.7
10139.3
2522.4
3037.6

3356.9
10264.8
2565.4
2907.5

3538.0
10451.2
2688.1
2942.0

30
31
32
33

34

Credit market instruments

14455.7

14036.3

13802.4

13948.3

14161.2

13762.7

13948.3

13856.7

13951.0

14034.9

14161.2

34

576.0
7574.0
5282.9

507.9
7552.1
4972.8

449.1
7529.7
4870.3

400.2
7769.7
4718.2

363.6
7910.0
4748.5

399.9
7688.5
4680.1

400.2
7769.7
4718.2

398.2
7697.1
4714.4

384.5
7750.6
4743.0

396.9
7809.8
4736.5

363.6
7910.0
4748.5

35
36
37

373.6
473.2
176.1

400.8
413.1
189.5

342.3
416.6
194.4

363.2
494.9
202.2

356.2
573.1
209.8

337.1
460.0
197.1

363.2
494.9
202.2

360.8
480.9
205.3

333.1
532.9
206.9

342.6
542.1
206.9

356.2
573.1
209.8

38
39
40

7873.0
18.1
763.5

7870.9
14.3
795.4

9326.1
14.2
828.2

11544.4
14.5
897.1

12574.0
17.9
962.5

10904.5
13.3
870.0

11544.4
14.5
897.1

11899.2
14.8
952.5

12374.8
17.8
954.1

12343.7
19.9
982.4

12574.0
17.9
962.5

41
42
43

1229.9
17035.7

1302.3
17447.7

1309.0
18460.8

1366.3
19893.7

1420.2
20814.3

1347.3
19448.2

1366.3
19893.7

1384.2
20096.2

1393.3
20418.9

1398.3
20491.3

1420.2
20814.3

44
45

-88.9
489.6

-78.0
561.9

-76.8
578.9

-59.1
559.3

-38.0
561.5

-73.9
598.6

-59.1
559.3

-47.4
563.9

-40.5
567.8

-43.0
564.0

-38.0
561.5

46
47

6770.6

6597.6

7141.8

7066.4

7380.9

7194.9

7066.4

7141.8

7231.2

7319.3

7380.9

48

4295.7
15.9

4069.7
11.9

4931.6
17.3

6465.8
17.6

7290.3
20.0

5962.4
16.5

6465.8
17.6

6594.4
18.4

6806.2
18.4

6814.0
18.9

7290.3
20.0

49
50

35
36
37

Open market paper


Agency- and GSE-backed securities
Corporate and foreign bonds

38
39
40

Depository institution loans n.e.c.


Other loans and advances
Mortgages

41
42
43

Mutual fund shares


Trade payables
Security credit

44
45

Life insurance reserves


Pension entitlements

46
47

Taxes payable
Foreign direct investment in U.S.

48

Miscellaneous liabilities
Memo:

49
50

Market value of corporate equities


Equity in noncorporate business

(1) Sum of financial sectors shown on tables L.109 through L.131.

85

Z.1, March 12, 2015

L.109 Monetary Authority (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

2453.2

2947.2

2954.9

4073.8

4555.4

3787.1

4073.8

4290.4

4429.6

4507.5

4555.4

2
3
4

U.S. official reserve assets


SDR certificates
Treasury currency

37.0
5.2
43.5

36.8
5.2
44.2

35.8
5.2
44.8

34.6
5.2
45.5

32.0
5.2
46.3

35.0
5.2
45.3

34.6
5.2
45.5

34.8
5.2
45.7

34.9
5.2
46.0

33.2
5.2
46.2

32.0
5.2
46.3

2
3
4

Federal Reserve float (2)

-1.4

-0.6

-0.5

-1.0

-0.6

-0.6

-1.0

-0.5

-0.5

-0.9

-0.6

6
7
8

Interbank loans (2)


Discount window (3)
AMLF (4)

0.2
0.2
0.0

0.2
0.2
0.0

0.1
0.1
0.0

0.1
0.1
0.0

0.1
0.1
0.0

0.2
0.2
0.0

0.1
0.1
0.0

0.0
0.0
0.0

0.2
0.2
0.0

0.3
0.3
0.0

0.1
0.1
0.0

6
7
8

Security repurchase agreements

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2259.2

2635.6

2670.1

3756.3

4236.9

3475.1

3756.3

3970.1

4108.2

4188.2

4236.9

10

0.0
1021.5
18.4
1003.1
1139.6
992.1
147.5

0.0
1663.4
18.4
1645.0
941.7
837.7
104.0

0.0
1666.1
0.0
1666.1
1003.4
926.7
76.8

0.0
2208.8
0.0
2208.8
1547.4
1490.2
57.2

0.0
2461.4
0.0
2461.4
1775.5
1736.8
38.7

0.0
2072.3
0.0
2072.3
1402.7
1342.1
60.7

0.0
2208.8
0.0
2208.8
1547.4
1490.2
57.2

0.0
2319.6
0.0
2319.6
1650.5
1603.1
47.3

0.0
2400.6
0.0
2400.6
1707.6
1663.9
43.7

0.0
2451.7
0.0
2451.7
1736.4
1696.4
40.0

0.0
2461.4
0.0
2461.4
1775.5
1736.8
38.7

11
12
13
14
15
16
17

98.1
24.7
0.0
25.8
20.0
13.5
14.1
0.0
0.0

30.5
9.0
0.0
4.9
0.0
6.8
9.8
0.0
0.0

0.6
0.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.1
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.1
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.1
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.1
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

18
19
20
21
22
23
24
25
26

26.4
83.1
0.1
83.0

0.0
225.8
99.8
126.0

0.0
199.5
8.9
190.6

0.0
233.1
0.3
232.8

0.0
235.4
1.5
233.9

0.0
226.8
0.5
226.3

0.0
233.1
0.3
232.8

0.0
235.0
0.4
234.6

0.0
235.7
0.1
235.6

0.0
235.4
0.2
235.2

0.0
235.4
1.5
233.9

27
28
29
30

2426.7

2920.3

2927.6

4046.3

4526.8

3759.6

4046.3

4262.3

4401.5

4479.4

4526.8

31

968.1
52.7

1562.3
60.8

1491.0
71.1

2249.1
73.6

2378.0
75.7

2232.4
62.2

2249.1
73.6

2444.3
64.8

2455.8
64.9

2537.8
64.7

2378.0
75.7

32
33

1287.8

1165.7

1224.6

1364.1

1516.4

1266.5

1364.1

1364.4

1374.2

1416.4

1516.4

34

10

Total financial assets

2011

Credit market instruments

11
12
13
14
15
16
17

Open market paper


Treasury securities
Treasury bills
Other Treasury securities
Agency- and GSE-backed securities
Mortgage-backed securities
Other agency- and GSE-backed securities

18
19
20
21
22
23
24
25
26

Depository institution loans n.e.c.


Households (TALF) (5)
Brokers and dealers (6)
Funding corporations (Maiden Lane) (7)
Funding corporations (AIG)
Funding corporations (Maiden Lane II) (8)
Funding corporations (Maiden Lane III)(9)
Funding corporations (CPFF) (10)
Rest of world

27
28
29
30
31

Corporate equities (11)


Miscellaneous assets
Nonofficial foreign currencies (12)
Other
Total liabilities

32
33

Depository institution reserves


Vault cash of depository institutions

34

Checkable deposits and currency

35
36
37
38

Due to federal government


Treasury cash holdings
Treasury general deposit account
Treasury temporary supplementary financing account

340.9
0.2
140.8
200.0

85.9
0.1
85.7
0.0

92.9
0.2
92.7
0.0

162.6
0.2
162.4
0.0

223.7
0.2
223.5
0.0

88.6
0.2
88.4
0.0

162.6
0.2
162.4
0.0

142.5
0.3
142.2
0.0

139.4
0.1
139.3
0.0

158.5
0.2
158.3
0.0

223.7
0.2
223.5
0.0

35
36
37
38

39
40
41

Due to rest of the world


Due to government-sponsored enterprises
Currency outside banks

3.4
13.5
930.0

0.2
64.6
1015.0

6.5
27.2
1098.1

8.0
25.9
1167.6

5.3
20.2
1267.3

9.0
24.1
1144.9

8.0
25.9
1167.6

7.0
10.8
1204.1

6.0
11.2
1217.6

5.3
26.9
1225.7

5.3
20.2
1267.3

39
40
41

42
43
44

Security repurchase agreements


Reverse repurchase agreement operations (13)
Other

59.7
0.0
59.7

99.9
0.0
99.9

107.2
0.0
107.2

315.9
197.8
118.2

509.8
396.7
113.1

157.4
58.2
99.2

315.9
197.8
118.2

341.0
242.1
99.0

456.5
339.5
117.0

410.1
300.0
110.1

509.8
396.7
113.1

42
43
44

45
46
47

Miscellaneous liabilities
Federal Reserve Bank stock
Other

58.4
26.5
31.9

31.7
26.9
4.8

33.7
27.4
6.3

43.5
27.5
16.0

46.9
28.6
18.4

41.2
27.4
13.7

43.5
27.5
16.0

47.8
28.1
19.8

50.0
28.2
21.9

50.3
28.2
22.1

46.9
28.6
18.4

45
46
47

(1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board.
(2) Shown on table L.203.
(3) Federal Reserve loans extended to domestic banks through term auction credit, primary credit, secondary credit, and seasonal credit.
(4) Federal Reserve loans extended to domestic banks through the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).
(5) Loans extended to financial institutions such as domestic hedge funds through the Term Asset-Backed Securities Loan Facility (TALF).
(6) Loans extended through the Federal Reserves Primary Dealer Credit Facility (PDCF) and the AMLF.
(7) Loan extended by the Federal Reserve to Maiden Lane LLC to facilitate the arrangements associated with JPMorgan Chase & Co.s acquisition of Bear Stearns Companies, Inc.
(8) Loan extended by the Federal Reserve to Maiden Lane II LLC to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of AIG subsidiaries.
(9) Loan extended by the Federal Reserve to Maiden Lane III LLC to purchase CDOs on which AIG has written credit default swap contracts.
(10) Loan extended by the Federal Reserve to Commercial Paper Funding Facility LLC.
(11) Preferred interests in AIA Aurora LLC and ALICO Holdings LLC, two limited liability companies created to hold all the outstanding common stock of American International Assurance
Company Ltd (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG.
(12) Reciprocal currency arrangements (swap lines) with foreign central banks.
(13) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserves Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4).

Levels

2010

86

Z.1, March 12, 2015

L.110 Private Depository Institutions (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

Levels

Total financial assets

2
3
4

Vault cash
Reserves at Federal Reserve
Federal funds and security repos

Credit market instruments

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

13697.4

14580.2

14985.6

15920.5

16894.7

15730.8

15920.5

16229.3

16521.1

16763.4

16894.7

52.7
968.1
356.1

60.8
1562.3
378.6

71.1
1491.0
490.6

73.6
2249.1
392.6

75.7
2378.0
402.7

62.2
2232.4
416.5

73.6
2249.1
392.6

64.8
2444.3
402.2

64.9
2455.8
430.7

64.7
2537.8
414.8

75.7
2378.0
402.7

2
3
4

10968.9

11177.8

11605.9

11883.3

12659.1

11694.0

11883.3

11981.1

12222.2

12387.6

12659.1

6
7
8
9
10

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

0.0
299.6
1718.1
257.1
795.9

0.0
252.9
1851.7
303.9
800.2

0.0
339.5
1901.3
371.9
786.3

0.0
304.4
1943.8
427.0
770.2

0.0
504.4
1969.9
458.0
734.2

0.0
276.1
1934.5
415.3
773.1

0.0
304.4
1943.8
427.0
770.2

0.0
351.8
1957.3
433.2
756.7

0.0
385.4
1959.7
437.6
757.4

0.0
446.9
1974.0
448.0
733.5

0.0
504.4
1969.9
458.0
734.2

6
7
8
9
10

11
12
13
14

Depository institution loans n.e.c.


Other loans and advances
Mortgages
Consumer credit

1903.1
0.0
4583.0
1412.0

2117.3
0.0
4436.2
1415.6

2322.2
0.0
4422.4
1462.3

2508.7
0.0
4392.1
1537.1

2816.9
0.0
4530.4
1645.2

2424.7
0.0
4377.0
1493.3

2508.7
0.0
4392.1
1537.1

2560.6
0.0
4405.9
1515.7

2652.4
0.0
4462.2
1567.7

2696.3
0.0
4490.7
1598.2

2816.9
0.0
4530.4
1645.2

11
12
13
14

73.6
46.5

67.4
43.5

71.3
48.1

101.3
60.1

108.4
61.8

87.8
54.2

101.3
60.1

102.6
63.0

109.2
66.8

105.4
61.9

108.4
61.8

15
16

15
16

Corporate equities
Mutual fund shares

17
18

Security credit
Life insurance reserves

38.2
116.0

69.2
125.5

71.1
138.0

81.6
143.8

94.0
149.6

78.5
141.6

81.6
143.8

86.3
145.2

87.5
146.7

90.0
147.9

94.0
149.6

17
18

19
20

U.S. direct investment abroad


Miscellaneous assets

280.1
797.2

272.5
822.8

283.9
714.5

285.3
649.9

289.8
675.5

288.8
674.9

285.3
649.9

286.8
652.9

288.9
648.4

290.8
662.5

289.8
675.5

19
20

13946.6

14909.1

15513.4

16394.7

17422.9

16127.6

16394.7

16713.4

17024.8

17257.4

17422.9

21

21

Total liabilities

22

Net interbank liabilities

47.8

266.0

121.7

490.3

340.7

473.1

490.3

516.2

531.6

528.7

340.7

22

23
24
25

Checkable deposits
Small time and savings deposits
Large time deposits

1072.0
6624.9
1923.2

1428.6
7202.2
1750.0

1629.2
7803.9
1659.9

1822.3
8110.8
1762.0

2021.7
8478.5
1972.8

1658.1
8052.9
1736.8

1822.3
8110.8
1762.0

1819.4
8265.3
1810.4

1921.5
8290.7
1848.6

1940.5
8431.3
1833.5

2021.7
8478.5
1972.8

23
24
25

26

Federal funds and security repos

734.0

706.9

674.9

582.1

607.4

636.4

582.1

639.7

638.4

625.3

607.4

26

27

Credit market instruments

909.0

856.5

745.4

713.9

763.6

686.4

713.9

689.8

734.9

736.5

763.6

27

113.0
377.1
418.9

120.6
379.4
356.4

87.5
295.9
362.0

59.7
221.0
433.2

54.5
209.0
500.2

57.3
225.2
403.9

59.7
221.0
433.2

58.4
214.2
417.2

56.0
211.7
467.2

54.7
208.7
473.0

54.5
209.0
500.2

28
29
30

-59.6
120.0

-49.1
176.6

-47.6
181.8

-47.4
181.4

-31.9
179.2

-52.9
184.4

-47.4
181.4

-39.7
182.3

-32.4
183.0

-35.3
181.1

-31.9
179.2

31
32

2575.3
1632.8
171.6
770.9

2571.3
1709.0
137.8
724.5

2744.2
1889.2
126.0
729.0

2779.3
1937.3
123.5
718.5

3091.0
2128.3
103.2
859.5

2752.4
1898.0
118.7
735.7

2779.3
1937.3
123.5
718.5

2829.9
1978.7
123.9
727.3

2908.6
2030.3
120.8
757.5

3015.8
2058.9
127.8
829.1

3091.0
2128.3
103.2
859.5

33
34
35
36

6.2

6.0

6.5

7.9

8.6

7.7

7.9

8.1

8.3

8.6

8.6

37

28
29
30

Open market paper


Corporate bonds
Other loans and advances

31
32

Taxes payable (net)


Foreign direct investment in U.S.

33
34
35
36

Miscellaneous liabilities
Investment by holding companies
Investment by funding corporations
Other
Memo:

37

Consumer leases not included above (2)

(1) U.S.-chartered depository institutions (L.111), foreign banking offices (L.112), banks in U.S.-affiliated areas (L.113), and credit unions (L.114).
(2) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).
The leased automobile is a nonfinancial asset.

87

Z.1, March 12, 2015

L.111 U.S.-Chartered Depository Institutions


Billions of dollars; amounts outstanding end of period, not seasonally adjusted

Total financial assets

2
3
4

Vault cash
Reserves at Federal Reserve
Federal funds and security repos

Credit market instruments

6
7
8
9
10
11
12
13

Open market paper


Treasury securities
Agency- and GSE-backed securities
Residential mortgage pass-through securities
Commercial mortgage pass-through securities
Residential CMOs and other structured MBS
Commercial CMOs and other structured MBS
Other

14
15
16
17
18
19
20

Municipal securities
Corporate and foreign bonds
Priv. residential mortgage pass-through securities
Priv. commercial mortgage pass-through securities
Priv. residential CMOs and other structured MBS
Priv. commercial CMOs and other structured MBS
Other

21
22
23
24

Depository institution loans n.e.c.


Other loans and advances
Mortgages
Consumer credit

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

11473.5

11839.5

12218.4

12795.4

13646.9

12585.8

12795.4

12891.5

13141.5

13365.9

13646.9

52.7
575.8
267.6

60.8
798.7
242.6

71.1
798.5
302.7

73.6
1252.9
215.4

75.6
1443.6
185.0

62.2
1222.5
217.2

73.6
1252.9
215.4

64.8
1311.3
201.8

64.9
1339.8
202.5

64.7
1411.1
196.0

75.6
1443.6
185.0

2
3
4

9356.2

9489.9

9866.3

10101.0

10762.9

9925.3

10101.0

10167.7

10378.4

10527.8

10762.9

0.0
217.5
1527.2
835.3
3.3
393.4
3.6
291.5

0.0
173.9
1634.1
899.1
8.2
473.8
13.4
239.6

0.0
243.2
1669.6
912.8
21.7
454.6
42.9
237.7

0.0
217.1
1717.3
953.5
30.3
431.0
66.8
235.7

0.0
420.4
1760.3
979.8
42.4
444.1
81.3
212.7

0.0
186.6
1700.4
947.9
27.9
422.8
59.6
242.2

0.0
217.1
1717.3
953.5
30.3
431.0
66.8
235.7

0.0
263.8
1731.0
959.1
32.0
442.2
70.0
227.7

0.0
297.7
1735.9
961.9
37.6
440.7
72.7
223.1

0.0
359.0
1758.2
975.2
41.4
444.2
76.5
220.9

0.0
420.4
1760.3
979.8
42.4
444.1
81.3
212.7

6
7
8
9
10
11
12
13

254.6
550.5
6.5
11.4
132.3
24.7
375.6

297.3
553.0
3.5
8.9
110.4
27.4
402.9

365.0
544.0
18.7
9.3
88.4
32.7
394.9

418.9
559.2
28.7
8.0
73.7
37.3
411.4

451.5
521.7
22.7
5.6
68.2
42.7
382.6

406.4
555.8
26.4
8.4
77.2
35.5
408.3

418.9
559.2
28.7
8.0
73.7
37.3
411.4

425.2
540.2
27.8
6.4
68.9
38.8
398.3

429.9
540.7
25.6
6.9
73.2
37.5
397.6

440.4
520.1
23.7
5.8
70.3
39.2
381.0

451.5
521.7
22.7
5.6
68.2
42.7
382.6

14
15
16
17
18
19
20

1425.9
0.0
4194.9
1185.5

1589.6
0.0
4049.6
1192.6

1797.1
0.0
4028.8
1218.6

1933.5
0.0
3983.5
1271.6

2175.1
0.0
4090.8
1343.1

1869.5
0.0
3975.3
1231.4

1933.5
0.0
3983.5
1271.6

1969.6
0.0
3991.3
1246.5

2050.8
0.0
4039.0
1284.2

2086.8
0.0
4057.9
1305.4

2175.1
0.0
4090.8
1343.1

21
22
23
24

73.6
45.0

67.4
41.7

71.3
45.8

101.3
57.9

108.4
59.7

87.7
52.0

101.3
57.9

102.6
60.8

109.2
64.7

105.4
59.8

108.4
59.7

25
26

25
26

Corporate equities
Mutual fund shares

27
28

Security credit
Life insurance reserves

23.6
116.0

35.8
125.5

45.0
138.0

52.9
143.8

61.1
149.6

53.9
141.6

52.9
143.8

58.4
145.2

61.0
146.7

60.3
147.9

61.1
149.6

27
28

29
30

U.S. direct investment abroad


Miscellaneous assets

280.1
683.0

272.5
704.8

283.9
595.9

285.3
511.3

289.8
511.2

288.8
534.8

285.3
511.3

286.8
492.2

288.9
485.6

290.8
502.1

289.8
511.2

29
30

11709.0

12156.0

12719.7

13295.4

14272.0

12995.2

13295.4

13434.5

13704.1

13932.7

14272.0

31

31

Total liabilities

32
33
34
35
36

Net interbank liabilities


Federal Reserve float
Borrowing from Federal Reserve banks
To domestic banks
To foreign banks

428.3
-1.4
0.2
21.3
408.2

164.9
-0.6
0.2
62.1
103.3

36.7
-0.5
0.1
18.7
18.5

227.8
-1.0
0.1
57.2
171.4

268.5
-0.6
0.1
11.9
257.0

191.0
-0.6
0.2
33.1
158.3

227.8
-1.0
0.1
57.2
171.4

213.5
-0.5
0.0
29.0
185.1

221.4
-0.5
0.2
26.2
195.5

323.3
-0.9
0.3
55.0
269.0

268.5
-0.6
0.1
11.9
257.0

32
33
34
35
36

37
38
39
40

Checkable deposits
Federal government
Private domestic
Rest of the world

941.1
3.6
907.0
30.4

1260.5
1.0
1203.5
56.1

1431.7
1.3
1378.5
51.8

1579.8
1.6
1527.1
51.2

1716.2
2.5
1660.4
53.3

1429.1
1.3
1378.2
49.6

1579.8
1.6
1527.1
51.2

1558.5
1.7
1504.0
52.8

1649.1
1.8
1591.2
56.1

1670.1
2.1
1615.9
52.2

1716.2
2.5
1660.4
53.3

37
38
39
40

41
42
43

Small time and savings deposits


Large time deposits
Federal funds and security repos

5888.6
896.1
484.0

6425.7
882.9
402.5

6979.2
803.0
349.9

7236.0
826.9
269.4

7579.8
929.2
236.2

7183.1
799.3
305.2

7236.0
826.9
269.4

7375.8
815.4
283.2

7397.2
847.4
271.9

7537.5
745.9
249.9

7579.8
929.2
236.2

41
42
43

44

Credit market instruments

882.9

832.4

720.3

686.9

728.6

659.8

686.9

662.4

705.0

703.3

728.6

44

113.0
377.1
392.8

120.6
379.4
332.3

87.5
295.9
336.9

59.7
221.0
406.2

54.5
209.0
465.1

57.3
225.2
377.3

59.7
221.0
406.2

58.4
214.2
389.8

56.0
211.7
437.3

54.7
208.7
439.9

54.5
209.0
465.1

45
46
47

45
46
47

Open market paper


Corporate bonds
Other loans and advances

48

Taxes payable (net)

49
50
51

Miscellaneous liabilities
Investment by holding companies
Other

-59.6

-49.1

-47.6

-47.4

-31.9

-52.9

-47.4

-39.7

-32.4

-35.3

-31.9

48

2247.6
1632.8
614.7

2236.1
1709.0
527.1

2446.4
1889.2
557.2

2516.2
1937.3
578.9

2845.4
2128.3
717.2

2480.6
1898.0
582.6

2516.2
1937.3
578.9

2565.3
1978.7
586.6

2644.6
2030.3
614.3

2738.0
2058.9
679.1

2845.4
2128.3
717.2

49
50
51

6.2

6.0

6.5

7.9

8.6

7.7

7.9

8.1

8.3

8.6

8.6

52

Memo:
52

Consumer leases not included above (1)

(1) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).
The leased automobile is a nonfinancial asset.

Levels

2010

88

Z.1, March 12, 2015

L.112 Foreign Banking Offices in U.S. (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

1268.3

1736.4

1720.6

2037.1

2093.7

2063.9

2037.1

2215.9

2251.4

2265.3

2093.7

2
3
4

Vault cash
Reserves at Federal Reserve
Federal funds and security repos

0.0
350.8
88.4

0.0
711.0
120.1

0.0
638.8
178.3

0.0
948.0
177.1

0.0
888.8
217.6

0.0
963.5
199.3

0.0
948.0
177.1

0.0
1071.0
200.3

0.1
1068.6
228.2

0.0
1087.8
218.7

0.0
888.8
217.6

2
3
4

Credit market instruments

785.2

827.7

833.5

826.3

882.9

819.3

826.3

845.6

856.1

854.9

882.9

6
7
8
9
10

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

0.0
60.9
26.5
0.0
238.2

0.0
60.5
30.6
0.0
236.7

0.0
76.6
32.1
0.0
230.5

0.0
67.0
25.4
0.0
196.4

0.0
56.5
20.5
0.0
197.3

0.0
69.3
26.2
0.0
203.1

0.0
67.0
25.4
0.0
196.4

0.0
66.3
22.5
0.0
200.5

0.0
65.6
20.9
0.0
200.8

0.0
60.4
20.5
0.0
198.9

0.0
56.5
20.5
0.0
197.3

6
7
8
9
10

11
12
13

Depository institution loans n.e.c.


Other loans and advances
Mortgages

424.2
0.0
35.4

467.1
0.0
32.8

463.4
0.0
30.9

507.2
0.0
30.3

571.1
0.0
37.6

490.9
0.0
29.8

507.2
0.0
30.3

524.0
0.0
32.2

534.6
0.0
34.2

539.7
0.0
35.5

571.1
0.0
37.6

11
12
13

14
15

Corporate equities
Security credit

0.1
14.7

0.0
33.5

0.0
26.2

0.0
28.7

0.0
33.0

0.0
24.7

0.0
28.7

0.0
28.0

0.0
26.5

0.0
29.6

0.0
33.0

14
15

16

Miscellaneous assets

29.2

44.2

43.9

57.0

71.3

57.1

57.0

71.0

72.0

74.2

71.3

16

1351.5

1851.1

1853.0

2111.8

2108.1

2148.2

2111.8

2260.8

2299.1

2300.7

2108.1

17

-347.1
-384.0
36.9

157.5
134.8
22.7

155.6
83.6
72.0

330.7
242.9
87.8

140.7
117.4
23.3

351.6
282.2
69.3

330.7
242.9
87.8

372.0
281.8
90.2

381.2
297.8
83.4

272.2
247.0
25.3

140.7
117.4
23.3

18
19
20

17

Levels

Total financial assets

2011

Total liabilities

18
19
20

Net interbank liabilities


To foreign banks
To domestic banks

21
22
23

Checkable deposits
Small time and savings deposits
Large time deposits

21.9
35.7
977.7

45.6
48.9
814.6

61.8
62.7
798.4

92.6
90.4
869.5

137.7
84.6
971.8

82.0
85.9
872.4

92.6
90.4
869.5

101.7
84.5
927.8

114.2
87.3
934.4

114.2
89.7
1019.8

137.7
84.6
971.8

21
22
23

24
25

Federal funds and security repos


Open market paper (2)

250.0
0.0

304.4
0.0

325.0
0.0

312.7
0.0

371.3
0.0

331.1
0.0

312.7
0.0

356.5
0.0

366.5
0.0

375.4
0.0

371.3
0.0

24
25

26

Foreign direct investment in U.S.

120.0

176.6

181.8

181.4

179.2

184.4

181.4

182.3

183.0

181.1

179.2

26

27
28
29

Miscellaneous liabilities
Investment by funding corporations
Other

293.3
171.6
121.7

303.4
137.8
165.6

267.8
126.0
141.7

234.6
123.5
111.1

222.8
103.2
119.6

240.7
118.7
122.0

234.6
123.5
111.1

236.0
123.9
112.1

232.6
120.8
111.8

248.4
127.8
120.5

222.8
103.2
119.6

27
28
29

(1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank (through 2008:Q4).
(2) Bankers acceptances.

