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For use at 12:00 p.m.

, eastern time
March 6, 2014
R

FEDERAL RESERVE STATISTICAL RELEASE

Z.1

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

Fourth Quarter 2013

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 was
$80.7 trillion at the end of 2013, about $3 trillion more
than at the end of the third quarter. For 2013 as a whole,
net worth increased $9.8 trillion, or 14 percent, driven
largely by a $5.6 trillion increase in the value of directly
and indirectly held corprorate equities and a $2.3 trillion
increase in the value of real estate.
Domestic nonfinancial debt outstanding was $42
trillion at the end of the fourth quarter of 2013, of which
household debt was $13.1 trillion, nonfinancial business
debt was $13.6 trillion, and total government debt was
$15.3 trillion.
Domestic nonfinancial debt growth was 5.4 percent at
a seasonally adjusted annual rate in the fourth quarter of
2013, about 1 percentage points more than in the third
quarter.

Household debt edged up at an annual rate of 0.4


percent in the fourth quarter. Home mortgage debt
contracted 1 percent in the fourth quarter, following an
increase of 1 percent in the third quarter. Consumer
credit rose at an annual rate of 5.4 percent, about
percentage point less than in the previous quarter.
Nonfinancial business debt rose at an annual rate of 7.1
percent in the fourth quarter, after a 8.4 percent increase
in the third quarter. As in recent years, corporate bonds
accounted for most of the increase.
State and local government debt declined at an annual
rate of 4.9 percent in the fourth quarter, after declining
3.9 percent in the third quarter.
Federal government debt rose at an annual rate of 11.6
percent in the fourth quarter of 2013, well above the 1.5
percent increase in the third quarter.

Household Net Worth and Growth of Domestic Nonfinancial Debt


Growth of domestic nonfinancial debt
Year

Household
1
net worth

Total

Households

Business

State and
local govts.

Federal

2003

49,426

8.0

11.8

2.2

8.3

10.9

2004

56,515

9.3

11.1

2.2

11.4

9.0

2005

62,538

9.3

11.2

9.0

5.8

7.0

2006

67,331

8.7

10.0

10.9

3.9

3.9

2007

67,753

8.6

6.8

13.6

5.5

4.9

2008

57,180

6.0

0.1

6.3

0.6

24.2

2009

58,920

3.1

-1.7

2.2

4.0

22.7

2010

63,354

4.1

-2.6

1.5

2.3

20.2

2011

64,763

3.7

-1.4

6.0

-1.7

11.4

2012

70,863

4.9

0.2

7.2

-0.2

10.9

2013

80,664

4.3

0.9

7.2

-1.3

6.5

Q1

67,220

4.7

-1.1

4.4

0.4

13.5

Q2

67,266

5.3

1.4

5.0

2.9

11.0

Q3

69,525

3.0

-1.5

5.0

-0.2

7.1

Q4

70,863

6.2

2.1

9.2

-3.8

10.4

Q1

74,088

4.4

-0.6

4.9

2.4

10.1

Q2

75,434

3.5

0.8

7.7

1.1

2.5

Q3

77,710

3.8

3.0

8.4

-3.9

1.5

Q4

80,664

5.4

0.4

7.1

-4.9

11.6

2012:

2013:

1. Shown on table B.100, which includes nonprofit organizations. Billions of dollars; amounts outstanding end of period, not
seasonally adjusted
2. Percentage changes shown on an end-of-period basis; quarterly data are seasonally adjusted annual rates

iii

Release Highlights
Fourth Quarter 2013
Topic

Description

Revaluations and other changes in


volume

Revaluations, which measure changes in the market value of


untraded assets (i.e. unrealized capital gains and losses), can
now be separately identified from other changes in volume,
which measure discontinuities or breaks in time series due to
disaster losses or change in source data or definition. This
change aligns the Financial Accounts more closely with the
System of National Accounts (SNA 2008). Data for revaluation
series will soon be available through the Federal Reserves Data
Download Program (DDP). Other changes in volume can be
calculated as the change in the level from one quarter to the
next, less the unadjusted flow, less the revaluation. In practice,
other changes in volume are relatively rare, and revaluations
only occur for series carried at market value. The mnemonic for
revaluation series begins with FR and the mnemonic for other
changes in volume series begins with FV. These series
replace the previous FD series (which showed the sum of
revaluations and other volume changes). Revaluations and
other changes in volume appear on the balance-sheet change
tables (R.100, R.102, and R.103) and all Integrated
Macroeconomic Tables.

Life insurance companies general


and separate accounts

Additional detail on life insurance companies is now available on


supplementary tables. Financial assets and liabilities held in life
insurers general accounts are shown on tables F.115.g and
L.115.g, and those held in separate accounts are shown on
tables F.115.s and L.115.s. Data begin in 1997:Q4. General
accounts are used to fund contractual obligations that provide a
fixed benefit or guaranteed rate of return, such as term life
insurance and fixed annuities. Separate accounts are
independent from general accounts and are typically used to
fund variable life and retirement products.

Treasury bills held by mutual funds

Additional detail on the composition of Treasury securities held


by mutual funds has been added to the Treasury securities
instrument tables (F.209 and L.209). Treasury bills, considered
short-term, are now shown separately from other Treasury
securities, such as Treasury notes and bonds. Data begin in
2010:Q4.

U.S. savings securities

U.S. savings securities replace savings bonds on the Treasury


securities instrument tables (F.209 and L.209) and the federal
government sector tables (F.105 and L.105). U.S. savings
securities now include U.S. Individual Retirement Bonds, U.S.
Retirement Plan Bonds, and U.S. Savings Stamps in addition to
U.S. Savings Bonds and Matured U.S. Savings Securities. All
U.S. savings securities are owned by households. Household
holdings of U.S. savings securities are not shown separately
from other holdings of Treasury securities on the household
sector tables (F.100, L.100, and B.100).

iv

Topic

Description

Treasury securities held by the


Thrift Savings Plan (TSP)

The federal government employee retirement funds holdings of


Treasury securities (tables F.119 and L.119) have been revised
down in 1995:Q4, 2011:Q2 and 2013:Q3 to reflect suspended
investments in the Thrift Savings Plan G Fund. The G Fund
invests exclusively in nonmarketable short-term Treasury
securities. Suspending investments in the G Fund is one way
that the Treasury manages its cash and borrowing once it has
reached the statutory debt limit. The amount of the suspended
investments is included in the claim of the pension fund on
sponsor (federal government).

Market value of domestic


corporations

On table L.213, the memo item market value of domestic


corporations has been deleted.

Explanatory Notes
Financial Accounts of the United States
The Financial Accounts of the United States (previously
referred to as the Flow of Funds Accounts) are
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 financial
instrument
Levels of financial assets and liabilities, by
sector and 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 FA 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:

The purchase of consumer durables is treated as


investment rather than as consumption.
Nonfinancial noncorporate business (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

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 only occur 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
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.

The 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 at the
following link:
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
4 times per year, about 10 weeks following the end of
each calendar quarter. The publication and the guide are
available online here:
www.federalreserve.gov/releases/Z1

This website also provides coded tables and historical


annual tables beginning in 1945 that correspond with the
tables published in this release. There are also
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 (DDP) here:
www.federalreserve.gov/datadownload/Choose.aspx?rel=Z.1

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 2013:Q4. Some


profit-related data are unavailable for 2013:Q4. Unadjusted
flows since 2012 for the government sectors and since 2006 for
all other sectors are unavailable.

Households and nonprofit


organizations sector
(tables F.100 and L.100)

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 2013:Q4. The source
for nonprofit organizations data (tables F.100.a and L.100.a) is
the Internal Revenue Service Statistics of Income. 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


2013:Q3; Internal Revenue Service Statistics of Income
(IRS/SOI) data through 2011; securities offerings, mortgages,
bank loans, commercial paper, and other loans through
2013:Q4. Corporate farm data through 2012.

Nonfinancial noncorporate business


(tables F.103 and L.103)

IRS/SOI data through 2010; bank and finance company loans,


and mortgage borrowing through 2013:Q4. Noncorporate farm
data through 2012.

State and local governments


(tables F.104 and L.104)

Gross offerings and retirements of municipal securities, deposits


at banks, and nonmarketable U.S. government security issues
through 2013:Q4; total financial assets through 2011:Q2 from
the Census Bureau; breakdown of financial assets through
2011:Q2 from the comprehensive annual financial reports of
state and local governments.

Federal government
(tables F.105 and L.105)

Data from the Monthly Treasury Statement of Receipts and


Outlays and Treasury data for loan programs and the Troubled
Assets Relief Program (TARP) through 2013:Q4.

Rest of the world


(tables F.106 and L.106)

Balance of payments and International Investment Position data


through 2013:Q3. NIPA estimates; bank Call Reports and
Treasury International Capital System data through 2013:Q4.

Monetary authority
(tables F.108 and L.108)

All data through 2013:Q4.

U.S.-chartered depository
institutions
(tables F.110 and L.110)

All data through 2013:Q4.

Foreign banking offices in U.S.


(tables F.111 and L.111)

All data through 2013:Q4.

Banks in U.S.-affiliated areas


(tables F.112 and L.112)

All data through 2013:Q4.

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

All data through 2013:Q4.

viii

Sector Table

Available at time of publication

Property-casualty insurance
companies
(tables F.114 and L.114)

All data through 2013:Q3.

Life insurance companies


(tables F.115 and L.115)

All data through 2013:Q3.

Private pension funds


(tables F.116 and L.116)

Internal Revenue Service/Department of Labor/Pension Benefit


Guaranty Corporation Form 5500 data through 2011.

State and local government


employee retirement funds
(tables F.117 and L.117)

Detailed data through 2011:Q2 from the Census Bureau; sample


data through 2013:Q4 from the Census Bureau.

Federal government retirement


funds
(tables F.118 and L.118)

Data from the Monthly Treasury Statement of Receipts and


Outlays, the Thrift Savings Plan, and the National Railroad
Retirement Investment Trust through 2013:Q4.

Money market mutual funds


(tables F.119 and L.119)

All data through 2013:Q4.

Mutual funds
(tables F.120 and L.120

All data through 2013:Q4.

Closed-end funds
(tables F.121 and L.121)

All data through 2013:Q4.

Exchange-traded funds
(tables F.121 and L.121)

All data through 2013:Q4.

Government Sponsored Enterprises


(GSEs)
(tables F.122 and L.122)

Data for Fannie Mae, Freddie Mac, FHLB, Farmer Mac, FICO,
FCS, and REFCORP through 2013:Q4.

Agency- and GSE-backed


mortgage pools
(tables F.123 and L.123)

Data for Fannie Mae, Freddie Mac, Farmer Mac, and Ginnie
Mae through 2013:Q4.

Issuers of asset-backed securities


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

All data for private mortgage pools, consumer credit, business


loans, student loans, consumer leases, and trade credit
securitization through 2013:Q4.

Finance companies
(tables F.125 and L.125)

All data through 2013:Q4.

Real Estate Investment Trusts


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

Data from SNL Financial through 2013:Q4.

Security brokers and dealers


(tables F.127 and L.127)

Data for firms filing FOCUS and FOGS reports through


2013:Q4.

Holding companies
(table F.128 and L.128)

All data through 2013:Q4.

Funding corporations
(tables F.129 and L.129)

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

ix

List of Data Tables


Title

Table

Page

Summaries
Flow of Funds Matrix Flows

Flow of Funds Matrix Assets 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

Households and Nonprofit Organizations

F.100

18

L.100

66

Nonfinancial Business

F.101

19

L.101

67

Nonfinancial Corporate Business

F.102

20

L.102

68

Nonfinancial Noncorporate Business

F.103

21

L.103

69

State and Local Governments

F.104

22

L.104

70

Federal Government

F.105

23

L.105

71

Sectors

Sectors
Rest of the World

F.106

24

L.106

72

Financial Business

F.107

25

L.107

73

Monetary Authority

F.108

26

L.108

74

Private Depository Institutions

F.109

27

L.109

75

U.S.-Chartered Depository Institutions, ex. Credit


Unions

F.110

28

L.110

76

Foreign Banking Offices in U.S.

F.111

29

L.111

77

Banks in U.S.-Affiliated Areas

F.112

30

L.112

78

Credit Unions

F.113

30

L.113

78

Property-Casualty Insurance Companies

F.114

31

L.114

79

Life Insurance Companies

F.115

31

L.115

79

Private and Public Pension Funds

F.116

32

L.116

80

Private Pension Funds

F.117

33

L.117

81

State and Local Government Employee Retirement


Funds

F.118

34

L.118

82

Federal Government Employee Retirement Funds

F.119

34

L.119

82

Money Market Mutual Funds

F.120

35

L.120

83

Mutual Funds

F.121

35

L.121

83

Closed-End and Exchange-Traded Funds

F.122

35

L.122

83

Government-Sponsored Enterprises

F.123

36

L.123

84

Agency- and GSE-Backed Mortgage Pools

F.124

36

L.124

84

Issuers of Asset-Backed Securities

F.125

37

L.125

85

Finance Companies

F.126

37

L.126

85

Real Estate Investment Trusts

F.127

38

L.127

86

Security Brokers and Dealers

F.128

39

L.128

87

Holding Companies

F.129

40

L.129

88

Funding Corporations

F.130

41

L.130

89

U.S. Official Reserve Assets and SDR Allocations

F.200

42

L.200

90

Special Drawing Rights (SDRs) Certificates and Treasury


Currency

F.201

42

L.201

90

U.S. Deposits in Foreign Countries

F.202

42

L.202

90

Net Interbank Transactions

F.203

43

L.203

91

Checkable Deposits and Currency

F.204

44

L.204

92

Time and Savings Deposits

F.205

45

L.205

93

Instruments

xi

Instruments
Money Market Mutual Fund Shares

F.206

45

L.206

93

Federal Funds and Security Repurchase Agreements

F.207

46

L.207

94

Open Market Paper

F.208

47

L.208

95

Treasury Securities

F.209

48

L.209

96

Agency- and GSE-Backed Securities

F.210

49

L.210

97

Municipal Securities and Loans

F.211

50

L.211

98

Corporate and Foreign Bonds

F.212

51

L.212

99

Corporate Equities

F.213

52

L.213

100

Mutual Fund Shares

F.214

52

L.214

100

Depository Institution Loans Not Elsewhere Classified

F.215

53

L.215

101

Other Loans and Advances

F.216

54

L.216

102

Total Mortgages

F.217

55

L.217

103

Home Mortgages

F.218

56

L.218

104

Multifamily Residential Mortgages

F.219

56

L.219

104

Commercial Mortgages

F.220

57

L.220

105

Farm Mortgages

F.221

57

L.221

105

Consumer Credit

F.222

58

L.222

106

Trade Credit

F.223

59

L.223

107

Security Credit

F.224

59

L.224

107

Life Insurance Reserves

F.225

60

L.225

108

Pension Entitlements

F.226

60

L.226

108

Taxes Payable by Businesses

F.227

60

L.227

108

Proprietors' Equity in Noncorporate Business

F.228

60

L.228

108

Total Miscellaneous Financial Claims

F.229

61

L.229

109

Identified Miscellaneous Financial Claims - Part I

F.230

62

L.230

110

Identified Miscellaneous Financial Claims - Part II

F.231

63

L.231

111

Unidentified Miscellaneous Financial Claims

F.232

64

L.232

112

Sector Discrepancies

F.11

65

Instrument Discrepancies

F.12

65

Balance Sheet
Title

Reconciliation

Table

Page

Table

Page

Households and Nonprofit Organizations

B.100

113

R.100

116

Nonfinancial Corporate Business

B.102

114

R.102

117

Nonfarm Noncorporate Business

B.103

115

R.103

118

Balance Sheet and Changes in Net Worth

xii

Flows
Title

Table

Levels
Page

Table

Page

B.100.e

119

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

F.100.a

120

L.100.a

121

Consolidated Statement for Federal, State, and Local


Governments

F.105.c

122

L.105.c

123

Life Insurance Companies: General Accounts

F.115.g

124

L.115.g

125

Life Insurance Companies: Separate Accounts

F.115.s

124

L.115.s

125

Private Pension Funds: Defined Benefit Plans

F.117.b

126

L.117.b

127

Private Pension Funds: Defined Contribution Plans

F.117.c

126

L.117.c

127

Individual Retirement Accounts (IRAs)

F.226.i

126

L.226.i

127

Equity Real Estate Investment Trusts

F.127.e

128

L.127.e

129

Mortgage Real Estate Investment Trusts

F.127.m

128

L.127.m

129

Title

Table

Page

Total EconomyCurrent Account

S.1.a

130

Selected Aggregates for Total Economy and Sectors

S.2.a

131

Households and Nonprofit Institutions Serving Households

S.3.a

133

Nonfinancial Noncorporate Business

S.4.a

136

Nonfinancial Corporate Business

S.5.a

139

Financial Business

S.6.a

142

Federal Government

S.7.a

145

State and Local Governments

S.8.a

148

Rest of the World

S.9.a

151

Integrated Macroeconomic Accounts for the United States

Corporate equities
Mutual fund shares
Trade credit
Security credit

Life insurance reserves


Pension entitlements
Taxes payable
Equity in noncorp. business
Miscellaneous

Sector discrepancies (1 less 4)

33
34
35
36

37
38
39
40
41

42

-403.5

6.7
492.5
--7.8
27.2

-323.6
722.8
-57.8

-245.5
-2.0
-167.3
-132.6
-37.6
104.3
-4.4
-9.3
-5.4

---5.7
-81.8
185.2
-26.3
--

829.9
976.5
--

2564.0
1734.1
1179.7
413.8
148.5
--7.8

----

U
(1)

--

----2.1

---5.4
35.4

114.4
----13.1
-21.7
2.0
-70.4
174.3

----------

--146.6

--------

2160.5
1397.7
762.9

S
(2)

Households
and Nonprofit
Organizations

98.6

----774.5

-0.7
155.3
--

-34.1
-20.2
3.0
-4.5
-7.6
---0.7
-5.4

---43.1
-118.4
85.2
-0.6
-1.1

213.3
1141.3
--

2115.6
1902.3
-100.9
1694.7
107.9
-1.2

----

U
(3)

--

---14.2
-5.5
278.7

-383.7
-137.4
--

915.4
12.7
--9.3
640.3
94.5
54.5
104.0
--

----------

--928.0

--------

2214.2
1512.1
702.1

S
(4)

Nonfinancial
Business

Flow of Funds Matrix for 2013

23.7

--3.1
-0.7

0.7
0.3
9.6
--

-31.5
0.7
-38.9
3.9
0.1
1.2
--1.5
--

-----7.4
21.0
1.2
0.9

-274.6
13.3
--

65.8
340.4
-4.8
326.1
-9.5

----

U
(5)

--

----287.2

--39.6
--

-38.9
----39.4
--0.5
---

----------

--287.9

--------

89.4
237.6
-148.2

S
(6)

State
and Local
Governments

-114.6

---19.7
-7.6

-4.8
-0.1
--

123.7
--0.0
--0.1
-6.8
4.0
113.1

-1.5
----69.6
-0.5
---

-710.0
174.4
--

-435.7
274.3
-0.7
274.3
--0.7

----

U
(7)

--

0.3
---102.0

--23.5
--

759.1
-759.5
-0.4
----0.0
--

0.0
0.0
-0.4
-------

--884.4

--------

-550.3
267.6
-817.9

S
(8)

Federal
Government

-395.8

6.7
492.5
-16.7
-7.8
810.0

-327.8
723.9
165.0
57.8

-187.3
-21.5
-203.3
-133.2
-45.1
105.5
-11.1
-3.1
102.2

-1.5
--48.8
-277.2
290.9
-25.7
-0.2

58.6
2305.5
--

4309.8
4251.2
1179.7
520.2
2443.6
107.9
-0.3

----

U
(9)

--

0.3
--14.2
-5.5
669.9

-383.7
-195.0
35.4

1750.0
12.7
759.5
-0.4
-43.2
640.3
116.2
57.0
33.6
174.3

0.0
0.0
-0.4
-------

--2246.9

--------

3913.9
3415.0
499.0

S
(10)

Domestic
Nonfinancial
Sectors

(Billions of dollars; All Sectors -- Flows)

-194.8

10.9
---952.1

295.1
25.7
2.0
-21.7

1812.7
17.9
544.5
463.4
3.3
369.8
184.3
122.9
34.5
72.1

0.2
0.0
0.8
-9.6
760.1
6.6
76.0
-7.3
43.7

269.2
3947.4
--

477.1
207.9
-2.1
205.8
---

----

U
(11)

--

17.3
492.5
8.0
-2.3
247.3

171.4
662.1
0.3
0.6

184.6
-48.8
-239.0
--103.1
29.0
70.9
-2.3
--

----1065.0
332.0
414.2
28.7
56.6

--3678.2

--------

282.2
195.5
86.8

S
(12)

Domestic
Financial
Sectors

167.6

-----161.8

31.7
-87.6
11.9
0.0

513.3
1.8
418.3
-91.6
-1.4
191.5
--5.2
---

0.0
---260.4
48.9
47.4
61.7
56.3

230.3
782.4
--

230.6
0.3
----0.3

----

U
(13)

--

----167.6

211.4
--1.9
0.0

204.1
34.4
---129.6
39.2
1.0
---

-1.4
--86.9
-----114.7

--552.1

--------

398.1
-398.1

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.

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 6, 2014

-423.1

17.6
492.5
-16.7
-7.8
1600.2

-1.0
662.1
178.9
36.0

2138.7
-1.7
759.5
238.6
-43.2
666.8
184.3
128.8
31.3
174.3

-1.4
0.0
0.8
39.2
1020.5
332.7
414.2
28.7
99.9

558.1
7035.3
--

5017.4
4459.3
1179.7
522.3
2649.4
107.9
--

----

U
(15)

S
(16)

--

17.6
492.5
-6.2
-7.8
1084.7

-1.0
662.1
193.5
36.0

2138.7
-1.7
759.5
238.6
-43.2
666.8
184.3
128.8
31.3
174.3

-1.4
0.0
-0.4
86.9
1065.0
332.0
414.2
28.7
-58.1

--6477.2

--------

4594.3
3610.4
983.8

All
Sectors

----

Summary

-423.1

--10.5
--515.5

--14.5
--

-----------

---1.1
47.7
44.4
-0.7
---157.9

-558.1
---

-423.1
135.0
------

(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
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

1232.1
19600.7
-8724.5
900.8

13864.8
6692.1
-833.8

5652.1
17.0
944.3
121.4
1617.2
2793.1
-25.3
72.2
61.7

908.2
7388.5
1100.1
--

---50.8
--

66948.5
---

----27.0

--284.3
339.2

13105.1
---227.8
-88.0
141.3
9549.4
3098.6

-----

------

-13755.6
13755.6

----14455.3

-211.5
3025.0
--

296.1
40.2
102.4
7.3
32.6
---70.7
43.1

1019.3
1037.1
536.4
9.2

---56.5
--

20646.4
---

--146.0
8705.3
4709.7

21363.1
-2462.3
--

13621.8
143.1
--518.5
6435.5
1774.6
1245.1
3505.1
--

-----

------

-51008.2
20939.7

L
(4)

A
(3)

A
(1)

L
(2)

Nonfinancial
Business

Households
and Nonprofit
Organizations

Flow of Funds Matrix for 2013

--123.8
-87.7

152.7
73.5
172.3
--

1403.3
86.0
493.8
472.3
12.2
151.4
--187.6
--

125.0
310.7
141.5
111.6

------

2702.2
---

A
(5)

----1097.3

--786.1
--

2941.1
---2924.9
--16.2
---

-----

------

-4824.5
4824.5

L
(6)

State
and Local
Governments

--163.4
-149.6

35.1
-50.5
--

1041.4
--0.0
-0.6
-195.5
115.5
729.8

162.9
1.5
---

96.4
-----

1700.7
---

A
(7)

50.3
---3381.5

--251.5
--

12352.8
-12328.3
24.5
----0.0
--

-----

54.4
5.2
25.6
---

-16121.3
16121.3

L
(8)

Federal
Government

1232.1
19600.7
287.3
8724.5
15593.4

14052.6
6977.1
3247.7
833.8

8392.9
143.2
1540.6
601.0
1662.0
2945.0
-220.8
445.9
834.6

2215.4
8737.9
1778.0
120.9

96.4
--107.2
--

91997.9
---

A
(9)

50.3
-146.0
8705.3
9215.5

21363.1
-3784.2
339.2

42020.8
143.1
12328.3
24.5
3671.2
6435.5
1862.6
1402.5
13054.5
3098.6

-----

54.4
5.2
25.6
---

-85709.5
55641.1

L
(10)

Domestic
Nonfinancial
Sectors

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

183.8
---13397.4

15979.3
3506.1
135.2
714.7

40762.0
610.5
4945.5
6330.3
1942.8
7799.4
2507.1
1564.3
12798.1
2264.0

379.9
705.9
738.8
1029.9

34.6
5.2
45.5
33.7
2321.8

79974.0
---

A
(11)

1365.7
19600.7
-69.1
19.2
7814.8

6521.7
11526.8
14.5
1209.3

14081.1
400.3
-7768.7
-4867.5
367.6
487.5
189.5
--

3189.7
9878.0
2678.3
1185.7

----2783.0

-81799.4
75258.6

L
(12)

Domestic
Financial
Sectors

----3822.9

4655.6
1043.7
157.3
0.0

9836.4
197.0
5842.3
861.9
66.4
2730.1
-138.7
---

589.5
434.2
161.4
822.0

54.4
---362.5

21940.0
---

A
(13)

----5610.4

6802.7
-67.4
0.0

2889.5
407.4
---2171.5
276.8
33.8
---

---733.1

119.9
--837.0
--

-17059.9
10257.2

L
(14)

Rest of
the World

1416.0
19600.7
287.3
8724.5
32813.7

34687.5
11526.8
3540.3
1548.5

58991.4
950.7
12328.3
7793.2
3671.2
13474.5
2507.1
1923.8
13244.0
3098.6

3184.8
9878.0
2678.3
1972.8

185.4
5.2
45.5
141.0
2684.3

193911.9
---

A
(15)

L
(16)

1416.0
19600.7
76.8
8724.5
22640.7

34687.5
11526.8
3866.2
1548.5

58991.4
950.7
12328.3
7793.2
3671.2
13474.5
2507.1
1923.8
13244.0
3098.6

3189.7
9878.0
2678.3
1918.7

174.3
5.2
25.6
837.0
2783.0

-184568.9
141156.9

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 6, 2014

---210.4
--10173.1

--325.9
--

-----------

5.0
---54.1

-11.0
--20.0
696.0
98.7

-9343.0
---

(17)

Instrument
Discrepancy

Summary
2

Domestic
financial
sectors

Foreign

Summary

Z.1, March 6, 2014

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

1982
1983
1984
1985
1986

10.4
12.0
14.8
15.6
11.9

5.6
11.1
12.7
16.1
11.4

4.8
10.2
11.4
14.6
13.7

5.0
12.1
18.4
15.9
9.1

9.9
9.1
16.1
11.0
11.6

10.2
8.3
16.7
12.7
14.1

11.2
11.4
11.4
31.8
10.9

19.7
18.9
16.9
16.5
13.6

13.6
13.3
17.5
19.3
26.2

7.5
8.3
3.7
0.5
2.9

1987
1988
1989
1990
1991

9.1
9.1
7.3
6.5
4.4

10.4
9.8
9.1
7.0
5.1

13.4
11.8
10.9
8.9
7.0

4.8
6.7
6.3
1.9
-1.1

7.8
9.9
6.3
3.6
-2.1

8.8
10.9
7.4
5.3
-2.1

12.0
6.0
5.3
5.0
9.2

8.0
8.0
7.0
11.0
11.1

18.3
13.1
10.5
8.6
5.9

3.2
-1.2
-2.1
3.0
3.4

1992
1993
1994
1995
1996

4.6
5.6
5.1
5.0
5.1

5.4
6.0
7.7
7.0
6.7

6.5
5.5
5.6
4.9
6.2

1.1
7.4
15.2
14.4
9.0

-0.3
3.1
5.4
6.2
6.0

0.7
5.3
7.1
7.1
6.0

1.5
5.3
-3.9
-5.5
-2.0

10.9
8.3
4.7
4.1
4.0

8.5
9.7
14.0
11.4
12.4

3.9
15.6
-4.4
15.6
14.5

1997
1998
1999
2000
2001

5.5
6.5
6.2
5.0
6.4

5.9
7.6
8.0
9.0
9.6

6.1
8.0
9.4
8.7
10.6

5.5
7.2
7.8
11.4
8.6

9.2
11.5
10.4
9.3
6.0

9.6
10.9
9.5
8.6
4.9

4.9
6.2
3.3
1.4
8.8

0.6
-1.4
-1.9
-8.0
-0.2

12.0
19.4
16.6
10.7
10.6

11.1
4.6
1.5
7.6
-2.2

2002
2003
2004
2005
2006

7.4
8.0
9.3
9.3
8.7

10.7
11.8
11.1
11.2
10.0

13.3
14.5
13.5
13.4
11.2

5.6
5.3
5.6
4.5
5.3

3.0
2.2
6.8
9.0
10.9

1.3
1.7
4.8
6.9
9.2

11.1
8.3
11.4
5.8
3.9

7.6
10.9
9.0
7.0
3.9

9.6
10.7
8.6
9.4
10.3

9.0
4.1
11.9
7.9
21.8

2007
2008
2009
2010
2011

8.6
6.0
3.1
4.1
3.7

6.8
0.1
-1.7
-2.6
-1.4

7.1
-0.4
-1.5
-3.5
-2.3

6.1
1.3
-3.9
-1.0
4.1

13.6
6.3
-2.2
1.5
4.8

13.5
5.2
-1.9
2.8
7.0

5.5
0.6
4.0
2.3
-1.7

4.9
24.2
22.7
20.2
11.4

12.7
5.5
-10.6
-5.9
-3.0

9.2
-10.0
11.9
3.8
5.6

2012
2013

4.9
4.3

0.2
0.9

-2.5
-0.8

6.1
6.0

6.0
7.2

8.1
9.0

-0.2
-1.3

10.9
6.5

-2.8
1.3

5.0
7.3

2007 -- Q1
Q2
Q3
Q4

8.7
8.3
8.8
7.3

7.6
7.2
7.0
4.8

8.9
7.7
7.2
3.8

4.9
5.7
7.8
5.7

11.6
14.0
14.0
12.5

10.2
14.4
14.5
12.3

7.0
6.1
4.4
3.9

6.7
1.3
5.6
5.4

11.2
10.5
16.5
10.1

13.7
17.9
2.1
2.1

2008 -- Q1
Q2
Q3
Q4

6.6
3.5
7.2
6.1

4.0
-0.2
-1.0
-2.4

3.4
-0.3
-1.3
-3.3

6.0
2.4
-0.7
-2.4

9.1
7.6
5.5
2.4

9.0
7.0
4.5
-0.2

2.0
0.9
0.7
-1.1

10.7
5.8
36.0
37.5

6.2
6.4
6.6
2.6

11.0
-0.2
-28.4
-25.0

2009 -- Q1
Q2
Q3
Q4

4.3
4.4
2.1
1.4

-1.1
-1.5
-2.1
-2.1

0.1
-1.8
-2.3
-2.1

-3.1
-5.8
-3.3
-3.7

-0.8
-1.9
-3.4
-2.8

-0.5
-1.2
-3.5
-2.6

2.7
5.1
3.9
4.0

25.8
27.0
18.4
13.0

-10.8
-13.4
-10.5
-8.4

11.4
11.3
15.1
6.7

2010 -- Q1
Q2
Q3
Q4

3.8
4.0
4.1
4.4

-3.9
-2.2
-2.6
-1.8

-5.7
-2.8
-3.3
-2.5

-3.0
-2.5
-0.2
1.8

0.4
-1.0
3.6
3.0

1.3
-1.1
5.7
5.0

3.4
0.5
1.8
3.6

22.0
22.0
15.9
15.6

-8.2
-7.1
-4.4
-5.1

5.0
-2.9
6.2
6.5

2011 -- Q1
Q2
Q3
Q4

2.7
2.7
4.7
4.6

-1.9
-2.6
-1.1
-0.1

-2.9
-2.3
-1.8
-2.4

4.1
3.6
3.6
4.9

4.0
5.6
4.2
5.0

6.2
8.4
6.0
6.7

-2.4
-2.7
-0.3
-1.6

9.1
8.0
14.4
12.1

-1.0
-4.7
-3.2
-3.3

18.2
7.3
-2.1
-1.2

2012 -- Q1
Q2
Q3
Q4

4.7
5.3
3.0
6.2

-1.1
1.4
-1.5
2.1

-3.5
-2.2
-3.3
-1.0

5.4
7.4
4.8
6.5

4.4
5.0
5.0
9.2

6.3
6.5
6.6
11.8

0.4
2.9
-0.2
-3.8

13.5
11.0
7.1
10.4

-2.8
-4.8
-2.0
-1.7

0.5
-2.7
9.0
12.4

2013 -- Q1
Q2
Q3
Q4

4.4
3.5
3.8
5.4

-0.6
0.8
3.0
0.4

-2.0
-1.1
0.9
-1.0

6.2
5.8
5.9
5.4

4.9
7.7
8.4
7.1

7.2
9.3
10.3
8.2

2.4
1.1
-3.9
-4.9

10.1
2.5
1.5
11.6

-0.0
0.4
0.6
4.4

14.1
1.6
4.2
9.2

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

Summary

Z.1, March 6, 2014

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

1982
1983
1984
1985
1986

451.3
572.6
790.9
957.7
845.4

84.6
175.3
220.4
313.8
258.6

47.4
105.1
127.3
181.5
199.3

18.8
48.2
81.7
84.0
55.8

163.7
164.8
320.8
254.6
296.7

105.8
93.4
207.1
184.2
229.5

41.7
47.3
52.5
163.6
74.2

161.3
185.2
197.2
225.7
216.0

93.6
104.3
156.2
203.2
330.1

16.0
17.3
8.4
1.2
10.2

1987
1988
1989
1990
1991

721.3
784.4
685.3
658.4
473.4

264.3
270.4
276.8
233.2
183.3

221.5
215.7
224.9
200.1
174.6

32.3
46.6
47.0
15.1
-8.8

222.6
308.5
214.8
131.2
-79.3

164.6
224.4
166.4
130.9
-53.1

90.4
50.4
47.4
47.1
91.2

143.9
155.1
146.4
246.9
278.2

291.8
249.8
224.8
207.8
153.1

11.4
-4.4
-7.9
11.1
13.4

1992
1993
1994
1995
1996

514.3
667.3
639.8
653.5
706.1

203.2
239.4
324.3
319.0
324.8

173.1
156.3
166.5
153.6
205.1

9.2
61.4
135.0
147.0
105.7

-9.3
113.8
205.3
250.8
257.0

17.1
134.4
190.8
205.5
186.5

16.5
57.9
-45.5
-60.8
-20.5

304.0
256.1
155.9
144.4
144.9

236.5
292.9
464.4
433.6
523.2

16.4
67.5
-23.2
76.4
89.0

1997
1998
1999
2000
2001

794.2
998.0
1011.8
864.8
1164.1

305.0
415.1
474.8
575.1
666.5

215.9
301.4
379.2
383.5
508.2

70.3
97.1
112.4
176.5
150.6

415.3
568.8
571.0
568.7
397.7

313.4
389.8
377.2
376.2
234.2

50.8
66.8
37.3
16.9
105.5

23.1
-52.6
-71.2
-295.9
-5.6

570.3
1026.5
1052.6
790.8
862.3

77.7
36.0
12.9
60.5
-19.0

2002
2003
2004
2005
2006

1429.8
1671.9
2096.9
2346.9
2402.2

812.6
993.1
1052.2
1184.9
1170.2

706.1
872.0
934.7
1053.2
997.2

105.2
105.9
117.2
100.4
121.9

215.0
162.2
504.0
713.5
947.6

63.2
88.4
249.3
371.9
532.4

144.6
120.5
178.8
141.7
100.9

257.6
396.0
361.9
306.9
183.4

881.6
1071.5
938.8
1113.7
1336.3

81.4
45.0
152.4
115.8
335.7

2007
2008
2009
2010
2011

2581.9
1960.9
1070.0
1472.3
1375.9

880.9
13.8
-231.1
-349.7
-186.3

701.2
-38.1
-159.9
-365.6
-229.1

151.3
34.8
-103.7
-25.3
108.9

1317.2
690.0
-255.9
172.3
547.1

855.6
371.2
-147.1
204.4
524.9

146.7
17.9
113.0
69.5
-52.7

237.1
1239.2
1443.9
1580.2
1067.9

1813.8
897.9
-1808.7
-931.8
-435.2

175.6
-216.2
208.1
81.4
128.9

2012
2013

1882.3
1750.0

27.0
114.4

-237.9
-74.6

169.4
174.3

720.4
915.4

643.9
782.5

-5.3
-38.9

1140.2
759.1

-395.6
184.6

126.2
204.1

2007 -- Q1
Q2
Q3
Q4

2617.9
2569.1
2779.1
2361.3

986.7
950.1
936.2
650.6

880.4
783.7
739.9
400.8

119.5
141.9
196.8
146.8

1114.9
1388.4
1439.8
1325.8

645.0
936.3
980.2
861.0

187.5
165.9
123.0
110.3

328.9
64.6
280.1
274.7

1592.4
1550.4
2511.2
1601.3

261.5
353.6
42.3
45.2

2008 -- Q1
Q2
Q3
Q4

2157.2
1155.7
2433.1
2097.5

556.7
-30.3
-136.2
-335.0

362.1
-28.2
-139.4
-347.0

156.8
64.1
-17.8
-63.7

994.8
855.4
628.1
281.4

646.1
513.1
340.7
-15.1

56.3
25.5
21.1
-31.2

549.4
305.0
1920.1
2182.3

999.8
1045.9
1099.7
446.1

238.2
-3.6
-621.2
-478.4

2009 -- Q1
Q2
Q3
Q4

1480.5
1552.1
756.9
490.3

-146.3
-202.0
-293.6
-282.4

11.9
-186.0
-244.9
-220.7

-81.1
-153.1
-85.7
-95.1

-88.0
-219.8
-391.8
-323.8

-37.4
-94.5
-263.3
-193.5

76.0
146.2
113.2
116.8

1638.9
1827.7
1329.1
979.8

-1848.8
-2297.2
-1741.5
-1347.4

199.8
201.4
290.0
141.3

2010 -- Q1
Q2
Q3
Q4

1342.5
1423.8
1490.1
1632.8

-523.6
-292.0
-349.0
-234.3

-590.2
-284.6
-334.2
-253.4

-77.7
-63.8
-4.2
44.3

44.5
-110.0
406.6
348.0

96.8
-77.7
422.8
375.5

100.9
14.8
54.6
107.8

1720.7
1811.0
1377.9
1411.3

-1292.1
-1057.1
-637.7
-740.1

105.5
-63.6
133.7
150.1

2011 -- Q1
Q2
Q3
Q4

987.1
998.9
1757.0
1760.7

-249.0
-340.1
-137.4
-19.0

-283.2
-222.6
-173.1
-237.6

109.5
95.7
96.2
134.1

451.8
646.9
493.8
595.8

466.4
636.9
467.8
528.6

-73.6
-80.0
-10.2
-47.0

857.9
772.1
1410.8
1230.9

-148.7
-672.1
-450.8
-469.0

420.2
178.8
-53.6
-30.0

2012 -- Q1
Q2
Q3
Q4

1812.1
2061.8
1188.3
2467.1

-141.3
184.6
-201.6
266.3

-335.2
-209.2
-312.9
-94.3

148.5
205.7
136.3
186.9

529.0
603.7
608.8
1140.2

507.1
530.7
544.2
993.7

13.2
87.8
-6.5
-115.5

1411.2
1185.7
787.7
1176.1

-388.8
-678.6
-272.0
-243.2

12.6
-68.3
230.0
330.4

2013 -- Q1
Q2
Q3
Q4

1781.8
1423.8
1548.7
2245.6

-84.2
100.5
392.8
48.7

-191.9
-102.1
88.6
-93.1

180.5
171.3
179.1
166.3

624.3
990.7
1098.3
948.1

623.9
819.5
927.9
758.5

73.0
32.8
-116.5
-144.8

1168.7
299.9
174.1
1393.6

-4.2
52.9
78.3
611.5

393.4
46.0
117.6
259.5

Domestic
financial
sectors

Foreign

Summary

Z.1, March 6, 2014

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

1982
1983
1984
1985
1986

4773.1
5348.6
6134.8
7110.6
7953.0

1575.8
1731.1
1943.1
2277.7
2534.2

1031.1
1116.2
1242.8
1449.6
1648.3

396.7
444.9
526.6
610.6
666.4

1801.8
1989.5
2313.8
2565.1
2860.8

1124.1
1240.5
1451.2
1632.1
1860.6

413.8
461.1
513.6
677.9
752.1

981.8
1167.0
1364.2
1589.9
1805.9

785.5
890.1
1054.9
1259.0
1596.6

208.1
224.1
232.8
350.1
360.0

1987
1988
1989
1990
1991

8656.1
9437.0
10139.3
10825.1
11295.2

2752.5
3039.8
3309.2
3571.6
3758.5

1827.9
2054.2
2259.5
2488.8
2667.0

698.6
745.2
809.3
824.4
815.6

3111.2
3399.3
3638.6
3767.9
3681.7

2053.0
2257.3
2448.4
2577.4
2519.7

842.6
893.0
940.4
987.4
1078.6

1949.8
2104.9
2251.2
2498.1
2776.4

1899.7
2149.5
2402.8
2613.8
2766.8

372.3
371.3
371.3
388.9
419.2

1992
1993
1994
1995
1996

11812.7
12494.8
13140.9
13810.3
14516.4

3961.7
4203.5
4527.0
4846.1
5183.8

2840.0
2998.7
3165.3
3318.9
3537.0

824.8
886.2
1021.2
1168.2
1273.9

3675.6
3801.8
4014.1
4280.7
4524.6

2540.0
2686.9
2884.8
3106.1
3279.6

1095.1
1153.0
1107.5
1046.7
1026.2

3080.3
3336.5
3492.3
3636.7
3781.7

3018.9
3317.2
3789.7
4226.3
4749.5

433.6
527.1
490.0
612.6
703.3

1997
1998
1999
2000
2001

15309.0
16307.0
17353.2
18227.9
19374.9

5489.3
5903.1
6377.9
6962.9
7628.5

3752.8
4054.2
4431.1
4813.3
5321.5

1344.2
1441.3
1553.6
1741.3
1891.8

4937.9
5508.0
6113.3
6682.0
7063.6

3590.9
3981.9
4393.5
4769.7
4987.9

1076.9
1143.8
1181.0
1197.9
1303.4

3804.8
3752.2
3681.0
3385.1
3379.5

5299.7
6326.2
7376.5
8168.4
9156.8

777.4
835.8
794.8
858.5
901.5

2002
2003
2004
2005
2006

20804.7
22520.8
25349.6
27696.5
30174.4

8441.1
9464.3
10536.5
11721.4
12946.5

6027.6
6909.3
7858.8
8912.1
9909.3

1997.0
2102.9
2220.1
2320.6
2462.8

7278.7
7455.0
7969.9
8683.4
9651.8

5051.1
5153.5
5413.8
5785.7
6338.9

1447.9
1568.4
2448.2
2589.8
2690.8

3637.0
4033.1
4395.0
4701.9
4885.3

10038.4
10945.2
11898.8
12958.0
14261.3

1096.9
1279.4
1462.0
1539.9
1911.8

2007
2008
2009
2010
2011

32765.3
34726.1
35668.5
37041.7
38423.1

13830.0
13848.7
13574.2
13198.3
13017.3

10610.5
10577.3
10417.3
9907.2
9678.1

2616.6
2651.4
2553.5
2648.1
2757.0

10975.5
11660.5
11320.5
11419.8
11966.9

7201.0
7567.3
7336.0
7473.5
7998.4

2837.5
2855.4
2968.4
3038.0
2985.3

5122.3
6361.5
7805.4
9385.6
10453.6

16204.9
17102.5
15689.8
14487.0
14046.5

2160.8
1753.2
2131.1
2314.0
2513.8

2012
2013

40286.6
42020.8

12979.6
13105.1

9435.2
9371.6

2924.3
3098.6

12733.3
13621.8

8685.9
9441.5

2980.0
2941.1

11593.7
12352.8

13910.7
14081.1

2784.1
2889.5

2007 -- Q1
Q2
Q3
Q4

30835.4
31477.7
32175.0
32765.3

13193.2
13430.7
13667.3
13830.0

10129.4
10325.3
10510.3
10610.5

2492.6
2528.1
2579.9
2616.6

9937.0
10284.2
10644.1
10975.5

6506.6
6740.7
6985.7
7201.0

2737.7
2779.1
2809.9
2837.5

4967.5
4983.6
5053.7
5122.3

14786.6
15174.2
15804.6
16204.9

1975.5
2055.4
2115.2
2160.8

2008 -- Q1
Q2
Q3
Q4

33304.6
33593.5
34201.8
34726.1

13969.1
13961.6
13932.4
13848.7

10701.0
10694.0
10664.0
10577.3

2655.7
2671.8
2667.3
2651.4

11224.2
11438.1
11590.2
11660.5

7362.5
7490.8
7571.0
7567.3

2851.5
2857.9
2863.2
2855.4

5259.7
5335.9
5816.0
6361.5

16454.9
16716.4
16991.0
17102.5

2254.8
2183.6
1915.9
1753.2

2009 -- Q1
Q2
Q3
Q4

35035.2
35423.2
35612.5
35668.5

13741.5
13691.0
13617.6
13574.2

10580.2
10533.7
10472.5
10417.3

2631.1
2598.7
2577.2
2553.5

11648.1
11593.1
11495.2
11320.5

7567.5
7543.8
7478.0
7336.0

2874.4
2910.9
2939.2
2968.4

6771.3
7228.2
7560.5
7805.4

17092.9
16518.6
16083.2
15689.8

1779.0
1920.3
2094.3
2131.1

2010 -- Q1
Q2
Q3
Q4

36035.4
36391.3
36767.5
37041.7

13456.1
13383.1
13299.4
13198.3

10268.6
10197.5
10117.5
9907.2

2537.6
2521.7
2520.7
2648.1

11350.0
11322.6
11424.2
11419.8

7377.4
7358.0
7463.7
7473.5

2993.6
2997.3
3011.0
3038.0

8235.6
8688.4
9032.8
9385.6

14858.8
14594.5
14435.1
14487.0

2179.7
2169.2
2309.4
2314.0

2011 -- Q1
Q2
Q3
Q4

37288.5
37543.6
37982.9
38423.1

13136.1
13056.4
13022.1
13017.3

9836.4
9780.8
9737.5
9678.1

2675.5
2699.4
2723.4
2757.0

11532.8
11694.5
11817.9
11966.9

7590.0
7749.3
7866.2
7998.4

3019.6
2999.6
2997.0
2985.3

9600.1
9793.2
10145.9
10453.6

14449.9
14276.4
14163.7
14046.5

2437.3
2521.0
2508.6
2513.8

2012 -- Q1
Q2
Q3
Q4

38871.6
39382.1
39671.3
40286.6

12984.4
13025.5
12915.4
12979.6

9594.3
9537.0
9458.8
9435.2

2794.1
2843.5
2877.6
2924.3

12092.3
12243.2
12447.3
12733.3

8115.8
8248.5
8436.5
8685.9

2988.6
3010.5
3008.9
2980.0

10806.4
11102.8
11299.7
11593.7

14012.8
13843.1
13961.4
13910.7

2553.3
2543.4
2675.5
2784.1

2013 -- Q1
Q2
Q3
Q4

40732.1
41088.0
41474.9
42020.8

12958.6
12983.7
13092.9
13105.1

9387.2
9361.7
9394.9
9371.6

2969.5
3012.3
3057.1
3098.6

12889.3
13137.0
13400.2
13621.8

8841.8
9046.6
9267.2
9441.5

2998.2
3006.4
2977.3
2941.1

11885.9
11960.9
12004.4
12352.8

13909.7
13922.9
13939.9
14081.1

2856.4
2779.3
2824.6
2889.5

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

Total

State and
local
governments

Summary

Z.1, March 6, 2014

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


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

1
2

Credit market borrowing


Domestic nonfinancial sectors

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

-530.6

621.9

1069.6

1612.9

2138.7

1146.3

2554.4

2170.9

1522.6

1744.7

3116.7

1070.0

1472.3

1375.9

1882.3

1750.0

1188.3

2467.1

1781.8

1423.8

1548.7

2245.6

3
4
5

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

-231.1
-147.1
-108.7

-349.7
204.4
-32.1

-186.3
524.9
22.1

27.0
643.9
76.5

114.4
782.5
132.9

-201.6
544.2
64.6

266.3
993.7
146.5

-84.2
623.9
0.4

100.5
819.5
171.2

392.8
927.9
170.4

48.7
758.5
189.6

3
4
5

6
7

State and local governments


Federal government

113.0
1443.9

69.5
1580.2

-52.7
1067.9

-5.3
1140.2

-38.9
759.1

-6.5
787.7

-115.5
1176.1

73.0
1168.7

32.8
299.9

-116.5
174.1

-144.8
1393.6

6
7

Rest of the world

208.1

81.4

128.9

126.2

204.1

230.0

330.4

393.4

46.0

117.6

259.5

Financial sectors

-1808.7

-931.8

-435.2

-395.6

184.6

-272.0

-243.2

-4.2

52.9

78.3

611.5

10
11
12

U.S.-chartered depository institutions


Foreign banking offices in U.S.
Credit unions

-292.2
0.0
-14.1

-161.7
0.0
-0.4

-73.9
0.0
-2.0

-27.2
0.0
0.9

17.0
0.0
3.1

-74.5
0.0
2.6

24.3
0.0
2.8

-4.9
0.0
-11.4

64.4
0.0
4.9

5.4
0.0
12.5

3.2
0.0
6.4

10
11
12

13
14
15

Life insurance companies


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

-6.6
-475.3
415.3

-3.2
-233.8
186.9

1.8
-187.2
165.3

4.8
-154.6
132.2

5.4
106.5
132.4

-0.2
-113.2
105.6

-3.0
-75.4
142.4

5.2
43.1
138.8

6.5
136.7
88.9

-2.9
40.2
158.3

12.9
206.1
143.7

13
14
15

16
17
18

ABS issuers
Finance companies
REITs

-737.0
-156.2
-50.0

-497.6
-174.9
-2.1

-247.2
-13.5
28.2

-214.6
-56.7
42.9

-154.3
4.6
21.7

-249.9
60.1
27.4

-133.6
-161.6
60.4

-205.6
-49.5
16.9

-207.0
0.1
13.1

-136.1
59.3
62.6

-68.5
8.7
-5.9

16
17
18

19
20
21

Brokers and dealers


Holding companies
Funding corporations

-49.7
-8.0
-434.8

36.9
-16.5
-65.3

-37.9
-16.5
-52.4

-1.7
-97.7
-23.9

22.2
-1.6
27.5

-65.2
26.2
9.1

17.3
-69.3
-47.4

-4.2
-24.5
91.9

55.8
-149.7
39.1

-27.8
-36.1
-57.0

65.1
203.7
36.2

19
20
21

22

Credit market lending

-530.6

621.9

1069.6

1612.9

2138.7

1146.3

2554.4

2170.9

1522.6

1744.7

3116.7

22

322.7

171.6

-221.3

80.3

-187.3

-332.0

169.9

-356.6

-22.5

-384.4

14.1

23

47.8
10.0
-6.7

17.9
2.6
6.6

-157.4
-6.7
1.0

34.5
8.7
1.4

-245.5
-36.9
2.8

-457.9
59.1
1.1

298.6
-52.0
2.9

-411.0
-113.2
0.9

-201.2
9.0
3.1

-334.2
-37.6
3.4

-35.5
-5.7
3.7

24
25
26

-37.4
309.1

60.8
83.6

-77.3
19.1

-69.3
105.0

-31.5
123.7

-49.0
114.7

-174.0
94.4

1.4
165.3

41.6
125.1

-121.2
105.2

-47.6
99.3

27
28

23

Domestic nonfinancial sectors

24
25
26

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

27
28

State and local governments


Federal government

29

Rest of the world

123.5

623.7

239.6

449.7

513.3

688.8

582.3

561.4

87.7

538.6

865.7

29

30

Financial sectors

-976.9

-173.3

1051.3

1082.9

1812.7

789.5

1802.1

1966.2

1457.4

1590.6

2236.8

30

1001.6
-340.5
-287.5
-2.8
33.5

271.5
-174.7
-24.4
-19.3
24.0

376.5
133.7
42.5
-4.9
37.6

34.5
361.8
5.8
-0.1
46.0

1086.1
246.5
-7.2
0.4
48.2

-203.4
182.2
79.2
-2.9
41.9

398.4
641.1
23.9
7.5
23.7

1134.2
147.3
-84.9
-1.1
53.7

1083.8
186.9
-39.1
-0.1
61.0

1023.6
75.5
74.2
-3.2
59.5

1102.9
576.3
20.9
6.0
18.4

31
32
33
34
35

31
32
33
34
35

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

36
37

Property-casualty insurance companies


Life insurance companies

33.3
139.8

3.9
151.6

36.2
125.3

-2.6
61.0

14.4
68.6

4.9
147.8

12.9
88.1

20.8
47.8

4.2
74.2

23.2
49.1

9.3
103.5

36
37

38
39
40

Private pension funds


State and local govt. retirement funds
Federal government retirement funds

12.7
-85.8
7.4

123.2
22.1
10.9

73.2
0.4
25.6

12.9
14.0
15.4

44.8
9.3
9.1

-3.4
-20.2
20.5

-7.1
40.0
19.0

28.6
53.8
-14.0

70.0
-38.6
-44.3

44.2
11.8
-383.4

36.3
10.3
478.2

38
39
40

41
42
43
44

Money market mutual funds


Mutual funds
Closed-end funds
Exchange-traded funds

-619.9
387.1
10.5
46.0

-396.6
353.6
5.3
29.7

-9.8
359.4
-1.7
46.1

-82.7
642.0
11.2
52.3

30.9
360.8
17.7
12.2

-27.8
655.2
15.0
30.3

-78.4
579.2
14.7
40.3

79.9
670.9
30.4
28.1

112.2
257.6
26.1
13.1

83.7
226.8
0.7
17.3

-152.1
288.1
13.4
-9.7

41
42
43
44

45
46

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

-337.8
415.3

-328.2
186.9

-199.7
165.3

-218.6
132.2

45.3
132.4

-171.9
105.6

-172.3
142.4

-159.6
138.8

162.4
88.9

197.5
158.3

-19.0
143.7

45
46

47
48
49

ABS issuers
Finance companies
REITs

-702.4
-219.7
-8.7

-487.9
-105.9
37.1

-243.0
-45.8
102.9

-208.2
-29.6
127.7

-148.8
-15.9
-60.0

-245.9
-34.7
251.6

-132.6
-26.4
-59.3

-201.5
-22.6
-28.8

-191.4
26.1
-61.4

-129.7
-14.8
-74.0

-72.8
-52.3
-75.9

47
48
49

50
51
52

Brokers and dealers


Holding companies
Funding corporations

-192.1
-16.0
-250.9

32.2
22.1
89.7

5.7
3.1
22.7

89.1
-39.8
58.4

-175.4
55.9
37.4

16.8
-28.1
-23.2

132.8
-36.9
151.1

-167.4
26.0
185.7

-330.1
53.0
-57.1

-5.4
177.6
-21.9

-198.8
-32.9
42.9

50
51
52

(1) Excludes corporate equities and mutual fund shares.

Summary

Z.1, March 6, 2014

F.2 Credit Market Borrowing by Nonfinancial Sectors


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

1
2

Domestic
By instrument

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

1070.0

1472.3

1375.9

1882.3

1750.0

1188.3

2467.1

1781.8

1423.8

1548.7

2245.6

1070.0

1472.3

1375.9

1882.3

1750.0

1188.3

2467.1

1781.8

1423.8

1548.7

2245.6

3
4
5
6
7

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

-73.1
1443.7
0.1
155.3
411.7

24.5
1579.6
0.7
99.7
438.6

33.4
1066.8
1.1
-52.8
410.8

14.0
1140.6
-0.4
-4.9
579.6

12.7
759.5
-0.4
-43.2
640.3

-35.5
788.0
-0.3
-11.8
587.1

70.5
1174.1
1.9
-122.6
782.0

20.9
1169.7
-1.0
76.5
579.4

-19.3
298.5
1.3
24.7
570.8

92.5
173.6
0.5
-109.7
745.3

-43.2
1396.0
-2.4
-164.4
665.8

3
4
5
6
7

8
9

Depository institution loans n.e.c.


Other loans and advances

-303.1
-164.8

-51.5
-82.4

71.7
63.6

277.6
-22.7

116.2
57.0

110.8
-29.0

356.1
23.3

-8.8
7.8

154.0
190.0

231.6
10.0

87.9
20.1

8
9

Mortgages
Home
Multifamily residential
Commercial
Farm
Consumer credit

-296.3
-213.9
4.8
-98.5
11.3
-103.7

-511.5
-354.2
-5.8
-159.6
8.1
-25.3

-327.5
-255.3
5.7
-91.1
13.1
108.9

-270.8
-250.1
23.7
-50.2
5.8
169.4

33.6
-75.7
36.2
65.1
8.0
174.3

-357.3
-326.4
31.3
-68.0
5.8
136.3

-5.1
-101.5
41.9
48.7
5.8
186.9

-243.2
-205.9
-5.3
-40.0
7.9
180.5

32.3
-102.8
48.1
79.1
8.0
171.3

225.8
96.2
42.4
79.1
8.1
179.1

119.5
-90.3
59.5
142.3
8.1
166.3

10
11
12
13
14
15

1070.0

1472.3

1375.9

1882.3

1750.0

1188.3

2467.1

1781.8

1423.8

1548.7

2245.6

16

10
11
12
13
14
15
16

By sector

17
18
19
20

Household sector
Nonfinancial business
Corporate
Noncorporate

-231.1
-255.9
-147.1
-108.7

-349.7
172.3
204.4
-32.1

-186.3
547.1
524.9
22.1

27.0
720.4
643.9
76.5

114.4
915.4
782.5
132.9

-201.6
608.8
544.2
64.6

266.3
1140.2
993.7
146.5

-84.2
624.3
623.9
0.4

100.5
990.7
819.5
171.2

392.8
1098.3
927.9
170.4

48.7
948.1
758.5
189.6

17
18
19
20

21
22

State and local governments


Federal government

113.0
1443.9

69.5
1580.2

-52.7
1067.9

-5.3
1140.2

-38.9
759.1

-6.5
787.7

-115.5
1176.1

73.0
1168.7

32.8
299.9

-116.5
174.1

-144.8
1393.6

21
22

208.1

81.4

128.9

126.2

204.1

230.0

330.4

393.4

46.0

117.6

259.5

23

59.4
163.3
-14.8
0.3

-2.7
59.9
24.0
0.2

-53.5
137.7
43.2
1.4

27.9
62.2
30.4
5.7

34.4
129.6
39.2
1.0

78.4
133.2
18.3
0.2

54.5
250.5
15.0
10.5

120.7
239.8
33.3
-0.4

13.7
3.9
24.9
3.5

-20.9
97.7
41.3
-0.4

24.1
177.0
57.2
1.2

24
25
26
27

1278.1

1553.7

1504.8

2008.5

1954.1

1418.3

2797.5

2175.1

1469.8

1666.3

2505.1

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

-1808.7

-931.8

-435.2

-395.6

184.6

-272.0

-243.2

-4.2

52.9

78.3

611.5

2
3
4
5

Open market paper


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

-448.1
-475.3
415.3
-586.0

-102.2
-233.8
186.9
-575.2

-68.2
-187.2
165.3
-325.8

-58.8
-154.6
132.2
-209.6

-48.8
106.5
132.4
-103.1

-65.4
-113.2
105.6
-223.4

-86.1
-75.4
142.4
-140.8

-12.4
43.1
138.8
-248.9

-15.7
136.7
88.9
-296.6

-132.3
40.2
158.3
10.9

-35.0
206.1
143.7
122.2

2
3
4
5

6
7
8

Depository institution loans n.e.c.


Other loans and advances
Mortgages

-435.4
-282.6
3.4

-62.9
-144.7
0.2

31.6
-60.0
9.1

-124.0
3.5
15.6

29.0
70.9
-2.3

32.0
-19.8
12.2

-99.0
0.8
14.9

6.4
46.5
22.1

29.6
126.3
-16.4

-61.4
62.0
0.6

141.3
48.7
-15.4

6
7
8

-1808.7

-931.8

-435.2

-395.6

184.6

-272.0

-243.2

-4.2

52.9

78.3

611.5

By sector

10
11
12

U.S.-chartered depository institutions


Foreign banking offices in U.S.
Credit unions

-292.2
0.0
-14.1

-161.7
0.0
-0.4

-73.9
0.0
-2.0

-27.2
0.0
0.9

17.0
0.0
3.1

-74.5
0.0
2.6

24.3
0.0
2.8

-4.9
0.0
-11.4

64.4
0.0
4.9

5.4
0.0
12.5

3.2
0.0
6.4

10
11
12

13
14
15

Life insurance companies


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

-6.6
-475.3
415.3

-3.2
-233.8
186.9

1.8
-187.2
165.3

4.8
-154.6
132.2

5.4
106.5
132.4

-0.2
-113.2
105.6

-3.0
-75.4
142.4

5.2
43.1
138.8

6.5
136.7
88.9

-2.9
40.2
158.3

12.9
206.1
143.7

13
14
15

16
17
18

ABS issuers
Finance companies
REITs

-737.0
-156.2
-50.0

-497.6
-174.9
-2.1

-247.2
-13.5
28.2

-214.6
-56.7
42.9

-154.3
4.6
21.7

-249.9
60.1
27.4

-133.6
-161.6
60.4

-205.6
-49.5
16.9

-207.0
0.1
13.1

-136.1
59.3
62.6

-68.5
8.7
-5.9

16
17
18

19
20
21

Brokers and dealers


Holding companies
Funding corporations

-49.7
-8.0
-434.8

36.9
-16.5
-65.3

-37.9
-16.5
-52.4

-1.7
-97.7
-23.9

22.2
-1.6
27.5

-65.2
26.2
9.1

17.3
-69.3
-47.4

-4.2
-24.5
91.9

55.8
-149.7
39.1

-27.8
-36.1
-57.0

65.1
203.7
36.2

19
20
21

Summary

Z.1, March 6, 2014

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


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

1
2
3
4
5
6
7
8
9
10

Total

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

-530.6

621.9

1069.6

1612.9

2138.7

1146.3

2554.4

2170.9

1522.6

1744.7

3116.7

Open market paper


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

-461.8
1443.7
-59.9
155.3
-11.0

-80.4
1579.6
-46.2
99.7
-76.7

-88.3
1066.8
-20.8
-52.8
222.7

-16.9
1140.6
-22.8
-4.9
432.2

-1.7
759.5
238.6
-43.2
666.8

-22.5
788.0
-7.9
-11.8
496.9

38.8
1174.1
68.9
-122.6
891.7

129.3
1169.7
181.0
76.5
570.3

-21.3
298.5
227.0
24.7
278.1

-60.8
173.6
199.0
-109.7
853.8

-54.0
1396.0
347.4
-164.4
965.0

2
3
4
5
6

Depository institution loans n.e.c.