89

Z.1, March 12, 2015

L.113 Banks in U.S.-Affiliated Areas (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

2011

2012

2013

2014

2013
Q3

1
2

Total financial assets


Credit market instruments

2014
Q4

Q1

Q2

Q3

Q4

79.9

75.8

75.8

84.7

91.6

83.9

84.7

81.5

83.9

81.0

91.6

68.9

64.0

63.9

64.1

58.6

62.7

64.1

64.1

61.5

59.7

58.6

3
4
5
6

Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

1.1
12.8
2.5
0.6

1.0
4.8
3.4
4.2

0.4
2.6
2.6
5.2

1.2
1.9
3.6
5.8

1.3
1.7
2.7
5.3

0.6
1.9
3.5
5.6

1.2
1.9
3.6
5.8

1.3
1.8
3.4
6.4

0.8
1.8
2.7
6.3

1.3
1.8
2.6
5.7

1.3
1.7
2.7
5.3

3
4
5
6

7
8
9

Depository institution loans n.e.c.


Home mortgages
Commercial mortgages

16.1
20.1
15.7

17.1
17.8
15.6

18.1
20.0
14.9

19.4
18.9
13.5

17.1
17.4
13.0

19.5
19.1
12.5

19.4
18.9
13.5

19.2
18.4
13.6

18.1
18.3
13.5

17.4
17.6
13.3

17.1
17.4
13.0

7
8
9

11.0

11.8

12.0

20.5

33.1

21.2

20.5

17.4

22.5

21.3

33.1

10

10
11

Miscellaneous assets

75.2

72.1

72.0

80.5

87.6

81.7

80.5

78.0

80.8

77.1

87.6

11

12
13
14
15

Total liabilities
Net interbank liabilities
Checkable deposits
Small time and savings deposits
Large time deposits

-3.3
16.6
19.3
19.3

-4.6
19.4
18.9
18.9

-4.9
21.9
18.8
18.8

-4.7
28.2
21.4
21.4

-5.3
33.4
23.4
23.4

-5.0
27.7
21.7
21.7

-4.7
28.2
21.4
21.4

-5.5
27.3
20.7
20.7

-5.8
28.6
21.4
21.4

-5.2
27.8
20.9
20.9

-5.3
33.4
23.4
23.4

12
13
14
15

16

Miscellaneous liabilities

23.3

19.4

17.3

14.3

12.7

15.7

14.3

14.8

15.3

12.6

12.7

16

Levels

(1) Commercial banks and branches of U.S.-chartered depository institutions located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.

L.114 Credit Unions


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

2
3

Reserves at Federal Reserve


Federal funds and security repos

Credit market instruments

5
6
7
8
9
10
11
12
13
14
15

875.7

928.5

970.8

1003.3

1062.5

997.2

1003.3

1040.4

1044.3

1051.2

1062.5

41.5
0.0

52.6
15.9

53.8
9.7

48.1
0.1

45.7
0.0

46.4
0.1

48.1
0.1

62.0
0.2

47.5
0.1

39.0
0.0

45.7
0.0

2
3

758.6

796.2

842.3

891.8

954.7

886.7

891.8

903.8

926.3

945.2

954.7

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

0.0
20.1
151.5
0.0
6.6

0.0
17.6
182.1
3.2
6.3

0.0
19.3
197.0
4.2
6.7

0.0
19.1
199.2
4.6
8.9

0.0
26.2
187.4
3.8
9.9

0.0
19.6
206.0
5.4
8.6

0.0
19.1
199.2
4.6
8.9

0.0
20.4
202.0
4.5
9.5

0.0
21.3
201.0
4.9
9.6

0.0
26.2
193.6
5.0
8.8

0.0
26.2
187.4
3.8
9.9

5
6
7
8
9

Depository institution loans n.e.c.


Home mortgages
Consumer credit

36.9
317.0
226.5

43.5
320.5
223.0

43.6
327.8
243.6

48.7
345.9
265.6

53.6
371.8
302.1

44.9
340.4
261.9

48.7
345.9
265.6

47.9
350.4
269.2

48.9
357.2
283.5

52.4
366.5
292.7

53.6
371.8
302.1

10
11
12

1.5
74.1

1.9
61.9

2.3
62.7

2.2
61.1

2.1
60.0

2.2
61.8

2.2
61.1

2.2
72.2

2.1
68.3

2.1
65.0

2.1
60.0

13
14

Mutual fund shares


Miscellaneous assets

810.9

830.0

868.7

906.9

955.2

902.4

906.9

940.1

940.8

946.8

955.2

15

16

Total liabilities
Net interbank liabilities

-30.0

-51.9

-65.7

-63.5

-63.3

-64.5

-63.5

-63.8

-65.1

-61.7

-63.3

16

17
18
19
20

Shares/deposits
Checkable
Small time and savings
Large time

803.8
92.4
681.3
30.1

845.3
103.1
708.7
33.5

896.6
113.9
743.1
39.7

929.2
121.7
763.1
44.3

973.4
134.3
790.7
48.4

924.9
119.3
762.2
43.4

929.2
121.7
763.1
44.3

962.7
131.9
784.3
46.5

959.8
129.6
784.8
45.4

958.5
128.4
783.3
46.8

973.4
134.3
790.7
48.4

17
18
19
20

21
22

Federal funds and security repos


Other loans and advances

0.0
26.1

0.0
24.2

0.0
25.1

0.0
27.0

0.0
35.0

0.0
26.6

0.0
27.0

0.0
27.4

0.0
30.0

0.0
33.1

0.0
35.0

21
22

23

Miscellaneous liabilities

11.1

12.4

12.7

14.2

10.1

15.4

14.2

13.8

16.1

16.9

10.1

23

90

Z.1, March 12, 2015

L.115 Property-Casualty Insurance Companies


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

Checkable deposits and currency


Money market fund shares
Security repurchase agreements

Credit market instruments

6
7
8
9
10
11

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

1360.5

1380.0

1442.3

1533.7

1588.6

1499.4

1533.7

1541.4

1559.8

1574.9

1588.6

32.6
25.6
3.8

24.1
20.0
1.7

36.4
22.3
1.8

29.7
20.0
1.8

35.2
21.7
1.9

30.6
18.1
1.5

29.7
20.0
1.8

33.4
18.2
1.6

34.8
20.0
1.7

35.7
21.1
1.8

35.2
21.7
1.9

2
3
4

890.6

926.8

927.8

953.1

967.0

943.5

953.1

950.5

954.1

965.2

967.0

Open market paper


Treasury securities
Agency- and GSE-backed securities

7.9
91.7
115.8

8.8
96.4
122.7

7.4
89.7
114.3

8.0
95.7
108.7

8.8
103.7
102.1

6.9
91.3
110.2

8.0
95.7
108.7

7.3
95.5
106.7

8.0
97.7
105.5

8.5
101.4
104.8

8.8
103.7
102.1

6
7
8

Municipal securities
Corporate and foreign bonds
Commercial mortgages

348.4
322.6
4.1

331.0
363.1
4.9

328.1
382.7
5.6

325.8
406.9
7.9

326.4
416.0
9.9

326.8
401.2
7.0

325.8
406.9
7.9

325.8
407.0
8.3

325.8
408.4
8.8

326.5
414.8
9.3

326.4
416.0
9.9

9
10
11

214.8
10.2

220.8
9.1

252.2
11.8

310.1
15.0

328.1
17.4

280.5
13.8

310.1
15.0

312.4
15.6

318.1
16.5

318.5
16.8

328.1
17.4

12
13

83.8
99.1

87.2
90.2

92.0
98.0

95.2
108.8

102.2
115.0

98.3
113.0

95.2
108.8

100.1
109.6

103.9
110.6

103.4
112.5

102.2
115.0

14
15

823.2

856.1

880.5

898.2

909.9

895.1

898.2

900.7

908.1

914.7

909.9

16

1.5
-10.1

0.4
-14.5

0.8
-10.8

2.2
8.4

3.2
13.3

1.8
-2.5

2.2
8.4

2.5
10.2

2.8
9.5

3.0
10.2

3.2
13.3

17
18

12
13

Corporate equities
Mutual fund shares

14
15

Trade receivables
U.S. direct investment abroad

16

Levels

Total financial assets

2
3
4

2011

Total liabilities

17
18

Security repurchase agreements


Taxes payable (net)

19

Foreign direct investment in U.S.

70.7

73.9

77.1

74.5

70.2

82.6

74.5

74.0

73.2

72.2

70.2

19

20
21
22

Miscellaneous liabilities
Investment by parent companies
Policy payables

761.2
0.0
761.2

796.4
0.0
796.4

813.4
11.2
802.1

813.1
5.2
807.8

823.1
5.3
817.8

813.3
5.3
808.0

813.1
5.2
807.8

814.0
4.7
809.3

822.6
5.1
817.4

829.3
5.1
824.2

823.1
5.3
817.8

20
21
22

91

Z.1, March 12, 2015

L.116 Life Insurance Companies (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted

Total financial assets

2
3
4

Checkable deposits and currency


Money market fund shares
Security repurchase agreements

Credit market instruments

6
7
8
9
10
11
12

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Other loans and advances
Mortgages

13
14

Corporate equities
Mutual fund shares

15

U.S. direct investment abroad

16
17
18
19

Miscellaneous assets
Equity in FHLB
Deferred and unpaid life ins. premiums
Other

20

Total liabilities

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

5167.8

5340.1

5614.7

5977.3

6256.7

5857.1

5977.3

6049.4

6145.0

6145.0

6256.7

51.7
21.0
10.9

53.7
28.8
10.1

56.4
27.5
8.5

47.2
21.6
8.5

52.6
20.9
7.2

53.5
21.6
8.0

47.2
21.6
8.5

50.1
20.2
6.9

48.0
18.8
6.5

51.3
19.2
6.6

52.6
20.9
7.2

2
3
4

3174.2

3299.6

3373.9

3451.3

3570.0

3424.4

3451.3

3481.0

3508.5

3539.4

3570.0

40.9
156.6
376.0
112.3
2030.2
140.7
317.5

29.7
175.4
374.4
121.8
2117.3
148.6
332.5

43.6
180.9
360.9
131.5
2162.2
150.4
344.4

46.7
168.6
354.1
141.6
2223.0
153.9
363.2

47.4
178.6
334.1
149.3
2316.2
160.1
384.2

44.4
170.9
355.4
138.8
2205.5
152.2
357.2

46.7
168.6
354.1
141.6
2223.0
153.9
363.2

46.2
172.1
349.6
143.9
2248.0
155.9
365.2

44.6
175.2
344.8
146.8
2269.9
157.3
369.9

45.2
177.4
338.8
148.0
2294.3
159.9
375.8

47.4
178.6
334.1
149.3
2316.2
160.1
384.2

6
7
8
9
10
11
12

1402.6
155.7

1390.2
150.1

1545.1
159.3

1794.4
184.8

1891.2
189.4

1712.3
175.9

1794.4
184.8

1818.3
185.6

1868.0
189.5

1837.9
186.6

1891.2
189.4

13
14

46.3

54.2

67.0

65.5

65.3

67.9

65.5

65.4

64.9

65.4

65.3

15

305.6
2.9
24.7
278.0

353.4
2.1
24.3
327.0

377.0
2.2
24.9
349.9

404.1
3.2
27.9
373.1

460.1
3.5
29.9
426.6

393.5
2.3
26.8
364.4

404.1
3.2
27.9
373.1

421.8
3.2
28.9
389.7

440.8
3.4
30.2
407.2

438.6
3.5
29.6
405.5

460.1
3.5
29.9
426.6

16
17
18
19

4844.3

5002.2

5248.8

5602.8

5858.8

5481.5

5602.8

5666.4

5753.5

5746.4

5858.8

20

10.3
45.1

10.4
46.8

13.5
51.6

12.7
59.4

13.8
70.6

13.4
53.8

12.7
59.4

12.9
61.3

12.8
63.3

13.3
66.8

13.8
70.6

21
22

1229.9
2341.3

1302.3
2383.2

1309.0
2575.3

1366.3
2831.3

1420.2
2952.8

1347.3
2756.6

1366.3
2831.3

1384.2
2859.2

1393.3
2907.5

1398.3
2892.8

1420.2
2952.8

23
24

21
22

Security repurchase agreements


Other loans and advances

23
24

Life insurance reserves


Pension entitlements (2)

25
26

Taxes payable (net)


Foreign direct investment in U.S.

-28.8
84.3

-23.6
103.6

-28.3
106.0

-30.5
97.7

-30.4
104.2

-30.1
111.9

-30.5
97.7

-29.3
99.1

-29.5
101.4

-30.4
101.9

-30.4
104.2

25
26

27
28
29
30
31

Miscellaneous liabilities
Investment by parent companies
Other reserves (3)
Unallocated insurance contracts
Other

1162.2
62.7
290.7
620.9
187.9

1179.5
72.0
305.5
624.7
177.2

1221.6
17.2
303.7
638.6
262.1

1266.0
10.7
304.2
668.1
283.1

1327.7
11.5
310.5
700.5
305.3

1228.6
17.7
305.6
646.7
258.7

1266.0
10.7
304.2
668.1
283.1

1279.0
11.0
307.9
676.3
283.8

1304.7
11.5
311.1
689.9
292.2

1303.7
11.5
311.5
688.7
292.0

1327.7
11.5
310.5
700.5
305.3

27
28
29
30
31

(1) Additional detail on the financial assets and liabilities held in life insurers general and separate accounts is available on tables L.116.g and L.116.s.
(2) Annuity reserves held by life insurance companies, excluding unallocated contracts held by pension funds, which are shown on line 30.
(3) Includes reserves for accident and health policies, policy dividend accumulation, and contract claims.

Levels

2010

92

Z.1, March 12, 2015

L.116.g Life Insurance Companies: General Accounts


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

Checkable deposits and currency


Money market fund shares
Security repurchase agreements

Credit market instruments

6
7
8
9
10
11
12

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Other loans and advances
Mortgages

13
14

Corporate equities
Mutual fund shares

15
16

U.S. direct investment abroad


Miscellaneous assets

17

Levels

Total financial assets

2
3
4

Total liabilities

18
19

Security repurchase agreements


Other loans and advances

20
21
22
23

Life insurance reserves


Pension entitlements (1)
Taxes payable (net)
Foreign direct investment in U.S.

24

Miscellaneous liabilities

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

3335.5

3512.5

3570.3

3657.0

3825.4

3630.2

3657.0

3708.5

3734.6

3770.0

3825.4

32.4
21.0
10.9

35.3
28.8
10.1

36.7
27.5
8.5

31.9
21.6
8.5

39.4
20.9
7.2

37.2
21.6
8.0

31.9
21.6
8.5

35.4
20.2
6.9

33.8
18.8
6.5

37.6
19.2
6.6

39.4
20.9
7.2

2
3
4

2887.0

3009.3

3047.3

3117.3

3238.0

3092.4

3117.3

3147.6

3175.6

3206.9

3238.0

21.2
128.9
283.5

8.6
139.2
282.0

24.5
140.5
277.1

25.9
129.2
270.5

26.0
138.4
258.4

24.0
131.2
271.7

25.9
129.2
270.5

25.2
132.4
268.0

23.5
135.3
265.1

23.9
137.3
261.1

26.0
138.4
258.4

6
7
8

108.3
1897.7
140.2
307.1

117.5
1991.0
148.1
322.9

126.6
1992.6
150.0
336.0

135.7
2049.6
153.6
352.8

142.5
2139.6
159.7
373.4

133.2
2033.1
151.8
347.4

135.7
2049.6
153.6
352.8

137.8
2073.8
155.6
354.7

140.5
2094.9
156.9
359.3

141.5
2118.5
159.5
365.0

142.5
2139.6
159.7
373.4

9
10
11
12

74.3
2.6

75.3
3.1

74.0
3.4

76.5
3.7

85.8
3.8

77.3
3.5

76.5
3.7

79.2
3.7

83.3
3.8

83.1
3.7

85.8
3.8

13
14

46.3
261.2

54.2
296.3

67.0
305.9

65.5
332.0

65.3
364.9

67.9
322.4

65.5
332.0

65.4
350.1

64.9
347.9

65.4
347.5

65.3
364.9

15
16

3007.6

3170.3

3198.0

3275.9

3421.1

3247.8

3275.9

3318.8

3336.5

3364.9

3421.1

17

10.3
45.1

10.4
46.8

13.5
51.6

12.7
59.4

13.8
70.6

13.4
53.8

12.7
59.4

12.9
61.3

12.8
63.3

13.3
66.8

13.8
70.6

18
19

1001.5
1012.1
-28.8
84.3

1074.5
1048.5
-23.6
103.6

1068.3
1058.3
-28.3
106.0

1096.6
1095.2
-30.5
97.7

1137.9
1141.8
-30.4
104.2

1088.5
1090.8
-30.1
111.9

1096.6
1095.2
-30.5
97.7

1112.3
1110.2
-29.3
99.1

1113.4
1107.1
-29.5
101.4

1122.4
1123.2
-30.4
101.9

1137.9
1141.8
-30.4
104.2

20
21
22
23

883.2

910.1

928.6

944.9

983.2

919.5

944.9

952.2

967.9

967.6

983.2

24

2375.0

2431.3

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 24).

L.116.s Life Insurance Companies: Separate Accounts


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

Checkable deposits and currency

Credit market instruments

4
5
6
7
8
9
10
11
12
13
14
15
16
17

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Other loans and advances
Mortgages
Corporate equities
Mutual fund shares
Miscellaneous assets
Total liabilities
Life insurance reserves
Pension entitlements (1)
Miscellaneous liabilities

1832.4

1827.6

2044.4

2320.3

2431.3

2226.8

2320.3

2340.9

2410.4

19.3

18.4

19.7

15.3

13.2

16.3

15.3

14.7

14.2

13.7

13.2

287.3

290.2

326.6

333.9

331.9

332.0

333.9

333.4

332.9

332.4

331.9

19.7
27.7
92.4

21.1
36.2
92.4

19.1
40.4
83.8

20.9
39.5
83.6

21.4
40.3
75.7

20.4
39.7
83.7

20.9
39.5
83.6

21.0
39.7
81.6

21.1
39.9
79.6

21.3
40.1
77.7

21.4
40.3
75.7

4
5
6

4.0
132.5
0.5
10.3

4.3
126.2
0.5
9.6

4.9
169.6
0.4
8.5

5.9
173.4
0.4
10.4

6.7
176.6
0.4
10.9

5.6
172.4
0.4
9.8

5.9
173.4
0.4
10.4

6.1
174.2
0.4
10.5

6.3
175.0
0.4
10.6

6.5
175.8
0.4
10.7

6.7
176.6
0.4
10.9

7
8
9
10

1328.2
153.1

1314.9
147.0

1471.0
155.9

1717.9
181.1

1805.3
185.7

1635.0
172.4

1717.9
181.1

1739.2
181.9

1784.7
185.7

1754.8
182.9

1805.3
185.7

11
12

44.5

57.2

71.1

72.1

95.2

71.1

72.1

71.7

92.9

91.1

95.2

13

1836.6

1831.9

2050.8

2327.0

2437.8

2233.7

2327.0

2347.6

2417.0

2381.5

2437.8

14

228.4
1329.2
279.0

227.8
1334.7
269.4

240.7
1517.1
292.9

269.7
1736.1
321.2

282.3
1811.0
344.5

258.8
1665.8
309.2

269.7
1736.1
321.2

271.9
1748.9
326.8

279.9
1800.3
336.8

275.8
1769.6
336.1

282.3
1811.0
344.5

15
16
17

(1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 17).

93

Z.1, March 12, 2015

L.117 Private and Public Pension Funds (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted

Total financial assets (2)

2
3
4
5

Checkable deposits and currency


Time and savings deposits
Money market fund shares
Security repurchase agreements

Credit market instruments

7
8
9
10
11

Open market paper


Treasury securities
Agency- and GSE-backed securities
Corporate and foreign bonds
Mortgages

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

14551.3

14917.3

15723.8

16884.8

17681.8

16520.1

16884.8

17058.5

17326.5

17416.2

17681.8

16.6
67.0
179.9
6.0

22.6
71.1
195.5
6.1

21.2
66.5
174.8
5.7

22.0
74.2
185.9
6.3

22.4
66.6
176.5
5.6

22.3
69.3
179.8
5.8

22.0
74.2
185.9
6.3

21.8
70.8
180.0
6.0

23.0
68.1
179.6
5.8

23.1
68.0
177.1
5.7

22.4
66.6
176.5
5.6

2
3
4
5

1833.0

1946.6

2116.6

2239.0

2385.9

2088.8

2239.0

2253.8

2336.1

2353.0

2385.9

82.1
509.4
359.4
841.4
38.4

86.6
571.5
376.7
876.4
33.7

80.4
647.1
421.3
932.7
34.3

85.9
709.0
448.4
966.3
28.3

78.5
800.1
454.2
1020.8
31.3

82.9
583.4
443.5
947.7
30.1

85.9
709.0
448.4
966.3
28.3

83.4
720.9
448.6
970.0
29.9

80.2
754.6
462.8
1005.6
32.0

80.7
773.8
456.6
1008.6
32.3

78.5
800.1
454.2
1020.8
31.3

7
8
9
10
11

12
13

Corporate equities
Mutual fund shares

3920.1
2519.0

3736.1
2414.5

4180.7
2662.2

5083.0
3301.5

5322.6
3574.1

4792.7
3114.3

5083.0
3301.5

5096.6
3357.0

5279.2
3477.2

5210.8
3472.0

5322.6
3574.1

12
13

14
15
16
17
18
19

Miscellaneous assets
Unallocated insurance contracts (3)
Contributions receivable
Nonmarketable Treasury securities (4)
Claims of pension fund on sponsor (5)
Other

6009.6
620.9
90.8
1142.9
3523.7
631.3

6524.8
624.7
93.8
1213.7
3916.2
676.4

6496.1
638.6
81.4
1254.1
3812.0
710.0

5972.9
668.1
80.9
1352.3
3127.6
744.1

6128.2
700.5
81.7
1421.1
3127.6
797.3

6247.1
646.7
81.6
1161.5
3622.5
734.8

5972.9
668.1
80.9
1352.3
3127.6
744.1

6072.4
676.3
80.7
1339.7
3208.5
767.2

5957.5
689.9
81.1
1342.6
3054.5
789.5

6106.5
688.7
82.0
1361.8
3181.2
792.7

6128.2
700.5
81.7
1421.1
3127.6
797.3

14
15
16
17
18
19

14694.3

15064.5

15885.5

17062.5

17861.5

16691.6

17062.5

17237.0

17511.4

17598.5

17861.5

20

10175.7
6652.0
3523.7

10568.6
6652.4
3916.2

10886.7
7074.7
3812.0

11129.6
8002.0
3127.6

11458.1
8330.5
3127.6

11064.5
7543.8
3520.8

11129.6
8002.0
3127.6

11211.5
8003.0
3208.5

11293.9
8239.3
3054.5

11375.6
8194.3
3181.2

11458.1
8330.5
3127.6

21
22
23

21481.6
10032.7
4518.6
5029.0
1901.3

22092.5
10421.4
4495.9
5241.0
1934.2

23722.2
10725.0
4998.8
5907.0
2091.4

26158.0
10951.9
5932.8
6966.0
2307.3

ND
11278.4
6403.5
ND
ND

25388.7
10893.0
5627.1
6624.0
2244.6

26158.0
10951.9
5932.8
6966.0
2307.3

26472.7
11033.0
6025.5
7084.0
2330.2

27020.9
11108.9
6217.6
7325.0
2369.5

27117.0
11193.3
6222.9
7343.0
2357.8

ND
11278.4
6403.5
ND
ND

24
25
26
27
28

20

Pension entitlements (liabilities) (6)


Memo:

21
22
23
24
25
26
27
28

Funded status of defined benefit plans:


Pension entitlements
Funded by assets (7)
Unfunded (line 18)
Household retirement assets (8)
Defined benefit plans
Defined contribution plans
Individual retirement plans (IRAs) (9)
Annuities at life insurance companies (10)

(1) Private pension funds, state and local government employee retirement funds, and federal government retirement funds defined benefit plans and defined contribution plans.
(2) Includes claims on sponsor (i.e., unfunded pension entitlements).
(3) Assets of pension plans held at life insurance companies; series begins 1985:Q4.
(4) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund,
and foreign service retirement and disability fund.
(5) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.
(6) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector.
(7) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor.
(8) Households retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities.
(9) IRA assets are not included above. See memo item on table L.226 for a sectoral distribution of IRA accounts.
(10) Annuities held in IRAs at life insurance companies are excluded. They are included in line 27.

Levels

2010

94

Z.1, March 12, 2015

L.118 Private Pension Funds (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

6613.5

6716.8

7241.5

8111.8

8542.1

7851.5

8111.8

8200.7

8372.6

8381.2

8542.1

Checkable deposits and currency


Time and savings deposits
Money market fund shares
Security repurchase agreements

12.5
31.4
136.4
2.7

18.1
33.0
152.9
2.7

16.4
29.1
135.7
2.4

16.5
28.8
137.9
2.3

17.7
29.8
137.3
2.4

16.8
28.7
137.6
2.3

16.5
28.8
137.9
2.3

16.8
29.3
136.4
2.4

17.6
30.0
139.3
2.4

17.7
29.7
137.2
2.4

17.7
29.8
137.3
2.4

2
3
4
5

Credit market instruments

895.9

969.5

1116.2

1166.8

1199.9

1156.9

1166.8

1164.8

1184.5

1195.9

1199.9

40.2
206.9
184.0
438.5
26.5

42.6
233.8
188.2
483.0
21.9

37.7
278.2
210.4
566.8
23.1

34.4
314.6
225.8
572.3
19.7

36.2
334.2
224.7
585.3
19.5

36.2
308.8
221.7
569.7
20.5

34.4
314.6
225.8
572.3
19.7

35.5
318.4
224.4
567.6
18.9

36.2
323.0
228.5
577.0
19.8

36.1
329.4
226.8
582.8
20.8

36.2
334.2
224.7
585.3
19.5

7
8
9
10
11

Open market paper


Treasury securities
Agency- and GSE-backed securities
Corporate and foreign bonds
Mortgages

12
13

Corporate equities
Mutual fund shares

1849.1
2148.9

1751.1
2120.5

1973.6
2385.6

2407.9
2974.8

2587.0
3231.9

2273.5
2803.3

2407.9
2974.8

2448.7
3030.6

2532.2
3141.2

2507.9
3137.8

2587.0
3231.9

12
13

14
15
16
17
18

Miscellaneous assets
Unallocated insurance contracts (3)
Contributions receivable
Claims of pension fund on sponsor (4)
Other

1536.6
469.4
90.8
446.5
529.9

1668.9
484.6
93.8
517.2
573.3

1582.5
503.8
81.4
389.8
607.4

1376.7
537.1
80.9
131.4
627.4

1336.0
563.1
81.7
19.4
671.8

1432.4
521.5
81.6
208.2
621.2

1376.7
537.1
80.9
131.4
627.4

1371.8
544.3
80.7
103.8
643.0

1325.3
553.8
81.1
31.7
658.7

1352.7
553.7
82.0
49.7
667.3

1336.0
563.1
81.7
19.4
671.8

14
15
16
17
18

6650.1

6753.3

7278.0

8148.3

8578.6

7888.0

8148.3

8237.2

8409.2

8417.8

8578.6

19

19

Levels

2012

2
3
4
5

7
8
9
10
11

Total financial assets (2)

2011

Pension entitlements (liabilities) (5)


Memo:

20
21
22

Funded status of defined benefit plans:


Pension entitlements
Funded by assets (6)
Unfunded (line 17)

2872.2
2425.7
446.5

2983.7
2466.4
517.2

3054.3
2664.5
389.8

3105.0
2973.6
131.4

3135.8
3116.5
19.4

3089.3
2881.2
208.2

3105.0
2973.6
131.4

3112.7
3008.9
103.8

3120.4
3088.8
31.7

3128.1
3078.4
49.7

3135.8
3116.5
19.4

20
21
22

23
24

Total financial assets (7)


Defined benefit plans
Defined contribution plans

2835.7
3777.8

2947.1
3769.7

3017.8
4223.7

3068.5
5043.3

3099.3
5442.8

3052.8
4798.7

3068.5
5043.3

3076.2
5124.5

3083.9
5288.8

3091.6
5289.6

3099.3
5442.8

23
24

(1) Private defined benefit plans and defined contribution plans (including 401(k) type plans).
(2) Includes claims on sponsor (i.e., unfunded pension entitlements).
(3) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.
(4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.
(5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector.
(6) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor.
(7) Additional detail on defined benefit plans and defined contribution plans is available on tables L.118.b and L.118.c.

95

Z.1, March 12, 2015

L.118.b Private Pension Funds: Defined Benefit Plans


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

Total financial assets (1)

2
3
4
5

Checkable deposits and currency


Time and savings deposits
Money market fund shares
Security repurchase agreements

Credit market instruments

7
8
9
10
11

Open market paper


Treasury securities
Agency- and GSE-backed securities
Corporate and foreign bonds
Mortgages

12
13

Corporate equities
Mutual fund shares

14
15
16
17
18

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Claims of pension fund on sponsor (3)
Other

19

Pension entitlements (liabilities) (4)

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

2835.7

2947.1

3017.8

3068.5

3099.3

3052.8

3068.5

3076.2

3083.9

3091.6

3099.3

7.7
27.5
34.7
2.7

9.5
28.7
34.3
2.7

8.4
25.4
30.3
2.4

8.2
24.7
29.6
2.3

8.6
25.5
29.4
2.4

8.2
24.6
29.5
2.3

8.2
24.7
29.6
2.3

8.4
25.1
29.4
2.4

8.6
25.8
30.2
2.4

8.5
25.5
29.9
2.4

8.6
25.5
29.4
2.4

2
3
4
5

615.1

693.2

777.0

812.2

832.9

800.1

812.2

811.3

827.7

832.5

832.9

30.2
119.4
119.0
328.3
18.2

31.3
138.8
133.3
374.1
15.8

27.6
154.7
144.3
434.7
15.7

23.8
179.5
154.1
441.6
13.3

25.1
191.4
154.8
448.5
13.1

25.5
175.5
151.4
433.9
13.9

23.8
179.5
154.1
441.6
13.3

24.4
182.0
153.8
438.3
12.8

25.0
185.6
156.9
446.7
13.4

24.7
189.8
155.9
448.2
14.0

25.1
191.4
154.8
448.5
13.1

7
8
9
10
11

1010.7
349.8

929.5
356.6

1048.0
359.3

1247.0
427.5

1326.3
448.9

1185.1
410.1

1247.0
427.5

1267.6
434.6

1306.3
446.5

1293.3
442.0

1326.3
448.9

12
13

787.5
53.0
63.1
446.5
224.8

892.6
64.5
64.8
517.2
246.0

767.0
58.2
52.4
389.8
266.6

517.0
63.4
51.6
131.4
270.6

425.4
67.1
51.4
19.4
287.6

592.7
62.3
52.5
208.2
269.8

517.0
63.4
51.6
131.4
270.6

497.5
64.0
51.6
103.8
278.1

436.3
66.1
52.1
31.7
286.5

457.6
66.5
52.0
49.7
289.5

425.4
67.1
51.4
19.4
287.6

14
15
16
17
18

2872.2

2983.7

3054.3

3105.0

3135.8

3089.3

3105.0

3112.7

3120.4

3128.1

3135.8

19

Levels

2011

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).


(2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.
(3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.
(4) Actuarial value of accrued defined benefit pension entitlements.

L.118.c Private Pension Funds: Defined Contribution Plans (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

3777.8

3769.7

4223.7

5043.3

5442.8

4798.7

5043.3

5124.5

5288.8

5289.6

5442.8

2
3
4
5

Checkable deposits and currency


Time and savings deposits
Money market fund shares
Security repurchase agreements

4.8
3.9
101.7
0.0

8.6
4.3
118.5
0.0

7.9
3.7
105.4
0.0

8.3
4.1
108.3
0.0

9.1
4.3
107.9
0.0

8.6
4.1
108.1
0.0

8.3
4.1
108.3
0.0

8.4
4.1
107.0
0.0

9.0
4.2
109.0
0.0

9.2
4.2
107.3
0.0

9.1
4.3
107.9
0.0

2
3
4
5

Credit market instruments

280.8

276.4

339.2

354.6

367.1

356.8

354.6

353.5

356.8

363.4

367.1

10.0
87.4
65.0
110.2
8.3

11.3
95.1
54.9
108.9
6.1

10.1
123.5
66.1
132.1
7.4

10.6
135.2
71.7
130.7
6.4

11.2
142.9
69.9
136.8
6.4

10.7
133.3
70.3
135.8
6.6

10.6
135.2
71.7
130.7
6.4

11.1
136.4
70.6
129.2
6.1

11.1
137.4
71.6
130.3
6.4

11.4
139.6
71.0
134.6
6.9

11.2
142.9
69.9
136.8
6.4

7
8
9
10
11

838.4
1799.1

821.6
1763.9

925.7
2026.3

1160.9
2547.3

1260.8
2783.0

1088.4
2393.1

1160.9
2547.3

1181.1
2596.0

1225.9
2694.8

1214.6
2695.8

1260.8
2783.0

12
13

749.1
416.4
27.7
305.1

776.3
420.1
29.0
327.3

815.5
445.7
29.0
340.8

859.7
473.7
29.3
356.8

910.7
496.0
30.4
384.3

839.7
459.2
29.1
351.4

859.7
473.7
29.3
356.8

874.3
480.3
29.1
365.0

889.1
487.8
29.0
372.3

895.1
487.3
30.1
377.8

910.7
496.0
30.4
384.3

14
15
16
17

3777.8

3769.7

4223.7

5043.3

5442.8

4798.7

5043.3

5124.5

5288.8

5289.6

5442.8

18

7
8
9
10
11

Open market paper


Treasury securities
Agency- and GSE-backed securities
Corporate and foreign bonds
Mortgages

12
13

Corporate equities
Mutual fund shares

14
15
16
17

Miscellaneous assets
Unallocated insurance contracts (2)
Contributions receivable
Other

18

Pension entitlements (liabilities)

(1) Includes 401(k) and 403(b) type plans.


(2) Assets of private pension plans held at life insurance companies; series begins 1985:Q4.

96

Z.1, March 12, 2015

L.119 Federal Government Employee Retirement Funds


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

3159.3

3266.0

3384.9

3542.8

3683.4

3480.0

3542.8

3573.6

3609.6

3641.4

3683.4

141.8
130.0
5.8
5.9

167.3
153.5
6.5
7.3

182.7
165.6
8.1
9.0

192.1
178.0
6.4
7.7

209.0
196.1
6.0
7.0

72.8
58.2
6.6
8.0

192.1
178.0
6.4
7.7

193.6
181.0
5.7
6.9

196.0
183.1
5.8
7.0

201.1
188.4
5.8
6.9

209.0
196.1
6.0
7.0

2
3
4
5

140.9
2876.6
1142.9
1733.7

134.4
2964.3
1213.7
1750.7

148.1
3054.1
1254.1
1800.0

206.2
3144.5
1352.3
1792.1

235.2
3239.2
1421.1
1818.0

184.5
3222.8
1161.5
2061.2

206.2
3144.5
1352.3
1792.1

211.8
3168.1
1339.7
1828.4

221.8
3191.8
1342.6
1849.3

224.8
3215.5
1361.8
1853.7

235.2
3239.2
1421.1
1818.0

6
7
8
9

Pension entitlements (liabilities) (5)

3159.3

3266.0

3384.9

3542.8

3683.4

3480.0

3542.8

3573.6

3609.6

3641.4

3683.4

10

Memo:
Funded status of defined benefit plans:
11 Pension entitlements
12
Funded by assets (6)
13
Unfunded

2894.8
1161.1
1733.7

2980.8
1230.2
1750.7

3070.0
1270.0
1800.0

3161.7
1369.6
1792.1

3256.1
1438.0
1818.0

3137.5
1178.0
1959.5

3161.7
1369.6
1792.1

3185.1
1356.7
1828.4

3208.9
1359.7
1849.3

3232.1
1378.4
1853.7

3256.1
1438.0
1818.0

11
12
13

2894.8
264.5

2980.8
285.2

3070.0
314.9

3161.7
381.0

3256.1
427.3

3137.5
342.5

3161.7
381.0

3185.1
388.5

3208.9
400.7

3232.1
409.3

3256.1
427.3

14
15

2
3
4
5

Credit market instruments


Treasury securities (2)
Agency- and GSE-backed securities
Corporate and foreign bonds

6
7
8
9

Corporate equities
Miscellaneous assets
Nonmarketable Treasury securities (3)
Claims of pension fund on sponsor (4)

10

14
15

Levels

Total financial assets (1)

2011

Total financial assets (7)


Defined benefit plans
Defined contribution plans

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).


(2) Includes nonmarketable Treasury securities held by the Thrift Savings Plan.
(3) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund,
and foreign service retirement and disability fund.
(4) Unfunded defined benefit pension entitlements and suspended investments in the Thrift Savings Plan G Fund by the Treasury. Negative values indicate overfunding.
(5) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans, including suspended investments in the Thrift Savings Plan G Fund.
These liabilities are assets of the household sector.
(6) Total defined benefit financial assets less defined benefit claims of pension fund on sponsor.
(7) Additional detail on defined benefit plans and defined contribution plans is available on tables L.119.b and L.119.c.

97

Z.1, March 12, 2015

L.119.b Federal Government Employee Retirement Funds: Defined Benefit Plans (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

2011

2012

2013

2014

2013
Q3

1
2
3
4
5

Total financial assets (2)


Credit market instruments
Treasury securities
Agency- and GSE-backed securities
Corporate and foreign bonds

Corporate equities

7
8
9

Miscellaneous assets
Nonmarketable Treasury securities (3)
Claims of pension fund on sponsor (4)

10

Pension entitlements (liabilities) (5)

2014
Q4

Q1

Q2

Q3

Q4

2894.8

2980.8

3070.0

3161.7

3256.1

3137.5

3161.7

3185.1

3208.9

3232.1

3256.1

5.8

6.1

6.1

6.1

5.6

6.1

6.1

5.9

5.8

5.7

5.6

2.1
0.9
2.9

1.7
0.7
3.7

1.5
0.5
4.1

1.4
0.5
4.1

1.3
0.5
3.8

1.4
0.5
4.2

1.4
0.5
4.1

1.4
0.5
4.0

1.4
0.5
4.0

1.3
0.5
3.9

1.3
0.5
3.8

3
4
5

12.4

10.4

9.8

11.2

11.3

10.3

11.2

11.0

11.3

11.0

11.3

2876.6
1142.9
1733.7

2964.3
1213.7
1750.7

3054.1
1254.1
1800.0

3144.5
1352.3
1792.1

3239.2
1421.1
1818.0

3121.1
1161.5
1959.5

3144.5
1352.3
1792.1

3168.1
1339.7
1828.4

3191.8
1342.6
1849.3

3215.5
1361.8
1853.7

3239.2
1421.1
1818.0

7
8
9

2894.8

2980.8

3070.0

3161.7

3256.1

3137.5

3161.7

3185.1

3208.9

3232.1

3256.1

10

Levels

(1) Includes civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, foreign service retirement and
disability fund, and the National Railroad Investment Trust.
(2) Includes claims on sponsor (i.e., unfunded pension entitlements).
(3) Nonmarketable government securities held by the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund,
and foreign service retirement and disability fund.
(4) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.
(5) Actuarial value of accrued pension entitlements in defined benefit plans. These liabilities are assets of the household sector.

L.119.c Federal Government Employee Retirement Funds: Defined Contribution Plans (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1
2
3
4
5
6
7
8

Total financial assets


Credit market instruments
Treasury securities (2)
Agency- and GSE-backed securities
Corporate and foreign bonds
Corporate equities
Claims of pension fund on sponsor (misc. assets) (3)
Pension entitlements (liabilities)

264.5

285.2

314.9

381.0

427.3

342.5

381.0

388.5

400.7

409.3

427.3

136.0

161.2

176.6

186.0

203.5

66.6

186.0

187.7

190.2

195.5

203.5

128.0
4.9
3.0

151.7
5.8
3.7

164.1
7.5
5.0

176.6
5.9
3.6

194.7
5.5
3.2

56.8
6.1
3.8

176.6
5.9
3.6

179.6
5.2
2.9

181.7
5.4
3.1

187.1
5.3
3.1

194.7
5.5
3.2

3
4
5

128.5

124.0

138.3

195.0

223.8

174.2

195.0

200.8

210.5

213.8

223.8

0.0

0.0

0.0

0.0

0.0

101.7

0.0

0.0

0.0

0.0

0.0

264.5

285.2

314.9

381.0

427.3

342.5

381.0

388.5

400.7

409.3

427.3

(1) Thrift Savings Plan.


(2) Includes nonmarketable and marketable Treasury securities held by the Thrift Savings Plan G and F funds.
(3) Suspended investments in the Thrift Savings Plan G Fund by the Treasury.

98

Z.1, March 12, 2015

L.120 State and Local Government Employee Retirement Funds


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

1
2
3
4
5

Checkable deposits and currency


Time and savings deposits
Money market fund shares
Security repurchase agreements

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

4778.5

4934.5

5097.4

5230.2

5456.4

5188.5

5230.2

5284.2

5344.2

5393.6

5456.4

4.2
35.6
43.5
3.4

4.5
38.0
42.6
3.4

4.8
37.4
39.1
3.3

5.5
45.4
48.0
3.9

4.7
36.8
39.2
3.2

5.6
40.6
42.1
3.5

5.5
45.4
48.0
3.9

5.0
41.6
43.6
3.6

5.4
38.1
40.3
3.3

5.4
38.3
39.9
3.3

4.7
36.8
39.2
3.2

2
3
4
5

795.3
41.9
172.5
169.6
2.3
397.0
11.9

809.8
44.0
184.2
182.0
1.6
386.1
11.9

817.7
42.7
203.3
202.9
0.9
356.8
11.2

880.1
51.4
216.3
216.2
1.1
386.3
8.6

976.9
42.2
269.9
223.5
1.0
428.5
11.8

859.1
46.8
216.4
215.2
1.1
370.1
9.7

880.1
51.4
216.3
216.2
1.1
386.3
8.6

895.4
47.9
221.5
218.5
0.9
395.5
11.0

955.6
44.0
248.5
228.5
1.0
421.5
12.1

956.0
44.6
256.0
223.9
1.0
418.9
11.5

976.9
42.2
269.9
223.5
1.0
428.5
11.8

6
7
8
9
10
11
12

6
7
8
9
10
11
12

Credit market instruments


Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Mortgages

13
14

Corporate equities
Mutual fund shares

1930.1
370.1

1850.6
294.0

2058.9
276.7

2469.0
326.7

2500.4
342.2

2334.6
311.1

2469.0
326.7

2436.0
326.4

2525.1
335.9

2478.2
334.2

2500.4
342.2

13
14

15
16
17
18

Miscellaneous assets
Unallocated insurance contracts (2)
Claims of pension fund on sponsor (3)
Other

1596.3
151.5
1343.4
101.4

1891.5
140.1
1648.3
103.1

1859.5
134.7
1622.2
102.6

1451.7
131.0
1204.1
116.7

1553.1
137.4
1290.2
125.5

1591.9
125.2
1353.1
113.6

1451.7
131.0
1204.1
116.7

1532.5
132.0
1276.3
124.2

1440.4
136.0
1173.6
130.7

1538.3
135.0
1277.9
125.5

1553.1
137.4
1290.2
125.5

15
16
17
18

Pension entitlements (liabilities) (4)

4885.0

5045.2

5222.6

5371.4

5599.6

5323.6

5371.4

5426.2

5492.6

5539.4

5599.6

19

Memo:
Funded status of defined benefit plans:
20 Pension entitlements
21
Funded by assets (5)
22
Unfunded (line 17)

4408.7
3065.3
1343.4

4604.1
2955.8
1648.3

4762.4
3140.2
1622.2

4862.9
3658.8
1204.1

5066.2
3776.0
1290.2

4837.7
3484.6
1353.1

4862.9
3658.8
1204.1

4913.7
3637.4
1276.3

4964.5
3790.9
1173.6

5015.4
3737.5
1277.9

5066.2
3776.0
1290.2

20
21
22

4302.2
476.3

4493.4
441.1

4637.3
460.2

4721.7
508.5

4923.0
533.4

4702.7
485.9

4721.7
508.5

4771.8
512.5

4816.1
528.1

4869.6
524.0

4923.0
533.4

23
24

19

Levels

Total financial assets (1)

2011

23
24

Total financial assets (6)


Defined benefit plans
Defined contribution plans

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).


(2) Assets of defined contribution funds held at life insurance companies.
(3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.
(4) Actuarial value of accrued pension entitlements. These liabilities are assets of the household sector.
(5) Total defined benefit financial assets plus nonfinancial assets less claims of pension fund on sponsor.
(6) Additional detail on defined benefit plans and defined contribution plans is available on tables L.120.b and L.120.c.

99

Z.1, March 12, 2015

L.120.b State and Local Government Employee Retirement Funds: Defined Benefit Plans
Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

4302.2

4493.4

4637.3

4721.7

4923.0

4702.7

4721.7

4771.8

4816.1

4869.6

4923.0

2
3

Checkable deposits and currency


Time and savings deposits

4.1
34.6

4.3
37.4

4.2
37.1

5.0
44.8

4.1
36.4

4.5
40.0

5.0
44.8

4.6
41.0

4.2
37.6

4.3
37.8

4.1
36.4

2
3

4
5

Money market fund shares


Security repurchase agreements

43.5
3.4

42.2
3.4

39.1
3.3

47.2
3.9

38.3
3.2

42.1
3.5

47.2
3.9

43.2
3.6

39.6
3.3

39.9
3.3

38.3
3.2

4
5

Credit market instruments

761.6

774.1

780.6

845.3

942.0

823.3

845.3

861.0

920.9

920.9

942.0

Open market paper


Treasury securities
Agency- and GSE-backed securities

38.0
159.3
159.8

40.3
168.5
172.9

39.6
187.3
194.3

47.9
203.4
207.9

38.9
257.5
215.4

42.7
202.4
206.9

47.9
203.4
207.9

43.8
208.5
211.2

40.1
235.7
220.5

40.4
243.6
216.3

38.9
257.5
215.4

7
8
9

Municipal securities
Corporate and foreign bonds
Mortgages

2.1
390.6
11.9

1.4
379.0
11.9

0.5
347.7
11.2

0.4
377.2
8.6

0.2
418.2
11.8

0.3
361.4
9.7

0.4
377.2
8.6

0.2
386.3
11.0

0.2
412.2
12.1

0.2
409.0
11.5

0.2
418.2
11.8

10
11
12

7
8
9
10
11
12

Total financial assets (1)

2011

13
14

Corporate equities
Mutual fund shares

1793.6
217.0

1728.8
152.2

1926.9
121.6

2309.4
146.4

2335.1
150.1

2185.3
138.0

2309.4
146.4

2276.1
142.8

2360.6
147.6

2315.4
146.7

2335.1
150.1

13
14

15
16
17

Miscellaneous assets
Claims of pension fund on sponsor (2)
Other

1444.4
1343.4
101.0

1751.1
1648.3
102.7

1724.5
1622.2
102.2

1319.6
1204.1
115.5

1413.9
1290.2
123.7

1466.0
1353.1
113.0

1319.6
1204.1
115.5

1399.3
1276.3
123.0

1302.3
1173.6
128.7

1401.3
1277.9
123.4

1413.9
1290.2
123.7

15
16
17

4408.7

4604.1

4762.4

4862.9

5066.2

4837.7

4862.9

4913.7

4964.5

5015.4

5066.2

18

18

Pension entitlements (liabilities) (3)

(1) Includes claims on sponsor (i.e., unfunded pension entitlements).


(2) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.
(3) Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector.

L.120.c State and Local Government Employee Retirement Funds: Defined Contribution Plans (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

476.3

441.1

460.2

508.5

533.4

485.9

508.5

512.5

528.1

524.0

533.4

2
3

Checkable deposits and currency


Time and savings deposits

0.1
1.0

0.3
0.7

0.6
0.3

0.4
0.6

0.6
0.4

1.1
0.6

0.4
0.6

0.4
0.5

1.2
0.5

1.2
0.5

0.6
0.4

2
3

4
5

Money market fund shares


Security repurchase agreements

0.0
0.0

0.4
0.0

0.0
0.0

0.7
0.0

0.9
0.0

0.0
0.0

0.7
0.0

0.4
0.0

0.8
0.0

0.0
0.0

0.9
0.0

4
5

Credit market instruments

33.7

35.7

37.1

34.7

34.9

35.8

34.7

34.4

34.8

35.0

34.9

3.9
13.3
9.9
0.2
6.4

3.7
15.7
9.1
0.2
7.1

3.0
16.0
8.6
0.4
9.1

3.6
12.9
8.3
0.8
9.1

3.4
12.4
8.1
0.9
10.2

4.1
14.0
8.3
0.8
8.7

3.6
12.9
8.3
0.8
9.1

4.1
13.0
7.3
0.7
9.2

3.9
12.8
8.0
0.8
9.4

4.2
12.4
7.7
0.8
9.9

3.4
12.4
8.1
0.9
10.2

7
8
9
10
11

7
8
9
10
11

Total financial assets

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds

12
13

Corporate equities
Mutual fund shares

136.5
153.1

121.8
141.8

132.0
155.0

159.6
180.3

165.3
192.1

149.4
173.1

159.6
180.3

159.9
183.6

164.5
188.3

162.8
187.5

165.3
192.1

12
13

14
15
16

Miscellaneous assets
Unallocated insurance contracts (2)
Other

151.9
151.5
0.4

140.5
140.1
0.4

135.1
134.7
0.3

132.2
131.0
1.2

139.1
137.4
1.7

125.8
125.2
0.7

132.2
131.0
1.2

133.2
132.0
1.2

138.0
136.0
2.0

137.0
135.0
2.0

139.1
137.4
1.7

14
15
16

476.3

441.1

460.2

508.5

533.4

485.9

508.5

512.5

528.1

524.0

533.4

17

17

Pension entitlements (liabilities)

(1) Includes 403(b) and 457 type plans.


(2) Assets held at life insurance companies.

Levels

2010

100

Z.1, March 12, 2015

L.121 Money Market Mutual Funds (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

Total financial assets

2
3
4
5

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Security repurchase agreements

Credit market instruments

7
8
9
10
11
12
13

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Miscellaneous assets
Total shares outstanding (liabilities)

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

2755.4

2642.5

2649.6

2678.5

2688.1

2637.3

2678.5

2592.5

2522.4

2565.4

2688.1

105.9
14.2
458.9
479.4

42.9
20.1
402.7
490.5

43.3
16.5
435.4
544.7

33.7
13.3
494.8
493.4

24.1
-4.3
515.5
644.6

36.3
11.1
494.5
489.2

33.7
13.3
494.8
493.4

19.4
15.5
493.6
506.4

26.7
18.6
509.7
564.0

23.2
-3.1
531.1
575.8

24.1
-4.3
515.5
644.6

2
3
4
5

1673.4

1663.6

1580.9

1611.7

1490.8

1572.4

1611.7

1520.4

1387.3

1419.6

1490.8

394.2
335.4
402.8
386.7
154.2

354.2
443.3
403.7
357.3
105.1

340.8
457.8
343.5
336.7
102.1

352.0
488.0
361.3
308.3
102.0

333.5
412.7
384.6
281.7
78.3

357.7
466.3
354.2
305.2
89.1

352.0
488.0
361.3
308.3
102.0

354.4
454.6
326.2
296.4
88.8

341.2
370.5
327.8
281.4
66.4

331.6
391.5
346.5
278.7
71.1

333.5
412.7
384.6
281.7
78.3

7
8
9
10
11

23.5

22.7

28.8

31.6

17.3

33.9

31.6

37.2

16.0

18.8

17.3

12

2755.4

2642.5

2649.6

2678.5

2688.1

2637.3

2678.5

2592.5

2522.4

2565.4

2688.1

13

11899.2

12374.8

12343.7

12574.0

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.116).

Levels

L.122 Mutual Funds (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

Security repurchase agreements

Credit market instruments

4
5
6
7
8
9
10
11
12

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Other loans and advances
Corporate equities
Miscellaneous assets
Total shares outstanding (liabilities)

7873.0

7870.9

9326.1

11544.4

12574.0

10904.5

11544.4

137.5

108.7

262.8

355.7

378.4

354.0

355.7

381.9

424.0

395.2

378.4

2969.9

3329.3

3981.3

4345.2

4803.0

4287.7

4345.2

4462.9

4583.4

4692.3

4803.0

66.3
379.3
681.3
525.5
1243.0
74.6

40.0
454.3
787.1
541.2
1413.4
93.5

77.5
575.5
875.9
627.4
1719.4
105.7

105.2
631.9
850.4
613.9
1998.8
145.1

112.7
727.4
831.8
658.4
2311.7
160.8

104.6
626.8
850.4
620.7
1947.3
137.9

105.2
631.9
850.4
613.9
1998.8
145.1

113.9
667.0
836.1
618.2
2067.5
160.1

127.9
686.8
801.1
630.4
2180.8
156.5

118.3
707.0
824.0
643.2
2240.9
158.9

112.7
727.4
831.8
658.4
2311.7
160.8

4
5
6
7
8
9

4762.7
2.9

4427.2
5.7

5109.4
-27.4

6851.8
-8.3

7370.1
22.6

6245.9
17.0

6851.8
-8.3

7030.1
24.4

7364.8
2.6

7233.0
23.2

7370.1
22.6

10
11

7873.0

7870.9

9326.1

11544.4

12574.0

10904.5

11544.4

11899.2

12374.8

12343.7

12574.0

12

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.116).