Other loans and advances
Mortgages
Consumer credit

-753.4
-447.0
-292.9
-103.7

-90.4
-226.9
-511.3
-25.3

146.6
4.9
-318.5
108.9

184.1
-13.5
-255.2
169.4

184.3
128.8
31.3
174.3

161.0
-48.6
-345.1
136.3

272.1
34.6
9.8
186.9

30.9
53.8
-221.1
180.5

208.5
319.8
15.9
171.3

211.6
71.6
226.5
179.1

286.4
70.0
104.0
166.3

7
8
9
10

814.9

363.2

36.3

476.6

661.1

735.2

408.0

1231.3

448.7

501.5

462.9

11

317.9
-62.1

-7.0
-277.4

-302.1
-472.2

-148.3
-399.5

-1.0
-383.7

-49.6
-395.4

-134.6
-403.4

274.5
-256.2

-58.2
-421.4

-172.4
-449.9

-47.8
-407.5

12
13

63.7
316.3
497.1

79.1
191.3
370.1

6.0
164.1
338.4

82.6
168.6
624.9

211.4
171.4
662.1

71.5
274.3
784.7

41.5
227.3
542.5

295.3
235.4
956.8

313.6
49.7
506.9

91.9
185.6
673.9

144.8
214.9
510.7

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

Net flows through credit markets


(from table F.4, line 1)

-530.6

621.9

1069.6

1612.9

2138.7

1146.3

2554.4

2170.9

1522.6

1744.7

3116.7

U.S. official reserve assets


SDR certificates
Treasury currency
Foreign deposits

99.9
3.0
-0.4
-110.7

1.8
0.0
-0.3
-9.3

15.9
0.0
0.0
-46.3

4.5
0.0
0.0
-30.2

-1.4
0.0
-0.4
86.9

3.3
0.0
0.0
141.0

-3.6
0.0
0.0
-89.1

3.5
0.0
0.0
96.8

-0.8
0.0
0.0
315.3

-4.0
0.0
-1.4
-73.3

-4.1
0.0
0.0
8.8

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

-541.1
-7.9
517.2
-173.6
-498.7

-145.2
266.3
298.3
-182.7
-503.2

818.5
234.5
577.4
-173.3
-112.8

-188.2
268.5
539.7
-19.2
7.1

1065.0
332.0
311.9
102.3
28.7

-487.5
223.1
529.6
-93.8
55.3

-343.7
623.6
736.4
126.3
312.8

1850.0
299.1
130.8
-6.4
-135.0

2000.7
70.2
371.4
46.4
77.2

527.7
161.7
604.1
227.4
270.2

-118.5
796.9
141.3
142.1
-97.8

6
7
8
9
10

11
12
13
14

Security repurchase agreements


Corporate equities
Mutual fund shares
Trade payables

290.4
317.9
497.1
-12.0

4.5
-7.0
370.1
226.5

-64.4
-302.1
338.4
58.9

17.1
-148.3
624.9
175.0

-58.1
-1.0
662.1
193.5

-102.2
-49.6
784.7
175.5

77.5
-134.6
542.5
111.9

-87.9
274.5
956.8
192.1

-507.1
-58.2
506.9
153.9

62.4
-172.4
673.9
273.3

300.3
-47.8
510.7
154.6

11
12
13
14

15
16
17
18

Security credit
Life insurance reserves
Pension entitlements
Taxes payable

-95.9
27.4
420.6
-3.4

123.6
14.5
595.9
19.4

97.8
81.2
485.5
20.6

188.9
-11.9
501.2
14.7

36.0
17.6
492.5
-6.2

266.3
11.3
541.2
29.5

172.5
24.7
593.1
-12.1

-105.7
-9.6
406.9
26.7

71.7
23.6
430.1
-85.5

75.1
51.3
546.3
36.7

103.0
5.1
586.6
-2.6

15
16
17
18

19
20

Noncorporate proprietors equity


Miscellaneous

-69.9
307.3

187.1
1174.0

-53.2
1705.7

-3.8
702.3

-7.8
1084.7

-11.9
829.9

-28.6
816.8

33.3
1481.0

-19.5
1088.7

-48.5
1152.6

3.6
648.3

19
20

436.6

3056.5

4751.9

4255.0

6477.2

3992.1

6080.8

7577.7

6007.7

6107.6

6247.2

21

-4.4
-122.5
10.3
420.7
-33.5
-105.4

-1.1
-26.6
23.5
-79.1
-8.8
218.6

-0.7
25.2
1.5
-122.5
-2.3
402.5

-0.6
-7.3
11.9
-73.0
1.3
-339.3

-1.1
47.7
44.4
-157.9
10.5
-515.5

-0.5
108.0
19.1
-342.0
12.6
334.6

-0.5
-111.9
-61.6
-27.3
-32.0
-673.9

-0.9
6.9
297.3
-454.4
30.3
-562.3

-0.7
218.3
-20.0
-140.1
-37.4
-1243.2

-2.1
-78.7
-211.3
-97.7
25.9
-144.7

-0.8
44.3
111.7
60.4
23.0
-80.0

22
23
24
25
26
27

2
3
4
5

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

28
29
30
31

- Floats not included in assets:


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

0.0
0.7
-1.0
102.5

0.0
0.0
-1.1
60.3

0.0
-0.1
0.9
-54.2

0.0
0.6
0.7
63.0

0.0
0.5
-1.1
14.5

0.0
3.8
0.0
38.9

0.0
-54.2
3.2
103.5

0.0
-44.3
-5.5
15.5

0.0
96.2
2.4
-39.7

0.0
3.6
1.9
118.0

0.0
-53.7
-3.3
-35.7

28
29
30
31

32

Totals identified to sectors


as assets

169.2

2870.8

4501.7

4597.7

7035.3

3817.4

6935.5

8295.1

7171.8

6492.6

6181.4

32

Summary

Z.1, March 6, 2014

L.1 Credit Market Debt Outstanding (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

1
2

Total credit market debt owed by:


Domestic nonfinancial sectors

3
4
5

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

6
7

State and local governments


Federal government

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

53489.5

53842.8

54983.3

56981.5

58991.4

56238.0

56981.5

57475.3

57690.1

58151.5

58991.4

35668.5

37041.7

38423.1

40286.6

42020.8

39602.9

40286.6

40725.5

40985.2

41391.5

42020.8

13574.2
7336.0
3984.5

13198.3
7473.5
3946.3

13017.3
7998.4
3968.5

12979.6
8685.9
4047.4

13105.1
9441.5
4180.3

12888.3
8440.9
4008.5

12979.6
8685.9
4047.4

12920.9
8832.5
4047.1

12945.6
9052.6
4087.7

13062.3
9263.9
4130.4

13105.1
9441.5
4180.3

3
4
5

2968.4
7805.4

3038.0
9385.6

2985.3
10453.6

2980.0
11593.7

2941.1
12352.8

2985.3
11279.9

2980.0
11593.7

2994.9
11930.1

2986.4
11912.9

2953.1
11981.9

2941.1
12352.8

6
7

Rest of the world

2131.1

2314.0

2513.8

2784.1

2889.5

2682.8

2784.1

2860.6

2790.1

2830.5

2889.5

Financial sectors

15689.8

14487.0

14046.5

13910.7

14081.1

13952.2

13910.7

13889.2

13914.8

13929.5

14081.1

718.1
0.0
26.5

942.6
0.0
26.1

868.7
0.0
24.2

840.3
0.0
25.1

857.3
0.0
28.2

822.2
0.0
24.4

840.3
0.0
25.1

820.7
0.0
22.2

848.4
0.0
23.5

841.2
0.0
26.6

857.3
0.0
28.2

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

48.3
2706.6
5376.7

45.1
6434.5
1139.5

46.8
6247.3
1304.8

51.6
6092.7
1437.0

57.0
6199.2
1569.5

52.4
6111.5
1408.0

51.6
6092.7
1437.0

52.9
6103.5
1462.7

54.5
6137.6
1498.1

53.8
6147.7
1540.8

57.0
6199.2
1569.5

13
14
15

16
17
18

ABS issuers
Finance companies
REITs

3288.9
1044.1
317.4

2232.1
1280.7
315.2

1985.0
1261.9
343.4

1770.4
1205.1
386.3

1616.1
1209.8
408.0

1803.4
1244.0
371.2

1770.4
1205.1
386.3

1716.9
1193.0
390.5

1664.8
1196.0
393.8

1632.4
1206.6
409.5

1616.1
1209.8
408.0

16
17
18

19
20
21

Brokers and dealers


Holding companies
Funding corporations

92.9
1253.7
816.8

129.7
1237.2
704.2

91.8
1220.8
651.8

90.2
1418.6
593.5

112.4
1402.7
621.1

85.8
1428.7
600.5

90.2
1418.6
593.5

89.1
1412.4
625.2

103.1
1375.0
619.9

96.1
1363.4
611.4

112.4
1402.7
621.1

19
20
21

53489.5

53842.8

54983.3

56981.5

58991.4

56238.0

56981.5

57475.3

57690.1

58151.5

58991.4

22

8143.9

8575.1

8126.8

8323.4

8392.9

8252.7

8323.4

8288.2

8392.3

8374.9

8392.9

23

22
23

Total credit market assets held by:


Domestic nonfinancial sectors

24
25
26

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

5604.1
223.7
89.1

5874.3
230.1
95.8

5489.9
223.4
96.8

5640.7
232.1
98.2

5652.1
195.2
100.9

5547.5
235.6
97.5

5640.7
232.1
98.2

5598.9
191.8
98.4

5670.3
195.0
99.2

5655.5
187.4
100.0

5652.1
195.2
100.9

24
25
26

27
28

State and local governments


Federal government

1520.6
706.3

1581.4
793.5

1504.1
812.7

1434.8
917.6

1403.3
1041.4

1473.0
899.2

1434.8
917.6

1434.5
964.7

1446.1
981.7

1409.5
1022.5

1403.3
1041.4

27
28

29

Rest of the world

7723.4

8491.8

9029.7

9606.3

9836.4

9497.0

9606.3

9735.3

9484.2

9638.0

9836.4

29

30

Financial sectors

37622.1

36775.8

37826.9

39051.8

40762.0

38488.3

39051.8

39451.8

39813.6

40138.6

40762.0

30

31
32
33
34
35

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

1987.7
9144.0
809.6
88.1
734.6

2259.2
9356.2
785.2
68.9
758.6

2635.6
9489.9
827.7
64.0
796.2

2670.1
9840.6
833.5
63.9
842.3

3756.3
10087.1
826.3
64.2
890.5

2565.1
9645.6
825.1
62.0
837.8

2670.1
9840.6
833.5
63.9
842.3

2939.8
9811.7
816.4
63.6
855.1

3214.2
9874.6
802.2
63.6
874.1

3475.1
9902.8
819.1
62.7
886.7

3756.3
10087.1
826.3
64.2
890.5

31
32
33
34
35

36
37

Property-casualty insurance companies


Life insurance companies

886.7
3022.6

890.6
3174.2

926.8
3299.6

924.2
3360.6

938.6
3429.2

921.0
3343.2

924.2
3360.6

929.4
3372.0

930.4
3392.5

936.2
3408.8

938.6
3429.2

36
37

38
39
40

Private pension funds


State and local govt. retirement funds
Federal government retirement funds

795.5
737.2
130.9

918.6
759.3
141.8

991.8
759.6
167.3

1004.8
773.6
182.7

1049.5
783.0
191.8

1006.5
763.6
178.0

1004.8
773.6
182.7

1011.9
787.1
179.2

1029.4
777.4
168.1

1040.5
780.4
72.3

1049.5
783.0
191.8

38
39
40

41
42
43
44

Money market mutual funds


Mutual funds
Closed-end funds
Exchange-traded funds

2070.0
2616.3
141.1
103.0

1673.4
2969.9
146.4
132.7

1663.6
3329.3
144.7
178.8

1580.9
3981.3
155.9
231.1

1611.8
4342.2
173.6
243.3

1520.2
3851.6
152.2
221.1

1580.9
3981.3
155.9
231.1

1562.7
4184.4
163.5
238.2

1550.9
4242.8
170.0
241.4

1572.8
4287.7
170.2
245.8

1611.8
4342.2
173.6
243.3

41
42
43
44

45
46

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

2699.7
5376.7

6333.1
1139.5

6133.4
1304.8

5914.8
1437.0

5960.1
1569.5

5950.1
1408.0

5914.8
1437.0

5899.5
1462.7

5932.8
1498.1

5954.5
1540.8

5960.1
1569.5

45
46

47
48
49

ABS issuers
Finance companies
REITs

3225.3
1549.7
168.9

2180.3
1405.4
206.0

1937.4
1359.6
308.9

1729.2
1324.9
436.6

1580.4
1309.1
387.7

1762.0
1327.5
451.4

1729.2
1324.9
436.6

1676.8
1314.8
429.4

1628.6
1314.5
414.1

1597.7
1314.7
406.7

1580.4
1309.1
387.7

47
48
49

50
51
52

Brokers and dealers


Holding companies
Funding corporations

525.3
75.8
733.5

557.5
97.9
821.2

563.2
101.1
843.6

652.3
219.5
891.9

476.9
161.9
929.3

589.1
229.9
877.2

652.3
219.5
891.9

602.7
226.0
924.9

516.9
239.2
937.8

499.1
229.2
935.0

476.9
161.9
929.3

50
51
52

(1) Excludes corporate equities and mutual fund shares.

Summary

10

Z.1, March 6, 2014

L.2 Credit Market Debt Owed by Nonfinancial Sectors


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

1
2

Domestic
By instrument

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

35668.5

37041.7

38423.1

40286.6

42020.8

39602.9

40286.6

40725.5

40985.2

41391.5

42020.8

35668.5

37041.7

38423.1

40286.6

42020.8

39602.9

40286.6

40725.5

40985.2

41391.5

42020.8

3
4
5
6
7

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

58.4
7781.9
23.5
3672.5
4366.2

82.9
9361.5
24.2
3772.1
4804.8

116.3
10428.3
25.3
3719.4
5215.6

130.3
11568.9
24.9
3714.4
5795.2

143.1
12328.3
24.5
3671.2
6435.5

136.0
11255.5
24.4
3719.4
5599.7

130.3
11568.9
24.9
3714.4
5795.2

140.1
11905.5
24.6
3728.6
5940.0

147.2
11887.9
25.0
3721.1
6082.7

171.1
11956.8
25.1
3685.7
6269.0

143.1
12328.3
24.5
3671.2
6435.5

3
4
5
6
7

8
9

Depository institution loans n.e.c.


Other loans and advances

1500.2
1458.4

1465.5
1269.4

1542.6
1333.0

1746.4
1372.4

1862.6
1402.5

1645.7
1358.8

1746.4
1372.4

1738.2
1372.6

1782.0
1413.7

1825.4
1405.1

1862.6
1402.5

8
9

14254.0
10937.1
827.6
2343.3
146.0
2553.5

13613.1
10438.4
823.2
2197.5
154.1
2648.1

13285.6
10183.1
829.0
2106.4
167.2
2757.0

13009.8
9928.0
852.7
2056.2
173.0
2924.3

13054.5
9863.4
888.8
2121.3
181.0
3098.6

13004.1
9944.1
842.2
2046.3
171.5
2859.4

13009.8
9928.0
852.7
2056.2
173.0
2924.3

12951.4
9876.8
851.4
2048.3
175.0
2924.4

12957.7
9849.9
863.4
2067.5
177.0
2967.7

13014.5
9873.5
874.0
2088.1
179.0
3038.8

13054.5
9863.4
888.8
2121.3
181.0
3098.6

10
11
12
13
14
15

35668.5

37041.7

38423.1

40286.6

42020.8

39602.9

40286.6

40725.5

40985.2

41391.5

42020.8

16

13574.2
11320.5
7336.0
3984.5

13198.3
11419.8
7473.5
3946.3

13017.3
11966.9
7998.4
3968.5

12979.6
12733.3
8685.9
4047.4

13105.1
13621.8
9441.5
4180.3

12888.3
12449.4
8440.9
4008.5

12979.6
12733.3
8685.9
4047.4

12920.9
12879.6
8832.5
4047.1

12945.6
13140.3
9052.6
4087.7

13062.3
13394.3
9263.9
4130.4

13105.1
13621.8
9441.5
4180.3

17
18
19
20

2968.4
7805.4

3038.0
9385.6

2985.3
10453.6

2980.0
11593.7

2941.1
12352.8

2985.3
11279.9

2980.0
11593.7

2994.9
11930.1

2986.4
11912.9

2953.1
11981.9

2941.1
12352.8

21
22

2131.1

2314.0

2513.8

2784.1

2889.5

2682.8

2784.1

2860.6

2790.1

2830.5

2889.5

23

401.3
1570.3
137.5
21.9

398.6
1731.3
162.0
22.1

345.1
1939.9
205.2
23.5

373.0
2140.7
237.7
32.8

407.4
2171.5
276.8
33.8

366.7
2052.0
233.9
30.2

373.0
2140.7
237.7
32.8

407.4
2174.6
246.0
32.7

417.4
2087.0
252.2
33.6

407.3
2127.2
262.5
33.4

407.4
2171.5
276.8
33.8

24
25
26
27

37799.6

39355.8

40936.8

43070.8

44910.3

42285.8

43070.8

43586.1

43775.3

44222.0

44910.3

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

State and local governments


Federal government

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

15689.8

14487.0

14046.5

13910.7

14081.1

13952.2

13910.7

13889.2

13914.8

13929.5

14081.1

678.2
2706.6
5376.7
5718.8

576.0
6434.5
1139.5
5323.1

507.9
6247.3
1304.8
4997.3

449.1
6092.7
1437.0
4984.9

400.3
6199.2
1569.5
4867.5

454.6
6111.5
1408.0
5020.3

449.1
6092.7
1437.0
4984.9

453.8
6103.5
1462.7
4922.3

426.0
6137.6
1498.1
4853.0

398.6
6147.7
1540.8
4852.2

400.3
6199.2
1569.5
4867.5

2
3
4
5

424.7
617.9
166.9

373.7
473.2
167.1

399.9
413.1
176.2

338.7
416.6
191.8

367.6
487.5
189.5

365.3
404.4
188.0

338.7
416.6
191.8

339.7
409.9
197.3

353.8
453.1
193.2

336.8
460.0
193.4

367.6
487.5
189.5

6
7
8

15689.8

14487.0

14046.5

13910.7

14081.1

13952.2

13910.7

13889.2

13914.8

13929.5

14081.1

718.1
0.0
26.5

942.6
0.0
26.1

868.7
0.0
24.2

840.3
0.0
25.1

857.3
0.0
28.2

822.2
0.0
24.4

840.3
0.0
25.1

820.7
0.0
22.2

848.4
0.0
23.5

841.2
0.0
26.6

857.3
0.0
28.2

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

48.3
2706.6
5376.7

45.1
6434.5
1139.5

46.8
6247.3
1304.8

51.6
6092.7
1437.0

57.0
6199.2
1569.5

52.4
6111.5
1408.0

51.6
6092.7
1437.0

52.9
6103.5
1462.7

54.5
6137.6
1498.1

53.8
6147.7
1540.8

57.0
6199.2
1569.5

13
14
15

16
17
18

ABS issuers
Finance companies
REITs

3288.9
1044.1
317.4

2232.1
1280.7
315.2

1985.0
1261.9
343.4

1770.4
1205.1
386.3

1616.1
1209.8
408.0

1803.4
1244.0
371.2

1770.4
1205.1
386.3

1716.9
1193.0
390.5

1664.8
1196.0
393.8

1632.4
1206.6
409.5

1616.1
1209.8
408.0

16
17
18

19
20
21

Brokers and dealers


Holding companies
Funding corporations

92.9
1253.7
816.8

129.7
1237.2
704.2

91.8
1220.8
651.8

90.2
1418.6
593.5

112.4
1402.7
621.1

85.8
1428.7
600.5

90.2
1418.6
593.5

89.1
1412.4
625.2

103.1
1375.0
619.9

96.1
1363.4
611.4

112.4
1402.7
621.1

19
20
21

Summary

11

Z.1, March 6, 2014

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


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

53489.5

53842.8

54983.3

56981.5

58991.4

56238.0

56981.5

57475.3

57690.1

58151.5

58991.4

Open market paper


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

1138.0
7781.9
8106.8
3672.5
11655.4

1057.6
9361.5
7598.2
3772.1
11859.2

969.3
10428.3
7577.4
3719.4
12152.8

952.4
11568.9
7554.6
3714.4
12920.7

950.7
12328.3
7793.2
3671.2
13474.5

957.3
11255.5
7543.9
3719.4
12672.0

952.4
11568.9
7554.6
3714.4
12920.7

1001.2
11905.5
7590.8
3728.6
13036.9

990.6
11887.9
7660.7
3721.1
13022.7

976.9
11956.8
7713.6
3685.7
13248.4

950.7
12328.3
7793.2
3671.2
13474.5

2
3
4
5
6

Depository institution loans n.e.c.


Other loans and advances
Mortgages
Consumer credit

2062.5
2098.1
14420.8
2553.5

2001.2
1764.7
13780.2
2648.1

2147.8
1769.7
13461.8
2757.0

2322.7
1821.8
13201.6
2924.3

2507.1
1923.8
13244.0
3098.6

2244.9
1793.4
13192.2
2859.4

2322.7
1821.8
13201.6
2924.3

2323.8
1815.2
13148.7
2924.4

2388.1
1900.4
13150.9
2967.7

2424.7
1898.6
13207.8
3038.8

2507.1
1923.8
13244.0
3098.6

7
8
9
10

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

20085.5
6920.7

23567.2
7873.0

23088.2
7870.9

26443.6
9323.6

34687.5
11526.8

26256.7
9131.0

26443.6
9323.6

29308.3
10087.4

29764.3
10299.5

31734.5
10904.9

34687.5
11526.8

11
12

2
3
4
5
6
7
8
9
10

Total

2010

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)

53489.5

53842.8

54983.3

56981.5

58991.4

56238.0

56981.5

57475.3

57690.1

58151.5

58991.4

U.S. official reserve assets


SDR certificates
Treasury currency
Foreign deposits
Net interbank liabilities

175.1
5.2
26.2
835.9
1220.0

175.8
5.2
25.9
826.6
1070.7

183.8
5.2
25.9
780.3
1889.2

181.8
5.2
25.9
750.1
1718.0

174.3
5.2
25.6
837.0
2783.0

184.7
5.2
25.9
772.3
1794.7

181.8
5.2
25.9
750.1
1718.0

175.5
5.2
25.9
774.3
2131.8

174.5
5.2
25.9
853.1
2614.2

177.3
5.2
25.6
834.8
2799.4

174.3
5.2
25.6
837.0
2783.0

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

2093.4
6326.5
2105.9
3258.6
2043.4

2359.8
6624.9
1923.2
2755.4
2025.2

2594.3
7202.2
1750.0
2642.5
1970.8

2857.8
7803.9
1659.9
2649.6
1976.8

3189.7
8115.8
1762.2
2678.3
1918.7

2640.4
7595.4
1636.8
2506.9
1977.4

2857.8
7803.9
1659.9
2649.6
1976.8

2878.1
7869.1
1652.5
2554.0
1964.7

2897.8
7890.1
1682.4
2541.9
1854.8

2930.0
8052.3
1736.8
2637.4
1859.8

3189.7
8115.8
1762.2
2678.3
1918.7

7
8
9
10
11

12
13
14
15

Mutual fund shares


Security credit
Life insurance reserves
Pension entitlements

6920.7
1091.2
1242.1
15206.0

7873.0
1214.8
1278.3
16745.7

7870.9
1312.6
1352.0
17120.8

9323.6
1512.5
1359.0
18088.8

11526.8
1548.5
1416.0
19600.7

9131.0
1482.4
1353.2
17948.8

9323.6
1512.5
1359.0
18088.8

10087.4
1492.1
1370.1
18563.3

10299.5
1511.5
1377.3
18738.6

10904.9
1536.4
1397.0
19101.5

11526.8
1548.5
1416.0
19600.7

12
13
14
15

16
17
18

Trade payables
Taxes payable
Miscellaneous

3214.9
40.6
22076.3

3441.4
53.1
22668.2

3500.4
74.0
23623.2

3672.9
83.0
23974.7

3866.2
76.8
22640.7

3649.8
93.7
23914.8

3672.9
83.0
23974.7

3722.0
100.9
23952.3

3771.3
72.2
23878.0

3832.7
84.6
23956.9

3866.2
76.8
22640.7

16
17
18

19

Total liabilities

121371.4 124909.8 128881.4 134625.0 141156.9 132951.6 134625.0 136794.3 137878.4 140023.9 141156.9

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
20085.5
6216.7

11.0
23567.2
6900.0

11.0
23088.2
7384.9

11.0
26443.6
8073.5

11.0
34687.5
8724.5

11.0
26256.7
7899.8

11.0
26443.6
8073.5

11.0
29308.3
8232.4

11.0
29764.3
8424.0

11.0
31734.5
8600.4

11.0
34687.5
8724.5

20
21
22

-18.8
648.3
54.3

-20.0
696.0
98.7

-18.7
676.3
67.4

-18.8
648.3
54.3

-19.0
650.1
84.8

-19.2
704.6
60.3

-19.8
685.0
64.3

-20.0
696.0
98.7

23
24
25

103.8
-54.1
-196.4
-210.4
-8876.9 -10173.1

133.8
-183.7
-8491.8

103.8
-196.4
-8876.9

22.3
-180.4
-9019.0

-9.2
-211.2
-9367.5

-61.0
-54.1
-200.9
-210.4
-9486.2 -10173.1

26
27
28

0.0
3.2
3.7
196.8

0.0
2.3
4.7
311.4

0.0
1.5
3.1
250.3

0.0
1.1
3.8
208.5

23
24
25

- Liabilities not identified as assets:


Treasury currency
Foreign deposits
Net interbank transactions

-16.5
657.0
7.6

-17.6
630.4
26.9

-18.3
655.6
28.4

26
27
28

Security repurchase agreements


Taxes payable
Miscellaneous

522.9
-210.4
-6797.3

413.9
-209.0
-7236.6

297.3
-198.8
-7735.8

0.0
2.0
4.2
241.0

0.0
2.5
3.2
305.0

0.0
2.5
4.1
250.8

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

0.0
2.3
4.7
311.4

0.0
1.4
3.6
325.9

0.0
1.3
4.3
245.6

0.0
1.4
3.6
325.9

29
30
31
32

153274.0 161469.3 166079.7 177120.6 193911.9 174732.3 177120.6 182552.5 184706.5 189137.2 193911.9

33

Summary

12

Z.1, March 6, 2014

F.6 Distribution of Gross Domestic Product (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

2010

2011

2012

2013

2012
Q3

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

2013
Q4

Q1

Q2

Q3

Q4

14417.9

14958.3

15533.8

16244.6

16797.5

16356.0

16420.3

16535.3

16661.0

16912.9

17080.7

9842.9

10201.9

10711.8

11149.6

11496.2

11193.6

11285.5

11379.2

11427.1

11537.7

11640.7

1023.3
2175.1
6644.5

1070.7
2292.1
6839.1

1129.9
2472.8
7109.1

1202.7
2567.0
7379.9

1262.8
2623.8
7609.6

1206.5
2578.4
7408.7

1230.7
2595.4
7459.4

1244.8
2607.0
7527.4

1257.5
2591.0
7578.6

1274.0
2638.8
7624.8

1275.0
2658.2
7707.6

3
4
5

1878.1

2100.8

2232.1

2475.2

2673.7

2493.3

2499.9

2555.1

2621.0

2738.0

2780.5

2025.7

2039.3

2195.7

2409.1

2565.7

2411.7

2486.9

2491.7

2543.8

2593.2

2634.2

1633.4
147.1
1136.6
182.9
166.9

1658.2
134.1
1176.5
184.9
162.8

1809.9
139.6
1296.0
199.1
175.2

1970.0
143.8
1420.2
212.5
193.4

2049.0
148.5
1476.9
217.8
205.8

1968.0
142.8
1419.5
213.0
192.7

2018.2
144.1
1455.3
219.6
199.1

2001.4
145.7
1442.6
210.0
203.1

2030.6
146.5
1464.2
216.6
203.2

2060.5
149.7
1485.7
219.5
205.6

2103.3
152.1
1514.9
225.2
211.2

8
9
10
11
12

392.2
321.0
5.5
65.8
-0.1

381.1
318.3
-0.1
58.3
4.7

385.8
317.1
3.0
59.5
6.3

439.1
354.3
13.3
66.2
5.3

516.8
413.8
25.7
75.2
2.1

443.7
357.4
14.6
66.6
5.1

468.8
377.7
16.9
69.4
4.9

490.3
392.1
21.7
71.6
4.9

513.2
411.1
37.6
74.9
-10.4

532.6
429.9
18.9
77.9
5.9

531.0
422.1
24.6
76.4
7.9

13
14
15
16
17

18
19
20

Change in private inventories


Nonfinancial corporate business
Nonfinancial noncorporate business

-147.6
-139.0
-8.5

61.5
63.7
-2.2

36.4
39.1
-2.7

66.1
71.0
-4.9

107.9
74.2
33.7

81.6
94.3
-12.7

13.0
23.3
-10.3

63.4
33.0
30.5

77.2
45.0
32.2

144.8
106.3
38.5

146.3
112.4
33.8

18
19
20

21

Net U.S. exports of goods and services

-392.2

-518.5

-568.7

-547.2

-497.3

-524.4

-515.8

-523.1

-509.0

-500.2

-456.8

21

22
23

Exports
- Imports

1583.8
1976.0

1843.5
2362.0

2101.1
2669.9

2195.9
2743.1

2259.8
2757.0

2199.2
2723.5

2213.7
2729.5

2214.2
2737.3

2238.9
2747.9

2265.8
2766.0

2320.1
2776.9

22
23

3089.1

3174.0

3158.7

3167.0

3124.9

3193.5

3150.7

3124.1

3121.9

3137.5

3116.2

24

2442.1
933.7
1508.4

2522.2
1003.9
1518.3

2526.1
1008.7
1517.4

2548.0
1011.7
1536.4

2519.0
970.8
1548.2

2572.9
1036.1
1536.8

2538.1
993.9
1544.3

2525.3
982.3
1543.0

2517.5
976.0
1541.4

2523.2
972.4
1550.8

2510.0
952.6
1557.4

25
26
27

647.0
284.0
363.0

651.8
300.0
351.9

632.6
295.4
337.2

619.0
284.0
334.9

605.9
275.1
330.9

620.6
286.0
334.6

612.5
281.4
331.2

598.8
272.7
326.1

604.4
276.6
327.8

614.4
278.8
335.6

606.2
272.2
334.0

28
29
30

147.2
643.7
496.5

206.0
720.0
514.1

260.8
802.8
542.1

252.8
818.6
565.7

252.0
817.6
565.6

247.6
812.0
564.4

257.0
829.8
572.8

237.4
813.3
575.9

246.8
817.0
570.1

262.9
822.0
559.1

260.6
818.0
557.3

31
32
33

14565.1

15164.2

15794.6

16497.4

17049.4

16603.7

16677.3

16772.7

16907.9

17175.9

17341.3

34

-9.7
6.3
12.3
-8.9
0.0

-8.5
-1.1
10.6
-1.0
-0.0

-8.3
-0.9
10.1
-0.9
-0.1

-8.4
-0.4
10.2
-1.4
0.0

-7.8
-1.2
9.5
-0.7
0.3

-8.5
-0.4
10.2
-1.4
0.0

-8.3
-0.4
10.1
-1.4
0.0

-8.1
-1.0
9.8
-0.6
-0.0

-7.9
-0.9
9.6
-0.8
0.0

-7.7
-1.5
9.4
-1.1
1.1

-7.6
-1.3
9.2
-0.3
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
State and local governments
Federal 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.100, line 4.
(3) Structures, equipment, and intellectual property products.
(4) Government inventory investment is included in consumption expenditures.

Summary

13

Z.1, March 6, 2014

F.7 Distribution of National Income (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

1
2
3
4

National Income
Compensation of employees
Wages and other labor income
Employer social insurance 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

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

12124.5

12739.5

13395.7

13971.6

14542.9

13962.1

14204.0

14324.5

14462.7

14607.9

14776.5

7787.8
7329.7
458.1

7967.3
7497.9
469.4

8278.5
7784.1
494.4

8611.6
8097.3
514.3

8860.2
8329.0
531.3

8591.0
8078.8
512.2

8787.4
8263.4
524.0

8748.3
8222.5
525.8

8835.5
8305.2
530.2

8888.3
8355.9
532.4

8968.8
8432.2
536.6

2
3
4

973.0

1032.7

1155.1

1224.9

1348.2

1220.0

1247.5

1334.6

1341.5

1360.7

1356.2

333.7

402.8

484.4

541.2

590.5

546.7

555.4

574.9

587.7

596.6

602.7

1392.6

1740.6

1877.7

2009.5

2101.1

2012.3

2047.2

2020.6

2087.4

2126.6

2169.7

1474.8

1793.8

1791.3

2180.0

2262.4

2186.6

2221.1

2180.0

2248.6

2288.2

2332.8

1468.2
752.5
362.9
352.8

1834.8
1034.3
405.3
395.2

1847.4
1026.7
384.1
436.6

2190.0
1293.7
477.4
418.9

2258.7
1337.7
511.6
409.4

2208.5
1288.8
507.2
412.5

2229.5
1319.4
492.1
418.1

2193.1
1307.7
486.9
398.5

2239.7
1324.7
511.9
403.1

2286.6
1345.2
521.6
419.8

2315.5
1373.3
526.1
416.1

9
10
11
12

269.4
177.8
91.6

370.6
220.6
150.0

374.2
222.3
151.9

434.8
256.9
177.8

415.7
265.6
150.1

439.1
249.1
190.0

433.2
268.4
164.8

408.2
266.6
141.7

418.2
264.1
154.1

417.8
263.7
154.1

418.5
268.0
150.5

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

1198.7
568.7
351.7
105.1
111.9

1464.3
563.9
375.5
67.1
121.4

1473.1
701.6
440.3
104.8
156.4

1755.2
770.3
478.8
134.8
156.8

1843.0
902.2
497.3
269.9
135.0

1769.4
746.7
461.2
116.1
169.4

1796.4
867.6
540.4
194.9
132.3

1784.8
763.8
483.3
133.3
147.2

1821.4
1037.3
463.3
411.4
162.6

1868.7
858.3
577.2
192.2
88.9

1897.0
949.3
465.4
342.5
141.4

16
17
18
19
20

21
22
23
24

Undistributed profits
Domestic nonfinancial
Domestic financial
Rest of the world

630.0
222.9
166.1
240.9

900.3
438.3
188.3
273.8

771.6
364.1
127.3
280.1

984.9
558.0
164.7
262.2

940.8
574.8
91.7
274.4

1022.7
578.5
201.1
243.1

928.7
510.6
132.3
285.8

1021.0
557.8
212.0
251.3

784.2
597.3
-53.7
240.5

1010.4
504.2
175.3
330.9

947.7
639.9
33.1
274.7

21
22
23
24

25

Inventory valuation adjustment

6.7

-41.0

-56.0

-10.0

3.7

-22.0

-8.4

-13.0

8.9

1.7

17.3

25

26
27
28

Capital consumption adjustment


Domestic nonfinancial
Domestic financial

-82.2
-41.1
-41.2

-53.3
-15.2
-38.1

86.4
114.9
-28.5

-170.5
-115.1
-55.4

-161.3
-105.8
-55.6

-174.2
-118.4
-55.9

-173.9
-117.6
-56.3

-159.5
-104.3
-55.2

-161.1
-105.4
-55.7

-161.6
-106.0
-55.7

-163.1
-107.4
-55.7

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

563.1

489.4

456.9

439.6

469.1

455.3

430.3

477.0

444.0

467.2

488.2

29

1026.1
58.3
127.2
-20.6

1057.1
55.9
128.5
-22.9

1097.1
60.0
129.6
-23.8

1122.9
57.3
106.9
-27.7

1147.7
58.4
124.3
-39.7

1118.8
56.0
102.6
-28.5

1126.3
57.7
99.5
-31.8

1140.7
58.0
121.9
-35.5

1138.8
58.9
125.8
-39.0

1149.0
59.1
120.1
-41.4

1162.2
57.5
129.2
-43.0

30
31
32
33

National Income, from line 1 above

12124.5

12739.5

13395.7

13971.6

14542.9

13962.1

14204.0

14324.5

14462.7

14607.9

14776.5

34

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

1925.7
442.7
72.2

1923.5
458.1
43.1

1974.4
478.1
-53.6

2049.3
493.6
-17.0

2141.7
505.2
-140.3

2059.8
495.3
86.4

2077.6
497.4
-101.7

2103.3
500.5
-155.6

2128.5
503.4
-186.8

2153.5
506.1
-91.7

2181.6
510.6
-127.4

35
36
37

147.2

206.0

260.8

252.8

252.0

247.6

257.0

237.4

246.8

262.9

260.6

38

14417.9

14958.3

15533.8

16244.6

16797.5

16356.0

16420.3

16535.3

16661.0

16912.9

17080.7

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 6, 2014

F.8 Saving and Investment by Sector (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

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

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

2071.7

2255.0

2461.4

2672.2

3022.2

2606.4

2812.8

2871.5

2993.4

3051.5

3172.5

-296.6
1225.1
554.4
382.1
172.3
670.7
-1521.7
-1249.8
-271.9

-126.6
1440.2
806.0
598.6
207.4
634.2
-1566.8
-1329.5
-237.3

8.8
1470.2
801.9
648.8
153.1
668.2
-1461.3
-1248.3
-213.1

129.3
1491.7
804.3
647.8
156.5
687.4
-1362.3
-1109.7
-252.7

375.3
1349.4
783.2
689.3
93.9
566.2
-974.1
-754.9
-219.1

51.2
1430.6
826.5
642.6
183.9
604.1
-1379.4
-1119.3
-260.1

237.8
1570.5
746.4
653.8
92.6
824.1
-1332.7
-1078.5
-254.2

267.6
1350.5
848.5
670.0
178.6
502.0
-1082.9
-853.1
-229.8

361.6
1212.3
631.9
682.6
-50.7
580.4
-850.7
-653.1
-197.6

391.8
1467.8
850.5
700.1
150.3
617.3
-1075.9
-850.0
-226.0

480.3
1367.1
801.9
704.5
97.4
565.2
-886.8
-663.7
-223.1

2
3
4
5
6
7
8
9
10

2368.4
1925.7
1522.4
1092.0
253.0
177.4
403.3
442.7
234.5
208.2

2381.6
1923.5
1523.0
1094.6
251.8
176.7
400.5
458.1
245.3
212.7

2452.6
1974.4
1571.6
1135.8
256.8
179.0
402.9
478.1
256.5
221.7

2542.9
2049.3
1639.4
1188.2
264.5
186.6
409.9
493.6
262.3
231.4

2646.9
2141.7
1707.6
1237.9
275.1
194.7
434.1
505.2
267.6
237.6

2555.1
2059.8
1648.4
1195.2
265.6
187.6
411.4
495.3
262.9
232.4

2575.0
2077.6
1661.4
1204.7
267.6
189.2
416.2
497.4
263.7
233.7

2603.8
2103.3
1680.6
1218.5
270.5
191.5
422.7
500.5
265.6
234.9

2631.9
2128.5
1698.9
1231.6
273.4
193.9
429.6
503.4
266.8
236.6

2659.6
2153.5
1715.8
1243.8
276.4
195.6
437.7
506.1
267.8
238.3

2692.2
2181.6
1735.2
1257.7
279.8
197.6
446.4
510.6
270.0
240.6

11
12
13
14
15
16
17
18
19
20

2144.0

2298.1

2407.7

2655.2

2881.9

2692.8

2711.1

2715.9

2806.7

2959.8

3045.1

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

2525.1
1878.1
1410.0
1002.9
240.2
166.9
468.1
647.0
284.0
363.0

2752.6
2100.8
1648.4
1244.7
241.0
162.8
452.4
651.8
300.0
351.9

2864.7
2232.1
1775.4
1344.4
255.8
175.2
456.7
632.6
295.4
337.2

3094.2
2475.2
1977.1
1509.9
273.8
193.4
498.1
619.0
284.0
334.9

3279.6
2673.7
2111.4
1575.0
330.6
205.8
562.3
605.9
275.1
330.9

3113.9
2493.3
1993.1
1536.0
264.4
192.7
500.2
620.6
286.0
334.6

3112.5
2499.9
1978.2
1503.1
276.0
199.1
521.8
612.5
281.4
331.2

3153.9
2555.1
2017.4
1495.1
319.2
203.1
537.7
598.8
272.7
326.1

3225.4
2621.0
2063.4
1534.1
326.1
203.2
557.6
604.4
276.6
327.8

3352.3
2738.0
2158.4
1616.1
336.6
205.6
579.6
614.4
278.8
335.6

3386.7
2780.5
2206.4
1654.6
340.6
211.2
574.1
606.2
272.2
334.0

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

0.6
-121.4
-83.4
44.6
-6.0
-121.9
-38.1
122.0
177.4
-55.4

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

1.7
-47.4
-41.3
-7.3
-1.6
-32.4
-6.2
49.1
112.9
-63.8

-6.6
-26.0
-12.4
-17.1
-4.9
9.6
-13.6
19.5
83.3
-63.9

0.2
3.5
-6.9
-6.9
0.0
0.0
10.4
-3.4
58.1
-61.5

2.3
-7.4
-9.4
-9.3
-0.0
0.0
2.0
9.6
72.6
-63.0

-30.3
-62.0
-7.1
-44.8
-19.7
57.3
-54.9
31.7
102.1
-70.4

0.5
-3.3
-10.7
-10.7
0.0
0.0
7.4
3.8
65.2
-61.4

0.4
1.8
-6.6
-6.6
0.0
0.0
8.4
-1.4
57.6
-59.1

-0.6
4.5
-6.0
-6.0
0.0
0.0
10.6
-5.2
60.3
-65.5

0.4
11.2
-4.1
-4.1
0.0
0.0
15.3
-10.7
49.2
-59.9

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

-381.7
1466.3
822.4
498.9
18.8
304.7
643.9
-1848.0
-1476.7
-371.4

-455.2
1364.6
753.2
471.8
18.6
262.8
611.4
-1819.8
-1509.5
-310.3

-458.6
1206.3
585.7
393.9
2.5
189.3
620.6
-1664.9
-1400.1
-264.8

-432.4
1074.7
462.0
326.2
-4.3
140.2
612.7
-1507.1
-1214.8
-292.4

-397.9
673.6
245.9
218.8
-55.6
82.7
427.7
-1071.5
-820.5
-250.9

-423.4
1090.9
577.7
397.6
1.2
178.9
513.3
-1514.3
-1215.0
-299.3

-371.1
1108.4
335.1
298.4
11.2
25.4
773.4
-1479.5
-1198.3
-281.2

-438.5
746.4
366.8
248.5
-48.6
167.0
379.6
-1184.9
-925.4
-259.6

-419.1
531.2
87.3
200.0
-52.6
-60.1
443.9
-950.3
-720.5
-229.8

-391.9
787.1
322.2
242.2
-60.3
140.3
464.8
-1179.0
-921.3
-257.7

-342.0
629.7
207.5
184.4
-60.8
83.8
422.2
-971.6
-715.0
-256.6

42
43
44
45
46
47
48
49
50
51

52

Statistical discrepancy (line 21 less line 1)

72.2

43.1

-53.6

-17.0

-140.3

86.4

-101.7

-155.6

-186.8

-91.7

-127.4

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

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

183.7
153.3
69.9
83.5
30.4
0.0
30.4

0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.0
0.0
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 6, 2014

F.9 Net Capital Transfers (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

2010

2011

2012

2013

2012
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

2013
Q4

Q1

Q2

Q3

Q4

272.2

186.7

137.9

139.8

102.7

108.3

228.6

106.1

99.5

106.2

98.9

40.4
0.0
0.0
0.0
40.4
0.0

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

0.0
0.0
0.0
0.0
0.0
0.0

57.3
57.3
57.3
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
0.0
0.0
0.0
0.0
0.0

2
3
4
5
6
7

206.9
206.9
63.4
0.0
121.9
8.1
12.9
0.6
0.0
0.0

141.4
141.4
72.1
0.0
41.5
12.7
14.5
0.7
0.0
0.0

123.4
123.4
69.0
0.0
32.4
8.0
12.4
1.6
0.0
0.0

98.7
98.7
66.5
7.6
4.7
8.2
10.6
1.1
0.0
0.0

78.0
78.0
65.6
0.0
0.0
5.7
6.4
0.4
0.0
0.0

88.7
88.7
68.3
0.0
0.0
9.0
9.2
2.3
0.0
0.0

119.6
119.6
65.0
30.6
0.0
10.2
13.4
0.4
0.0
0.0

83.4
83.4
66.2
0.0
0.0
9.6
7.2
0.4
0.0
0.0

76.2
76.2
63.2
0.0
0.0
5.7
6.9
0.4
0.0
0.0

81.1
81.1
69.4
0.0
0.0
4.5
6.8
0.4
0.0
0.0

71.4
71.4
63.5
0.0
0.0
2.9
4.6
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

24.9
20.6
4.3

19.5
15.1
4.4

14.5
9.6
4.9

19.0
14.1
4.9

24.6
19.2
5.4

19.6
14.7
4.9

21.0
16.1
4.9

22.6
17.6
5.0

23.3
17.8
5.4

25.1
19.6
5.5

27.5
21.9
5.6

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

0.0
0.0
0.0

7.7
7.7
0.0

0.0
0.0
0.0

0.0
0.0
0.0

30.7
30.7
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

21
22
23

24

Capital transfers received, by sector

272.2

186.7

137.9

139.8

102.7

108.3

228.6

106.1

99.5

106.2

98.9

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

130.0
121.9
0.0
121.9
2.1
0.0
2.1
6.0
0.0
6.0

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

9.0
0.0
0.0
0.0
9.0
0.0
9.0
0.0
0.0
0.0

64.1
0.0
0.0
0.0
44.4
34.2
10.2
19.7
19.6
0.0

9.6
0.0
0.0
0.0
9.6
0.0
9.6
0.0
0.0
0.0

5.7
0.0
0.0
0.0
5.7
0.0
5.7
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
2.9
0.0
2.9
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

88.3
20.6
20.6
67.7
0.0
4.3
63.4
0.0

91.8
15.1
15.1
76.7
0.0
4.4
72.1
0.2

83.5
9.6
9.6
73.9
0.0
4.9
69.0
0.0

88.2
14.1
14.1
74.1
2.7
4.9
66.5
0.0

90.2
19.2
19.2
71.0
0.0
5.4
65.6
0.0

87.9
14.7
14.7
73.2
0.0
4.9
68.3
0.0

96.6
16.1
16.1
80.5
10.6
4.9
65.0
0.0

88.8
17.6
17.6
71.3
0.0
5.0
66.2
0.0

86.5
17.8
17.8
68.6
0.0
5.4
63.2
0.0

94.5
19.6
19.6
74.9
0.0
5.5
69.4
0.0

91.0
21.9
21.9
69.1
0.0
5.6
63.5
0.0

35
36
37
38
39
40
41
42

43
44
45

By persons
Disaster-related insurance benefits
Other

53.3
0.0
53.3

40.1
0.0
40.1

12.4
0.0
12.4

24.1
13.5
10.6

6.4
0.0
6.4

9.2
0.0
9.2

67.5
54.1
13.4

7.2
0.0
7.2

6.9
0.0
6.9

6.8
0.0
6.8

4.6
0.0
4.6

43
44
45

46
47
48

By the rest of the world


Capital transfers paid by U.S. government
Other

0.6
0.6
0.0

0.7
0.7
0.0

1.6
1.6
0.0

1.1
1.1
0.0

0.4
0.4
0.0

2.3
2.3
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

-89.6
-121.9
0.0
-18.2
-18.2
0.0
-87.1
-11.3
-5.3
38.3
-6.0

-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

-9.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-9.0
-0.0

-6.7
57.3
57.3
0.0
0.0
0.0
0.0
0.0
0.0
-44.4
-19.7

-9.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-9.6
0.0

-5.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-5.7
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
-2.9
0.0

49
50
51
52
53
54
55
56
57
58
59

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)

60
61
62

By government (lines 8-35)


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

118.6
186.3
-67.7

49.6
126.3
-76.7

39.9
113.8
-73.9

10.6
84.7
-74.1

-12.2
58.8
-71.0

0.8
74.0
-73.2

23.0
103.5
-80.5

-5.4
65.8
-71.3

-10.3
58.4
-68.6

-13.4
61.5
-74.9

-19.6
49.5
-69.1

60
61
62

63

By persons (lines 18-43)

-28.4

-20.6

2.1

-5.1

18.2

10.4

-46.5

15.5

16.3

18.3

22.9

63

64

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

-0.6

-0.7

-1.6

6.6

-0.4

-2.3

30.3

-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 6, 2014

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


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

Net acquisition of financial assets

602.1

858.3

1214.3

1175.9

1077.4

611.0

1764.1

1433.5

948.5

798.6

1129.1

2
3
4
5

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

-6.6
120.6
101.2
-270.3

-0.6
33.1
161.9
-180.4

-2.8
326.4
375.6
-34.2

-1.8
97.6
425.9
17.6

5.7
93.1
195.5
-24.1

8.5
38.1
141.9
-12.8

-5.3
317.2
668.8
6.0

5.8
156.0
113.9
48.3

18.9
-102.5
198.9
-102.3

-4.4
33.4
296.6
56.3

2.5
285.6
172.5
-98.5

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

384.7
16.7
534.1
-671.2
107.2
75.1
-5.7
334.1

84.7
-1.5
320.9
-2.6
44.3
-319.2
-186.8
227.7

-144.9
-1.8
-222.4
5.6
-64.8
132.3
-213.1
218.7

108.2
-0.3
232.0
-118.8
-152.1
98.2
-325.0
373.6

165.6
-2.0
-167.3
-132.6
-37.4
104.3
-323.6
722.8

-122.1
-0.4
37.6
-221.9
-238.4
-7.3
-397.0
704.8

65.6
-0.4
241.9
60.3
-248.7
269.2
-648.7
390.5

700.4
3.9
-83.8
-306.0
39.8
-54.0
90.7
1009.3

255.7
-0.9
-61.6
-115.3
40.3
-54.3
-242.9
688.8

-281.9
-1.1
-307.1
-38.3
-82.9
107.6
-661.0
699.1

-11.8
-10.1
-216.6
-70.7
-146.8
417.9
-481.4
494.1

6
7
8
9
10
11
12
13

14
15

Life insurance reserves


Pension entitlements

24.6
420.6

6.2
595.9

73.9
485.5

-26.6
501.2

6.7
492.5

-0.3
541.2

23.6
593.1

-19.9
406.9

18.2
430.1

41.6
546.3

-13.3
586.6

14
15

16

Miscellaneous and other assets

-166.8

167.9

138.6

61.0

147.9

30.3

97.1

30.7

235.9

115.6

209.3

16

17
18
19
20
21
22

Gross investment in nonfinancial assets


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

1669.5
386.9
330.0
970.8
-9.7
-8.5

1689.9
376.5
319.0
1005.0
-8.5
-2.2

1765.4
376.5
338.7
1061.2
-8.3
-2.7

1887.0
420.5
356.3
1123.5
-8.4
-4.9

2060.9
489.0
366.3
1179.7
-7.8
33.7

1885.7
424.0
355.8
1127.1
-8.5
-12.7

1941.8
447.0
363.7
1149.7
-8.3
-10.3

2004.6
463.7
355.7
1162.9
-8.1
30.5

2048.1
486.0
363.1
1174.7
-7.9
32.2

2097.9
507.8
369.2
1190.1
-7.7
38.5

2093.0
498.5
377.2
1191.0
-7.6
33.8

17
18
19
20
21
22

23
24
25
26

Consumption of fixed capital


Residential fixed investment
Nonresidential fixed investment
Consumer durables

1576.8
377.9
278.4
920.6

1570.4
372.0
280.3
918.1

1599.0
369.4
290.2
939.4

1637.5
371.7
302.8
963.1

1673.1
388.4
321.1
963.6

1644.8
373.6
303.5
967.8

1657.4
376.8
307.2
973.4

1644.1
381.5
312.1
950.6

1663.7
386.0
317.3
960.4

1682.5
390.6
323.9
968.1

1701.9
395.7
331.0
975.2

23
24
25
26

27

Net investment in nonfinancial assets (3)

92.6

119.4

166.4

249.5

387.8

240.9

284.4

360.5

384.4

415.3

391.0

27

9.0
51.6
50.3
-9.7
-8.5

4.5
38.7
86.9
-8.5
-2.2

7.1
48.4
121.9
-8.3
-2.7

48.9
53.6
160.4
-8.4
-4.9

100.6
45.2
216.1
-7.8
33.7

50.4
52.4
159.3
-8.5
-12.7

70.2
56.6
176.2
-8.3
-10.3

82.2
43.6
212.3
-8.1
30.5

100.0
45.8
214.3
-7.9
32.2

117.3
45.3
222.0
-7.7
38.5

102.8
46.2
215.8
-7.6
33.8

28
29
30
31
32

-247.2

-303.7

-146.4

183.5

298.9

-28.9

536.6

-43.5

256.6

644.8

337.8

33

-201.5
33.3
-103.7
0.7
38.1
-14.2

-347.5
-46.0
-25.3
3.4
75.2
36.5

-251.9
-18.8
108.9
2.4
-39.3
52.3

-249.6
-11.7
169.4
1.4
64.9
209.2

-76.0
82.0
174.3
0.9
35.4
82.2

-326.5
-0.8
136.3
2.5
98.7
60.8

-100.6
59.8
186.9
4.1
138.4
248.0

-204.6
-8.5
180.5
-0.1
16.4
-27.2

-103.5
93.9
171.3
2.6
-21.2
113.5

95.4
119.1
179.1
1.6
44.6
204.9

-91.2
123.5
166.3
-0.6
101.9
37.9

34
35
36
37
38
39

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)

-34.4

-28.4

0.6

-10.0

18.2

10.4

-66.2

15.5

16.3

18.3

22.9

40

41

Personal saving, FOF concept (FOF)

907.6

1253.0

1527.7

1231.8

1184.6

891.2

1445.7

1853.0

1092.7

587.4

1205.2

41

42
43

- Net investment in consumer durables


- Government insurance and pension fund reserves (5)

50.3
0.5

86.9
-1.7

121.9
-0.4

160.4
-1.4

216.1
-1.2

159.3
-1.6

176.2
-1.6

212.3
-1.9

214.3
-0.4

222.0
-2.6

215.8
-0.0

42
43

44

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

856.9

1167.9

1406.2

1072.8

969.7

733.6

1271.1

1642.5

878.7

368.0

989.4

44

45

Personal saving, NIPA concept (NIPA)

670.7

634.2

668.2

687.4

566.2

604.1

824.1

502.0

580.4

617.3

565.2

45

46

Difference

186.2

533.7

738.0

385.4

403.5

129.5

446.9

1140.5

298.4

-249.3

424.2

46

10937.2

11243.7

11787.4

12245.8

12475.9

12205.1

12520.4

12296.9

12417.4

12567.7

12621.5

47

8.3
7.8
6.1
1.7

11.1
10.4
5.6
4.7

13.0
11.9
5.7
6.3

10.1
8.8
5.6
3.1

9.5
7.8
4.5
3.2

7.3
6.0
4.9
1.1

11.5
10.2
6.6
3.6

15.1
13.4
4.1
9.3

8.8
7.1
4.7
2.4

4.7
2.9
4.9
-2.0

9.5
7.8
4.5
3.4

48
49
50
51

47

Memo:
Disposable personal income

48
49
50
51

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 44 and 45 are conceptually equivalent but measure saving using different data. Line 44 is net acquisition of financial assets net of government insurance and pension fund reserves (line 1 less line 43) 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 45)
is disposable personal income (line 47) less personal outlays (table F.100, line 4).

Summary

17

Z.1, March 6, 2014

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


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

Total financial assets

2
3
4
5

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

Securities

7
8
9

Open market paper


Treasury securities
Agency- and GSE-backed securities

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

46682.2

50654.6

51440.7

55221.4

62158.1

54371.9

55221.4

57448.8

58035.2

59724.4

62158.1

50.2
934.9
6684.1
1386.9

49.7
956.7
6812.2
1206.5

46.9
1283.2
7187.8
1187.5

45.1
1370.3
7568.6
1205.1

50.8
1463.4
7764.1
1181.1

46.4
1242.6
7404.8
1139.1

45.1
1370.3
7568.6
1205.1

46.5
1372.7
7619.8
1155.3

51.3
1346.0
7633.6
1098.4

50.2
1345.0
7720.5
1140.4

50.8
1463.4
7764.1
1181.1

2
3
4
5

17039.5

19318.5

18849.3

21143.4

26106.5

20820.1

21143.4

22875.0

23287.7

24439.9

26106.5

22.7
858.8
359.3

21.1
1131.8
355.6

19.4
719.3
323.1

19.0
961.9
194.7

17.0
944.3
121.4

19.1
891.0
209.5

19.0
961.9
194.7

20.0
986.0
156.1

19.8
1048.9
159.1

19.5
1006.4
157.0

17.0
944.3
121.4

7
8
9

10
11

Municipal securities
Corporate and foreign bonds

1833.1
2311.8

1877.4
2293.8

1812.6
2427.3

1660.5
2640.9

1623.1
2793.1

1715.6
2542.5

1660.5
2640.9

1675.5
2600.2

1678.1
2605.8

1652.5
2664.7

1623.1
2793.1

10
11

12
13

Corporate equities (2)


Mutual fund shares

7491.9
4115.8

8996.7
4594.0

9049.9
4449.2

10337.7
5279.4

13864.8
6692.1

10269.3
5124.1

10337.7
5279.4

11632.5
5755.2

11779.5
5946.7

12546.7
6343.0

13864.8
6692.1

12
13

1109.2
15206.0
2350.4
5973.2
6882.3

1137.2
16745.7
2568.5
6620.7
7556.5

1203.6
17120.8
2601.7
6673.5
7845.7

1186.1
18088.8
2786.8
7154.4
8147.6

1232.1
19600.7
3084.8
8002.7
8513.2

1180.6
17948.8
2746.2
7124.0
8078.6

1186.1
18088.8
2786.8
7154.4
8147.6

1194.6
18563.3
2873.4
7451.9
8238.0

1200.4
18738.6
2879.4
7552.1
8307.2

1217.7
19101.5
2948.3
7754.7
8398.5

1232.1
19600.7
3084.8
8002.7
8513.2

14
15
16
17
18

4182.6

4349.7

4487.0

4547.0

4697.7

4521.9

4547.0

4556.6

4615.4

4646.7

4697.7

19

19782.0

19446.3

19305.7

19424.4

19734.4

19265.5

19424.4

19375.2

19438.9

19618.9

19734.4

20

10916.7
2563.2
2553.5

10424.8
2517.1
2648.1

10172.9
2498.4
2757.0

9918.3
2486.7
2924.3

9853.4
2568.7
3098.6

9934.1
2471.7
2859.4

9918.3
2486.7
2924.3

9867.4
2484.6
2924.4

9840.3
2508.0
2967.7

9863.7
2537.8
3038.8

9853.4
2568.7
3098.6

21
22
23

121.1
203.0
3424.6

124.5
278.2
3453.6

126.9
238.9
3511.7

128.3
303.7
3663.1

129.1
339.2
3745.4

127.2
269.1
3603.9

128.3
303.7
3663.1

128.2
307.9
3662.7

128.9
302.6
3691.4

129.3
313.7
3735.6

129.1
339.2
3745.4

24
25
26

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 6, 2014

F.100 Households and Nonprofit Organizations (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates

Flows

2009

1
2
3
4
5

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

6
7
8
9

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

12082.1
1144.9
10937.2
10266.5
670.7

12435.2
1191.5
11243.7
10609.5
634.2

13191.3
1404.0
11787.4
11119.1
668.2

13743.8
1498.0
12245.8
11558.4
687.4

14135.2
1659.3
12475.9
11909.6
566.2

13701.6
1496.4
12205.1
11601.0
604.1

14073.1
1552.8
12520.4
11696.2
824.1

13925.9
1629.0
12296.9
11794.9
502.0

14086.2
1668.8
12417.4
11837.0
580.4

14225.3
1657.6
12567.7
11950.4
617.3

14303.4
1681.9
12621.5
12056.3
565.2

1
2
3
4
5

+ Government insurance and pension reserves (3)


+ Net investment in consumer durables
+ Consumption of fixed capital
- Net capital transfers paid (4)

0.5
50.3
1323.8
-28.4

-1.7
86.9
1318.6
-20.6

-0.4
121.9
1342.2
2.1

-1.4
160.4
1373.0
-5.1

-1.2
216.1
1397.7
18.2

-1.6
159.3
1379.2
10.4

-1.6
176.2
1389.6
-46.5

-1.9
212.3
1373.3
15.5

-0.4
214.3
1390.0
16.3

-2.6
222.0
1405.8
18.3

-0.0
215.8
1421.7
22.9

6
7
8
9

10

= Gross saving less net capital transfers paid

2073.6

2058.5

2129.8

2224.5

2160.5

2130.5

2434.9

2070.3

2168.0

2224.2

2179.8

10

11

Gross investment

2259.9

2592.3

2867.7

2609.9

2564.0

2260.0

2881.9

3210.8

2466.3

1974.9

2604.0

11

1429.3
321.0
970.8
147.1
-9.7

1448.9
318.3
1005.0
134.1
-8.5

1509.6
317.1
1061.2
139.6
-8.3

1613.2
354.3
1123.5
143.8
-8.4

1734.1
413.8
1179.7
148.5
-7.8

1618.9
357.4
1127.1
142.8
-8.5

1663.1
377.7
1149.7
144.1
-8.3

1692.5
392.1
1162.9
145.7
-8.1

1724.4
411.1
1174.7
146.5
-7.9

1762.0
429.9
1190.1
149.7
-7.7

1757.6
422.1
1191.0
152.1
-7.6

12
13
14
15
16

12
13
14
15
16

Capital expenditures
Residential
Consumer durable goods
Nonprofit nonresidential
Nonproduced nonfinancial assets

17

Net lending (+) or net borrowing (-)

830.6

1143.4

1358.2

996.7

829.9

641.2

1218.7

1518.3

741.9

212.9

846.4

17

18

Net acquisition of financial assets

648.7

892.9

1146.1

1090.7

976.5

539.9

1606.0

1448.2

819.2

646.1

992.3

18

19
20
21
22

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

-6.6
105.7
106.0
-268.6

-0.6
35.9
159.0
-183.5

-2.8
328.8
371.8
-35.0

-1.8
82.8
420.8
16.5

5.7
81.8
185.2
-26.3

8.5
24.9
138.0
-13.7

-5.3
294.0
657.8
3.6

5.8
154.5
110.6
47.6

18.9
-115.6
187.4
-104.8

-4.4
18.7
283.9
53.5

2.5
269.7
158.9
-101.4

19
20
21
22

23

Credit market instruments

24
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

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

47.8

17.9

-157.4

34.5

-245.5

-457.9

298.6

-411.0

-201.2

-334.2

-35.5

23

16.7
534.1
-671.2
107.1
75.1
-5.3
-3.0
-5.8

-1.5
320.9
-2.6
43.7
-319.2
-0.6
-12.4
-10.4

-1.8
-222.4
5.6
-64.8
132.3
-2.8
0.4
-3.9

-0.3
232.0
-118.8
-152.1
98.2
-2.5
-14.6
-7.4

-2.0
-167.3
-132.6
-37.6
104.3
4.4
-9.3
-5.4

-0.4
37.6
-221.9
-238.5
-7.3
-0.5
-13.3
-13.6

-0.4
241.9
60.3
-248.9
269.2
-8.7
-13.1
-1.8

3.9
-83.8
-306.0
39.8
-54.0
7.1
-9.4
-8.6

-0.9
-61.6
-115.3
40.1
-54.3
5.4
-10.2
-4.5

-1.1
-307.1
-38.3
-83.1
107.6
1.9
-9.3
-4.7

-10.1
-216.6
-70.7
-147.0
417.9
3.0
-8.2
-3.7

24
25
26
27
28
29
30
31

-5.7
334.1
-74.1
24.6
420.6
-69.9
34.9

-186.8
227.7
25.7
6.2
595.9
187.1
8.3

-213.1
218.7
58.1
73.9
485.5
-53.2
70.7

-325.0
373.6
23.6
-26.6
501.2
-3.8
-5.1

-323.6
722.8
57.8
6.7
492.5
-7.8
27.2

-397.0
704.8
10.1
-0.3
541.2
-11.9
-6.7

-648.7
390.5
-16.6
23.6
593.1
-28.6
44.1

90.7
1009.3
26.1
-19.9
406.9
33.3
-5.8

-242.9
688.8
150.9
18.2
430.1
-19.5
8.9

-661.0
699.1
24.9
41.6
546.3
-48.5
26.0

-481.4
494.1
29.2
-13.3
586.6
3.6
79.5

32
33
34
35
36
37
38

-181.8

-250.5

-212.1

94.0

146.6

-101.2

387.3

-70.1

77.3

433.1

145.9

39

-231.1

-349.7

-186.3

27.0

114.4

-201.6

266.3

-84.2

100.5

392.8

48.7

40

-159.9
-103.7
5.9
33.0
0.5
-6.8

-365.6
-25.3
-2.2
52.4
2.4
-11.4

-229.1
108.9
-7.8
-53.9
1.9
-6.4

-237.9
169.4
-14.5
111.5
1.2
-2.8

-74.6
174.3
-13.1
21.7
2.0
4.2

-312.9
136.3
-15.4
-8.1
2.6
-4.1

-94.3
186.9
-18.5
184.1
4.2
3.9

-191.9
180.5
-6.5
-64.3
0.5
-2.5

-102.1
171.3
-14.6
36.2
5.1
4.6

88.6
179.1
-13.4
130.2
0.6
7.7

-93.1
166.3
-18.1
-15.3
1.7
7.1

41
42
43
44
45
46

38.1
16.0
-4.9

75.2
21.4
2.7

-39.3
14.0
-0.4

64.9
1.5
0.6

35.4
-5.4
2.1

98.7
-0.0
1.7

138.4
-3.2
-14.3

16.4
-6.4
4.1

-21.2
-9.4
7.4

44.6
-0.6
-3.7

101.9
-5.2
0.4

47
48
49

-186.2

-533.7

-738.0

-385.4

-403.5

-129.5

-446.9

-1140.5

-298.4

249.3

-424.2

50

(1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary tables (tables F.100.a and L.100.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 33) and life insurance reserves (line 35), and pension entitlements (line 36).
(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 23.
(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.108, line 21.