L.123 Closed-End and Exchange-Traded Funds


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
Closed-end funds
1
2
3
4
5
6
7

Total financial assets


Credit market instruments
Treasury securities
Municipal securities
Corporate and foreign bonds
Corporate equities
Total shares outstanding (liabilities)

243.1

240.5

256.5

283.6

284.9

279.1

283.6

287.0

294.4

291.3

284.9

146.4
5.1
81.6
59.7
96.7

144.7
4.8
82.5
57.3
95.9

155.9
5.2
85.9
64.8
100.6

169.4
5.7
84.3
79.4
114.2

165.5
5.5
84.8
75.2
119.4

169.0
5.8
84.8
78.4
110.1

169.4
5.7
84.3
79.4
114.2

169.7
5.8
85.2
78.7
117.3

170.4
5.9
85.8
78.7
124.0

167.8
5.8
84.2
77.8
123.5

165.5
5.5
84.8
75.2
119.4

2
3
4
5
6

243.1

240.5

256.5

283.6

284.9

279.1

283.6

287.0

294.4

291.3

284.9

986.8

1042.6

1324.4

1670.6

1969.3

1537.3

1670.6

1704.1

1822.3

1824.4

1969.3

132.7
51.0
7.6
74.1
854.1

178.8
62.4
8.6
107.7
863.8

231.1
63.6
12.3
155.3
1093.3

243.3
57.1
11.4
174.8
1427.3

294.3
70.1
14.6
209.6
1675.0

245.8
63.9
11.5
170.4
1291.5

243.3
57.1
11.4
174.8
1427.3

254.3
59.3
11.8
183.2
1449.9

266.3
63.0
12.6
190.7
1555.9

272.4
64.4
13.4
194.7
1552.0

294.3
70.1
14.6
209.6
1675.0

9
10
11
12
13

986.8

1042.6

1324.4

1670.6

1969.3

1537.3

1670.6

1704.1

1822.3

1824.4

1969.3

14

Exchange-traded funds
8
9
10
11
12
13
14

Total financial assets


Credit market instruments
Treasury securities
Municipal securities
Corporate and foreign bonds
Corporate equities
Total shares outstanding (liabilities)

101

Z.1, March 12, 2015

L.124 Government-Sponsored Enterprises (GSEs) (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted

Total financial assets

2
3
4

Checkable deposits and currency


Time and savings deposits
Federal funds and security repos

Credit market instruments

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

6722.4

6480.2

6275.1

6361.3

6388.0

6339.7

6361.3

6256.9

6286.3

6323.0

6388.0

63.4
26.1
151.2

72.7
13.4
112.3

52.6
4.3
150.8

81.6
5.4
152.3

91.3
5.9
136.6

77.4
7.5
133.4

81.6
5.4
152.3

45.4
7.9
127.3

49.3
5.9
134.3

89.3
5.4
110.9

91.3
5.9
136.6

2
3
4

6333.1

6133.4

5914.8

5956.4

5999.3

5954.6

5956.4

5924.2

5945.4

5968.1

5999.3

Open market paper


Treasury securities
Agency- and GSE-backed securities

9.9
82.6
377.0

6.5
100.2
358.9

3.4
69.0
310.6

4.4
59.1
287.9

6.3
65.4
282.8

5.0
82.6
294.7

4.4
59.1
287.9

4.8
65.2
283.6

5.7
64.5
285.6

6.0
65.0
290.3

6.3
65.4
282.8

6
7
8

9
10

Municipal securities
Corporate and foreign bonds

24.9
266.5

21.0
235.7

17.0
185.7

13.4
126.3

10.6
97.4

13.8
139.1

13.4
126.3

12.7
120.1

12.2
109.4

11.4
101.4

10.6
97.4

9
10

11
12
13
14

Other loans and advances


Sallie Mae
Farm Credit System
FHLB

551.3
0.0
87.3
464.0

487.0
0.0
83.8
403.3

505.7
0.0
92.1
413.6

587.5
0.0
95.0
492.6

668.1
0.0
97.4
570.7

547.3
0.0
89.7
457.7

587.5
0.0
95.0
492.6

576.9
0.0
98.3
478.5

628.0
0.0
97.4
530.6

639.1
0.0
99.3
539.8

668.1
0.0
97.4
570.7

11
12
13
14

15

Mortgages

5021.0

4924.0

4823.5

4877.8

4868.8

4872.0

4877.8

4861.0

4840.1

4854.8

4868.8

15

6
7
8

16
17
18

Home
Consolidated trusts (2)
Other

4690.7
4141.0
549.7

4587.7
4032.1
555.6

4476.1
3958.0
518.0

4544.9
4087.7
457.1

4536.2
4104.2
432.0

4532.7
4064.3
468.4

4544.9
4087.7
457.1

4532.2
4085.6
446.5

4515.2
4073.2
442.0

4527.2
4090.8
436.4

4536.2
4104.2
432.0

16
17
18

19
20
21

Multifamily residential
Consolidated trusts (2)
Other

256.5
75.4
181.1

259.2
99.9
159.4

265.5
127.4
138.1

243.5
146.3
97.2

240.8
164.1
76.7

251.8
141.9
109.9

243.5
146.3
97.2

238.9
148.8
90.1

234.3
151.0
83.3

236.4
157.5
79.0

240.8
164.1
76.7

19
20
21

22

73.8

77.1

82.0

89.4

91.8

87.5

89.4

90.0

90.6

91.2

91.8

22

23

Consumer credit (3)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

23

24

Miscellaneous assets

148.6

148.5

152.6

165.6

155.0

166.8

165.6

152.1

151.4

149.3

155.0

24

6615.1

6377.9

6216.8

6314.9

6378.3

6267.3

6314.9

6222.6

6261.6

6299.0

6378.3

25

25

Farm

Total liabilities

26

Federal funds and security repos

1.3

0.4

0.0

0.0

0.1

0.0

0.0

0.0

0.0

0.0

0.1

26

27

Credit market instruments

6434.5

6247.3

6092.7

6200.2

6265.1

6147.7

6200.2

6111.4

6150.6

6186.2

6265.1

27

28
29
30
31

GSE issues (4)


Consolidated trusts (2)
Other
U.S. government loans

6434.5
4216.4
2218.1
0.0

6247.3
4132.0
2115.4
0.0

6092.7
4085.4
2007.3
0.0

6200.2
4234.0
1966.2
0.0

6265.1
4268.3
1996.8
0.0

6147.7
4206.2
1941.5
0.0

6200.2
4234.0
1966.2
0.0

6111.4
4234.5
1876.9
0.0

6150.6
4224.3
1926.3
0.0

6186.2
4248.3
1937.9
0.0

6265.1
4268.3
1996.8
0.0

28
29
30
31

179.4

130.2

124.1

114.7

113.1

119.6

114.7

111.2

111.1

112.8

113.1

32

32

Miscellaneous liabilities

(1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Farmer Mac, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation. The Student Loan Marketing Association
(Sallie Mae) was included until it was fully privatized in 2004:Q4. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools (table L.125) are consolidated on Fannie Maes and
Freddie Macs balance sheets.
(2) Consolidated trusts refers to the unpaid balance of securitized mortgages Fannie Mae and Freddie Mac moved on to their balance sheets at the beginning of 2010 in response to new accounting rules.
(3) Sallie Mae student loans.
(4) Such issues are classified as agency- and GSE-backed securities.

L.125 Agency- and GSE-Backed Mortgage Pools (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

1139.5

1304.8

1437.0

1569.4

1644.9

1540.8

1569.4

1585.8

1600.0

1623.6

1644.9

2
3
4
5

Home mortgages
Multifamily residential mortgages
Commercial mortgages
Farm mortgages

1068.8
66.9
0.0
3.8

1216.8
86.4
0.0
1.7

1321.8
113.4
0.0
1.9

1420.6
147.1
0.0
1.8

1471.7
171.4
0.0
1.8

1400.2
138.8
0.0
1.8

1420.6
147.1
0.0
1.8

1432.0
152.0
0.0
1.7

1440.7
157.6
0.0
1.7

1458.8
163.2
0.0
1.7

1471.7
171.4
0.0
1.8

2
3
4
5

Total pool securities (liabilities)(2)

1139.5

1304.8

1437.0

1569.4

1644.9

1540.8

1569.4

1585.8

1600.0

1623.6

1644.9

(1) GNMA, Fannie Mae, Freddie Mac, Farmer Mac, and Farmers Home Administration pools. Beginning 2010:Q1, almost all Fannie Mae and Freddie Mac mortgage pools are consolidated on Fannie
Maes and Freddie Macs balance sheets (table L.124). Also includes agency- and GSE-backed mortgage pool securities which are used as collateral for agency- and GSE-backed CMOs and privately
issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances.
(2) Such issues are classified as agency- and GSE-backed securities.

Levels

2010

102

Z.1, March 12, 2015

L.126 Issuers of Asset-Backed Securities (ABS)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

Total financial assets

2
3
4

Treasury securities
Agency- and GSE-backed securities (1)
Other loans and advances

5
6
7
8

Mortgages (2)
Home
Multifamily residential
Commercial

9
10
11
12
13

Consumer credit
Trade credit
Total liabilities
Commercial paper
Corporate bonds (net) (3)

Levels

Memo:
Securitized assets not included above
14
Consumer leases (4)
15
REIT assets (5)
Securitized liabilities not included above
16
Commercial paper (6)

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

2235.9

1989.0

1769.4

1481.1

1381.1

1505.4

1481.1

1431.1

1405.8

1396.5

1381.1

40.1
3.6
167.8

29.2
0.3
162.4

23.4
0.3
161.7

24.3
0.1
150.2

23.4
0.4
155.7

22.9
0.1
151.1

24.3
0.1
150.2

25.0
0.1
154.7

24.1
0.2
150.6

24.5
0.2
155.6

23.4
0.4
155.7

2
3
4

1922.3
1303.0
98.4
520.8

1703.4
1109.5
90.7
503.2

1492.9
928.3
81.1
483.5

1221.6
791.6
75.2
354.7

1120.7
695.9
74.0
350.9

1248.1
821.5
74.4
352.2

1221.6
791.6
75.2
354.7

1169.8
767.6
74.4
327.7

1150.7
742.0
73.8
334.9

1136.1
717.3
73.5
345.2

1120.7
695.9
74.0
350.9

5
6
7
8

50.3
51.8

46.2
47.6

50.0
41.2

49.1
35.7

49.6
31.3

48.5
34.6

49.1
35.7

47.3
34.3

46.3
33.9

49.1
31.0

49.6
31.3

9
10

2235.9

1989.0

1769.4

1481.1

1381.1

1505.4

1481.1

1431.1

1405.8

1396.5

1381.1

11

120.2
2115.7

96.0
1893.0

87.0
1682.4

79.9
1401.2

64.8
1316.3

79.2
1426.2

79.9
1401.2

73.7
1357.4

70.8
1334.9

70.4
1326.1

64.8
1316.3

12
13

0.0
18.1

0.0
14.3

0.0
15.6

0.0
155.2

0.0
162.7

0.0
147.1

0.0
155.2

0.0
175.6

0.0
169.7

0.0
168.4

0.0
162.7

14
15

112.9

120.6

87.5

59.7

54.5

57.3

59.7

58.4

56.0

54.7

54.5

16

(1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs.
(2) Mortgages backing privately issued pool securities and privately issued CMOs.
(3) Liabilities net of assets.
(4) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities).
The leased automobile is a nonfinancial asset.
(5) Included in table L.128.
(6) Included in table L.111 line 43.

L.127 Finance Companies (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

2
3

Checkable deposits and currency


Time and savings deposits

Credit market instruments

1588.5

1569.3

1493.7

1472.8

1497.8

1487.9

1472.8

1466.6

1463.9

1478.7

1497.8

26.5
79.6

31.7
95.0

27.8
83.5

32.1
96.2

32.1
96.3

34.2
102.5

32.1
96.2

32.9
98.6

32.3
97.0

31.1
93.3

32.1
96.3

2
3

1405.4

1359.6

1324.9

1305.4

1318.1

1311.2

1305.4

1293.8

1295.1

1296.4

1318.1

5
6
7
8

Corporate and foreign bonds


Other loans and advances
Mortgages
Consumer credit

84.1
372.7
243.5
705.0

85.0
375.8
211.2
687.6

78.7
387.0
179.5
679.8

67.9
401.3
157.0
679.1

74.0
411.9
148.0
684.2

70.0
396.9
165.9
678.5

67.9
401.3
157.0
679.1

71.8
398.0
154.1
669.9

72.5
401.4
149.6
671.7

69.9
401.7
148.2
676.6

74.0
411.9
148.0
684.2

5
6
7
8

9
10

U.S. direct investment abroad


Miscellaneous assets

206.0
-129.0

221.8
-138.7

225.4
-168.1

228.6
-189.5

245.6
-194.3

231.1
-191.2

228.6
-189.5

235.8
-194.5

238.1
-198.7

242.1
-184.3

245.6
-194.3

9
10

1558.7

1532.7

1445.6

1424.0

1434.3

1432.2

1424.0

1411.0

1406.6

1417.6

1434.3

11

1280.7

1261.9

1205.1

1209.3

1236.3

1206.6

1209.3

1198.5

1201.6

1215.6

1236.3

12

111.0
1078.2
91.5
0.0

121.0
1038.8
102.1
0.0

129.1
957.5
118.5
0.0

118.8
961.9
128.6
0.0

117.3
981.8
137.2
0.0

124.9
955.1
126.7
0.0

118.8
961.9
128.6
0.0

114.0
959.3
125.2
0.0

109.8
968.9
123.0
0.0

115.8
969.6
130.2
0.0

117.3
981.8
137.2
0.0

13
14
15
16

11
12
13
14
15
16

Total liabilities
Credit market instruments
Open market paper
Corporate bonds
Depository institution loans n.e.c.
Other loans and advances

17
18

Taxes payable
Foreign direct investment in U.S.

6.0
114.7

6.7
91.1

6.7
90.9

6.8
73.0

7.0
70.4

7.0
92.3

6.8
73.0

6.8
73.4

6.8
74.2

7.0
71.7

7.0
70.4

17
18

19
20
21

Miscellaneous liabilities
Investment by parent
Other

157.3
175.7
-18.4

173.0
163.7
9.3

142.9
162.8
-19.9

134.9
161.8
-26.9

120.6
164.2
-43.6

126.3
163.0
-36.7

134.9
161.8
-26.9

132.3
167.0
-34.7

123.9
165.1
-41.1

123.2
162.4
-39.2

120.6
164.2
-43.6

19
20
21

111.8

119.7

144.0

167.3

188.9

163.9

167.3

172.1

177.7

184.4

188.9

22

22

Memo:
Consumer leases not included above (2)

(1) Includes retail captive finance companies and mortgage companies.


(2) See footnote (4), table L.126.

103

Z.1, March 12, 2015

L.128 Real Estate Investment Trusts (REITs) (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted

Total financial assets

Checkable deposits and currency

Credit market instruments

4
5

Agency- and GSE-backed securities


Corporate and foreign bonds

6
7
8
9

Mortgages
Home
Multifamily residential
Commercial

10
11

Miscellaneous assets
Total liabilities

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

302.4

433.4

594.2

644.2

705.8

687.9

644.2

669.0

693.7

692.2

705.8

25.1

27.6

35.3

34.0

36.4

39.9

34.0

32.9

37.5

37.4

36.4

211.1

331.2

458.5

497.6

533.3

546.0

497.6

513.7

522.5

519.7

533.3

143.4
23.2

248.1
27.0

357.6
36.5

261.9
36.3

268.4
37.8

306.9
40.0

261.9
36.3

253.1
37.8

264.1
37.2

258.8
36.9

268.4
37.8

4
5

44.6
9.0
2.0
33.7

56.1
19.8
1.7
34.6

64.5
26.5
1.9
36.1

199.3
23.1
2.4
173.9

227.2
36.3
3.6
187.2

199.1
31.1
2.7
165.3

199.3
23.1
2.4
173.9

222.8
25.3
2.2
195.3

221.3
27.0
2.2
192.0

224.0
34.1
3.3
186.6

227.2
36.3
3.6
187.2

6
7
8
9

66.1

74.7

100.4

112.6

136.1

102.0

112.6

122.4

133.6

135.2

136.1

10

523.9

654.4

817.8

907.9

983.2

917.4

907.9

936.2

962.2

961.9

983.2

11

12

Security repurchase agreements

120.4

218.1

320.6

254.0

259.9

288.8

254.0

240.6

249.9

249.4

259.9

12

13

Credit market instruments

339.9

365.5

401.0

579.4

633.9

550.2

579.4

614.4

626.8

627.0

633.9

13

14
15

Open market paper


Corporate bonds

0.0
145.4

0.0
152.9

0.0
179.6

0.0
353.2

0.0
399.4

0.0
325.4

0.0
353.2

0.0
382.1

0.0
395.9

0.0
395.6

0.0
399.4

14
15

16
17

Depository institution loans n.e.c.


Mortgages

18.4
176.1

23.0
189.5

27.0
194.4

24.0
202.2

24.7
209.8

27.6
197.1

24.0
202.2

27.0
205.3

24.0
206.9

24.5
206.9

24.7
209.8

16
17

63.7

70.8

96.3

74.6

89.3

78.5

74.6

81.1

85.5

85.5

89.3

18

18.1
0.0
7.2
0.4
10.6

14.3
0.0
6.5
0.3
7.5

15.6
0.0
10.2
0.3
5.2

155.2
0.0
14.2
0.3
140.7

162.7
0.0
14.5
0.3
147.9

147.1
0.0
12.8
0.3
134.0

155.2
0.0
14.2
0.3
140.7

175.6
0.0
14.5
0.3
160.8

169.7
0.0
14.2
0.3
155.2

168.4
0.0
15.1
0.3
153.0

162.7
0.0
14.5
0.3
147.9

19
20
21
22
23

18

19
20
21
22
23

Miscellaneous liabilities
Memo:
Securitized assets included above
Agency- and GSE-backed securities
Home mortgages
Multifamily residential mortgages
Commercial mortgages

(1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on tables L.128.e and L.128.m.

Levels

2010

104

Z.1, March 12, 2015

L.128.e Equity Real Estate Investment Trusts


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

94.3

102.3

116.4

129.7

152.7

126.3

129.7

137.3

148.3

146.6

152.7

Checkable deposits and currency

19.3

17.0

21.1

22.1

24.6

26.9

22.1

21.2

25.1

24.9

24.6

Credit market instruments

21.3

23.6

25.0

23.1

27.3

22.5

23.1

24.0

24.6

24.6

27.3

Corporate and foreign bonds

5
6
7
8

Mortgages
Home
Multifamily residential
Commercial

9
10
11

Levels

Total financial assets

2011

Miscellaneous assets
Total liabilities
Credit market instruments

5.4

4.8

4.6

2.8

4.2

3.3

2.8

2.9

3.2

3.1

4.2

15.9
0.1
0.3
15.5

18.8
0.2
0.3
18.3

20.4
0.2
0.4
19.9

20.3
0.2
0.3
19.8

23.0
0.2
0.2
22.6

19.2
0.2
0.5
18.5

20.3
0.2
0.3
19.8

21.2
0.2
0.3
20.6

21.4
0.2
0.3
20.9

21.5
0.2
0.3
21.0

23.0
0.2
0.2
22.6

5
6
7
8

53.7

61.8

70.3

84.5

100.8

76.9

84.5

92.0

98.5

97.1

100.8

346.8

384.1

422.6

459.0

500.7

438.9

459.0

472.5

490.2

490.7

500.7

10

300.9

333.6

367.5

402.0

435.5

383.3

402.0

415.0

429.7

428.6

435.5

11

12
13

Corporate bonds
Depository institution loans n.e.c.

108.4
16.4

121.6
22.5

149.2
23.9

178.1
21.7

202.7
23.0

161.5
24.7

178.1
21.7

185.0
24.6

200.3
22.5

199.1
22.6

202.7
23.0

12
13

14
15
16

Mortgages
Multifamily residential
Commercial

176.1
27.8
148.3

189.5
27.9
161.7

194.4
26.7
167.7

202.2
30.0
172.1

209.8
30.2
179.6

197.1
30.7
166.4

202.2
30.0
172.1

205.3
29.6
175.7

206.9
30.1
176.8

206.9
29.9
176.9

209.8
30.2
179.6

14
15
16

45.9

50.5

55.1

57.0

65.1

55.5

57.0

57.5

60.4

62.1

65.1

17

514.5

553.1

561.6

514.5

531.7

545.4

545.6

553.1

17

Miscellaneous liabilities

L.128.m Mortgage Real Estate Investment Trusts


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total financial assets

Checkable deposits and currency

Credit market instruments

4
5

Agency- and GSE-backed securities


Corporate and foreign bonds

6
7
8
9

Mortgages
Home
Multifamily residential
Commercial

10
11

Miscellaneous assets
Total liabilities

12

Security repurchase agreements

13

Credit market instruments

14
15
16
17

18
19
20
21
22

Open market paper


Corporate bonds
Depository institution loans n.e.c.
Miscellaneous liabilities
Memo:
Securitized assets included above
Agency- and GSE-backed securities
Home mortgages
Multifamily residential mortgages
Commercial mortgages

208.1

331.1

477.8

5.8

10.7

14.2

11.9

11.8

13.0

11.9

11.6

12.4

12.5

11.8

189.9

307.6

433.5

474.5

506.0

523.5

474.5

489.7

497.9

495.1

506.0

143.4
17.8

248.1
22.2

357.6
31.9

261.9
33.6

268.4
33.6

306.9
36.7

261.9
33.6

253.1
35.0

264.1
33.9

258.8
33.8

268.4
33.6

4
5

28.7
8.8
1.6
18.2

37.3
19.6
1.4
16.3

44.1
26.3
1.5
16.3

179.0
22.9
2.0
154.1

204.1
36.1
3.4
164.6

179.9
31.0
2.2
146.8

179.0
22.9
2.0
154.1

201.6
25.1
1.9
174.7

199.9
26.8
1.9
171.2

202.6
33.9
3.0
165.6

204.1
36.1
3.4
164.6

6
7
8
9

12.5

12.8

30.1

28.1

35.3

25.1

28.1

30.4

35.1

38.1

35.3

10

177.2

270.3

395.2

448.9

482.5

478.5

448.9

463.7

472.0

471.3

482.5

11

120.4

218.1

320.6

254.0

259.9

288.8

254.0

240.6

249.9

249.4

259.9

12

39.0

31.9

33.5

177.4

198.4

166.8

177.4

199.4

197.0

198.4

198.4

13

0.0
37.0
2.0

0.0
31.3
0.5

0.0
30.4
3.1

0.0
175.1
2.3

0.0
196.7
1.7

0.0
163.9
2.9

0.0
175.1
2.3

0.0
197.0
2.4

0.0
195.6
1.5

0.0
196.5
1.9

0.0
196.7
1.7

14
15
16

17.8

20.3

41.2

17.6

24.2

22.9

17.6

23.6

25.1

23.4

24.2

17

18.1
0.0
7.2
0.4
10.6

14.3
0.0
6.5
0.3
7.5

15.6
0.0
10.2
0.3
5.2

155.2
0.0
14.2
0.3
140.7

162.7
0.0
14.5
0.3
147.9

147.1
0.0
12.8
0.3
134.0

155.2
0.0
14.2
0.3
140.7

175.6
0.0
14.5
0.3
160.8

169.7
0.0
14.2
0.3
155.2

168.4
0.0
15.1
0.3
153.0

162.7
0.0
14.5
0.3
147.9

18
19
20
21
22

105

Z.1, March 12, 2015

L.129 Security Brokers and Dealers


Billions of dollars; amounts outstanding end of period, not seasonally adjusted

Total financial assets

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

3532.8

3706.5

3408.4

3254.7

3473.5

3408.4

3428.3

3383.1

3335.7

3254.7

96.9
1428.5

111.8
1583.1

128.2
1638.2

111.7
1321.0

111.8
1152.7

116.8
1413.9

111.7
1321.0

112.2
1273.3

114.3
1230.3

116.7
1220.4

111.8
1152.7

2
3

557.5

563.2

652.3

476.9

395.9

499.1

476.9

450.5

429.6

385.7

395.9

Open market paper


Treasury securities
Agency- and GSE-backed securities

36.2
94.5
149.8

42.1
183.6
147.7

29.9
246.5
169.6

28.7
136.0
114.2

20.8
60.2
121.9

31.0
166.3
105.7

28.7
136.0
114.2

34.4
108.0
113.3

32.4
80.0
114.2

20.9
56.0
106.7

20.8
60.2
121.9

5
6
7

Municipal securities
Corporate and foreign bonds
Other loans and advances

40.0
189.5
47.4

30.9
104.5
54.3

26.6
140.0
39.6

18.6
128.9
50.4

18.9
122.2
51.9

18.3
134.1
43.8

18.6
128.9
50.4

16.9
128.1
49.8

18.2
135.2
49.7

16.2
134.1
51.8

18.9
122.2
51.9

8
9
10

Checkable deposits and currency


Security repurchase agreements

Credit market instruments

8
9
10

2012

3503.6

2
3

5
6
7

2011

11
12

Corporate equities
Security credit

117.2
278.2

103.2
238.9

126.7
303.7

172.4
339.2

187.8
369.5

126.8
313.7

172.4
339.2

153.1
320.6

167.7
375.4

176.9
390.3

187.8
369.5

11
12

13
14

U.S. direct investment abroad


Miscellaneous assets

239.3
786.0

201.7
730.9

217.5
639.8

225.8
761.4

233.0
804.0

225.5
777.8

225.8
761.4

228.0
890.6

228.3
837.4

231.4
814.3

233.0
804.0

13
14

3404.3

3460.5

3621.4

3324.6

3168.5

3387.2

3324.6

3342.2

3300.3

3251.7

3168.5

15

2006.3

2076.7

2207.9

1768.6

1547.7

1909.9

1768.6

1712.6

1677.1

1606.3

1547.7

16

129.7

91.8

90.2

112.4

123.9

96.1

112.4

122.7

113.4

123.9

123.9

17

129.7
0.0

91.8
0.0

90.2
0.0

112.4
0.0

123.9
0.0

96.1
0.0

112.4
0.0

122.7
0.0

113.4
0.0

123.9
0.0

123.9
0.0

18
19

15

Total liabilities

16

Security repurchase agreements

17

Credit market instruments

18
19

Corporate bonds
Depository institution loans n.e.c. (1)

20

Trade payables

21
22
23
24

Security credit
From households
From U.S.-chartered depository institutions
From foreign banking offices in U.S.

18.1

14.3

14.2

14.5

17.9

13.3

14.5

14.8

17.8

19.9

17.9

20

763.5
725.2
23.6
14.7

795.4
726.1
35.8
33.5

828.2
757.0
45.0
26.2

897.1
815.5
52.9
28.7

962.5
868.5
61.1
33.0

870.0
791.5
53.9
24.7

897.1
815.5
52.9
28.7

952.5
866.2
58.4
28.0

954.1
866.6
61.0
26.5

982.4
892.5
60.3
29.6

962.5
868.5
61.1
33.0

21
22
23
24

25
26

Taxes payable
Foreign direct investment in U.S.

3.6
88.5

2.5
104.6

3.1
110.4

3.7
119.5

4.0
123.7

4.6
114.3

3.7
119.5

4.5
121.7

5.1
122.5

5.4
123.4

4.0
123.7

25
26

27
28
29

Miscellaneous liabilities
Investment by parent companies
Other

394.6
1122.9
-728.3

375.1
1163.3
-788.1

367.4
1629.2
-1261.8

408.7
1671.9
-1263.1

388.8
1695.5
-1306.6

378.9
1620.4
-1241.5

408.7
1671.9
-1263.1

413.3
1696.4
-1283.1

410.3
1728.0
-1317.6

390.4
1690.6
-1300.2

388.8
1695.5
-1306.6

27
28
29

(1) Includes loans extended through the Federal Reserves Primary Dealer Credit Facility (PDCF) and the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF).

Levels

2010

106

Z.1, March 12, 2015

L.130 Holding Companies (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

3312.7

3357.3

4284.3

4243.7

4334.8

4353.3

4243.7

4287.1

4356.4

4328.6

4334.8

Time and savings deposits


Security repurchase agreements

10.0
50.3

12.4
50.5

34.4
10.5

35.9
7.7

27.0
2.5

32.6
9.8

35.9
7.7

37.5
7.6

31.4
9.5

41.0
8.2

27.0
2.5

2
3

Credit market instruments

97.9

101.1

209.2

151.8

140.8

217.8

151.8

145.5

143.5

152.5

140.8

19.6
21.1
38.3
18.9

26.8
33.1
18.3
22.9

8.2
22.9
72.7
105.3

16.6
28.0
31.5
75.7

13.8
28.0
34.1
64.8

17.1
29.1
71.1
100.5

16.6
28.0
31.5
75.7

16.5
26.1
29.8
73.0

21.8
26.4
31.2
64.1

23.9
27.2
37.6
63.8

13.8
28.0
34.1
64.8

5
6
7
8

25.1

27.6

34.9

39.9

44.9

37.5

39.9

41.1

42.4

43.6

44.9

3129.4
1632.8
0.0
62.7
115.0
626.6
135.6
556.7

3165.9
1709.0
0.0
72.0
94.6
613.5
166.3
510.4

3995.3
1889.2
11.2
17.2
91.1
1060.5
114.7
811.3

4008.3
1937.3
5.2
10.7
75.4
1087.6
97.8
794.3

4119.6
2128.3
5.3
11.5
62.8
1087.8
92.1
731.7

4055.6
1898.0
5.3
17.7
75.9
1032.3
127.3
899.0

4008.3
1937.3
5.2
10.7
75.4
1087.6
97.8
794.3

4055.4
1978.7
4.7
11.0
63.9
1109.8
95.8
791.5

4129.6
2030.3
5.1
11.5
63.1
1125.0
100.7
793.7

4083.3
2058.9
5.1
11.5
62.1
1085.4
93.8
766.5

4119.6
2128.3
5.3
11.5
62.8
1087.8
92.1
731.7

10
11
12
13
14
15
16
17

1762.7

1706.4

2238.7

2142.1

2102.6

2258.0

2142.1

2142.3

2150.8

2114.4

2102.6

18

0.8

1.2

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

19

1237.2

1220.8

1416.4

1402.7

1394.3

1363.4

1402.7

1405.9

1406.9

1395.6

1394.3

20

64.7
982.2
190.3

75.9
890.6
254.3

116.4
1103.2
196.8

96.6
1095.6
210.6

77.0
1123.1
194.2

109.4
1071.3
182.8

96.6
1095.6
210.6

89.7
1107.6
208.6

91.3
1129.4
186.2

81.9
1125.9
187.9

77.0
1123.1
194.2

21
22
23

524.6

484.4

822.3

739.4

708.2

894.5

739.4

736.4

743.9

718.7

708.2

24

9
10
11
12
13
14
15
16
17
18

Levels

2012

2
3

5
6
7
8

Total financial assets

2011

Treasury securities
Agency- and GSE-backed securities
Corporate and foreign bonds
Other loans and advances
Life insurance reserves
Miscellaneous assets
Net trans. with depository subs.
Net trans. with property-casualty ins. co. subs.
Net trans. with life insurance company subs.
Net trans. with finance company subs.
Net trans. with broker and dealer subs.
Net trans. with foreign subs.
Other
Total liabilities

19

Security repurchase agreements

20

Credit market instruments

21
22
23
24

Commercial paper
Corporate bonds
Depository institution loans n.e.c.
Miscellaneous liabilities

(1) Parent-only bank holding companies and savings and loan holding companies that file Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320.

107

Z.1, March 12, 2015

L.131 Funding Corporations (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

1609.6

1449.0

1382.2

1325.9

1333.4

1386.9

1325.9

1345.9

1331.8

1366.4

1333.4

2
3

Money market fund shares


Security repurchase agreements

604.1
0.1

514.9
0.1

499.9
0.1

438.3
0.0

426.0
0.0

471.3
0.0

438.3
0.0

416.9
0.0

379.8
0.0

385.9
0.0

426.0
0.0

2
3

Credit market instruments

311.1

246.4

187.4

179.8

196.5

208.8

179.8

218.5

228.2

247.4

196.5

126.2
163.4
21.4

121.1
105.8
19.4

105.0
69.6
12.9

90.8
78.4
10.6

102.9
83.1
10.5

117.1
81.3
10.4

90.8
78.4
10.6

116.7
90.4
11.4

132.3
85.9
10.1

152.5
84.6
10.3

102.9
83.1
10.5

5
6
7

26.4

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

667.9
171.6
496.4

687.6
137.8
549.7

694.8
126.0
568.8

707.8
123.5
584.3

710.9
103.2
607.7

706.8
118.7
588.1

707.8
123.5
584.3

710.5
123.9
586.6

723.8
120.8
603.0

733.1
127.8
605.2

710.9
103.2
607.7

9
10
11

1609.6

1449.0

1382.2

1325.9

1333.4

1386.9

1325.9

1345.9

1331.8

1366.4

1333.4

12

704.2

651.8

593.5

620.5

647.5

612.2

620.5

635.8

647.8

663.2

647.5

13

167.1
454.6
73.4
9.2

94.3
526.2
21.5
9.8

29.0
561.5
0.0
3.0

45.2
572.9
0.0
2.4

50.1
595.1
0.0
2.4

29.1
580.8
0.0
2.4

45.2
572.9
0.0
2.4

62.4
571.0
0.0
2.4

56.6
588.8
0.0
2.4

74.1
586.7
0.0
2.4

50.1
595.1
0.0
2.4

14
15
16
17

11.4

12.0

12.6

13.2

13.8

13.1

13.2

13.4

13.5

13.7

13.8

18

894.0
733.4
7.7
152.9

785.2
658.7
8.8
117.7

776.1
579.5
8.7
187.8

692.1
673.5
8.7
9.9

672.0
720.6
8.7
-57.3

761.6
702.3
8.7
50.6

692.1
673.5
8.7
9.9

696.7
794.5
8.7
-106.5

670.5
746.5
8.7
-84.7

689.5
735.4
8.7
-54.6

672.0
720.6
8.7
-57.3

19
20
21
22

5
6
7
8
9
10
11
12
13
14
15
16
17

Total financial assets

2011

Open market paper


Corporate and foreign bonds
Other loans and advances
Corporate equities (2)
Miscellaneous assets
Investment in foreign banking offices
Investment in brokers and dealers
Total liabilities
Credit market instruments
Open market paper
Corporate bonds
Depository institution loans n.e.c. (3)
Other loans and advances (4)

18

Foreign direct investment in U.S.

19
20
21
22

Miscellaneous liabilities
Securities loaned (net)
Equity interest under PPIP
Other (net)

(1) Funding subsidiaries, custodial accounts for reinvested collateral of securities lending operations, Federal Reserve lending facilities,
and funds associated with the Public-Private Investment Program (PPIP).
(2) Common stock of American International Assurance Company Ltd. (AIA) and American Life Insurance Company (ALICO), two life insurance subsidiaries of AIG.
(3) Loans extended by the Federal Reserve to Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, Commercial Paper Funding Facility LLC, and American International Group (AIG).
(4) Loans extended by the federal government to the Term Asset-Backed Securities Loan Facility (TALF) and to funds associated with PPIP.

Levels

2010

108

Z.1, March 12, 2015

L.132 Rest of the World


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

Levels

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

16054.1

17513.0

18951.0

21114.4

22764.5

20411.9

21114.4

21672.5

22252.3

22413.3

22764.5

2
3
4

SDR allocations
Net interbank assets
U.S. checkable deposits and currency

54.4
24.2
390.5

54.2
238.1
472.3

54.3
102.1
540.4

54.4
414.3
591.3

51.2
374.5
670.9

54.2
440.5
574.0

54.4
414.3
591.3

54.6
466.9
621.3

54.6
493.3
637.8

52.4
515.9
641.2

51.2
374.5
670.9

2
3
4

5
6
7

U.S. time deposits


Money market fund shares
Security repurchase agreements

308.2
69.8
581.8

355.6
74.4
678.5

393.4
96.9
671.9

445.1
112.2
734.1

499.2
118.5
822.2

419.8
109.4
726.0

445.1
112.2
734.1

461.3
113.7
805.5

495.5
114.0
841.2

491.1
115.0
797.7

499.2
118.5
822.2

5
6
7

Credit market instruments

8413.9

8944.8

9508.7

9732.4

10266.4

9564.6

9732.4

9967.4

10108.9

10180.7

10266.4

102.1

102.7

102.8

101.7

104.7

89.6

101.7

106.4

117.3

119.2

104.7

Total financial assets

2011

Open market paper

10
11
12

Treasury securities
Treasury bills
Other Treasury securities

4458.8
710.3
3748.5

5004.4
647.7
4356.7

5571.5
661.7
4909.8

5794.9
686.0
5108.9

6169.2
671.6
5497.6

5654.7
645.1
5009.5

5794.9
686.0
5108.9

5951.8
689.3
5262.5

6012.5
626.8
5385.7

6068.3
614.1
5454.3

6169.2
671.6
5497.6

10
11
12

13
14
15
16

Agency- and GSE-backed securities


Municipal securities
U.S. corporate bonds (1)
Loans to U.S. corporate business

1095.8
71.7
2523.1
162.3

1078.2
72.4
2491.0
196.1

1001.2
71.8
2617.6
143.9

885.3
76.1
2734.0
140.4

905.1
78.8
2839.4
169.2

926.0
74.9
2680.4
138.9

885.3
76.1
2734.0
140.4

861.7
76.9
2818.7
151.8

866.0
77.3
2877.6
158.3

887.9
78.7
2866.9
159.7

905.1
78.8
2839.4
169.2

13
14
15
16

17
18
19

U.S. corporate equities


Mutual fund shares
Trade receivables

3216.0
260.0
111.8

3397.2
370.4
128.8

3953.0
495.4
140.5

5159.8
549.5
144.4

5881.3
622.0
159.5

4745.8
521.4
140.7

5159.8
549.5
144.4

5317.4
562.9
160.3

5531.4
608.6
163.4

5614.3
621.2
161.0

5881.3
622.0
159.5

17
18
19

20

Foreign direct investment in U.S. (2)

2623.6

2798.7

2994.3

3176.9

3298.9

3115.6

3176.9

3141.4

3203.6

3222.8

3298.9

20

8862.5

9431.5

9907.1

10265.5

10663.4

10318.3

10265.5

10416.6

10607.4

10703.2

10663.4

21

21

Total liabilities

22
23
24

U.S. official reserve assets (3)


U.S. private deposits
Security repurchase agreements

121.1
1303.9
663.7

136.7
1066.4
764.7

138.9
922.8
805.1

133.4
954.8
721.6

121.5
966.3
756.4

136.5
1014.7
787.5

133.4
954.8
721.6

133.1
927.5
792.2

134.0
909.5
742.9

125.9
963.7
785.9

121.5
966.3
756.4

22
23
24

25

Credit market instruments

2258.5

2485.5

2828.0

2966.2

3137.5

2907.9

2966.2

3046.4

3220.0

3179.9

3137.5

25

398.6
1677.6

345.1
1913.6

373.0
2186.5

407.0
2250.4

384.3
2412.5

405.9
2207.2

407.0
2250.4

413.8
2309.8

435.1
2446.9

390.7
2459.0

384.3
2412.5

26
27

26
27

Commercial paper
Bonds

28
29

Depository institution loans n.e.c.


Other loans and advances

162.0
20.2

205.2
21.5

237.7
30.8

276.7
32.2

305.7
35.0

262.5
32.4

276.7
32.2

290.5
32.3

304.5
33.5

296.9
33.3

305.7
35.0

28
29

30
31

Trade payables
U.S. direct investment abroad (1,2)

51.1
4273.6

55.1
4599.5

55.7
4972.9

45.3
5284.0

38.7
5483.3

44.0
5237.7

45.3
5284.0

38.6
5320.5

39.9
5396.4

41.3
5448.2

38.7
5483.3

30
31

32
33
34
35

Miscellaneous liabilities
U.S. equity in IBRD, etc.
Nonofficial foreign currencies
Investment by holding companies

190.6
52.3
2.7
135.6

323.6
54.9
102.5
166.3

183.5
57.3
11.5
114.7

160.2
59.5
2.9
97.8

159.8
63.5
4.2
92.1

189.9
59.4
3.1
127.3

160.2
59.5
2.9
97.8

158.4
59.5
3.0
95.8

164.7
61.2
2.8
100.7

158.4
61.7
2.9
93.8

159.8
63.5
4.2
92.1

32
33
34
35

4900.2

4501.4

5311.5

6444.2

6612.1

6037.3

6444.2

6593.9

7027.2

6768.6

6612.1

36

Memo:
36

Market value of foreign equities


held by U.S. residents (4)

(1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues.
(2) Direct investment is valued on a current-cost basis.
(3) Does not include monetary gold.
(4) Includes American Depositary Receipts (ADRs).

109

Z.1, March 12, 2015

L.200 U.S. Official Reserve Assets and SDR Allocations (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

Total liabilities

Federal government: SDR allocations

3
4
5
6

Rest of the world


SDR holdings
Reserve position in IMF
Other reserves

Total assets

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

175.5

190.9

193.2

187.7

172.7

190.7

187.7

187.7

188.6

178.2

172.7

54.4

54.2

54.3

54.4

51.2

54.2

54.4

54.6

54.6

52.4

51.2

121.1
56.8
12.5
51.8

136.7
55.0
30.1
51.6

138.9
55.1
34.2
49.7

133.4
55.2
30.8
47.4

121.5
51.9
25.2
44.4

136.5
55.0
33.5
48.1

133.4
55.2
30.8
47.4

133.1
55.4
29.8
47.9

134.0
55.4
30.5
48.0

125.9
53.1
28.4
44.4

121.5
51.9
25.2
44.4

3
4
5
6

186.6

201.9

204.3

198.8

183.7

201.8

198.8

198.7

199.6

189.3

183.7

Federal government
Monetary gold (2)
SDR holdings
Reserve position in IMF
Other reserves

95.1
0.0
56.8
12.6
25.7

110.9
0.0
55.0
30.3
25.6

114.2
0.0
55.1
34.4
24.7

109.8
0.0
55.2
31.0
23.6

100.6
0.0
51.9
25.3
23.4

112.6
0.0
55.0
33.7
24.0

109.8
0.0
55.2
31.0
23.6

109.3
0.0
55.4
30.1
23.8

110.1
0.0
55.4
30.8
23.9

103.7
0.0
53.1
28.5
22.1

100.6
0.0
51.9
25.3
23.4

8
9
10
11
12

13

Rest of the world: SDR allocations

54.4

54.2

54.3

54.4

51.2

54.2

54.4

54.6

54.6

52.4

51.2

13

14
15
16
17

Monetary authority
Monetary gold (2)
Reserve position in IMF
Other reserves

37.0
11.0
-0.1
26.1

36.8
11.0
-0.3
26.0

35.8
11.0
-0.2
25.0

34.6
11.0
-0.2
23.8

32.0
11.0
-0.1
21.1

35.0
11.0
-0.2
24.2

34.6
11.0
-0.2
23.8

34.8
11.0
-0.2
24.0

34.9
11.0
-0.2
24.1

33.2
11.0
-0.1
22.3

32.0
11.0
-0.1
21.1

14
15
16
17

-11.0

-11.0

-11.0

-11.0

-11.0

-11.0

-11.0

-11.0

-11.0

-11.0

-11.0

18

18

Discrepancy: monetary gold

Levels

8
9
10
11
12

(1) Includes federal government liability to IMF for special drawing rights (SDRs) allocations and accrued interest.
(2) By international accounting standards, monetary gold is a financial asset for which there is no corresponding liability.

L.201 Special Drawing Rights (SDRs) Certificates and Treasury Currency


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
SDR certificates:
1
2

Liab: Federal government


Asset: Monetary authority

5.2
5.2

5.2
5.2

5.2
5.2

5.2
5.2

5.2
5.2

5.2
5.2

5.2
5.2

5.2
5.2

5.2
5.2

5.2
5.2

5.2
5.2

1
2

Treasury currency:
3
4

Liab: Federal government


Asset: Monetary authority

25.9
43.5

25.9
44.2

25.9
44.8

25.6
45.5

25.3
46.3

25.6
45.3

25.6
45.5

25.6
45.7

25.6
46.0

25.3
46.2

25.3
46.3

3
4

Discrepancy (seigniorage)

-17.6

-18.3

-18.8

-19.9

-21.0

-19.8

-19.9

-20.2

-20.4

-20.8

-21.0

L.202 U.S. Deposits in Foreign Countries


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

2
3
4
5

Total rest of the world liability


Held by:
Household sector
Nonfinancial corporate business
Money market mutual funds
Discrepancy--unallocated assets

1303.9

1066.4

922.8

954.8

966.3

1014.7

954.8

927.5

909.5

963.7

966.3

67.3
40.6
105.9

57.4
34.8
42.9

49.7
35.4
43.3

52.5
86.6
33.7

53.4
88.2
24.1

56.7
69.2
36.3

52.5
86.6
33.7

51.5
74.8
19.4

50.3
86.4
26.7

53.5
88.7
23.2

53.4
88.2
24.1

2
3
4

1090.1

931.3

794.5

782.0

800.5

852.5

782.0

781.8

746.1

798.3

800.5

110

Z.1, March 12, 2015

L.203 Net Interbank Transactions


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

1
2
3
4
5
6
7
8
9
10
11
12
13

Total liabilities
Monetary authority
U.S.-chartered depository institutions
Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions
Total assets
Monetary authority
U.S.-chartered depository institutions
Foreign banking offices in U.S.
Credit unions
Rest of the world
Discrepancy

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

1068.5

1889.0

1683.8

2813.0

2794.3

2767.7

2813.0

3025.3

3052.3

3131.2

2794.3

1020.8
428.3
-347.1
-3.3
-30.0

1623.1
164.9
157.5
-4.6
-51.9

1562.1
36.7
155.6
-4.9
-65.7

2322.7
227.8
330.7
-4.7
-63.5

2453.7
268.5
140.7
-5.3
-63.3

2294.6
191.0
351.6
-5.0
-64.5

2322.7
227.8
330.7
-4.7
-63.5

2509.1
213.5
372.0
-5.5
-63.8

2520.8
221.4
381.2
-5.8
-65.1

2602.5
323.3
272.2
-5.2
-61.7

2453.7
268.5
140.7
-5.3
-63.3

2
3
4
5
6

1043.8

1860.7

1663.8

2736.1

2827.7

2734.7

2736.1

2975.5

3013.8

3117.9

2827.7

-1.2
628.5
350.8
41.5
24.2

-0.4
859.5
711.0
52.6
238.1

-0.4
869.6
638.8
53.8
102.1

-0.9
1326.5
948.1
48.1
414.3

-0.4
1519.2
888.8
45.7
374.5

-0.4
1284.6
963.5
46.4
440.5

-0.9
1326.5
948.1
48.1
414.3

-0.5
1376.0
1071.1
62.0
466.9

-0.4
1404.6
1068.7
47.5
493.3

-0.6
1475.7
1087.8
39.0
515.9

-0.4
1519.2
888.8
45.7
374.5

8
9
10
11
12

24.8

28.3

20.1

76.9

-33.4

32.9

76.9

49.8

38.6

13.3

-33.4

13

Levels

Memo:

14
15
16

Vault cash:
Liab.: Monetary authority
Asset: U.S.-chartered depository institutions
Foreign banking offices in U.S.

52.7
52.7
0.0

60.8
60.8
0.0

71.1
71.1
0.0

73.6
73.6
0.0

75.7
75.6
0.0

62.2
62.2
0.0

73.6
73.6
0.0

64.8
64.8
0.0

64.9
64.9
0.1

64.7
64.7
0.0

75.7
75.6
0.0

14
15
16

17
18
19
20

Depository institution reserves:


Liab.: Monetary authority
Asset: U.S.-chartered depository institutions
Foreign banking offices in U.S.
Credit unions

968.1
575.8
350.8
41.5

1562.3
798.7
711.0
52.6

1491.0
798.5
638.8
53.8

2249.1
1252.9
948.0
48.1

2378.0
1443.6
888.8
45.7

2232.4
1222.5
963.5
46.4

2249.1
1252.9
948.0
48.1

2444.3
1311.3
1071.0
62.0

2455.8
1339.8
1068.6
47.5

2537.8
1411.1
1087.8
39.0

2378.0
1443.6
888.8
45.7

17
18
19
20

21
22
23
24

Other transactions with the monetary authority


Liab: U.S.-chartered depository institutions
Asset: Monetary authority
Federal Reserve float
Loans to member banks

-1.2
-1.2
-1.4
0.2

-0.4
-0.4
-0.6
0.2

-0.4
-0.4
-0.5
0.1

-0.9
-0.9
-1.0
0.1

-0.4
-0.4
-0.6
0.1

-0.4
-0.4
-0.6
0.2

-0.9
-0.9
-1.0
0.1

-0.5
-0.5
-0.5
0.0

-0.4
-0.4
-0.5
0.2

-0.6
-0.6
-0.9
0.3

-0.4
-0.4
-0.6
0.1

21
22
23
24

25
26
27

Transactions with banks in foreign countries (net):


Liab.: U.S.-chartered depository institutions (net)
Due to foreign affiliates
- Due from foreign affiliates

420.1
824.8
404.6

110.9
602.6
491.7

23.0
403.6
380.6

176.5
507.3
330.8

265.1
509.5
244.4

162.0
433.1
271.1

176.5
507.3
330.8

190.8
500.5
309.7

203.0
481.1
278.1

277.2
549.6
272.4

265.1
509.5
244.4

25
26
27

28
29
30

Foreign banking offices in U.S. (net)


Due to foreign affiliates
- Due from foreign affiliates

-376.1
841.2
1217.3

135.9
1137.9
1002.0

84.3
1047.9
963.6

242.3
1191.3
949.0

117.7
1067.5
949.7

278.6
1153.6
875.1

242.3
1191.3
949.0

278.6
1211.4
932.9

295.8
1240.7
944.9

246.2
1218.4
972.2

117.7
1067.5
949.7

28
29
30

31
32
33

Less: Deposits at foreign banks


U.S.-chartered depository institutions
Foreign banking offices in U.S.

35.3
18.2
17.0

22.9
14.3
8.6

20.3
11.0
9.3

20.0
11.5
8.5

21.1
12.2
9.0

18.3
11.3
7.0

20.0
11.5
8.5

20.5
12.5
8.0

21.3
12.9
8.4

21.3
12.9
8.4

21.1
12.2
9.0

31
32
33

34
35
36

Plus: Loans from foreign banks


U.S.-chartered depository institutions
Foreign banking offices in U.S.

15.5
6.3
9.2

14.2
6.7
7.5

15.1
6.4
8.6

15.5
6.4
9.1

12.8
4.1
8.6

18.2
7.6
10.7

15.5
6.4
9.1

18.0
6.8
11.3

15.8
5.5
10.4

13.8
4.6
9.1

12.8
4.1
8.6

34
35
36

24.2

238.1

102.1

414.3

374.5

440.5

414.3

466.9

493.3

515.9

374.5

37

21.3
91.2
33.1
3.3
30.0

62.1
112.9
28.2
4.6
51.9

18.7
122.0
31.3
4.9
65.7

57.2
174.1
29.0
4.7
63.5

11.9
62.8
27.6
5.3
63.3

33.1
152.4
50.0
5.0
64.5

57.2
174.1
29.0
4.7
63.5

29.0
153.1
34.0
5.5
63.8

26.2
148.7
39.2
5.8
65.1

55.0
109.4
29.2
5.2
61.7

11.9
62.8
27.6
5.3
63.3

38
39
40
41
42

69.9

50.8

103.3

116.9

50.9

119.3

116.9

124.2

122.5

54.4

50.9

43

24.8

28.3

20.1

76.9

-33.4

32.9

76.9

49.8

38.6

13.3

-33.4

44

37

38
39
40
41
42
43
44

Asset: Rest of the world (1)


Transactions between U.S. depository institutions (net) (2):
U.S.-chartered depository institutions (net)
Due to (3):
Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions
- Due from: Foreign banking offices in U.S.
Unallocated (2)

(1) Sum of lines 25 and 28 less line 31 plus line 34.


(2) Interbank transactions between U.S. banks should net to zero and thus are not shown in lines 1 through 12 above. However, the unallocated amount (line 44), which is due to inconsistencies
in source data, appears on line 13 as the discrepancy between liabilities and assets.
(3) Sum of lines 40, 41, 42, and 44.

111

Z.1, March 12, 2015

L.204 Checkable Deposits and Currency


Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1
2
3
4
5
6

Total liabilities
Monetary authority
Federal government cash and deposits
Due to government-sponsored enterprises
Deposits due to foreign
Currency outside banks

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

2359.8

2594.3

2853.8

3186.5

3538.0

2924.6

3186.5

3183.8

3295.7

3356.9

3538.0

1287.8
340.9
13.5
3.4
930.0

1165.7
85.9
64.6
0.2
1015.0

1224.6
92.9
27.2
6.5
1098.1

1364.1
162.6
25.9
8.0
1167.6

1516.4
223.7
20.2
5.3
1267.3

1266.5
88.6
24.1
9.0
1144.9

1364.1
162.6
25.9
8.0
1167.6

1364.4
142.5
10.8
7.0
1204.1

1374.2
139.4
11.2
6.0
1217.6

1416.4
158.5
26.9
5.3
1225.7

1516.4
223.7
20.2
5.3
1267.3

2
3
4
5
6

941.1
3.6
30.4
907.0

1260.5
1.0
56.1
1203.5

1431.7
1.3
51.8
1378.5

1579.8
1.6
51.2
1527.1

1716.2
2.5
53.3
1660.4

1429.1
1.3
49.6
1378.2

1579.8
1.6
51.2
1527.1

1558.5
1.7
52.8
1504.0

1649.1
1.8
56.1
1591.2

1670.1
2.1
52.2
1615.9

1716.2
2.5
53.3
1660.4

7
8
9
10

7
8
9
10

U.S.-chartered depository institutions


Federal government deposits
Deposits due to foreign
Private domestic deposits

11
12
13

Foreign banking offices in U.S.


Deposits due to foreign
Private domestic deposits

21.9
14.6
7.3

45.6
19.0
26.6

61.8
27.9
33.9

92.6
40.2
52.4

137.7
54.1
83.6

82.0
34.2
47.9

92.6
40.2
52.4

101.7
44.3
57.3

114.2
52.1
62.1

114.2
54.1
60.1

137.7
54.1
83.6

11
12
13

14

Banks in U.S.-affiliated areas

16.6

19.4

21.9

28.2

33.4

27.7

28.2

27.3

28.6

27.8

33.4

14

15

Credit unions

92.4

103.1

113.9

121.7

134.3

119.3

121.7

131.9

129.6

128.4

134.3

15

2359.8

2594.3

2853.8

3186.5

3538.0

2924.6

3186.5

3183.8

3295.7

3356.9

3538.0

16

16

Total assets

17

Household sector

423.7

752.2

921.2

1067.1

1186.5

930.3

1067.1

1117.8

1149.6

1144.7

1186.5

17

18
19
20

Nonfinancial business
Corporate
Noncorporate

766.1
234.5
531.6

793.5
264.2
529.3

801.5
257.3
544.1

864.6
323.9
540.7

932.7
368.5
564.2

825.2
284.4
540.8

864.6
323.9
540.7

830.6
286.1
544.5

883.4
332.2
551.2

902.5
346.1
556.4

932.7
368.5
564.2

18
19
20

21
22

Federal government
State and local governments

342.3
104.6

84.6
121.2

92.2
117.2

163.0
123.9

224.2
141.0

88.6
115.0

163.0
123.9

142.6
121.3

139.6
120.9

160.5
123.0

224.2
141.0

21
22

23

Domestic financial sectors

327.1

364.3

374.4

371.5

377.4

385.7

371.5

344.2

358.0

381.4

377.4

23

24
25

Property-casualty insurance companies


Life insurance companies

32.6
51.7

24.1
53.7

36.4
56.4

29.7
47.2

35.2
52.6

30.6
53.5

29.7
47.2

33.4
50.1

34.8
48.0

35.7
51.3

35.2
52.6

24
25

26
27

Private pension funds


State and local govt. retirement funds

12.5
4.2

18.1
4.5

16.4
4.8

16.5
5.5

17.7
4.7

16.8
5.6

16.5
5.5

16.8
5.0

17.6
5.4

17.7
5.4

17.7
4.7

26
27

28
29

Money market mutual funds


Government-sponsored enterprises

14.2
63.4

20.1
72.7

16.5
52.6

13.3
81.6

-4.3
91.3

11.1
77.4

13.3
81.6

15.5
45.4

18.6
49.3

-3.1
89.3

-4.3
91.3

28
29

30
31
32

Finance companies
REITs
Brokers and dealers

26.5
25.1
96.9

31.7
27.6
111.8

27.8
35.3
128.2

32.1
34.0
111.7

32.1
36.4
111.8

34.2
39.9
116.8

32.1
34.0
111.7

32.9
32.9
112.2

32.3
37.5
114.3

31.1
37.4
116.7

32.1
36.4
111.8

30
31
32

33
34
35

Rest of the world


Checkable deposits
Currency

390.5
48.4
342.1

472.3
75.2
397.1

540.4
86.2
454.2

591.3
99.4
491.9

670.9
112.7
558.2

574.0
92.7
481.3

591.3
99.4
491.9

621.3
104.1
517.1

637.8
114.2
523.6

641.2
111.5
529.7

670.9
112.7
558.2

33
34
35

36

Mail float

5.4

6.3

7.0

4.9

5.4

5.7

4.9

6.0

6.3

3.6

5.4

36

Levels

2010

112

Z.1, March 12, 2015

L.205 Time and Savings Deposits


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

2011

2012

2013

2014

2013
Q3

1
2
3
4
5
6
7
8
9
10
11

Levels

12

Total liabilities
Small time and savings deposits
U.S.-chartered depository institutions
Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions
Large time deposits (1)
U.S.-chartered depository institutions
Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions
Total assets

2014
Q4

Q1

Q2

Q3

Q4

8548.1

8952.2

9463.7

9872.9

10451.2

9789.7

9872.9

10075.7

10139.3

10264.8

10451.2

6624.9

7202.2

7803.9

8110.8

8478.5

8052.9

8110.8

8265.3

8290.7

8431.3

8478.5

5888.6
35.7
19.3
681.3

6425.7
48.9
18.9
708.7

6979.2
62.7
18.8
743.1

7236.0
90.4
21.4
763.1

7579.8
84.6
23.4
790.7

7183.1
85.9
21.7
762.2

7236.0
90.4
21.4
763.1

7375.8
84.5
20.7
784.3

7397.2
87.3
21.4
784.8

7537.5
89.7
20.9
783.3

7579.8
84.6
23.4
790.7

3
4
5
6

1923.2

1750.0

1659.9

1762.0

1972.8

1736.8

1762.0

1810.4

1848.6

1833.5

1972.8

896.1
977.7
19.3
30.1

882.9
814.6
18.9
33.5

803.0
798.4
18.8
39.7

826.9
869.5
21.4
44.3

929.2
971.8
23.4
48.4

799.3
872.4
21.7
43.4

826.9
869.5
21.4
44.3

815.4
927.8
20.7
46.5

847.4
934.4
21.4
45.4

745.9
1019.8
20.9
46.8

929.2
971.8
23.4
48.4

8
9
10
11

8548.1

8952.2

9463.7

9872.9

10451.2

9789.7

9872.9

10075.7

10139.3

10264.8

10451.2

12

6450.8

6822.2

7194.3

7400.0

7871.7

7342.2

7400.0

7553.7

7579.2

7703.4

7871.7

13

13

Household sector

14
15
16

Nonfinancial business
Corporate
Noncorporate

905.0
548.7
356.2

922.1
561.9
360.1

960.3
595.2
365.1

1017.8
644.9
372.9

1044.7
657.5
387.2

1020.2
649.9
370.4

1017.8
644.9
372.9

1036.7
661.7
375.0

1039.8
660.7
379.2

1012.3
630.1
382.3

1044.7
657.5
387.2

14
15
16

17
18
19

Federal government
State and local governments
Domestic financial sectors

2.0
240.6
641.6

1.7
256.2
594.5

2.0
289.5
624.2

1.5
301.9
706.5

1.7
322.6
711.2

1.9
299.0
706.5

1.5
301.9
706.5

1.5
313.9
708.5

1.5
311.1
712.1

1.6
317.4
738.9

1.7
322.6
711.2

17
18
19

31.4
35.6
458.9

33.0
38.0
402.7

29.1
37.4
435.4

28.8
45.4
494.8

29.8
36.8
515.5

28.7
40.6
494.5

28.8
45.4
494.8

29.3
41.6
493.6

30.0
38.1
509.7

29.7
38.3
531.1

29.8
36.8
515.5

20
21
22

26.1
79.6
10.0

13.4
95.0
12.4

4.3
83.5
34.4

5.4
96.2
35.9

5.9
96.3
27.0

7.5
102.5
32.6

5.4
96.2
35.9

7.9
98.6
37.5

5.9
97.0
31.4

5.4
93.3
41.0

5.9
96.3
27.0

23
24
25

308.2

355.6

393.4

445.1

499.2

419.8

445.1

461.3

495.5

491.1

499.2

26

20
21
22

Private pension funds


State and local govt. retirement funds
Money market mutual funds

23
24
25

Government-sponsored enterprises
Finance companies
Holding companies

26

Rest of the world

(1) Large time deposits are those issued in amounts of $100,000 or more.