19

Z.1, March 6, 2014

F.101 Nonfinancial Business (1)


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

2011

2012

2013

2012
Q3

2013
Q4

Q1

Q2

Q3

Q4

Income before taxes

1869.7

2233.6

2382.4

2739.2

2910.7

2729.1

2788.6

2867.2

2895.7

2930.3

2949.6

Gross saving less net capital transfers paid

1693.9

1931.4

2048.3

2119.8

2214.2

2106.0

2152.6

2143.6

2208.6

2192.9

2311.8

Gross investment

1819.3

1644.0

1195.3

2009.5

2115.6

2006.4

1984.6

2055.5

2088.2

2277.9

2041.1

1249.5

1479.9

1593.1

1777.9

1902.3

1794.8

1773.8

1808.4

1869.7

1945.3

1986.0

5
6
7

Capital expenditures
Fixed investment
Residential
Nonresidential

1390.8
71.3
1319.5

1419.5
58.1
1361.4

1557.5
62.4
1495.1

1712.3
79.5
1632.8

1795.6
100.9
1694.7

1713.6
81.1
1632.5

1761.2
86.2
1674.9

1746.0
93.3
1652.6

1793.3
112.5
1680.9

1802.1
96.8
1705.2

1841.0
101.0
1740.0

5
6
7

8
9

Change in inventories
Nonproduced nonfinancial assets

-147.6
6.3

61.5
-1.1

36.4
-0.9

66.1
-0.4

107.9
-1.2

81.6
-0.4

13.0
-0.4

63.4
-1.0

77.2
-0.9

144.8
-1.5

146.3
-1.3

8
9

10

Net lending (+) or net borrowing (-)

569.8

164.1

-397.8

231.5

213.3

211.5

210.8

247.1

218.5

332.5

55.1

10

11

Net acquisition of financial assets

185.4

784.9

510.8

985.3

1141.3

1021.1

937.5

987.8

1036.9

1393.0

1147.5

11

12
13
14
15
16

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

6.8
85.6
172.1
-73.1
0.7

9.1
76.8
62.8
-154.6
4.3

-5.8
27.3
17.1
-34.6
0.4

-21.5
107.4
29.9
-3.0
-2.2

43.1
118.4
85.2
-0.6
-1.1

-4.3
141.7
39.8
25.2
-10.6

15.7
77.5
49.7
84.0
-3.5

62.3
160.4
36.5
-55.6
-1.6

124.8
-51.8
73.0
-46.2
-2.6

13.0
143.7
156.7
75.6
15.8

-27.8
221.3
74.5
23.6
-16.0

12
13
14
15
16

17

Credit market instruments

3.3

9.3

-5.7

10.1

-34.1

60.2

-49.1

-112.3

12.0

-34.2

-2.0

17

18
19
20
21

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

-1.3
6.8
4.2
1.1

12.0
7.0
1.7
-2.6

-0.1
-4.5
-1.7
-1.6

-7.5
7.9
-2.6
12.2

-20.2
3.0
-4.5
-7.6

15.5
18.3
5.9
22.3

-15.5
-21.6
-17.7
24.9

-0.0
-34.0
-31.5
-54.8

-25.6
28.8
9.1
1.3

-29.5
2.5
0.2
0.1

-25.4
14.5
4.2
22.9

18
19
20
21

22
23

Mortgages
Consumer credit

-5.3
-2.2

2.6
-11.4

-0.1
2.3

0.1
0.0

0.7
-5.4

-0.1
-1.9

0.7
-19.9

-0.2
8.2

0.8
-2.3

0.9
-8.4

1.1
-19.3

22
23

35.3
-57.4
12.0

11.1
142.8
623.3

-12.8
89.2
435.6

0.7
91.2
772.6

0.7
155.3
774.5

0.7
90.9
677.5

0.7
19.7
742.7

0.7
163.4
734.0

0.7
154.9
772.0

0.7
142.5
879.2

0.7
160.5
712.8

24
25
26

-384.4

620.8

908.5

753.8

928.0

809.6

726.6

740.7

818.4

1060.5

1092.4

27

-255.9

172.3

547.1

720.4

915.4

608.8

1140.2

624.3

990.7

1098.3

948.1

28

-73.1
37.2
411.7

24.5
33.2
438.6

33.4
8.5
410.8

14.0
15.2
579.6

12.7
9.3
640.3

-35.5
9.7
587.1

70.5
11.9
782.0

20.9
11.3
579.4

-19.3
6.4
570.8

92.5
20.6
745.3

-43.2
-0.9
665.8

29
30
31

-336.0
-166.1
-129.5

-103.8
-85.7
-134.5

125.6
60.8
-92.0

166.1
-24.3
-30.1

94.5
54.5
104.0

118.8
-31.1
-40.3

172.0
18.6
85.2

55.4
6.0
-48.8

117.8
185.1
129.9

101.4
9.0
129.6

103.2
17.8
205.4

32
33
34

24
25
26
27
28

Mutual fund shares


Trade receivables
Miscellaneous assets
Net increase in liabilities
Credit market instruments

29
30
31

Commercial paper
Municipal securities
Corporate bonds

32
33
34

Depository institution loans n.e.c.


Other loans and advances
Mortgages

35
36
37
38

Corporate equities
Trade payables
Taxes payable
Miscellaneous liabilities

-62.1
-65.8
-9.5
79.3

-277.4
186.6
6.4
346.7

-472.2
33.1
10.0
842.2

-399.5
120.1
8.2
314.8

-383.7
137.4
-14.2
278.7

-395.4
123.6
-8.3
489.3

-403.4
53.3
22.4
-62.7

-256.2
157.3
-16.9
193.5

-421.4
84.4
-18.3
204.0

-449.9
223.9
0.5
220.1

-407.5
83.9
-21.9
497.1

35
36
37
38

39

Proprietors net investment

-70.4

186.2

-51.5

-10.3

-5.5

-8.4

-23.3

38.6

-20.9

-32.4

-7.3

39

-125.4

287.4

853.0

110.3

98.6

99.6

168.0

88.1

120.5

-85.0

270.7

40

40

Discrepancy

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

Flows

2009

20

Z.1, March 6, 2014

F.102 Nonfinancial Corporate Business


Billions of dollars; quarterly figures are seasonally adjusted annual rates

Flows

2009

1
2
3
4
5
6
7
8
9
10

2010

2011

2012

2013

2012

2013

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

752.5
177.8
351.7
1049.4
1272.3
194.2
6.7
38.3
1434.9

1034.3
220.6
375.5
1077.2
1515.5
218.2
-41.0
20.9
1671.8

1026.7
222.3
440.3
1249.3
1613.4
226.1
-56.0
-6.4
1790.0

1293.7
256.9
478.8
1071.4
1629.4
214.2
-10.0
-16.7
1850.3

1337.7
265.6
497.3
1130.9
1705.8
223.7
3.7
-5.7
1938.8

1288.8
249.1
461.2
1075.0
1653.5
199.8
-22.0
-9.0
1840.3

1319.4
268.4
540.4
1085.8
1596.4
232.8
-8.4
-44.4
1865.2

1307.7
266.6
483.3
1113.9
1671.7
204.5
-13.0
-9.6
1872.8

1324.7
264.1
463.3
1127.0
1724.2
196.1
8.9
-5.7
1934.9

1345.2
263.7
577.2
1135.7
1639.9
270.1
1.7
-4.5
1916.2

1373.3
268.0
465.4
1147.3
1787.2
224.2
17.3
-2.9
2031.5

1
2
3
4
5
6
7
8
9

Gross investment

1560.2

1384.4

936.9

1740.0

1840.2

1740.7

1697.2

1784.7

1814.4

2001.1

1760.8

10

1009.3
1142.0
-139.0
6.3

1238.9
1176.4
63.7
-1.1

1337.2
1299.0
39.1
-0.9

1504.1
1433.5
71.0
-0.4

1575.6
1502.6
74.2
-1.2

1527.9
1434.0
94.3
-0.4

1495.1
1472.2
23.3
-0.4

1496.3
1464.3
33.0
-1.0

1545.9
1501.8
45.0
-0.9

1609.4
1504.7
106.3
-1.5

1650.6
1539.4
112.4
-1.3

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 (-)

551.0

145.5

-400.3

235.9

264.7

212.8

202.1

288.4

268.5

391.7

110.2

15

16

Net acquisition of financial assets

302.4

633.2

494.1

910.4

1045.8

958.4

802.6

963.9

928.5

1272.9

1018.1

16

17
18
19
20
21

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

6.8
70.7
176.9
-71.4
0.7

9.1
79.7
59.9
-157.7
4.3

-5.8
29.7
13.2
-35.4
0.4

-21.5
92.7
24.7
-4.1
-2.2

43.1
107.1
74.9
-2.9
-1.1

-4.3
128.6
35.8
24.4
-10.6

15.7
54.4
38.7
81.7
-3.5

62.3
158.9
33.3
-56.3
-1.6

124.8
-64.9
61.5
-48.7
-2.6

13.0
129.0
144.0
72.9
15.8

-27.8
205.4
60.9
20.7
-16.0

17
18
19
20
21

22

Credit market instruments

10.0

2.6

-6.7

8.7

-36.9

59.1

-52.0

-113.2

9.0

-37.6

-5.7

22

-1.3
12.5
4.2
0.9
-4.1
-2.2

12.0
5.1
1.7
-3.2
-1.6
-11.4

-0.1
-5.1
-1.7
-1.6
-0.6
2.3

-7.5
7.2
-2.6
12.2
-0.6
0.0

-20.2
1.6
-4.5
-7.8
-0.6
-5.4

15.5
17.8
5.9
22.2
-0.6
-1.9

-15.5
-23.1
-17.7
24.7
-0.6
-19.9

-0.0
-34.5
-31.5
-54.8
-0.6
8.2

-25.6
27.3
9.1
1.1
-0.6
-2.3

-29.5
0.7
0.2
-0.1
-0.6
-8.4

-25.4
12.7
4.2
22.7
-0.6
-19.3

23
24
25
26
27
28

35.3
-31.1

11.1
105.7

-12.8
83.4

0.7
83.5

0.7
140.0

0.7
84.9

0.7
3.2

0.7
158.6

0.7
137.7

0.7
123.5

0.7
140.1

29
30

104.5
269.7
-4.0
0.0
-9.3
-152.0

518.5
303.3
11.9
0.1
26.7
176.5

428.1
399.8
10.0
-0.0
8.4
10.0

727.9
365.8
7.4
0.0
-0.4
355.1

720.9
323.4
1.2
0.0
-0.4
396.7

639.8
355.3
5.8
0.0
-1.0
279.7

663.7
364.7
21.6
-0.0
20.9
256.6

721.2
294.8
-6.2
0.3
-4.0
436.3

711.0
372.1
7.3
-0.2
3.7
328.1

811.5
306.2
1.3
-0.1
0.6
503.4

639.8
320.4
2.4
0.1
-2.1
318.9

31
32
33
34
35
36

-248.5

487.8

894.4

674.5

781.1

745.6

600.5

675.5

660.0

881.2

907.8

37

-209.3

-73.1

52.7

244.4

398.7

148.8

590.3

367.8

398.1

478.0

351.1

38

-62.1

-277.4

-472.2

-399.5

-383.7

-395.4

-403.4

-256.2

-421.4

-449.9

-407.5

39

-147.1

204.4

524.9

643.9

782.5

544.2

993.7

623.9

819.5

927.9

758.5

40

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

31
32
33
34
35
36

Miscellaneous assets
U.S. direct investment abroad (4)
Insurance receivables
Equity in GSEs
Investment in finance co. subs.
Other

37
38

Net increase in liabilities


Net funds raised in markets

39

Net new equity issues

40

Credit market instruments

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

-73.1
37.2
411.7
-234.0
-160.8
-128.1

24.5
33.2
438.6
-83.5
-90.4
-118.1

33.4
8.5
410.8
68.9
60.2
-56.9

14.0
15.2
579.6
78.3
-33.7
-9.5

12.7
9.3
640.3
44.6
47.9
27.6

-35.5
9.7
587.1
56.7
-43.7
-30.1

70.5
11.9
782.0
83.0
10.7
35.6

20.9
11.3
579.4
20.0
22.5
-30.1

-19.3
6.4
570.8
55.8
163.9
41.9

92.5
20.6
745.3
56.1
2.2
11.3

-43.2
-0.9
665.8
46.6
3.1
87.2

41
42
43
44
45
46

47
48
49
50
51
52
53

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

-82.6
-3.3
46.5
104.6
-8.4
82.7
-132.4

156.3
7.2
397.3
157.0
15.4
-14.9
239.7

25.2
8.8
807.7
195.2
3.0
-12.5
622.0

118.4
6.6
305.0
165.1
-2.0
50.1
91.8

128.1
-17.2
271.6
133.1
-1.0
54.9
84.5

125.5
-9.5
480.8
135.5
-0.7
14.7
331.3

38.1
19.2
-47.0
173.2
-2.5
99.4
-317.1

138.9
-17.9
186.6
91.0
0.8
49.0
45.9

84.6
-21.8
199.1
142.0
0.4
36.4
20.4

213.9
-3.3
192.6
159.1
-1.1
50.3
-15.7

74.9
-26.0
507.9
140.2
-3.9
84.1
287.5

47
48
49
50
51
52
53

-125.4

287.4

853.0

110.3

98.6

99.6

168.0

88.1

120.5

-85.0

270.7

54

-269.7

-235.6

-220.1

-115.2

-133.9

-103.6

-92.9

-162.4

-187.2

-32.1

-153.9

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).

21

Z.1, March 6, 2014

F.103 Nonfinancial Noncorporate Business


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

2011

2012

2013

2012
Q3

2013
Q4

Q1

Q2

Q3

Q4

Gross saving = consumption of fixed capital

253.0

251.8

256.8

264.5

275.4

265.6

267.8

270.8

273.8

276.7

280.3

Gross saving less net capital transfers paid (1)

259.0

259.6

258.4

269.5

275.4

265.7

287.4

270.8

273.8

276.7

280.3

Gross investment

259.0

259.6

258.4

269.5

275.4

265.7

287.4

270.8

273.8

276.7

280.3

240.2
248.8
-8.5

241.0
243.1
-2.2

255.8
258.5
-2.7

273.8
278.7
-4.9

326.8
293.0
33.7

266.9
279.6
-12.7

278.7
289.0
-10.3

312.1
281.6
30.5

323.7
291.5
32.2

335.9
297.4
38.5

335.4
301.6
33.8

4
5
6

18.8

18.6

2.5

-4.3

-51.4

-1.2

8.8

-41.3

-50.0

-59.2

-55.1

-117.0

151.7

16.7

74.9

95.5

62.8

134.8

23.9

108.5

120.1

129.4

4
5
6

Capital expenditures
Fixed investment (2)
Change in inventories

Net lending (+) or net borrowing (-)

Net acquisition of financial assets

9
10
11

Checkable deposits and currency


Time and savings deposits
Money market mutual funds

14.9
-4.8
-1.7

-2.8
2.9
3.1

-2.3
3.9
0.8

14.8
5.2
1.1

11.3
10.3
2.2

13.1
4.0
0.9

23.2
11.0
2.4

1.5
3.2
0.7

13.1
11.5
2.5

14.6
12.7
2.7

15.9
13.6
2.9

9
10
11

12

Credit market instruments

-6.7

6.6

1.0

1.4

2.8

1.1

2.9

0.9

3.1

3.4

3.7

12

-5.7
0.2
-1.2
0.0

1.9
0.5
4.2
0.0

0.5
0.1
0.5
0.0

0.7
0.1
0.6
0.0

1.4
0.2
1.2
0.0

0.5
0.1
0.5
0.0

1.5
0.2
1.3
0.0

0.4
0.0
0.4
0.0

1.6
0.2
1.4
0.0

1.7
0.2
1.5
0.0

1.8
0.2
1.6
0.0

13
14
15
16

-26.3
-92.5
-9.8
-0.0
-82.7

37.0
104.8
29.7
0.4
74.7

5.8
7.5
-11.6
0.3
18.8

7.8
44.7
15.1
0.2
29.5

15.4
53.6
-5.3
0.6
58.3

5.9
37.8
14.9
0.4
22.5

16.4
78.9
19.2
0.2
59.5

4.8
12.8
-7.6
-0.2
20.6

17.3
61.1
-3.1
1.1
63.1

19.0
67.7
-5.1
1.0
71.8

20.4
73.0
-5.3
0.5
77.8

17
18
19
20
21

-135.8

133.1

14.2

79.3

146.9

64.0

126.1

65.2

158.4

179.3

184.6

22

-108.7

-32.1

22.1

76.5

132.9

64.6

146.5

0.4

171.2

170.4

189.6

23

-102.0
-5.3
-1.4

-20.3
4.7
-16.5

56.7
0.6
-35.2

87.8
9.3
-20.6

49.8
6.6
76.5

62.2
12.6
-10.2

89.0
7.9
49.6

35.5
-16.4
-18.7

62.0
21.2
87.9

45.3
6.8
118.3

56.6
14.7
118.3

24
25
26

16.8
-6.3
32.8

30.3
-0.7
-50.6

7.9
1.2
34.5

1.7
1.5
9.8

9.3
3.1
7.1

-1.9
1.2
8.5

15.3
3.3
-15.6

18.4
1.0
6.9

-0.2
3.4
4.9

10.0
3.8
27.5

9.0
4.1
-10.8

27
28
29

-70.4

186.2

-51.5

-10.3

-5.5

-8.4

-23.3

38.6

-20.9

-32.4

-7.3

30

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
29

Trade payables
Taxes payable
Miscellaneous liabilities

30

Proprietors net investment

(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.

Flows

2009

22

Z.1, March 6, 2014

F.104 State and Local Governments (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

Flows

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

14

Net saving, NIPA basis

15
16

+ Consumption of fixed capital


- Net capital transfers paid (2)

17

= Gross saving less net capital transfers paid

18

Gross investment

19
20

Fixed investment
Nonproduced nonfinancial assets

21

Net lending (+) or net borrowing (-)

22

Net acq. of financial assets

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

1919.2

1998.5

2029.9

2039.4

2101.3

2039.6

2059.7

2078.7

2110.8

2103.2

2112.4

287.8
934.8
45.6
18.6
87.8
566.1
-21.4

297.6
960.4
47.7
18.1
82.6
612.0
-19.8

327.0
988.5
50.7
18.3
80.0
581.8
-16.5

348.8
1004.9
51.4
17.5
78.5
552.6
-14.3

376.6
1027.4
55.2
17.5
81.4
558.5
-15.4

349.2
1000.6
51.1
17.4
78.4
557.0
-14.1

358.8
1008.3
51.3
17.3
79.3
558.7
-14.0

377.1
1021.9
54.5
17.3
80.2
542.7
-14.9

393.1
1020.2
56.0
17.4
80.9
558.4
-15.2

365.6
1029.7
54.0
17.6
81.9
569.9
-15.5

370.4
1037.7
56.6
17.9
82.6
563.1
-15.9

2
3
4
5
6
7
8

2191.2

2235.8

2243.0

2292.1

2320.4

2299.7

2313.9

2308.5

2308.4

2329.2

2335.6

1508.4
492.6
188.8
1.4

1518.3
523.8
192.1
1.6

1517.4
532.0
192.9
0.5

1536.4
544.3
211.0
0.5

1548.2
561.7
210.1
0.5

1536.8
548.8
213.7
0.5

1544.3
553.7
215.5
0.5

1543.0
552.3
212.7
0.5

1541.4
555.9
210.6
0.5

1550.8
568.9
209.0
0.5

1557.4
569.5
208.1
0.5

10
11
12
13

-271.9

-237.3

-213.1

-252.7

-219.1

-260.1

-254.2

-229.8

-197.6

-226.0

-223.1

14

208.2
-67.7

212.7
-76.7

221.7
-73.9

231.4
-74.1

237.6
-71.0

232.4
-73.2

233.7
-80.5

234.9
-71.3

236.6
-68.6

238.3
-74.9

240.6
-69.1

15
16

4.0

52.2

82.5

52.8

89.4

45.5

60.0

76.4

107.6

87.2

86.6

17

-58.9

51.3

18.0

83.3

65.8

77.0

75.3

79.6

111.1

8.8

63.5

18

363.0
12.3

351.9
10.6

337.2
10.1

334.9
10.2

330.9
9.5

334.6
10.2

331.2
10.1

326.1
9.8

327.8
9.6

335.6
9.4

334.0
9.2

19
20

-434.2

-311.2

-329.4

-261.8

-274.6

-267.8

-265.9

-256.3

-226.3

-336.1

-279.7

21

10.8

66.1

-56.6

-77.0

13.3

-25.0

-229.1

42.5

112.8

-63.9

-38.2

22

23
24

Checkable deposits and currency


Time and savings deposits

19.2
9.3

5.6
-6.9

16.6
14.4

-8.9
20.3

7.4
21.0

-7.6
37.4

-12.9
4.5

13.8
13.2

-10.4
53.6

28.8
13.7

-2.7
3.4

23
24

25
26

Money market fund shares


Security repurchase agreements

9.8
-4.2

13.7
-1.4

-0.1
-6.5

-8.8
-6.9

1.2
0.9

-6.7
-5.3

-18.7
-14.7

2.0
1.6

6.4
5.1

-2.6
-2.0

-1.2
-0.9

25
26

27

Credit market instruments

-37.4

60.8

-77.3

-69.3

-31.5

-49.0

-174.0

1.4

41.6

-121.2

-47.6

27

-39.0
-17.4
9.7

13.0
6.8
22.4

-10.8
-45.5
-12.7

-5.4
-12.7
-29.4

0.7
-38.9
3.9

-4.1
-6.1
-22.3

-11.3
-54.0
-62.3

1.2
-11.5
6.7

3.9
0.4
21.4

-1.6
-104.6
-8.6

-0.7
-40.0
-3.9

28
29
30

1.0
3.3
4.9

1.4
7.4
10.0

0.1
-4.0
-4.5

-0.8
-9.4
-11.7

0.1
1.2
1.5

-0.6
-7.1
-8.9

-1.6
-20.0
-24.8

0.2
2.1
2.7

0.6
6.9
8.5

-0.2
-2.8
-3.4

-0.1
-1.3
-1.6

31
32
33

28
29
30

Open market paper


Treasury securities
Agency- and GSE-backed securities

31
32
33

Municipal securities
Corporate and foreign bonds
Mortgages

34
35

Corporate equities
Mutual fund shares

-2.3
1.7

-0.3
2.8

-4.3
-0.7

-5.0
-2.6

0.7
0.3

-3.8
-2.0

-10.6
-5.5

1.1
0.6

3.7
1.9

-1.5
-0.8

-0.7
-0.3

34
35

36
37
38

Trade receivables
Taxes receivable
Miscellaneous assets

-4.6
-5.8
25.2

13.1
1.1
-22.5

2.3
2.2
-3.2

8.2
1.5
-5.5

9.6
3.1
0.7

7.2
8.8
-4.1

4.7
9.8
-11.6

8.8
-1.3
1.2

8.7
-1.7
4.0

14.3
9.1
-1.6

6.4
6.1
-0.7

36
37
38

445.0

377.3

272.7

184.8

287.9

242.7

36.8

298.8

339.1

272.2

241.5

39

39

Net increase in liabilities

40

Credit market instruments

113.0

69.5

-52.7

-5.3

-38.9

-6.5

-115.5

73.0

32.8

-116.5

-144.8

40

41
42
43
44

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

112.2
7.8
104.4
0.8

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

-6.1
10.0
-16.1
-0.4

-116.0
-27.2
-88.8
0.5

71.7
-4.4
76.0
1.3

33.0
8.6
24.4
-0.2

-116.9
-19.4
-97.5
0.5

-145.4
-28.3
-117.2
0.6

41
42
43
44

38.9
293.0

38.5
269.3

38.4
287.0

39.1
151.0

39.6
287.2

39.2
210.1

39.2
113.1

39.2
186.5

39.3
267.0

39.9
348.8

40.0
346.4

45
46

62.9

0.9

64.5

-30.5

23.7

-31.5

-15.3

-3.3

-3.5

78.4

23.1

47

45
46
47

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

(1) Data for employee retirement funds are shown in table F.118.
(2) Table F.9, line 62.
(3) Debt with original maturity of 13 months or less.
(4) Included in miscellaneous liabilities.

23

Z.1, March 6, 2014

F.105 Federal Government


Billions of dollars; quarterly figures are seasonally adjusted annual rates

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

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

2230.1

2391.7

2516.7

2663.0

3037.9

2656.6

2709.0

2900.1

3166.9

2975.8

3108.7

857.2
91.4
200.4
14.8
950.8
48.5
66.2
0.7

893.8
96.8
298.7
15.7
970.9
54.6
64.4
-3.1

1077.0
108.6
294.2
16.3
904.3
57.4
66.1
-7.3

1149.2
118.0
351.0
17.8
937.8
52.9
49.7
-13.4

1282.8
120.3
326.1
20.0
1093.9
164.6
54.5
-24.4

1147.2
118.2
356.1
17.1
934.6
52.2
45.6
-14.4

1194.0
118.0
347.9
19.9
955.3
53.3
38.4
-17.8

1252.0
118.8
321.0
19.2
1081.7
74.1
53.9
-20.6

1275.7
118.6
328.7
19.4
1091.2
299.6
57.4
-23.8

1292.0
119.3
329.3
20.0
1096.7
93.4
51.0
-25.9

1311.5
124.5
325.5
21.5
1106.0
191.3
55.5
-27.2

2
3
4
5
6
7
8
9

3479.9

3721.3

3764.9

3772.7

3792.8

3775.8

3787.5

3753.2

3820.1

3825.7

3772.4

10

933.7
1624.9
510.7
353.6
56.9

1003.9
1726.6
555.9
380.6
54.3

1008.7
1745.3
529.0
422.6
59.4

1011.7
1790.5
493.1
420.6
56.8

970.8
1856.8
492.9
414.4
57.9

1036.1
1793.1
500.0
391.1
55.6

993.9
1812.3
489.3
434.7
57.3

982.3
1848.1
479.2
386.1
57.5

976.0
1849.0
498.1
438.4
58.5

972.4
1862.8
509.2
422.7
58.6

952.6
1867.2
485.3
410.1
57.1

11
12
13
14
15

-1249.8

-1329.5

-1248.3

-1109.7

-754.9

-1119.3

-1078.5

-853.1

-653.1

-850.0

-663.7

16

234.5
0.5
5.0
64.4

245.3
-1.7
4.9
84.8

256.5
-0.4
4.4
81.4

262.3
-1.4
4.6
79.9

267.6
-1.2
5.3
58.8

262.9
-1.6
4.6
74.0

263.7
-1.6
4.7
103.5

265.6
-1.9
5.3
65.8

266.8
-0.4
5.3
58.4

267.8
-2.6
5.3
61.5

270.0
-0.0
5.4
49.5

17
18
19
20

16

Net saving, NIPA basis

17
18
19
20

+ Consumption of fixed capital


- Insurance and pension reserves (1)
- Contr. for govt. soc. insur., U.S.-affiliated areas
- Net capital transfers paid (2)

21

= Gross saving less net capital transfers paid

-1085.1

-1172.2

-1077.2

-930.5

-550.3

-933.3

-921.4

-656.7

-449.6

-646.3

-448.6

21

22
23
24

Gross investment
Fixed investment
Nonproduced nonfinancial assets

-1023.2
284.0
-8.9

-1117.8
300.0
-1.0

-1061.0
295.4
-0.9

-843.1
284.0
-1.4

-435.7
275.1
-0.7

-493.1
286.0
-1.4

-853.9
281.4
-1.4

-858.8
272.7
-0.6

66.8
276.6
-0.8

-467.3
278.8
-1.1

-483.3
272.2
-0.3

22
23
24

-1298.3

-1416.7

-1355.5

-1125.7

-710.0

-777.8

-1133.9

-1130.9

-209.0

-745.0

-755.2

25

237.8

281.1

-154.8

116.4

174.4

94.0

175.0

139.9

208.7

-85.6

434.8

26

51.9
-174.2
0.3
309.1
142.0
0.6
66.0
12.6
87.9
0.6
-21.1
35.9
35.4

1.6
148.9
0.1
83.6
-47.2
0.3
3.5
-6.2
133.1
24.1
-0.7
27.1
-3.5

16.2
-257.6
-0.3
19.1
-118.1
-0.1
4.8
4.1
128.5
40.3
4.8
20.8
1.9

4.3
6.7
0.2
105.0
-31.1
-0.2
2.5
1.6
132.1
-13.2
2.6
11.9
-1.0

-1.5
69.6
-0.5
123.7
0.0
-0.1
6.8
4.0
113.1
-4.8
0.1
-19.7
7.6

3.1
-28.1
-0.4
114.7
0.0
-0.4
-8.0
2.0
121.1
-9.9
6.2
8.1
0.1

-3.7
79.4
-0.4
94.4
0.0
-0.1
-2.6
-4.2
101.3
-5.0
-0.3
10.1
0.5

3.3
-8.6
-1.3
165.3
0.0
-0.2
10.1
7.2
148.2
-5.2
-14.1
-2.4
2.7

-1.0
130.6
0.5
125.1
0.0
-0.1
8.5
-0.5
117.2
-2.8
14.4
-46.5
-11.6

-4.2
-189.0
0.3
105.2
0.0
-0.1
3.8
3.7
97.7
-10.3
-4.5
1.7
15.3

-4.3
345.4
-1.4
99.3
0.0
-0.0
4.6
5.5
89.2
-1.1
4.6
-31.7
24.0

27
28
29
30
31
32
33
34
35
36
37
38
39

1536.1

1697.8

1200.7

1242.2

884.4

871.7

1308.9

1270.8

417.7

659.4

1189.9

40

47.6
3.0
-0.4
1443.9
-2.8
-73.3
1519.8
0.1
0.0
-56.2
1.1
97.0
61.9
15.6
19.5

0.0
0.0
-0.3
1580.2
-3.3
-19.0
1601.8
0.7
0.0
6.3
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
9.4
1.3
122.1
70.8
19.2
32.1

0.0
0.0
0.0
1140.2
-2.8
107.0
1036.3
-0.4
0.0
8.0
0.3
93.7
40.4
48.2
5.0

0.0
0.0
-0.4
759.1
-3.3
-35.9
798.7
-0.4
0.0
23.5
0.3
102.0
98.2
-9.7
13.4

0.0
0.0
0.0
787.7
-2.5
74.4
716.2
-0.3
0.0
17.0
-0.2
67.2
45.8
43.0
-21.6

0.0
0.0
0.0
1176.1
-5.0
53.8
1125.3
1.9
0.0
10.2
-0.5
123.1
-86.5
175.1
34.5

0.0
0.0
0.0
1168.7
-2.5
646.7
525.5
-1.0
0.0
1.8
0.2
100.1
229.9
-141.3
11.5

0.0
0.0
0.0
299.9
-3.7
-880.3
1182.6
1.3
0.0
31.1
0.8
86.1
-272.6
361.1
-2.5

0.0
0.0
-1.4
174.1
-3.3
-160.7
337.5
0.5
0.0
24.8
-0.5
462.3
-110.3
605.7
-33.0

0.0
0.0
0.0
1393.6
-3.6
250.6
1149.1
-2.4
0.0
36.4
0.5
-240.6
545.9
-864.1
77.7

41
42
43
44
45
46
47
48
49
50
51
52
53
54
55

-61.9

-54.5

-16.2

-87.5

-114.6

-440.2

-67.6

202.1

-516.4

-179.0

34.7

56

-173.2

148.9

-258.0

7.5

69.6

-24.6

24.8

-54.2

227.3

-185.1

290.3

57

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
52
53
54
55
56

57

Net lending (+) or net borrowing (-)


Net acq. of financial assets
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 deposit and currency liabilities of the monetary authority and U.S.-chartered depository institutions sectors (table F.204, lines 3 and 8).

Flows

2009

24

Z.1, March 6, 2014

F.106 Rest of the World


Billions of dollars; quarterly figures are seasonally adjusted annual rates

Flows

2009

2010

2011

2012

2013

2012

2013

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

2608.7
1976.0
496.5
136.1

3018.1
2362.0
514.1
142.0

3360.9
2669.9
542.1
149.0

3453.5
2743.1
565.7
144.6

3475.0
2757.0
565.6
152.4

3432.3
2723.5
564.4
144.3

3444.9
2729.5
572.8
142.6

3465.5
2737.3
575.9
152.4

3474.6
2747.9
570.1
156.6

3480.4
2766.0
559.1
155.3

3479.6
2776.9
557.3
145.4

1
2
3
4

5
6
7

Foreign outlays to U.S.


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

2227.5
1583.8
643.7

2563.5
1843.5
720.0

2904.0
2101.1
802.8

3014.5
2195.9
818.6

3077.3
2259.8
817.6

3011.2
2199.2
812.0

3043.5
2213.7
829.8

3027.5
2214.2
813.3

3055.9
2238.9
817.0

3087.8
2265.8
822.0

3138.1
2320.1
818.0

5
6
7

8
9

- Net capital transfers paid (1)


Gross saving less net capital transfers paid (2)

-0.6
381.7

-0.7
455.2

-1.6
458.6

6.6
432.4

-0.4
398.1

-2.3
423.4

30.3
371.1

-0.4
438.5

-0.4
419.1

-0.4
393.0

-0.4
342.0

8
9

Gross investment
Nonproduced nonfinancial assets

230.9
0.0

437.9
-0.0

550.4
-0.1

446.3
0.0

230.6
0.3

111.7
0.0

548.2
0.0

161.5
-0.0

261.1
0.0

270.2
1.1

197.8
0.0

10
11

10
11
12

Net lending (+) or net borrowing (-)

230.9

437.9

550.5

446.3

230.3

111.7

548.2

161.5

261.1

269.2

197.8

12

13

Net acquisition of financial assets

236.5

1196.8

1108.4

696.8

782.4

558.1

1272.9

904.2

1695.2

229.5

300.6

13

0.0
47.6
-201.9
-9.2
-73.2
7.2
-42.7
123.5
-41.4
554.4
569.9
-15.5
-226.0
-169.5
-56.6
7.7
-127.3
-44.0
154.9
57.2
6.6
0.0
166.5
150.4
16.1

0.0
0.0
-61.8
29.5
9.0
-7.1
74.2
623.7
-0.5
740.4
442.0
298.3
-72.3
-96.0
23.8
13.1
-36.8
-20.2
74.6
111.5
19.8
0.0
323.5
205.9
117.7

0.0
0.0
213.9
81.8
47.2
24.9
123.3
239.6
0.7
357.9
169.8
188.0
-41.6
-29.5
-12.1
-1.4
-109.9
33.9
-38.7
147.5
17.7
0.0
251.2
230.2
21.0

0.0
0.0
-136.0
68.3
37.1
20.2
2.6
449.7
3.4
589.5
433.2
156.4
-71.8
-126.0
54.2
-2.4
-16.9
-52.2
29.9
182.0
11.5
0.0
31.7
166.4
-134.8

0.0
0.0
260.4
48.9
47.4
61.7
56.3
513.3
1.8
418.3
233.3
184.9
-91.6
-25.3
-66.3
-1.4
191.5
-5.2
31.7
-87.6
11.9
0.0
-161.8
156.1
-318.0

0.0
0.0
-251.7
93.1
67.5
13.7
93.0
688.8
5.2
600.3
386.8
213.5
26.8
-68.5
95.4
10.4
80.6
-34.5
93.4
6.5
26.4
0.0
-272.6
155.4
-428.0

0.0
0.0
-516.4
84.4
88.7
14.9
158.8
582.3
19.9
558.4
406.4
152.0
-124.6
-141.4
16.8
-19.1
206.8
-59.2
313.5
110.0
-4.7
0.0
441.5
169.2
272.3

0.0
0.0
382.0
10.7
-2.1
7.9
221.8
561.4
35.0
531.6
435.5
96.1
-167.4
-88.1
-79.3
-10.9
163.4
9.7
16.5
-107.2
14.4
0.0
-201.1
114.5
-315.6

0.0
0.0
1133.6
33.2
23.9
203.1
-117.4
87.7
-15.0
65.5
-35.4
100.9
-137.4
-40.1
-97.4
-19.8
168.5
25.9
-128.4
-205.6
20.8
0.0
644.3
162.2
482.0

0.0
0.0
-160.5
89.5
82.0
15.4
10.6
538.6
-51.3
253.7
42.9
210.8
87.8
81.1
6.7
12.5
291.2
-55.4
274.7
-71.9
2.6
0.0
-551.6
176.7
-728.3

0.0
0.0
-313.5
62.3
85.7
20.5
110.3
865.7
38.6
822.2
490.3
331.9
-149.4
-54.2
-95.2
12.5
142.9
-1.0
-35.9
34.5
9.9
0.0
-538.9
171.0
-709.9

14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38

14
15
16
17
18
19
20
21
22
23
24
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
52
53
54
55
56
57
58
59
60
61
62
63
64

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
Credit market instruments
Open market paper
Treasury securities
Official
Private
Agency- and GSE-backed securities
Official
Private
Municipal securities
U.S. corporate bonds (4)
Loans to U.S. corporate business
U.S. corporate equities
Mutual fund shares
Trade receivables
Security credit
Miscellaneous assets
Foreign direct investment in U.S. (5)
Other
Net increase in liabilities
U.S. official reserve assets
U.S. private deposits
Security repurchase agreements
Credit market instruments
Commercial paper
Bonds
Depository institution loans n.e.c.
Official
Banks
Other
Other loans and advances
Foreign corporate equities (6)
Trade payables
Security debt
Miscellaneous liabilities
U.S. equity in IBRD, etc.
Nonofficial foreign currencies
U.S. direct investment abroad (4,5)
Investment by holding companies
Other
Discrepancy (FOF basis) (7)
Memo:
Net U.S. exports, NIPA basis
+ Net U.S. income receipts (8)
- Current taxes and trans. payments to rest of world
= Balance on current account, NIPAs

5.7

758.9

557.9

250.5

552.1

446.5

724.7

742.7

1434.1

-39.6

102.8

39

52.3
-110.7
55.7
208.1
59.4
163.3
-14.8
-0.0
-5.2
-9.6
0.3
63.7
6.1
0.0
-269.5
1.7
-543.3
310.4
23.5
-61.7

1.8
-9.3
200.3
81.4
-2.7
59.9
24.0
2.1
15.6
6.3
0.2
79.1
25.8
0.0
379.7
2.3
-10.1
301.1
10.6
75.8

15.9
-46.3
71.6
128.9
-53.5
137.7
43.2
-1.2
16.8
27.6
1.4
6.0
-32.2
0.0
414.1
2.6
99.7
409.0
30.6
-127.8

4.5
-30.2
39.7
126.2
27.9
62.2
30.4
0.8
0.6
29.1
5.7
82.6
6.3
0.0
21.5
2.4
-91.0
388.3
-51.5
-226.8

-1.4
86.9
-114.7
204.1
34.4
129.6
39.2
1.0
20.0
18.2
1.0
211.4
-1.9
0.0
167.6
3.9
-8.6
373.1
-29.0
-171.8

3.3
141.0
-2.4
230.0
78.4
133.2
18.3
0.1
-19.8
38.0
0.2
71.5
-2.2
0.0
5.2
1.0
-61.6
374.5
-48.7
-260.0

-3.6
-89.1
118.7
330.4
54.5
250.5
15.0
4.2
-2.1
12.9
10.5
41.5
7.4
0.0
319.2
0.3
-14.9
381.7
-156.9
109.1

3.5
96.8
-70.5
393.4
120.7
239.8
33.3
-0.1
23.0
10.4
-0.4
295.3
-4.5
0.0
28.7
0.1
-3.8
336.5
89.8
-393.9

-0.8
315.3
-159.8
46.0
13.7
3.9
24.9
-0.4
17.1
8.2
3.5
313.6
7.6
0.0
912.2
8.3
-25.3
388.0
-146.0
687.1

-4.0
-73.3
10.0
117.6
-20.9
97.7
41.3
2.1
24.8
14.3
-0.4
91.9
-5.3
0.0
-176.4
0.1
-4.6
383.3
106.5
-661.6

-4.1
8.8
-238.3
259.5
24.1
177.0
57.2
2.2
15.1
40.0
1.2
144.8
-5.3
0.0
-62.6
7.2
-0.9
384.8
-166.4
-287.3

40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59

150.8

17.3

-91.9

-13.9

167.6

311.7

-177.1

277.0

158.0

122.7

144.2

60

-392.2
147.2
136.1
-381.2

-518.5
206.0
142.0
-454.5

-568.7
260.8
149.0
-457.0

-547.2
252.8
144.6
-439.0

-497.3
252.0
152.4
-397.7

-524.4
247.6
144.3
-421.1

-515.8
257.0
142.6
-401.4

-523.1
237.4
152.4
-438.1

-509.0
246.8
156.6
-418.7

-500.2
262.9
155.3
-392.6

-456.8
260.6
145.4
-341.6

61
62
63
64

(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 63 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) Balance of payments discrepancy adjusted to NIPA concepts.
(8) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP.

25

Z.1, March 6, 2014

F.107 Financial Business (1)


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

2011

2012

2013

2012
Q3

Gross saving less net capital transfers paid

Gross investment

2013
Q4

Q1

Q2

Q3

Q4

350.6

384.6

333.2

331.2

282.2

377.9

262.0

395.2

127.9

377.8

228.1

0.6

-35.7

105.2

254.4

477.1

104.3

480.7

385.7

570.8

862.9

88.8

166.7
-0.1
166.9

167.4
4.7
162.8

181.5
6.3
175.2

198.7
5.3
193.4

207.9
2.1
205.8

197.8
5.1
192.7

204.0
4.9
199.1

208.0
4.9
203.1

192.8
-10.4
203.2

211.5
5.9
205.6

219.1
7.9
211.2

3
4
5

3
4
5

Capital expenditures
Fixed residential investment
Fixed nonresidential investment

Net lending (+) or net borrowing (-)

-166.1

-203.1

-76.2

55.7

269.2

-93.5

276.7

177.7

378.0

651.4

-130.3

Net acqisition of financial assets

-1150.0

-351.0

1947.8

1785.5

3947.4

1629.3

3173.2

4772.6

3299.0

4373.5

3344.4

8
9
10
11
12

U.S. official reserve assets


SDR certificates
Treasury currency
Foreign deposits
Net interbank assets

0.3
3.0
4.0
11.6
-349.5

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
0.8
-9.6
760.1

0.2
0.0
0.5
28.7
-254.9

0.1
0.0
0.5
12.5
234.3

0.2
0.0
0.9
21.8
1170.7

0.2
0.0
0.7
-46.7
887.0

0.2
0.0
0.7
-3.2
899.4

0.1
0.0
0.8
-10.2
83.4

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

-34.7
129.2
-174.0
-84.0

-29.3
-108.4
-171.7
6.5

36.8
-46.2
-68.0
-59.1

10.9
12.2
-17.8
96.7

6.6
76.0
-7.3
43.7

-4.7
153.5
36.7
162.6

152.2
62.4
229.0
-35.8

18.3
-32.6
-137.0
144.8

-14.3
79.4
18.7
-252.1

64.6
294.8
128.2
135.6

-42.1
-37.7
-39.2
146.6

13
14
15
16

17

Credit market instruments

-976.9

-173.3

1051.3

1082.9

1812.7

789.5

1802.1

1966.2

1457.4

1590.6

2236.8

17

18
19
20
21
22

Open market paper


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

-396.8
365.7
681.4
38.4
37.4

-103.3
504.6
51.8
44.1
271.6

-76.3
981.3
147.7
15.0
204.4

-7.1
323.8
230.9
138.2
360.4

17.9
544.5
463.4
3.3
369.8

-38.8
137.9
203.5
194.6
431.1

46.1
449.3
213.3
122.1
435.8

89.2
767.4
679.2
102.3
458.9

16.3
265.4
449.2
2.6
157.1

22.6
329.2
157.9
-38.9
457.8

-56.3
815.9
567.2
-52.7
405.4

18
19
20
21
22

23
24
25
26

Depository institution loans n.e.c.


Other loans and advances
Mortgages
Consumer credit

-753.4
-463.8
-302.2
-183.7

-90.4
-209.7
-505.3
-136.7

146.6
-30.9
-318.4
-18.0

184.1
38.7
-230.6
44.6

184.3
122.9
34.5
72.1

161.0
-5.5
-324.9
30.6

272.1
105.1
51.1
107.2

30.9
26.9
-221.3
32.7

208.5
280.0
17.2
61.0

211.6
121.3
234.5
94.6

286.4
63.4
107.3
100.2

23
24
25
26

27
28

Corporate equities
Mutual fund shares

170.4
68.9

81.4
17.1

-86.3
-14.3

165.1
71.2

295.1
25.7

267.8
74.7

216.3
46.8

171.3
53.4

312.3
21.1

225.6
46.7

471.3
-18.2

27
28

29
30

Trade receivables
Security credit

-38.0
-21.8

-8.6
97.9

-0.8
39.7

-1.6
165.2

2.0
-21.7

5.9
256.2

-11.0
189.1

3.9
-131.7

-5.1
-79.2

0.4
50.1

9.0
73.9

29
30

31
32

Life insurance reserves


Miscellaneous assets

2.8
138.6

8.2
26.2

7.3
546.9

14.7
248.9

10.9
952.1

11.7
101.0

1.1
273.5

10.2
1512.3

5.4
914.4

9.7
930.0

18.4
451.6

31
32

33

Net increase in liabilities

-983.9

-147.9

2024.0

1729.8

3678.2

1722.8

2896.6

4594.9

2921.1

3722.0

3474.7

33

34

Net interbank liabilities

-541.1

-145.2

818.5

-188.2

1065.0

-487.5

-343.7

1850.0

2000.7

527.7

-118.5

34

35
36
37
38

Checkable deposits and currency


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

-7.9
343.7
-498.7
290.4

266.3
115.6
-503.2
4.5

234.5
404.1
-112.8
-64.4

268.5
520.4
7.1
17.1

332.0
414.2
28.7
-58.1

223.1
435.8
55.3
-102.2

623.6
862.7
312.8
77.5

299.1
124.3
-135.0
-87.9

70.2
417.8
77.2
-507.1

161.7
831.4
270.2
62.4

796.9
283.3
-97.8
300.3

35
36
37
38

39

Credit market instruments

-1808.7

-931.8

-435.2

-395.6

184.6

-272.0

-243.2

-4.2

52.9

78.3

611.5

39

40
41
42

Open market paper


Agency- and GSE-backed securities
Corporate and foreign bonds

-448.1
-60.1
-586.0

-102.2
-46.9
-575.2

-68.2
-21.9
-325.8

-58.8
-22.4
-209.6

-48.8
239.0
-103.1

-65.4
-7.6
-223.4

-86.1
67.0
-140.8

-12.4
182.0
-248.9

-15.7
225.6
-296.6

-132.3
198.5
10.9

-35.0
349.8
122.2

40
41
42

43
44
45

Depository institution loans n.e.c.


Other loans and advances
Mortgages

-435.4
-282.6
3.4

-62.9
-144.7
0.2

31.6
-60.0
9.1

-124.0
3.5
15.6

29.0
70.9
-2.3

32.0
-19.8
12.2

-99.0
0.8
14.9

6.4
46.5
22.1

29.6
126.3
-16.4

-61.4
62.0
0.6

141.3
48.7
-15.4

43
44
45

316.3
497.1

191.3
370.1

164.1
338.4

168.6
624.9

171.4
662.1

274.3
784.7

227.3
542.5

235.4
956.8

49.7
506.9

185.6
673.9

214.9
510.7

46
47

48.9
-134.0

-52.0
48.4

-3.8
137.1

-0.0
124.0

0.3
0.6

-2.0
167.6

5.0
34.1

4.6
-122.1

1.0
92.9

-9.3
30.4

4.9
1.2

48
49

46
47

Corporate equities
Mutual fund shares

48
49

Trade payables
Security credit

50
51

Life insurance reserves


Pension entitlements

26.3
420.6

13.6
595.9

79.9
485.5

-12.2
501.2

17.3
492.5

11.5
541.2

25.2
593.1

-9.8
406.9

22.9
430.1

51.8
546.3

4.5
586.6

50
51

52
53
54

Taxes payable
Equity in noncorporate business
Miscellaneous liabilities

6.1
0.6
112.3

13.0
0.9
64.9

10.7
-1.7
40.7

6.6
6.5
120.8

8.0
-2.3
247.3

37.8
-3.6
56.4

-34.5
-5.3
338.2

43.6
-5.3
968.1

-67.2
1.3
-388.0

36.2
-16.1
301.4

19.3
10.9
107.6

52
53
54

350.0

420.3

228.0

76.8

-194.8

273.6

-218.7

9.5

-442.9

-485.1

139.3

55

55

Discrepancy

(1) Sum of financial sectors shown on tables F.108 and F.110 through F.130.

Flows

2009

26

Z.1, March 6, 2014

F.108 Monetary Authority (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

2010

2011

2012

2013

2012

Flows

Q3

2013
Q4

Q1

Q2

Q3

Q4

Gross saving

-0.8

-8.6

-0.3

-17.6

-1.3

-18.9

-5.6

-1.6

-1.2

-1.2

-1.1

Fixed nonresidential investment

0.7

0.6

0.5

0.5

0.5

0.5

0.5

0.5

0.5

0.5

0.6

Net acquisition of financial assets

-3.4

186.0

494.0

7.7

1118.9

-203.0

447.7

1211.2

1116.3

1022.7

1125.4

0.3
3.0
4.0

0.3
0.0
0.9

-0.3
0.0
0.7

0.2
0.0
0.6

0.2
0.0
0.8

0.2
0.0
0.5

0.1
0.0
0.5

0.2
0.0
0.9

0.2
0.0
0.7

0.2
0.0
0.7

0.1
0.0
0.8

4
5
6

-0.6

0.7

0.8

0.1

-0.5

0.4

0.5

-0.4

-0.5

0.6

-1.6

-463.1
-447.4
-15.7

-96.4
-96.4
0.0

-0.0
-0.0
0.0

-0.1
-0.1
0.0

0.0
0.0
0.0

0.2
0.2
0.0

-0.2
-0.2
0.0

-0.2
-0.2
0.0

0.4
0.4
0.0

0.2
0.2
0.0

-0.4
-0.4
0.0

8
9
10

-80.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

11

1001.6

271.5

376.5

34.5

1086.1

-203.4

398.4

1134.2

1083.8

1023.6

1102.9

12

4
5
6

U.S. official reserve assets


SDR certificates
Treasury currency

Federal Reserve float (2)

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
300.7
0.0
300.7
1048.5
908.4
140.2

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
-78.8
-73.7
-5.1
-112.4
-80.1
-32.3

0.0
61.8
0.0
61.8
340.2
366.7
-26.5

0.0
575.2
0.0
575.2
559.7
577.1
-17.4

0.0
548.5
0.0
548.5
535.8
548.7
-13.0

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

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)
Rest of world
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)

-347.6
47.5
0.0
-45.5
0.1
-16.7
-3.5
-5.9
-323.6

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

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

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

-0.5
-0.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0

-12.2
-12.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0

-3.6
-3.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0

-0.7
-0.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0

-0.5
-0.5
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

20
21
22
23
24
25
26
27
28

25.1
-493.8
-543.5
49.6

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
-1.0
-61.7
60.7

0.0
48.5
-14.6
63.1

0.0
76.6
-3.3
79.9

0.0
31.6
-25.5
57.1

0.0
-2.6
-4.7
2.1

0.0
23.5
-1.0
24.5

29
30
31
32

-8.0

185.1

493.7

7.3

1118.7

-203.1

447.8

1210.4

1116.6

1022.9

1125.1

33

117.0
-2.8

-8.9
-2.2

594.2
8.1

-71.2
7.1

758.0
2.6

-266.5
11.0

202.7
31.3

1197.2
-25.8

891.6
-4.6

876.6
22.0

66.7
18.7

34
35

-117.6

185.0

-122.1

62.1

139.6

47.8

131.6

-16.8

313.7

-109.1

370.3

36

-173.8
-0.0
80.5
-254.3

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

-24.1
0.0
-24.1
0.0

24.5
0.1
24.4
0.0

-52.3
0.3
-52.6
0.0

226.5
-0.4
226.9
0.0

-185.9
0.2
-186.1
0.0

290.8
0.3
290.5
0.0

37
38
39
40

1.0
14.0
41.2

0.9
-21.6
56.7

-3.2
51.1
85.0

6.3
-37.4
86.2

1.5
-1.3
69.5

16.2
-29.2
84.9

3.2
18.3
85.7

11.0
-28.1
52.6

3.3
-2.7
86.6

-4.3
18.3
62.9

-3.9
7.3
76.1

41
42
43

-10.6

-18.0

40.2

7.3

208.7

29.1

57.8

-6.9

-41.2

249.0

634.1

44

6.1
4.6
1.5

29.2
0.9
28.3

-26.7
0.4
-27.1

2.0
0.5
1.5

9.9
0.1
9.7

-24.5
0.1
-24.6

24.3
-0.0
24.3

62.7
0.8
61.8

-43.0
-0.3
-42.7

-15.6
-0.2
-15.4

35.3
0.3
35.1

45
46
47

-6.0

-10.0

-1.2

-18.6

-2.0

-19.5

-6.1

-2.9

-1.5

-1.6

-1.9

48

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

41
42
43

Due to rest of the world


Due to government-sponsored enterprises
Currency outside banks

44

Security repurchase agreements

45
46
47

Miscellaneous liabilities
Federal Reserve Bank stock
Other

48

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.

27

Z.1, March 6, 2014

F.109 Private Depository Institutions (1)


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

2011

2012

2013

2012
Q3

2013
Q4

Q1

Q2

Q3

Q4

Gross saving less net capital transfers paid (2)

90.9

142.9

76.1

27.5

119.2

69.3

-54.0

151.8

89.2

127.4

108.2

Fixed nonresidential investment

29.7

24.7

24.0

25.7

30.7

25.3

27.8

30.6

30.4

30.8

31.1

Net lending (+) or net borrowing (-)

-458.0

-185.1

-92.2

-86.9

146.2

-255.1

126.9

-74.2

415.4

356.1

-112.4

Net acquisition of financial assets

-518.6

-240.1

830.9

449.8

995.3

196.6

707.9

1181.6

1375.4

875.1

549.0

-2.8
117.0

-2.2
-8.9

8.1
594.2

7.1
-71.2

2.6
758.0

11.0
-266.5

31.3
202.7

-25.8
1197.2

-4.6
891.6

22.0
876.6

18.7
66.7

5
6

-597.4

-194.4

208.9

413.6

287.8

300.3

696.2

115.0

208.7

206.0

621.6

5
6

Vault cash
Reserves at Federal Reserve

Credit market instruments

8
9
10
11
12

Open market paper


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

-15.7
94.7
172.6
3.4
-137.8

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
66.0
-6.2

0.0
-34.3
47.1
54.7
-16.3

0.0
60.0
16.5
84.6
87.2

0.0
103.9
-12.2
48.7
51.9

0.0
-69.7
159.8
58.7
-83.9

0.0
-147.2
68.8
65.2
-24.0

0.0
-89.7
-98.7
53.2
50.2

0.0
169.4
58.7
41.6
-7.4

8
9
10
11
12

13
14
15
16

Depository institution loans n.e.c.


Other loans and advances
Mortgages
Consumer credit

-405.8
0.0
-245.2
-63.6

-45.7
0.0
-213.9
-81.0

214.1
0.0
-146.8
3.6

214.0
0.0
-45.2
48.7

184.8
0.0
-22.4
74.2

173.3
0.0
-165.2
44.0

275.7
0.0
132.5
95.7

31.6
0.0
-18.1
36.7

209.0
0.0
-14.9
51.8

212.2
0.0
-16.7
95.6

286.4
0.0
-39.9
112.9

13
14
15
16

6.3
14.1

-1.7
-5.6

0.9
-0.5

5.1
8.7

-0.7
10.6

6.1
11.5

3.0
21.1

-2.7
14.9

0.1
1.3

-1.5
16.1

1.2
9.9

17
18

-59.9
0.8

22.7
4.5

79.0
4.8

100.3
7.4

-57.2
5.9

157.4
5.9

50.7
6.4

-148.2
5.3

-58.0
4.2

5.5
5.2

-28.0
8.8

19
20

17
18

Corporate equities
Mutual fund shares

19
20

Security credit
Life insurance reserves

21

3.3

-54.4

-64.5

-21.2

-11.7

-29.0

-303.6

25.8

331.9

-254.8

-149.9

21

22

Net increase in liabilities

-60.6

-55.0

923.1

536.7

849.0

451.8

581.0

1255.8

960.0

518.9

661.5

22

23

Net interbank liabilities

-655.3

-134.1

216.2

-124.1

304.4

-232.0

-577.7

678.6

1113.6

-370.9

-203.9

23

24
25
26

Checkable deposits
Small time and savings deposits
Large time deposits

109.7
517.2
-173.6

81.3
298.3
-182.7

356.7
577.4
-173.3

206.4
539.7
-19.2

192.4
311.9
102.3

175.3
529.6
-93.8

492.0
736.4
126.3

315.9
130.8
-6.4

-243.5
371.4
46.4

270.8
604.1
227.4

426.6
141.3
142.1

24
25
26

27

Federal funds and security repos (net)

294.2

-140.5

-80.3

-120.2

-61.2

-116.2

-121.7

-101.9

-182.4

34.7

4.8

27

28

Credit market instruments

-306.3

-162.1

-75.8

-26.3

20.1

-71.9

27.1

-16.4

69.3

17.9

9.6

28

0.1
-28.5
-278.0

-20.1
6.7
-148.7

7.6
-21.0
-62.5

-33.1
1.3
5.6

-27.8
-18.2
66.1

-45.4
-18.2
-8.3

-13.0
23.7
16.3

-52.2
-7.6
43.5

-41.1
-9.8
120.3

-27.3
-19.8
64.9

9.3
-35.5
35.8

29
30
31

11.6
7.3

11.9
6.6

6.4
10.6

2.1
6.7

2.6
0.4

1.1
16.3

2.3
-6.4

1.4
7.6

0.6
-51.8

3.0
23.9

5.5
22.0

32
33

134.5
16.6
166.8
-73.5
24.7

166.2
12.4
33.4
-31.5
152.0

85.4
27.2
76.1
-33.7
15.8

71.7
-2.4
101.2
-11.8
-15.3

-24.0
5.3
66.3
-3.1
-92.5

243.4
5.6
136.6
-42.3
143.4

-97.2
4.4
71.8
32.3
-205.8

246.2
7.7
110.7
67.7
60.2

-163.7
2.2
-100.8
-3.4
-61.7

-291.9
7.4
70.4
-96.3
-273.5

113.5
3.9
185.1
19.6
-95.1

34
35
36
37
38

519.2

303.3

144.3

88.7

-57.8

299.1

-208.8

195.4

-356.5

-259.5

189.5

39

-2.6

-0.8

-0.1

0.4

1.5

1.0

1.2

1.2

2.0

1.8

0.8

40

29
30
31

Miscellaneous assets

Open market paper


Corporate bonds
Other loans and advances

32
33

Corporate equity issues


Taxes payable (net)

34
35
36
37
38

Miscellaneous liabilities
Foreign direct investment in U.S.
Investment by holding companies
Investment by funding corporations
Other

39

Discrepancy
Memo:

40

Consumer leases not included above (3)

(1) U.S.-chartered depository institutions (F.110), foreign banking offices (F.111), banks in U.S.-affiliated areas (F.112), and credit unions (F.113).
(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.

Flows

2009

28

Z.1, March 6, 2014

F.110 U.S.-Chartered Depository Institutions, Excluding Credit Unions


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

2010

2011

2012

2013

2012

Flows

Q3

2013
Q4

Q1

Q2

Q3

Q4

Gross saving less net capital transfers paid (1)

82.2

132.2

63.1

12.1

107.9

53.6

-70.5

140.0

78.1

116.3

97.0

Fixed nonresidential investment

24.2

20.3

19.1

20.0

24.8

19.7

22.0

24.8

24.5

24.8

25.1

Net acquisition of financial assets

-324.2

-356.1

338.8

409.9

629.6

128.5

751.9

729.2

463.1

755.2

570.7

-2.8
44.4

-2.2
-85.6

8.1
222.9

7.1
-0.2

2.5
454.4

11.0
-165.7

31.3
305.6

-25.8
730.3

-4.7
80.4

22.0
885.9

18.7
120.9

4
5

-340.5

-174.7

133.7

361.8

246.5

182.2

641.1

147.3

186.9

75.5

576.3

4
5

Vault cash
Reserves at Federal Reserve

Credit market instruments

7
8
9
10
11
12
13
14

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

-15.7
68.1
168.0
-13.4
0.1
70.1
0.1
111.3

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
-1.9

0.0
-26.1
51.3
40.8
8.4
-23.6
23.9
1.8

0.0
-7.9
17.2
2.0
11.4
-2.2
22.0
-16.0

0.0
115.2
-12.0
-80.5
11.4
-21.9
22.4
56.6

0.0
-80.9
163.5
160.1
11.7
-31.4
19.5
3.5

0.0
-100.3
60.6
59.3
15.0
-45.9
27.4
4.9

0.0
-97.8
-101.5
-79.2
-1.9
-49.9
19.9
9.7

0.0
174.7
82.8
23.0
9.0
32.9
29.0
-11.1

7
8
9
10
11
12
13
14

15
16
17
18
19
20
21

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

2.4
25.1
6.6
1.1
-51.6
-3.8
73.7

30.3
-98.2
-9.7
-6.4
-70.6
-1.4
-10.7

42.6
2.5
-3.1
-2.5
-22.0
2.7
27.8

65.8
-1.4
15.3
0.4
-20.8
4.1
-0.1

53.4
15.0
10.0
-1.2
-14.6
4.6
16.6

84.7
56.3
-2.6
-0.3
-3.8
5.0
57.0

47.9
31.5
2.5
0.6
-17.7
6.3
40.5

53.9
-15.8
3.7
-0.5
-18.8
4.4
-3.5

66.2
9.9
13.7
1.8
-19.9
2.5
11.5

48.6
48.6
13.1
-4.8
-6.0
4.2
42.2

44.8
17.4
9.3
-1.4
-13.8
7.2
16.3

15
16
17
18
19
20
21

22
23
24
25

Depository institution loans n.e.c.


Other loans and advances
Mortgages
Consumer credit

-280.8
0.0
-243.3
-64.5

-34.6
0.0
-205.0
-70.3

163.6
0.0
-145.4
7.1

216.6
0.0
-52.2
28.1

136.2
0.0
-36.3
52.9

170.0
0.0
-171.1
33.0

277.8
0.0
114.7
66.0

31.6
0.0
-14.8
9.8

143.4
0.0
-25.9
32.9

148.0
0.0
-40.3
69.9

221.9
0.0
-64.4
99.1

22
23
24
25

6.3
14.8

-1.8
-5.8

1.0
-0.8

5.1
8.3

-0.7
10.7

6.1
11.1

3.0
20.7

-2.7
13.8

0.1
2.2

-1.5
16.6

1.2
10.2

26
27

26
27

Corporate equities
Mutual fund shares

28
29
30

Security credit
Life insurance reserves
Miscellaneous assets

-59.2
0.8
12.1

-5.8
4.5
-84.7

37.3
4.8
-68.2

42.3
7.4
-21.9

-55.9
5.9
-33.9

128.1
5.9
-50.0

4.7
6.4
-260.9

-135.7
5.3
-3.3

-41.6
4.2
235.5

-42.5
5.2
-206.0

-3.7
8.8
-161.6

28
29
30

31

Net increase in liabilities

-25.1

-139.3

456.6

507.0

551.1

461.6

580.5

748.1

67.9

615.4

773.1

31

-496.4
-0.6
-463.1
7.5
-40.2

-206.7
0.7
-96.4
-22.2
-88.8

-267.9
0.8
-0.0
36.2
-304.9

-102.8
0.1
-0.1
-18.1
-84.8

154.1
-0.5
0.0
31.8
122.8

-169.1
0.4
0.2
-141.7
-28.0

-350.4
0.5
-0.2
-39.6
-311.1

418.8
-0.4
-0.2
199.8
219.6

230.9
-0.5
0.4
30.1
200.9

20.1
0.6
0.2
-119.5
138.7

-53.3
-1.6
-0.4
16.8
-68.1

32
33
34
35
36

94.0
0.3
-28.7
122.4

69.6
-0.1
-3.8
73.5

319.4
-2.7
25.6
296.5

176.9
0.3
-4.1
180.7

148.8
0.3
-2.6
151.2

163.9
-0.2
4.9
159.2

448.7
0.7
-3.2
451.2

264.9
-0.7
-22.7
288.3

-287.8
0.3
-23.0
-265.1

241.3
0.5
36.7
204.2

376.7
0.9
-1.6
377.3

37
38
39
40

32
33
34
35
36

Net interbank liabilities


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

37
38
39
40

Checkable deposits
Federal government
Rest of the world
Private domestic

41
42
43

Small time and savings deposits


Large time deposits
Federal funds and security repos (net)

472.3
-335.7
256.0

271.7
-133.8
-195.2

537.1
-13.2
-112.7

491.6
-9.1
-142.6

255.2
23.9
-62.4

498.6
-87.9
-109.6

705.2
-29.2
-175.1

107.7
-78.4
-134.6

308.8
34.0
-96.5

521.5
-10.6
-48.9

83.0
150.4
30.5

41
42
43

44

Credit market instruments

-292.2

-161.7

-73.9

-27.2

17.0

-74.5

24.3

-4.9

64.4

5.4

3.2

44

0.1
-28.5
-263.9

-20.1
6.7
-148.3

7.6
-21.0
-60.5

-33.1
1.3
4.6

-27.8
-18.2
63.0

-45.4
-18.2
-10.9

-13.0
23.7
13.5

-52.2
-7.6
54.9

-41.1
-9.8
115.3

-27.3
-19.8
52.5

9.3
-35.5
29.4

45
46
47

11.6
7.3

11.9
6.6

6.4
10.6

2.1
6.7

2.6
0.4

1.1
16.3

2.3
-6.4

1.4
7.6

0.6
-51.8

3.0
23.9

5.5
22.0

48
49

257.8
166.8
91.1

198.5
33.4
165.1

50.8
76.1
-25.4

111.5
101.2
10.3

11.4
66.3
-54.9

222.8
136.6
86.2

-38.8
71.8
-110.6

165.7
110.7
55.0

-134.8
-100.8
-33.9

-140.4
70.4
-210.8

155.1
185.1
-30.0

50
51
52

357.1

328.8

161.7

89.2

4.6

367.0

-263.9

134.2

-341.6

-48.4

274.4

53

-2.6

-0.8

-0.1

0.4

1.5

1.0

1.2

1.2

2.0

1.8

0.8

54

45
46
47

Open market paper


Corporate bonds
Other loans and advances

48
49

Corporate equity issues


Taxes payable (net)

50
51
52

Miscellaneous liabilities
Investment by holding companies
Other

53

Discrepancy
Memo:

54

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.

29

Z.1, March 6, 2014

F.111 Foreign Banking Offices in U.S. (1)


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

2011

2012

2013

2012
Q3

2013
Q4

Q1

Q2

Q3

Q4

Gross saving

2.2

2.2

2.8

3.3

3.4

3.3

3.3

3.4

3.4

3.5

3.5

Fixed nonresidential investment

2.3

1.9

2.3

2.9

3.0

2.9

3.0

2.9

3.0

3.0

3.1

Net acquisition of financial assets

-247.5

55.5

459.3

-8.7

313.8

74.4

-98.7

348.6

848.8

122.0

-64.0

0.0
45.1

0.0
66.7

0.0
360.2

0.0
-72.2

0.0
309.3

0.0
-68.9

0.0
-127.2

0.0
410.1

0.1
873.2

0.0
14.9

0.0
-61.1

4
5

-287.5

-24.4

42.5

5.8

-7.2

79.2

23.9

-84.9

-39.1

74.2

20.9

4
5

Vault cash
Reserves at Federal Reserve

Credit market instruments

7
8
9
10
11

Open market paper


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

0.0
22.0
-19.3
0.0
-157.8

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
65.3
-8.3
0.0
30.5

0.0
-2.7
7.6
0.0
17.8

0.0
11.8
-17.5
0.0
-74.3

0.0
-50.5
-6.4
0.0
-36.6

0.0
9.4
0.1
0.0
1.1

0.0
-8.9
-3.1
0.0
-26.7

7
8
9
10
11

12
13
14

Depository institution loans n.e.c.


Other loans and advances
Mortgages

-126.0
0.0
-6.4

-11.3
0.0
-2.5

42.9
0.0
-2.6

-3.7
0.0
-1.9

43.8
0.0
-0.6

-8.4
0.0
0.1

2.3
0.0
-1.2

0.0
0.0
-4.9

54.8
0.0
-0.4

62.5
0.0
1.0

57.8
0.0
1.9

12
13
14

15
16

Corporate equities
Security credit

0.0
-0.8

0.1
28.5

-0.0
41.6

0.0
58.0

0.0
-1.3

0.0
29.3

0.0
46.0

0.0
-12.5

0.0
-16.4

-0.0
48.0

0.0
-24.2

15
16

17

Miscellaneous assets

-4.4

-15.3

15.0

-0.3

13.0

34.8

-41.4

35.8

31.1

-15.1

0.4

17

18

Net increase in liabilities

-103.0

35.1

466.6

-15.2

241.0

-9.2

-40.6

367.1

830.7

-94.9

-138.8

18

19
20
21

Net interbank liabilities


To foreign banks
To domestic banks

-156.3
-161.7
5.4

33.7
27.0
6.7

507.2
518.8
-11.7

-7.1
-51.2
44.2

148.4
137.6
10.8

-18.5
-223.7
205.2

-223.7
-205.3
-18.4

215.6
162.3
53.3

883.4
932.7
-49.4

-362.8
-299.2
-63.6

-142.6
-245.4
102.8

19
20
21

22
23
24

Checkable deposits
Small time and savings deposits
Large time deposits

2.6
4.4
148.0

5.7
5.8
-46.5

23.7
13.2
-163.1

16.2
13.8
-16.2

30.8
27.7
71.1

19.9
1.2
-8.1

31.7
1.2
145.5

7.5
20.7
64.1

39.0
10.8
6.5

33.2
61.4
225.5

43.5
17.8
-11.8

22
23
24

25
26

Federal funds and security repos (net)


Acceptance liabilities

40.6
0.0

54.6
0.0

48.3
0.0

16.2
0.0

-8.4
0.0

-20.9
0.0

57.7
0.0

-12.1
0.0

-82.3
0.0

87.1
0.0

-26.4
0.0

25
26

27
28
29
30

Miscellaneous liabilities
Foreign direct investment in U.S.
Investment by funding corporations
Other

-142.3
16.6
-73.5
-85.3

-18.1
12.4
-31.5
1.1

37.3
27.2
-33.7
43.8

-38.1
-2.4
-11.8
-23.9

-28.5
5.3
-3.1
-30.7

17.1
5.6
-42.3
53.9

-53.0
4.4
32.3
-89.8

71.3
7.7
67.7
-4.0

-26.6
2.2
-3.4
-25.5

-139.3
7.4
-96.3
-50.5

-19.2
3.9
19.6
-42.8

27
28
29
30

144.4

-20.0

7.8

-6.1

-72.4

-83.2

58.5

19.0

-17.7

-216.4

-74.4

31

31

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).

Flows

2009

30

Z.1, March 6, 2014

F.112 Banks in U.S.-Affiliated Areas (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

2010

2011

2012

2013

2012
Q3

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

-7.3

-14.8

-4.1

0.0

8.4

-13.3

2.6

0.7

23.8

7.8

1.3

Flows

2013
Q4

5
6
7
8
9
10
11
12
13

Credit market instruments

-2.8

-19.3

-4.9

-0.1

0.4

-2.9

7.5

-1.1

-0.1

-3.2

6.0

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

-0.7
-3.9
0.9
1.5

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

-1.5
-3.3
0.1
2.0

-2.1
-5.5
-0.7
2.4

-0.1
-0.7
0.2
1.6

0.1
-1.1
0.2
-0.2

0.8
-0.9
3.0
0.3

2.1
-0.4
0.3
0.6

5
6
7
8

Depository institution loans n.e.c.


Home mortgages
Commercial mortgages

-0.3
-0.3
-0.0

-3.3
-2.5
-4.0

1.1
-2.4
-0.1

1.0
2.3
-0.8

1.4
-1.1
-1.4

1.4
-0.8
-0.9

1.7
11.9
-0.2

0.3
-0.3
-2.1

3.6
-3.0
0.3

1.8
-0.6
-7.7

-0.2
-0.5
4.0

9
10
11

-4.5

4.5

0.8

0.2

8.0

-10.4

-5.0

1.8

23.9

11.1

-4.6

12

-1.1

-14.8

-3.1

-0.1

8.2

-11.5

0.5

0.8

26.1

12.1

-6.0

13

-1.0
1.4
-2.9
-2.9

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
6.2
2.4
2.4

-2.9
-5.5
-4.1
-4.1

1.5
3.9
1.2
1.2

1.3
0.8
1.2
1.2

-2.7
16.8
5.9
5.9

1.1
5.7
4.2
4.2

1.2
1.4
-1.5
-1.5

14
15
16
17

4.3

-5.9

-3.9

-2.0

-3.0

5.2

-7.2

-3.6

0.3

-3.1

-5.6

18

6.2

-0.0

1.0

-0.1

-0.2

1.9

-2.0

0.1

2.3

4.3

-7.3

19

Miscellaneous assets
Net increase in liabilities

14
15
16
17

Net interbank liabilities


Checkable deposits
Small time and savings deposits
Large time deposits

18

Miscellaneous liabilities

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.113 Credit Unions


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

Gross saving

6.3

8.4

10.0

12.0

7.7

12.3

13.0

8.2

7.6

7.5

7.6

Fixed nonresidential investment

3.1

2.4

2.4

2.7

2.8

2.7

2.8

2.7

2.8

2.8

2.9

Net acquisition of financial assets

60.4

75.3

36.9

48.5

43.4

7.1

52.2

103.1

39.6

-10.0

40.9

Reserves at Federal Reserve

27.5

10.0

11.1

1.2

-5.7

-31.8

24.4

56.8

-62.0

-24.2

6.8

Credit market instruments

33.5

24.0

37.6

46.0

48.2

41.9

23.7

53.7

61.0

59.5

18.4

0.0
5.4
27.8
0.0
-6.7

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
0.6
3.3
0.3
2.2

0.0
4.0
11.0
-0.2
-1.6

0.0
-6.5
-2.3
1.5
0.1

0.0
-0.4
14.5
4.5
4.6

0.0
3.5
15.6
-1.2
2.9

0.0
-2.2
3.6
1.5
0.2

0.0
1.5
-20.6
-3.5
1.3

6
7
8
9
10

1.3
4.8
0.9

3.5
0.0
-10.7

6.6
3.5
-3.4

0.1
7.3
20.6

3.4
17.0
21.3

10.2
7.5
10.9

-6.1
7.3
29.7

-0.4
3.9
26.9

7.2
14.0
18.9

-0.1
30.9
25.7

6.9
19.1
13.8

11
12
13

-0.7
0.2

0.2
41.1

0.3
-12.1

0.4
0.8

-0.1
1.0

0.4
-3.4

0.4
3.7

1.1
-8.5

-0.8
41.5

-0.6
-44.7

-0.2
15.9

14
15

6
7
8
9
10

Open market paper


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

11
12
13

Depository institution loans n.e.c.


Home mortgages
Consumer credit

14
15

Mutual fund shares


Miscellaneous assets

16

Net increase in liabilities

68.6

63.9

3.1

45.0

48.6

10.9

40.6

139.7

35.3

-13.7

33.2

16

17

Net interbank liabilities

-1.6

38.1

-21.9

-13.8

1.6

-41.5

-5.1

42.9

2.0

-29.3

-9.1

17

18
19
20
21

Shares/deposits
Checkable
Small time and savings
Large time

72.0
11.6
43.4
17.0

34.3
5.5
26.1
2.8

41.5
10.7
27.4
3.4

51.3
10.7
34.4
6.2

38.2
6.7
26.5
5.0

37.3
-3.1
34.0
6.4

45.4
7.8
28.9
8.8

50.6
42.6
1.3
6.7

34.5
-11.5
45.9
0.0

15.7
-9.4
16.9
8.2

52.0
5.1
42.0
4.9

18
19
20
21

22
23

Federal funds and security repos (net)


Other loans and advances

-2.4
-14.1

0.1
-0.4

-15.9
-2.0

6.2
0.9

9.6
3.1

14.3
2.6

-4.3
2.8

44.9
-11.4

-3.6
4.9

-3.5
12.5

0.7
6.4

22
23

24

Miscellaneous liabilities

14.7

-8.3

1.3

0.3

-3.9

-1.8

1.8

12.8

-2.5

-9.0

-16.8

24

11.5

-5.5

-26.2

5.8

10.1

13.4

-1.3

42.1

0.4

1.1

-3.1

25

25

Discrepancy

31

Z.1, March 6, 2014

F.114 Property-Casualty Insurance Companies


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

2011

2012

2013

2012
Q3

2013
Q4

Q1

Q2

Q3

Q4

Gross saving less net capital transfers paid (1)

41.4

51.4

32.9

27.1

39.7

42.2

-14.0

50.8

36.9

38.8

32.2

Fixed nonresidential investment

20.1

16.8

17.5

18.7

19.6

18.7

19.1

19.3

19.3

19.6

20.2

Net acquisition of financial assets

40.1

-38.2

24.6

20.7

45.2

38.2

34.0

35.0

42.9

54.7

48.0

4
5
6

Checkable deposits and currency


Money market fund shares
Security repurchase agreements

-0.3
-3.2
0.1

5.0
-4.0
-0.7

-8.5
-5.6
-2.1

12.3
2.2
0.0

-5.6
0.4
0.0

14.6
12.6
0.9

13.9
0.5
-0.1

-18.8
1.7
0.1

-4.6
-8.8
-0.7

-0.1
5.9
0.5

0.9
2.7
0.1

4
5
6

Credit market instruments

33.3

3.9

36.2

-2.6

14.4

4.9

12.9

20.8

4.2

23.2

9.3

-9.3
22.9
1.9
-12.6
30.8
-0.5

-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
-6.1
-9.0
-3.4
16.7
0.7

-0.1
-0.6
0.7
4.7
8.0
1.7

2.5
-5.7
-8.4
-2.1
18.2
0.5

-1.9
-4.6
-6.8
2.3
23.5
0.5

0.6
-0.0
2.7
7.7
9.0
0.9

-2.9
-4.8
1.3
3.6
4.2
2.9

2.0
5.1
2.0
5.7
6.6
1.8

-0.0
-2.8
-3.3
1.8
12.4
1.2

8
9
10
11
12
13

-2.8
0.5
-3.7
16.3

-20.9
-0.1
0.8
-22.2

2.9
-0.7
3.4
-1.0

4.6
1.8
4.8
-2.6

4.7
1.8
7.5
22.0

-3.5
1.8
9.8
-3.0

8.3
1.8
-10.0
6.7

4.9
1.8
8.1
16.4

9.8
1.8
10.4
30.8

-0.8
1.8
6.8
17.4

4.8
1.8
4.8
23.5

14
15
16
17

-4.3

2.9

16.9

-6.0

11.8

1.4

8.7

2.5

10.3

8.8

25.5

18

-1.7
-5.3
5.3
-2.6

0.8
-12.7
5.6
9.2

-1.1
-10.7
-4.4
33.1

0.4
-14.5
3.8
4.4

1.4
-4.7
9.2
5.8

0.7
-22.2
17.9
5.0

0.7
-4.8
-8.1
20.9

1.1
-3.6
30.4
-25.5

1.3
-6.4
-8.1
23.5

1.5
-8.3
10.7
4.9

1.8
-0.4
3.7
20.4

19
20
21
22

-23.2

75.7

7.6

-18.2

-13.3

-13.3

-58.4

-1.1

-15.0

-26.7

-10.5

23

8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

Open market paper


Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Commercial mortgages
Corporate equities
Mutual fund shares
Trade receivables
Miscellaneous assets
Net increase in liabilities
Security repurchase agreements
Corporate equity issues
Taxes payable (net)
Miscellaneous liabilities
Discrepancy

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

F.115 Life Insurance Companies (1)


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

Gross saving

13.5

16.6

8.0

2.8

7.0

4.6

3.9

8.4

7.0

6.2

6.5

Fixed nonresidential investment

14.6

12.5

13.1

14.0

14.7

14.0

14.3

14.5

14.4

14.7

15.1

Net acquisition of financial assets

116.4

181.5

229.0

127.0

82.9

211.9

246.4

44.1

2.2

153.7

131.6

4
5
6

Checkable deposits and currency


Money market fund shares
Security repurchase agreements

-32.1
-5.5
2.2

1.0
-12.7
0.7

2.0
7.9
-0.8

2.7
-1.4
-1.6

1.5
-4.0
-2.3

-10.2
-2.4
-0.3

11.4
-1.1
0.1

5.1
2.1
0.9

-38.2
-31.6
-13.2

36.8
14.7
4.0

2.4
-1.0
-0.7

4
5
6

Credit market instruments

139.8

151.6

125.3

61.0

68.6

147.8

88.1

47.8

74.2

49.1

103.5

11.5
27.7
5.8
26.1
97.6
-12.6
-16.3

-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
4.2
-13.8
9.6
33.4
1.8
11.9

-8.3
3.7
2.1
3.7
49.8
2.6
15.0

7.2
9.6
-2.9
14.3
109.4
4.8
5.5

34.5
5.6
-13.1
10.0
37.6
6.2
7.2

-21.6
1.4
5.8
3.9
58.6
-3.4
3.1

-10.6
3.8
5.6
3.9
50.1
6.8
14.6

1.8
7.1
-0.0
1.3
11.0
3.5
24.5

-2.9
2.5
-2.8
5.7
79.7
3.4
17.9

8
9
10
11
12
13
14

33.4
0.0

45.6
1.0

37.7
1.1

15.3
1.3

29.3
1.4

20.0
1.3

18.5
1.3

18.7
1.3

60.9
1.4

13.1
1.4

24.5
1.4

15
16

-21.4

-5.7

55.7

49.7

-11.7

55.7

128.2

-31.8

-51.4

34.6

1.6

17

32.2

145.0

203.7

90.4

69.0

206.6

188.1

21.8

8.3

162.7

83.4

18

-0.5
-0.9
-6.6

-2.2
-4.8
-3.2

0.1
-11.5
1.8

3.1
-9.9
4.8

-0.8
-8.0
5.4

4.0
-7.6
-0.2

3.4
-8.6
-3.0

0.5
-6.6
5.2

0.6
-9.7
6.5

-1.8
-8.5
-2.9

-2.5
-7.1
12.9

19
20
21

26.3
-45.7
-7.0
66.7

13.6
93.0
2.6
46.0

79.9
77.9
5.2
50.4

-12.2
71.1
-4.6
38.2

17.3
36.2
-2.3
21.2

11.5
105.9
0.9
92.1

25.2
171.8
-18.5
17.9

-9.8
0.8
-0.6
32.3

22.9
-10.4
-6.7
5.2

51.8
94.8
0.0
29.3

4.5
59.3
-1.8
18.1

22
23
24
25

-85.3

-32.3

-30.5

-47.8

-21.5

-14.7

-68.7

-28.3

-1.3

0.6

-56.8

26

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

Miscellaneous assets

18

Net increase in liabilities

19
20
21

Security repurchase agreements


Corporate equity issues
Other loans and advances

22
23
24
25

Life insurance reserves


Pension entitlements (2)
Taxes payable (net)
Miscellaneous liabilities

26

Discrepancy

(1) Additional detail on the financial assets and liabilities held in life insurers general and separate accounts is available on F.115.g and F.115.s.
(2) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 25).

Flows

2009

32

Z.1, March 6, 2014

F.116 Private and Public Pension Funds (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

2010

2011

2012

2013

2012

Flows

Q3

2013
Q4

Q1

Q2

Q3

Q4

Gross saving

1.4

1.3

1.3

1.3

1.4

1.3

1.3

1.4

1.4

1.4

1.4

Fixed nonresidential investment

1.6

1.4

1.1

1.3

1.3

1.3

1.3

1.3

1.3

1.4

1.4

Net acquisition of financial assets (2)

466.0

502.9

407.8

430.2

456.3

435.3

421.3

406.1

440.6

451.4

527.2

4
5

Checkable deposits and currency


Time and savings deposits

-2.9
4.4

2.7
5.5

6.1
5.0

-0.5
-3.1

-0.6
-1.4

-0.6
-1.9

1.2
-2.6

-0.1
-0.5

0.7
-10.8

-1.3
0.2

-1.8
5.5

4
5

6
7

Money market fund shares


Security repurchase agreements

-11.5
0.1

-7.1
0.2

18.8
0.3

-5.5
-0.2

-2.5
-0.2

-3.4
0.6

-5.9
-1.0

-0.9
-0.1

-13.1
-1.0

-4.6
-0.1

8.3
0.5

6
7

Credit market instruments

-65.7

156.1

99.1

42.3

63.2

-3.1

51.9

68.3

-12.9

-327.4

524.8

2.0
64.4
-9.3

3.6
51.4
8.9

5.7
64.6
11.2

-3.8
101.3
52.3

-7.4
62.9
20.8

-8.8
95.3
32.2

-3.6
94.4
49.9

1.4
96.1
47.2

-12.7
11.4
14.6

-5.6
-353.4
10.6

-12.9
497.3
10.9

9
10
11

-116.8
-6.1

89.3
2.3

21.2
-4.4

-105.7
-3.7

-4.5
-5.8

-119.5
-3.5

-87.8
-3.4

-73.3
-4.2

-16.5
-4.6

31.3
-5.5

40.6
-8.8

12
13

9
10
11

Open market paper


Treasury securities
Agency- and GSE-backed securities

12
13

Corporate and foreign bonds


Mortgages

14
15

Corporate equities
Mutual fund shares

-66.1
54.3

-53.4
21.8

-145.4
-14.2

44.2
59.4

-71.1
12.0

40.1
60.1

31.9
22.6

2.2
35.3

23.7
16.5

-174.9
27.5

-135.6
-31.4

14
15

16
17
18

Miscellaneous assets
Claims of pension fund on sponsor (3)
Other

553.4
391.3
28.6

377.0
274.6
28.4

438.1
293.7
52.9

293.5
249.3
-1.9

457.0
332.4
23.0

343.5
267.8
17.5

323.3
387.5
5.7

301.9
94.2
-24.7

437.4
664.5
45.3

932.0
1004.7
24.9

156.8
-433.6
46.5

16
17
18

466.3

502.9

407.6

430.1

456.3

435.3

421.2

406.1

440.5

451.4

527.2

19

570.2
348.5
117.5
136.5
-32.3

630.2
358.2
144.7
51.8
75.6

445.9
348.7
59.1
-26.6
64.7

587.3
340.6
89.6
94.2
62.9

ND
346.1
110.2
ND
ND

679.9
341.5
93.9
149.7
94.9

886.4
346.5
74.7
322.8
142.3

-16.9
345.6
60.5
-436.7
13.7

286.9
346.2
94.3
-148.5
-5.2

739.4
345.9
105.6
192.6
95.4

ND
346.8
180.4
ND
ND

20
21
22
23
24

19

Pension entitlements (liabilities) (4)


Memo:

20
21
22
23
24

Household retirement assets (5)


Defined benefit plans (6)
Defined contribution plans (7)
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 (including 401(k) type plans).
(2) Includes claims on sponsor (i.e., unfunded pension entitlements).
(3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.
(4) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. These liabilities are assets of the household sector.
(5) Households retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities.
(6) Additional detail on private defined benefit plans is available on table L.117.b.
(7) Additional detail on private defined contribution plans is available on table L.117.c.
(8) IRA assets are not included above. See table L.226.i for a sectoral distribution of IRA accounts.
(9) Annuities held in IRAs at life insurance companies are excluded. They are included in line 23.

33

Z.1, March 6, 2014

F.117 Private Pension Funds (1)


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

2011

2012

2013

2012
Q3

2013
Q4

Q1

Q2

Q3

Q4

Gross saving

0.5

0.5

0.5

0.5

0.5

0.5

0.5

0.5

0.5

0.5

0.5

Fixed nonresidential investment

0.6

0.5

0.4

0.5

0.5

0.5

0.5

0.5

0.5

0.5

0.5

Net acquisition of financial assets (2)

156.5

180.1

87.0

127.0

140.7

130.5

116.1

106.9

178.6

138.3

139.0

4
5

Checkable deposits and currency


Time and savings deposits

-2.9
2.8

2.1
-0.9

5.7
1.4

-0.3
-1.8

-0.5
-0.5

-0.5
-1.0

1.3
-1.8

-0.1
-0.0

1.8
-1.6

-1.4
-0.9

-2.4
0.3

4
5

6
7

Money market fund shares


Security repurchase agreements

-8.8
0.2

-10.1
-0.2

16.8
0.0

-3.9
-0.1

-1.5
-0.1

-2.4
0.7

-4.9
-1.0

-0.3
-0.0

-2.0
-0.1

-5.9
-0.2

2.1
0.0

6
7

Credit market instruments

12.7

123.2

73.2

12.9

44.8

-3.4

-7.1

28.6

70.0

44.2

36.3

1.0
35.0
-6.4

-2.7
33.2
6.5

2.1
27.8
3.3

-2.4
48.0
17.2

-4.0
40.1
13.7

-7.8
48.0
7.5

-2.7
32.8
15.9

1.9
60.1
9.3

-2.7
51.7
16.3

-6.8
27.5
13.6

-8.6
21.2
15.4

9
10
11

-14.5
-2.4

83.4
2.8

44.6
-4.6

-47.3
-2.5

-2.2
-2.8

-48.7
-2.4

-50.7
-2.5

-40.0
-2.7

7.5
-2.8

12.8
-3.0

11.0
-2.8

12
13

9
10
11

Open market paper


Treasury securities
Agency- and GSE-backed securities

12
13

Corporate and foreign bonds


Mortgages

14
15

Corporate equities
Mutual fund shares

-95.4
56.5

25.2
35.1

-63.8
1.5

11.7
55.0

4.5
26.9

37.5
58.8

-6.9
16.6

14.6
38.8

14.7
26.7

-6.0
43.4

-5.3
-1.2

14
15

16
17
18
19
20

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

191.4
80.0
-8.4
82.7
37.1

5.8
-7.1
15.4
-14.9
12.3

52.2
17.7
3.0
-12.5
44.1

53.5
7.6
-2.0
50.1
-2.2

67.1
4.3
-1.0
54.9
8.9

40.8
13.1
-0.7
14.7
13.7

119.9
19.0
-2.5
99.4
4.0

25.2
1.7
0.8
49.0
-26.2

69.1
-0.3
0.4
36.4
32.6

65.1
13.7
-1.1
50.3
2.2

109.2
2.0
-3.9
84.1
27.0

16
17
18
19
20

156.6

180.1

87.0

126.9

140.7

130.4

116.1

106.9

178.6

138.2

139.0

21

57.3
99.3

53.3
126.7

50.9
36.2

50.7
76.3

50.7
90.0

51.0
79.5

50.7
65.4

50.7
56.2

50.7
127.9

50.7
87.6

50.7
88.3

22
23

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 (e.g., GICs, variable annuities); 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) Additional detail on defined benefit plans and defined contribution plans is available on F.117.b and F.117.c.

Flows

2009

34

Z.1, March 6, 2014

F.118 State and Local Government Employee Retirement Funds (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

2010

2011

2012

2013

2012

Flows

Q3

2013
Q4

Q1

Q2

Q3

Q4

Gross saving

0.9

0.8

0.8

0.9

0.9

0.9

0.9

0.9

0.9

0.9

0.9

Fixed nonresidential investment

1.0

0.9

0.7

0.8

0.9

0.8

0.9

0.8

0.9

0.9

0.9

Net acquisition of financial assets (2)

215.8

220.7

209.4

203.3

208.4

203.9

208.3

208.4

208.4

208.4

208.3

4
5

Checkable deposits and currency


Time and savings deposits

0.0
1.6

0.6
6.4

0.4
3.6

-0.2
-1.3

-0.1
-0.9

-0.1
-0.9

-0.1
-0.8

-0.1
-0.5

-1.1
-9.2

0.1
1.1

0.6
5.2

4
5

6
7

Money market fund shares


Security repurchase agreements

-2.8
-0.1

3.1
0.4

2.0
0.2

-1.6
-0.1

-1.0
-0.1

-1.0
-0.1

-1.0
-0.1

-0.6
-0.0

-11.0
-0.9

1.3
0.1

6.2
0.5

6
7

Credit market instruments

-85.8

22.1

0.4

14.0

9.3

-20.2

40.0

53.8

-38.6

11.8

10.3

1.0
22.0
-3.0

6.3
8.0
1.8

3.6
13.4
7.1

-1.4
41.2
33.6

-3.4
10.2
8.9

-0.9
32.5
23.3

-0.9
42.9
33.7

-0.6
45.5
40.2

-10.1
0.3
0.2

1.2
-1.3
-1.2

-4.3
-3.9
-3.6

9
10
11

0.1
-102.3
-3.7

0.7
5.7
-0.5

0.9
-24.8
0.2

1.9
-60.1
-1.2

-2.8
-0.6
-2.9

1.1
-75.1
-1.1

2.4
-37.2
-1.0

1.2
-31.1
-1.5

-5.1
-22.2
-1.8

-4.8
20.4
-2.5

-2.4
30.5
-6.0

12
13
14

20.5
-2.3

-84.0
-13.2

-77.4
-15.7

36.7
4.5

-85.2
-15.0

11.0
1.3

49.5
6.1

-28.7
-3.5

-0.3
-10.2

-161.7
-15.9

-150.2
-30.2

15
16

284.5
293.0
-8.5

285.3
269.3
16.1

295.8
287.0
8.8

151.3
151.0
0.3

301.3
287.2
14.1

213.9
210.1
3.8

114.8
113.1
1.7

188.1
186.5
1.5

279.7
267.0
12.7

371.5
348.8
22.7

365.9
346.4
19.5

17
18
19

215.9

220.7

209.3

203.3

208.3

203.9

208.3

208.3

208.3

208.3

208.3

20

9
10
11

Open market paper


Treasury securities
Agency- and GSE-backed securities

12
13
14

Municipal securities
Corporate and foreign bonds
Mortgages

15
16

Corporate equities
Mutual fund shares

17
18
19

Miscellaneous assets
Claims of pension fund on sponsor (3)
Other

20

Pension entitlements (liabilities) (4)

(1) Defined benefit plans.


(2) Includes claims on sponsor (i.e., unfunded pension entitlements).
(3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.
(4) Actuarial value of accrued defined benefit pension entitlements. These liabilities are assets of the household sector.

F.119 Federal Government Employee Retirement Funds


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

93.7

102.1

111.4

99.9

107.3

100.9

96.8

90.8

53.6

104.8

179.9

7.4

10.9

25.6

15.4

9.1

20.5

19.0

-14.0

-44.3

-383.4

478.2

7.4
0.0
-0.0

10.1
0.6
0.2

23.4
0.7
1.4

12.1
1.5
1.7

12.5
-1.7
-1.7

14.8
1.4
4.3

18.6
0.4
0.0

-9.5
-2.2
-2.3

-40.6
-1.9
-1.8

-379.7
-1.9
-1.9

480.0
-0.9
-0.9

3
4
5

8.8

5.4

-4.2

-4.1

9.6

-8.4

-10.8

16.3

9.3

-7.1

19.9

77.5
61.9
15.6

85.9
65.7
20.2

90.0
70.8
19.2

88.6
40.4
48.2

88.6
98.2
-9.7

88.8
45.8
43.0

88.6
-86.5
175.1

88.6
229.9
-141.3

88.6
-272.6
361.1

495.4
-110.3
605.7

-318.3
545.9
-864.1

7
8
9

93.7

102.1

111.4

99.9

107.3

100.9

96.8

90.8

53.6

104.8

179.9

10

75.5
18.2

84.2
18.0

88.4
23.0

86.6
13.3

87.1
20.2

86.5
14.4

87.5
9.3

86.5
4.3

87.2
-33.6

86.8
18.0

87.8
92.1

11
12

Memo:

11
12

Net acquisition of financial assets


Defined benefit plans (6)
Defined contibution plans (7)

(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) Includes the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, foreign service retirement and disability fund,
and National Railroad Retirement Investment Trust.
(7) Thrift Savings Plan.

35

Z.1, March 6, 2014

F.120 Money Market Mutual Funds (1)


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

2011

2012

2013

2012
Q3

2013
Q4

Q1

Q2

Q3

Q4

Net acquisition of financial assets

-498.7

-503.2

-112.8

7.1

28.7

55.3

312.8

-135.0

77.2

270.2

-97.8

2
3
4
5

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

11.6
10.5
169.9
-62.4

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
-51.7

28.7
1.5
152.6
-91.9

12.5
11.4
116.4
150.6

21.8
23.4
-32.2
-206.7

-46.7
49.6
81.4
-135.0

-3.2
-84.6
233.2
88.0

-10.2
-1.2
-44.8
46.8

2
3
4
5

-619.9
-108.0
-171.3
-213.1
-69.4
-58.1

-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

30.9
11.3
30.4
17.6
-28.3
0.0

-27.8
-59.1
65.2
-13.9
-3.2
-16.9

-78.4
-8.5
-88.2
-14.1
-3.7
36.0

79.9
51.0
55.4
35.5
-65.9
4.0

112.2
135.5
-18.6
33.4
11.1
-49.2

83.7
-30.8
89.7
30.8
0.4
-6.4

-152.1
-110.5
-5.1
-29.4
-58.9
51.7

6
7
8
9
10
11

6
7
8
9
10
11
12
13

Credit market instruments


Open market paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Corporate and foreign bonds
Miscellaneous assets
Net share issues (liabilities)

-8.3

-3.4

-0.8

6.1

2.8

-7.9

100.2

-21.2

15.7

-46.8

63.6

12

-498.7

-503.2

-112.8

7.1

28.7

55.3

312.8

-135.0

77.2

270.2

-97.8

13

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.115).

F.121 Mutual Funds (1)


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

Gross saving

-40.7

-24.9

-35.3

-33.2

-11.0

-33.6

-31.1

-19.6

-8.3

-8.2

-8.0

Net acquisition of financial assets

497.1

370.1

338.4

624.9

662.1

784.7

542.5

956.8

506.9

673.9

510.7

Security repurchase agreements

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

11
12

Corporate equities
Miscellaneous assets

28.6

-15.8

-28.8

54.1

95.7

108.5

-96.2

180.8

81.1

103.0

17.7

387.1
28.6
74.0
50.0
89.4
143.8
1.3

353.6
-13.9
122.5
76.9
46.7
122.3
-0.8

359.4
-26.3
76.1
104.7
15.7
170.3
18.9

642.0
27.5
123.0
87.0
86.2
306.0
12.2

360.8
28.6
61.8
-34.7
-16.5
282.0
39.7

655.2
41.8
12.0
155.1
107.2
333.5
5.6

579.2
-28.7
193.2
-17.1
67.4
344.1
20.3

670.9
-57.5
237.2
-5.2
76.8
388.7
30.8

257.6
32.6
-45.4
15.5
-22.5
207.6
69.9

226.8
63.1
53.3
-151.9
-80.9
315.2
28.0

288.1
76.2
2.0
2.6
-39.3
216.6
30.0

4
5
6
7
8
9
10

86.5
-5.1

44.3
-12.0

4.9
2.9

-38.1
-33.1

161.1
44.4

2.1
18.9

-11.9
71.4

60.2
44.9

164.7
3.4

214.7
129.5

204.9
-0.0

11
12

13

Net share issues (liabilities)

497.1

370.1

338.4

624.9

662.1

784.7

542.5

956.8

506.9

673.9

510.7

13

14

Discrepancy

-40.7

-24.9

-35.3

-33.2

-11.0

-33.6

-31.1

-19.6

-8.3

-8.2

-8.0

14

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.115).

F.122 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)

7.5

0.5

-2.9

2.5

4.1

9.7

17.3

16.9

15.6

-15.9

-0.2

10.5
1.2
3.3
6.0
-3.0

5.3
0.7
0.4
4.2
-4.8

-1.7
-0.3
0.9
-2.3
-1.2

11.2
0.3
3.3
7.6
-8.7

17.7
0.6
0.4
16.7
-13.6

15.0
0.8
3.6
10.7
-5.3

14.7
-0.1
5.0
9.8
2.7

30.4
2.1
1.9
26.4
-13.5

26.1
0.5
2.2
23.4
-10.6

0.7
-0.2
-2.5
3.5
-16.6

13.4
0.1
-0.1
13.4
-13.6

2
3
4
5
6

7.5

0.5

-2.9

2.5

4.1

9.7

17.3

16.9

15.6

-15.9

-0.2

116.5

118.0

117.6

185.2

179.0

207.0

221.0

207.7

60.2

214.4

233.9

46.0
14.7
3.6
27.6
70.5

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

30.3
-18.1
2.9
45.5
176.7

40.3
3.4
4.0
32.9
180.7

28.1
-2.9
2.9
28.2
179.6

13.1
4.8
-1.8
10.1
47.1

17.3
-0.7
-4.0
22.0
197.1

-9.7
-27.0
-0.3
17.5
243.6

9
10
11
12
13

116.5

118.0

117.6

185.2

179.0

207.0

221.0

207.7

60.2

214.4

233.9

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)

Flows

2009

36

Z.1, March 6, 2014

F.123 Government-Sponsored Enterprises (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

2010

2011

2012

2013

2012

Flows

Q3

2013
Q4

Q1

Q2

Q3

Q4

Gross saving

9.6

10.6

8.8

8.5

-128.1

8.3

8.5

-38.0

-262.8

-55.9

-155.9

Fixed nonresidential investment

0.9

3.5

3.3

3.3

3.5

3.3

3.4

3.4

3.4

3.5

3.6

Net acquisition of financial assets

-360.8

-313.9

-242.1

-205.1

86.4

-104.2

-149.0

116.2

-52.5

235.9

45.9

4
5
6

Checkable deposits and currency


Time and savings deposits
Federal funds and security repos

11.1
-42.8
7.5

-36.0
0.3
20.7

9.3
-12.7
-38.9

-20.1
-9.1
38.6

19.3
3.7
5.1

-67.1
-24.2
144.3

65.7
2.2
-96.5

46.1
-2.7
171.1

-49.5
4.8
-169.3

102.5
10.8
-71.4

-21.9
1.8
90.1

4
5
6

Credit market instruments

-337.8

-328.2

-199.7

-218.6

45.3

-171.9

-172.3

-159.6

162.4

197.5

-19.0

8
9
10

Open market paper


Treasury securities
Agency- and GSE-backed securities

3.0
19.9
-27.4

0.2
45.9
-85.1

-3.4
17.6
-18.1

-3.1
-31.2
-48.3

2.2
-11.6
-17.3

-6.3
-18.7
-74.1

-3.0
-13.1
-53.0

3.1
22.3
-39.9

0.5
3.6
-32.5

3.0
28.5
8.6

2.1
-100.8
-5.3

8
9
10

11
12

Municipal securities
Corporate and foreign bonds

-2.2
-48.6

-4.2
-29.6

-3.9
-30.8

-4.1
-50.0

-3.7
-56.3

-5.3
-33.6

-4.4
-55.9

-2.6
-22.9

-5.9
-45.2

-4.1
-118.3

-2.3
-38.7

11
12

13
14
15
16

Other loans and advances


Sallie Mae
Farm Credit System
FHLB loans

-284.8
0.0
-0.2
-284.6

-144.7
0.0
7.2
-151.9

-64.2
0.0
-3.5
-60.7

18.6
0.0
8.3
10.3

74.4
0.0
2.9
71.5

4.4
0.0
13.0
-8.5

17.9
0.0
4.6
13.3

28.9
0.0
-19.7
48.7

141.9
0.0
15.2
126.7

63.4
0.0
1.4
62.0

63.5
0.0
14.8
48.7

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)

2.4
-25.3
0.0
-25.3
14.2
0.0
14.2
13.5
0.0

-110.8
-117.7
-232.5
114.8
2.0
25.3
-23.3
4.9
0.0

-96.9
-103.2
-108.9
5.7
2.8
24.5
-21.7
3.5
0.0

-100.5
-111.6
-74.1
-37.6
6.2
27.5
-21.3
4.9
0.0

57.6
75.4
129.7
-54.4
-21.9
18.9
-40.8
4.2
0.0

-38.4
-59.6
-93.2
33.6
16.6
29.0
-12.5
4.7
0.0

-60.7
-69.5
-61.7
-7.9
3.6
35.2
-31.6
5.3
0.0

-148.5
-138.1
41.2
-179.3
-14.1
26.2
-40.3
3.7
0.0

100.0
110.7
142.0
-31.3
-15.4
21.2
-36.6
4.7
0.0

216.3
237.2
219.6
17.7
-25.1
10.6
-35.7
4.2
0.0

62.4
91.6
116.1
-24.5
-33.2
17.5
-50.7
4.0
0.0

17
18
19
20
21
22
23
24
25

1.2

29.3

-0.1

4.1

13.0

14.7

51.8

61.3

-0.8

-3.5

-5.0

26

-317.1

-237.8

-208.1

-146.6

98.9

-115.2

-63.6

35.1

132.9

34.5

193.3

27

26
27

Miscellaneous assets
Net increase in liabilities

28

Federal funds and security repos

-0.1

0.1

-0.9

-0.4

0.0

-0.6

0.0

0.9

-0.8

-0.1

0.0

28

29

Credit market instruments

-475.3

-233.8

-187.2

-154.6

106.5

-113.2

-75.4

43.1

136.7

40.2

206.1

29

30
31
32
33

GSE issues (4)


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

-475.3
0.0
-475.3
0.0

-233.8
-207.2
-26.5
0.0

-187.2
-84.4
-102.8
0.0

-154.6
-46.5
-108.1
0.0

106.5
148.6
-42.0
0.0

-113.2
-64.2
-49.0
0.0

-75.4
-26.5
-48.9
0.0

43.1
67.3
-24.2
0.0

136.7
163.2
-26.5
0.0

40.2
230.2
-189.9
0.0

206.1
133.6
72.5
0.0

30
31
32
33

34

Corporate equities

96.0

38.1

29.2

14.5

1.1

13.9

14.7

7.8

-10.7

3.3

4.2

34

35

Miscellaneous liabilities

62.3

-42.2

-49.2

-6.1

-8.8

-15.3

-2.9

-16.7

7.7

-8.9

-17.1

35

52.3

83.2

39.6

63.7

-119.1

-6.1

90.5

-122.5

-80.8

-260.9

-12.2

36

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.124) 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.124 Agency- and GSE-Backed Mortgage Pools (1)


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

Net acquisition of financial assets

415.3

186.9

165.3

132.2

132.4

105.6

142.4

138.8

88.9

158.3

143.7

2
3
4
5

Home mortgages
Multifamily residential mortgages
Commercial mortgages
Farm mortgages

402.5
13.0
0.0
-0.2

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
-0.1

84.8
21.0
0.0
-0.2

106.5
36.2
0.0
-0.3

110.0
29.1
0.0
-0.2

51.4
37.7
0.0
-0.1

123.5
34.8
0.0
-0.1

110.4
33.2
0.0
0.0

2
3
4
5

415.3

186.9

165.3

132.2

132.4

105.6

142.4

138.8

88.9

158.3

143.7

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.123). 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.

37

Z.1, March 6, 2014

F.125 Issuers of Asset-Backed Securities (ABS)


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

2011

2012

2013

2012
Q3

2013
Q4

Q1

Q2

Q3

Q4

Gross saving

0.4

0.3

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Fixed nonresidential investment

0.1

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

-736.6

-497.4

-247.2

-214.6

-154.3

-249.9

-133.6

-205.6

-207.0

-136.1

-68.5

Treasury securities
Agency- and GSE-backed securities (1)
Other loans and advances

-18.3
-224.2
-51.1

-13.8
-96.0
-38.9

-10.9
-3.3
-5.4

-5.8
-0.0
-0.6

-3.8
-0.2
-10.0

-6.6
-1.9
-19.3

0.8
-5.5
18.5

-11.3
11.8
-43.6

2.6
-3.9
-12.8

6.8
-3.5
14.1

-13.4
-5.1
2.3

4
5
6

7
8
9
10

Mortgages (2)
Home
Multifamily residential
Commercial

-371.0
-323.5
-6.1
-41.4

-297.0
-243.6
-8.6
-44.9

-219.2
-193.2
-7.7
-18.3

-205.4
-181.4
-9.6
-14.4

-133.5
-134.1
-5.6
6.2

-215.7
-183.4
-10.1
-22.3

-152.7
-168.0
-7.2
22.6

-166.4
-134.3
-13.8
-18.3

-171.5
-155.9
-11.2
-4.4

-142.1
-140.9
-2.1
1.0

-53.9
-105.2
4.7
46.5

7
8
9
10

11
12

Consumer credit
Trade credit

-37.8
-34.3

-42.3
-9.5

-4.2
-4.2

3.7
-6.4

-1.3
-5.5

-2.4
-3.9

6.4
-1.0

8.1
-4.2

-5.8
-15.6

-5.0
-6.4

-2.6
4.2

11
12

4
5
6

13

Net increase in liabilities

-737.0

-497.6

-247.2

-214.6

-154.3

-249.9

-133.6

-205.6

-207.0

-136.1

-68.5

13

14
15

Commercial paper
Corporate bonds (net) (3)

-266.2
-470.8

-40.3
-457.3

-24.1
-223.0

-9.0
-205.5

-7.5
-146.8

14.5
-264.3

-32.9
-100.8

11.1
-216.7

-13.4
-193.6

-13.3
-122.7

-14.5
-54.0

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

-0.4
-25.3

-0.2
0.4

0.0
-3.1

0.0
-4.6

0.0
3.2

0.0
8.7

0.0
-7.9

0.0
3.0

0.0
8.2

0.0
1.7

0.0
-0.0

17
18

16

Discrepancy

Memo:
Securitized assets not included above
17
Consumer leases (4)
18
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.127.

F.126 Finance Companies (1)


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

Gross saving

93.5

65.9

93.1

127.0

73.6

140.2

128.5

84.9

70.3

74.3

65.0

Fixed nonresidential investment

15.5

32.8

44.3

54.0

55.9

53.6

55.0

55.2

55.6

55.7

57.1

Net acquisition of financial assets

-189.2

-216.6

-19.2

-70.6

-19.4

-88.9

-16.5

-46.0

6.1

-43.4

5.7

4
5

Checkable deposits and currency


Time and savings deposits

0.5
1.6

-1.7
-5.2

5.1
15.4

-3.8
-11.5

3.8
11.4

8.8
26.5

-11.8
-35.4

5.5
16.4

-1.3
-3.9

17.7
53.1

-6.6
-19.8

4
5

-219.7
6.3
-91.0
-52.6
-82.4

-105.9
-19.8
-15.2
-57.6
-13.4

-45.8
0.9
3.0
-32.3
-17.4

-29.6
-6.3
11.2
-26.7
-7.8

-15.9
-8.6
16.0
-22.5
-0.8

-34.7
-6.3
3.3
-20.7
-11.0

-26.4
-26.5
21.2
-26.1
5.1

-22.6
-2.2
20.9
-29.3
-12.1

26.1
-17.6
39.4
-10.6
14.9

-14.8
-3.8
7.0
-22.0
4.0

-52.3
-10.7
-3.4
-28.1
-10.1

6
7
8
9
10

6
7
8
9
10
11
12

Credit market instruments


Corporate and foreign bonds
Other loans and advances
Mortgages
Consumer credit
Miscellaneous assets
Net increase in liabilities

28.4

-103.7

6.1

-25.7

-18.8

-89.6

57.1

-45.2

-14.7

-99.5

84.3

11

-250.2

-233.5

-26.0

-82.1

-21.2

-91.4

-47.7

-59.5

-1.8

-52.5

28.9

12

13
14
15
16
17

Credit market instruments


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

-156.2
-38.8
-87.0
-30.4
0.0

-174.9
1.7
-111.7
-64.9
0.0

-13.5
10.0
-39.4
15.9
0.0

-56.7
8.2
-81.4
16.4
0.0

4.6
-10.3
4.9
10.1
0.0

60.1
12.1
-10.0
58.0
0.0

-161.6
1.5
-190.7
27.7
0.0

-49.5
-32.6
-19.9
3.0
0.0

0.1
5.8
-14.0
8.2
0.0

59.3
31.6
24.4
3.4
0.0

8.7
-46.1
29.1
25.6
0.0

13
14
15
16
17

18
19
20
21
22

Taxes payable
Miscellaneous liabilities
Foreign direct investment in U.S.
Investment by parent
Other

-2.8
-91.2
12.8
-32.6
-71.5

0.3
-58.9
13.2
-12.8
-59.3

0.5
-13.0
7.5
-12.0
-8.5

0.2
-25.5
-2.2
-0.9
-22.5

0.0
-25.9
1.1
-1.0
-25.9

-0.6
-150.9
1.8
-2.3
-150.5

0.9
112.9
-3.7
49.5
67.1

0.8
-10.9
-3.8
-9.5
2.4

-0.6
-1.2
2.5
8.8
-12.5

0.9
-112.7
0.4
1.5
-114.6

-1.0
21.3
5.3
-5.0
20.9

18
19
20
21
22

17.1

16.2

42.0

61.6

15.9

84.2

42.3

16.1

6.9

9.6

31.2

23

-25.7

-16.5

7.9

24.3

22.7

29.1

27.5

22.7

28.9

26.4

12.9

24

23

Discrepancy

Memo:
24 Consumer leases not included above (2)
(1) Includes retail captive finance companies and mortgage companies.
(2) See footnote (4), table F.125.

Flows

2009

38

Z.1, March 6, 2014

F.127 Real Estate Investment Trusts (REITs) (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

2010

2011

2012

2013

2012

Flows

Q3

2013
Q4

Q1

Q2

Q3

Q4

Gross saving

5.5

-5.9

-5.9

3.0

4.5

5.2

2.0

3.6

2.5

5.5

6.4

2
3

Fixed nonresidential investment


Multifamily residential investment

3.6
-0.1

2.8
4.7

2.7
6.3

3.0
5.3

3.2
2.1

3.0
5.1

3.2
4.9

3.0
4.9

3.1
-10.4

3.3
5.9

3.3
7.9

2
3

Net acquisition of financial assets

-9.3

41.8

118.3

157.7

-47.3

300.6

-30.2

27.4

-26.6

-139.8

-50.1

Checkable deposits and currency

Credit market instruments

7
8
9
10
11
12
13
14

Agency- and GSE-backed securities


Corporate and foreign bonds
Mortgages
Home
Multifamily residential
Commercial
Miscellaneous assets
Net increase in liabilities

15

Security repurchase agreements

16

Credit market instruments

7.9

-2.8

2.1

7.5

7.9

15.0

1.5

23.4

-11.6

13.5

6.4

-8.7

37.1

102.9

127.7

-60.0

251.6

-59.3

-28.8

-61.4

-74.0

-75.9

15.5
3.8

38.2
5.3

101.4
1.3

111.5
10.1

-76.2
4.2

232.5
12.2

-77.1
6.2

-50.9
19.7

-71.9
-2.0

-93.2
-0.8

-88.6
-0.2

7
8

-28.0
-21.7
-2.0
-4.3

-6.3
-3.7
-0.4
-2.3

0.2
-0.7
-0.2
1.1

6.1
5.5
0.1
0.5

12.0
8.0
0.8
3.2

7.0
2.4
0.0
4.6

11.6
5.4
0.4
5.8

2.4
7.2
1.3
-6.0

12.5
4.3
2.5
5.7

20.0
11.1
-0.5
9.5

12.9
9.4
-0.3
3.8

9
10
11
12

-8.5

7.4

13.3

22.5

4.8

34.0

27.5

32.8

46.4

-79.2

19.4

13

-28.5

71.0

169.0

210.8

8.6

343.8

47.7

72.1

29.2

-67.3

0.4

14

11.1

30.0

94.9

103.4

-37.7

163.2

-4.8

7.5

-49.1

-96.4

-12.9

15

-50.0

-2.1

28.2

42.9

21.7

27.4

60.4

16.9

13.1

62.6

-5.9

16

17
18

Open market paper


Corporate bonds

0.0
-41.3

0.0
-0.1

0.0
15.5

0.0
26.1

0.0
18.8

0.0
18.7

0.0
30.6

0.0
7.7

0.0
25.6

0.0
36.8

0.0
5.0

17
18

19
20

Depository institution loans n.e.c.


Mortgages

-12.1
3.4

-2.2
0.2

3.6
9.1

1.2
15.6

5.1
-2.3

-3.5
12.2

14.8
14.9

-12.9
22.1

3.9
-16.4

25.1
0.6

4.5
-15.4

19
20

24.2
-13.8

28.2
14.9

37.5
8.5

47.6
17.0

45.1
-20.4

62.7
90.5

37.1
-44.9

64.2
-16.5

63.1
2.1

24.9
-58.5

28.0
-8.8

21
22

-17.1

16.1

36.1

47.9

55.3

40.3

72.0

40.6

65.7

69.0

45.9

23

-25.3
0.0
-25.7
-0.0
0.4

0.4
0.0
1.1
-0.0
-0.7

-3.1
0.0
-0.7
-0.0
-2.3

-4.6
0.0
3.6
-0.0
-8.1

3.2
0.0
2.5
0.0
0.8

8.7
0.0
8.8
0.0
-0.1

-7.9
0.0
2.6
-0.0
-10.5

3.0
0.0
1.7
0.1
1.2

8.2
0.0
8.2
-0.0
0.0

1.7
0.0
-0.0
-0.0
1.7

-0.0
0.0
-0.0
-0.1
0.1

24
25
26
27
28

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

(1) Additional detail on financial assets and liabilities for equity and mortgage REITs is available on F.127.e and F.127.m.

39

Z.1, March 6, 2014

F.128 Security Brokers and Dealers


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

2011

2012

2013

2012
Q3

2013
Q4

Q1

Q2

Q3

Q4

Gross saving

38.0

26.8

10.0

7.8

16.5

12.4

-13.0

21.8

6.0

20.0

18.3

Fixed nonresidential investment

25.6

19.4

17.2

18.4

19.3

18.4

18.8

18.9

19.0

19.3

19.8

Net acquisition of financial assets

-133.0

-9.1

-125.4

118.6

19.1

-5.5

-131.9

262.0

-10.0

-90.2

-85.3

Checkable deposits and currency

Credit market instruments

6
7
8
9
10
11

Open market paper


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

-29.4

6.2

14.9

16.3

-16.5

33.2

58.8

-66.2

40.5

-19.8

-20.3

-192.1

32.2

5.7

89.1

-175.4

16.8

132.8

-167.4

-330.1

-5.4

-198.8

-24.2
-67.6
-131.8
-3.3
47.5
-12.7

-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
-6.9
6.7

-5.9
18.3
-17.2
-8.6
33.9
-3.8

-13.1
105.4
16.4
-9.6
3.1
30.6

0.1
-144.7
-62.8
17.7
31.9
-9.5

-2.2
-134.9
-112.3
-48.1
-52.8
20.2

6.2
68.6
-80.7
-3.0
-2.8
6.3

-9.2
-231.0
34.0
1.5
-4.1
10.0

6
7
8
9
10
11

12
13

Corporate equities
Security credit

-4.6
38.1

-18.5
75.2

-5.0
-39.3

9.7
64.9

18.6
35.4

31.6
98.7

-16.8
138.4

-78.0
16.4

16.5
-21.2

-5.5
44.6

141.5
101.9

12
13

14

Miscellaneous assets

54.9

-104.2

-101.7

-61.4

156.9

-186.0

-445.1

557.2

284.2

-104.1

-109.6

14

15

-202.5

-23.0

-91.3

63.7

-17.2

-60.8

-148.2

193.2

-47.5

-96.3

-118.2

15

16

Security repurchase agreements (net)

-57.5

-66.2

-189.4

-15.1

-53.8

-180.5

27.9

81.6

-75.6

-134.6

-86.7

16

17

Credit market instruments

-49.7

36.9

-37.9

-1.7

22.2

-65.2

17.3

-4.2

55.8

-27.8

65.1

17

-4.2
-45.5

36.9
0.0

-37.9
0.0

-1.7
0.0

22.2
0.0

-65.2
0.0

17.3
0.0

-4.2
0.0

55.8
0.0

-27.8
0.0

65.1
0.0

18
19

-32.4
48.9

-11.1
-52.0

14.1
-3.8

-50.7
-0.0

-31.0
0.3

-26.8
-2.0

-19.9
5.0

-45.4
4.6

-41.6
1.0

0.3
-9.3

-37.1
4.9

20
21

-134.0
-74.1
-59.2
-0.8

48.4
25.7
-5.8
28.5

137.1
58.1
37.3
41.6

124.0
23.6
42.3
58.0

0.6
57.8
-55.9
-1.3

167.6
10.1
128.1
29.3

34.1
-16.6
4.7
46.0

-122.1
26.1
-135.7
-12.5

92.9
150.9
-41.6
-16.4

30.4
24.9
-42.5
48.0

1.2
29.2
-3.7
-24.2

22
23
24
25

3.2

-2.1

-1.1

0.5

0.6

3.3

-2.4

5.4

0.1

0.6

-3.5

26

18.4
2.1
-166.8
183.1

22.2
13.2
-51.2
60.2

-8.6
10.8
40.4
-59.8

0.3
8.0
68.3
-76.0

46.1
4.8
62.8
-21.5

46.3
5.6
65.6
-24.9

-204.8
15.2
59.6
-279.7

278.7
6.5
-24.1
296.3

-81.5
4.1
49.5
-135.1

60.1
4.3
-119.7
175.4

-72.9
4.2
345.6
-422.8

27
28
29
30

18
19

Net increase in liabilities

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

20
21

Corporate equity issues


Trade payables

22
23
24
25

Security credit
Customer credit balances (HH)
From U.S.-chartered depository institutions
From foreign banking offices in U.S.