L.206 Money Market Mutual Fund Shares


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total assets

2755.4

2642.5

2649.6

2678.5

2688.1

2637.3

2678.5

2592.5

2522.4

2565.4

2688.1

1129.3
497.8
76.8

1115.9
462.4
77.7

1110.2
480.6
78.7

1135.7
521.1
80.4

1119.9
555.5
83.5

1094.5
500.0
79.9

1135.7
521.1
80.4

1099.2
497.1
80.9

1069.5
493.4
81.8

1087.7
512.9
82.4

1119.9
555.5
83.5

2
3
4

State and local governments


Property-casualty insurance companies
Life insurance companies

151.1
25.6
21.0

153.0
20.0
28.8

158.7
22.3
27.5

163.3
20.0
21.6

165.8
21.7
20.9

162.8
18.1
21.6

163.3
20.0
21.6

166.3
18.2
20.2

165.4
20.0
18.8

164.0
21.1
19.2

165.8
21.7
20.9

5
6
7

Private pension funds


State and local govt. retirement funds

136.4
43.5

152.9
42.6

135.7
39.1

137.9
48.0

137.3
39.2

137.6
42.1

137.9
48.0

136.4
43.6

139.3
40.3

137.2
39.9

137.3
39.2

8
9

10

Funding corporations

604.1

514.9

499.9

438.3

426.0

471.3

438.3

416.9

379.8

385.9

426.0

10

11

Rest of the world

69.8

74.4

96.9

112.2

118.5

109.4

112.2

113.7

114.0

115.0

118.5

11

2
3
4

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

5
6
7
8
9

113

Z.1, March 12, 2015

L.207 Federal Funds and Security Repurchase Agreements (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted

Total liabilities

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

3597.9

3878.7

4130.1

3657.1

3698.4

3795.1

3657.1

3741.7

3780.5

3693.4

3698.4

59.7

99.9

107.2

315.9

509.8

157.4

315.9

341.0

456.5

410.1

509.8

U.S.-chartered depository institutions


Federal funds (2)
Security repurchase agreements

484.0
ND
ND

402.5
ND
ND

349.9
69.4
280.5

269.4
58.3
211.0

236.2
38.7
197.5

305.2
64.3
240.9

269.4
58.3
211.0

283.2
64.7
218.5

271.9
64.7
207.3

249.9
55.0
194.9

236.2
38.7
197.5

3
4
5

6
7
8

Foreign banking offices in U.S.


Federal funds (2)
Security repurchase agreements

250.0
34.0
216.0

304.4
24.1
280.3

325.0
21.5
303.6

312.7
18.8
293.9

371.3
27.2
344.1

331.1
18.0
313.2

312.7
18.8
293.9

356.5
26.4
330.1

366.5
24.2
342.3

375.4
33.7
341.7

371.3
27.2
344.1

6
7
8

Credit unions

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

1.5
10.3

0.4
10.4

0.8
13.5

2.2
12.7

3.2
13.8

1.8
13.4

2.2
12.7

2.5
12.9

2.8
12.8

3.0
13.3

3.2
13.8

10
11

1.3
120.4
2006.3
0.8

0.4
218.1
2076.7
1.2

0.0
320.6
2207.9
0.0

0.0
254.0
1768.6
0.0

0.1
259.9
1547.7
0.0

0.0
288.8
1909.9
0.0

0.0
254.0
1768.6
0.0

0.0
240.6
1712.6
0.0

0.0
249.9
1677.1
0.0

0.0
249.4
1606.3
0.0

0.1
259.9
1547.7
0.0

12
13
14
15

Monetary authority

3
4
5

10
11

Property-casualty insurance companies


Life insurance companies

12
13
14
15

Government-sponsored enterprises
REITs
Brokers and dealers
Holding companies

16
17

Rest of the world


Total assets

663.7

764.7

805.1

721.6

756.4

787.5

721.6

792.2

742.9

785.9

756.4

16

3343.3

3553.5

3921.0

3611.8

3699.7

3699.9

3611.8

3662.2

3793.1

3681.3

3699.7

17

12.1
125.6

12.6
120.8

9.7
125.8

8.7
129.9

12.9
132.3

12.5
129.4

8.7
129.9

11.2
132.4

13.4
131.8

13.3
130.8

12.9
132.3

18
19

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

20

267.6
ND
ND

242.6
ND
ND

302.7
58.1
244.6

215.4
47.0
168.4

185.0
30.6
154.4

217.2
48.4
168.8

215.4
47.0
168.4

201.8
49.4
152.4

202.5
50.8
151.7

196.0
45.5
150.5

185.0
30.6
154.4

21
22
23

18
19

Nonfinancial corporate business


State and local governments

20

Monetary authority

21
22
23

U.S.-chartered depository institutions


Federal funds (2)
Security repurchase agreements

24
25
26

Foreign banking offices in U.S.


Federal funds (2)
Security repurchase agreements

88.4
2.3
86.2

120.1
3.7
116.4

178.3
3.0
175.3

177.1
1.3
175.8

217.6
0.8
216.9

199.3
2.9
196.4

177.1
1.3
175.8

200.3
1.7
198.5

228.2
2.0
226.2

218.7
1.7
217.1

217.6
0.8
216.9

24
25
26

27
28
29

Credit unions
Federal funds
Security repurchase agreements

0.0
0.0
0.0

15.9
15.9
0.0

9.7
9.6
0.1

0.1
0.0
0.1

0.0
0.0
0.0

0.1
0.0
0.1

0.1
0.0
0.1

0.2
0.2
0.1

0.1
0.0
0.1

0.0
0.0
0.0

0.0
0.0
0.0

27
28
29

30
31
32
33

Property-casualty insurance companies


Life insurance companies
Private pension funds
State and local govt. retirement funds

3.8
10.9
2.7
3.4

1.7
10.1
2.7
3.4

1.8
8.5
2.4
3.3

1.8
8.5
2.3
3.9

1.9
7.2
2.4
3.2

1.5
8.0
2.3
3.5

1.8
8.5
2.3
3.9

1.6
6.9
2.4
3.6

1.7
6.5
2.4
3.3

1.8
6.6
2.4
3.3

1.9
7.2
2.4
3.2

30
31
32
33

34
35

Money market mutual funds


Mutual funds

479.4
137.5

490.5
108.7

544.7
262.8

493.4
355.7

644.6
378.4

489.2
354.0

493.4
355.7

506.4
381.9

564.0
424.0

575.8
395.2

644.6
378.4

34
35

36
37

Government-sponsored enterprises
Of which: FHLB federal funds (3)

151.2
75.9

112.3
41.1

150.8
44.0

152.3
29.5

136.6
41.8

133.4
32.9

152.3
29.5

127.3
45.5

134.3
35.5

110.9
39.8

136.6
41.8

36
37

38
39
40

Brokers and dealers


Holding companies
Funding corporations

1428.5
50.3
0.1

1583.1
50.5
0.1

1638.2
10.5
0.1

1321.0
7.7
0.0

1152.7
2.5
0.0

1413.9
9.8
0.0

1321.0
7.7
0.0

1273.3
7.6
0.0

1230.3
9.5
0.0

1220.4
8.2
0.0

1152.7
2.5
0.0

38
39
40

41

Rest of the world

581.8

678.5

671.9

734.1

822.2

726.0

734.1

805.5

841.2

797.7

822.2

41

254.6

325.3

209.1

45.3

-1.3

95.2

45.3

79.5

-12.6

12.0

-1.3

42

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

197.8
163.3
34.5

396.7
371.2
25.5

58.2
54.9
3.3

197.8
163.3
34.5

242.1
222.0
20.1

339.5
305.5
34.0

300.0
294.4
5.6

396.7
371.2
25.5

43
44
45

42

Discrepancy
Memo:
Federal Reserves reverse repurchase agreement operations: (4)

43
44
45

Liability: Monetary authority (5)


Asset:
Money market mutual funds (6)
Other financial institutions (7)

(1) Detailed data on federal funds and security repurchase agreements are only available beginning 2012:Q1 for U.S.-chartered despository institutions, 2003:Q1 for foreign banking offices in U.S.,
2010:Q4 for credit unions, and 2000:Q1 for FHLB.
(2) Excludes term federal funds.
(3) Includes term federal funds.
(4) Reverse repurchase agreements (RRPs) conducted as part of the Federal Reserves Overnight RRP Operational Exercise (beginning 2013:Q3) and term RRP operations (beginning 2014:Q4).
(5) Included in line 2.
(6) Included in line 32.
(7) Includes banks (consolidated), government-sponsored enterprises, and primary dealers.

Levels

2010

114

Z.1, March 12, 2015

L.208 Open Market Paper


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

1
2

Commercial paper

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

1057.6

969.3

952.4

951.6

930.4

976.9

951.6

992.2

1005.5

996.1

930.4

1057.5

969.2

952.4

951.6

930.4

976.9

951.6

992.2

1005.5

996.1

930.4

82.9

116.3

130.3

144.5

182.4

171.2

144.5

180.2

185.9

208.5

182.4

Nonfinancial corporate business

4
5
6

Foreign issues in U.S.


Nonfinancial
Financial

398.6
30.6
368.0

345.1
30.2
314.9

373.0
40.4
332.6

407.0
51.6
355.4

384.3
45.1
339.3

405.9
57.5
348.4

407.0
51.6
355.4

413.8
49.6
364.3

435.1
62.0
373.1

390.7
64.6
326.1

384.3
45.1
339.3

4
5
6

Financial business
U.S.-chartered depository institutions
ABS issuers
Finance companies
REITs
Holding companies
Funding corporations

575.9
112.9
120.2
111.0
0.0
64.7
167.1

507.8
120.6
96.0
121.0
0.0
75.9
94.3

449.1
87.5
87.0
129.1
0.0
116.4
29.0

400.2
59.7
79.9
118.8
0.0
96.6
45.2

363.6
54.5
64.8
117.3
0.0
77.0
50.1

399.9
57.3
79.2
124.9
0.0
109.4
29.1

400.2
59.7
79.9
118.8
0.0
96.6
45.2

398.2
58.4
73.7
114.0
0.0
89.7
62.4

384.5
56.0
70.8
109.8
0.0
91.3
56.6

396.9
54.7
70.4
115.8
0.0
81.9
74.1

363.6
54.5
64.8
117.3
0.0
77.0
50.1

7
8
9
10
11
12
13

0.1

0.1

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

14

0.1
0.0

0.1
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

15
16

1057.6

969.3

952.4

951.6

930.4

976.9

951.6

992.2

1005.5

996.1

930.4

17

21.1
68.0

19.4
67.9

18.8
59.5

15.0
37.7

14.9
33.4

17.6
42.2

15.0
37.7

15.9
34.6

16.1
28.7

15.9
29.2

14.9
33.4

18
19

102.7
0.0
0.0
0.0
0.0

90.4
0.0
0.0
0.0
0.0

83.4
0.0
0.0
0.0
0.0

75.4
0.0
0.0
0.0
0.0

66.3
0.0
0.0
0.0
0.0

77.8
0.0
0.0
0.0
0.0

75.4
0.0
0.0
0.0
0.0

74.2
0.0
0.0
0.0
0.0

71.3
0.0
0.0
0.0
0.0

68.2
0.0
0.0
0.0
0.0

66.3
0.0
0.0
0.0
0.0

20
21
22
23
24

7
8
9
10
11
12
13
14
15
16
17

Levels

Total outstanding, all types

2011

Bankers acceptances (1)


U.S.-chartered depository institutions
Foreign banking offices in U.S.
Holdings, by sector

18
19

Household sector
Nonfinancial corporate business

20
21
22
23
24

State and local governments


Monetary authority
U.S.-chartered depository institutions (1)
Foreign banking offices in U.S. (1)
Credit unions

25
26

Property-casualty insurance companies


Life insurance companies

7.9
40.9

8.8
29.7

7.4
43.6

8.0
46.7

8.8
47.4

6.9
44.4

8.0
46.7

7.3
46.2

8.0
44.6

8.5
45.2

8.8
47.4

25
26

27
28

Private pension funds


State and local govt. retirement funds

40.2
41.9

42.6
44.0

37.7
42.7

34.4
51.4

36.2
42.2

36.2
46.8

34.4
51.4

35.5
47.9

36.2
44.0

36.1
44.6

36.2
42.2

27
28

29
30

Money market mutual funds


Mutual funds

394.2
66.3

354.2
40.0

340.8
77.5

352.0
105.2

333.5
112.7

357.7
104.6

352.0
105.2

354.4
113.9

341.2
127.9

331.6
118.3

333.5
112.7

29
30

31
32
33

Government-sponsored enterprises
Brokers and dealers
Funding corporations

9.9
36.2
126.2

6.5
42.1
121.1

3.4
29.9
105.0

4.4
28.7
90.8

6.3
20.8
102.9

5.0
31.0
117.1

4.4
28.7
90.8

4.8
34.4
116.7

5.7
32.4
132.3

6.0
20.9
152.5

6.3
20.8
102.9

31
32
33

34

Rest of the world

102.1

102.7

102.8

101.7

104.7

89.6

101.7

106.4

117.3

119.2

104.7

34

(1) Excludes banks holdings of own acceptances.

115

Z.1, March 12, 2015

L.209 Treasury Securities


Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1
2
3
4
5

Total liabilities
U.S. savings securities (1)
Treasury bills
Other Treasury securities
Total assets

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

9361.5

10428.3

11568.9

12328.3

12995.6

11956.8

12328.3

12590.8

12544.4

12755.6

12995.6

188.0
1768.9
7404.6

185.3
1519.5
8723.6

182.5
1626.5
9759.9

179.2
1590.6
10558.5

176.0
1456.7
11362.9

180.0
1527.9
10248.8

179.2
1590.6
10558.5

178.4
1650.2
10762.2

177.7
1386.4
10980.3

176.8
1409.6
11169.2

176.0
1456.7
11362.9

2
3
4

9361.5

10428.3

11568.9

12328.3

12995.6

11956.8

12328.3

12590.8

12544.4

12755.6

12995.6

6
7
8

Household sector
U.S. savings securities (1)
Bills and other Treasury securities

1124.4
188.0
936.4

709.2
185.3
523.9

937.1
182.5
754.6

953.7
179.2
774.4

705.9
176.0
529.9

985.6
180.0
805.6

953.7
179.2
774.4

904.9
178.4
726.5

724.4
177.7
546.7

727.5
176.8
550.7

705.9
176.0
529.9

6
7
8

9
10
11

Nonfinancial corporate business


Nonfinancial noncorporate business
State and local governments

48.0
48.1
595.6

43.0
48.6
559.1

39.4
49.3
599.1

39.9
50.3
584.1

40.1
52.2
601.2

38.2
50.0
582.7

39.9
50.3
584.1

38.1
50.6
584.1

37.9
51.2
588.3

37.1
51.6
581.8

40.1
52.2
601.2

9
10
11

12
13
14

Monetary authority
Treasury bills
Other Treasury securities

1021.5
18.4
1003.1

1663.4
18.4
1645.0

1666.1
0.0
1666.1

2208.8
0.0
2208.8

2461.4
0.0
2461.4

2072.3
0.0
2072.3

2208.8
0.0
2208.8

2319.6
0.0
2319.6

2400.6
0.0
2400.6

2451.7
0.0
2451.7

2461.4
0.0
2461.4

12
13
14

15
16
17
18

U.S.-chartered depository institutions


Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions

217.5
60.9
1.1
20.1

173.9
60.5
1.0
17.6

243.2
76.6
0.4
19.3

217.1
67.0
1.2
19.1

420.4
56.5
1.3
26.2

186.6
69.3
0.6
19.6

217.1
67.0
1.2
19.1

263.8
66.3
1.3
20.4

297.7
65.6
0.8
21.3

359.0
60.4
1.3
26.2

420.4
56.5
1.3
26.2

15
16
17
18

19
20
21

Property-casualty insurance companies


Treasury bills
Other Treasury securities

91.7
15.5
76.2

96.4
17.4
78.9

89.7
14.1
75.6

95.7
23.5
72.1

103.7
26.5
77.3

91.3
18.3
73.1

95.7
23.5
72.1

95.5
21.2
74.2

97.7
23.4
74.3

101.4
24.7
76.7

103.7
26.5
77.3

19
20
21

22
23
24

Life insurance companies


Treasury bills
Other Treasury securities

156.6
10.2
146.4

175.4
14.0
161.4

180.9
9.5
171.4

168.6
6.7
162.0

178.6
6.4
172.2

170.9
6.8
164.1

168.6
6.7
162.0

172.1
6.2
165.9

175.2
5.8
169.4

177.4
5.9
171.5

178.6
6.4
172.2

22
23
24

25
26
27

Private pension funds


Federal government retirement funds
State and local govt. retirement funds

206.9
130.0
172.5

233.8
153.5
184.2

278.2
165.6
203.3

314.6
178.0
216.3

334.2
196.1
269.9

308.8
58.2
216.4

314.6
178.0
216.3

318.4
181.0
221.5

323.0
183.1
248.5

329.4
188.4
256.0

334.2
196.1
269.9

25
26
27

28
29
30

Money market mutual funds


Treasury bills
Other Treasury securities

335.4
234.5
100.9

443.3
263.7
179.7

457.8
282.8
175.0

488.0
289.4
198.6

412.7
240.9
171.8

466.3
272.5
193.7

488.0
289.4
198.6

454.6
264.6
189.9

370.5
183.8
186.7

391.5
231.5
160.0

412.7
240.9
171.8

28
29
30

31
32
33

Mutual funds
Treasury bills
Other Treasury securities

379.3
30.0
349.3

454.3
30.4
423.8

575.5
42.6
532.9

631.9
34.1
597.8

727.4
36.6
690.9

626.8
44.1
582.7

631.9
34.1
597.8

667.0
40.0
627.1

686.8
36.5
650.3

707.0
36.5
670.4

727.4
36.6
690.9

31
32
33

34
35

Closed-end funds
Exchange-traded funds

5.1
51.0

4.8
62.4

5.2
63.6

5.7
57.1

5.5
70.1

5.8
63.9

5.7
57.1

5.8
59.3

5.9
63.0

5.8
64.4

5.5
70.1

34
35

36
37

Government-sponsored enterprises
ABS issuers

82.6
40.1

100.2
29.2

69.0
23.4

59.1
24.3

65.4
23.4

82.6
22.9

59.1
24.3

65.2
25.0

64.5
24.1

65.0
24.5

65.4
23.4

36
37

38
39

Brokers and dealers


Holding companies

94.5
19.6

183.6
26.8

246.5
8.2

136.0
16.6

60.2
13.8

166.3
17.1

136.0
16.6

108.0
16.5

80.0
21.8

56.0
23.9

60.2
13.8

38
39

40
41
42

Rest of the world


Treasury bills
Other Treasury securities

4458.8
710.3
3748.5

5004.4
647.7
4356.7

5571.5
661.7
4909.8

5794.9
686.0
5108.9

6169.2
671.6
5497.6

5654.7
645.1
5009.5

5794.9
686.0
5108.9

5951.8
689.3
5262.5

6012.5
626.8
5385.7

6068.3
614.1
5454.3

6169.2
671.6
5497.6

40
41
42

9385.6

10453.6

11593.7

12352.8

13019.9

11981.9

12352.8

12614.8

12568.4

12779.4

13019.9

43

Memo:
43

Federal government debt (2)

(1) Includes U.S. savings bonds, U.S. individual retirement bonds, U.S. retirement plan bonds, U.S. savings stamps, and matured U.S. savings securities.
(2) Total Treasury securities (line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 11).

Levels

2010

116

Z.1, March 12, 2015

L.210 Agency- and GSE-Backed Securities (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

1
2
3
4

Levels

Total liabilities
Budget agencies
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
Total assets

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

7598.2

7577.4

7554.6

7794.1

7934.4

7713.6

7794.1

7721.1

7774.6

7833.7

7934.4

24.2
6434.5
1139.5

25.3
6247.3
1304.8

24.9
6092.7
1437.0

24.5
6200.2
1569.4

24.4
6265.1
1644.9

25.1
6147.7
1540.8

24.5
6200.2
1569.4

24.0
6111.4
1585.8

24.0
6150.6
1600.0

23.9
6186.2
1623.6

24.4
6265.1
1644.9

2
3
4

7598.2

7577.4

7554.6

7794.1

7934.4

7713.6

7794.1

7721.1

7774.6

7833.7

7934.4

6
7

Household sector
Nonfinancial corporate business

332.7
16.0

303.9
14.3

163.7
13.1

112.2
9.3

1.1
13.4

105.8
7.7

112.2
9.3

14.3
10.7

22.6
12.6

6.1
12.4

1.1
13.4

6
7

8
9

Federal government
State and local governments

149.2
516.7

31.1
503.8

0.0
494.7

0.0
481.3

0.0
461.2

0.0
486.8

0.0
481.3

0.0
483.2

0.0
473.7

0.0
463.1

0.0
461.2

8
9

10

Monetary authority

1139.6

941.7

1003.4

1547.4

1775.5

1402.7

1547.4

1650.5

1707.6

1736.4

1775.5

10

11
12
13
14

U.S.-chartered depository institutions


Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions

1527.2
26.5
12.8
151.5

1634.1
30.6
4.8
182.1

1669.6
32.1
2.6
197.0

1717.3
25.4
1.9
199.2

1760.3
20.5
1.7
187.4

1700.4
26.2
1.9
206.0

1717.3
25.4
1.9
199.2

1731.0
22.5
1.8
202.0

1735.9
20.9
1.8
201.0

1758.2
20.5
1.8
193.6

1760.3
20.5
1.7
187.4

11
12
13
14

15
16

Property-casualty insurance companies


Life insurance companies

115.8
376.0

122.7
374.4

114.3
360.9

108.7
354.1

102.1
334.1

110.2
355.4

108.7
354.1

106.7
349.6

105.5
344.8

104.8
338.8

102.1
334.1

15
16

17
18
19

Private pension funds


Federal government retirement funds
State and local govt. retirement funds

184.0
5.8
169.6

188.2
6.5
182.0

210.4
8.1
202.9

225.8
6.4
216.2

224.7
6.0
223.5

221.7
6.6
215.2

225.8
6.4
216.2

224.4
5.7
218.5

228.5
5.8
228.5

226.8
5.8
223.9

224.7
6.0
223.5

17
18
19

20
21
22

Money market mutual funds


Mutual funds
Government-sponsored enterprises

402.8
681.3
377.0

403.7
787.1
358.9

343.5
875.9
310.6

361.3
850.4
287.9

384.6
831.8
282.8

354.2
850.4
294.7

361.3
850.4
287.9

326.2
836.1
283.6

327.8
801.1
285.6

346.5
824.0
290.3

384.6
831.8
282.8

20
21
22

23
24

ABS issuers
REITs

3.6
143.4

0.3
248.1

0.3
357.6

0.1
261.9

0.4
268.4

0.1
306.9

0.1
261.9

0.1
253.1

0.2
264.1

0.2
258.8

0.4
268.4

23
24

25
26

Brokers and dealers


Holding companies

149.8
21.1

147.7
33.1

169.6
22.9

114.2
28.0

121.9
28.0

105.7
29.1

114.2
28.0

113.3
26.1

114.2
26.4

106.7
27.2

121.9
28.0

25
26

27

Rest of the world

1095.8

1078.2

1001.2

885.3

905.1

926.0

885.3

861.7

866.0

887.9

905.1

27

(1) Agency- and GSE-backed securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as Fannie Mae and FHLB;
and agency- and GSE-backed mortgage pool securities issued by GNMA, Fannie Mae, Freddie Mac, and the Farmers Home Administration (line 4). Only the budget agency issues are considered
officially to be part of the total debt of the federal government, which is shown in table L.209, line 43.

117

Z.1, March 12, 2015

L.211 Municipal Securities and Loans


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2011

2012

2013

2014

2013
Q3

Total liabilities

2
3
4

State and local governments


Short-term (1)
Long-term

5
6

Nonprofit organizations (2)


Nonfinancial corporate business
(industrial revenue bonds)

Total assets

2014
Q4

Q1

Q2

Q3

Q4

3772.1

3719.4

3714.4

3671.2

3652.4

3685.7

3671.2

3660.8

3661.4

3631.1

3652.4

3023.6
63.0
2960.6

2970.0
52.3
2917.6

2964.3
56.1
2908.2

2924.9
45.3
2879.6

2910.9
38.6
2872.3

2937.0
46.0
2891.0

2924.9
45.3
2879.6

2915.5
43.0
2872.5

2918.0
33.6
2884.4

2891.8
37.0
2854.8

2910.9
38.6
2872.3

2
3
4

263.2
485.4

255.5
493.9

241.0
509.1

227.8
518.5

223.1
518.4

232.4
516.4

227.8
518.5

227.6
517.7

227.0
516.4

224.6
514.8

223.1
518.4

5
6

3772.1

3719.4

3714.4

3671.2

3652.4

3685.7

3671.2

3660.8

3661.4

3631.1

3652.4

1871.4
23.9
5.6

1806.0
22.3
5.7

1662.4
22.9
5.8

1618.4
11.5
5.9

1540.4
9.8
6.1

1641.1
14.0
5.8

1618.4
11.5
5.9

1609.4
9.8
5.9

1604.1
8.7
6.0

1555.0
7.3
6.0

1540.4
9.8
6.1

8
9
10

8
9
10

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

11
12
13
14
15

State and local governments


U.S.-chartered depository institutions
Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions

12.9
254.6
0.0
2.5
0.0

13.1
297.3
0.0
3.4
3.2

13.4
365.0
0.0
2.6
4.2

13.6
418.9
0.0
3.6
4.6

13.6
451.5
0.0
2.7
3.8

13.6
406.4
0.0
3.5
5.4

13.6
418.9
0.0
3.6
4.6

13.8
425.2
0.0
3.4
4.5

13.7
429.9
0.0
2.7
4.9

13.5
440.4
0.0
2.6
5.0

13.6
451.5
0.0
2.7
3.8

11
12
13
14
15

16
17
18

Property-casualty insurance companies


Life insurance companies
State and local govt. retirement funds

348.4
112.3
2.3

331.0
121.8
1.6

328.1
131.5
0.9

325.8
141.6
1.1

326.4
149.3
1.0

326.8
138.8
1.1

325.8
141.6
1.1

325.8
143.9
0.9

325.8
146.8
1.0

326.5
148.0
1.0

326.4
149.3
1.0

16
17
18

19
20
21
22

Money market mutual funds


Mutual funds
Closed-end funds
Exchange-traded funds

386.7
525.5
81.6
7.6

357.3
541.2
82.5
8.6

336.7
627.4
85.9
12.3

308.3
613.9
84.3
11.4

281.7
658.4
84.8
14.6

305.2
620.7
84.8
11.5

308.3
613.9
84.3
11.4

296.4
618.2
85.2
11.8

281.4
630.4
85.8
12.6

278.7
643.2
84.2
13.4

281.7
658.4
84.8
14.6

19
20
21
22

23
24

Government-sponsored enterprises
Brokers and dealers

24.9
40.0

21.0
30.9

17.0
26.6

13.4
18.6

10.6
18.9

13.8
18.3

13.4
18.6

12.7
16.9

12.2
18.2

11.4
16.2

10.6
18.9

23
24

25

Rest of the world

71.7

72.4

71.8

76.1

78.8

74.9

76.1

76.9

77.3

78.7

78.8

25

(1) Debt with original maturity of 13 months or less.