26

Taxes payable

27
28
29
30

Miscellaneous liabilities
Foreign direct investment in U.S.
Investment by parent companies
Other

31
32

Proprietors net investment


Discrepancy

0.6

0.9

-1.7

6.5

-2.3

-3.6

-5.3

-5.3

1.3

-16.1

10.9

31

-57.2

-6.6

26.9

-65.5

-39.0

-61.3

-48.2

-65.8

-50.5

-5.4

-34.4

32

(1) 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

2009

40

Z.1, March 6, 2014

F.129 Holding Companies (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates

Flows

2009

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

Gross saving

97.8

108.1

144.6

176.9

160.8

146.9

235.5

131.6

186.8

169.6

155.1

Fixed nonresidential investment

54.4

48.3

51.4

54.5

57.2

54.4

55.6

56.4

56.2

57.1

59.0

Net acquisition of financial assets

87.3

-4.6

44.6

-40.2

309.4

-88.6

113.8

381.9

-127.0

656.9

325.8

4
5

Time and savings deposits


Federal funds and security repos

-3.9
19.8

-1.3
2.1

2.4
0.2

3.1
-48.3

2.8
-2.8

0.5
0.6

-18.2
7.4

-13.6
-0.9

7.9
-14.1

-2.5
11.6

19.5
-8.0

4
5

Credit market instruments

-16.0

22.1

3.1

-39.8

55.9

-28.1

-36.9

26.0

53.0

177.6

-32.9

2.7
-7.0
-8.4
-3.2

13.8
-3.2
7.3
4.3

7.1
12.0
-20.1
4.0

-29.8
-22.1
-4.7
16.7

9.8
14.9
34.0
-2.8

4.5
-1.9
-32.2
1.5

-13.2
5.6
-15.7
-13.6

6.4
15.5
1.6
2.6

41.1
-5.1
-2.0
19.0

-8.4
32.3
148.9
4.7

0.3
16.9
-12.6
-37.5

7
8
9
10

2.1

3.8

2.4

7.3

5.1

5.8

-5.3

5.0

1.1

4.5

9.6

11

85.4
166.8
0.0
9.3
-23.3
-173.1
23.5
82.3

-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

37.4
101.2
4.3
10.3
-0.5
49.3
-51.5
-75.6

248.4
66.3
-7.7
3.4
-0.6
47.2
-29.0
168.8

-67.4
136.6
5.3
13.0
-1.3
5.5
-48.7
-177.6

166.8
71.8
1.8
1.7
28.6
51.3
-156.9
168.6

365.3
110.7
-22.9
0.9
-5.5
-84.7
89.8
277.1

-175.0
-100.8
-0.0
-0.6
5.1
71.3
-146.0
-4.0

465.7
70.4
-7.1
21.2
0.9
-157.2
106.5
431.0

337.5
185.1
-0.7
-8.1
-2.9
359.5
-166.4
-29.0

12
13
14
15
16
17
18
19

34.8

-64.6

-50.0

-164.3

203.6

-182.4

-68.2

304.4

-259.1

542.5

226.4

20

-0.2

0.2

0.4

-1.2

-0.0

0.5

-4.5

-0.1

-0.0

0.0

0.0

21

-8.0

-16.5

-16.5

-97.7

-1.6

26.2

-69.3

-24.5

-149.7

-36.1

203.7

22

-18.1
7.8
2.3

3.9
-46.5
26.1

11.1
-91.6
64.0

6.2
16.3
-120.2

-19.9
4.5
13.8

31.9
16.7
-22.4

9.5
62.7
-141.4

5.2
-46.0
16.3

-28.7
-138.5
17.5

-4.8
58.5
-89.9

-51.3
143.8
111.1

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

Federal funds and security repos

22

Credit market instruments

23
24
25

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

26

Corporate equity issues

68.6

19.8

2.9

0.6

-17.0

36.5

-31.8

-7.0

-21.4

-27.5

-12.0

26

27
28
29

Miscellaneous liabilities
Equity, etc.
Other

-25.6
35.6
-61.2

-68.2
-22.4
-45.8

-36.8
6.9
-43.8

-66.0
-13.9
-52.1

222.2
-3.3
225.5

-245.6
-16.6
-229.0

37.4
-149.9
187.2

336.0
67.8
268.2

-88.0
-119.8
31.8

606.2
-6.8
613.0

34.7
45.7
-11.0

27
28
29

-9.1

-0.3

-1.5

-1.7

-2.2

-1.4

-2.2

-2.3

-1.4

-1.9

-3.2

30

30

Discrepancy

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

41

Z.1, March 6, 2014

F.130 Funding Corporations (1)


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

2011

2012

2013

2012
Q3

2013
Q4

Q1

Q2

Q3

Q4

Net acquisition of financial assets

-446.6

-115.4

-73.1

52.4

48.6

24.5

427.2

173.6

-10.0

31.6

-0.6

2
3

Money market fund shares


Security repurchase agreements

-153.7
0.1

-148.0
0.0

-89.2
0.0

-13.2
0.0

-1.2
-0.1

29.9
0.0

235.5
0.0

-139.9
-0.5

72.2
0.0

112.2
0.0

-49.3
0.0

2
3

Credit market instruments

-250.9

89.7

22.7

58.4

37.4

-23.2

151.1

185.7

-57.1

-21.9

42.9

-284.7
43.6
-9.8

39.3
51.9
-1.5

-7.8
32.6
-2.0

-14.6
79.6
-6.5

-7.0
48.1
-3.8

-10.3
-10.8
-2.1

70.4
76.6
4.1

112.1
73.4
0.1

-123.8
71.1
-4.4

-17.1
1.0
-5.8

1.0
46.9
-5.0

5
6
7

25.1

1.3

-26.4

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

-67.2
-73.5
6.3

-58.4
-31.5
-26.9

19.6
-33.7
53.4

7.2
-11.8
19.0

12.5
-3.1
15.6

17.8
-42.3
60.1

40.7
32.3
8.4

128.3
67.7
60.6

-25.2
-3.4
-21.8

-58.7
-96.3
37.6

5.8
19.6
-13.9

9
10
11

-446.6

-115.4

-73.1

52.4

48.6

24.5

427.2

173.6

-10.0

31.6

-0.6

12

-434.8

-65.3

-52.4

-23.9

27.5

9.1

-47.4

91.9

39.1

-57.0

36.2

13

-125.1
37.9
-349.6
2.0

-47.4
-3.2
-21.9
7.2

-72.7
71.6
-51.9
0.7

-30.9
35.3
-21.5
-6.8

16.8
11.4
0.0
-0.7

-78.5
98.9
0.0
-11.3

-51.3
16.3
0.0
-12.5

56.1
37.9
0.0
-2.2

61.7
-22.2
0.0
-0.4

-118.5
61.5
0.0
0.0

67.7
-31.4
0.0
0.0

14
15
16
17

30.5

3.5

-18.4

-8.6

0.0

0.0

0.0

0.0

0.0

0.0

0.0

18

-42.3
0.6
-30.2
2.4
-15.1

-53.6
0.6
-123.5
7.9
61.4

-2.4
0.6
-74.6
1.4
70.2

84.9
0.6
-79.2
0.1
163.5

21.1
0.6
94.0
0.0
-73.5

15.4
0.6
-198.4
0.0
213.2

474.6
0.6
-309.3
0.0
783.3

81.7
0.6
236.2
0.0
-155.0

-49.2
0.6
298.3
0.0
-348.0

88.6
0.6
-43.6
0.0
131.7

-36.8
0.6
-114.8
0.0
77.4

19
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

Corporate equities (5)

19
20
21
22
23

Miscellaneous liabilities
Foreign direct investment in U.S.
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

2009

42

Z.1, March 6, 2014

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


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

2010

2011

2012

2013

2012
Q3

Flows

Q1

Q2

Q3

Q4

99.9

1.8

15.9

4.5

-1.4

3.3

-3.6

3.5

-0.8

-4.0

-4.1

Federal government: SDR allocations

47.6

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 (net)
Foreign currency holdings

52.3
48.2
3.4
0.7

1.8
0.0
1.3
0.5

15.9
-1.8
18.1
-0.5

4.5
0.0
4.0
0.4

-1.4
0.0
-1.7
0.3

3.3
0.0
3.0
0.3

-3.6
0.0
-3.9
0.3

3.5
0.0
3.0
0.5

-0.8
0.0
-1.1
0.4

-4.0
0.0
-4.3
0.3

-4.1
0.0
-4.4
0.3

3
4
5
6

99.9

1.8

15.9

4.5

-1.4

3.3

-3.6

3.5

-0.8

-4.0

-4.1

Net change in liabilities

2013
Q4

Net change in assets

8
9
10
11
12

Federal government
Monetary gold (2)
SDR holdings
Reserve position in IMF (net)
Foreign currency holdings

51.9
0.0
48.2
3.4
0.3

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

-1.5
0.0
0.0
-1.7
0.2

3.1
0.0
0.0
2.9
0.2

-3.7
0.0
0.0
-3.9
0.1

3.3
0.0
0.0
3.1
0.2

-1.0
0.0
0.0
-1.2
0.2

-4.2
0.0
0.0
-4.3
0.1

-4.3
0.0
0.0
-4.4
0.1

8
9
10
11
12

13
14
15

Rest of the world


Monetary gold (2)
SDR allocations

47.6
0.0
47.6

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

13
14
15

16
17
18
19

Monetary authority
Monetary gold (2)
Reserve position in IMF (net)
Foreign currency holdings

0.3
0.0
0.0
0.3

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
0.2

0.1
0.0
-0.0
0.1

0.2
0.0
-0.1
0.2

0.2
0.0
0.0
0.2

0.2
0.0
0.0
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

3.0
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

1
2

Treasury currency:
3
4

Liab: Federal government


Asset: Monetary authority

-0.4
4.0

-0.3
0.9

0.0
0.7

0.0
0.6

-0.4
0.8

0.0
0.5

0.0
0.5

0.0
0.9

0.0
0.7

-1.4
0.7

0.0
0.8

3
4

Discrepancy (seigniorage)

-4.4

-1.1

-0.7

-0.6

-1.1

-0.5

-0.5

-0.9

-0.7

-2.1

-0.8

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

-110.7

-9.3

-46.3

-30.2

86.9

141.0

-89.1

96.8

315.3

-73.3

8.8

-6.6
6.8
11.6

-0.6
9.1
8.7

-2.8
-5.8
-62.9

-1.8
-21.5
0.4

5.7
43.1
-9.6

8.5
-4.3
28.7

-5.3
15.7
12.5

5.8
62.3
21.8

18.9
124.8
-46.7

-4.4
13.0
-3.2

2.5
-27.8
-10.2

2
3
4

-122.5

-26.6

25.2

-7.3

47.7

108.0

-111.9

6.9

218.3

-78.7

44.3

43

Z.1, March 6, 2014

F.203 Net Interbank Transactions


Billions of dollars; quarterly figures are seasonally adjusted annual rates

1
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
Rest of the world
Monetary authority
U.S.-chartered depository institutions
Foreign banking offices in U.S.
Credit unions
Discrepancy

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

-541.1

-145.2

818.5

-188.2

1065.0

-487.5

-343.7

1850.0

2000.7

527.7

-118.5

114.2
-496.4
-156.3
-1.0
-1.6

-11.1
-206.7
33.7
0.9
38.1

602.3
-267.9
507.2
-1.2
-21.9

-64.1
-102.8
-7.1
-0.4
-13.8

760.6
154.1
148.4
0.2
1.6

-255.5
-169.1
-18.5
-2.9
-41.5

234.1
-350.4
-223.7
1.5
-5.1

1171.4
418.8
215.6
1.3
42.9

887.0
230.9
883.4
-2.7
2.0

898.6
20.1
-362.8
1.1
-29.3

85.4
-53.3
-142.6
1.2
-9.1

2
3
4
5
6

-551.4

-168.7

817.0

-200.1

1020.5

-506.6

-282.1

1552.7

2020.6

738.9

-230.1

-201.9
-463.7
41.6
45.1
27.5

-61.8
-95.7
-87.8
66.7
10.0

213.9
0.8
231.0
360.2
11.1

-136.0
0.0
6.9
-72.2
1.2

260.4
-0.5
456.9
309.3
-5.7

-251.7
0.6
-154.8
-68.9
-31.8

-516.4
0.3
336.9
-127.2
24.4

382.0
-0.7
704.5
410.1
56.8

1133.6
-0.0
75.7
873.3
-62.0

-160.5
0.8
907.9
14.9
-24.2

-313.5
-2.0
139.7
-61.1
6.8

8
9
10
11
12

10.3

23.5

1.5

11.9

44.4

19.1

-61.6

297.3

-20.0

-211.3

111.7

13

Memo:

14
15
16

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

-2.8
-2.8
0.0

-2.2
-2.2
0.0

8.1
8.1
0.0

7.1
7.1
0.0

2.6
2.5
0.0

11.0
11.0
0.0

31.3
31.3
0.0

-25.8
-25.8
0.0

-4.6
-4.7
0.1

22.0
22.0
0.0

18.7
18.7
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

117.0
44.4
45.1
27.5

-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

-266.5
-165.7
-68.9
-31.8

202.7
305.6
-127.2
24.4

1197.2
730.3
410.1
56.8

891.6
80.4
873.2
-62.0

876.6
885.9
14.9
-24.2

66.7
120.9
-61.1
6.8

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

-463.7
-463.7
-0.6
-463.1

-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

0.6
0.6
0.4
0.2

0.3
0.3
0.5
-0.2

-0.7
-0.7
-0.4
-0.2

-0.0
-0.0
-0.5
0.4

0.8
0.8
0.6
0.2

-2.0
-2.0
-1.6
-0.4

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

-53.5
-50.2
3.4

-78.4
21.5
99.9

-309.3
-222.2
87.1

-87.8
-199.0
-111.1

123.3
37.2
-86.1

-38.2
-105.5
-67.4

-301.5
-340.2
-38.8

220.5
48.1
-172.3

201.0
22.1
-178.9

134.4
47.6
-86.8

-62.6
31.1
93.7

25
26
27

28
29
30

Foreign banking offices in U.S. (net)


Due to foreign affiliates
- Due from foreign affiliates

-149.6
-25.6
124.0

37.0
53.8
16.8

512.1
296.7
-215.4

-51.6
-90.0
-38.3

136.3
120.6
-15.7

-222.0
-49.3
172.7

-200.0
-170.4
29.6

157.0
52.3
-104.8

937.8
788.2
-149.5

-317.6
-417.7
-100.1

-232.0
59.6
291.6

28
29
30

31
32
33

Less: Deposits at foreign banks


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

-9.6
-15.3
5.7

13.6
6.9
6.6

-12.4
-4.0
-8.4

-2.6
-3.3
0.7

-0.3
0.4
-0.8

-8.9
-7.8
-1.1

7.3
4.2
3.1

-1.8
1.8
-3.6

1.3
2.6
-1.3

-8.8
-3.3
-5.5

8.0
0.8
7.3

31
32
33

34
35
36

Plus: Loans from foreign banks


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

-8.4
-2.0
-6.4

-6.8
-3.4
-3.4

-1.3
0.4
-1.7

0.8
-0.2
1.1

0.5
-0.1
0.5

-0.5
2.3
-2.8

-7.7
-5.4
-2.3

2.7
1.0
1.7

-3.9
2.5
-6.4

13.9
1.0
12.9

-10.9
-4.7
-6.2

34
35
36

-201.9

-61.8

213.9

-136.0

260.4

-251.7

-516.4

382.0

1133.6

-160.5

-313.5

37

7.5
-8.8
-21.6
1.0
1.6

-22.2
-16.8
-1.3
-0.9
-38.1

36.2
22.6
-2.0
1.2
21.9

-18.1
31.7
5.6
0.4
13.8

31.8
37.9
-4.7
-0.2
-1.6

-141.7
76.4
12.9
2.9
41.5

-39.6
-60.3
-2.3
-1.5
5.1

199.8
207.5
-45.6
-1.3
-42.9

30.1
-10.6
8.7
2.7
-2.0

-119.5
-93.4
89.6
-1.1
29.3

16.8
48.2
-71.4
-1.2
9.1

38
39
40
41
42

-16.2

5.4

-13.7

49.8

6.1

218.1

-20.7

7.7

-40.7

26.1

31.4

43

10.3

23.5

1.5

11.9

44.4

19.1

-61.6

297.3

-20.0

-211.3

111.7

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.

Flows

2009

44

Z.1, March 6, 2014

F.204 Checkable Deposits and Currency


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

2010

2011

2012

2013

2012
Q3

Flows

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

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

14

Banks in U.S.-affiliated areas

15

Credit unions

2013
Q4

Q1

Q2

Q3

Q4

-7.9

266.3

234.5

268.5

332.0

223.1

623.6

299.1

70.2

161.7

796.9

-117.6
-173.8
14.0
1.0
41.2

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

139.6
69.8
-1.3
1.5
69.5

47.8
-24.1
-29.2
16.2
84.9

131.6
24.5
18.3
3.2
85.7

-16.8
-52.3
-28.1
11.0
52.6

313.7
226.5
-2.7
3.3
86.6

-109.1
-185.9
18.3
-4.3
62.9

370.3
290.8
7.3
-3.9
76.1

2
3
4
5
6

94.0
0.3
-28.7
122.4

69.6
-0.1
-3.8
73.5

319.4
-2.7
25.6
296.5

176.9
0.3
-4.1
180.7

148.8
0.3
-2.6
151.2

163.9
-0.2
4.9
159.2

448.7
0.7
-3.2
451.2

264.9
-0.7
-22.7
288.3

-287.8
0.3
-23.0
-265.1

241.3
0.5
36.7
204.2

376.7
0.9
-1.6
377.3

7
8
9
10

2.6
5.8
-3.2

5.7
4.1
1.7

23.7
4.4
19.3

16.2
8.9
7.3

30.8
12.3
18.5

19.9
7.4
12.5

31.7
21.2
10.5

7.5
2.5
5.0

39.0
14.9
24.1

33.2
6.5
26.7

43.5
25.4
18.1

11
12
13

1.4

0.5

2.8

2.5

6.2

-5.5

3.9

0.8

16.8

5.7

1.4

14

11.6

5.5

10.7

10.7

6.7

-3.1

7.8

42.6

-11.5

-9.4

5.1

15

-7.9

266.3

234.5

268.5

332.0

223.1

623.6

299.1

70.2

161.7

796.9

16

105.7

35.9

328.8

82.8

81.8

24.9

294.0

154.5

-115.6

18.7

269.7

17

85.6
70.7
14.9

76.8
79.7
-2.8

27.3
29.7
-2.3

107.4
92.7
14.8

118.4
107.1
11.3

141.7
128.6
13.1

77.5
54.4
23.2

160.4
158.9
1.5

-51.8
-64.9
13.1

143.7
129.0
14.6

221.3
205.4
15.9

18
19
20

19.2
-174.2

5.6
148.9

16.6
-257.6

-8.9
6.7

7.4
69.6

-7.6
-28.1

-12.9
79.4

13.8
-8.6

-10.4
130.6

28.8
-189.0

-2.7
345.4

21
22

16

Net change in assets

17

Household sector

18
19
20

Nonfinancial business
Corporate
Noncorporate

21
22

State and local governments


Federal government

23
24
25

Rest of the world


Checkable deposits
Currency

-9.2
-21.8
12.6

29.5
1.2
28.3

81.8
26.8
55.0

68.3
11.1
57.1

48.9
11.2
37.7

93.1
28.4
64.6

84.4
21.2
63.2

10.7
-9.2
19.8

33.2
-4.8
37.9

89.5
38.9
50.7

62.3
19.9
42.5

23
24
25

26

Financial sectors

-34.7

-29.3

36.8

10.9

6.6

-4.7

152.2

18.3

-14.3

64.6

-42.1

26

-0.3
-32.1

5.0
1.0

-8.5
2.0

12.3
2.7

-5.6
1.5

14.6
-10.2

13.9
11.4

-18.8
5.1

-4.6
-38.2

-0.1
36.8

0.9
2.4

27
28

27
28

Property-casualty insurance companies


Life insurance companies

29
30

Private pension funds


State and local govt. retirement funds

-2.9
0.0

2.1
0.6

5.7
0.4

-0.3
-0.2

-0.5
-0.1

-0.5
-0.1

1.3
-0.1

-0.1
-0.1

1.8
-1.1

-1.4
0.1

-2.4
0.6

29
30

31
32

Money market mutual funds


Government-sponsored enterprises

10.5
11.1

-3.7
-36.0

5.8
9.3

-3.6
-20.1

-3.2
19.3

1.5
-67.1

11.4
65.7

23.4
46.1

49.6
-49.5

-84.6
102.5

-1.2
-21.9

31
32

33
34
35

Finance companies
REITs
Brokers and dealers

0.5
7.9
-29.4

-1.7
-2.8
6.2

5.1
2.1
14.9

-3.8
7.5
16.3

3.8
7.9
-16.5

8.8
15.0
33.2

-11.8
1.5
58.8

5.5
23.4
-66.2

-1.3
-11.6
40.5

17.7
13.5
-19.8

-6.6
6.4
-20.3

33
34
35

-0.3

-1.1

0.8

1.3

-0.7

3.8

-51.0

-49.8

98.6

5.5

-57.0

36

36

Mail float

45

Z.1, March 6, 2014

F.205 Time and Savings Deposits


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

2011

2012

2013

2012
Q3

1
2
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

2013
Q4

Q1

Q2

Q3

Q4

343.7

115.6

404.1

520.4

414.2

435.8

862.7

124.3

417.8

831.4

283.3

517.2

298.3

577.4

539.7

311.9

529.6

736.4

130.8

371.4

604.1

141.3

472.3
4.4
-2.9
43.4

271.7
5.8
-5.2
26.1

537.1
13.2
-0.4
27.4

491.6
13.8
-0.1
34.4

255.2
27.7
2.4
26.5

498.6
1.2
-4.1
34.0

705.2
1.2
1.2
28.9

107.7
20.7
1.2
1.3

308.8
10.8
5.9
45.9

521.5
61.4
4.2
16.9

83.0
17.8
-1.5
42.0

3
4
5
6

-173.6

-182.7

-173.3

-19.2

102.3

-93.8

126.3

-6.4

46.4

227.4

142.1

-335.7
148.0
-2.9
17.0

-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
2.4
5.0

-87.9
-8.1
-4.1
6.4

-29.2
145.5
1.2
8.8

-78.4
64.1
1.2
6.7

34.0
6.5
5.9
0.0

-10.6
225.5
4.2
8.2

150.4
-11.8
-1.5
4.9

8
9
10
11

12

Net change in assets

343.7

115.6

404.1

520.4

414.2

435.8

862.7

124.3

417.8

831.4

283.3

12

13

Household sector

106.0

159.0

371.8

420.8

185.2

138.0

657.8

110.6

187.4

283.9

158.9

13

14
15
16

Nonfinancial business
Corporate
Noncorporate

172.1
176.9
-4.8

62.8
59.9
2.9

17.1
13.2
3.9

29.9
24.7
5.2

85.2
74.9
10.3

39.8
35.8
4.0

49.7
38.7
11.0

36.5
33.3
3.2

73.0
61.5
11.5

156.7
144.0
12.7

74.5
60.9
13.6

14
15
16

17
18
19

State and local governments


Federal government
Rest of the world

9.3
0.3
-73.2

-6.9
0.1
9.0

14.4
-0.3
47.2

20.3
0.2
37.1

21.0
-0.5
47.4

37.4
-0.4
67.5

4.5
-0.4
88.7

13.2
-1.3
-2.1

53.6
0.5
23.9

13.7
0.3
82.0

3.4
-1.4
85.7

17
18
19

20

Financial sectors

129.2

-108.4

-46.2

12.2

76.0

153.5

62.4

-32.6

79.4

294.8

-37.7

20

21
22
23

Private pension funds


State and local govt. retirement funds
Money market mutual funds

2.8
1.6
169.9

-0.9
6.4
-107.7

1.4
3.6
-56.3

-1.8
-1.3
32.8

-0.5
-0.9
59.4

-1.0
-0.9
152.6

-1.8
-0.8
116.4

-0.0
-0.5
-32.2

-1.6
-9.2
81.4

-0.9
1.1
233.2

0.3
5.2
-44.8

21
22
23

24
25
26

Government-sponsored enterprises
Finance companies
Holding companies

-42.8
1.6
-3.9

0.3
-5.2
-1.3

-12.7
15.4
2.4

-9.1
-11.5
3.1

3.7
11.4
2.8

-24.2
26.5
0.5

2.2
-35.4
-18.2

-2.7
16.4
-13.6

4.8
-3.9
7.9

10.8
53.1
-2.5

1.8
-19.8
19.5

24
25
26

(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

-498.7

-503.2

-112.8

7.1

28.7

55.3

312.8

-135.0

77.2

270.2

-97.8

Net purchases

-498.7

-503.2

-112.8

7.1

28.7

55.3

312.8

-135.0

77.2

270.2

-97.8

-268.6
-71.4
-1.7

-183.5
-157.7
3.1

-35.0
-35.4
0.8

16.5
-4.1
1.1

-26.3
-2.9
2.2

-13.7
24.4
0.9

3.6
81.7
2.4

47.6
-56.3
0.7

-104.8
-48.7
2.5

53.5
72.9
2.7

-101.4
20.7
2.9

3
4
5

9.8
7.2

13.7
-7.1

-0.1
24.9

-8.8
20.2

1.2
61.7

-6.7
13.7

-18.7
14.9

2.0
7.9

6.4
203.1

-2.6
15.4

-1.2
20.5

6
7

3
4
5

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

6
7

State and local governments


Rest of the world

8
9

Property-casualty insurance companies


Life insurance companies

-3.2
-5.5

-4.0
-12.7

-5.6
7.9

2.2
-1.4

0.4
-4.0

12.6
-2.4

0.5
-1.1

1.7
2.1

-8.8
-31.6

5.9
14.7

2.7
-1.0

8
9

10
11

Private pension funds


State and local govt. retirement funds

-8.8
-2.8

-10.1
3.1

16.8
2.0

-3.9
-1.6

-1.5
-1.0

-2.4
-1.0

-4.9
-1.0

-0.3
-0.6

-2.0
-11.0

-5.9
1.3

2.1
6.2

10
11

12

Funding corporations

-153.7

-148.0

-89.2

-13.2

-1.2

29.9

235.5

-139.9

72.2

112.2

-49.3

12

Flows

2009

46

Z.1, March 6, 2014

F.207 Federal Funds and Security Repurchase Agreements


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

2010

2011

2012

2013

2012
Q3

Flows

Net change in liabilities

Rest of the world

3
4
5
6
7

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

8
9

Property-casualty insurance companies


Life insurance companies

10
11
12
13
14

Government-sponsored enterprises
REITs
Brokers and dealers (net)
Holding companies
Net change in assets

15
16

Nonfinancial corporate business


State and local governments

17
18

Rest of the world


Monetary authority

19
20

Property-casualty insurance companies


Life insurance companies

21
22

Private pension funds


State and local govt. retirement funds

23
24

Money market mutual funds


Mutual funds

25
26
27

Government-sponsored enterprises
Holding companies
Funding corporations

28

Discrepancy--unallocated assets

2013
Q4

Q1

Q2

Q3

Q4

290.4

4.5

-64.4

17.1

-58.1

-102.2

77.5

-87.9

-507.1

62.4

300.3

55.7

200.3

71.6

39.7

-114.7

-2.4

118.7

-70.5

-159.8

10.0

-238.3

-10.6
294.2
256.0
40.6
-2.4

-18.0
-140.5
-195.2
54.6
0.1

40.2
-80.3
-112.7
48.3
-15.9

7.3
-120.2
-142.6
16.2
6.2

208.7
-61.2
-62.4
-8.4
9.6

29.1
-116.2
-109.6
-20.9
14.3

57.8
-121.7
-175.1
57.7
-4.3

-6.9
-101.9
-134.6
-12.1
44.9

-41.2
-182.4
-96.5
-82.3
-3.6

249.0
34.7
-48.9
87.1
-3.5

634.1
4.8
30.5
-26.4
0.7

3
4
5
6
7

-1.7
-0.5

0.8
-2.2

-1.1
0.1

0.4
3.1

1.4
-0.8

0.7
4.0

0.7
3.4

1.1
0.5

1.3
0.6

1.5
-1.8

1.8
-2.5

8
9

-0.1
11.1
-57.5
-0.2

0.1
30.0
-66.2
0.2

-0.9
94.9
-189.4
0.4

-0.4
103.4
-15.1
-1.2

0.0
-37.7
-53.8
-0.0

-0.6
163.2
-180.5
0.5

0.0
-4.8
27.9
-4.5

0.9
7.5
81.6
-0.1

-0.8
-49.1
-75.6
-0.0

-0.1
-96.4
-134.6
0.0

0.0
-12.9
-86.7
0.0

10
11
12
13

-130.3

83.6

58.1

90.1

99.9

239.8

104.7

366.5

-367.0

160.0

240.0

14

0.7
-4.2

4.3
-1.4

0.4
-6.5

-2.2
-6.9

-1.1
0.9

-10.6
-5.3

-3.5
-14.7

-1.6
1.6

-2.6
5.1

15.8
-2.0

-16.0
-0.9

15
16

-42.7
-80.0

74.2
0.0

123.3
0.0

2.6
0.0

56.3
0.0

93.0
0.0

158.8
0.0

221.8
0.0

-117.4
0.0

10.6
0.0

110.3
0.0

17
18

0.1
2.2

-0.7
0.7

-2.1
-0.8

0.0
-1.6

0.0
-2.3

0.9
-0.3

-0.1
0.1

0.1
0.9

-0.7
-13.2

0.5
4.0

0.1
-0.7

19
20

0.2
-0.1

-0.2
0.4

0.0
0.2

-0.1
-0.1

-0.1
-0.1

0.7
-0.1

-1.0
-0.1

-0.0
-0.0

-0.1
-0.9

-0.2
0.1

0.0
0.5

21
22

-62.4
28.6

-0.6
-15.8

11.1
-28.8

54.2
54.1

-51.7
95.7

-91.9
108.5

150.6
-96.2

-206.7
180.8

-135.0
81.1

88.0
103.0

46.8
17.7

23
24

7.5
19.8
0.1

20.7
2.1
0.0

-38.9
0.2
0.0

38.6
-48.3
0.0

5.1
-2.8
-0.1

144.3
0.6
0.0

-96.5
7.4
0.0

171.1
-0.9
-0.5

-169.3
-14.1
0.0

-71.4
11.6
0.0

90.1
-8.0
0.0

25
26
27

420.7

-79.1

-122.5

-73.0

-157.9

-342.0

-27.3

-454.4

-140.1

-97.7

60.4

28

47

Z.1, March 6, 2014

F.208 Open Market Paper


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

2011

2012

2013

2012
Q3

1
2

Total net issues, all types


Commercial paper

2013
Q4

Q1

Q2

Q3

Q4

-461.8

-80.4

-88.3

-16.9

-1.7

-22.5

38.8

129.3

-21.3

-60.8

-54.0

-461.9

-79.9

-88.2

-16.8

-1.7

-22.4

38.8

129.2

-21.3

-60.8

-54.0

Nonfinancial corporate business

-73.1

24.5

33.4

14.0

12.7

-35.5

70.5

20.9

-19.3

92.5

-43.2

4
5
6

Foreign issues in U.S.


Nonfinancial
Financial

59.4
-15.2
74.5

-2.7
-3.8
1.1

-53.5
-0.5
-53.0

27.9
10.3
17.6

34.4
10.7
23.7

78.4
34.9
43.5

54.5
34.3
20.1

120.7
-41.0
161.7

13.7
40.9
-27.2

-20.9
44.7
-65.7

24.1
-1.8
25.9

4
5
6

-448.2
0.0
-266.2
-38.8
0.0
-18.1
-125.1

-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

-48.8
-27.8
-7.5
-10.3
0.0
-19.9
16.8

-65.3
-45.3
14.5
12.1
0.0
31.9
-78.5

-86.1
-13.0
-32.9
1.5
0.0
9.5
-51.3

-12.4
-52.3
11.1
-32.6
0.0
5.2
56.1

-15.7
-41.1
-13.4
5.8
0.0
-28.7
61.7

-132.3
-27.2
-13.3
31.6
0.0
-4.8
-118.5

-35.0
9.3
-14.5
-46.1
0.0
-51.3
67.7

7
8
9
10
11
12
13

0.1

-0.5

-0.1

-0.1

-0.0

-0.1

0.0

0.0

-0.0

-0.0

0.0

14

0.1
0.0

-0.5
0.0

-0.1
0.0

-0.1
0.0

-0.0
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

15
16

-461.8

-80.4

-88.3

-16.9

-1.7

-22.5

38.8

129.3

-21.3

-60.8

-54.0

17

16.7
-1.3

-1.5
12.0

-1.8
-0.1

-0.3
-7.5

-2.0
-20.2

-0.4
15.5

-0.4
-15.5

3.9
-0.0

-0.9
-25.6

-1.1
-29.5

-10.1
-25.4

18
19

7
8
9
10
11
12
13
14
15
16
17

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.
Net purchases, by sector

18
19

Household sector
Nonfinancial corporate business

20
21

State and local governments


Rest of the world

-39.0
-41.4

13.0
-0.5

-10.8
0.7

-5.4
3.4

0.7
1.8

-4.1
5.2

-11.3
19.9

1.2
35.0

3.9
-15.0

-1.6
-51.3

-0.7
38.6

20
21

22
23
24
25

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

0.0
-15.7
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
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

22
23
24
25

26
27

Property-casualty insurance companies


Life insurance companies

-9.3
11.5

-1.9
-8.9

0.9
-11.2

-1.4
13.9

-0.1
-8.3

2.5
7.2

-1.9
34.5

0.6
-21.6

-2.9
-10.6

2.0
1.8

-0.0
-2.9

26
27

28
29

Private pension funds


State and local govt. retirement funds

1.0
1.0

-2.7
6.3

2.1
3.6

-2.4
-1.4

-4.0
-3.4

-7.8
-0.9

-2.7
-0.9

1.9
-0.6

-2.7
-10.1

-6.8
1.2

-8.6
-4.3

28
29

30
31

Money market mutual funds


Mutual funds

-108.0
28.6

-116.3
-13.9

-40.0
-26.3

-13.3
27.5

11.3
28.6

-59.1
41.8

-8.5
-28.7

51.0
-57.5

135.5
32.6

-30.8
63.1

-110.5
76.2

30
31

32
33
34

Government-sponsored enterprises
Brokers and dealers
Funding corporations

3.0
-24.2
-284.7

0.2
-5.3
39.3

-3.4
5.9
-7.8

-3.1
-12.2
-14.6

2.2
-1.3
-7.0

-6.3
-5.9
-10.3

-3.0
-13.1
70.4

3.1
0.1
112.1

0.5
-2.2
-123.8

3.0
6.2
-17.1

2.1
-9.2
1.0

32
33
34

(1) Excludes banks holdings of own acceptances.

Flows

2009

48

Z.1, March 6, 2014

F.209 Treasury Securities


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

1
2
3
4

Flows

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

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

1443.7

1579.6

1066.8

1140.6

759.5

788.0

1174.1

1169.7

298.5

173.6

1396.0

-2.8
-73.3
1519.8

-3.3
-19.0
1601.8

-2.7
-249.5
1319.0

-2.8
107.0
1036.3

-3.3
-35.9
798.7

-2.5
74.4
716.2

-5.0
53.8
1125.3

-2.5
646.7
525.5

-3.7
-880.3
1182.6

-3.3
-160.7
337.5

-3.6
250.6
1149.1

2
3
4

1443.7

1579.6

1066.8

1140.6

759.5

788.0

1174.1

1169.7

298.5

173.6

1396.0

6
7
8

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

534.1
-2.8
536.9

320.9
-3.3
324.2

-222.4
-2.7
-219.6

232.0
-2.8
234.7

-167.3
-3.3
-164.0

37.6
-2.5
40.1

241.9
-5.0
246.9

-83.8
-2.5
-81.3

-61.6
-3.7
-57.8

-307.1
-3.3
-303.9

-216.6
-3.6
-212.9

6
7
8

9
10
11

Nonfinancial corporate business


Nonfinancial noncorporate business
State and local governments

12.5
-5.7
-17.4

5.1
1.9
6.8

-5.1
0.5
-45.5

7.2
0.7
-12.7

1.6
1.4
-38.9

17.8
0.5
-6.1

-23.1
1.5
-54.0

-34.5
0.4
-11.5

27.3
1.6
0.4

0.7
1.7
-104.6

12.7
1.8
-40.0

9
10
11

12
13
14

Rest of the world


Treasury bills
Other Treasury securities

554.4
-7.6
562.0

740.4
-40.2
780.5

357.9
-62.6
420.5

589.5
14.0
575.6

418.3
23.4
394.9

600.3
98.9
501.3

558.4
-39.8
598.2

531.6
281.9
249.7

65.5
-173.6
239.1

253.7
-219.0
472.7

822.2
204.3
618.0

12
13
14

15
16
17

Monetary authority
Treasury bills
Other Treasury securities

300.7
0.0
300.7

244.9
0.0
244.9

642.0
0.0
642.0

2.7
-18.4
21.1

542.6
0.0
542.6

-78.8
-73.7
-5.1

61.8
0.0
61.8

575.2
0.0
575.2

548.5
0.0
548.5

522.5
0.0
522.5

524.3
0.0
524.3

15
16
17

18
19
20
21

U.S.-chartered depository institutions


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

68.1
22.0
-0.7
5.4

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
0.6

-7.9
65.3
-1.5
4.0

115.2
-2.7
-2.1
-6.5

-80.9
11.8
-0.1
-0.4

-100.3
-50.5
0.1
3.5

-97.8
9.4
0.8
-2.2

174.7
-8.9
2.1
1.5

18
19
20
21

22
23
24

Property-casualty insurance companies


Treasury bills
Other Treasury securities

22.9
5.0
18.0

3.2
-0.3
3.5

4.6
1.9
2.7

-6.1
-3.3
-2.8

-0.6
-0.3
-0.4

-5.7
4.4
-10.1

-4.6
-4.3
-0.3

-0.0
1.1
-1.1

-4.8
-5.6
0.8

5.1
3.8
1.3

-2.8
-0.3
-2.5

22
23
24

25
26
27

Life insurance companies


Treasury bills
Other Treasury securities

27.7
-6.3
34.0

23.2
-3.6
26.8

18.8
3.8
15.0

4.2
-4.5
8.7

3.7
-2.5
6.2

9.6
-4.7
14.2

5.6
-3.8
9.4

1.4
-3.0
4.3

3.8
-26.2
29.9

7.1
21.6
-14.5

2.5
-2.4
4.9

25
26
27

28
29
30

Private pension funds


State and local govt. retirement funds
Federal government retirement funds

35.0
22.0
7.4

33.2
8.0
10.1

27.8
13.4
23.4

48.0
41.2
12.1

40.1
10.2
12.5

48.0
32.5
14.8

32.8
42.9
18.6

60.1
45.5
-9.5

51.7
0.3
-40.6

27.5
-1.3
-379.7

21.2
-3.9
480.0

28
29
30

31
32
33

Money market mutual funds


Treasury bills
Other Treasury securities

-171.3
-160.2
-11.0

-71.0
-84.0
13.0

107.9
29.1
78.8

14.5
19.1
-4.7

30.4
6.7
23.6

65.2
28.8
36.4

-88.2
90.0
-178.1

55.4
-43.3
98.7

-18.6
-145.0
126.4

89.7
206.5
-116.8

-5.1
8.7
-13.7

31
32
33

34
35
36

Mutual funds
Treasury bills
Other Treasury securities

74.0
0.0
74.0

122.5
1.6
120.9

76.1
-0.6
76.7

123.0
12.4
110.6

61.8
-4.7
66.5

12.0
1.4
10.5

193.2
-0.0
193.3

237.2
7.0
230.2

-45.4
-5.5
-40.0

53.3
12.9
40.4

2.0
-33.2
35.2

34
35
36

37
38

Closed-end funds
Exchange-traded funds

1.2
14.7

0.7
9.2

-0.3
11.4

0.3
1.2

0.6
-6.5

0.8
-18.1

-0.1
3.4

2.1
-2.9

0.5
4.8

-0.2
-0.7

0.1
-27.0

37
38

39
40

Government-sponsored enterprises
ABS issuers

19.9
-18.3

45.9
-13.8

17.6
-10.9

-31.2
-5.8

-11.6
-3.8

-18.7
-6.6

-13.1
0.8

22.3
-11.3

3.6
2.6

28.5
6.8

-100.8
-13.4

39
40

41
42

Brokers and dealers


Holding companies

-67.6
2.7

-28.5
13.8

89.1
7.1

63.0
-29.8

-110.5
9.8

18.3
4.5

105.4
-13.2

-144.7
6.4

-134.9
41.1

68.6
-8.4

-231.0
0.3

41
42

1443.9

1580.2

1067.9

1140.2

759.1

787.7

1176.1

1168.7

299.9

174.1

1393.6

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).

49

Z.1, March 6, 2014

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


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

2011

2012

2013

2012
Q3

1
2
3
4
5

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

6
7

Household sector
Nonfinancial corporate business

8
9

State and local governments


Federal government

2013
Q4

Q1

Q2

Q3

Q4

-59.9

-46.2

-20.8

-22.8

238.6

-7.9

68.9

181.0

227.0

199.0

347.4

0.1
-475.3
415.3

0.7
-233.8
186.9

1.1
-187.2
165.3

-0.4
-154.6
132.2

-0.4
106.5
132.4

-0.3
-113.2
105.6

1.9
-75.4
142.4

-1.0
43.1
138.8

1.3
136.7
88.9

0.5
40.2
158.3

-2.4
206.1
143.7

2
3
4

-59.9

-46.2

-20.8

-22.8

238.6

-7.9

68.9

181.0

227.0

199.0

347.4

-671.2
4.2

-2.6
1.7

5.6
-1.7

-118.8
-2.6

-132.6
-4.5

-221.9
5.9

60.3
-17.7

-306.0
-31.5

-115.3
9.1

-38.3
0.2

-70.7
4.2

6
7

9.7
142.0

22.4
-47.2

-12.7
-118.1

-29.4
-31.1

3.9
0.0

-22.3
0.0

-62.3
0.0

6.7
0.0

21.4
0.0

-8.6
0.0

-3.9
0.0

8
9

-226.0
1048.5

-72.3
71.4

-41.6
-197.9

-71.8
61.8

-91.6
543.9

26.8
-112.4

-124.6
340.2

-167.4
559.7

-137.4
535.8

87.8
501.7

-149.4
578.6

10
11

168.0
-19.3
-3.9
27.8

110.1
-4.8
-7.7
40.9

106.9
4.0
-8.0
30.6

35.5
1.5
-2.2
14.9

51.3
-6.7
-0.8
3.3

17.2
-8.3
-3.3
11.0

-12.0
7.6
-5.5
-2.3

163.5
-17.5
-0.7
14.5

60.6
-6.4
-1.1
15.6

-101.5
0.1
-0.9
3.6

82.8
-3.1
-0.4
-20.6

12
13
14
15

1.9
5.8

-0.4
4.0

6.9
-1.6

-9.0
-13.8

0.7
2.1

-8.4
-2.9

-6.8
-13.1

2.7
5.8

1.3
5.6

2.0
-0.0

-3.3
-2.8

16
17

-6.4
-3.0
0.0

6.5
1.8
0.6

3.3
7.1
0.7

17.2
33.6
1.5

13.7
8.9
-1.7

7.5
23.3
1.4

15.9
33.7
0.4

9.3
40.2
-2.2

16.3
0.2
-1.9

13.6
-1.2
-1.9

15.4
-3.6
-0.9

18
19
20

10
11

Rest of the world


Monetary authority

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

Property-casualty insurance companies


Life insurance companies

18
19
20

Private pension funds


State and local govt. retirement funds
Federal government retirement funds

21
22
23

Money market mutual funds


Mutual funds
Government-sponsored enterprises

-213.1
50.0
-27.4

-140.2
76.9
-85.1

0.9
104.7
-18.1

-60.2
87.0
-48.3

17.6
-34.7
-17.3

-13.9
155.1
-74.1

-14.1
-17.1
-53.0

35.5
-5.2
-39.9

33.4
15.5
-32.5

30.8
-151.9
8.6

-29.4
2.6
-5.3

21
22
23

24
25

ABS issuers
REITs

-224.2
15.5

-96.0
38.2

-3.3
101.4

-0.0
111.5

-0.2
-76.2

-1.9
232.5

-5.5
-77.1

11.8
-50.9

-3.9
-71.9

-3.5
-93.2

-5.1
-88.6

24
25

26
27

Brokers and dealers


Holding companies

-131.8
-7.0

38.9
-3.2

-2.1
12.0

21.9
-22.1

-55.4
14.9

-17.2
-1.9

16.4
5.6

-62.8
15.5

-112.3
-5.1

-80.7
32.3

34.0
16.9

26
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 41.

Flows

2009

50

Z.1, March 6, 2014

F.211 Municipal Securities and Loans


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

2010

2011

2012

2013

2012
Q3

Flows

Net change in liabilities

2
3
4

State and local governments


Short-term (1)
Long-term

5
6

Nonprofit organizations (2)


Nonfinancial corporate business
(industrial revenue bonds)

Net change in assets

2013
Q4

Q1

Q2

Q3

Q4

155.3

99.7

-52.8

-4.9

-43.2

-11.8

-122.6

76.5

24.7

-109.7

-164.4

112.2
7.8
104.4

68.7
-0.7
69.3

-53.6
-10.6
-42.9

-5.7
3.8
-9.4

-39.4
-10.9
-28.6

-6.1
10.0
-16.1

-116.0
-27.2
-88.8

71.7
-4.4
76.0

33.0
8.6
24.4

-116.9
-19.4
-97.5

-145.4
-28.3
-117.2

2
3
4

5.9

-2.2

-7.8

-14.5

-13.1

-15.4

-18.5

-6.5

-14.6

-13.4

-18.1

37.2

33.2

8.5

15.2

9.3

9.7

11.9

11.3

6.4

20.6

-0.9

155.3

99.7

-52.8

-4.9

-43.2

-11.8

-122.6

76.5

24.7

-109.7

-164.4

107.1
0.9
0.2

43.7
-3.2
0.5

-64.8
-1.6
0.1

-152.1
12.2
0.1

-37.6
-7.8
0.2

-238.5
22.2
0.1

-248.9
24.7
0.2

39.8
-54.8
0.0

40.1
1.1
0.2

-83.1
-0.1
0.2

-147.0
22.7
0.2

8
9
10

8
9
10

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

11
12

State and local governments


Rest of the world

1.0
7.7

1.4
13.1

0.1
-1.4

-0.8
-2.4

0.1
-1.4

-0.6
10.4

-1.6
-19.1

0.2
-10.9

0.6
-19.8

-0.2
12.5

-0.1
12.5

11
12

13
14
15
16

U.S.-chartered depository institutions


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

2.4
0.0
0.9
0.0

30.3
0.0
-0.9
0.0

42.6
0.0
0.9
3.2

65.8
0.0
-0.8
1.0

53.4
0.0
0.9
0.3

84.7
0.0
0.1
-0.2

47.9
0.0
-0.7
1.5

53.9
0.0
0.2
4.5

66.2
0.0
0.2
-1.2

48.6
0.0
3.0
1.5

44.8
0.0
0.3
-3.5

13
14
15
16

17
18
19

Property-casualty insurance companies


Life insurance companies
State and local govt. retirement funds

-12.6
26.1
0.1

-21.0
39.2
0.7

-17.4
9.4
0.9

-3.4
9.6
1.9

4.7
3.7
-2.8

-2.1
14.3
1.1

2.3
10.0
2.4

7.7
3.9
1.2

3.6
3.9
-5.1

5.7
1.3
-4.8

1.8
5.7
-2.4

17
18
19

20
21
22
23

Money market mutual funds


Mutual funds
Closed-end funds
Exchange-traded funds

-69.4
89.4
3.3
3.6

-53.4
46.7
0.4
1.7

-29.4
15.7
0.9
1.0

-20.6
86.2
3.3
3.6

-28.3
-16.5
0.4
-0.8

-3.2
107.2
3.6
2.9

-3.7
67.4
5.0
4.0

-65.9
76.8
1.9
2.9

11.1
-22.5
2.2
-1.8

0.4
-80.9
-2.5
-4.0

-58.9
-39.3
-0.1
-0.3

20
21
22
23

24
25

Government-sponsored enterprises
Brokers and dealers

-2.2
-3.3

-4.2
4.6

-3.9
-9.1

-4.1
-4.3

-3.7
-8.0

-5.3
-8.6

-4.4
-9.6

-2.6
17.7

-5.9
-48.1

-4.1
-3.0

-2.3
1.5

24
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).

51

Z.1, March 6, 2014

F.212 Corporate and Foreign Bonds


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

2011

2012

2013

2012
Q3

Net issues

2
3

Nonfinancial corporate business


Rest of the world (1)

Financial sectors

5
6
7
8
9
10
11
12

U.S.-chartered depository institutions


ABS issuers (net) (2)
Finance companies
REITs
Brokers and dealers
Holding companies
Funding corporations
Net purchases (3)

2013
Q4

Q1

Q2

Q3

Q4

-11.0

-76.7

222.7

432.2

666.8

496.9

891.7

570.3

278.1

853.8

965.0

411.7
163.3

438.6
59.9

410.8
137.7

579.6
62.2

640.3
129.6

587.1
133.2

782.0
250.5

579.4
239.8

570.8
3.9

745.3
97.7

665.8
177.0

2
3

-586.0

-575.2

-325.8

-209.6

-103.1

-223.4

-140.8

-248.9

-296.6

10.9

122.2

-28.5
-470.8
-87.0
-41.3

6.7
-457.3
-111.7
-0.1

-21.0
-223.0
-39.4
15.5

1.3
-205.5
-81.4
26.1

-18.2
-146.8
4.9
18.8

-18.2
-264.3
-10.0
18.7

23.7
-100.8
-190.7
30.6

-7.6
-216.7
-19.9
7.7

-9.8
-193.6
-14.0
25.6

-19.8
-122.7
24.4
36.8

-35.5
-54.0
29.1
5.0

5
6
7
8

-4.2
7.8
37.9

36.9
-46.5
-3.2

-37.9
-91.6
71.6

-1.7
16.3
35.3

22.2
4.5
11.4

-65.2
16.7
98.9

17.3
62.7
16.3

-4.2
-46.0
37.9

55.8
-138.5
-22.2

-27.8
58.5
61.5

65.1
143.8
-31.4

9
10
11

-11.0

-76.7

222.7

432.2

666.8

496.9

891.7

570.3

278.1

853.8

965.0

12

13
14
15
16
17
18

Household sector
State and local governments
Federal government
Rest of the world (4)
MBS and other ABS
Other

75.1
3.3
0.6
-127.3
-168.7
41.4

-319.2
7.4
0.3
-36.8
-45.5
8.8

132.3
-4.0
-0.1
-109.9
-44.8
-65.1

98.2
-9.4
-0.2
-16.9
-36.1
19.2

104.3
1.2
-0.1
191.5
-21.8
213.3

-7.3
-7.1
-0.4
80.6
-49.3
129.9

269.2
-20.0
-0.1
206.8
-23.1
229.9

-54.0
2.1
-0.2
163.4
-21.6
185.0

-54.3
6.9
-0.1
168.5
-39.4
207.9

107.6
-2.8
-0.1
291.2
-13.0
304.3

417.9
-1.3
-0.0
142.9
-13.0
156.0

13
14
15
16
17
18

19
20
21
22
23
24
25
26

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

25.1
-47.7
73.7
-157.8
1.5
-6.7
0.3
-7.0

-98.2
-88.1
-10.7
-9.4
-1.4
-15.7
-0.7
-15.0

2.5
-24.8
27.8
-1.4
3.6
-0.3
-0.3
-0.1

-1.4
-1.0
-0.1
-6.2
1.0
0.3
0.7
-0.4

15.0
-1.3
16.6
-34.1
0.6
2.2
2.1
0.1

56.3
-1.7
57.0
30.5
2.0
-1.6
-1.1
-0.5

31.5
-8.3
40.5
17.8
2.4
0.1
0.5
-0.5

-15.8
-11.2
-3.5
-74.3
1.6
4.6
4.2
0.4

9.9
-1.9
11.5
-36.6
-0.2
2.9
2.7
0.2

48.6
6.5
42.2
1.1
0.3
0.2
0.3
-0.2

17.4
1.4
16.3
-26.7
0.6
1.3
1.2
0.1

19
20
21
22
23
24
25
26

27
28
29
30
31
32

Property-casualty insurance companies


MBS and other ABS
Other
Life insurance companies
MBS and other ABS
Other

30.8
0.0
30.8
97.6
0.0
97.6

24.3
0.0
24.3
102.9
0.0
102.9

40.4
-0.6
41.1
87.1
0.0
87.1

16.7
2.7
14.0
33.4
-24.3
57.6

8.0
1.3
6.7
49.8
1.2
48.7

18.2
2.7
15.4
109.4
-22.3
131.7

23.5
2.7
20.7
37.6
-22.0
59.6

9.0
1.7
7.2
58.6
9.6
48.9

4.2
1.0
3.2
50.1
1.5
48.6

6.6
0.6
6.0
11.0
2.4
8.5

12.4
1.9
10.5
79.7
-8.9
88.6

27
28
29
30
31
32

33
34
35

Private pension funds


State and local govt. retirement funds
Federal government retirement funds

-14.5
-102.3
-0.0

83.4
5.7
0.2

44.6
-24.8
1.4

-47.3
-60.1
1.7

-2.2
-0.6
-1.7

-48.7
-75.1
4.3

-50.7
-37.2
0.0

-40.0
-31.1
-2.3

7.5
-22.2
-1.8

12.8
20.4
-1.9

11.0
30.5
-0.9

33
34
35

36
37
38
39

Money market mutual funds


Mutual funds
Closed-end funds
Exchange-traded funds

-58.1
143.8
6.0
27.6

-15.7
122.3
4.2
18.7

-49.1
170.3
-2.3
33.6

-3.0
306.0
7.6
47.6

0.0
282.0
16.7
19.5

-16.9
333.5
10.7
45.5

36.0
344.1
9.8
32.9

4.0
388.7
26.4
28.2

-49.2
207.6
23.4
10.1

-6.4
315.2
3.5
22.0

51.7
216.6
13.4
17.5

36
37
38
39

40
41
42
43
44

Government-sponsored enterprises
MBS and other ABS
Other
Finance companies
REITs

-48.6
-50.2
1.6
6.3
3.8

-29.6
-46.5
17.0
-19.8
5.3

-30.8
-32.2
1.4
0.9
1.3

-50.0
-31.2
-18.8
-6.3
10.1

-56.3
-56.3
0.0
-8.6
4.2

-33.6
-28.4
-5.2
-6.3
12.2

-55.9
-31.0
-24.9
-26.5
6.2

-22.9
-22.4
-0.6
-2.2
19.7

-45.2
-44.7
-0.6
-17.6
-2.0

-118.3
-117.8
-0.5
-3.8
-0.8

-38.7
-40.3
1.6
-10.7
-0.2

40
41
42
43
44

45
46
47

Brokers and dealers


Holding companies
Funding corporations

47.5
-8.4
43.6

35.2
7.3
51.9

-85.0
-20.1
32.6

35.5
-4.7
79.6

-6.9
34.0
48.1

33.9
-32.2
-10.8

3.1
-15.7
76.6

31.9
1.6
73.4

-52.8
-2.0
71.1

-2.8
148.9
1.0

-4.1
-12.6
46.9

45
46
47

(1) Net purchases of foreign issues by U.S. residents.


(2) Net issuance less net acquisition of corporate bonds held as assets.
(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.

Flows

2009

52

Z.1, March 6, 2014

F.213 Corporate Equities (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

2010

2011

2012

2013

2012
Q3

Flows

Net issues

Nonfinancial corporate business

Rest of the world (2)

Financial sectors

5
6
7
8
9
10
11
12
13
14
15

2013
Q4

Q1

Q2

Q3

Q4

317.9

-7.0

-302.1

-148.3

-1.0

-49.6

-134.6

274.5

-58.2

-172.4

-47.8

-62.1

-277.4

-472.2

-399.5

-383.7

-395.4

-403.4

-256.2

-421.4

-449.9

-407.5

63.7

79.1

6.0

82.6

211.4

71.5

41.5

295.3

313.6

91.9

144.8

316.3

191.3

164.1

168.6

171.4

274.3

227.3

235.4

49.7

185.6

214.9

U.S.-chartered depository institutions


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

11.6
-5.3
-0.9
7.5
116.5

11.9
-12.7
-4.8
0.5
118.0

6.4
-10.7
-11.5
-2.9
117.6

2.1
-14.5
-9.9
2.5
185.2

2.6
-4.7
-8.0
4.1
179.0

1.1
-22.2
-7.6
9.7
207.0

2.3
-4.8
-8.6
17.3
221.0

1.4
-3.6
-6.6
16.9
207.7

0.6
-6.4
-9.7
15.6
60.2

3.0
-8.3
-8.5
-15.9
214.4

5.5
-0.4
-7.1
-0.2
233.9

5
6
7
8
9

REITs
Government-sponsored enterprises
Brokers and dealers
Holding companies
Funding corporations (3)

24.2
96.0
-32.4
68.6
30.5

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

45.1
1.1
-31.0
-17.0
0.0

62.7
13.9
-26.8
36.5
0.0

37.1
14.7
-19.9
-31.8
0.0

64.2
7.8
-45.4
-7.0
0.0

63.1
-10.7
-41.6
-21.4
0.0

24.9
3.3
0.3
-27.5
0.0

28.0
4.2
-37.1
-12.0
0.0

10
11
12
13
14

317.9

-7.0

-302.1

-148.3

-1.0

-49.6

-134.6

274.5

-58.2

-172.4

-47.8

15

-5.7
-2.3
0.6
154.9

-186.8
-0.3
24.1
74.6

-213.1
-4.3
40.3
-38.7

-325.0
-5.0
-13.2
29.9

-323.6
0.7
-4.8
31.7

-397.0
-3.8
-9.9
93.4

-648.7
-10.6
-5.0
313.5

90.7
1.1
-5.2
16.5

-242.9
3.7
-2.8
-128.4

-661.0
-1.5
-10.3
274.7

-481.4
-0.7
-1.1
-35.9

16
17
18
19

Net purchases

16
17
18
19

Household sector
State and local governments
Federal government
Rest of the world (4)

20
21
22

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

25.1
6.3
0.0

1.3
-1.8
0.1

-26.4
1.0
-0.0

0.0
5.1
0.0

0.0
-0.7
0.0

0.0
6.1
0.0

0.0
3.0
0.0

0.0
-2.7
0.0

0.0
0.1
0.0

0.0
-1.5
-0.0

0.0
1.2
0.0

20
21
22

23
24

Property-casualty insurance companies


Life insurance companies

-2.8
33.4

-20.9
45.6

2.9
37.7

4.6
15.3

4.7
29.3

-3.5
20.0

8.3
18.5

4.9
18.7

9.8
60.9

-0.8
13.1

4.8
24.5

23
24

25
26
27

Private pension funds


State and local govt. retirement funds
Federal government retirement funds

-95.4
20.5
8.8

25.2
-84.0
5.4

-63.8
-77.4
-4.2

11.7
36.7
-4.1

4.5
-85.2
9.6

37.5
11.0
-8.4

-6.9
49.5
-10.8

14.6
-28.7
16.3

14.7
-0.3
9.3

-6.0
-161.7
-7.1

-5.3
-150.2
19.9

25
26
27

28
29
30

Mutual funds
Closed-end funds
Exchange-traded funds

86.5
-3.0
70.5

44.3
-4.8
88.3

4.9
-1.2
71.6

-38.1
-8.7
132.9

161.1
-13.6
166.8

2.1
-5.3
176.7

-11.9
2.7
180.7

60.2
-13.5
179.6

164.7
-10.6
47.1

214.7
-16.6
197.1

204.9
-13.6
243.6

28
29
30

31
32

Brokers and dealers


Funding corporations

-4.6
25.1

-18.5
1.3

-5.0
-26.4

9.7
0.0

18.6
0.0

31.6
0.0

-16.8
0.0

-78.0
0.0

16.5
0.0

-5.5
0.0

141.5
0.0

31
32

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


(2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).
(3) 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.
(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

497.1

370.1

338.4

624.9

662.1

784.7

542.5

956.8

506.9

673.9

510.7

Net purchases

497.1

370.1

338.4

624.9

662.1

784.7

542.5

956.8

506.9

673.9

510.7

334.1
35.3

227.7
11.1

218.7
-12.8

373.6
0.7

722.8
0.7

704.8
0.7

390.5
0.7

1009.3
0.7

688.8
0.7

699.1
0.7

494.1
0.7

3
4

3
4

Household sector
Nonfinancial corporate business

5
6

State and local governments


Rest of the world

1.7
57.2

2.8
111.5

-0.7
147.5

-2.6
182.0

0.3
-87.6

-2.0
6.5

-5.5
110.0

0.6
-107.2

1.9
-205.6

-0.8
-71.9

-0.3
34.5

5
6

7
8

U.S.-chartered depository institutions


Credit unions

14.8
-0.7

-5.8
0.2

-0.8
0.3

8.3
0.4

10.7
-0.1

11.1
0.4

20.7
0.4

13.8
1.1

2.2
-0.8

16.6
-0.6

10.2
-0.2

7
8

0.5
0.0

-0.1
1.0

-0.7
1.1

1.8
1.3

1.8
1.4

1.8
1.3

1.8
1.3

1.8
1.3

1.8
1.4

1.8
1.4

1.8
1.4

9
10

56.5
-2.3

35.1
-13.2

1.5
-15.7

55.0
4.5

26.9
-15.0

58.8
1.3

16.6
6.1

38.8
-3.5

26.7
-10.2

43.4
-15.9

-1.2
-30.2

11
12

9
10

Property-casualty insurance companies


Life insurance companies

11
12

Private pension funds


State and local govt. retirement funds

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

53

Z.1, March 6, 2014

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


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

2011

2012

2013

2012
Q3

2013
Q4

Q1

Q2

Q3

Q4

Net change in liabilities

-753.4

-90.4

146.6

184.1

184.3

161.0

272.1

30.9

208.5

211.6

286.4

2
3
4

Household sector
Corporate business
Noncorporate business

33.0
-234.0
-102.0

52.4
-83.5
-20.3

-53.9
68.9
56.7

111.5
78.3
87.8

21.7
44.6
49.8

-8.1
56.7
62.2

184.1
83.0
89.0

-64.3
20.0
35.5

36.2
55.8
62.0

130.2
56.1
45.3

-15.3
46.6
56.6

2
3
4

5
6
7
8

Rest of the world


Foreign official institutions
Foreign banks
Other foreign

-14.8
-0.0
-5.2
-9.6

24.0
2.1
15.6
6.3

43.2
-1.2
16.8
27.6

30.4
0.8
0.6
29.1

39.2
1.0
20.0
18.2

18.3
0.1
-19.8
38.0

15.0
4.2
-2.1
12.9

33.3
-0.1
23.0
10.4

24.9
-0.4
17.1
8.2

41.3
2.1
24.8
14.3

57.2
2.2
15.1
40.0

5
6
7
8

Financial sectors

-435.4

-62.9

31.6

-124.0

29.0

32.0

-99.0

6.4

29.6

-61.4

141.3

-30.4
-12.1
-45.5

-64.9
-2.2
0.0

15.9
3.6
0.0

16.4
1.2
0.0

10.1
5.1
0.0

58.0
-3.5
0.0

27.7
14.8
0.0

3.0
-12.9
0.0

8.2
3.9
0.0

3.4
25.1
0.0

25.6
4.5
0.0

10
11
12

2.3
-349.6

26.1
-21.9

64.0
-51.9

-120.2
-21.5

13.8
0.0

-22.4
0.0

-141.4
0.0

16.3
0.0

17.5
0.0

-89.9
0.0

111.1
0.0

13
14

-753.4

-90.4

146.6

184.1

184.3

161.0

272.1

30.9

208.5

211.6

286.4

15

10
11
12

Finance companies
REITs
Brokers and dealers

13
14

Holding companies
Funding corporations

15

Net change in assets

16

Monetary authority (2)

-347.6

-44.8

-67.6

-29.9

-0.5

-12.2

-3.6

-0.7

-0.5

-0.6

-0.0

16

17
18
19
20

U.S.-chartered depository institutions


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

-280.8
-126.0
-0.3
1.3

-34.6
-11.3
-3.3
3.5

163.6
42.9
1.1
6.6

216.6
-3.7
1.0
0.1

136.2
43.8
1.4
3.4

170.0
-8.4
1.4
10.2

277.8
2.3
1.7
-6.1

31.6
0.0
0.3
-0.4

143.4
54.8
3.6
7.2

148.0
62.5
1.8
-0.1

221.9
57.8
-0.2
6.9

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.108.

Flows

2009

54

Z.1, March 6, 2014

F.216 Other Loans and Advances


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

2010

2011

2012

2013

2012
Q3

Flows

Q1

Q2

Q3

Q4

-447.0

-226.9

4.9

-13.5

128.8

-48.6

34.6

53.8

319.8

71.6

70.0

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
Rest of the world
Government-sponsored enterprises
Finance companies
Funding corporations

66.1
-0.2
59.6
3.6
0.8
0.3
0.0
0.0
2.0

3.6
-1.0
-4.3
0.6
0.9
0.2
0.0
0.0
7.2

4.9
-0.5
-0.5
2.9
0.9
1.4
0.0
0.0
0.7

2.5
-0.1
5.2
0.6
0.4
3.2
0.0
0.0
-6.8

6.8
1.1
0.8
2.0
0.5
3.0
0.0
0.0
-0.7

-8.0
0.1
3.7
0.2
-0.4
-0.2
0.0
0.0
-11.3

-2.5
0.1
4.5
-0.3
0.5
5.1
0.0
0.0
-12.5

10.2
0.6
2.9
2.1
1.3
5.5
0.0
0.0
-2.2

8.5
2.5
0.7
1.4
-0.2
4.5
0.0
0.0
-0.4

3.8
-1.0
-0.3
3.6
0.5
1.1
0.0
0.0
0.0

4.7
2.3
-0.1
0.9
0.6
1.0
0.0
0.0
0.0

2
3
4
5
6
7
8
9
10

11
12

Foreign loans to U.S. corporate business


Liab.: Nonfinancial corporate business

-44.0
-44.0

-20.2
-20.2

33.9
33.9

-52.2
-52.2

-5.2
-5.2

-34.5
-34.5

-59.2
-59.2

9.7
9.7

25.9
25.9

-55.4
-55.4

-1.0
-1.0

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

13
14
15
16

Total other loans and advances

2013
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

-3.2
-3.2
0.0

4.3
4.3
0.0

4.0
4.0
0.0

16.7
14.3
2.4

-2.8
-0.7
-2.0

1.5
1.1
0.4

-13.6
-19.0
5.5

2.6
8.5
-5.9

19.0
20.0
-1.0

4.7
6.3
-1.5

-37.5
-37.8
0.3

17
18
19

20
21
22

Policy loans (Household liability)


Asset: Federal government
Life insurance companies

0.7
-0.0
0.7

3.4
-0.0
3.4

2.4
-0.0
2.5

1.4
-0.0
1.4

0.9
-0.0
0.9

2.5
-0.0
2.6

4.1
-0.0
4.1

-0.1
-0.0
-0.1

2.6
-0.0
2.6

1.6
-0.0
1.6

-0.6
-0.0
-0.6

20
21
22

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)

-284.8
0.0
-0.4
0.2
-263.9
-14.1
-6.6

-144.7
0.0
1.6
5.6
-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

74.4
0.0
-0.0
2.9
63.0
3.1
5.4

4.4
0.0
0.8
12.1
-10.9
2.6
-0.2

17.9
0.0
-1.4
6.0
13.5
2.8
-3.0

28.9
0.0
0.9
-20.6
54.9
-11.4
5.2

141.9
0.0
-0.7
15.9
115.3
4.9
6.5

63.4
0.0
-1.1
2.5
52.5
12.5
-2.9

63.5
0.0
0.7
14.1
29.4
6.4
12.9

23
24
25
26
27
28
29

30
31

Securitized loans held by ABS issuers


Liab.: Nonfinancial corporate business

-23.7
-23.7

-4.9
-4.9

-3.9
-3.9

1.7
1.7

0.2
0.2

12.8
12.8

-5.9
-5.9

8.5
8.5

1.8
1.8

-2.0
-2.0

-7.7
-7.7

30
31

32
33
34

Finance company loans to business


Liab.: Nonfinancial corporate business
Nonfinancial noncorporate business

-91.0
-81.9
-9.1

-15.2
-13.7
-1.5

3.0
2.7
0.3

11.2
10.1
1.1

16.0
14.4
1.6

3.3
3.0
0.3

21.2
19.1
2.1

20.9
18.8
2.1

39.4
35.5
3.9

7.0
6.3
0.7

-3.4
-3.0
-0.3

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

-67.1
-5.3
-13.3
1.3
-27.4
-12.7
-9.8

-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

38.5
4.4
1.7
39.7
-10.2
6.7
-3.8

-30.6
-0.5
2.2
5.6
-32.1
-3.8
-2.1

72.6
-8.7
2.1
20.3
24.3
30.6
4.1

-26.9
7.1
-3.3
30.8
-52.1
-9.5
0.1

80.6
5.4
4.2
69.9
-14.6
20.2
-4.4

48.3
1.9
1.9
28.0
16.0
6.3
-5.8

52.0
3.0
4.0
30.0
10.0
10.0
-5.0

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.

55

Z.1, March 6, 2014

F.217 Total Mortgages


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

2011

2012

2013

2012
Q3

2013
Q4

Q1

Q2

Q3

Q4

Net change in mortgages

-292.9

-511.3

-318.5

-255.2

31.3

-345.1

9.8

-221.1

15.9

226.5

104.0

2
3
4
5

Home
Multifamily residential
Commercial
Farm

-213.9
6.5
-96.9
11.3

-354.2
-4.9
-160.3
8.1

-255.3
5.7
-81.9
13.1

-250.1
22.6
-33.5
5.8

-75.7
38.2
60.8
8.0

-326.4
30.6
-55.2
5.8

-101.5
42.6
62.9
5.8

-205.9
13.7
-36.8
7.9

-102.8
44.6
66.2
8.0

96.2
43.4
78.7
8.1

-90.3
51.1
135.2
8.1

2
3
4
5

-292.9

-511.3

-318.5

-255.2

31.3

-345.1

9.8

-221.1

15.9

226.5

104.0

Household sector

-166.8

-377.0

-235.5

-240.7

-70.4

-317.0

-90.3

-194.4

-97.6

96.2

-85.9

8
9
10

Nonfinancial business
Corporate
Noncorporate

-129.5
-128.1
-1.4

-134.5
-118.1
-16.5

-92.0
-56.9
-35.2

-30.1
-9.5
-20.6

104.0
27.6
76.5

-40.3
-30.1
-10.2

85.2
35.6
49.6

-48.8
-30.1
-18.7

129.9
41.9
87.9

129.6
11.3
118.3

205.4
87.2
118.3

8
9
10

11
12

Federal government
REITs

0.0
3.4

0.0
0.2

0.0
9.1

0.0
15.6

0.0
-2.3

0.0
12.2

0.0
14.9

0.0
22.1

0.0
-16.4

0.0
0.6

0.0
-15.4

11
12

13

Net change in assets

-292.9

-511.3

-318.5

-255.2

31.3

-345.1

9.8

-221.1

15.9

226.5

104.0

13

Net borrowing

14
15
16

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

-3.0
-4.1
-1.2

-12.4
-1.6
4.2

0.4
-0.6
0.5

-14.6
-0.6
0.6

-9.3
-0.6
1.2

-13.3
-0.6
0.5

-13.1
-0.6
1.3

-9.4
-0.6
0.4

-10.2
-0.6
1.4

-9.3
-0.6
1.5

-8.2
-0.6
1.6

14
15
16

17
18

State and local governments


Federal government

4.9
12.6

10.0
-6.2

-4.5
4.1

-11.7
1.6

1.5
4.0

-8.9
2.0

-24.8
-4.2

2.7
7.2

8.5
-0.5

-3.4
3.7

-1.6
5.5

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

-243.3
-6.4
-0.3
4.8

-205.0
-2.5
-6.5
0.0

-145.4
-2.6
-2.4
3.5

-52.2
-1.9
1.5
7.3

-36.3
-0.6
-2.5
17.0

-171.1
0.1
-1.7
7.5

114.7
-1.2
11.7
7.3

-14.8
-4.9
-2.3
3.9

-25.9
-0.4
-2.7
14.0

-40.3
1.0
-8.3
30.9

-64.4
1.9
3.5
19.1

19
20
21
22

23
24

Property-casualty insurance companies


Life insurance companies

-0.5
-16.3

-0.3
-8.6

0.8
15.0

0.7
11.9

1.7
15.0

0.5
5.5

0.5
7.2

0.9
3.1

2.9
14.6

1.8
24.5

1.2
17.9

23
24

25
26

Private pension funds


State and local govt. retirement funds

-2.4
-3.7

2.8
-0.5

-4.6
0.2

-2.5
-1.2

-2.8
-2.9

-2.4
-1.1

-2.5
-1.0

-2.7
-1.5

-2.8
-1.8

-3.0
-2.5

-2.8
-6.0

25
26

27
28

Government-sponsored enterprises (1)


Agency- and GSE-backed mortgage pools

2.4
415.3

-110.8
186.9

-96.9
165.3

-100.5
132.2

57.6
132.4

-38.4
105.6

-60.7
142.4

-148.5
138.8

100.0
88.9

216.3
158.3

62.4
143.7

27
28

29
30
31

ABS issuers
Finance companies
REITs

-371.0
-52.6
-28.0

-297.0
-57.6
-6.3

-219.2
-32.3
0.2

-205.4
-26.7
6.1

-133.5
-22.5
12.0

-215.7
-20.7
7.0

-152.7
-26.1
11.6

-166.4
-29.3
2.4

-171.5
-10.6
12.5

-142.1
-22.0
20.0

-53.9
-28.1
12.9

29
30
31

Flows

2009

56

Z.1, March 6, 2014

F.218 Home Mortgages (1)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

1
2
3
4

Flows

5
6
7
8

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

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

-213.9

-354.2

-255.3

-250.1

-75.7

-326.4

-101.5

-205.9

-102.8

96.2

-90.3

-159.9
-12.4
-41.5

-365.6
-6.8
18.1

-229.1
-3.4
-22.8

-237.9
-0.5
-11.7

-74.6
0.3
-1.3

-312.9
0.1
-13.6

-94.3
-1.0
-6.3

-191.9
-1.2
-12.7

-102.1
0.7
-1.4

88.6
0.8
6.9

-93.1
0.9
1.9

2
3
4

-213.9

-354.2

-255.3

-250.1

-75.7

-326.4

-101.5

-205.9

-102.8

96.2

-90.3

-8.0
-2.5
-0.4

-8.0
-0.9
1.5

-8.0
-0.6
0.2

-8.0
-0.6
0.2

-8.0
-0.6
0.4

-8.0
-0.6
0.2

-8.0
-0.6
0.5

-8.0
-0.6
0.1

-8.0
-0.6
0.5

-8.0
-0.6
0.5

-8.0
-0.6
0.6

6
7
8

2.5
5.7

5.1
-2.6

-2.3
0.9

-6.0
1.1

0.8
0.5

-4.6
1.2

-12.8
-2.8

1.4
2.7

4.4
-3.1

-1.8
-2.4

-0.8
4.6

9
10

9
10

State and local governments


Federal government

11
12
13
14

U.S.-chartered depository institutions


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

-191.1
-6.0
-0.3
4.8

-104.7
0.1
-2.5
0.0

-77.7
0.3
-2.4
3.5

-52.1
0.5
2.3
7.3

-114.1
-0.4
-1.1
17.0

-154.7
1.0
-0.8
7.5

33.4
0.9
11.9
7.3

-28.3
-0.2
-0.3
3.9

-105.6
-0.8
-3.0
14.0

-135.3
-0.8
-0.6
30.9

-187.3
0.1
-0.5
19.1

11
12
13
14

15
16
17

Life insurance companies


Private pension funds
State and local govt. retirement funds

0.2
0.7
-1.3

0.3
-0.1
-0.2

-0.1
-0.3
0.1

0.5
-0.1
-0.4

0.9
-0.2
-1.1

1.8
-0.2
-0.4

-3.9
-0.2
-0.4

-0.1
-0.2
-0.5

1.1
-0.2
-0.6

2.1
-0.2
-0.9

0.5
-0.2
-2.2

15
16
17

18
19

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

-25.3
402.5

-117.7
175.8

-103.2
148.0

-111.6
105.0

75.4
98.8

-59.6
84.8

-69.5
106.5

-138.1
110.0

110.7
51.4

237.2
123.5

91.6
110.4

18
19

20
21
22

ABS issuers
Finance companies
REITs

-323.5
-50.1
-21.7

-243.6
-53.2
-3.7

-193.2
-19.8
-0.7

-181.4
-12.2
5.5

-134.1
-17.8
8.0

-183.4
-13.0
2.4

-168.0
-1.2
5.4

-134.3
-20.6
7.2

-155.9
-11.3
4.3

-140.9
-17.5
11.1

-105.2
-21.9
9.4

20
21
22

-82.6
-53.3
-0.6
-4.1
-15.1
-9.6

-90.6
-66.3
0.0
-6.4
-8.7
-9.3

-75.0
-60.1
-0.0
-6.0
-4.8
-4.0

-82.9
-70.4
-0.0
-6.5
-3.5
-2.4

-65.8
-56.5
0.1
-2.8
-3.1
-3.6

-88.3
-78.1
0.0
-4.4
-3.9
-1.8

-82.9
-71.9
-0.1
-6.1
-2.9
-1.9

-86.0
-74.0
0.1
-6.7
-3.1
-2.3

-70.2
-56.7
-0.1
-6.0
-4.7
-2.8

-61.8
-56.5
0.4
0.0
-2.4
-3.3

-45.1
-38.8
0.1
1.7
-2.1
-5.9

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 mortages 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.

F.219 Multifamily Residential Mortgages


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

6.5

-4.9

5.7

22.6

38.2

30.6

42.6

13.7

44.6

43.4

51.1

2
3

Nonfinancial corporate business


Nonfinancial noncorporate business

0.2
4.5

-0.3
-5.5

0.3
5.5

1.2
22.5

1.8
34.4

1.6
29.7

2.1
39.8

-0.3
-5.0

2.4
45.7

2.1
40.3

3.0
56.5

2
3

4
5

Federal government
REITs

0.0
1.8

0.0
0.8

0.0
-0.1

0.0
-1.1

0.0
2.0

0.0
-0.7

0.0
0.7

0.0
18.9

0.0
-3.5

0.0
1.0

0.0
-8.4

4
5

Net change in assets

6.5

-4.9

5.7

22.6

38.2

30.6

42.6

13.7

44.6

43.4

51.1

0.0
-0.1
-0.4

0.0
-0.0
1.5

0.0
0.0
0.2

0.0
0.0
0.2

0.0
0.0
0.4

0.0
0.0
0.2

0.0
0.0
0.4

0.0
0.0
0.1

0.0
0.0
0.5

0.0
0.0
0.5

0.0
-0.0
0.5

7
8
9

2.0
0.1

4.0
-0.3

-1.8
-0.3

-4.7
-0.3

0.6
0.0

-3.5
-0.8

-9.9
0.0

1.1
-0.4

3.4
-0.0

-1.4
-0.6

-0.6
1.1

10
11

7
8
9

Net borrowing

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

10
11

State and local governments


Federal government

12
13

U.S.-chartered depository institutions


Foreign banking offices in U.S.

-9.0
-0.4

-12.2
-0.5

-6.6
-0.6

5.0
-1.5

30.6
-0.4

7.1
0.1

20.6
-0.1

12.7
-0.5

29.5
-1.6

33.8
0.7

46.6
0.0

12
13

14
15
16

Life insurance companies


Private pension funds
State and local govt. retirement funds

-3.2
0.3
-1.1

-1.3
0.4
-0.2

2.1
-0.3
0.1

1.7
-0.3
-0.4

2.0
-0.3
-0.9

1.8
-0.3
-0.3

0.2
-0.3
-0.3

-0.5
-0.4
-0.4

2.3
-0.4
-0.5

4.5
-0.4
-0.8

1.7
-0.3
-1.8

14
15
16

17
18

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

14.2
13.0

2.0
11.3

2.8
19.4

6.2
27.0

-21.9
33.7

16.6
21.0

3.6
36.2

-14.1
29.1

-15.4
37.7

-25.1
34.8

-33.2
33.2

17
18

19
20
21

ABS issuers
Finance companies
REITs

-6.1
-0.7
-2.0

-8.6
-0.7
-0.4

-7.7
-1.5
-0.2

-9.6
-0.8
0.1

-5.6
-0.8
0.8

-10.1
-1.0
0.0

-7.2
-0.9
0.4

-13.8
-0.4
1.3

-11.2
-2.2
2.5

-2.1
-0.1
-0.5

4.7
-0.6
-0.3

19
20
21

57

Z.1, March 6, 2014

F.220 Commercial Mortgages


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

2011

2012

2013

2012
Q3

1
2
3
4
5
6
7
8
9

Net borrowing
Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business
REITs
Net change in assets
Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

2013
Q4

Q1

Q2

Q3

Q4

-96.9

-160.3

-81.9

-33.5

60.8

-55.2

62.9

-36.8

66.2

78.7

135.2

-6.8
-120.1
28.4
1.6

-11.4
-114.2
-34.0
-0.6

-6.4
-58.3
-26.4
9.2

-2.8
-12.4
-35.0
16.7

4.2
24.0
36.9
-4.3

-4.1
-33.6
-30.3
12.8

3.9
33.3
11.5
14.2

-2.5
-30.0
-7.4
3.2

4.6
37.5
37.0
-12.9

7.7
6.7
64.7
-0.4

7.1
81.8
53.3
-7.1

2
3
4
5

-96.9

-160.3

-81.9

-33.5

60.8

-55.2

62.9

-36.8

66.2

78.7

135.2

-0.7
-1.6
-0.3

-1.1
-0.6
1.1

-0.6
0.1
0.1

-0.3
0.1
0.2

0.4
0.1
0.3

-0.4
0.1
0.1

0.4
0.1
0.4

-0.2
0.1
0.1

0.5
0.1
0.4

0.8
0.1
0.4

0.7
0.1
0.4

7
8
9

0.4
6.4

0.8
-3.7

-0.4
3.2

-0.9
0.8

0.1
3.9

-0.7
1.5

-2.0
-1.5

0.2
5.3

0.7
2.5

-0.3
6.5

-0.1
1.2

10
11

10
11

State and local governments


Federal government

12
13
14

U.S.-chartered depository institutions


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

-36.8
0.1
-0.0

-95.1
-2.1
-4.0

-62.9
-2.3
-0.1

-11.9
-0.9
-0.8

41.1
0.2
-1.4

-29.7
-1.0
-0.9

54.3
-2.1
-0.2

-5.3
-4.1
-2.1

44.4
2.0
0.3

55.4
1.1
-7.7

70.0
1.8
4.0

12
13
14

15
16

Property-casualty insurance companies


Life insurance companies

-0.5
-11.5

-0.3
-6.8

0.8
12.3

0.7
9.8

1.7
12.1

0.5
2.0

0.5
11.0

0.9
3.7

2.9
11.2

1.8
18.0

1.2
15.6

15
16

17
18

Private pension funds


State and local govt. retirement funds

-3.4
-1.2

2.5
-0.2

-4.0
0.1

-2.2
-0.4

-2.3
-1.0

-1.9
-0.4

-1.9
-0.3

-2.2
-0.5

-2.2
-0.6

-2.4
-0.9

-2.4
-2.0

17
18

19
20

Agency- and GSE-backed mortgage pools


ABS issuers

0.0
-41.4

0.0
-44.9

0.0
-18.3

0.0
-14.4

0.0
6.2

0.0
-22.3

0.0
22.6

0.0
-18.3

0.0
-4.4

0.0
1.0

0.0
46.5

19
20

21
22

Finance companies
REITs

-1.9
-4.3

-3.7
-2.3

-11.0
1.1

-13.8
0.5

-3.8
3.2

-6.7
4.6

-24.0
5.8

-8.3
-6.0

2.9
5.7

-4.3
9.5

-5.6
3.8

21
22

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

5
6

Household sector
Nonfinancial noncorporate business

7
8

State and local governments


Federal government

11.3

8.1

13.1

5.8

8.0

5.8

5.8

7.9

8.0

8.1

8.1

4.1
7.2

3.2
4.9

4.5
8.6

2.2
3.6

1.5
6.5

1.9
3.9

1.1
4.7

1.4
6.5

1.4
6.6

1.6
6.5

1.5
6.6

2
3

11.3

8.1

13.1

5.8

8.0

5.8

5.8

7.9

8.0

8.1

8.1

5.8
-0.0

-3.2
0.1

9.1
0.0

-6.3
0.0

-1.7
0.0

-4.9
0.0

-5.5
0.0

-1.2
0.0

-2.6
0.0

-2.1
0.0

-0.9
0.0

5
6

0.0
0.4

0.1
0.4

-0.0
0.3

-0.1
0.1

0.0
-0.3

-0.0
0.0

-0.1
0.0

0.0
-0.4

0.0
0.2

-0.0
0.2

-0.0
-1.3

7
8

9
10

U.S.-chartered depository institutions


Foreign banking offices in U.S.

-6.4
-0.0

7.0
0.0

1.8
-0.0

6.9
0.0

6.0
-0.0

6.3
-0.0

6.3
0.1

6.1
-0.1

5.7
-0.0

5.9
0.0

6.3
-0.0

9
10

11
12

Life insurance companies


State and local govt. retirement funds

-1.7
0.0

-0.9
0.0

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
0.0

11
12

13
14

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

13.5
-0.2

4.9
-0.2

3.5
-2.1

4.9
0.3

4.2
-0.1

4.7
-0.2

5.3
-0.3

3.7
-0.2

4.7
-0.1

4.2
-0.1

4.0
0.0

13
14

(1) Excludes mortgages on farm houses.

Flows

2009

58

Z.1, March 6, 2014

F.222 Consumer Credit


Billions of dollars; quarterly figures are seasonally adjusted annual rates

Flows

2009

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

Net change in liabilities (Households)

-103.7

-25.3

108.9

169.4

174.3

136.3

186.9

180.5

171.3

179.1

166.3

Net change in assets

-103.7

-25.3

108.9

169.4

174.3

136.3

186.9

180.5

171.3

179.1

166.3

-5.8
-2.2
0.0

-10.4
-11.4
0.0

-3.9
2.3
0.0

-7.4
0.0
0.0

-5.4
-5.4
0.0

-13.6
-1.9
0.0

-1.8
-19.9
0.0

-8.6
8.2
0.0

-4.5
-2.3
0.0

-4.7
-8.4
0.0

-3.7
-19.3
0.0

3
4
5

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

87.9
-64.5
0.9

133.1
-70.3
-10.7

128.5
7.1
-3.4

132.1
28.1
20.6

113.1
52.9
21.3

121.1
33.0
10.9

101.3
66.0
29.7

148.2
9.8
26.9

117.2
32.9
18.9

97.7
69.9
25.7

89.2
99.1
13.8

6
7
8

Government-sponsored enterprises
ABS issuers
Finance companies

0.0
-37.8
-82.4

0.0
-42.3
-13.4

0.0
-4.2
-17.4

0.0
3.7
-7.8

0.0
-1.3
-0.8

0.0
-2.4
-11.0

0.0
6.4
5.1

0.0
8.1
-12.1

0.0
-5.8
14.9

0.0
-5.0
4.0

0.0
-2.6
-10.1

9
10
11

-88.0
-58.2
101.0
-58.5

-69.4
-41.0
80.8
4.3

1.8
17.2
99.9
-9.9

3.3
59.8
119.0
-12.8

10.7
66.4
94.3
2.9

3.3
84.3
127.7
-78.9

2.7
41.0
66.0
77.2

13.1
47.6
150.3
-30.5

10.3
80.7
38.7
41.6

3.2
101.7
137.6
-63.3

16.1
35.8
50.8
63.6

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.

59

Z.1, March 6, 2014

F.223 Trade Credit


Billions of dollars; quarterly figures are seasonally adjusted annual rates

Net change in trade payables

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

-12.0

226.5

58.9

175.0

193.5

175.5

111.9

192.1

153.9

273.3

154.6

16.0

21.4

14.0

1.5

-5.4

-0.0

-3.2

-6.4

-9.4

-0.6

-5.2

Nonfinancial corporate business


Nonfinancial noncorporate business

-82.6
16.8

156.3
30.3

25.2
7.9

118.4
1.7

128.1
9.3

125.5
-1.9

38.1
15.3

138.9
18.4

84.6
-0.2

213.9
10.0

74.9
9.0

3
4

5
6

State and local governments


Federal government

38.9
-56.2

38.5
6.3

38.4
9.4

39.1
8.0

39.6
23.5

39.2
17.0

39.2
10.2

39.2
1.8

39.3
31.1

39.9
24.8

40.0
36.4

5
6

7
8

Rest of the world


Brokers and dealers

6.1
48.9

25.8
-52.0

-32.2
-3.8

6.3
-0.0

-1.9
0.3

-2.2
-2.0

7.4
5.0

-4.5
4.6

7.6
1.0

-5.3
-9.3

-5.3
4.9

7
8

-114.5

166.3

113.2

112.0

178.9

136.6

8.4

176.5

193.6

155.3

190.3

Household sector

3
4

Net change in trade receivables

10
11

Nonfinancial corporate business


Nonfinancial noncorporate business

-31.1
-26.3

105.7
37.0

83.4
5.8

83.5
7.8

140.0
15.4

84.9
5.9

3.2
16.4

158.6
4.8

137.7
17.3

123.5
19.0

140.1
20.4

10
11

12
13
14

State and local governments


Federal government
Rest of the world

-4.6
-21.1
6.6

13.1
-0.7
19.8

2.3
4.8
17.7

8.2
2.6
11.5

9.6
0.1
11.9

7.2
6.2
26.4

4.7
-0.3
-4.7

8.8
-14.1
14.4

8.7
14.4
20.8

14.3
-4.5
2.6

6.4
4.6
9.9

12
13
14

15
16

Property-casualty insurance companies


ABS issuers

-3.7
-34.3

0.8
-9.5

3.4
-4.2

4.8
-6.4

7.5
-5.5

9.8
-3.9

-10.0
-1.0

8.1
-4.2

10.4
-15.6

6.8
-6.4

4.8
4.2

15
16

102.5

60.3

-54.2

63.0

14.5

38.9

103.5

15.5

-39.7

118.0

-35.7

17

17

Discrepancy

F.224 Security Credit


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

Net change in liabilities

2
3

Household sector
Rest of the world

4
5
6
7

Brokers and dealers


Customer credit balances (HH)
From U.S.-chartered depository institutions
From foreign banking offices in U.S.

-95.9

123.6

97.8

188.9

36.0

266.3

172.5

-105.7

71.7

75.1

103.0

38.1
0.0

75.2
0.0

-39.3
0.0

64.9
0.0

35.4
0.0

98.7
0.0

138.4
0.0

16.4
0.0

-21.2
0.0

44.6
0.0

101.9
0.0

2
3

-134.0
-74.1
-59.2
-0.8

48.4
25.7
-5.8
28.5

137.1
58.1
37.3
41.6

124.0
23.6
42.3
58.0

0.6
57.8
-55.9
-1.3

167.6
10.1
128.1
29.3

34.1
-16.6
4.7
46.0

-122.1
26.1
-135.7
-12.5

92.9
150.9
-41.6
-16.4

30.4
24.9
-42.5
48.0

1.2
29.2
-3.7
-24.2

4
5
6
7

Net change in assets

-95.9

123.6

97.8

188.9

36.0

266.3

172.5

-105.7

71.7

75.1

103.0

9
10

Household sector
Rest of the world

-74.1
0.0

25.7
0.0

58.1
0.0

23.6
0.0

57.8
0.0

10.1
0.0

-16.6
0.0

26.1
0.0

150.9
0.0

24.9
0.0

29.2
0.0

9
10

11
12
13

U.S.-chartered depository institutions


Foreign banking offices in U.S.
Brokers and dealers

-59.2
-0.8
38.1

-5.8
28.5
75.2

37.3
41.6
-39.3

42.3
58.0
64.9

-55.9
-1.3
35.4

128.1
29.3
98.7

4.7
46.0
138.4

-135.7
-12.5
16.4

-41.6
-16.4
-21.2

-42.5
48.0
44.6

-3.7
-24.2
101.9

11
12
13

Flows

2009

60

Z.1, March 6, 2014

F.225 Life Insurance Reserves


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

2010

2011

2012

2013

2012
Q3

1
2
3

Flows

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

2013
Q4

Q1

Q2

Q3

Q4

27.4

14.5

81.2

-11.9

17.6

11.3

24.7

-9.6

23.6

51.3

5.1

1.1
26.3

0.9
13.6

1.3
79.9

0.3
-12.2

0.3
17.3

-0.2
11.5

-0.5
25.2

0.2
-9.8

0.8
22.9

-0.5
51.8

0.5
4.5

2
3

27.4

14.5

81.2

-11.9

17.6

11.3

24.7

-9.6

23.6

51.3

5.1

24.6
0.8
2.1

6.2
4.5
3.8

73.9
4.8
2.4

-26.6
7.4
7.3

6.7
5.9
5.1

-0.3
5.9
5.8

23.6
6.4
-5.3

-19.9
5.3
5.0

18.2
4.2
1.1

41.6
5.2
4.5

-13.3
8.8
9.6

5
6
7

F.226 Pension Entitlements


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

Net change in liabilities

420.6

595.9

485.5

501.2

492.5

541.2

593.1

406.9

430.1

546.3

586.6

2
3

Life insurance companies (1)


Private pension funds (2)

-45.7
156.6

93.0
180.1

77.9
87.0

71.1
126.9

36.2
140.7

105.9
130.4

171.8
116.1

0.8
106.9

-10.4
178.6

94.8
138.2

59.3
139.0

2
3

4
5

State and local govt. retirement funds


Federal government retirement funds (3)

215.9
93.7

220.7
102.1

209.3
111.4

203.3
99.9

208.3
107.3

203.9
100.9

208.3
96.8

208.3
90.8

208.3
53.6

208.3
104.8

208.3
179.9

4
5

420.6

595.9

485.5

501.2

492.5

541.2

593.1

406.9

430.1

546.3

586.6

Net change in assets (Households) (4)

(1) Annuities, including those at 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) (table F.226.i), except those at life insurance companies.

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

-3.4

19.4

20.6

14.7

-6.2

29.5

-12.1

26.7

-85.5

36.7

-2.6

-3.3
-6.3

7.2
-0.7

8.8
1.2

6.6
1.5

-17.2
3.1

-9.5
1.2

19.2
3.3

-17.9
1.0

-21.8
3.4

-3.3
3.8

-26.0
4.1

2
3

7.3

6.6

10.6

6.7

0.4

16.3

-6.4

7.6

-51.8

23.9

22.0

2
3

Nonfinancial corporate business


Nonfinancial noncorporate business

U.S.-chartered depository institutions

5
6

Property-casualty insurance companies


Life insurance companies

5.3
-7.0

5.6
2.6

-4.4
5.2

3.8
-4.6

9.2
-2.3

17.9
0.9

-8.1
-18.5

30.4
-0.6

-8.1
-6.7

10.7
0.0

3.7
-1.8

5
6

7
8

Finance companies
Brokers and dealers

-2.8
3.2

0.3
-2.1

0.5
-1.1

0.2
0.5

0.0
0.6

-0.6
3.3

0.9
-2.4

0.8
5.4

-0.6
0.1

0.9
0.6

-1.0
-3.5

7
8

30.1

28.2

22.9

13.5

-16.7

16.9

19.9

-3.6

-48.2

10.7

-25.5

-5.8
35.9

1.1
27.1

2.2
20.8

1.5
11.9

3.1
-19.7

8.8
8.1

9.8
10.1

-1.3
-2.4

-1.7
-46.5

9.1
1.7

6.1
-31.7

10
11

-33.5

-8.8

-2.3

1.3

10.5

12.6

-32.0

30.3

-37.4

25.9

23.0

12

9
10
11
12

Net change in business taxes receivable


State and local governments
Federal government
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

-69.9

187.1

-53.2

-3.8

-7.8

-11.9

-28.6

33.3

-19.5

-48.5

3.6

-70.4
0.6

186.2
0.9

-51.5
-1.7

-10.3
6.5

-5.5
-2.3

-8.4
-3.6

-23.3
-5.3

38.6
-5.3

-20.9
1.3

-32.4
-16.1

-7.3
10.9

2
3

61

Z.1, March 6, 2014

F.229 Total Miscellaneous Financial Claims


Billions of dollars; quarterly figures are seasonally adjusted annual rates

Net change in liabilities

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

307.3

1174.0

1705.7

702.3

1084.7

829.9

816.8

1481.0

1088.7

1152.6

648.3

-4.9
46.5
32.8

2.7
397.3
-50.6

-0.4
807.7
34.5

0.6
305.0
9.8

2.1
271.6
7.1

1.7
480.8
8.5

-14.3
-47.0
-15.6

4.1
186.6
6.9

7.4
199.1
4.9

-3.7
192.6
27.5

0.4
507.9
-10.8

2
3
4

State and local governments


Federal government
Rest of the world

293.0
97.0
-269.5

269.3
110.7
379.7

287.0
122.1
414.1

151.0
93.7
21.5

287.2
102.0
167.6

210.1
67.2
5.2

113.1
123.1
319.2

186.5
100.1
28.7

267.0
86.1
912.2

348.8
462.3
-176.4

346.4
-240.6
-62.6

5
6
7

8
9
10
11
12

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

6.1
257.8
-142.3
4.3
14.7

29.2
198.5
-18.1
-5.9
-8.3

-26.7
50.8
37.3
-3.9
1.3

2.0
111.5
-38.1
-2.0
0.3

9.9
11.4
-28.5
-3.0
-3.9

-24.5
222.8
17.1
5.2
-1.8

24.3
-38.8
-53.0
-7.2
1.8

62.7
165.7
71.3
-3.6
12.8

-43.0
-134.8
-26.6
0.3
-2.5

-15.6
-140.4
-139.3
-3.1
-9.0

35.3
155.1
-19.2
-5.6
-16.8

8
9
10
11
12

13
14

Property-casualty insurance companies


Life insurance companies

-2.6
66.7

9.2
46.0

33.1
50.4

4.4
38.2

5.8
21.2

5.0
92.1

20.9
17.9

-25.5
32.3

23.5
5.2

4.9
29.3

20.4
18.1

13
14

15
16
17

Government-sponsored enterprises
Finance companies
REITs

62.3
-91.2
-13.8

-42.2
-58.9
14.9

-49.2
-13.0
8.5

-6.1
-25.5
17.0

-8.8
-25.9
-20.4

-15.3
-150.9
90.5

-2.9
112.9
-44.9

-16.7
-10.9
-16.5

7.7
-1.2
2.1

-8.9
-112.7
-58.5

-17.1
21.3
-8.8

15
16
17

18
19
20

Brokers and dealers


Holding companies
Funding corporations

18.4
-25.6
-42.3

22.2
-68.2
-53.6

-8.6
-36.8
-2.4

0.3
-66.0
84.9

46.1
222.2
21.1

46.3
-245.6
15.4

-204.8
37.4
474.6

278.7
336.0
81.7

-81.5
-88.0
-49.2

60.1
606.2
88.6

-72.9
34.7
-36.8

18
19
20

412.7

955.4

1303.2

1041.6

1600.2

495.3

1490.7

2043.4

2331.9

1297.2

728.3

21

2
3
4

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

5
6
7

21

Net change in assets

22
23
24

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

34.9
104.5
-92.5

8.3
518.5
104.8

70.7
428.1
7.5

-5.1
727.9
44.7

27.2
720.9
53.6

-6.7
639.8
37.8

44.1
663.7
78.9

-5.8
721.2
12.8

8.9
711.0
61.1

26.0
811.5
67.7

79.5
639.8
73.0

22
23
24

25
26
27

State and local governments


Federal government
Rest of the world

25.2
35.4
166.5

-22.5
-3.5
323.5

-3.2
1.9
251.2

-5.5
-1.0
31.7

0.7
7.6
-161.8

-4.1
0.1
-272.6

-11.6
0.5
441.5

1.2
2.7
-201.1

4.0
-11.6
644.3

-1.6
15.3
-551.6

-0.7
24.0
-538.9

25
26
27

28
29
30
31
32

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

-493.8
12.1
-4.4
-4.5
0.2

7.8
-84.7
-15.3
4.5
41.1

142.9
-68.2
15.0
0.8
-12.1

-27.6
-21.9
-0.3
0.2
0.8

32.3
-33.9
13.0
8.0
1.0

-1.0
-50.0
34.8
-10.4
-3.4

48.5
-260.9
-41.4
-5.0
3.7

76.6
-3.3
35.8
1.8
-8.5

31.6
235.5
31.1
23.9
41.5

-2.6
-206.0
-15.1
11.1
-44.7

23.5
-161.6
0.4
-4.6
15.9

28
29
30
31
32

33
34

Property-casualty insurance companies


Life insurance companies

16.3
-21.4

-22.2
-5.7

-1.0
55.7

-2.6
49.7

22.0
-11.7

-3.0
55.7

6.7
128.2

16.4
-31.8

30.8
-51.4

17.4
34.6

23.5
1.6

33
34

35
36
37

Private pension funds


State and local govt. retirement funds
Federal government retirement funds

191.4
284.5
77.5

5.8
285.3
85.9

52.2
295.8
90.0

53.5
151.3
88.6

67.1
301.3
88.6

40.8
213.9
88.8

119.9
114.8
88.6

25.2
188.1
88.6

69.1
279.7
88.6

65.1
371.5
495.4

109.2
365.9
-318.3

35
36
37

38
39

Money market mutual funds


Mutual funds

-8.3
-5.1

-3.4
-12.0

-0.8
2.9

6.1
-33.1

2.8
44.4

-7.9
18.9

100.2
71.4

-21.2
44.9

15.7
3.4

-46.8
129.5

63.6
-0.0

38
39

40
41
42

Government-sponsored enterprises
Finance companies
REITs

1.2
28.4
-8.5

29.3
-103.7
7.4

-0.1
6.1
13.3

4.1
-25.7
22.5

13.0
-18.8
4.8

14.7
-89.6
34.0

51.8
57.1
27.5

61.3
-45.2
32.8

-0.8
-14.7
46.4

-3.5
-99.5
-79.2

-5.0
84.3
19.4

40
41
42

43
44
45

Brokers and dealers


Holding companies
Funding corporations

54.9
85.4
-67.2

-104.2
-31.2
-58.4

-101.7
36.5
19.6

-61.4
37.4
7.2

156.9
248.4
12.5

-186.0
-67.4
17.8

-445.1
166.8
40.7

557.2
365.3
128.3

284.2
-175.0
-25.2

-104.1
465.7
-58.7

-109.6
337.5
5.8

43
44
45

-105.4

218.6

402.5

-339.3

-515.5

334.6

-673.9

-562.3

-1243.2

-144.7

-80.0

46

46

Discrepancy

Flows

2009

62

Z.1, March 6, 2014

F.230 Identified Miscellaneous Financial Claims - Part I


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

Flows

U.S. direct investment abroad (1):


1
2
3
4
5
6
7
8
9
10

Liab.: Rest of the world


Equity
Reinvested earnings
Intercompany accounts
Asset: Nonfinancial corporate business
U.S.-chartered depository institutions
Property-casualty insurance companies
Life insurance companies
Finance companies
Brokers and dealers

310.4
34.6
227.4
48.3
269.7
-0.8
16.3
1.6
11.0
12.5

301.1
40.6
302.5
-42.0
303.3
2.7
-22.2
1.9
6.8
8.7

409.0
64.7
326.5
17.8
399.8
-5.7
-1.0
3.0
9.0
3.9

388.3
34.6
332.7
21.0
365.8
-0.9
-2.6
3.6
11.3
11.2

373.1
31.9
348.9
-7.7
323.4
9.9
22.0
-1.9
7.0
12.8

374.5
49.6
319.1
5.8
355.3
-5.1
-3.0
2.3
11.1
13.8

381.7
12.2
363.6
5.9
364.7
-1.2
6.7
7.3
-2.3
6.4

336.5
-3.4
319.0
20.9
294.8
0.6
16.4
1.9
8.2
14.5

388.0
22.7
349.0
16.3
372.1
-21.7
30.8
-1.9
-0.6
9.3

383.3
54.3
367.5
-38.6
306.2
34.3
17.4
-1.3
12.3
14.4

384.8
54.1
360.2
-29.5
320.4
26.3
23.5
-6.3
8.0
12.9

1
2
3
4
5
6
7
8
9
10

104.6
0.1
16.6
2.4
11.1
12.8
2.1
0.6
150.4
126.8
21.7
2.0

157.0
0.3
12.4
2.8
6.3
13.2
13.2
0.6
205.9
140.5
62.7
2.7

195.2
0.1
27.2
-2.1
-9.1
7.5
10.8
0.6
230.2
98.5
80.9
50.9

165.1
0.6
-2.4
-5.7
2.5
-2.2
8.0
0.6
166.4
59.6
105.7
1.0

133.1
-0.1
5.3
4.6
6.7
1.1
4.8
0.6
156.1
81.6
94.1
-19.6

135.5
-0.1
5.6
-1.9
8.2
1.8
5.6
0.6
155.4
34.6
111.3
9.5

173.2
0.6
4.4
-23.4
2.1
-3.7
15.2
0.6
169.2
144.3
113.2
-88.4

91.0
-0.1
7.7
6.6
6.0
-3.8
6.5
0.6
114.5
52.4
102.4
-40.2

142.0
-0.1
2.2
-0.2
11.1
2.5
4.1
0.6
162.2
42.1
127.7
-7.6

159.1
0.0
7.4
3.1
1.7
0.4
4.3
0.6
176.7
143.4
55.9
-22.5

140.2
-0.2
3.9
8.8
8.1
5.3
4.2
0.6
171.0
88.6
90.6
-8.1

11
12
13
14
15
16
17
18
19
20
21
22

1.7
1.7

2.3
2.3

2.6
2.6

2.4
2.4

3.9
3.9

1.0
1.0

0.3
0.3

0.1
0.1

8.3
8.3

0.1
0.1

7.2
7.2

23
24

4.6
4.6

0.9
0.9

0.4
0.4

0.5
0.5

0.1
0.1

0.1
0.1

-0.0
-0.0

0.8
0.8

-0.3
-0.3

-0.2
-0.2

0.3
0.3

25
26

0.0
0.0
-0.0
0.0
0.7
-0.4
-0.3

-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
-0.5
0.2
0.1

-1.5
0.0
0.4
0.0
-1.8
-0.1
0.0

-0.0
-0.0
0.2
0.0
-0.4
0.0
0.2

-3.6
0.3
-0.2
0.0
-3.4
0.2
-0.4

1.1
-0.2
1.1
0.0
0.1
0.1
0.1

-0.6
-0.1
1.0
0.0
-2.3
0.1
0.6

5.0
0.1
0.5
0.0
3.7
0.4
0.3

27
28
29
30
31
32
33

166.8
0.0
9.3
-23.3
-173.1
23.5
3.1

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
4.3
10.3
-0.5
49.3
-51.5
113.1

66.3
-7.7
3.4
-0.6
47.2
-29.0
79.6

136.6
5.3
13.0
-1.3
5.5
-48.7
110.2

71.8
1.8
1.7
28.6
51.3
-156.9
-1.8

110.7
-22.9
0.9
-5.5
-84.7
89.8
88.2

-100.8
-0.0
-0.6
5.1
71.3
-146.0
-171.0

70.4
-7.1
21.2
0.9
-157.2
106.5
34.7

185.1
-0.7
-8.1
-2.9
359.5
-166.4
366.5

34
35
36
37
38
39
40

-9.3
-9.3

26.7
26.7

8.4
8.4

-0.4
-0.4

-0.4
-0.4

-1.0
-1.0

20.9
20.9

-4.0
-4.0

3.7
3.7

0.6
0.6

-2.1
-2.1

41
42

-73.5
6.3
-67.2

-31.5
-26.9
-58.4

-33.7
53.4
19.6

-11.8
19.0
7.2

-3.1
15.6
12.5

-42.3
60.1
17.8

32.3
8.4
40.7

67.7
60.6
128.3

-3.4
-21.8
-25.2

-96.3
37.6
-58.7

19.6
-13.9
5.8

43
44
45

2.4
1.2
1.2

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

46
47
48

Foreign direct investment in U.S. (1):


11
12
13
14
15
16
17
18
19
20
21
22

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
Asset: Rest of the world
Equity
Reinvested earnings
Intercompany accounts
Federal government equity in IBRD, etc.:

23
24

Liab.: Rest of the world


Asset: Federal government
Federal Reserve Bank stock:

25
26

Liab.: Monetary authority


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

27
28
29
30
31
32
33

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:

34
35
36
37
38
39
40

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:

41
42

Liab.: Finance companies


Asset: Nonfinancial corporate business
Funding corporations investment in subsidiaries:

43
44
45

Liab.: Foreign banking offices in U.S.


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

46
47
48

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).

63

Z.1, March 6, 2014

F.231 Identified Miscellaneous Financial Claims - Part II


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

2010

2011

2012

2013

2012
Q3

2013
Q4

Q1

Q2

Q3

Q4

Nonofficial foreign currencies:


1
2
3

Liab.: Rest of the world


Asset: Federal government
Monetary authority (1)

-543.3
0.2
-543.5

-10.1
0.1
-10.2

99.7
-0.1
99.7

-91.0
-0.1
-90.9

-8.6
-0.0
-8.6

-61.6
0.1
-61.7

-14.9
-0.3
-14.6

-3.8
-0.5
-3.3

-25.3
0.2
-25.5

-4.6
0.1
-4.7

-0.9
0.1
-1.0

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

0.4
0.4

-1.5
-1.5

-1.8
-1.8

1.2
1.2

-2.6
-2.6

-2.1
-2.1

4.8
4.8

-1.4
-1.4

-5.6
-5.6

-6.1
-6.1

2.5
2.5

6
7

-4.9
-4.9

2.7
2.7

-0.4
-0.4

0.6
0.6

2.1
2.1

1.7
1.7

-14.3
-14.3

4.1
4.1

7.4
7.4

-3.7
-3.7

0.4
0.4

8
9

8.4
9.7
-1.1
-0.1

17.1
17.0
0.4
-0.4

14.8
15.6
-1.8
0.9

-1.8
-2.4
0.4
0.3

2.0
1.1
0.1
0.7

19.0
16.0
1.4
1.6

-10.8
-3.6
-2.3
-5.0

-5.8
-8.2
1.2
1.2

-1.2
0.2
-1.5
0.1

14.4
12.9
0.2
1.4

0.6
-0.3
0.7
0.2

10
11
12
13

8.4

17.1

14.8

-1.8

2.0

19.0

-10.8

-5.8

-1.2

14.4

0.6

14

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

14

Asset: Household sector


Policy payables:

15

Liab.: Property-casualty insurance companies

-5.0

6.3

35.2

5.8

8.9

1.6

42.5

-9.2

23.8

8.8

12.2

15

16
17
18

Asset: Household sector


Nonfinancial corporate business
Nonfinancial noncorporate business

8.7
-4.0
-9.8

-35.2
11.9
29.7

36.7
10.0
-11.6

-16.7
7.4
15.1

13.0
1.2
-5.3

-19.0
5.8
14.9

1.7
21.6
19.2

4.6
-6.2
-7.6

19.6
7.3
-3.1

12.7
1.3
-5.1

15.1
2.4
-5.3

16
17
18

80.0
80.0

-7.1
-7.1

17.7
17.7

7.6
7.6

4.3
4.3

13.1
13.1

19.0
19.0

1.7
1.7

-0.3
-0.3

13.7
13.7

2.0
2.0

19
20

-8.4
-8.4

15.4
15.4

3.0
3.0

-2.0
-2.0

-1.0
-1.0

-0.7
-0.7

-2.5
-2.5

0.8
0.8

0.4
0.4

-1.1
-1.1

-3.9
-3.9

21
22

-30.2
-30.2

-123.5
-123.5

-74.6
-74.6

-79.2
-79.2

94.0
94.0

-198.4
-198.4

-309.3
-309.3

236.2
236.2

298.3
298.3

-43.6
-43.6

-114.8
-114.8

23
24

61.9
61.9

65.7
65.7

70.8
70.8

40.4
40.4

98.2
98.2

45.8
45.8

-86.5
-86.5

229.9
229.9

-272.6
-272.6

-110.3
-110.3

545.9
545.9

25
26

16.6
16.6

22.5
22.5

18.5
18.5

13.3
13.3

12.2
12.2

-6.7
-6.7

53.3
53.3

-4.5
-4.5

-9.5
-9.5

-1.1
-1.1

63.8
63.8

27
28

Unallocated insurance company contracts:


19
20

Liab.: Life insurance companies


Asset: Private pension funds
Pension fund contributions payable:

21
22

Liab.: Nonfinancial corporate business


Asset: Private pension funds
Securities borrowed (net):

23
24

Liab.: Funding corporations


Asset: Brokers and dealers
Nonmarketable government securities:

25
26

Liab.: Federal government


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

27
28

Liab.: Federal government


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

29
30
31

Liab.: Nonfinancial corporate business


State and local governments
Federal government

82.7
293.0
15.6

-14.9
269.3
20.2

-12.5
287.0
19.2

50.1
151.0
48.2

54.9
287.2
-9.7

14.7
210.1
43.0

99.4
113.1
175.1

49.0
186.5
-141.3

36.4
267.0
361.1

50.3
348.8
605.7

84.1
346.4
-864.1

29
30
31

32
33
34

Asset: Private pension funds


State and local govt. retirement funds
Federal government retirement funds

82.7
293.0
15.6

-14.9
269.3
20.2

-12.5
287.0
19.2

50.1
151.0
48.2

54.9
287.2
-9.7

14.7
210.1
43.0

99.4
113.1
175.1

49.0
186.5
-141.3

36.4
267.0
361.1

50.3
348.8
605.7

84.1
346.4
-864.1

32
33
34

(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:

64

Z.1, March 6, 2014

F.232 Unidentified Miscellaneous Financial Claims


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

2010

2011

2012

2013

2012
Q3

Flows

Net change in liabilities

2013
Q4

Q1

Q2

Q3

Q4

-55.6

425.9

480.9

-117.6

-82.6

93.7

137.0

278.1

41.9

-254.6

-364.3

-132.4
32.6

239.7
-50.9

622.0
34.4

91.8
9.2

84.5
7.2

331.3
8.6

-317.1
-16.2

45.9
7.0

20.4
4.9

-15.7
27.5

287.5
-10.6

2
3

Federal government
Rest of the world

2.9
-61.7

2.4
75.8

13.6
-127.8

-8.3
-226.8

1.3
-171.8

-14.9
-260.0

-18.7
109.1

16.1
-393.9

7.0
687.1

-32.0
-661.6

13.9
-287.3

4
5

6
7
8
9
10

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

1.5
91.1
-85.1
4.3
14.7

28.3
165.1
0.9
-5.9
-8.3

-27.1
-25.4
43.9
-3.9
1.3

1.5
10.3
-23.9
-2.0
0.3

9.7
-54.9
-30.6
-3.0
-3.9

-24.6
86.2
53.7
5.2
-1.8

24.3
-110.6
-89.5
-7.2
1.8

61.8
55.0
-4.1
-3.6
12.8

-42.7
-33.9
-25.2
0.3
-2.5

-15.4
-210.8
-50.4
-3.1
-9.0

35.1
-30.0
-42.8
-5.6
-16.8

6
7
8
9
10

11
12
13
14

Life insurance companies


Government-sponsored enterprises
Finance companies
REITs

-42.1
61.9
-71.5
-13.8

7.4
-37.9
-59.3
14.9

17.7
-41.4
-8.5
8.5

19.6
-5.4
-22.5
17.0

4.9
-6.6
-25.9
-20.4

38.8
-11.7
-150.5
90.5

5.9
-7.7
67.1
-44.9

29.6
-11.8
2.4
-16.5

-3.8
12.2
-12.5
2.1

-21.7
-2.3
-114.6
-58.5

15.4
-24.5
20.9
-8.8

11
12
13
14

15
16
17

Brokers and dealers


Holding companies
Funding corporations

183.1
-25.6
-15.1

60.2
-68.2
61.4

-59.8
-36.8
70.2

-76.0
-66.0
163.5

-21.5
222.2
-73.5

-24.9
-245.6
213.2

-279.7
37.4
783.3

296.3
336.0
-155.0

-135.1
-88.0
-348.0

175.4
606.2
131.7

-422.8
34.7
77.4

15
16
17

2
3

Nonfinancial corporate business


Nonfinancial noncorporate business

4
5

18

Net change in assets

49.8

207.3

78.4

221.6

432.8

-241.0

811.0

840.5

1285.1

-109.9

-284.3

18

-152.0
-82.7

176.5
74.7

10.0
18.8

355.1
29.5

396.7
58.3

279.7
22.5

256.6
59.5

436.3
20.6

328.1
63.1

503.4
71.8

318.9
77.8

19
20

State and local governments


Federal government

25.2
32.3

-22.5
-9.8

-3.2
-1.3

-5.5
-3.5

0.7
3.7

-4.1
-0.9

-11.6
0.4

1.2
3.1

4.0
-20.2

-1.6
15.1

-0.7
16.7

21
22

23

Rest of the world

16.1

117.7

21.0

-134.8

-318.0

-428.0

272.3

-315.6

482.0

-728.3

-709.9

23

24
25
26
27
28

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

49.6
7.2
-4.4
-4.5
0.6

18.0
-83.7
-15.3
4.5
41.3

43.1
-54.9
15.0
0.8
-12.8

63.4
-20.4
-0.3
0.2
0.7

40.9
-40.8
13.0
8.0
0.8

60.7
-41.1
34.8
-10.4
-3.3

63.1
-264.1
-41.4
-5.0
3.7

79.9
0.1
35.8
1.8
-8.7

57.1
262.9
31.1
23.9
41.4

2.1
-231.8
-15.1
11.1
-44.8

24.5
-194.3
0.4
-4.6
15.5

24
25
26
27
28

29
30
31

Life insurance companies


Private pension funds
State and local govt. retirement funds

-17.8
37.1
-8.5

-10.2
12.3
16.1

53.9
44.1
8.8

45.5
-2.2
0.3

-12.0
8.9
14.1

51.7
13.7
3.8

135.0
4.0
1.7

-37.3
-26.2
1.5

-57.0
32.6
12.7

39.0
2.2
22.7

7.2
27.0
19.5

29
30
31

32
33

Money market mutual funds


Mutual funds

-8.3
-5.1

-3.4
-12.0

-0.8
2.9

6.1
-33.1

2.8
44.4

-7.9
18.9

100.2
71.4

-21.2
44.9

15.7
3.4

-46.8
129.5

63.6
-0.0

32
33

34
35
36

Government-sponsored enterprises
Finance companies
REITs

1.2
17.4
-8.5

29.3
-110.5
7.4

-0.1
-2.9
13.3

4.1
-36.9
22.5

13.0
-25.7
4.8

14.7
-100.7
34.0

51.8
59.4
27.5

61.3
-53.4
32.8

-0.8
-14.1
46.4

-3.5
-111.7
-79.2

-5.0
76.3
19.4

34
35
36

37
38

Brokers and dealers


Holding companies

72.6
82.3

10.6
-33.6

-31.0
-46.2

6.5
-75.6

50.2
168.8

-1.3
-177.6

-142.3
168.6

306.5
277.1

-23.3
-4.0

-74.9
431.0

-7.6
-29.0

37
38

-105.4

218.6

402.5

-339.3

-515.5

334.6

-673.9

-562.3

-1243.2

-144.7

-80.0

39

19
20

Nonfinancial corporate business


Nonfinancial noncorporate business

21
22

39

Discrepancy

65

Z.1, March 6, 2014

F.11 Sector Discrepancies


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

2011

2012

2013

2012
Q3

All sectors

2013
Q4

Q1

Q2

Q3

Q4

190.2

137.7

299.5

-330.2

-423.1

83.6

-757.6

-567.1

-982.7

-298.7

187.8

-186.2
-125.4

-533.7
287.4

-738.0
853.0

-385.4
110.3

-403.5
98.6

-129.5
99.6

-446.9
168.0

-1140.5
88.1

-298.4
120.5

249.3
-85.0

-424.2
270.7

2
3

State and local governments


Federal government

62.9
-61.9

0.9
-54.5

64.5
-16.2

-30.5
-87.5

23.7
-114.6

-31.5
-440.2

-15.3
-67.6

-3.3
202.1

-3.5
-516.4

78.4
-179.0

23.1
34.7

4
5

Rest of the world

150.8

17.3

-91.9

-13.9

167.6

311.7

-177.1

277.0

158.0

122.7

144.2

Financial sectors

350.0

420.3

228.0

76.8

-194.8

273.6

-218.7

9.5

-442.9

-485.1

139.3

-6.0

-10.0

-1.2

-18.6

-2.0

-19.5

-6.1

-2.9

-1.5

-1.6

-1.9

2
3

Household sector
Nonfinancial corporate business

4
5

Monetary authority

9
10
11
12

U.S.-chartered depository institutions


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

357.1
144.4
6.2
11.5

328.8
-20.0
-0.0
-5.5

161.7
7.8
1.0
-26.2

89.2
-6.1
-0.1
5.8

4.6
-72.4
-0.2
10.1

367.0
-83.2
1.9
13.4

-263.9
58.5
-2.0
-1.3

134.2
19.0
0.1
42.1

-341.6
-17.7
2.3
0.4

-48.4
-216.4
4.3
1.1

274.4
-74.4
-7.3
-3.1

9
10
11
12

13
14

Property-casualty insurance companies


Life insurance companies

-23.2
-85.3

75.7
-32.3

7.6
-30.5

-18.2
-47.8

-13.3
-21.5

-13.3
-14.7

-58.4
-68.7

-1.1
-28.3

-15.0
-1.3

-26.7
0.6

-10.5
-56.8

13
14

15
16

Mutual funds
Government-sponsored enterprises

-40.7
52.3

-24.9
83.2

-35.3
39.6

-33.2
63.7

-11.0
-119.1

-33.6
-6.1

-31.1
90.5

-19.6
-122.5

-8.3
-80.8

-8.2
-260.9

-8.0
-12.2

15
16

17
18
19

Issuers of asset-backed securities


Finance companies
REITs

0.0
17.1
-17.1

0.0
16.2
16.1

0.0
42.0
36.1

0.0
61.6
47.9

0.0
15.9
55.3

0.0
84.2
40.3

0.0
42.3
72.0

0.0
16.1
40.6

0.0
6.9
65.7

0.0
9.6
69.0

0.0
31.2
45.9

17
18
19

20
21

Brokers and dealers


Holding companies

-57.2
-9.1

-6.6
-0.3

26.9
-1.5

-65.5
-1.7

-39.0
-2.2

-61.3
-1.4

-48.2
-2.2

-65.8
-2.3

-50.5
-1.4

-5.4
-1.9

-34.4
-3.2

20
21

F.12 Instrument Discrepancies


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

All types

2
3

Treasury currency
Foreign deposits

4
5

Net interbank transactions


Security repurchase agreements

6
7
8
9

Mail floats
State and local governments
Federal government
Private domestic

190.2

137.7

299.5

-330.2

-423.1

83.6

-757.6

-567.1

-982.7

-298.7

187.8

-4.4
-122.5

-1.1
-26.6

-0.7
25.2

-0.6
-7.3

-1.1
47.7

-0.5
108.0

-0.5
-111.9

-0.9
6.9

-0.7
218.3

-2.1
-78.7

-0.8
44.3

2
3

10.3
420.7

23.5
-79.1

1.5
-122.5

11.9
-73.0

44.4
-157.9

19.1
-342.0

-61.6
-27.3

297.3
-454.4

-20.0
-140.1

-211.3
-97.7

111.7
60.4

4
5

-0.3
0.0
0.7
-1.0

-1.1
0.0
0.0
-1.1

0.8
0.0
-0.1
0.9

1.3
0.0
0.6
0.7

-0.7
0.0
0.5
-1.1

3.8
0.0
3.8
0.0

-51.0
0.0
-54.2
3.2

-49.8
0.0
-44.3
-5.5

98.6
0.0
96.2
2.4

5.5
0.0
3.6
1.9

-57.0
0.0
-53.7
-3.3

6
7
8
9

10
11

Trade credit
Taxes payable

102.5
-33.5

60.3
-8.8

-54.2
-2.3

63.0
1.3

14.5
10.5

38.9
12.6

103.5
-32.0

15.5
30.3

-39.7
-37.4

118.0
25.9

-35.7
23.0

10
11

12

Miscellaneous

-105.4

218.6

402.5

-339.3

-515.5

334.6

-673.9

-562.3

-1243.2

-144.7

-80.0

12

13

Nonfinancial

-77.2

-48.0

49.2

12.4

135.0

-91.0

97.1

150.3

181.4

86.3

122.0

13

72.2
5.0

43.1
4.9

-53.6
4.4

-17.0
4.6

-140.3
5.3

86.4
4.6

-101.7
4.7

-155.6
5.3

-186.8
5.3

-91.7
5.3

-127.4
5.4

14
15

14
15

Nonfinancial components (sign reversed):


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

Flows

2009

66

Z.1, March 6, 2014

L.100 Households and Nonprofit Organizations (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

1
2
3
4
5
6

Levels

Total financial assets


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

8
9
10

Open market paper


Treasury securities
Agency- and GSE-backed securities

11
12
13
14
15

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

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

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

49308.0

53810.9

55067.9

59457.0

66948.5

58466.9

59457.0

61836.6

62587.4

64424.6

66948.5

8094.8

8060.5

8738.5

9201.1

9447.6

8854.1

9201.1

9205.0

9133.1

9252.3

9447.6

50.2
400.6
6330.8
1313.2

49.7
425.2
6455.9
1129.7

46.9
754.0
6827.7
1109.9

45.1
826.4
7203.3
1126.3

50.8
908.2
7388.5
1100.1

46.4
704.5
7042.3
1060.9

45.1
826.4
7203.3
1126.3

46.5
828.4
7253.7
1076.4

51.3
798.5
7264.6
1018.8

50.2
793.8
7348.3
1060.1

50.8
908.2
7388.5
1100.1

3
4
5
6

5604.1

5874.3

5489.9

5640.7

5652.1

5547.5

5640.7

5598.9

5670.3

5655.5

5652.1

22.7
858.8
359.3

21.1
1131.8
355.6

19.4
719.3
323.1

19.0
961.9
194.7

17.0
944.3
121.4

19.1
891.0
209.5

19.0
961.9
194.7

20.0
986.0
156.1

19.8
1048.9
159.1

19.5
1006.4
157.0

17.0
944.3
121.4

8
9
10

1828.0
2311.8
26.8
108.0
88.8

1871.8
2293.8
26.2
95.6
78.4

1806.9
2427.3
23.4
96.0
74.5

1654.8
2640.9
20.9
81.5
67.1

1617.2
2793.1
25.3
72.2
61.7

1709.9
2542.5
23.1
84.7
67.5

1654.8
2640.9
20.9
81.5
67.1

1669.7
2600.2
22.7
79.1
65.0

1672.3
2605.8
24.0
76.6
63.8

1646.6
2664.7
24.5
74.2
62.6

1617.2
2793.1
25.3
72.2
61.7

11
12
13
14
15

7491.9
4115.8

8996.7
4594.0

9049.9
4449.2

10337.7
5279.4

13864.8
6692.1

10269.3
5124.1

10337.7
5279.4

11632.5
5755.2

11779.5
5946.7

12546.7
6343.0

13864.8
6692.1

16
17

668.6
1109.2
15206.0
3226.8
11979.1

694.3
1137.2
16745.7
3517.7
13228.1

752.4
1203.6
17120.8
3842.9
13278.0

776.0
1186.1
18088.8
3701.3
14387.5

833.8
1232.1
19600.7
3064.9
16535.8

780.2
1180.6
17948.8
3627.6
14321.2

776.0
1186.1
18088.8
3701.3
14387.5

782.6
1194.6
18563.3
3431.4
15131.9

820.3
1200.4
18738.6
3565.9
15172.7

826.5
1217.7
19101.5
3551.6
15549.8

833.8
1232.1
19600.7
3064.9
16535.8

18
19
20
21
22

6216.7
800.9

6900.0
808.2

7384.9
878.8

8073.5
873.6

8724.5
900.8

7899.8
862.6

8073.5
873.6

8232.4
872.2

8424.0
874.4

8600.4
880.9

8724.5
900.8

23
24

14052.0

13775.4

13568.7

13597.9

13755.6

13476.4

13597.9

13542.8

13561.7

13688.5

13755.6

25

13574.2

13198.3

13017.3

12979.6

13105.1

12888.3

12979.6

12920.9

12945.6

13062.3

13105.1

26

10417.3
2553.5
265.4

9907.2
2648.1
263.2

9678.1
2757.0
255.5

9435.2
2924.3
241.0

9371.6
3098.6
227.8

9449.5
2859.4
245.6

9435.2
2924.3
241.0

9387.5
2924.4
239.4

9360.7
2967.7
235.7

9382.4
3038.8
232.4

9371.6
3098.6
227.8

27
28
29

10.2
133.7
194.1

61.0
136.1
182.7

12.4
138.1
176.3

66.3
139.3
173.5

88.0
141.3
177.7

23.1
138.3
172.6

66.3
139.3
173.5

57.3
139.4
172.9

66.7
140.7
174.0

91.9
140.8
176.0

88.0
141.3
177.7

30
31
32

203.0
252.7
22.1

278.2
274.1
24.7

238.9
288.2
24.3

303.7
289.7
24.9

339.2
284.3
27.0

269.1
290.5
28.4

303.7
289.7
24.9

307.9
288.1
25.9

302.6
285.7
27.8

313.7
285.6
26.8

339.2
284.3
27.0

33
34
35

(1) Sector includes domestic hedge funds, private equity funds, and personal trusts. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end
outstandings of nonprofit organizations.
(2) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds.
(3) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual fund shares (line 17), life insurance reserves (line 19) and pension entitlements (line 20).
(4) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, at life insurance companies. Excludes social security.
(5) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23.
(6) 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 L.108, line 19.