(2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100).

Levels

2010

118

Z.1, March 12, 2015

L.212 Corporate and Foreign Bonds


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

10337.1

10424.6

10919.0

11108.9

11569.1

10977.9

11108.9

11235.7

11459.5

11517.5

11569.1

Nonfinancial corporate business

3376.6

3538.2

3862.2

4140.3

4408.1

4090.6

4140.3

4211.5

4269.6

4322.0

4408.1

Domestic financial sectors

5282.9

4972.8

4870.3

4718.2

4748.5

4680.1

4718.2

4714.4

4743.0

4736.5

4748.5

377.1
2115.7
1078.2
145.4

379.4
1893.0
1038.8
152.9

295.9
1682.4
957.5
179.6

221.0
1401.2
961.9
353.2

209.0
1316.3
981.8
399.4

225.2
1426.2
955.1
325.4

221.0
1401.2
961.9
353.2

214.2
1357.4
959.3
382.1

211.7
1334.9
968.9
395.9

208.7
1326.1
969.6
395.6

209.0
1316.3
981.8
399.4

4
5
6
7

129.7
982.2
454.6

91.8
890.6
526.2

90.2
1103.2
561.5

112.4
1095.6
572.9

123.9
1123.1
595.1

96.1
1071.3
580.8

112.4
1095.6
572.9

122.7
1107.6
571.0

113.4
1129.4
588.8

123.9
1125.9
586.7

123.9
1123.1
595.1

8
9
10

8
9
10
11
12

Levels

2012

4
5
6
7

Total liabilities

2011

U.S.-chartered depository institutions


ABS issuers (net) (1)
Finance companies
REITs
Brokers and dealers
Holding companies
Funding corporations
Rest of the world (2)
Total assets (3)

1677.6

1913.6

2186.5

2250.4

2412.5

2207.2

2250.4

2309.8

2446.9

2459.0

2412.5

11

10337.1

10424.6

10919.0

11108.9

11569.1

10977.9

11108.9

11235.7

11459.5

11517.5

11569.1

12

13
14
15
16
17
18
19
20
21
22
23

Household sector
Federal government
State and local governments
U.S.-chartered depository institutions
MBS and other ABS
Other
Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions
MBS and other ABS
Other

1361.5
0.9
165.5
550.5
174.9
375.6
238.2
0.6
6.6
6.1
0.5

1352.9
0.8
163.1
553.0
150.1
402.9
236.7
4.2
6.3
5.9
0.4

1245.4
0.6
166.7
544.0
149.1
394.9
230.5
5.2
6.7
6.6
0.1

1014.4
0.6
169.2
559.2
147.7
411.4
196.4
5.8
8.9
8.7
0.2

949.2
0.5
169.3
521.7
139.1
382.6
197.3
5.3
9.9
9.7
0.2

979.5
0.6
169.3
555.8
147.4
408.3
203.1
5.6
8.6
8.4
0.2

1014.4
0.6
169.2
559.2
147.7
411.4
196.4
5.8
8.9
8.7
0.2

966.9
0.5
171.7
540.2
141.9
398.3
200.5
6.4
9.5
9.3
0.2

982.2
0.5
170.1
540.7
143.1
397.6
200.8
6.3
9.6
9.4
0.2

981.8
0.5
168.1
520.1
139.1
381.0
198.9
5.7
8.8
8.7
0.1

949.2
0.5
169.3
521.7
139.1
382.6
197.3
5.3
9.9
9.7
0.2

13
14
15
16
17
18
19
20
21
22
23

24
25
26
27
28
29

Property-casualty insurance companies


MBS and other ABS
Other
Life insurance companies
MBS and other ABS
Other

322.6
0.0
322.6
2030.2
0.0
2030.2

363.1
71.3
291.8
2117.3
434.9
1682.3

382.7
74.5
308.2
2162.2
410.6
1751.6

406.9
83.2
323.7
2223.0
419.7
1803.3

416.0
83.9
332.0
2316.2
436.4
1879.9

401.2
80.0
321.2
2205.5
417.4
1788.1

406.9
83.2
323.7
2223.0
419.7
1803.3

407.0
83.1
323.9
2248.0
425.2
1822.8

408.4
83.1
325.2
2269.9
429.7
1840.2

414.8
83.9
330.9
2294.3
432.8
1861.5

416.0
83.9
332.0
2316.2
436.4
1879.9

24
25
26
27
28
29

30
31
32

Private pension funds


Federal government retirement funds
State and local govt. retirement funds

438.5
5.9
397.0

483.0
7.3
386.1

566.8
9.0
356.8

572.3
7.7
386.3

585.3
7.0
428.5

569.7
8.0
370.1

572.3
7.7
386.3

567.6
6.9
395.5

577.0
7.0
421.5

582.8
6.9
418.9

585.3
7.0
428.5

30
31
32

33
34
35
36

Money market mutual funds


Mutual funds
Closed-end funds
Exchange-traded funds

154.2
1243.0
59.7
74.1

105.1
1413.4
57.3
107.7

102.1
1719.4
64.8
155.3

102.0
1998.8
79.4
174.8

78.3
2311.7
75.2
209.6

89.1
1947.3
78.4
170.4

102.0
1998.8
79.4
174.8

88.8
2067.5
78.7
183.2

66.4
2180.8
78.7
190.7

71.1
2240.9
77.8
194.7

78.3
2311.7
75.2
209.6

33
34
35
36

37
38
39
40
41

Government-sponsored enterprises
MBS and other ABS
Other
Finance companies
REITs

266.5
241.6
24.8
84.1
23.2

235.7
209.5
26.2
85.0
27.0

185.7
178.3
7.4
78.7
36.5

126.3
119.4
6.8
67.9
36.3

97.4
90.7
6.7
74.0
37.8

139.1
132.1
7.0
70.0
40.0

126.3
119.4
6.8
67.9
36.3

120.1
113.4
6.7
71.8
37.8

109.4
102.9
6.5
72.5
37.2

101.4
95.1
6.3
69.9
36.9

97.4
90.7
6.7
74.0
37.8

37
38
39
40
41

42
43
44

Brokers and dealers


Holding companies
Funding corporations

189.5
38.3
163.4

104.5
18.3
105.8

140.0
72.7
69.6

128.9
31.5
78.4

122.2
34.1
83.1

134.1
71.1
81.3

128.9
31.5
78.4

128.1
29.8
90.4

135.2
31.2
85.9

134.1
37.6
84.6

122.2
34.1
83.1

42
43
44

45
46
47

Rest of the world (4)


MBS and other ABS
Other

2523.1
441.4
2081.7

2491.0
415.5
2075.6

2617.6
403.9
2213.6

2734.0
394.9
2339.1

2839.4
385.3
2454.1

2680.4
398.9
2281.5

2734.0
394.9
2339.1

2818.7
393.3
2425.4

2877.6
392.6
2484.9

2866.9
383.0
2483.9

2839.4
385.3
2454.1

45
46
47

(1) Liabilities net of assets.


(2) Holdings of foreign issues by U.S. residents.
(3) For some sectors, holdings of MBS and other ABS are shown separately. MBS and other ABS include privately issued mortgage-backed securities and other privately issued asset-backed bonds.
(4) Holdings of U.S. issues by foreign residents.

119

Z.1, March 12, 2015

L.213 Corporate Equities (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2011

2012

2013

2014

2013
Q3

Issues at market value

Nonfinancial corporate business

Financial corporations

4
5

Rest of the world (2)


Holdings at market value

2014
Q4

Q1

Q2

Q3

Q4

23552.5

22939.4

26203.5

33621.4

36456.8

31142.3

33621.4

34176.7

35847.8

35248.5

36456.8

14356.5

14368.3

15960.5

20711.3

22554.4

19142.7

20711.3

20988.5

22014.4

21665.9

22554.4

4295.7

4069.7

4931.6

6465.8

7290.3

5962.4

6465.8

6594.4

6806.2

6814.0

7290.3

4900.2

4501.4

5311.5

6444.2

6612.1

6037.3

6444.2

6593.9

7027.2

6768.6

6612.1

23552.5

22939.4

26203.5

33621.4

36456.8

31142.3

33621.4

34176.7

35847.8

35248.5

36456.8

6
7
8
9
10
11

Household sector
Federal government
State and local governments
Monetary authority
U.S.-chartered depository institutions
Foreign banking offices in U.S.

8665.2
49.9
126.8
26.4
73.6
0.1

8455.3
57.8
124.6
0.0
67.4
0.0

9592.6
39.9
138.8
0.0
71.3
0.0

12406.8
35.1
165.2
0.0
101.3
0.0

13365.2
33.4
174.4
0.0
108.4
0.0

11557.1
35.3
156.7
0.0
87.7
0.0

12406.8
35.1
165.2
0.0
101.3
0.0

12576.2
34.9
167.9
0.0
102.6
0.0

13323.8
34.7
171.1
0.0
109.2
0.0

12873.1
33.6
169.6
0.0
105.4
0.0

13365.2
33.4
174.4
0.0
108.4
0.0

6
7
8
9
10
11

12
13

Property-casualty insurance companies


Life insurance companies

214.8
1402.6

220.8
1390.2

252.2
1545.1

310.1
1794.4

328.1
1891.2

280.5
1712.3

310.1
1794.4

312.4
1818.3

318.1
1868.0

318.5
1837.9

328.1
1891.2

12
13

14
15
16

Private pension funds


Federal government retirement funds
State and local govt. retirement funds

1849.1
140.9
1930.1

1751.1
134.4
1850.6

1973.6
148.1
2058.9

2407.9
206.2
2469.0

2587.0
235.2
2500.4

2273.5
184.5
2334.6

2407.9
206.2
2469.0

2448.7
211.8
2436.0

2532.2
221.8
2525.1

2507.9
224.8
2478.2

2587.0
235.2
2500.4

14
15
16

17
18
19

Mutual funds
Closed-end funds
Exchange-traded funds

4762.7
96.7
854.1

4427.2
95.9
863.8

5109.4
100.6
1093.3

6851.8
114.2
1427.3

7370.1
119.4
1675.0

6245.9
110.1
1291.5

6851.8
114.2
1427.3

7030.1
117.3
1449.9

7364.8
124.0
1555.9

7233.0
123.5
1552.0

7370.1
119.4
1675.0

17
18
19

20
21

Brokers and dealers


Funding corporations

117.2
26.4

103.2
0.0

126.7
0.0

172.4
0.0

187.8
0.0

126.8
0.0

172.4
0.0

153.1
0.0

167.7
0.0

176.9
0.0

187.8
0.0

20
21

22

Rest of the world (3)

3216.0

3397.2

3953.0

5159.8

5881.3

4745.8

5159.8

5317.4

5531.4

5614.3

5881.3

22

15.3

-0.9

13.9

30.9

10.4

5.6

9.6

1.5

4.3

-0.5

4.7

23

Memo:
23
Percent change in Dow Jones U.S. Total Market Index (4)

(1) Excludes mutual fund shares shown on table L.214.


(2) Holdings of foreign corporate equities and investment fund shares by U.S. residents; includes American Depositary Receipts (ADRs).
(3) Holdings of U.S. issues by foreign residents.
(4) Annual figures calculated from year-end to year-end.

L.214 Mutual Fund Shares (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Shares at market value

7873.0

7870.9

9326.1

11544.4

12574.0

10904.5

11544.4

11899.2

12374.8

12343.7

12574.0

Holdings at market value

7873.0

7870.9

9326.1

11544.4

12574.0

10904.5

11544.4

11899.2

12374.8

12343.7

12574.0

4636.1
186.8

4658.5
165.9

5702.8
180.1

7142.1
211.4

7804.2
220.3

6749.5
199.8

7142.1
211.4

7419.9
213.9

7713.7
219.6

7685.8
217.2

7804.2
220.3

3
4

3
4

Household sector
Nonfinancial corporate business

State and local governments

58.7

59.0

66.3

80.0

84.7

75.5

80.0

81.4

83.0

82.2

84.7

6
7

U.S.-chartered depository institutions


Credit unions

45.0
1.5

41.7
1.9

45.8
2.3

57.9
2.2

59.7
2.1

52.0
2.2

57.9
2.2

60.8
2.2

64.7
2.1

59.8
2.1

59.7
2.1

6
7

8
9

Property-casualty insurance companies


Life insurance companies

10.2
155.7

9.1
150.1

11.8
159.3

15.0
184.8

17.4
189.4

13.8
175.9

15.0
184.8

15.6
185.6

16.5
189.5

16.8
186.6

17.4
189.4

8
9

2148.9
370.1

2120.5
294.0

2385.6
276.7

2974.8
326.7

3231.9
342.2

2803.3
311.1

2974.8
326.7

3030.6
326.4

3141.2
335.9

3137.8
334.2

3231.9
342.2

10
11

260.0

370.4

495.4

549.5

622.0

521.4

549.5

562.9

608.6

621.2

622.0

12

10
11

Private pension funds


State and local govt. retirement funds

12

Rest of the world

(1) Shares of open-end investment companies; excludes shares of money market mutual funds, exchange-traded funds, and funding vehicles for variable annuities.

Levels

2010

120

Z.1, March 12, 2015

L.215 Depository Institution Loans Not Elsewhere Classified (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

2001.2

2147.8

2322.7

2508.8

2816.9

2424.8

2508.8

2560.7

2652.4

2696.3

2816.9

Household sector
Corporate business
Noncorporate business

61.0
477.1
927.4

11.5
546.0
984.2

62.6
607.9
1072.2

92.7
654.4
1121.8

222.0
715.8
1217.3

92.3
627.0
1105.9

92.7
654.4
1121.8

123.0
654.3
1132.1

168.4
675.6
1170.8

189.6
682.6
1184.6

222.0
715.8
1217.3

2
3
4

Domestic financial sectors

373.6

400.8

342.3

363.2

356.2

337.1

363.2

360.8

333.1

342.6

356.2

91.5
18.4
0.0

102.1
23.0
0.0

118.5
27.0
0.0

128.6
24.0
0.0

137.2
24.7
0.0

126.7
27.6
0.0

128.6
24.0
0.0

125.2
27.0
0.0

123.0
24.0
0.0

130.2
24.5
0.0

137.2
24.7
0.0

6
7
8

190.3
73.4

254.3
21.5

196.8
0.0

210.6
0.0

194.2
0.0

182.8
0.0

210.6
0.0

208.6
0.0

186.2
0.0

187.9
0.0

194.2
0.0

9
10

162.0
6.6
53.0
102.4

205.2
5.4
69.8
130.0

237.7
6.2
70.4
161.0

276.7
7.1
90.5
179.1

305.7
8.2
90.1
207.4

262.5
6.6
86.8
169.1

276.7
7.1
90.5
179.1

290.5
6.4
92.0
192.0

304.5
7.5
98.7
198.4

296.9
7.4
89.3
200.3

305.7
8.2
90.1
207.4

11
12
13
14

2001.2

2147.8

2322.7

2508.8

2816.9

2424.8

2508.8

2560.7

2652.4

2696.3

2816.9

15

9
10
11
12
13
14
15

Levels

2012

2
3
4

6
7
8

Total liabilities

2011

Finance companies
REITs
Brokers and dealers
Holding companies
Funding corporations
Rest of the world
Foreign official institutions
Foreign banks
Other foreign
Total assets

16

Monetary authority (2)

17
18
19
20

U.S.-chartered depository institutions


Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions

98.1

30.5

0.6

0.1

0.0

0.1

0.1

0.1

0.0

0.0

0.0

16

1425.9
424.2
16.1
36.9

1589.6
467.1
17.1
43.5

1797.1
463.4
18.1
43.6

1933.5
507.2
19.4
48.7

2175.1
571.1
17.1
53.6

1869.5
490.9
19.5
44.9

1933.5
507.2
19.4
48.7

1969.6
524.0
19.2
47.9

2050.8
534.6
18.1
48.9

2086.8
539.7
17.4
52.4

2175.1
571.1
17.1
53.6

17
18
19
20

(1) Excludes depository institution lending in the form of open market paper, mortgages, consumer credit, and security credit which are shown on other instrument tables.
(2) Loans from Federal Reserve banks to households, rest of the world, broker and dealers, and funding corporations. See loan details on table L.108.

121

Z.1, March 12, 2015

L.216 Other Loans and Advances


Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

1762.8

1767.7

1819.8

1935.1

2072.0

1896.8

1935.1

1953.9

1994.7

2020.2

2072.0

2
3
4
5
6
7
8
9
10

U.S. government loans


Liab.: Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business
State and local governments
Government-sponsored enterprises
Finance companies
Funding corporations
Rest of the world

179.0
11.6
70.6
53.0
14.4
0.0
0.0
9.2
72.5

183.8
11.2
70.1
55.9
15.3
0.0
0.0
9.8
76.4

186.3
11.0
75.3
56.5
15.7
0.0
0.0
3.0
82.0

193.5
12.1
76.2
58.5
16.2
0.0
0.0
2.4
87.7

196.1
13.3
74.7
57.3
16.6
0.0
0.0
2.4
95.3

192.9
11.6
76.2
58.3
16.1
0.0
0.0
2.4
87.9

193.5
12.1
76.2
58.5
16.2
0.0
0.0
2.4
87.7

195.3
11.9
77.5
58.0
16.3
0.0
0.0
2.4
88.8

196.2
13.2
75.1
58.6
16.4
0.0
0.0
2.4
91.8

196.0
12.8
75.0
58.5
16.5
0.0
0.0
2.4
92.5

196.1
13.3
74.7
57.3
16.6
0.0
0.0
2.4
95.3

2
3
4
5
6
7
8
9
10

11
12

Foreign loans to U.S. corporate business


Liab.: Nonfinancial corporate business

162.3
162.3

196.1
196.1

143.9
143.9

140.4
140.4

169.2
169.2

138.9
138.9

140.4
140.4

151.8
151.8

158.3
158.3

159.7
159.7

169.2
169.2

11
12

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

13
14
15
16

18.9
18.9
0.0

22.9
22.9
0.0

105.3
99.3
6.1

75.7
71.7
4.0

64.8
61.6
3.2

100.5
96.6
3.9

75.7
71.7
4.0

73.0
70.0
3.0

64.1
61.2
2.9

63.8
61.3
2.5

64.8
61.6
3.2

17
18
19

13
14
15
16

Total other loans and advances

2011

Customers liability on acceptances outstanding


Asset: U.S.-chartered depository institutions
Foreign banking offices in U.S.
Liab.: Nonfinancial corporate business
Rest of the world

17
18
19

Holding company loans


Liab.: Nonfinancial corporate business
Rest of the world

20
21
22

Policy loans (Household liability)


Asset: Federal government
Life insurance companies

124.5
0.5
124.0

126.9
0.5
126.5

128.3
0.4
127.8

129.2
0.4
128.8

130.5
0.3
130.1

129.3
0.4
128.9

129.2
0.4
128.8

129.1
0.4
128.8

129.4
0.4
129.1

130.2
0.3
129.9

130.5
0.3
130.1

20
21
22

23
24
25
26
27
28
29

Government-sponsored enterprise loans (1)


Liab.: Household sector (SLMA)
Nonfinancial corporate business (FCS)
Nonfinancial noncorporate business (FCS)
U.S.-chartered dep. inst. (FHLB & SLMA)
Credit unions (FHLB)
Life insurance companies (FHLB)

551.3
0.0
6.8
80.5
392.8
26.1
45.1

487.0
0.0
5.9
77.8
332.3
24.2
46.8

505.7
0.0
6.6
85.4
336.9
25.1
51.6

587.5
0.0
6.8
88.2
406.2
27.0
59.4

668.1
0.0
8.0
89.3
465.1
35.0
70.6

547.3
0.0
6.1
83.5
377.3
26.6
53.8

587.5
0.0
6.8
88.2
406.2
27.0
59.4

576.9
0.0
8.3
90.0
389.8
27.4
61.3

628.0
0.0
7.7
89.7
437.3
30.0
63.3

639.1
0.0
7.6
91.7
439.9
33.1
66.8

668.1
0.0
8.0
89.3
465.1
35.0
70.6

23
24
25
26
27
28
29

30
31

Securitized loans held by ABS issuers


Liab.: Nonfinancial corporate business

4.0
4.0

0.1
0.1

1.8
1.8

1.9
1.9

0.0
0.0

3.9
3.9

1.9
1.9

1.8
1.8

1.2
1.2

0.0
0.0

0.0
0.0

30
31

32
33
34

Finance company loans to business


Liab.: Nonfinancial corporate business
Nonfinancial noncorporate business

372.7
335.5
37.3

375.8
338.2
37.6

387.0
348.3
38.7

401.3
361.2
40.1

411.9
370.7
41.2

396.9
357.2
39.7

401.3
361.2
40.1

398.0
358.2
39.8

401.4
361.2
40.1

401.7
361.5
40.2

411.9
370.7
41.2

32
33
34

35
36
37
38
39
40
41

Loans to nonfinancial corporate business (2)


Asset: Household sector
Life insurance companies
Mutual funds
ABS issuers
Brokers and dealers
Funding corporations

350.2
26.2
16.7
74.6
163.8
47.4
21.4

375.1
23.4
22.2
93.5
162.3
54.3
19.4

361.6
20.9
22.6
105.7
160.0
39.6
12.9

405.4
25.9
25.1
145.1
148.3
50.4
10.6

431.5
22.6
29.9
160.8
155.7
51.9
10.5

387.1
24.5
23.2
137.9
147.3
43.8
10.4

405.4
25.9
25.1
145.1
148.3
50.4
10.6

428.0
26.6
27.2
160.1
152.9
49.8
11.4

416.1
22.2
28.2
156.5
149.4
49.7
10.1

429.7
23.0
30.0
158.9
155.6
51.8
10.3

431.5
22.6
29.9
160.8
155.7
51.9
10.5

35
36
37
38
39
40
41

(1) The Student Loan Marketing Association (Sallie Mae) was included until it was fully privatized in 2004:Q4.
(2) Syndicated loans from domestic entities, excluding depository institutions and finance companies which are included elsewhere.

Levels

2010

122

Z.1, March 12, 2015

L.217 Total Mortgages


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

1
2
3
4
5
6
7

Home
Multifamily residential
Commercial
Farm
Total liabilities
Household sector

8
9
10

Nonfinancial business
Corporate
Noncorporate

11
12

Federal government
REITs

13

Levels

Total mortgages

Total assets

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

13795.3

13489.6

13277.9

13285.4

13428.5

13267.6

13285.4

13273.3

13301.6

13358.4

13428.5

10446.7
852.2
2342.3
154.1

10203.2
858.5
2260.6
167.2

9980.4
892.9
2231.5
173.0

9884.2
930.5
2292.7
178.1

9862.1
994.1
2389.6
182.7

9913.5
918.4
2258.9
176.8

9884.2
930.5
2292.7
178.1

9851.2
941.3
2301.5
179.2

9842.5
952.4
2326.3
180.4

9856.7
969.1
2351.0
181.5

9862.1
994.1
2389.6
182.7

2
3
4
5

13795.3

13489.6

13277.9

13285.4

13428.5

13267.6

13285.4

13273.3

13301.6

13358.4

13428.5

10123.3

9899.6

9693.8

9609.6

9591.7

9635.4

9609.6

9577.5

9569.4

9583.6

9591.7

3495.9
643.2
2852.7

3400.4
569.8
2830.6

3389.7
573.5
2816.2

3473.6
598.3
2875.3

3627.0
628.1
2998.9

3435.1
582.8
2852.3

3473.6
598.3
2875.3

3490.5
598.8
2891.6

3525.3
604.2
2921.1

3567.9
612.5
2955.4

3627.0
628.1
2998.9

8
9
10

0.0
176.1

0.0
189.5

0.0
194.4

0.0
202.2

0.0
209.8

0.0
197.1

0.0
202.2

0.0
205.3

0.0
206.9

0.0
206.9

0.0
209.8

11
12

13795.3

13489.6

13277.9

13285.4

13428.5

13267.6

13285.4

13273.3

13301.6

13358.4

13428.5

13

14
15
16

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

100.1
28.0
42.1

100.8
27.4
42.5

86.9
25.5
43.1

76.0
23.7
44.0

68.6
21.8
45.7

78.5
24.1
43.7

76.0
23.7
44.0

74.3
23.2
44.3

72.3
22.7
44.8

70.3
22.2
45.1

68.6
21.8
45.7

14
15
16

17
18

Federal government
State and local governments

106.6
204.6

109.9
202.1

111.5
206.7

115.5
209.7

117.2
209.9

114.1
209.8

115.5
209.7

116.0
212.8

116.5
210.9

117.3
208.4

117.2
209.9

17
18

19
20
21
22

U.S.-chartered depository institutions


Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions

4194.9
35.4
35.8
317.0

4049.6
32.8
33.4
320.5

4028.8
30.9
34.9
327.8

3983.5
30.3
32.4
345.9

4090.8
37.6
30.4
371.8

3975.3
29.8
31.6
340.4

3983.5
30.3
32.4
345.9

3991.3
32.2
32.0
350.4

4039.0
34.2
31.8
357.2

4057.9
35.5
30.9
366.5

4090.8
37.6
30.4
371.8

19
20
21
22

23
24

Property-casualty insurance companies


Life insurance companies

4.1
317.5

4.9
332.5

5.6
344.4

7.9
363.2

9.9
384.2

7.0
357.2

7.9
363.2

8.3
365.2

8.8
369.9

9.3
375.8

9.9
384.2

23
24

25
26

Private pension funds


State and local govt. retirement funds

26.5
11.9

21.9
11.9

23.1
11.2

19.7
8.6

19.5
11.8

20.5
9.7

19.7
8.6

18.9
11.0

19.8
12.1

20.8
11.5

19.5
11.8

25
26

27
28

Government-sponsored enterprises (1)


Agency- and GSE-backed mortgage pools

5021.0
1139.5

4924.0
1304.8

4823.5
1437.0

4877.8
1569.4

4868.8
1644.9

4872.0
1540.8

4877.8
1569.4

4861.0
1585.8

4840.1
1600.0

4854.8
1623.6

4868.8
1644.9

27
28

29
30
31

ABS issuers
Finance companies
REITs

1922.3
243.5
44.6

1703.4
211.2
56.1

1492.9
179.5
64.5

1221.6
157.0
199.3

1120.7
148.0
227.2

1248.1
165.9
199.1

1221.6
157.0
199.3

1169.8
154.1
222.8

1150.7
149.6
221.3

1136.1
148.2
224.0

1120.7
148.0
227.2

29
30
31

123

Z.1, March 12, 2015

L.218 Home Mortgages (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1
2
3
4
5
6
7
8

Total liabilities
Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business
Total assets
Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

10446.7

10203.2

9980.4

9884.2

9862.1

9913.5

9884.2

9851.2

9842.5

9856.7

9862.1

9915.5
13.6
517.6

9698.3
10.2
494.8

9494.7
9.7
476.0

9405.8
10.0
468.4

9379.8
11.5
470.8

9434.2
9.8
469.6

9405.8
10.0
468.4

9372.9
10.4
467.9

9362.7
10.9
468.9

9375.0
11.3
470.4

9379.8
11.5
470.8

2
3
4

10446.7

10203.2

9980.4

9884.2

9862.1

9913.5

9884.2

9851.2

9842.5

9856.7

9862.1

75.2
16.8
15.4

67.2
16.4
15.5

59.2
14.9
15.8

51.2
13.3
16.1

43.2
11.8
16.7

53.2
13.7
16.0

51.2
13.3
16.1

49.2
13.0
16.2

47.2
12.6
16.4

45.2
12.2
16.5

43.2
11.8
16.7

6
7
8

23.9
105.4

24.0
104.1

25.2
106.4

25.6
108.0

26.8
108.1

24.5
108.0

25.6
108.0

25.9
109.6

25.6
108.6

25.9
107.3

26.8
108.1

9
10

9
10

Federal government
State and local governments

11
12
13
14

U.S.-chartered depository institutions


Foreign banking offices in U.S.
Banks in U.S.-affiliated areas
Credit unions

2615.6
1.1
20.1
317.0

2538.0
1.3
17.8
320.5

2509.1
1.8
20.0
327.8

2394.2
1.4
18.9
345.9

2401.8
2.9
17.4
371.8

2414.6
1.4
19.1
340.4

2394.2
1.4
18.9
345.9

2382.6
1.7
18.4
350.4

2404.3
2.0
18.3
357.2

2402.4
2.5
17.6
366.5

2401.8
2.9
17.4
371.8

11
12
13
14

15
16
17

Life insurance companies


Private pension funds
State and local govt. retirement funds

9.0
1.9
4.3

9.0
1.6
4.3

9.5
1.6
4.0

10.2
1.4
3.1

11.5
1.2
4.3

10.2
1.4
3.5

10.2
1.4
3.1

10.6
1.3
4.0

10.8
1.3
4.4

11.1
1.2
4.2

11.5
1.2
4.3

15
16
17

18
19

Government-sponsored enterprises
Agency- and GSE-backed mortgage pools

4690.7
1068.8

4587.7
1216.8

4476.1
1321.8

4544.9
1420.6

4536.2
1471.7

4532.7
1400.2

4544.9
1420.6

4532.2
1432.0

4515.2
1440.7

4527.2
1458.8

4536.2
1471.7

18
19

20
21
22

ABS issuers
Finance companies
REITs

1303.0
169.5
9.0

1109.5
149.7
19.8

928.3
132.6
26.5

791.6
114.7
23.1

695.9
104.6
36.3

821.5
122.1
31.1

791.6
114.7
23.1

767.6
111.5
25.3

742.0
109.1
27.0

717.3
106.7
34.1

695.9
104.6
36.3

20
21
22

928.5
783.3
0.3
88.2
22.8
33.9

853.5
723.1
0.3
82.2
18.0
29.9

769.6
652.7
0.2
75.7
14.5
26.5

702.9
596.2
0.4
72.0
11.4
22.9

672.5
568.2
0.4
73.5
9.4
20.9

715.0
605.9
0.3
72.5
11.8
24.4

702.9
596.2
0.4
72.0
11.4
22.9

690.6
585.6
0.4
71.4
10.9
22.3

683.9
579.7
0.4
71.7
10.4
21.8

679.2
574.3
0.3
73.3
10.0
21.3

672.5
568.2
0.4
73.5
9.4
20.9

23
24
25
26
27
28

23
24
25
26
27
28

Memo:
Home equity loans included above (2)
U.S.-chartered depository institutions
Foreign banking offices in U.S.
Credit unions
ABS issuers
Finance companies

(1) Mortgages on 1-4 family properties including mortgages on farm houses.