67

Z.1, March 6, 2014

L.101 Nonfinancial Business (1)


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

Total financial assets

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

16909.9

17761.5

18267.6

19320.2

20646.4

19062.7

19320.2

19591.0

19879.1

20263.3

20646.4

2
3
4
5
6

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

31.5
689.3
842.1
729.2
7.9

40.6
766.1
905.0
574.7
12.1

34.8
793.5
922.1
540.0
12.6

13.4
900.9
951.9
537.1
10.3

56.5
1019.3
1037.1
536.4
9.2

9.4
881.5
939.5
516.0
11.2

13.4
900.9
951.9
537.1
10.3

28.9
941.0
961.1
523.2
9.9

60.2
928.0
979.3
511.6
9.3

63.4
963.9
1018.5
530.5
13.2

56.5
1019.3
1037.1
536.4
9.2

2
3
4
5
6

Credit market instruments

312.9

325.9

320.2

330.3

296.1

333.0

330.3

290.2

294.2

287.4

296.1

8
9
10
11

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

56.0
89.1
14.3
32.2

68.0
96.1
16.0
29.6

67.9
91.6
14.3
28.0

60.3
99.5
11.7
40.2

40.2
102.4
7.3
32.6

60.4
104.9
16.2
34.0

60.3
99.5
11.7
40.2

56.9
91.0
3.9
26.5

50.9
98.2
6.1
26.8

42.6
98.8
6.2
26.8

40.2
102.4
7.3
32.6

8
9
10
11

12
13

Mortgages
Consumer credit

67.5
53.8

70.1
46.2

70.0
48.5

70.0
48.5

70.7
43.1

69.8
47.8

70.0
48.5

70.0
42.0

70.2
42.0

70.4
42.6

70.7
43.1

12
13

14
15

Mutual fund shares


Trade receivables

162.0
2550.2

186.8
2689.2

165.9
2778.4

181.7
2869.7

211.5
3025.0

179.6
2956.8

181.7
2869.7

190.9
2974.6

192.7
3056.4

201.6
3077.8

211.5
3025.0

14
15

16

Miscellaneous assets

11584.8

12261.1

12700.2

13525.0

14455.3

13235.7

13525.0

13671.2

13847.5

14106.9

14455.3

16

17
18

Total liabilities
Credit market instruments

18634.6

18898.8

19616.6

20212.7

20939.7

20040.4

20212.7

20328.1

20482.9

20708.4

20939.7

17

11320.5

11419.8

11966.9

12733.3

13621.8

12449.4

12733.3

12879.6

13140.3

13394.3

13621.8

18

19
20
21

Commercial paper
Municipal securities
Corporate bonds

58.4
452.2
4366.2

82.9
485.4
4804.8

116.3
493.9
5215.6

130.3
509.1
5795.2

143.1
518.5
6435.5

136.0
504.1
5599.7

130.3
509.1
5795.2

140.1
510.4
5940.0

147.2
515.0
6082.7

171.1
516.4
6269.0

143.1
518.5
6435.5

19
20
21

22
23
24

Depository institution loans n.e.c.


Other loans and advances
Mortgages

1490.1
1311.1
3642.5

1404.6
1118.9
3523.2

1530.2
1179.7
3431.2

1680.1
1217.4
3401.1

1774.6
1245.1
3505.1

1622.6
1205.0
3382.1

1680.1
1217.4
3401.1

1680.9
1217.2
3391.0

1715.4
1257.1
3422.9

1733.5
1248.2
3456.1

1774.6
1245.1
3505.1

22
23
24

25
26

Trade payables
Taxes payable

1987.6
135.6

2174.2
142.0

2207.3
152.0

2324.9
160.1

2462.3
146.0

2308.2
162.2

2324.9
160.1

2356.5
167.1

2387.7
155.2

2438.6
158.6

2462.3
146.0

25
26

27

Miscellaneous liabilities

5190.8

5162.7

5290.5

4994.4

4709.7

5120.6

4994.4

4924.9

4799.7

4717.0

4709.7

27

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

Levels

2009

68

Z.1, March 6, 2014

L.102 Nonfinancial Corporate Business


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

Levels

Total financial assets

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

13333.8

14033.7

14523.2

15500.8

16731.5

15277.1

15500.8

15765.6

16026.6

16380.8

16731.5

2
3
4
5
6

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

31.5
155.0
488.8
655.5
7.9

40.6
234.6
548.7
497.8
12.1

34.8
264.3
561.9
462.4
12.6

13.4
357.0
586.6
458.3
10.3

56.5
464.1
661.6
455.4
9.2

9.4
343.4
576.9
437.9
11.2

13.4
357.0
586.6
458.3
10.3

28.9
396.7
594.9
444.2
9.9

60.2
380.5
610.3
432.0
9.3

63.4
412.7
646.3
450.3
13.2

56.5
464.1
661.6
455.4
9.2

2
3
4
5
6

Credit market instruments

223.7

230.1

223.4

232.1

195.2

235.6

232.1

191.8

195.0

187.4

195.2

8
9
10
11

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

56.0
43.0
14.3
27.1

68.0
48.0
16.0
23.9

67.9
43.0
14.3
22.3

60.3
50.2
11.7
34.4

40.2
51.8
7.3
26.6

60.4
56.0
16.2
28.3

60.3
50.2
11.7
34.4

56.9
41.6
3.9
20.7

50.9
48.4
6.1
21.0

42.6
48.6
6.2
21.0

40.2
51.8
7.3
26.6

8
9
10
11

12
13

Mortgages
Consumer credit

29.5
53.8

28.0
46.2

27.4
48.5

26.9
48.5

26.3
43.1

27.0
47.8

26.9
48.5

26.7
42.0

26.6
42.0

26.5
42.6

26.3
43.1

12
13

14
15

Mutual fund shares


Trade receivables

162.0
2053.9

186.8
2155.8

165.9
2239.2

181.7
2322.7

211.5
2462.7

179.6
2414.0

181.7
2322.7

190.9
2426.5

192.7
2504.0

201.6
2520.6

211.5
2462.7

14
15

16
17
18
19
20
21

Miscellaneous assets
U.S. direct investment abroad (1)
Insurance receivables
Equity in GSEs
Investment in finance company subs.
Other

9555.5
3245.1
307.1
0.5
71.2
5931.6

10127.0
3402.9
319.0
0.6
60.7
6343.8

10558.6
3795.6
329.0
0.5
69.1
6364.4

11338.8
4136.4
336.5
0.6
68.7
6796.6

12215.4
4399.6
337.7
0.6
68.3
7409.2

11069.1
4095.5
331.1
0.6
63.5
6578.5

11338.8
4136.4
336.5
0.6
68.7
6796.6

11481.7
4170.2
334.9
0.6
67.7
6908.2

11642.7
4234.4
336.8
0.6
68.7
7002.4

11885.3
4341.3
337.1
0.6
68.8
7137.6

12215.4
4399.6
337.7
0.6
68.3
7409.2

16
17
18
19
20
21

12904.6

13227.9

13879.6

14386.3

14960.9

14251.4

14386.3

14495.7

14605.7

14778.0

14960.9

22

22

Total liabilities

23

Credit market instruments

7336.0

7473.5

7998.4

8685.9

9441.5

8440.9

8685.9

8832.5

9052.6

9263.9

9441.5

23

24
25
26

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

58.4
452.2
4366.2

82.9
485.4
4804.8

116.3
493.9
5215.6

130.3
509.1
5795.2

143.1
518.5
6435.5

136.0
504.1
5599.7

130.3
509.1
5795.2

140.1
510.4
5940.0

147.2
515.0
6082.7

171.1
516.4
6269.0

143.1
518.5
6435.5

24
25
26

27
28
29

Depository institution loans n.e.c.


Other loans and advances (3)
Mortgages

546.0
1139.1
774.0

480.9
948.3
671.2

549.8
1008.5
614.4

609.5
1036.9
604.8

654.1
1057.9
632.4

574.7
1028.1
598.3

609.5
1036.9
604.8

605.4
1037.1
599.4

621.8
1076.4
609.4

627.8
1066.6
613.0

654.1
1057.9
632.4

27
28
29

30
31

Trade payables
Taxes payable

1590.2
35.7

1746.5
42.9

1771.7
51.7

1890.1
58.3

2018.2
41.0

1875.2
61.2

1890.1
58.3

1917.4
65.0

1946.5
52.3

1994.7
54.7

2018.2
41.0

30
31

32
33
34
35
36

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

3942.7
1986.4
75.6
497.6
1383.1

3965.0
2128.7
91.1
446.5
1298.7

4057.8
2313.3
94.0
486.6
1163.9

3752.0
2474.4
92.1
440.2
745.3

3460.1
2558.3
91.1
187.7
623.0

3874.2
2460.7
92.7
388.1
932.7

3752.0
2474.4
92.1
440.2
745.3

3680.7
2485.8
92.3
349.7
752.9

3554.3
2507.4
92.4
335.6
618.9

3464.7
2533.3
92.1
265.7
573.6

3460.1
2558.3
91.1
187.7
623.0

32
33
34
35
36

463.7
12512.2

409.3
14371.6

467.5
14500.8

432.6
16107.0

444.5
21363.1

538.8
16366.8

432.6
16107.0

509.0
18149.1

557.5
18383.0

525.9
19569.1

444.5
21363.1

37
38

Memo:
37
38

Trade receivables net of payables


Market value of equities

39
40

Securities and mortgages


Loans and short-term paper

5592.4
1743.6

5961.4
1512.1

6323.9
1674.5

6909.1
1776.7

7586.4
1855.2

6702.1
1738.8

6909.1
1776.7

7049.8
1782.7

7207.1
1845.5

7398.4
1865.5

7586.4
1855.2

39
40

41
42

Total short-term liabilities (4)


Total liquid assets (5)

3369.5
1641.1

3301.5
1676.7

3497.9
1649.4

3725.1
1764.0

3914.4
1984.0

3675.2
1719.2

3725.1
1764.0

3765.1
1788.7

3844.3
1811.3

3914.9
1905.9

3914.4
1984.0

41
42

43
44

Analytical measures (percent)


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

76.2
23.8

79.8
20.2

79.1
20.9

79.5
20.5

80.4
19.6

79.4
20.6

79.5
20.5

79.8
20.2

79.6
20.4

79.9
20.1

80.4
19.6

43
44

45

Liquid assets/short-term liabilities

48.7

50.8

47.2

47.4

50.7

46.8

47.4

47.5

47.1

48.7

50.7

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.

69

Z.1, March 6, 2014

L.103 Nonfinancial Noncorporate Business


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
Money market fund shares

Credit market instruments

6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

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
Trade payables
Taxes payable
Miscellaneous liabilities

(1) Equity in the Farm Credit System.

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

3576.1

3727.8

3744.5

3819.4

3914.9

3785.7

3819.4

3825.4

3852.5

3882.5

3914.9

534.3
353.3
73.7

531.5
356.2
76.8

529.1
360.1
77.7

543.9
365.3
78.8

555.2
375.6
81.0

538.1
362.6
78.2

543.9
365.3
78.8

544.3
366.1
79.0

547.5
369.0
79.6

551.2
372.2
80.3

555.2
375.6
81.0

2
3
4

89.1

95.8

96.8

98.2

100.9

97.5

98.2

98.4

99.2

100.0

100.9

46.1
5.1
37.9
0.0

48.1
5.6
42.1
0.0

48.6
5.7
42.5
0.0

49.3
5.8
43.1
0.0

50.7
5.9
44.3
0.0

48.9
5.7
42.8
0.0

49.3
5.8
43.1
0.0

49.4
5.8
43.2
0.0

49.8
5.8
43.6
0.0

50.2
5.9
43.9
0.0

50.7
5.9
44.3
0.0

6
7
8
9

496.3
2029.3
101.7
6.3
1921.3

533.4
2134.1
131.4
6.7
1996.0

539.2
2141.6
119.8
7.0
2014.8

546.9
2186.3
134.9
7.2
2044.3

562.3
2239.9
129.6
7.8
2102.6

542.8
2166.5
130.1
7.1
2029.4

546.9
2186.3
134.9
7.2
2044.3

548.1
2189.5
133.0
7.1
2049.4

552.5
2204.7
132.2
7.4
2065.2

557.2
2221.7
130.9
7.6
2083.1

562.3
2239.9
129.6
7.8
2102.6

10
11
12
13
14

5730.0

5670.9

5737.0

5826.5

5978.8

5789.0

5826.5

5832.4

5877.2

5930.4

5978.8

15

3984.5

3946.3

3968.5

4047.4

4180.3

4008.5

4047.4

4047.1

4087.7

4130.4

4180.3

16

944.0
172.0
2868.5

923.7
170.6
2852.0

980.4
171.2
2816.8

1070.6
180.6
2796.2

1120.5
187.1
2872.7

1047.8
176.9
2783.8

1070.6
180.6
2796.2

1075.4
180.1
2791.6

1093.5
180.6
2813.5

1105.7
181.6
2843.1

1120.5
187.1
2872.7

17
18
19

397.4
99.9
1248.1

427.7
99.2
1197.7

435.5
100.3
1232.7

434.8
101.9
1242.4

444.1
104.9
1249.6

433.0
101.0
1246.4

434.8
101.9
1242.4

439.0
102.1
1244.2

441.2
103.0
1245.4

443.8
103.9
1252.3

444.1
104.9
1249.6

20
21
22

Levels

2009

70

Z.1, March 6, 2014

L.104 State and Local Governments (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

2663.0

2750.3

2695.4

2655.3

2702.2

2693.9

2655.3

2675.0

2696.4

2680.1

2702.2

Checkable deposits and currency


Time and savings deposits

99.1
248.1

104.6
241.3

121.3
255.7

117.7
289.8

125.0
310.7

111.5
282.3

117.7
289.8

115.1
295.2

112.7
296.4

116.4
304.0

125.0
310.7

2
3

4
5

Money market fund shares


Security repurchase agreements

135.6
125.5

149.3
124.2

149.2
117.6

140.4
110.7

141.5
111.6

145.0
114.4

140.4
110.7

140.9
111.1

142.5
112.4

141.8
111.8

141.5
111.6

4
5

Credit market instruments

1520.6

1581.4

1504.1

1434.8

1403.3

1473.0

1434.8

1434.5

1446.1

1409.5

1403.3

Open market paper


Treasury securities
Agency- and GSE-backed securities

88.5
584.1
488.2

101.4
590.9
510.6

90.6
545.4
497.9

85.3
532.7
468.5

86.0
493.8
472.3

88.1
540.9
484.0

85.3
532.7
468.5

85.6
529.2
470.1

86.6
530.5
475.5

86.2
498.0
473.3

86.0
493.8
472.3

7
8
9

Municipal securities
Corporate and foreign bonds
Mortgages

11.4
156.1
192.3

12.8
163.5
202.2

12.9
159.6
197.8

12.1
150.1
186.1

12.2
151.4
187.6

12.5
155.1
192.3

12.1
150.1
186.1

12.1
150.7
186.8

12.3
152.4
188.9

12.2
151.7
188.0

12.2
151.4
187.6

10
11
12

10
11
12

Levels

2011

2
3

7
8
9

Total financial assets

2010

13
14

Corporate equities
Mutual fund shares

111.5
48.3

125.8
58.2

122.6
58.0

129.5
61.5

152.7
73.5

132.5
63.1

129.5
61.5

138.2
66.0

140.9
67.4

145.2
69.6

152.7
73.5

13
14

15
16
17

Trade receivables
Taxes receivable
Miscellaneous assets

139.1
117.1
118.1

152.2
117.8
95.6

154.5
120.0
92.4

162.7
121.3
87.0

172.3
123.8
87.7

161.6
120.6
89.9

162.7
121.3
87.0

165.0
121.8
87.3

167.1
122.6
88.3

170.7
123.4
87.9

172.3
123.8
87.7

15
16
17

4730.6

5055.9

5307.8

5198.0

4824.5

5163.3

5198.0

5032.6

5073.2

4964.9

4824.5

18

18

Total liabilities

19

Credit market instruments

2968.4

3038.0

2985.3

2980.0

2941.1

2985.3

2980.0

2994.9

2986.4

2953.1

2941.1

19

20
21
22
23

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

2954.9
63.6
2891.3
13.5

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

2969.7
55.7
2914.0
15.6

2964.3
56.1
2908.2
15.7

2978.9
54.5
2924.4
16.0

2970.4
39.4
2931.0
16.0

2937.0
46.0
2891.0
16.1

2924.9
45.3
2879.6
16.2

20
21
22
23

630.5
1131.7

669.0
1348.9

707.4
1615.1

746.5
1471.5

786.1
1097.3

736.7
1441.3

746.5
1471.5

756.3
1281.4

766.2
1320.7

776.1
1235.6

786.1
1097.3

24
25

24
25

Trade payables
Claims of pension fund on sponsor (3)

(1) Data for employee retirement funds are shown in table L.118.
(2) Debt with original maturity of 13 months or less.
(3) Included in miscellaneous liabilities.

71

Z.1, March 6, 2014

L.105 Federal Government


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

Total financial assets

2
3
4

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

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

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

1387.1

1611.5

1404.0

1504.8

1700.7

1481.3

1504.8

1534.3

1607.4

1603.6

1700.7

94.6
193.6
1.9

95.4
342.1
2.0

103.9
84.3
1.7

102.8
92.0
2.0

96.4
162.9
1.5

104.7
83.4
2.1

102.8
92.0
2.0

99.0
79.4
1.6

98.2
135.2
1.8

99.2
88.5
1.9

96.4
162.9
1.5

2
3
4

706.3

793.5

812.7

917.6

1041.4

899.2

917.6

964.7

981.7

1022.5

1041.4

196.4
0.6
177.9
108.4
223.1

149.2
0.9
181.4
105.8
356.2

31.1
0.8
186.3
109.9
484.7

0.0
0.6
188.7
111.5
616.8

0.0
0.6
195.5
115.5
729.8

0.0
0.7
189.4
112.5
596.6

0.0
0.6
188.7
111.5
616.8

0.0
0.6
191.3
113.3
659.5

0.0
0.6
193.4
113.2
674.6

0.0
0.6
194.3
114.1
713.5

0.0
0.6
195.5
115.5
729.8

6
7
8
9
10

67.4
43.6
133.9
145.8

49.9
42.9
144.3
141.4

57.8
47.7
152.8
143.1

39.9
50.3
158.1
142.0

35.1
50.5
163.4
149.6

41.2
52.0
156.8
141.9

39.9
50.3
158.1
142.0

38.6
48.7
159.5
142.7

37.9
52.0
160.8
139.8

35.3
50.6
162.1
143.6

35.1
50.5
163.4
149.6

11
12
13
14

11003.5

12802.1

13988.3

15238.7

16121.3

14895.4

15238.7

15603.9

15615.2

15812.5

16121.3

15

55.4
5.2
26.2

54.4
5.2
25.9

54.2
5.2
25.9

54.3
5.2
25.9

54.4
5.2
25.6

54.5
5.2
25.9

54.3
5.2
25.9

52.9
5.2
25.9

53.1
5.2
25.9

54.2
5.2
25.6

54.4
5.2
25.6

16
17
18

7805.4

9385.6

10453.6

11593.7

12352.8

11279.9

11593.7

11930.1

11912.9

11981.9

12352.8

19

191.3
1787.9
5802.7
23.5
0.0

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

183.7
1613.0
9458.8
24.4
0.0

182.5
1626.5
9759.9
24.9
0.0

181.8
1788.2
9935.5
24.6
0.0

181.0
1568.1
10138.9
25.0
0.0

180.0
1527.9
10248.8
25.1
0.0

179.2
1590.6
10558.5
24.5
0.0

20
21
22
23
24

204.6
47.5

210.9
48.4

220.3
49.7

228.3
50.0

251.5
50.3

234.0
50.1

228.3
50.0

237.6
50.1

246.1
50.2

250.4
50.1

251.5
50.3

25
26

2859.2
1077.2
1597.6
184.4

3071.6
1142.9
1722.2
206.5

3179.4
1213.7
1741.1
224.6

3281.2
1254.1
1789.6
237.5

3381.5
1352.3
1780.0
249.2

3245.8
1223.3
1798.2
224.3

3281.2
1254.1
1789.6
237.5

3302.1
1265.5
1800.3
236.3

3321.8
1178.4
1909.6
233.8

3445.2
1161.5
2050.3
233.4

3381.5
1352.3
1780.0
249.2

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.

Levels

2009

72

Z.1, March 6, 2014

L.106 Rest of the World


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

Levels

Total financial assets

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

16021.0

17676.0

19288.1

20644.3

21940.0

20494.1

20644.3

21392.1

21513.6

21952.9

21940.0

2
3
4

SDR allocations
Net interbank assets
U.S. checkable deposits and currency

55.4
86.0
361.0

54.4
24.2
390.5

54.2
238.1
472.3

54.3
102.1
540.6

54.4
362.5
589.5

54.5
231.2
519.5

54.3
102.1
540.6

52.9
197.6
543.2

53.1
481.0
551.5

54.2
440.9
573.9

54.4
362.5
589.5

2
3
4

5
6
7

U.S. time deposits


Money market fund shares
Security repurchase agreements

293.5
76.9
561.5

302.5
69.8
635.8

349.7
79.5
763.1

386.8
99.7
765.7

434.2
161.4
822.0

364.6
96.0
726.0

386.8
99.7
765.7

386.3
101.7
821.1

392.3
152.5
791.8

412.8
156.3
794.5

434.2
161.4
822.0

5
6
7

Credit market instruments

7723.4

8491.8

9029.7

9606.3

9836.4

9497.0

9606.3

9735.3

9484.2

9638.0

9836.4

Open market paper

191.5

191.0

191.7

195.2

197.0

190.2

195.2

203.9

200.2

187.4

197.0

10
11
12

Treasury securities
Official
Private

3670.6
2879.6
791.0

4458.8
3364.8
1094.1

5006.9
3620.6
1386.3

5573.8
4032.2
1541.6

5842.3
4126.8
1715.4

5475.4
3958.1
1517.3

5573.8
4032.2
1541.6

5721.8
4090.7
1631.1

5594.4
4009.2
1585.2

5654.7
4016.0
1638.6

5842.3
4126.8
1715.4

10
11
12

13
14
15

Agency- and GSE-backed securities


Official
Private

1154.9
749.0
405.9

1084.0
661.2
422.8

1080.6
639.2
441.4

1004.3
511.1
493.2

861.9
475.2
386.7

1028.3
548.3
480.0

1004.3
511.1
493.2

939.8
487.0
452.8

874.8
468.9
405.9

899.2
488.8
410.5

861.9
475.2
386.7

13
14
15

16
17
18

Municipal securities
U.S. corporate bonds (1)
Loans to U.S. corporate business

58.7
2465.3
182.5

71.7
2524.0
162.3

70.3
2484.0
196.1

67.9
2621.3
143.9

66.4
2730.1
138.7

72.7
2572.8
157.7

67.9
2621.3
143.9

65.1
2663.0
141.6

60.2
2602.2
152.4

63.3
2694.4
139.0

66.4
2730.1
138.7

16
17
18

19
20
21
22

U.S. corporate equities


Mutual fund shares
Trade receivables
Security credit

2476.7
364.1
96.7
0.0

2962.2
513.8
116.4
0.0

3035.3
735.6
134.2
0.0

3467.6
987.1
145.6
0.0

4655.6
1043.7
157.3
0.0

3448.0
950.4
146.8
0.0

3467.6
987.1
145.6
0.0

3906.8
1006.8
149.2
0.0

4011.5
963.1
154.4
0.0

4278.4
987.4
155.1
0.0

4655.6
1043.7
157.3
0.0

19
20
21
22

23
24
25

Miscellaneous assets
Foreign direct investment in U.S. (2)
Other

3925.9
2398.2
1527.7

4114.7
2623.6
1491.1

4396.5
2879.5
1517.0

4488.5
3057.3
1431.1

3822.9
3164.3
658.6

4460.3
3029.3
1431.0

4488.5
3057.3
1431.1

4491.2
3074.6
1416.5

4478.3
3101.3
1377.0

4461.6
3131.6
1330.0

3822.9
3164.3
658.6

23
24
25

9340.1

10047.8

10562.6

10887.3

10257.2

10749.2

10887.3

11036.3

11042.3

11215.1

10257.2

26

119.7
835.9
530.5

121.4
826.6
731.8

129.6
780.3
808.0

127.5
750.1
847.7

119.9
837.0
733.1

130.3
772.3
818.0

127.5
750.1
847.7

122.5
774.3
830.1

121.4
853.1
790.1

123.1
834.8
792.6

119.9
837.0
733.1

27
28
29

2131.1

2314.0

2513.8

2784.1

2889.5

2682.8

2784.1

2860.6

2790.1

2830.5

2889.5

30

401.3
1570.3

398.6
1731.3

345.1
1939.9

373.0
2140.7

407.4
2171.5

366.7
2052.0

373.0
2140.7

407.4
2174.6

417.4
2087.0

407.3
2127.2

407.4
2171.5

31
32

137.5
4.5
37.4
95.6
21.9

162.0
6.6
53.0
102.4
22.1

205.2
5.4
69.8
130.0
23.5

237.7
6.2
70.4
161.0
32.8

276.8
7.1
90.5
179.3
33.8

233.9
5.1
71.0
157.8
30.2

237.7
6.2
70.4
161.0
32.8

246.0
6.1
76.2
163.6
32.7

252.2
6.1
80.5
165.7
33.6

262.5
6.6
86.7
169.3
33.4

276.8
7.1
90.5
179.3
33.8

33
34
35
36
37

69.3
0.0

95.1
0.0

63.0
0.0

69.3
0.0

67.4
0.0

67.4
0.0

69.3
0.0

68.2
0.0

70.1
0.0

68.7
0.0

67.4
0.0

38
39

5653.5
50.0
10.9
4077.4
125.1
1390.2

5958.8
52.3
0.8
4273.6
135.6
1496.5

6268.0
54.9
100.5
4663.1
166.3
1283.2

6308.5
57.3
9.5
5077.8
114.7
1049.2

5610.4
61.2
0.9
5390.7
85.7
71.9

6278.2
57.2
13.3
4983.4
154.0
1070.4

6308.5
57.3
9.5
5077.8
114.7
1049.2

6380.6
57.3
8.6
5123.8
137.2
1053.8

6417.5
59.4
2.3
5194.6
100.7
1060.5

6565.4
59.4
1.1
5318.6
127.3
1059.0

5610.4
61.2
0.9
5390.7
85.7
71.9

40
41
42
43
44
45

3995.3

4900.2

4501.4

5390.5

6802.7

5107.3

5390.5

5648.7

5632.1

6164.6

6802.7

46

26

Total liabilities

27
28
29

U.S. official reserve assets (3)


U.S. private deposits
Security repurchase agreements

30

Credit market instruments

31
32

Commercial paper
Bonds

33
34
35
36
37

Depository institution loans n.e.c.


Official
Banks
Other
Other loans and advances

38
39

Trade payables
Security debt

40
41
42
43
44
45

Miscellaneous liabilities
U.S. equity in IBRD, etc.
Nonofficial foreign currencies
U.S. direct investment abroad (1,2)
Investment by holding companies
Other
Memo:

46

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).

73

Z.1, March 6, 2014

L.107 Financial Business (1)


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

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

66985.0

67859.1

69356.6

73538.9

79974.0

72533.2

73538.9

75523.5

76422.5

78212.6

79974.0

U.S. official reserve assets


SDR certificates
Treasury currency
Foreign deposits
Net interbank assets

36.2
5.2
42.7
97.1
1126.4

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

36.6
5.2
44.6
40.2
1496.2

35.8
5.2
44.8
43.3
1561.7

34.5
5.2
45.0
48.7
1849.4

34.3
5.2
45.1
37.1
2072.9

35.0
5.2
45.3
36.3
2294.2

34.6
5.2
45.5
33.7
2321.8

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

343.6
716.1
1003.7
825.5

325.6
641.5
832.0
839.2

362.4
595.4
764.0
780.2

373.3
629.9
746.1
986.2

379.9
705.9
738.8
1029.9

333.0
601.4
688.9
992.1

373.3
629.9
746.1
986.2

366.5
623.8
711.9
1000.2

367.1
638.1
716.6
950.5

387.9
703.7
748.6
1001.2

379.9
705.9
738.8
1029.9

7
8
9
10

11

Credit market instruments

37622.1

36775.8

37826.9

39051.8

40762.0

38488.3

39051.8

39451.8

39813.6

40138.6

40762.0

11

779.3
2579.3
5893.7
1742.2
6721.6

676.0
3083.9
5482.7
1786.3
6877.0

599.7
4065.2
5630.4
1801.3
7081.1

592.6
4401.1
5875.4
1939.5
7507.8

610.5
4945.5
6330.3
1942.8
7799.4

599.5
4243.2
5805.9
1890.4
7400.9

592.6
4401.1
5875.4
1939.5
7507.8

634.8
4577.4
6020.9
1955.1
7622.5

633.2
4615.9
6145.2
1949.5
7661.8

641.2
4698.9
6177.9
1936.8
7737.1

610.5
4945.5
6330.3
1942.8
7799.4

12
13
14
15
16

2062.5
1711.0
13944.8
2187.8

2001.2
1394.8
13306.6
2167.3

2147.8
1363.9
12988.2
2149.3

2322.7
1468.3
12752.5
2191.9

2507.1
1564.3
12798.1
2264.0

2244.9
1423.3
12732.8
2147.4

2322.7
1468.3
12752.5
2191.9

2323.8
1459.6
12699.6
2157.9

2388.1
1530.5
12702.2
2187.3

2424.7
1540.7
12761.1
2220.2

2507.1
1564.3
12798.1
2264.0

17
18
19
20

9938.1
2230.4

11432.6
2520.2

10822.6
2462.3

12468.9
2813.9

15979.3
3506.1

12365.7
2813.9

12468.9
2813.9

13592.3
3068.4

13794.4
3129.6

14728.9
3303.4

15979.3
3506.1

21
22

144.2
422.6

135.6
520.5

134.8
560.2

133.2
736.4

135.2
714.7

135.9
702.2

133.2
736.4

134.1
709.5

132.9
691.2

133.0
709.9

135.2
714.7

23
24

132.8
12298.0

141.1
12483.7

148.4
13147.9

172.9
13735.4

183.8
13397.4

172.7
13616.3

172.9
13735.4

175.5
13706.7

176.8
13817.2

179.3
13762.2

183.8
13397.4

25
26

63610.5

64329.9

65837.4

69490.5

75258.6

68626.9

69490.5

71250.6

72103.1

73634.4

75258.6

27

2
3
4
5
6

Total financial assets

2010

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

25
26

Life insurance reserves


Miscellaneous assets

27

Total liabilities

28

Net interbank liabilities

1220.0

1070.7

1889.2

1718.0

2783.0

1794.7

1718.0

2131.8

2614.2

2799.4

2783.0

28

29
30
31
32

Checkable deposits and currency


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

2093.4
8432.5
3258.6
2043.4

2359.8
8548.1
2755.4
2025.2

2594.3
8952.2
2642.5
1970.8

2857.8
9463.8
2649.6
1976.8

3189.7
9878.0
2678.3
1918.7

2640.4
9232.3
2506.9
1977.4

2857.8
9463.8
2649.6
1976.8

2878.1
9521.6
2554.0
1964.7

2897.8
9572.5
2541.9
1854.8

2930.0
9789.1
2637.4
1859.8

3189.7
9878.0
2678.3
1918.7

29
30
31
32

33

Credit market instruments

15689.8

14487.0

14046.5

13910.7

14081.1

13952.2

13910.7

13889.2

13914.8

13929.5

14081.1

33

678.2
8083.3
5718.8

576.0
7574.0
5323.1

507.9
7552.1
4997.3

449.1
7529.7
4984.9

400.3
7768.7
4867.5

454.6
7519.5
5020.3

449.1
7529.7
4984.9

453.8
7566.2
4922.3

426.0
7635.8
4853.0

398.6
7688.5
4852.2

400.3
7768.7
4867.5

34
35
36

424.7
617.9
166.9

373.7
473.2
167.1

399.9
413.1
176.2

338.7
416.6
191.8

367.6
487.5
189.5

365.3
404.4
188.0

338.7
416.6
191.8

339.7
409.9
197.3

353.8
453.1
193.2

336.8
460.0
193.4

367.6
487.5
189.5

37
38
39

6920.7
70.1
888.2

7873.0
18.1
936.6

7870.9
14.3
1073.7

9323.6
14.2
1208.7

11526.8
14.5
1209.3

9131.0
13.0
1213.2

9323.6
14.2
1208.7

10087.4
15.4
1184.2

10299.5
15.6
1209.0

10904.9
13.3
1222.7

11526.8
14.5
1209.3

40
41
42

34
35
36

Open market paper


Agency- and GSE-backed securities
Corporate and foreign bonds

37
38
39

Depository institution loans n.e.c.


Other loans and advances
Mortgages

40
41
42

Mutual fund shares


Trade payables
Security credit

43
44

Life insurance reserves


Pension entitlements

1194.5
15206.0

1229.9
16745.7

1302.3
17120.8

1309.0
18088.8

1365.7
19600.7

1303.1
17948.8

1309.0
18088.8

1320.0
18563.3

1327.0
18738.6

1346.9
19101.5

1365.7
19600.7

43
44

45
46

Taxes payable
Miscellaneous liabilities

-95.0
7219.0

-88.9
7101.4

-78.0
7245.9

-77.1
7894.2

-69.1
7814.8

-68.5
7800.5

-77.1
7894.2

-66.2
8037.3

-83.0
7990.6

-74.0
7966.8

-69.1
7814.8

45
46

3578.1
14.8

4295.4
15.9

4085.9
13.1

4946.1
18.6

6521.7
19.2

4782.7
19.1

4946.1
18.6

5510.6
19.2

5749.2
19.3

6000.8
17.7

6521.7
19.2

47
48

Memo:
47
48

Market value of corporate equities


Equity in noncorporate business

(1) Sum of financial sectors shown on tables L.108 and L.110 through L.130.

Levels

2009

74

Z.1, March 6, 2014

L.108 Monetary Authority (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

2267.2

2453.2

2947.2

2954.9

4073.8

2837.6

2954.9

3243.8

3526.3

3787.1

4073.8

36.2
5.2
42.7

37.0
5.2
43.5

36.8
5.2
44.2

35.8
5.2
44.8

34.6
5.2
45.5

36.6
5.2
44.6

35.8
5.2
44.8

34.5
5.2
45.0

34.3
5.2
45.1

35.0
5.2
45.3

34.6
5.2
45.5

2
3
4

Federal Reserve float (2)

-2.1

-1.4

-0.6

-0.5

-1.0

-0.6

-0.5

-0.6

-0.7

-0.6

-1.0

Interbank loans (2)


Discount window (3)
AMLF (4)

96.6
96.6
0.0

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

0.1
0.1
0.0

0.0
0.0
0.0

0.1
0.1
0.0

0.2
0.2
0.0

0.1
0.1
0.0

6
7
8

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

2
3
4

U.S. official reserve assets


SDR certificates
Treasury currency

5
6
7
8
9

Security repurchase agreements

10

Levels

Total financial assets

2010

1987.7

2259.2

2635.6

2670.1

3756.3

2565.1

2670.1

2939.8

3214.2

3475.1

3756.3

10

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

0.0
776.6
18.4
758.2
1068.3
908.4
159.9

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
1645.3
0.0
1645.3
918.4
835.0
83.4

0.0
1666.1
0.0
1666.1
1003.4
926.7
76.8

0.0
1796.0
0.0
1796.0
1143.4
1070.9
72.4

0.0
1936.6
0.0
1936.6
1277.3
1208.1
69.2

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

11
12
13
14
15
16
17

18
19
20
21
22
23
24
25
26

Depository institution loans n.e.c.


Households (TALF) (5)
Rest of world
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)

142.8
47.5
0.0
0.0
29.2
22.2
16.0
18.5
9.4

98.1
24.7
0.0
0.0
25.8
20.0
13.5
14.1
0.0

30.5
9.0
0.0
0.0
4.9
0.0
6.8
9.8
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

1.5
1.5
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

0.4
0.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.3
0.3
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

18
19
20
21
22
23
24
25
26

25.1
75.9
10.3
65.6

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
186.5
12.6
174.0

0.0
199.5
8.9
190.6

0.0
219.9
8.1
211.9

0.0
228.1
1.7
226.5

0.0
226.8
0.5
226.3

0.0
233.1
0.3
232.8

27
28
29
30

2241.6

2426.7

2920.3

2927.6

4046.3

2810.2

2927.6

3216.3

3498.8

3759.6

4046.3

31

977.0
54.9

968.1
52.7

1562.3
60.8

1491.0
71.1

2249.1
73.6

1440.4
56.3

1491.0
71.1

1790.4
59.6

2013.3
60.2

2232.4
62.2

2249.1
73.6

32
33

1102.7

1287.8

1165.7

1224.6

1364.2

1185.9

1224.6

1226.1

1298.1

1266.5

1364.2

34

27
28
29
30
31

Credit market instruments

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

191.9
0.2
186.6
5.0

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

85.6
0.1
85.4
0.0

92.9
0.2
92.7
0.0

79.4
0.2
79.2
0.0

135.0
0.1
134.9
0.0

88.6
0.2
88.4
0.0

162.6
0.2
162.4
0.0

35
36
37
38

39
40
41

Due to rest of the world


Due to government-sponsored enterprises
Currency outside banks

2.4
35.1
873.3

3.4
13.5
930.0

0.2
64.6
1015.0

6.5
27.2
1098.1

8.0
25.9
1167.6

5.7
22.6
1072.1

6.5
27.2
1098.1

9.2
20.2
1117.3

10.1
19.5
1133.6

9.0
24.1
1144.9

8.0
25.9
1167.6

39
40
41

42

Security repurchase agreements

77.7

59.7

99.9

107.2

315.9

92.7

107.2

105.5

95.2

157.4

315.9

42

43
44
45

Miscellaneous liabilities
Federal Reserve Bank stock
Other

29.2
25.6
3.6

58.4
26.5
31.9

31.7
26.9
4.8

33.7
27.4
6.3

43.5
27.5
16.0

34.9
27.4
7.5

33.7
27.4
6.3

34.8
27.6
7.2

32.1
27.5
4.6

41.2
27.4
13.7

43.5
27.5
16.0

43
44
45

(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.

75

Z.1, March 6, 2014

L.109 Private Depository Institutions (1)


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

Total financial assets

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

13515.6

14429.9

14822.5

15778.4

14608.3

14822.5

15029.4

15337.6

15589.0

15778.4

52.7
968.1

60.8
1562.3

71.1
1491.0

73.6
2249.1

56.3
1440.4

71.1
1491.0

59.6
1790.4

60.2
2013.3

62.2
2232.4

73.6
2249.1

2
3

10776.3

10968.9

11177.8

11580.2

11868.1

11370.4

11580.2

11546.8

11614.5

11671.3

11868.1

Open market paper


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

0.0
196.6
1579.9
227.8
940.0

0.0
299.6
1718.1
257.1
795.9

0.0
252.9
1851.7
303.9
800.2

0.0
339.5
1901.4
369.9
794.0

0.0
305.2
1948.5
424.5
777.7

0.0
327.0
1905.4
356.6
781.0

0.0
339.5
1901.4
369.9
794.0

0.0
329.5
1946.9
382.2
773.0

0.0
281.5
1964.2
398.0
767.0

0.0
276.1
1934.4
412.9
779.5

0.0
305.2
1948.5
424.5
777.7

5
6
7
8
9

Depository institution loans n.e.c.


Other loans and advances
Mortgages
Consumer credit

1919.6
0.0
4768.9
1143.4

1903.1
0.0
4583.0
1412.0

2117.3
0.0
4436.2
1415.6

2322.2
0.0
4391.0
1462.3

2507.0
0.0
4368.6
1536.5

2243.4
0.0
4334.1
1422.8

2322.2
0.0
4391.0
1462.3

2323.5
0.0
4354.9
1436.8

2387.8
0.0
4351.3
1464.7

2424.6
0.0
4350.4
1493.3

2507.0
0.0
4368.6
1536.5

10
11
12
13

63.6
47.4

73.6
46.5

67.4
43.5

87.1
61.5

116.8
86.7

83.4
55.0

87.1
61.5

96.8
69.9

96.9
70.3

104.4
78.1

116.8
86.7

14
15

219.6
111.5

242.3
116.0

321.3
120.8

432.7
138.1

375.5
143.9

433.0
136.4

432.7
138.1

401.6
139.4

388.7
140.4

396.2
141.7

375.5
143.9

16
17

1114.3

1047.4

1076.0

960.8

864.6

1033.3

960.8

924.9

953.4

902.7

864.6

18

13248.7

13527.7

14574.3

15168.4

15964.3

14998.6

15168.4

15395.4

15587.5

15767.7

15964.3

19

188.1

49.9

266.1

155.9

460.3

298.0

155.9

281.8

540.7

504.8

460.3

20

990.7
6326.5
2105.9

1072.0
6624.9
1923.2

1428.6
7202.2
1750.0

1633.1
7803.9
1659.9

1825.6
8115.8
1762.2

1454.4
7595.4
1636.8

1633.1
7803.9
1659.9

1652.0
7869.1
1652.5

1599.7
7890.1
1682.4

1663.5
8052.3
1736.8

1825.6
8115.8
1762.2

21
22
23

Credit market instruments

14
15

Corporate equities
Mutual fund shares

16
17

Security credit
Life insurance reserves

18

Miscellaneous assets

19

2012

54.9
977.0

Vault cash
Reserves at Federal Reserve

10
11
12
13

2011

13364.7

2
3

5
6
7
8
9

2010

Total liabilities

20

Net interbank liabilities

21
22
23

Checkable deposits
Small time and savings deposits
Large time deposits

24

Federal funds and security repos (net)

859.0

694.7

619.8

499.6

438.4

563.1

499.6

490.0

462.8

467.0

438.4

24

25

Credit market instruments

744.6

968.7

892.9

865.3

885.4

846.6

865.3

842.9

871.8

867.8

885.4

25

0.6
176.3
567.6

113.0
436.8
418.9

120.6
415.8
356.4

87.5
415.8
362.0

59.7
397.7
428.1

90.7
409.9
346.0

87.5
415.8
362.0

74.4
413.9
354.5

64.2
411.5
396.2

57.3
406.5
403.9

59.7
397.7
428.1

26
27
28

-66.2

-59.6

-49.1

-47.9

-47.5

-46.3

-47.9

-46.0

-58.9

-53.0

-47.5

29

2100.2
107.7
1599.5
203.1
189.9

2253.9
120.0
1632.8
171.6
329.5

2463.8
193.7
1709.0
137.8
423.3

2598.4
198.1
1889.2
126.0
385.1

2524.0
203.4
1944.4
122.9
253.2

2650.5
190.1
1871.3
117.9
471.1

2598.4
198.1
1889.2
126.0
385.1

2653.1
200.0
1916.9
142.9
393.3

2598.9
200.6
1880.5
142.1
375.8

2528.6
202.4
1898.1
118.0
310.0

2524.0
203.4
1944.4
122.9
253.2

30
31
32
33
34

6.9

6.2

6.0

6.5

7.9

6.2

6.5

6.8

7.3

7.7

7.9

35

26
27
28

Open market paper


Corporate bonds
Other loans and advances

29

Taxes payable (net)

30
31
32
33
34

Miscellaneous liabilities
Foreign direct investment in U.S.
Investment by holding companies
Investment by funding corporations
Other
Memo:

35

Consumer leases not included above (2)

(1) U.S.-chartered depository institutions (L.110), foreign banking offices (L.111), banks in U.S.-affiliated areas (L.112), and credit unions (L.113).
(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.

Levels

2009

76

Z.1, March 6, 2014

L.110 U.S.-Chartered Depository Institutions, Excluding Credit Unions


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

Levels

Total financial assets

2
3

Vault cash
Reserves at Federal Reserve

Credit market instruments

5
6
7
8
9
10
11
12

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

13
14
15
16
17
18
19

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

20
21
22
23

Depository institution loans n.e.c.


Other loans and advances
Mortgages
Consumer credit

24
25

Corporate equities
Mutual fund shares

26
27
28

Security credit
Life insurance reserves
Miscellaneous assets

29

Total liabilities

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

11269.9

11304.7

11726.9

12079.6

12669.9

11840.8

12079.6

12153.8

12242.6

12460.5

12669.9

54.9
661.4

52.7
575.8

60.8
798.7

71.1
798.5

73.6
1252.9

56.3
722.1

71.1
798.5

59.6
981.1

60.2
1001.2

62.2
1222.7

73.6
1252.9

2
3

9144.0

9356.2

9489.9

9840.6

10087.1

9645.6

9840.6

9811.7

9874.6

9902.8

10087.1

0.0
124.5
1417.4
837.5
3.6
264.0
4.0
308.4

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
1669.7
912.8
21.7
454.6
42.9
237.7

0.0
217.1
1721.0
953.6
30.2
431.0
66.8
239.5

0.0
227.8
1672.7
932.9
18.9
460.0
37.3
223.6

0.0
243.2
1669.7
912.8
21.7
454.6
42.9
237.7

0.0
230.3
1710.5
952.8
24.7
446.7
47.7
238.6

0.0
194.0
1725.7
967.6
28.4
435.2
54.6
239.8

0.0
186.6
1700.3
947.8
27.9
422.8
59.6
242.3

0.0
217.1
1721.0
953.6
30.2
431.0
66.8
239.5

5
6
7
8
9
10
11
12

224.3
668.2
16.2
17.8
202.9
26.0
404.1

254.6
550.5
6.5
11.4
132.3
24.7
374.0

297.3
553.0
3.5
8.9
110.4
27.4
401.8

363.1
551.6
18.7
9.3
88.4
32.7
401.6

416.4
566.6
28.7
8.0
73.7
37.3
418.2

350.0
543.7
18.1
9.1
92.8
31.1
391.5

363.1
551.6
18.7
9.3
88.4
32.7
401.6

374.2
547.6
19.6
9.1
83.7
33.8
400.7

390.3
550.1
23.1
9.6
78.7
34.4
403.6

404.0
562.3
26.4
8.4
77.2
35.5
414.1

416.4
566.6
28.7
8.0
73.7
37.3
418.2

13
14
15
16
17
18
19

1431.3
0.0
4371.9
906.3

1425.9
0.0
4194.9
1185.5

1589.6
0.0
4049.6
1192.6

1797.1
0.0
3997.4
1218.7

1933.3
0.0
3961.0
1271.6

1720.7
0.0
3944.6
1186.1

1797.1
0.0
3997.4
1218.7

1794.8
0.0
3962.9
1191.3

1847.0
0.0
3956.0
1211.5

1869.5
0.0
3948.7
1231.5

1933.3
0.0
3961.0
1271.6

20
21
22
23

63.6
46.1

73.6
45.0

67.4
41.7

87.1
59.2

116.8
84.5

83.4
52.8

87.1
59.2

96.8
67.3

96.9
67.9

104.4
75.9

116.8
84.5

24
25

158.0
111.5
1030.3

152.3
116.0
933.2

189.6
120.8
958.1

243.0
138.1
842.1

187.1
143.9
723.9

241.8
136.4
902.3

243.0
138.1
842.1

209.0
139.4
788.8

198.7
140.4
802.7

188.0
141.7
762.9

187.1
143.9
723.9

26
27
28

11109.0

11303.8

11837.3

12394.8

12892.8

12216.4

12394.8

12478.8

12446.6

12652.1

12892.8

29

30
31
32
33
34

Net interbank liabilities


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

637.3
-2.1
96.6
45.8
496.9

426.5
-1.4
0.2
19.5
408.2

158.6
-0.6
0.2
55.7
103.3

69.6
-0.5
0.1
51.6
18.5

223.7
-1.0
0.1
83.4
141.3

155.8
-0.6
0.1
60.0
96.2

69.6
-0.5
0.1
51.6
18.5

135.8
-0.6
0.0
63.0
73.4

173.3
-0.7
0.1
50.3
123.6

230.6
-0.6
0.2
72.7
158.3

223.7
-1.0
0.1
83.4
141.3

30
31
32
33
34

35
36
37
38

Checkable deposits
Federal government
Rest of the world
Private domestic

871.6
3.8
34.3
833.5

941.1
3.6
30.4
907.0

1260.5
1.0
56.1
1203.5

1435.6
1.3
52.0
1382.3

1584.4
1.6
49.3
1533.5

1267.7
1.1
52.8
1213.9

1435.6
1.3
52.0
1382.3

1441.7
1.5
46.3
1393.9

1378.4
1.3
40.5
1336.5

1434.8
1.3
49.7
1383.8

1584.4
1.6
49.3
1533.5

35
36
37
38

39
40
41

Small time and savings deposits


Large time deposits
Federal funds and security repos (net)

5617.0
1029.9
681.3

5888.6
896.1
462.3

6425.7
882.9
355.0

6979.3
803.0
212.4

7234.5
826.9
150.1

6775.6
818.8
278.0

6979.3
803.0
212.4

7018.7
777.6
192.6

7033.2
804.5
177.9

7182.5
799.3
161.5

7234.5
826.9
150.1

39
40
41

42

Credit market instruments

43
44
45

Open market paper


Corporate bonds
Other loans and advances

46

Taxes payable (net)

47
48
49

Miscellaneous liabilities
Investment by holding companies
Other

718.1

942.6

868.7

840.3

857.3

822.2

840.3

820.7

848.4

841.2

857.3

42

0.6
176.3
541.1

113.0
436.8
392.8

120.6
415.8
332.3

87.5
415.8
336.9

59.7
397.7
400.0

90.7
409.9
321.6

87.5
415.8
336.9

74.4
413.9
332.3

64.2
411.5
372.7

57.3
406.5
377.3

59.7
397.7
400.0

43
44
45

-66.2

-59.6

-49.1

-47.9

-47.5

-46.3

-47.9

-46.0

-58.9

-53.0

-47.5

46

1620.1
1599.5
20.6

1806.2
1632.8
173.3

1934.9
1709.0
225.9

2102.5
1889.2
213.3

2063.4
1944.4
119.0

2144.7
1871.3
273.4

2102.5
1889.2
213.3

2137.7
1916.9
220.8

2089.9
1880.5
209.3

2055.2
1898.1
157.1

2063.4
1944.4
119.0

47
48
49

6.9

6.2

6.0

6.5

7.9

6.2

6.5

6.8

7.3

7.7

7.9

50

Memo:
50

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.

77

Z.1, March 6, 2014

L.111 Foreign Banking Offices in U.S. (1)


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

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

1199.8

1255.3

1714.5

1705.9

2019.7

1741.1

1705.9

1803.1

2012.5

2047.5

2019.7

2
3

Vault cash
Reserves at Federal Reserve

0.0
284.1

0.0
350.8

0.0
711.0

0.0
638.8

0.0
948.0

0.0
670.6

0.0
638.8

0.0
741.3

0.0
959.6

0.0
963.3

0.0
948.0

2
3

Credit market instruments

809.6

785.2

827.7

833.5

826.3

825.1

833.5

816.4

802.2

819.1

826.3

Open market paper


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

0.0
57.5
31.3
0.0
247.6

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
77.3
30.2
0.0
226.0

0.0
76.6
32.1
0.0
230.5

0.0
79.5
27.7
0.0
211.9

0.0
66.9
26.1
0.0
202.8

0.0
69.3
26.2
0.0
203.0

0.0
67.0
25.4
0.0
196.4

5
6
7
8
9

Depository institution loans n.e.c.


Other loans and advances
Mortgages

435.5
0.0
37.8

424.2
0.0
35.4

467.1
0.0
32.8

463.4
0.0
30.9

507.2
0.0
30.3

460.4
0.0
31.2

463.4
0.0
30.9

467.5
0.0
29.7

476.9
0.0
29.6

490.8
0.0
29.8

507.2
0.0
30.3

10
11
12

5
6
7
8
9
10
11
12

Total financial assets

2010

13
14

Corporate equities
Security credit

0.0
61.6

0.1
90.1

0.0
131.7

0.0
189.7

0.0
188.4

0.0
191.3

0.0
189.7

0.0
192.6

0.0
190.0

0.0
208.1

0.0
188.4

13
14

15

Miscellaneous assets

44.5

29.2

44.2

43.9

56.9

54.3

43.9

52.9

60.6

56.8

56.9

15

16

1302.8

1337.8

1850.9

1842.5

2083.5

1858.3

1842.5

1942.7

2156.4

2131.4

2083.5

16

17
18
19

Total liabilities
Net interbank liabilities
To foreign banks
To domestic banks

-376.8
-411.0
34.1

-343.2
-384.0
40.8

164.0
134.8
29.2

156.9
83.6
73.3

305.3
221.2
84.1

214.1
134.9
79.1

156.9
83.6
73.3

215.3
124.2
91.1

434.4
357.4
77.0

343.7
282.6
61.1

305.3
221.2
84.1

17
18
19

20
21
22

Checkable deposits
Small time and savings deposits
Large time deposits

16.1
29.9
1024.2

21.9
35.7
977.7

45.6
48.9
814.6

61.8
62.7
798.4

92.6
90.4
869.4

53.9
62.4
762.0

61.8
62.7
798.4

63.7
67.9
814.4

73.4
70.6
816.0

81.7
85.9
872.4

92.6
90.4
869.4

20
21
22

23
24

Federal funds and security repos (net)


Open market paper (2)

177.8
0.0

232.4
0.0

280.7
0.0

296.9
0.0

288.4
0.0

293.7
0.0

296.9
0.0

297.8
0.0

285.0
0.0

305.5
0.0

288.4
0.0

23
24

25
26
27
28

Miscellaneous liabilities
Foreign direct investment in U.S.
Investment by funding corporations
Other

431.5
107.7
203.1
120.7

413.3
120.0
171.6
121.7

497.1
193.7
137.8
165.6

465.8
198.1
126.0
141.7

437.4
203.4
122.9
111.0

472.2
190.1
117.9
164.2

465.8
198.1
126.0
141.7

483.7
200.0
142.9
140.7

477.0
200.6
142.1
134.4

442.2
202.4
118.0
121.7

437.4
203.4
122.9
111.0

25
26
27
28

(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.

Levels

2009

78

Z.1, March 6, 2014

L.112 Banks in U.S.-Affiliated Areas (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

2010

2011

2012

2013

2012
Q3

1
2

Total financial assets


Credit market instruments

2013
Q4

Q1

Q2

Q3

Q4

94.7

79.9

75.8

75.8

84.3

75.2

75.8

76.0

82.0

83.9

84.3

88.1

68.9

64.0

63.9

64.2

62.0

63.9

63.6

63.6

62.7

64.2

3
4
5
6

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

0.5
20.5
3.5
2.0

1.1
12.8
2.5
0.6

1.0
4.8
3.4
4.2

0.4
2.6
2.6
5.2

1.1
1.9
3.6
5.8

1.0
4.0
2.8
4.6

0.4
2.6
2.6
5.2

0.4
2.4
2.7
5.6

0.4
2.2
2.7
5.5

0.6
1.9
3.5
5.6

1.1
1.9
3.6
5.8

3
4
5
6

7
8
9

Depository institution loans n.e.c.


Home mortgages
Commercial mortgages

19.4
22.6
19.6

16.1
20.1
15.7

17.1
17.8
15.6

18.1
20.0
14.9

19.5
18.9
13.5

17.6
17.0
14.9

18.1
20.0
14.9

18.1
20.0
14.4

19.0
19.2
14.4

19.5
19.1
12.5

19.5
18.9
13.5

7
8
9

6.5

11.0

11.8

12.0

20.0

13.2

12.0

12.4

18.4

21.2

20.0

10

10
11

Miscellaneous assets

90.0

75.2

72.1

72.0

80.2

71.9

72.0

72.2

78.7

81.7

80.2

11

12
13
14
15

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

-4.2
16.1
24.5
24.5

-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
28.0
21.3
21.3

-5.3
20.9
18.5
18.5

-4.9
21.9
18.8
18.8

-4.6
22.1
19.1
19.1

-5.3
26.3
20.6
20.6

-5.0
27.7
21.7
21.7

-4.7
28.0
21.3
21.3

12
13
14
15

16

Miscellaneous liabilities

29.2

23.3

19.4

17.3

14.3

19.2

17.3

16.4

16.5

15.7

14.3

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.113 Credit Unions


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

Total financial assets

800.4

875.7

912.6

961.1

1004.5

951.2

961.1

996.5

1000.6

997.1

1004.5

31.5

41.5

52.6

53.8

48.1

47.7

53.8

68.0

52.5

46.4

48.1

734.6

758.6

796.2

842.3

890.5

837.8

842.3

855.1

874.1

886.7

890.5

Open market paper


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

0.0
14.2
110.7
0.0
22.3

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
19.9
200.3
4.5
8.9

0.0
20.9
198.5
3.8
6.6

0.0
19.3
197.0
4.2
6.7

0.0
19.2
206.2
5.3
7.8

0.0
20.1
210.2
5.0
8.5

0.0
19.6
206.0
5.4
8.6

0.0
19.9
200.3
4.5
8.9

4
5
6
7
8

Depository institution loans n.e.c.