(2) Loans made under home equity lines of credit and home equity loans secured by junior liens. Excludes home equity loans held by individuals.

L.219 Multifamily Residential Mortgages


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total liabilities

2
3

Nonfinancial corporate business


Nonfinancial noncorporate business

4
5

Federal government
REITs

858.5

892.9

930.5

994.1

918.4

930.5

941.3

952.4

969.1

994.1

41.2
783.2

41.5
789.1

43.3
822.9

45.0
855.4

48.2
915.7

44.4
843.3

45.0
855.4

45.6
866.2

46.1
876.2

47.0
892.2

48.2
915.7

2
3

0.0
27.8

0.0
27.9

0.0
26.7

0.0
30.0

0.0
30.2

0.0
30.7

0.0
30.0

0.0
29.6

0.0
30.1

0.0
29.9

0.0
30.2

4
5

852.2

858.5

892.9

930.5

994.1

918.4

930.5

941.3

952.4

969.1

994.1

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

0.0
0.4
14.3

0.0
0.4
14.5

0.0
0.4
14.7

0.0
0.4
15.0

0.0
0.4
15.6

0.0
0.4
14.9

0.0
0.4
15.0

0.0
0.4
15.1

0.0
0.4
15.3

0.0
0.4
15.4

0.0
0.4
15.6

7
8
9

10
11

Federal government
State and local governments

14.4
81.9

14.1
80.8

13.7
82.7

13.8
83.9

13.2
84.0

13.5
83.9

13.8
83.9

13.7
85.1

13.6
84.3

13.4
83.4

13.2
84.0

10
11

12
13

U.S.-chartered depository institutions


Foreign banking offices in U.S.

254.9
3.5

248.3
2.9

258.5
1.4

287.9
1.1

325.9
1.3

277.1
1.1

287.9
1.1

297.3
0.9

307.8
1.0

316.4
1.0

325.9
1.3

12
13

14
15
16

Life insurance companies


Private pension funds
State and local govt. retirement funds

47.2
3.1
3.6

49.4
2.9
3.6

51.1
2.5
3.4

53.6
2.2
2.6

56.5
1.9
3.5

52.6
2.2
2.9

53.6
2.2
2.6

53.8
2.1
3.3

54.5
2.0
3.6

55.3
2.0
3.5

56.5
1.9
3.5

14
15
16

17
18

Government-sponsored enterprises
Agency- and GSE-backed mortgage pools

256.5
66.9

259.2
86.4

265.5
113.4

243.5
147.1

240.8
171.4

251.8
138.8

243.5
147.1

238.9
152.0

234.3
157.6

236.4
163.2

240.8
171.4

17
18

19
20
21

ABS issuers
Finance companies
REITs

98.4
5.1
2.0

90.7
3.6
1.7

81.1
2.8
1.9

75.2
2.0
2.4

74.0
2.0
3.6

74.4
2.1
2.7

75.2
2.0
2.4

74.4
2.0
2.2

73.8
2.0
2.2

73.5
2.0
3.3

74.0
2.0
3.6

19
20
21

7
8
9

Total assets

852.2

Levels

2010

124

Z.1, March 12, 2015

L.220 Commercial Mortgages


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

1
2
3
4
5
6

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business
REITs
Total assets

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

2342.3

2260.6

2231.5

2292.7

2389.6

2258.9

2292.7

2301.5

2326.3

2351.0

2389.6

207.7
552.9
1433.3
148.3

201.4
478.1
1419.5
161.7

199.1
478.2
1386.6
167.7

203.9
499.2
1417.5
172.1

211.9
522.1
1476.0
179.6

201.2
485.0
1406.3
166.4

203.9
499.2
1417.5
172.1

204.6
498.2
1423.0
175.7

206.7
502.0
1440.8
176.8

208.6
508.5
1457.0
176.9

211.9
522.1
1476.0
179.6

2
3
4
5

2342.3

2260.6

2231.5

2292.7

2389.6

2258.9

2292.7

2301.5

2326.3

2351.0

2389.6

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

18.1
10.8
11.5

17.5
10.6
11.7

17.2
10.2
11.8

17.6
9.9
12.1

19.0
9.6
12.5

17.4
10.0
12.0

17.6
9.9
12.1

17.9
9.8
12.1

18.2
9.8
12.3

18.6
9.7
12.4

19.0
9.6
12.5

7
8
9

10
11

Federal government
State and local governments

64.1
16.4

67.2
16.2

68.0
16.5

71.9
16.8

72.1
16.8

71.6
16.8

71.9
16.8

72.1
17.0

72.7
16.9

73.0
16.7

72.1
16.8

10
11

12
13
14

U.S.-chartered depository institutions


Foreign banking offices in U.S.
Banks in U.S.-affiliated areas

1273.2
30.8
15.7

1210.3
28.5
15.6

1202.2
27.6
14.9

1241.0
27.8
13.5

1301.1
33.2
13.0

1223.6
27.4
12.5

1241.0
27.8
13.5

1250.5
29.6
13.6

1265.7
31.1
13.5

1277.5
31.8
13.3

1301.1
33.2
13.0

12
13
14

15
16

Property-casualty insurance companies


Life insurance companies

4.1
248.8

4.9
261.1

5.6
270.9

7.9
286.3

9.9
302.7

7.0
281.4

7.9
286.3

8.3
287.7

8.8
291.3

9.3
296.0

9.9
302.7

15
16

17
18

Private pension funds


State and local govt. retirement funds

21.4
4.1

17.4
4.0

19.0
3.8

16.1
2.9

16.3
4.0

16.8
3.3

16.1
2.9

15.5
3.7

16.5
4.1

17.6
3.9

16.3
4.0

17
18

19
20

Agency- and GSE-backed mortgage pools


ABS issuers

0.0
520.8

0.0
503.2

0.0
483.5

0.0
354.7

0.0
350.9

0.0
352.2

0.0
354.7

0.0
327.7

0.0
334.9

0.0
345.2

0.0
350.9

19
20

21
22

Finance companies
REITs

68.9
33.7

57.9
34.6

44.1
36.1

40.3
173.9

41.3
187.2

41.7
165.3

40.3
173.9

40.6
195.3

38.5
192.0

39.5
186.6

41.3
187.2

21
22

7
8
9

Levels

Total liabilities

2011

L.221 Farm Mortgages (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1
2
3
4

Total liabilities
Nonfinancial corporate business
Nonfinancial noncorporate business
Total assets

154.1

167.2

173.0

178.1

182.7

176.8

178.1

179.2

180.4

181.5

182.7

35.5
118.6

40.0
127.2

42.3
130.7

44.1
134.0

46.3
136.4

43.7
133.2

44.1
134.0

44.6
134.6

45.2
135.2

45.8
135.8

46.3
136.4

2
3

154.1

167.2

173.0

178.1

182.7

176.8

178.1

179.2

180.4

181.5

182.7

5
6

Household sector
Nonfinancial noncorporate business

6.8
0.8

16.2
0.8

10.6
0.9

7.3
0.9

6.4
0.9

7.9
0.9

7.3
0.9

7.3
0.9

6.9
0.9

6.6
0.9

6.4
0.9

5
6

7
8

Federal government
State and local governments

4.3
1.0

4.5
1.0

4.6
1.0

4.2
1.0

5.2
1.0

4.6
1.0

4.2
1.0

4.3
1.1

4.6
1.1

5.1
1.0

5.2
1.0

7
8

9
10

U.S.-chartered depository institutions


Foreign banking offices in U.S.

51.2
0.0

52.9
0.0

59.0
0.0

60.4
0.0

62.0
0.2

60.0
0.0

60.4
0.0

60.8
0.0

61.2
0.2

61.6
0.2

62.0
0.2

9
10

11
12

Life insurance companies


State and local govt. retirement funds

12.4
0.0

13.0
0.0

13.0
0.0

13.1
0.0

13.4
0.0

13.1
0.0

13.1
0.0

13.2
0.0

13.3
0.0

13.4
0.0

13.4
0.0

11
12

13
14

Government-sponsored enterprises
Agency- and GSE-backed mortgage pools

73.8
3.8

77.1
1.7

82.0
1.9

89.4
1.8

91.8
1.8

87.5
1.8

89.4
1.8

90.0
1.7

90.6
1.7

91.2
1.7

91.8
1.8

13
14

(1) Excludes mortgages on farm houses.

125

Z.1, March 12, 2015

L.222 Consumer Credit


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

Total liabilities (Households)

2647.4

2755.9

2923.6

3097.9

3316.3

3036.6

3097.9

3104.0

3170.7

3247.4

3316.3

Total assets

2647.4

2755.9

2923.6

3097.9

3316.3

3036.6

3097.9

3104.0

3170.7

3247.4

3316.3

78.4
45.5
0.0

74.5
47.4
0.0

65.6
49.2
0.0

59.1
43.5
0.0

53.2
42.3
0.0

60.0
42.8
0.0

59.1
43.5
0.0

57.8
42.4
0.0

56.5
42.6
0.0

54.8
42.8
0.0

53.2
42.3
0.0

3
4
5

356.2
1185.5
226.5

484.7
1192.6
223.0

616.8
1218.6
243.6

729.8
1271.6
265.6

841.9
1343.1
302.1

713.5
1231.4
261.9

729.8
1271.6
265.6

770.9
1246.5
269.2

786.0
1284.2
283.5

825.9
1305.4
292.7

841.9
1343.1
302.1

6
7
8

0.0
50.3
705.0

0.0
46.2
687.6

0.0
50.0
679.8

0.0
49.1
679.1

0.0
49.6
684.2

0.0
48.5
678.5

0.0
49.1
679.1

0.0
47.3
669.9

0.0
46.3
671.7

0.0
49.1
676.6

0.0
49.6
684.2

9
10
11

840.0
713.3
912.4
181.7

841.7
751.0
1012.3
150.9

846.7
808.9
1131.3
136.7

857.6
878.7
1223.0
138.6

889.0
956.5
1322.3
148.5

820.9
866.4
1211.0
138.2

857.6
878.7
1223.0
138.6

817.6
892.1
1261.7
132.5

839.1
918.1
1274.6
139.0

849.2
943.5
1311.5
143.2

889.0
956.5
1322.3
148.5

12
13
14
15

3
4
5

Households (nonprofit organizations) (1)


Nonfinancial corporate business
Nonfinancial noncorporate business

6
7
8

Federal government (2)


U.S.-chartered depository institutions
Credit unions

9
10
11

Government-sponsored enterprises
ABS issuers
Finance companies

Credit card loans (3)


Auto loans
Student loans (4)
Other consumer credit (5)

(1) Student loans originated under the Federal Family Education Loan Program.
(2) Includes loans originated by the Department of Education under the Federal Direct Loan Program and Perkins Loans, as well as Federal Family Education Loan Program
loans that the government purchased from depository institutions, finance companies, and nonprofit and educational institutions, and loans in default.
(3) Revolving credit that also includes overdraft plans on checking accounts and other loans without a fixed repayment schedule.
(4) Includes student loans held by nonprofit organizations (line 3), the federal government (line 6), depository institutions (part of lines 7 and 8), and
finance companies (part of line 11). Data begin in 2006:Q1.
(5) Includes student loans before 2006:Q1.

Levels

Memo:
12
13
14
15

126

Z.1, March 12, 2015

L.223 Trade Credit


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

Household sector

3
4

Nonfinancial corporate business


Nonfinancial noncorporate business

5
6

Federal government
State and local governments

7
8

Brokers and dealers


Rest of the world

Total trade receivables

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

3370.8

3452.5

3574.2

3742.4

3902.1

3714.8

3742.4

3762.8

3831.3

3869.8

3902.1

248.8

250.0

254.0

255.0

258.1

254.8

255.0

256.0

256.9

257.4

258.1

1746.4
427.8

1771.6
435.7

1837.8
434.4

1951.5
441.9

2037.1
452.3

1932.3
442.4

1951.5
441.9

1955.9
444.6

1995.6
448.5

2013.1
450.7

2037.1
452.3

3
4

209.7
669.0

218.5
707.4

231.9
746.2

248.4
785.8

271.5
826.6

252.2
775.8

248.4
785.8

257.1
795.8

266.7
806.0

271.2
816.3

271.5
826.6

5
6

18.1
51.1

14.3
55.1

14.2
55.7

14.5
45.3

17.9
38.7

13.3
44.0

14.5
45.3

14.8
38.6

17.8
39.9

19.9
41.3

17.9
38.7

7
8

3132.4

3245.3

3321.8

3482.1

3639.6

3552.5

3482.1

3576.9

3673.6

3689.4

3639.6

2156.5
533.4

2240.3
539.2

2292.1
546.6

2432.1
558.2

2542.7
579.8

2507.5
554.5

2432.1
558.2

2502.3
561.4

2582.8
567.7

2598.5
572.3

2542.7
579.8

10
11

10
11

Nonfinancial corporate business


Nonfinancial noncorporate business

12
13
14
15

Federal government
State and local governments
Property-casualty insurance companies
ABS issuers

42.9
152.2
83.8
51.8

47.7
154.5
87.2
47.6

50.3
159.1
92.0
41.2

48.8
167.5
95.2
35.7

49.8
174.3
102.2
31.3

50.6
166.2
98.3
34.6

48.8
167.5
95.2
35.7

50.6
168.0
100.1
34.3

50.8
171.1
103.9
33.9

50.8
172.5
103.4
31.0

49.8
174.3
102.2
31.3

12
13
14
15

Rest of the world

111.8

128.8

140.5

144.4

159.5

140.7

144.4

160.3

163.4

161.0

159.5

16

238.5

207.2

252.4

260.3

262.5

162.3

260.3

185.8

157.8

180.4

262.5

17

16

Levels

Total trade payables

2011

17

Discrepancy

L.224 Security Credit


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1
2
3
4

Total liabilities
Household sector
Brokers and dealers
Total assets

Household sector

6
7

U.S.-chartered depository institutions


Foreign banking offices in U.S.

Brokers and dealers

1041.7

1034.2

1131.9

1236.2

1332.0

1183.8

1236.2

1273.1

1329.5

1372.7

1332.0

278.2
763.5

238.9
795.4

303.7
828.2

339.2
897.1

369.5
962.5

313.7
870.0

339.2
897.1

320.6
952.5

375.4
954.1

390.3
982.4

369.5
962.5

2
3

1041.7

1034.2

1131.9

1236.2

1332.0

1183.8

1236.2

1273.1

1329.5

1372.7

1332.0

725.2

726.1

757.0

815.5

868.5

791.5

815.5

866.2

866.6

892.5

868.5

23.6
14.7

35.8
33.5

45.0
26.2

52.9
28.7

61.1
33.0

53.9
24.7

52.9
28.7

58.4
28.0

61.0
26.5

60.3
29.6

61.1
33.0

6
7

278.2

238.9

303.7

339.2

369.5

313.7

339.2

320.6

375.4

390.3

369.5

L.225 Life Insurance Reserves


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1
2
3
4
5
6
7

Total liabilities
Federal government
Life insurance companies
Net change in assets
Households
U.S.-chartered depository institutions
Holding companies

1278.6

1352.3

1359.3

1416.8

1471.5

1397.6

1416.8

1434.6

1443.9

1449.2

1471.5

48.7
1229.9

50.0
1302.3

50.3
1309.0

50.5
1366.3

51.3
1420.2

50.4
1347.3

50.5
1366.3

50.5
1384.2

50.6
1393.3

50.9
1398.3

51.3
1420.2

2
3

1278.6

1352.3

1359.3

1416.8

1471.5

1397.6

1416.8

1434.6

1443.9

1449.2

1471.5

1137.5
116.0
25.1

1199.3
125.5
27.6

1186.4
138.0
34.9

1233.0
143.8
39.9

1276.9
149.6
44.9

1218.5
141.6
37.5

1233.0
143.8
39.9

1248.3
145.2
41.1

1254.8
146.7
42.4

1257.6
147.9
43.6

1276.9
149.6
44.9

5
6
7

127

Z.1, March 12, 2015

L.226 Pension Entitlements


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

17035.7

17447.7

18460.8

19893.7

20814.3

19448.2

19893.7

20096.2

20418.9

20491.3

20814.3

2
3

Life insurance companies (1)


Private pension funds (2)

2341.3
6650.1

2383.2
6753.3

2575.3
7278.0

2831.3
8148.3

2952.8
8578.6

2756.6
7888.0

2831.3
8148.3

2859.2
8237.2

2907.5
8409.2

2892.8
8417.8

2952.8
8578.6

2
3

4
5

Federal government retirement funds (3)


State and local govt. retirement funds

3159.3
4885.0

3266.0
5045.2

3384.9
5222.6

3542.8
5371.4

3683.4
5599.6

3480.0
5323.6

3542.8
5371.4

3573.6
5426.2

3609.6
5492.6

3641.4
5539.4

3683.4
5599.6

4
5

17035.7

17447.7

18460.8

19893.7

20814.3

19448.2

19893.7

20096.2

20418.9

20491.3

20814.3

5029.0
383.3
77.2
440.0
202.0
2102.0
1824.5

5241.0
403.6
78.4
449.0
211.0
2081.0
2017.9

5907.0
428.0
79.9
484.0
217.0
2397.0
2301.1

6966.0
427.6
79.2
524.0
230.0
2929.0
2776.2

ND
ND
ND
ND
ND
ND
ND

6624.0
434.4
79.9
512.0
233.0
2745.0
2619.8

6966.0
427.6
79.2
524.0
230.0
2929.0
2776.2

7084.0
420.9
78.9
529.0
226.0
2998.0
2831.2

7325.0
419.2
78.5
538.0
222.0
3128.0
2939.3

7343.0
423.0
78.1
535.0
224.0
3087.0
2995.8

ND
ND
ND
ND
ND
ND
ND

7
8
9
10
11
12
13

Total liabilities

2011

Total assets (Households) (4)


Memo:

7
8
9
10
11
12
13

Individual Retirement Accounts (IRAs) at: (5)


U.S.-chartered depository institutions
Credit unions
Life insurance companies
Money market mutual funds
Mutual funds
Other self-directed accounts

Levels

(1) Annuities, including those in IRAs.


(2) Includes unallocated insurance company contracts beginning 1985:Q4.
(3) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds.
(4) Excludes all individual retirement accounts (IRAs), except those at life insurance companies.
(5) Assets of the household sector (L.101). Figures for depositories (lines 8 and 9) include Keogh accounts. Variable annuities in IRAs are included in the life insurance sector (line 10)
and excluded from the money market mutual fund and mutual fund sectors (lines 11 and 12).

L.227 Taxes Payable by Businesses


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1

Total taxes payable by all businesses

53.1

74.0

79.5

91.3

127.0

80.2

91.3

110.1

114.7

122.0

127.0

2
3

Nonfinancial corporate business


Nonfinancial noncorporate business

42.9
99.2

51.7
100.3

54.0
102.3

45.0
105.5

53.7
111.3

49.7
104.5

45.0
105.5

51.2
106.3

47.1
108.0

55.7
109.3

53.7
111.3

2
3

U.S.-chartered depository institutions

-59.6

-49.1

-47.6

-47.4

-31.9

-52.9

-47.4

-39.7

-32.4

-35.3

-31.9

5
6

Property-casualty insurance companies


Life insurance companies

-10.1
-28.8

-14.5
-23.6

-10.8
-28.3

8.4
-30.5

13.3
-30.4

-2.5
-30.1

8.4
-30.5

10.2
-29.3

9.5
-29.5

10.2
-30.4

13.3
-30.4

5
6

7
8

Finance companies
Brokers and dealers

6.0
3.6

6.7
2.5

6.7
3.1

6.8
3.7

7.0
4.0

7.0
4.6

6.8
3.7

6.8
4.5

6.8
5.1

7.0
5.4

7.0
4.0

7
8

262.1

272.8

279.9

289.6

310.2

287.4

289.6

296.2

297.0

304.5

310.2

144.3
117.8

152.8
120.0

158.6
121.3

165.8
123.8

173.0
137.2

164.0
123.4

165.8
123.8

167.6
128.6

169.4
127.6

171.2
133.3

173.0
137.2

10
11

-209.0

-198.8

-200.4

-198.3

-183.2

-207.1

-198.3

-186.1

-182.3

-182.5

-183.2

12

9
10
11
12

Total business taxes receivable


Federal government
State and local governments
Discrepancy

L.228 Proprietors Equity in Noncorporate Business


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1
2
3

Total household equity


Nonfinancial noncorporate business
Brokers and dealers

6888.5

7363.1

8027.2

9001.1

9337.7

8800.9

9001.1

9059.8

9107.0

9215.9

9337.7

6872.6
15.9

7351.2
11.9

8010.0
17.3

8983.4
17.6

9317.8
20.0

8784.5
16.5

8983.4
17.6

9041.4
18.4

9088.6
18.4

9197.0
18.9

9317.8
20.0

2
3

128

Z.1, March 12, 2015

L.229 Direct Investment


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2010

2011

2012

2013

2014

2013

2014

Q3

Q4

Q1

Q2

Q3

Q4

U.S. direct investment abroad:


1
2
3
4
5
6
7
8
9
10
11

Liab.: Rest of the world (1)


Equity
Intercompany debt (2)
U.S. parents claims
Less: U.S. parents liabilities

4273.6
4084.8
188.7
586.9
398.1

4599.5
4405.2
194.3
619.1
424.8

4972.9
4757.4
215.5
644.3
428.8

5284.0
5078.6
205.4
664.3
458.8

5483.3
5336.2
184.6
691.5
506.9

5237.7
5028.8
208.9
662.6
453.7

5284.0
5078.6
205.4
664.3
458.8

5320.5
5125.6
194.9
654.9
460.0

5396.4
5200.4
196.0
684.1
488.1

5448.2
5259.7
188.5
687.6
499.2

5483.3
5336.2
184.6
691.5
506.9

1
2
3
4
5

Asset: Nonfinancial corporate business


U.S.-chartered depository institutions
Property-casualty insurance companies
Life insurance companies
Finance companies
Brokers and dealers

3402.9
280.1
99.1
46.3
206.0
239.3

3759.2
272.5
90.2
54.2
221.8
201.7

4081.0
283.9
98.0
67.0
225.4
217.5

4370.0
285.3
108.8
65.5
228.6
225.8

4534.5
289.8
115.0
65.3
245.6
233.0

4311.4
288.8
113.0
67.9
231.1
225.5

4370.0
285.3
108.8
65.5
228.6
225.8

4394.9
286.8
109.6
65.4
235.8
228.0

4465.6
288.9
110.6
64.9
238.1
228.3

4506.1
290.8
112.5
65.4
242.1
231.4

4534.5
289.8
115.0
65.3
245.6
233.0

6
7
8
9
10
11

Levels

Foreign direct investment in U.S.:


12
13
14
15
16
17
18
19

Liab.: Nonfinancial corporate business


Nonfinancial noncorporate business
Foreign banking offices in U.S.
Property-casualty insurance companies
Life insurance companies
Finance companies
Brokers and dealers
Funding corporations

2128.7
5.3
120.0
70.7
84.3
114.7
88.5
11.4

2230.7
6.1
176.6
73.9
103.6
91.1
104.6
12.0

2408.9
6.6
181.8
77.1
106.0
90.9
110.4
12.6

2610.3
7.3
181.4
74.5
97.7
73.0
119.5
13.2

2729.7
7.7
179.2
70.2
104.2
70.4
123.7
13.8

2510.1
7.0
184.4
82.6
111.9
92.3
114.3
13.1

2610.3
7.3
181.4
74.5
97.7
73.0
119.5
13.2

2569.9
7.5
182.3
74.0
99.1
73.4
121.7
13.4

2628.1
7.7
183.0
73.2
101.4
74.2
122.5
13.5

2651.1
7.7
181.1
72.2
101.9
71.7
123.4
13.7

2729.7
7.7
179.2
70.2
104.2
70.4
123.7
13.8

12
13
14
15
16
17
18
19

20
21
22
23
24

Asset: Rest of the world (1)


Equity
Intercompany debt
U.S. affiliates liabilities
Less: U.S. affiliates claims

2623.6
2129.1
494.5
773.2
278.7

2798.7
2268.3
530.4
806.1
275.7

2994.3
2475.2
519.2
832.2
313.0

3176.9
2652.9
523.9
869.7
345.8

3298.9
2785.8
503.2
882.3
379.1

3115.6
2596.7
518.9
847.4
328.5

3176.9
2652.9
523.9
869.7
345.8

3141.4
2626.8
514.6
841.7
327.1

3203.6
2691.3
512.4
888.1
375.7

3222.8
2724.4
498.4
875.9
377.5

3298.9
2785.8
503.2
882.3
379.1

20
21
22
23
24

Memo:
Direct investment, asset/liability presentation:
25
26
27
28
29

Direct investment assets


Equity (line 2)
Intercompany debt
U.S. parents claims (line 4)
U.S. affiliates claims (line 24)

4950.4
4084.8
865.5
586.9
278.7

5300.0
4405.2
894.8
619.1
275.7

5714.8
4757.4
957.3
644.3
313.0

6088.7
5078.6
1010.1
664.3
345.8

6406.8
5336.2
1070.7
691.5
379.1

6019.9
5028.8
991.1
662.6
328.5

6088.7
5078.6
1010.1
664.3
345.8

6107.6
5125.6
982.0
654.9
327.1

6260.2
5200.4
1059.8
684.1
375.7

6324.8
5259.7
1065.1
687.6
377.5

6406.8
5336.2
1070.7
691.5
379.1

25
26
27
28
29

30
31
32
33
34

Direct investment liabilities


Equity (line 21)
Intercompany debt
U.S. parents liabilities (line 5)
U.S. affiliates liabilities (line 23)

3300.5
2129.1
1171.3
398.1
773.2

3499.2
2268.3
1230.9
424.8
806.1

3736.2
2475.2
1261.0
428.8
832.2

3981.5
2652.9
1328.6
458.8
869.7

4175.0
2785.8
1389.2
506.9
882.3

3897.8
2596.7
1301.1
453.7
847.4

3981.5
2652.9
1328.6
458.8
869.7

3928.5
2626.8
1301.7
460.0
841.7

4067.4
2691.3
1376.2