Home mortgages
Consumer credit

33.4
316.9
237.1

36.9
317.0
226.5

43.5
320.5
223.0

43.6
327.8
243.6

47.0
344.8
265.0

44.7
326.4
236.7

43.6
327.8
243.6

43.0
328.0
245.5

44.9
332.1
253.1

44.9
340.4
261.9

47.0
344.8
265.0

9
10
11

1.3
33.0

1.5
74.1

1.9
61.9

2.3
62.7

2.2
63.8

2.2
63.6

2.3
62.7

2.6
70.9

2.4
71.7

2.2
61.8

2.2
63.8

12
13

747.0

810.9

814.1

859.1

907.7

852.0

859.1

901.7

905.8

902.4

907.7

14

Reserves at Federal Reserve

Credit market instruments

4
5
6
7
8
9
10
11
12
13
14

Mutual fund shares


Miscellaneous assets
Total liabilities

15

Net interbank liabilities

-68.1

-30.0

-51.9

-65.7

-64.1

-66.5

-65.7

-64.7

-61.8

-64.5

-64.1

15

16
17
18
19

Shares/deposits
Checkable
Small time and savings
Large time

769.4
86.9
655.2
27.3

803.8
92.4
681.3
30.1

845.3
103.1
708.7
33.5

896.6
113.9
743.1
39.7

934.8
120.6
769.6
44.6

888.3
111.9
738.9
37.5

896.6
113.9
743.1
39.7

929.3
124.5
763.4
41.3

928.7
121.7
765.7
41.4

924.9
119.3
762.2
43.4

934.8
120.6
769.6
44.6

16
17
18
19

20
21

Federal funds and security repos (net)


Other loans and advances

-0.1
26.5

-0.0
26.1

-15.9
24.2

-9.7
25.1

-0.1
28.2

-8.6
24.4

-9.7
25.1

-0.4
22.2

-0.2
23.5

-0.1
26.6

-0.1
28.2

20
21

22

Miscellaneous liabilities

19.4

11.1

12.4

12.7

8.8

14.4

12.7

15.3

15.5

15.4

8.8

22

79

Z.1, March 6, 2014

L.114 Property-Casualty Insurance Companies


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

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

1380.2

1360.5

1376.6

1435.3

1527.1

1418.5

1435.3

1458.4

1471.6

1493.9

1527.1

27.6
29.6
4.5

32.6
25.6
3.8

24.1
20.0
1.7

36.4
22.3
1.8

30.8
22.7
1.8

32.9
22.1
1.8

36.4
22.3
1.8

31.7
22.7
1.8

30.6
20.5
1.6

30.6
22.0
1.7

30.8
22.7
1.8

2
3
4

886.7

890.6

926.8

924.2

938.6

921.0

924.2

929.4

930.4

936.2

938.6

Open market paper


Treasury securities
Agency- and GSE-backed securities

9.8
88.5
116.2

7.9
91.7
115.8

8.8
96.4
122.7

7.4
90.2
113.6

7.3
89.6
114.3

7.8
91.4
115.3

7.4
90.2
113.6

7.5
90.2
114.3

6.8
89.0
114.6

7.3
90.3
115.1

7.3
89.6
114.3

6
7
8

Municipal securities
Corporate and foreign bonds
Commercial mortgages

369.4
298.3
4.4

348.4
322.6
4.1

331.0
363.1
4.9

327.6
379.8
5.6

332.3
387.8
7.3

327.0
373.9
5.5

327.6
379.8
5.6

329.5
382.0
5.8

330.4
383.0
6.6

331.9
384.7
7.0

332.3
387.8
7.3

9
10
11

12
13

Corporate equities
Mutual fund shares

215.6
9.5

214.8
10.2

220.8
9.1

252.2
11.8

301.6
15.5

252.3
11.3

252.2
11.8

267.2
12.9

272.0
13.4

280.0
14.4

301.6
15.5

12
13

14
15

Trade receivables
Miscellaneous assets

83.0
123.7

83.8
99.1

87.2
86.9

92.0
94.6

99.5
116.7

94.5
82.6

92.0
94.6

94.0
98.7

96.6
106.4

98.3
110.8

99.5
116.7

14
15

804.3

823.2

856.0

886.9

903.4

882.6

886.9

888.5

892.6

896.9

903.4

16

0.6
-15.8
819.5

1.5
-10.1
831.9

0.4
-14.5
870.1

0.8
-10.8
896.9

2.2
-1.6
902.7

0.6
-8.7
890.7

0.8
-10.8
896.9

1.1
-3.2
890.5

1.4
-5.2
896.4

1.8
-2.5
897.6

2.2
-1.6
902.7

17
18
19

16
17
18
19

Total liabilities
Security repurchase agreements
Taxes payable (net)
Miscellaneous liabilities

L.115 Life Insurance Companies (1)


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

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

Miscellaneous assets

16

Total liabilities

4823.9

5167.8

5340.1

5614.7

6035.2

5561.8

5614.7

5738.5

5750.7

5856.9

6035.2

50.7
33.7
10.2

51.7
21.0
10.9

53.7
28.8
10.1

56.4
27.5
8.5

57.9
23.5
6.2

53.5
27.8
8.5

56.4
27.5
8.5

57.7
28.0
8.7

48.1
20.1
5.4

57.3
23.8
6.4

57.9
23.5
6.2

2
3
4

3022.6

3174.2

3299.6

3360.6

3429.2

3343.2

3360.6

3372.0

3392.5

3408.8

3429.2

49.8
133.5
371.9
73.1
1927.2
140.9
326.1

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
179.6
360.6
131.4
2150.6
150.4
344.4

35.2
183.2
362.8
135.1
2200.4
153.0
359.4

38.7
178.2
363.9
128.9
2141.2
148.9
343.5

43.6
179.6
360.6
131.4
2150.6
150.4
344.4

38.7
179.9
362.1
132.3
2165.3
149.6
344.2

37.5
180.8
363.5
133.3
2177.8
151.3
348.3

40.4
182.6
363.5
133.6
2180.5
152.1
356.0

35.2
183.2
362.8
135.1
2200.4
153.0
359.4

6
7
8
9
10
11
12

1208.5
140.8

1402.6
155.7

1390.2
150.1

1545.1
159.3

1888.1
184.6

1543.7
159.3

1545.1
159.3

1655.4
167.6

1679.9
168.8

1739.1
175.9

1888.1
184.6

13
14

357.6

351.9

407.6

457.4

445.6

425.8

457.4

449.1

435.9

445.6

445.6

15

4532.3

4844.3

5002.2

5248.8

5651.5

5202.6

5248.8

5365.9

5381.2

5481.5

5651.5

16

12.4
48.3

10.3
45.1

10.4
46.8

13.5
51.6

12.7
57.0

12.7
52.4

13.5
51.6

13.7
52.9

13.8
54.5

13.4
53.8

12.7
57.0

17
18

17
18

Security repurchase agreements


Other loans and advances

19
20

Life insurance reserves


Pension entitlements (2)

1194.5
2350.4

1229.9
2568.5

1302.3
2601.7

1309.0
2786.8

1365.7
3084.8

1303.1
2746.2

1309.0
2786.8

1320.0
2873.4

1327.0
2879.4

1346.9
2948.3

1365.7
3084.8

19
20

21
22

Taxes payable (net)


Miscellaneous liabilities

-31.4
958.0

-28.8
1019.3

-23.6
1064.6

-28.3
1116.2

-30.5
1161.8

-23.6
1112.0

-28.3
1116.2

-28.4
1134.3

-30.1
1136.6

-30.1
1149.2

-30.5
1161.8

21
22

(1) Additional detail on the financial assets and liabilities held in life insurers general and separate accounts is available on L.115.g and L.115.s.
(2) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 22).

Levels

2009

80

Z.1, March 6, 2014

L.116 Private and Public Pension Funds (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

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

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

12713.2

14030.1

14371.7

15145.0

16344.2

15047.6

15145.0

15528.4

15697.7

15986.6

16344.2

14.0
61.5
188.4
5.9

16.7
67.0
181.3
6.1

22.8
71.9
200.1
6.3

22.3
68.8
194.7
6.1

21.7
67.4
192.1
5.9

22.0
69.5
196.1
6.4

22.3
68.8
194.7
6.1

22.3
68.7
194.4
6.1

22.5
66.0
191.2
5.8

22.1
66.1
190.0
5.8

21.7
67.4
192.1
5.9

2
3
4
5

1663.5

1819.6

1918.8

1961.1

2024.3

1948.1

1961.1

1978.2

1974.9

1893.1

2024.3

77.4
454.2
346.8
748.6
35.2

81.0
505.6
355.6
837.8
37.5

86.7
570.2
366.8
859.0
33.0

82.8
671.5
419.1
753.3
29.3

75.4
734.4
440.0
748.8
23.5

83.7
647.9
406.6
775.2
30.1

82.8
671.5
419.1
753.3
29.3

83.2
695.6
430.9
735.0
28.2

80.0
698.4
434.6
730.8
27.1

78.6
610.1
437.2
738.7
25.7

75.4
734.4
440.0
748.8
23.5

7
8
9
10
11

12
13

Corporate equities
Mutual fund shares

3381.7
2032.7

3857.4
2307.9

3653.5
2259.6

4156.3
2581.2

5146.3
3219.3

4172.4
2588.3

4156.3
2581.2

4540.0
2818.0

4599.7
2877.1

4830.5
3035.0

5146.3
3219.3

12
13

14
15
16

Miscellaneous assets
Claims of pension fund on sponsor (3)
Other

5365.5
3226.8
600.5

5774.2
3517.7
628.9

6238.6
3842.9
681.8

6154.5
3701.3
679.9

5667.2
3064.9
703.0

6044.7
3627.6
678.5

6154.5
3701.3
679.9

5900.7
3431.4
673.8

5960.4
3565.9
685.1

5943.9
3551.6
691.3

5667.2
3064.9
703.0

14
15
16

12855.5

14177.2

14519.2

15302.0

16515.9

15202.6

15302.0

15689.9

15859.3

16153.1

16515.9

17

9297.3
6088.6
3226.8

10146.1
6646.6
3517.7

10497.1
6670.7
3842.9

10871.2
7185.8
3701.3

11218.7
8171.1
3064.9

10776.4
7165.0
3627.6

10871.2
7185.8
3701.3

10958.1
7543.0
3431.4

11044.9
7495.3
3565.9

11131.8
7698.4
3551.6

11218.7
8171.1
3064.9

18
19
20

19153.6
9173.1
3540.1
4488.0
1952.4

21193.7
10017.2
4013.0
5029.0
2134.5

21533.3
10366.1
4005.6
5001.0
2160.7

23024.8
10730.0
4415.0
5561.0
2318.8

ND
11064.3
5279.9
ND
ND

22827.8
10637.6
4410.0
5495.0
2285.2

23024.8
10730.0
4415.0
5561.0
2318.8

23764.9
10813.0
4715.4
5842.0
2394.4

23992.0
10899.7
4798.0
5894.0
2400.4

24610.9
10981.8
5004.8
6164.0
2460.3

ND
11064.3
5279.9
ND
ND

21
22
23
24
25

17

Pension entitlements (liabilities) (4)

Levels

Memo:

18
19
20
21
22
23
24
25

Funded status of defined benefit plans:


Pension entitlements
Funded by assets (5)
Unfunded (line 15)
Household retirement assets (6)
Defined benefit plans (7)
Defined contribution plans (8)
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 (including 401(k) type plans).
(2) Includes claims on sponsor (i.e., unfunded defined benefit pension entitlements).
(3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.
(4) Actuarial value of accrued pension entitlements in defined benefit plans and assets of defined contribution plans. 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) Households retirement assets in tax-deferred accounts, including employer sponsored pension plans, IRAs, Roth IRAs, and annuities.
(7) Additional detail on private defined benefit plans is available on table L.117.b.
(8) Additional detail on private defined contribution plans is available on table L.117.c.
(9) IRA assets are not included above. See table L.226.i for a sectoral distribution of IRA accounts.
(10) Annuities held in IRAs at life insurance companies are excluded. They are included in line 24.

81

Z.1, March 6, 2014

L.117 Private Pension Funds (1)


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

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

5936.8

6584.2

6637.0

7117.9

7966.2

7087.5

7117.9

7415.4

7515.5

7718.1

7966.2

2
3
4
5

Checkable deposits and currency


Time and savings deposits
Money market fund shares
Security repurchase agreements

10.4
33.0
147.4
2.9

12.6
32.1
137.3
2.7

18.3
33.4
154.1
2.7

18.0
31.6
150.2
2.6

17.5
31.1
148.7
2.5

17.7
32.1
151.4
2.8

18.0
31.6
150.2
2.6

18.0
31.6
150.1
2.6

18.4
31.2
149.6
2.6

18.1
31.0
148.1
2.5

17.5
31.1
148.7
2.5

2
3
4
5

Credit market instruments

795.5

918.6

991.8

1004.8

1049.5

1006.5

1004.8

1011.9

1029.4

1040.5

1049.5

45.3
182.4
184.0
360.0
23.8

42.6
215.6
190.4
443.4
26.6

44.7
243.4
193.8
488.0
21.9

42.3
291.4
210.9
440.7
19.4

38.3
331.6
224.6
438.6
16.5

43.0
283.2
206.9
453.4
20.0

42.3
291.4
210.9
440.7
19.4

42.8
306.4
213.2
430.7
18.7

42.1
319.4
217.3
432.6
18.0

40.4
326.3
220.7
435.8
17.2

38.3
331.6
224.6
438.6
16.5

7
8
9
10
11

7
8
9
10
11

Total financial assets (2)

2010

Open market paper


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

12
13

Corporate equities
Mutual fund shares

1647.1
1827.5

1938.3
2084.7

1826.1
2052.8

2041.8
2340.9

2484.1
2920.7

2057.3
2348.6

2041.8
2340.9

2206.1
2553.3

2238.6
2608.9

2346.4
2755.7

2484.1
2920.7

12
13

14
15
16
17
18

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

1472.9
385.4
75.6
497.6
514.4

1457.9
393.7
91.1
446.5
526.7

1557.7
406.3
94.0
486.6
570.8

1528.0
427.2
92.1
440.2
568.6

1312.1
455.9
91.1
187.7
577.5

1471.1
422.7
92.7
388.1
567.6

1528.0
427.2
92.1
440.2
568.6

1441.7
437.7
92.3
349.7
562.0

1436.8
438.6
92.4
335.6
570.2

1375.8
447.3
92.1
265.7
570.7

1312.1
455.9
91.1
187.7
577.5

14
15
16
17
18

5973.2

6620.7

6673.5

7154.4

8002.7

7124.0

7154.4

7451.9

7552.1

7754.7

8002.7

19

19

Pension entitlements (liabilities) (5)


Memo:

20
21
22

Funded status of defined benefit plans:


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

2662.7
2165.1
497.6

2872.2
2425.7
446.5

2953.1
2466.4
486.6

3054.3
2614.2
440.2

3105.0
2917.3
187.7

3029.0
2640.9
388.1

3054.3
2614.2
440.2

3067.0
2717.3
349.7

3079.7
2744.1
335.6

3092.4
2826.7
265.7

3105.0
2917.3
187.7

20
21
22

23
24

Total financial assets (7)


Defined benefit plans
Defined contribution plans

2626.3
3310.5

2835.7
3748.5

2916.6
3720.4

3017.8
4100.1

3068.5
4897.7

2992.5
4095.0

3017.8
4100.1

3030.5
4384.9

3043.2
4472.4

3055.8
4662.3

3068.5
4897.7

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 (e.g., GICs, variable annuities); 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 L.117.b and L.117.c.

Levels

2009

82

Z.1, March 6, 2014

L.118 State and Local Government Employee Retirement Funds (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

Checkable deposits and currency


Time and savings deposits
Money market fund shares
Security repurchase agreements

Credit market instruments

7
8
9
10
11
12

Open market paper


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

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

3853.9

4298.2

4478.2

4652.6

4846.3

4607.4

4652.6

4700.2

4752.2

4799.3

4846.3

3.5
28.5
40.9
3.0

4.1
34.9
44.0
3.4

4.5
38.5
46.0
3.6

4.3
37.2
44.5
3.5

4.2
36.3
43.4
3.4

4.4
37.4
44.7
3.5

4.3
37.2
44.5
3.5

4.3
37.1
44.3
3.5

4.1
34.8
41.6
3.3

4.1
35.0
41.9
3.3

4.2
36.3
43.4
3.4

2
3
4
5

737.2

759.3

759.6

773.6

783.0

763.6

773.6

787.1

777.4

780.4

783.0

32.1
151.9
157.6
1.4
382.8
11.4

38.4
160.0
159.4
2.2
388.5
10.9

41.9
173.3
166.5
3.1
363.7
11.1

40.5
214.5
200.1
5.0
303.5
9.9

37.1
224.7
209.0
2.3
302.9
7.0

40.8
203.8
191.7
4.4
312.8
10.1

40.5
214.5
200.1
5.0
303.5
9.9

40.4
225.9
210.2
5.3
295.7
9.5

37.9
226.0
210.2
4.1
290.2
9.1

38.2
225.7
209.9
2.9
295.3
8.5

37.1
224.7
209.0
2.3
302.9
7.0

7
8
9
10
11
12

13
14

Corporate equities
Mutual fund shares

1617.8
205.2

1778.2
223.2

1693.0
206.9

1966.4
240.3

2454.5
298.5

1961.9
239.7

1966.4
240.3

2166.1
264.7

2187.3
268.2

2299.0
279.4

2454.5
298.5

13
14

15
16
17

Miscellaneous assets
Claims of pension fund on sponsor (3)
Other

1217.8
1131.7
86.1

1451.1
1348.9
102.2

1726.1
1615.1
111.0

1582.8
1471.5
111.3

1222.8
1097.3
125.5

1552.2
1441.3
110.9

1582.8
1471.5
111.3

1393.1
1281.4
111.7

1435.6
1320.7
114.9

1356.2
1235.6
120.6

1222.8
1097.3
125.5

15
16
17

3959.8

4408.7

4589.2

4773.1

4981.4

4725.9

4773.1

4825.2

4877.3

4929.4

4981.4

18

3959.8
2828.1
1131.7

4408.7
3059.8
1348.9

4589.2
2974.1
1615.1

4773.1
3301.6
1471.5

4981.4
3884.1
1097.3

4725.9
3284.6
1441.3

4773.1
3301.6
1471.5

4825.2
3543.8
1281.4

4877.3
3556.6
1320.7

4929.4
3693.7
1235.6

4981.4
3884.1
1097.3

19
20
21

18

Levels

Total financial assets (2)

2
3
4
5

2010

Pension entitlements (liabilities) (4)


Memo:

19
20
21

Funded status of defined benefit plans:


Pension entitlements
Funded by assets (5)
Unfunded (line 16)

(1) Defined benefit plans.


(2) Includes claims on sponsor (i.e., unfunded pension entitlements).
(3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.
(4) Actuarial value of accrued defined benefit 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.

L.119 Federal Government Employee Retirement Funds


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

Total financial assets (1)

2922.5

3147.8

3256.5

3374.5

3531.7

3352.7

3374.5

3412.8

3429.9

3469.1

3531.7

2
3
4
5

Credit market instruments


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

130.9
119.9
5.2
5.7

141.8
130.0
5.8
5.9

167.3
153.5
6.5
7.3

182.7
165.6
8.1
9.0

191.8
178.1
6.4
7.3

178.0
160.9
8.0
9.0

182.7
165.6
8.1
9.0

179.2
163.2
7.5
8.5

168.1
153.1
7.0
8.0

72.3
58.1
6.6
7.5

191.8
178.1
6.4
7.3

2
3
4
5

Corporate equities

116.8

140.9

134.4

148.1

207.7

153.3

148.1

167.8

173.8

185.0

207.7

7
8
9

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

2674.8
1077.2
1597.6

2865.1
1142.9
1722.2

2954.8
1213.7
1741.1

3043.7
1254.1
1789.6

3132.3
1352.3
1780.0

3021.5
1223.3
1798.2

3043.7
1254.1
1789.6

3065.9
1265.5
1800.3

3088.0
1178.4
1909.6

3211.8
1161.5
2050.3

3132.3
1352.3
1780.0

7
8
9

2922.5

3147.8

3256.5

3374.5

3531.7

3352.7

3374.5

3412.8

3429.9

3469.1

3531.7

10

10

Pension entitlements (liabilities) (5)


Memo:

11
12
13

Funded status of defined benefit plans:


Pension entitlements
Funded by assets (6)
Unfunded (line 9)

2674.8
1095.4
1597.6

2865.1
1161.1
1722.2

2954.8
1230.2
1741.1

3043.7
1270.0
1789.6

3132.3
1369.6
1780.0

3021.5
1239.5
1798.2

3043.7
1270.0
1789.6

3065.9
1282.0
1800.3

3088.0
1194.7
1909.6

3110.1
1178.0
2050.3

3132.3
1369.6
1780.0

11
12
13

14
15

Total financial assets


Defined benefit plans (7)
Defined contribution plans (8)

2692.9
229.6

2883.3
264.5

2971.3
285.2

3059.6
314.9

3149.6
382.2

3037.7
315.0

3059.6
314.9

3082.3
330.5

3104.3
325.6

3126.6
342.5

3149.6
382.2

14
15

(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) Includes the civil service retirement and disability fund, Railroad Retirement Board, judicial retirement fund, military retirement fund, foreign service retirement and disability fund,
and National Railroad Retirement Investment Trust.
(8) Thrift Savings Plan.

83

Z.1, March 6, 2014

L.120 Money Market Mutual Funds (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

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)

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

3258.6

2755.4

2642.5

2649.6

2678.3

2506.9

2649.6

2554.0

2541.9

2637.4

2678.3

97.1
17.9
566.6
480.0

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
494.9
493.0

40.2
11.3
396.9
513.2

43.3
16.5
435.4
544.7

48.7
10.9
429.4
470.7

37.1
27.5
444.3
450.4

36.3
11.0
494.4
489.1

33.7
13.3
494.9
493.0

2
3
4
5

2070.0

1673.4

1663.6

1580.9

1611.8

1520.2

1580.9

1562.7

1550.9

1572.8

1611.8

510.5
406.4
543.0
440.1
169.9

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

352.1
488.2
361.1
308.3
102.1

319.4
456.3
331.4
320.1
93.0

340.8
457.8
343.5
336.7
102.1

351.1
470.5
325.6
312.5
103.0

356.6
449.0
345.0
309.6
90.7

357.9
466.5
354.0
305.1
89.1

352.1
488.2
361.1
308.3
102.1

7
8
9
10
11

26.9

23.5

22.7

28.8

31.7

25.1

28.8

31.5

31.9

33.8

31.7

12

3258.6

2755.4

2642.5

2649.6

2678.3

2506.9

2649.6

2554.0

2541.9

2637.4

2678.3

13

10087.4

10299.5

10904.9

11526.8

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.115).

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)

6920.7

7873.0

7870.9

9323.6

11526.8

9131.0

9323.6

153.3

137.5

108.7

262.7

358.4

286.8

262.7

307.9

328.2

354.0

358.4

2616.3

2969.9

3329.3

3981.3

4342.2

3851.6

3981.3

4184.4

4242.8

4287.7

4342.2

80.2
258.0
603.2
478.8
1120.7
75.4

66.3
380.5
680.1
525.5
1243.0
74.6

40.0
456.6
784.8
541.2
1413.4
93.5

77.5
579.6
871.8
627.4
1719.4
105.7

106.1
641.4
837.0
610.9
2001.4
145.4

99.8
531.3
876.0
610.5
1633.4
100.6

77.5
579.6
871.8
627.4
1719.4
105.7

98.5
638.9
870.5
646.6
1816.6
113.4

100.7
627.5
874.3
641.0
1868.5
130.9

104.6
640.9
836.4
620.7
1947.3
137.9

106.1
641.4
837.0
610.9
2001.4
145.4

4
5
6
7
8
9

4136.2
14.9

4762.7
2.9

4427.2
5.7

5107.0
-27.4

6809.2
17.0

5037.8
-45.3

5107.0
-27.4

5611.2
-16.2

5743.8
-15.3

6246.2
17.0

6809.2
17.0

10
11

6920.7

7873.0

7870.9

9323.6

11526.8

9131.0

9323.6

10087.4

10299.5

10904.9

11526.8

12

(1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.115).

L.122 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)

229.3

243.8

241.3

257.2

291.1

253.3

257.2

272.1

278.5

280.6

291.1

141.1
4.4
81.2
55.6
88.1

146.4
5.1
81.5
59.8
97.4

144.7
4.8
82.5
57.4
96.5

155.9
5.2
85.7
65.0
101.3

173.6
5.8
86.1
81.7
117.6

152.2
5.2
84.5
62.5
101.1

155.9
5.2
85.7
65.0
101.3

163.5
5.7
86.2
71.6
108.6

170.0
5.8
86.8
77.5
108.4

170.2
5.8
86.1
78.3
110.4

173.6
5.8
86.1
81.7
117.6

2
3
4
5
6

229.3

243.8

241.3

257.2

291.1

253.3

257.2

272.1

278.5

280.6

291.1

773.1

986.8

1042.6

1324.4

1670.6

1268.2

1324.4

1434.0

1413.7

1537.3

1670.6

103.0
41.8
5.9
55.4
670.0

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

221.1
62.7
11.3
147.1
1047.1

231.1
63.6
12.3
155.3
1093.3

238.2
62.8
13.0
162.3
1195.9

241.4
64.1
12.5
164.9
1172.2

245.8
63.9
11.5
170.4
1291.5

243.3
57.1
11.4
174.8
1427.3

9
10
11
12
13

773.1

986.8

1042.6

1324.4

1670.6

1268.2

1324.4

1434.0

1413.7

1537.3

1670.6

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)

Levels

L.121 Mutual Funds (1)

84

Z.1, March 6, 2014

L.123 Government-Sponsored Enterprises (GSEs) (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

Checkable deposits and currency


Time and savings deposits
Federal funds and security repos

Credit market instruments

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

3048.5

6722.4

6480.2

6275.1

6361.5

6304.5

6275.1

6328.7

6308.3

6339.7

6361.5

99.4
25.7
123.3

63.4
26.1
151.2

72.7
13.4
112.3

52.6
4.3
150.8

71.9
8.0
155.9

36.1
3.7
174.9

52.6
4.3
150.8

64.1
3.6
193.6

51.7
4.8
151.3

77.4
7.5
133.4

71.9
8.0
155.9

2
3
4

2699.7

6333.1

6133.4

5914.8

5960.1

5950.1

5914.8

5899.5

5932.8

5954.5

5960.1

Open market paper


Treasury securities
Agency- and GSE-backed securities

9.7
36.6
924.5

9.9
82.6
377.0

6.5
100.2
358.9

3.4
69.0
310.6

5.6
57.4
293.3

4.2
72.3
323.9

3.4
69.0
310.6

4.2
74.6
300.6

4.3
75.5
292.5

5.0
82.6
294.7

5.6
57.4
293.3

6
7
8

9
10

Municipal securities
Corporate and foreign bonds

29.1
296.0

24.9
266.5

21.0
235.7

17.0
185.7

13.2
129.4

18.1
199.6

17.0
185.7

16.3
179.9

14.8
168.6

13.8
139.1

13.2
129.4

9
10

11
12
13
14

Other loans and advances


Sallie Mae
Farm Credit System
FHLB

695.9
0.0
80.0
615.9

551.3
0.0
87.3
464.0

487.0
0.0
83.8
403.3

505.7
0.0
92.1
413.6

580.1
0.0
95.0
485.1

487.6
0.0
89.3
398.3

505.7
0.0
92.1
413.6

498.8
0.0
91.4
407.4

541.0
0.0
90.3
450.7

547.3
0.0
89.7
457.7

580.1
0.0
95.0
485.1

11
12
13
14

15

Mortgages

707.7

5021.0

4924.0

4823.5

4881.1

4844.5

4823.5

4825.0

4836.1

4872.0

4881.1

15

6
7
8

Levels

Total financial assets

2
3
4

2010

16
17
18

Home
Consolidated trusts (2)
Other

431.3
0.0
431.3

4687.1
4141.0
546.1

4583.9
4032.1
551.8

4472.3
3958.0
514.2

4547.6
4087.7
459.9

4495.5
3978.0
517.5

4472.3
3958.0
514.2

4476.4
3982.2
494.2

4490.1
4005.6
484.5

4531.3
4064.3
466.9

4547.6
4087.7
459.9

16
17
18

19
20
21

Multifamily residential
Consolidated trusts (2)
Other

204.4
0.0
204.4

256.5
75.4
181.1

259.2
99.9
159.4

265.5
127.4
138.1

243.5
146.3
97.2

264.6
118.6
146.0

265.5
127.4
138.1

261.9
133.9
128.0

258.1
139.2
118.8

251.8
141.9
109.9

243.5
146.3
97.2

19
20
21

22

72.0

77.4

80.9

85.8

89.9

84.5

85.8

86.7

87.9

88.9

89.9

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

100.3

148.6

148.5

152.6

165.6

139.6

152.6

167.9

167.7

166.8

165.6

24

2977.0

6615.1

6377.9

6216.8

6314.6

6236.4

6216.8

6223.6

6259.5

6267.3

6314.6

25

25

Farm

Total liabilities

26

Federal funds and security repos

1.2

1.3

0.4

0.0

0.0

0.0

0.0

0.2

0.0

0.0

0.0

26

27

Credit market instruments

2706.6

6434.5

6247.3

6092.7

6199.2

6111.5

6092.7

6103.5

6137.6

6147.7

6199.2

27

28
29
30
31

GSE issues (4)


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

2706.6
0.0
2706.6
0.0

6434.5
4216.4
2218.1
0.0

6247.3
4132.0
2115.4
0.0

6092.7
4085.4
2007.3
0.0

6199.2
4234.0
1965.2
0.0

6111.5
4096.6
2014.9
0.0

6092.7
4085.4
2007.3
0.0

6103.5
4116.1
1987.4
0.0

6137.6
4144.9
1992.8
0.0

6147.7
4206.2
1941.5
0.0

6199.2
4234.0
1965.2
0.0

28
29
30
31

269.2

179.4

130.2

124.1

115.4

124.8

124.1

119.9

121.9

119.6

115.4

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.124) 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.124 Agency- and GSE-Backed Mortgage Pools (1)


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

Total financial assets

5376.7

1139.5

1304.8

1437.0

1569.5

1408.0

1437.0

1462.7

1498.1

1540.8

1569.5

2
3
4
5

Home mortgages
Multifamily residential mortgages
Commercial mortgages
Farm mortgages

5266.5
105.7
0.0
4.5

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

1301.7
104.3
0.0
2.0

1321.8
113.4
0.0
1.9

1340.2
120.6
0.0
1.9

1366.2
130.1
0.0
1.8

1400.2
138.8
0.0
1.8

1420.6
147.1
0.0
1.8

2
3
4
5

Total pool securities (liabilities)(2)

5376.7

1139.5

1304.8

1437.0

1569.5

1408.0

1437.0

1462.7

1498.1

1540.8

1569.5

(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.123). 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.

85

Z.1, March 6, 2014

L.125 Issuers of Asset-Backed Securities (ABS)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

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)

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

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

3286.6

2232.1

1985.0

1770.4

1616.1

1803.4

1770.4

1716.9

1664.8

1632.4

1616.1

53.9
99.6
252.2

40.1
3.6
167.8

29.2
0.3
162.4

23.4
0.3
161.7

19.5
0.1
151.7

23.2
0.2
157.1

23.4
0.3
161.7

20.5
0.2
150.8

21.2
0.1
147.6

22.9
0.1
151.1

19.5
0.1
151.7

2
3
4

2247.2
1576.9
107.0
563.3

1918.5
1301.7
98.4
518.4

1699.3
1108.5
90.7
500.1

1493.9
927.2
81.1
485.7

1360.5
793.1
75.5
491.9

1533.6
969.2
82.9
481.5

1493.9
927.2
81.1
485.7

1455.4
893.6
77.6
484.2

1411.6
854.6
74.8
482.2

1375.3
819.4
74.3
481.6

1360.5
793.1
75.5
491.9

5
6
7
8

572.5
61.3

50.3
51.8

46.2
47.6

49.9
41.2

48.6
35.7

47.9
41.4

49.9
41.2

49.8
40.1

48.0
36.2

48.4
34.6

48.6
35.7

9
10

3288.9

2232.1

1985.0

1770.4

1616.1

1803.4

1770.4

1716.9

1664.8

1632.4

1616.1

11

293.1
2995.9

120.2
2112.0

96.0
1888.9

87.0
1683.4

79.4
1536.6

86.8
1716.6

87.0
1683.4

88.0
1628.9

79.6
1585.2

78.7
1553.6

79.4
1536.6

12
13

2.3
20.1

0.0
20.5

0.0
17.4

0.0
12.9

0.0
16.1

0.0
14.9

0.0
12.9

0.0
13.6

0.0
15.7

0.0
16.1

0.0
16.1

14
15

0.0

112.9

120.6

87.5

59.7

90.7

87.5

74.4

64.2

57.3

59.7

16

Levels

2010

(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.127.
(6) Included in table L.110 line 43.

L.126 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

5
6
7
8
9
10
11

Corporate and foreign bonds


Other loans and advances
Mortgages
Consumer credit
Miscellaneous assets
Total liabilities
Credit market instruments

1662.5

1588.5

1569.3

1493.7

1474.3

1513.8

1493.7

1480.4

1476.3

1488.2

1474.3

17.0
51.0

26.5
79.6

31.7
95.0

27.8
83.5

31.7
95.0

30.8
92.4

27.8
83.5

29.2
87.6

28.9
86.6

33.3
99.9

31.7
95.0

2
3

1549.7

1405.4

1359.6

1324.9

1309.1

1327.5

1324.9

1314.8

1314.5

1314.7

1309.1

198.6
448.9
430.3
471.9

84.1
372.7
243.5
705.0

85.0
375.8
211.2
687.6

78.7
387.0
179.5
679.8

70.1
403.0
157.0
679.0

85.3
377.5
188.1
676.6

78.7
387.0
179.5
679.8

78.1
390.9
174.4
671.3

73.7
395.0
171.2
674.6

72.8
397.5
165.9
678.5

70.1
403.0
157.0
679.0

5
6
7
8

44.8

77.0

83.1

57.4

38.6

63.1

57.4

48.8

46.4

40.3

38.6

1630.3

1558.7

1532.7

1445.6

1424.4

1473.5

1445.6

1428.9

1422.9

1432.6

1424.4

10

1044.1

1280.7

1261.9

1205.1

1209.8

1244.0

1205.1

1193.0

1196.0

1206.6

1209.8

11

12
13
14
15

Open market paper


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

62.1
837.5
144.5
0.0

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
962.4
128.6
0.0

123.1
1005.1
115.8
0.0

129.1
957.5
118.5
0.0

121.8
952.5
118.7
0.0

119.6
949.0
127.5
0.0

124.9
955.1
126.7
0.0

118.8
962.4
128.6
0.0

12
13
14
15

16
17
18
19
20

Taxes payable
Miscellaneous liabilities
Foreign direct investment in U.S.
Investment by parent
Other

12.7
573.6
90.0
280.5
203.1

6.0
271.9
114.7
175.7
-18.4

6.7
264.1
96.1
163.7
4.3

6.7
233.8
96.3
162.8
-25.3

6.7
207.9
97.4
161.8
-51.2

6.5
223.0
94.9
150.4
-22.3

6.7
233.8
96.3
162.8
-25.3

6.9
229.0
95.3
160.4
-26.8

6.8
220.1
95.9
162.6
-38.5

7.0
218.9
96.1
163.0
-40.1

6.7
207.9
97.4
161.8
-51.2

16
17
18
19
20

85.4

111.8

119.7

144.0

166.7

137.2

144.0

149.7

156.9

163.5

166.7

21

21

Memo:
Consumer leases not included above (2)

(1) Includes retail captive finance companies and mortgage companies.


(2) See footnote (4), table L.125.

86

Z.1, March 6, 2014

L.127 Real Estate Investment Trusts (REITs) (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

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

Levels

Total financial assets

Miscellaneous assets
Total liabilities

12

Security repurchase agreements

13

Credit market instruments

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

241.2

283.0

401.3

559.0

526.0

566.6

559.0

565.9

559.2

538.5

526.0

26.3

23.5

25.6

33.1

41.0

32.7

33.1

38.9

36.0

39.4

41.0

168.9

206.0

308.9

436.6

387.7

451.4

436.6

429.4

414.1

406.7

387.7

105.1
15.5

143.3
20.8

244.7
22.1

356.2
32.2

280.0
36.4

375.4
30.6

356.2
32.2

343.4
37.1

325.5
36.6

302.2
36.4

280.0
36.4

4
5

48.3
12.6
2.3
33.4

41.9
8.9
1.9
31.2

42.1
8.1
1.7
32.3

48.3
13.6
1.8
32.8

71.3
32.7
2.6
36.1

45.4
12.3
1.7
31.4

48.3
13.6
1.8
32.8

48.9
15.4
2.1
31.3

52.0
16.5
2.8
32.7

68.1
30.3
2.7
35.1

71.3
32.7
2.6
36.1

6
7
8
9

46.1

53.5

66.8

89.3

97.3

82.4

89.3

97.5

109.1

92.5

97.3

10

458.8

501.7

633.2

796.4

761.0

793.8

796.4

798.4

789.9

767.9

761.0

11

90.4

120.5

215.4

318.7

281.0

319.9

318.7

320.6

308.3

284.2

281.0

12

317.4

315.2

343.4

386.3

408.0

371.2

386.3

390.5

393.8

409.5

408.0

13

14
15

Open market paper


Corporate bonds

0.0
129.8

0.0
129.7

0.0
145.1

0.0
171.2

0.0
190.0

0.0
163.5

0.0
171.2

0.0
173.1

0.0
179.5

0.0
188.7

0.0
190.0

14
15

16
17

Depository institution loans n.e.c.


Mortgages

20.7
166.9

18.5
167.1

22.1
176.2

23.4
191.8

28.5
189.5

19.6
188.0

23.4
191.8

20.1
197.3

21.1
193.2

27.4
193.4

28.5
189.5

16
17

51.1

66.0

74.4

91.4

72.0

102.6

91.4

87.3

87.8

74.2

72.0

18

20.1
0.0
6.1
0.4
13.7

20.5
0.0
7.2
0.4
13.0

17.4
0.0
6.5
0.3
10.7

12.9
0.0
10.0
0.3
2.5

16.1
0.0
12.5
0.3
3.3

14.9
0.0
9.4
0.3
5.2

12.9
0.0
10.0
0.3
2.5

13.6
0.0
10.5
0.3
2.8

15.7
0.0
12.5
0.3
2.8

16.1
0.0
12.5
0.3
3.3

16.1
0.0
12.5
0.3
3.3

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 L.127.e and L.127.m.

87

Z.1, March 6, 2014

L.128 Security Brokers and Dealers


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

Total financial assets

Checkable deposits and currency

Credit market instruments

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

2084.2

2075.1

1949.7

2068.3

2087.4

2048.8

2068.3

2089.2

2083.0

2059.6

2087.4

90.7

96.9

111.8

128.2

111.7

113.5

128.2

111.6

121.8

116.8

111.7

525.3

557.5

563.2

652.3

476.9

589.1

652.3

602.7

516.9

499.1

476.9

4
5
6

Open market paper


Treasury securities
Agency- and GSE-backed securities

41.5
123.0
110.9

36.2
94.5
149.8

42.1
183.6
147.7

29.9
246.5
169.6

28.7
136.0
114.2

33.2
190.2
165.5

29.9
246.5
169.6

30.0
202.6
153.9

29.4
165.6
125.8

31.0
166.3
105.7

28.7
136.0
114.2

4
5
6

7
8
9

Municipal securities
Corporate and foreign bonds
Other loans and advances

35.4
154.4
60.1

40.0
189.5
47.4

30.9
104.5
54.3

26.6
140.0
39.6

18.6
133.1
46.3

29.0
139.3
31.9

26.6
140.0
39.6

31.0
148.0
37.2

19.0
134.8
42.2

18.3
134.1
43.8

18.6
133.1
46.3

7
8
9

124.2
203.0

117.2
278.2

103.2
238.9

126.7
303.7

172.4
339.2

127.9
269.1

126.7
303.7

117.1
307.9

121.4
302.6

126.8
313.7

172.4
339.2

10
11

1141.0

1025.3

932.6

857.4

987.2

949.2

857.4

949.8

1020.4

1003.3

987.2

12

1977.7

1975.8

1869.0

1976.3

1992.3

1955.3

1976.3

1992.6

1987.2

1966.2

1992.3

13

470.9

404.7

215.3

189.2

135.3

169.2

189.2

203.6

183.1

143.4

135.3

14

92.9

129.7

91.8

90.2

112.4

85.8

90.2

89.1

103.1

96.1

112.4

15

92.9
0.0

129.7
0.0

91.8
0.0

90.2
0.0

112.4
0.0

85.8
0.0

90.2
0.0

89.1
0.0

103.1
0.0

96.1
0.0

112.4
0.0

16
17

70.1

18.1

14.3

14.2

14.5

13.0

14.2

15.4

15.6

13.3

14.5

18

888.2
668.6
158.0
61.6

936.6
694.3
152.3
90.1

1073.7
752.4
189.6
131.7

1208.7
776.0
243.0
189.7

1209.3
833.8
187.1
188.4

1213.2
780.2
241.8
191.3

1208.7
776.0
243.0
189.7

1184.2
782.6
209.0
192.6

1209.0
820.3
198.7
190.0

1222.7
826.5
188.0
208.1

1209.3
833.8
187.1
188.4

19
20
21
22

5.7

3.6

2.5

3.1

3.7

3.7

3.1

4.4

4.4

4.6

3.7

23

450.0
64.4
1119.3
-733.7

483.0
88.5
1122.9
-728.3

471.4
96.3
1163.3
-788.1

470.9
103.5
1626.3
-1258.9

517.0
108.3
1659.1
-1250.4

470.4
100.4
1510.4
-1140.4

470.9
103.5
1626.3
-1258.9

495.9
105.1
1620.3
-1229.4

471.9
106.1
1632.8
-1267.0

486.1
107.2
1601.9
-1223.0

517.0
108.3
1659.1
-1250.4

24
25
26
27

10
11

Corporate equities
Security credit

12

Miscellaneous assets

13

Total liabilities

14

Security repurchase agreements (net)

15

Credit market instruments

16
17

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

18

Trade payables

19
20
21
22

Security credit
Customer credit balances (HH)
From U.S.-chartered depository institutions
From foreign banking offices in U.S.

23

Taxes payable

24
25
26
27

Miscellaneous liabilities
Foreign direct investment in U.S.
Investment by parent companies
Other

(1) 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

2009

88

Z.1, March 6, 2014

L.129 Holding Companies (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

3317.2

3312.7

3357.3

4319.6

4276.7

4250.1

4319.6

4415.0

4372.1

4386.0

4276.7

Time and savings deposits


Federal funds and security repos

11.2
48.2

10.0
50.3

12.4
50.5

37.8
11.5

40.7
8.7

39.0
0.4

37.8
11.5

34.4
11.3

36.4
7.8

35.8
10.7

40.7
8.7

2
3

Credit market instruments

75.8

97.9

101.1

219.5

161.9

229.9

219.5

226.0

239.2

229.2

161.9

5.8
24.3
31.1
14.6

19.6
21.1
38.3
18.9

26.8
33.1
18.3
22.9

9.0
25.2
79.9
105.3

18.8
31.7
35.7
75.7

12.3
23.8
86.0
107.8

9.0
25.2
79.9
105.3

10.6
29.1
80.3
106.0

20.9
27.8
79.8
110.7

18.8
32.0
78.0
100.5

18.8
31.7
35.7
75.7

5
6
7
8

21.4

25.1

27.6

34.9

39.9

36.2

34.9

36.1

36.4

37.5

39.9

3160.6
1599.5
0.0
40.5
209.3
596.1
125.1
590.3

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

4015.8
1889.2
22.4
17.2
94.1
1057.5
114.7
820.7

4025.4
1944.4
14.7
10.7
93.5
1074.7
85.7
801.7

3944.6
1871.3
25.3
97.5
86.9
943.7
154.0
765.9

4015.8
1889.2
22.4
17.2
94.1
1057.5
114.7
820.7

4107.2
1916.9
16.7
17.4
92.7
1036.4
137.2
890.0

4052.2
1880.5
16.7
17.3
94.0
1054.3
100.7
888.8

4072.8
1898.1
14.9
17.7
94.2
1014.1
127.3
906.5

4025.4
1944.4
14.7
10.7
93.5
1074.7
85.7
801.7

10
11
12
13
14
15
16
17

1802.2

1760.0

1703.1

2252.4

2157.1

2217.2

2252.4

2311.5

2276.6

2272.5

2157.1

18

0.6

0.8

1.2

0.0

0.0

1.2

0.0

0.0

0.0

0.0

0.0

19

1253.7

1237.2

1220.8

1418.6

1402.7

1428.7

1418.6

1412.4

1375.0

1363.4

1402.7

20

60.8
1028.7
164.2

64.7
982.2
190.3

75.9
890.6
254.3

116.4
1105.3
196.8

96.6
1095.6
210.5

117.0
1081.9
229.8

116.4
1105.3
196.8

117.7
1093.8
200.9

110.6
1059.2
205.2

109.4
1071.3
182.8

96.6
1095.6
210.5

21
22
23

548.0

522.0

481.1

833.8

754.4

787.4

833.8

899.1

901.5

909.0

754.4

24

9
10
11
12
13
14
15
16
17
18

Levels

2011

2
3

5
6
7
8

Total financial assets

2010

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

Federal funds and security repos

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 the Federal Reserve Board form FR Y-9LP, FR Y-9SP, or FR 2320.

89

Z.1, March 6, 2014

L.130 Funding Corporations (1)


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

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

2237.1

2119.7

2046.2

2088.5

2137.2

2004.8

2088.5

2118.5

2143.2

2153.7

2137.2

2
3

Money market fund shares


Security repurchase agreements

752.1
0.1

604.1
0.1

514.9
0.1

501.7
0.1

500.5
0.0

442.9
0.1

501.7
0.1

466.8
0.0

484.8
0.0

512.9
0.0

500.5
0.0

2
3

Credit market instruments

733.5

821.2

843.6

891.9

929.3

877.2

891.9

924.9

937.8

935.0

929.3

0.3
710.2
22.9

39.6
760.1
21.4

31.8
792.4
19.4

7.1
871.9
12.9

0.2
920.0
9.1

12.6
852.7
11.9

7.1
871.9
12.9

21.7
890.2
12.9

17.9
908.0
11.8

16.3
908.3
10.4

0.2
920.0
9.1

5
6
7

25.1

26.4

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

726.3
203.1
523.2

667.9
171.6
496.4

687.6
137.8
549.7

694.8
126.0
568.8

707.3
122.9
584.4

684.6
117.9
566.7

694.8
126.0
568.8

726.8
142.9
583.9

720.6
142.1
578.5

705.9
118.0
587.9

707.3
122.9
584.4

9
10
11

2237.1

2119.7

2046.2

2088.5

2137.2

2004.8

2088.5

2118.5

2143.2

2153.7

2137.2

12

816.8

704.2

651.8

593.5

621.1

600.5

593.5

625.2

619.9

611.4

621.1

13

261.7
457.8
95.3
2.0

167.1
454.6
73.4
9.2

94.3
526.2
21.5
9.8

29.0
561.5
0.0
3.0

45.8
572.9
0.0
2.4

37.0
557.4
0.0
6.1

29.0
561.5
0.0
3.0

51.7
571.0
0.0
2.5

52.1
565.4
0.0
2.4

28.2
580.8
0.0
2.4

45.8
572.9
0.0
2.4

14
15
16
17

1420.3
10.8
856.8
1.8
550.9

1415.5
11.4
733.4
7.7
663.0

1394.4
12.0
658.7
8.8
714.9

1495.0
12.6
579.5
8.7
894.1

1516.1
13.2
673.5
8.7
820.6

1404.2
12.5
656.9
8.7
726.2

1495.0
12.6
579.5
8.7
894.1

1493.3
12.8
638.6
8.7
833.2

1523.3
12.9
713.2
8.7
788.5

1542.3
13.1
702.3
8.7
818.3

1516.1
13.2
673.5
8.7
820.6

18
19
20
21
22

5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

Total financial assets

2010

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)
Miscellaneous liabilities
Foreign direct investment in U.S.
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

2009

90

Z.1, March 6, 2014

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


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

Federal government: SDR allocations

3
4
5
6

Rest of the world


SDR holdings
Reserve position in IMF (net)
Foreign currency holdings

Total assets

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

175.1

175.8

183.8

181.8

174.3

184.7

181.8

175.5

174.5

177.3

174.3

55.4

54.4

54.2

54.3

54.4

54.5

54.3

52.9

53.1

54.2

54.4

119.7
57.8
11.4
50.5

121.4
56.8
12.5
52.1

129.6
55.0
22.8
51.9

127.5
55.1
22.6
49.9

119.9
55.2
17.2
47.6

130.3
55.2
23.5
51.6

127.5
55.1
22.6
49.9

122.5
53.7
21.3
47.5

121.4
53.9
20.6
46.9

123.1
55.0
19.8
48.3

119.9
55.2
17.2
47.6

3
4
5
6

186.1

186.8

194.9

192.8

185.4

195.8

192.8

186.5

185.5

188.3

185.4

8
9
10
11
12

Federal government
Monetary gold (2)
SDR holdings
Reserve position in IMF (net)
Foreign currency holdings

94.6
0.0
57.8
11.5
25.2

95.4
0.0
56.8
12.6
26.0

103.9
0.0
55.0
23.0
25.8

102.8
0.0
55.1
22.8
24.9

96.4
0.0
55.2
17.4
23.8

104.7
0.0
55.2
23.7
25.8

102.8
0.0
55.1
22.8
24.9

99.0
0.0
53.7
21.5
23.8

98.2
0.0
53.9
20.8
23.4

99.2
0.0
55.0
20.1
24.1

96.4
0.0
55.2
17.4
23.8

8
9
10
11
12

13

Rest of the world: SDR allocations

55.4

54.4

54.2

54.3

54.4

54.5

54.3

52.9

53.1

54.2

54.4

13

14
15
16
17

Monetary authority
Monetary gold (2)
Reserve position in IMF (net)
Foreign currency holdings

36.2
11.0
-0.1
25.3

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

36.6
11.0
-0.2
25.8

35.8
11.0
-0.2
25.0

34.5
11.0
-0.3
23.7

34.3
11.0
-0.3
23.5

35.0
11.0
-0.2
24.2

34.6
11.0
-0.2
23.8

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

Levels

Total liabilities

2010

Discrepancy: monetary gold

(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

26.2
42.7

25.9
43.5

25.9
44.2

25.9
44.8

25.6
45.5

25.9
44.6

25.9
44.8

25.9
45.0

25.9
45.1

25.6
45.3

25.6
45.5

3
4

Discrepancy (seigniorage)

-16.5

-17.6

-18.3

-18.8

-20.0

-18.7

-18.8

-19.0

-19.2

-19.8

-20.0

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

835.9

826.6

780.3

750.1

837.0

772.3

750.1

774.3

853.1

834.8

837.0

50.2
31.5
97.1

49.7
40.6
105.9

46.9
34.8
42.9

45.1
13.4
43.3

50.8
56.5
33.7

46.4
9.4
40.2

45.1
13.4
43.3

46.5
28.9
48.7

51.3
60.2
37.1

50.2
63.4
36.3

50.8
56.5
33.7

2
3
4

657.0

630.4

655.6

648.3

696.0

676.3

648.3

650.1

704.6

685.0

696.0

91

Z.1, March 6, 2014

L.203 Net Interbank Transactions


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

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
Rest of the world
Monetary authority
U.S.-chartered depository institutions
Foreign banking offices in U.S.
Credit unions
Discrepancy

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

1220.0

1070.7

1889.2

1718.0

2783.0

1794.7

1718.0

2131.8

2614.2

2799.4

2783.0

1031.9
637.3
-376.8
-4.2
-68.1

1020.8
426.5
-343.2
-3.3
-30.0

1623.1
158.6
164.0
-4.6
-51.9

1562.1
69.6
156.9
-4.9
-65.7

2322.7
223.7
305.3
-4.7
-64.1

1496.7
155.8
214.1
-5.3
-66.5

1562.1
69.6
156.9
-4.9
-65.7

1850.0
135.8
215.3
-4.6
-64.7

2073.5
173.3
434.4
-5.3
-61.8

2294.6
230.6
343.7
-5.0
-64.5

2322.7
223.7
305.3
-4.7
-64.1

2
3
4
5
6

1212.4

1043.8

1860.7

1663.8

2684.3

1727.4

1663.8

2047.0

2553.9

2735.1

2684.3

86.0
94.5
716.3
284.1
31.5

24.2
-1.2
628.5
350.8
41.5

238.1
-0.4
859.5
711.0
52.6

102.1
-0.4
869.6
638.8
53.8

362.5
-0.9
1326.5
948.1
48.1

231.2
-0.5
778.4
670.6
47.7

102.1
-0.4
869.6
638.8
53.8

197.6
-0.6
1040.7
741.3
68.0

481.0
-0.6
1061.4
959.6
52.5

440.9
-0.4
1284.8
963.3
46.4

362.5
-0.9
1326.5
948.1
48.1

8
9
10
11
12

7.6

26.9

28.4

54.3

98.7

67.4

54.3

84.8

60.3

64.3

98.7

13

14
15
16

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

54.9
54.9
0.0

52.7
52.7
0.0

60.8
60.8
0.0

71.1
71.1
0.0

73.6
73.6
0.0

56.3
56.3
0.0

71.1
71.1
0.0

59.6
59.6
0.0

60.2
60.2
0.0

62.2
62.2
0.0

73.6
73.6
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

977.0
661.4
284.1
31.5

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

1440.4
722.1
670.6
47.7

1491.0
798.5
638.8
53.8

1790.4
981.1
741.3
68.0

2013.3
1001.2
959.6
52.5

2232.4
1222.7
963.3
46.4

2249.1
1252.9
948.0
48.1

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

94.5
94.5
-2.1
96.6

-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

-0.5
-0.5
-0.6
0.1

-0.4
-0.4
-0.5
0.1

-0.6
-0.6
-0.6
0.0

-0.6
-0.6
-0.7
0.1

-0.4
-0.4
-0.6
0.2

-0.9
-0.9
-1.0
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

498.6
803.3
304.7

420.1
824.8
404.6

110.9
602.6
491.7

23.0
403.6
380.6

146.4
440.8
294.5

98.4
488.6
390.2

23.0
403.6
380.6

78.1
415.6
337.5

128.4
421.1
292.7

162.0
433.1
271.1

146.4
440.8
294.5

25
26
27

28
29
30

Foreign banking offices in U.S. (net)


Due to foreign affiliates
- Due from foreign affiliates

-413.2
787.3
1200.5

-376.1
841.2
1217.3

135.9
1137.9
1002.0

84.3
1047.9
963.6

220.6
1168.6
947.9

134.3
1090.5
956.2

84.3
1047.9
963.6

123.6
1061.0
937.4

358.0
1258.1
900.1

278.6
1153.6
875.0

220.6
1168.6
947.9

28
29
30

31
32
33

Less: Deposits at foreign banks


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

21.7
11.3
10.4

35.3
18.2
17.0

22.9
14.3
8.6

20.3
11.0
9.3

20.0
11.5
8.5

18.5
10.0
8.5

20.3
11.0
9.3

19.9
11.5
8.4

20.2
12.1
8.1

18.0
11.3
6.7

20.0
11.5
8.5

31
32
33

34
35
36

Plus: Loans from foreign banks


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

22.3
9.7
12.6

15.5
6.3
9.2

14.2
6.7
7.5

15.1
6.4
8.6

15.5
6.4
9.1

17.0
7.8
9.2

15.1
6.4
8.6

15.7
6.7
9.0

14.8
7.3
7.4

18.2
7.6
10.7

15.5
6.4
9.1

34
35
36

86.0

24.2

238.1

102.1

362.5

231.2

102.1

197.6

481.0

440.9

362.5

37

45.8
126.9
46.9
4.2
68.1

19.5
106.0
45.7
3.3
30.0

55.7
128.5
43.7
4.6
51.9

51.6
174.2
49.3
4.9
65.7

83.4
212.1
44.6
4.7
64.1

60.0
191.4
52.2
5.3
66.5

51.6
174.2
49.3
4.9
65.7

63.0
195.9
41.8
4.6
64.7

50.3
172.2
44.9
5.3
61.8

72.7
198.4
64.5
5.0
64.5

83.4
212.1
44.6
4.7
64.1

38
39
40
41
42

81.1

86.5

72.8

122.6

128.7

131.4

122.6

132.9

121.9

125.7

128.7

43

7.6

26.9

28.4

54.3

98.7

67.4

54.3

84.8

60.3

64.3

98.7

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.

Levels

Memo:

92

Z.1, March 6, 2014

L.204 Checkable Deposits and Currency


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

1
2
3
4
5
6

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

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

2093.4

2359.8

2594.3

2857.8

3189.7

2640.4

2857.8

2878.1

2897.8

2930.0

3189.7

1102.7
191.9
35.1
2.4
873.3

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

1364.2
162.6
25.9
8.0
1167.6

1185.9
85.6
22.6
5.7
1072.1

1224.6
92.9
27.2
6.5
1098.1

1226.1
79.4
20.2
9.2
1117.3

1298.1
135.0
19.5
10.1
1133.6

1266.5
88.6
24.1
9.0
1144.9

1364.2
162.6
25.9
8.0
1167.6

2
3
4
5
6

871.6
3.8
34.3
833.5

941.1
3.6
30.4
907.0

1260.5
1.0
56.1
1203.5

1435.6
1.3
52.0
1382.3

1584.4
1.6
49.3
1533.5

1267.7
1.1
52.8
1213.9

1435.6
1.3
52.0
1382.3

1441.7
1.5
46.3
1393.9

1378.4
1.3
40.5
1336.5

1434.8
1.3
49.7
1383.8

1584.4
1.6
49.3
1533.5

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

16.1
10.5
5.6

21.9
14.6
7.3

45.6
19.0
26.6

61.8
27.9
33.9

92.6
40.2
52.4

53.9
22.6
31.2

61.8
27.9
33.9

63.7
28.5
35.1

73.4
32.3
41.2

81.7
33.9
47.8

92.6
40.2
52.4

11
12
13

14

Banks in U.S.-affiliated areas

16.1

16.6

19.4

21.9

28.0

20.9

21.9

22.1

26.3

27.7

28.0

14

15

Credit unions

86.9

92.4

103.1

113.9

120.6

111.9

113.9

124.5

121.7

119.3

120.6

15

2093.4

2359.8

2594.3

2857.8

3189.7

2640.4

2857.8

2878.1

2897.8

2930.0

3189.7

16

16

Levels

Total liabilities

2010

Total assets

17

Household sector

400.6

425.2

754.0

826.4

908.2

704.5

826.4

828.4

798.5

793.8

908.2

17

18
19
20

Nonfinancial business
Corporate
Noncorporate

689.3
155.0
534.3

766.1
234.6
531.5

793.5
264.3
529.1

900.9
357.0
543.9

1019.3
464.1
555.2

881.5
343.4
538.1

900.9
357.0
543.9

941.0
396.7
544.3

928.0
380.5
547.5

963.9
412.7
551.2

1019.3
464.1
555.2

18
19
20

21
22

State and local governments


Federal government

99.1
193.6

104.6
342.1

121.3
84.3

117.7
92.0

125.0
162.9

111.5
83.4

117.7
92.0

115.1
79.4

112.7
135.2

116.4
88.5

125.0
162.9

21
22

23
24
25

Rest of the world


Checkable deposits
Currency

361.0
47.2
313.8

390.5
48.4
342.1

472.3
75.2
397.1

540.6
86.3
454.2

589.5
97.5
491.9

519.5
81.1
438.4

540.6
86.3
454.2

543.2
84.0
459.2

551.5
82.9
468.7

573.9
92.6
481.3

589.5
97.5
491.9

23
24
25

26

Financial sectors

343.6

325.6

362.4

373.3

379.9

333.0

373.3

366.5

367.1

387.9

379.9

26

27
28

Property-casualty insurance companies


Life insurance companies

27.6
50.7

32.6
51.7

24.1
53.7

36.4
56.4

30.8
57.9

32.9
53.5

36.4
56.4

31.7
57.7

30.6
48.1

30.6
57.3

30.8
57.9

27
28

29
30

Private pension funds


State and local govt. retirement funds

10.4
3.5

12.6
4.1

18.3
4.5

18.0
4.3

17.5
4.2

17.7
4.4

18.0
4.3

18.0
4.3

18.4
4.1

18.1
4.1

17.5
4.2

29
30

31
32

Money market mutual funds


Government-sponsored enterprises

17.9
99.4

14.2
63.4

20.1
72.7

16.5
52.6

13.3
71.9

11.3
36.1

16.5
52.6

10.9
64.1

27.5
51.7

11.0
77.4

13.3
71.9

31
32

33
34
35

Finance companies
REITs
Brokers and dealers

17.0
26.3
90.7

26.5
23.5
96.9

31.7
25.6
111.8

27.8
33.1
128.2

31.7
41.0
111.7

30.8
32.7
113.5

27.8
33.1
128.2

29.2
38.9
111.6

28.9
36.0
121.8

33.3
39.4
116.8

31.7
41.0
111.7

33
34
35

6.3

5.7

6.5

7.0

5.0

7.0

7.0

4.5

4.8

5.6

5.0

36

36

Mail float

93

Z.1, March 6, 2014

L.205 Time and Savings Deposits


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

2011

2012

2013

2012
Q3

1
2
3
4
5
6
7
8
9
10
11
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

2013
Q4

Q1

Q2

Q3

Q4

8432.5

8548.1

8952.2

9463.8

9878.0

9232.3

9463.8

9521.6

9572.5

9789.1

9878.0

6326.5

6624.9

7202.2

7803.9

8115.8

7595.4

7803.9

7869.1

7890.1

8052.3

8115.8

5617.0
29.9
24.5
655.2

5888.6
35.7
19.3
681.3

6425.7
48.9
18.9
708.7

6979.3
62.7
18.8
743.1

7234.5
90.4
21.3
769.6

6775.6
62.4
18.5
738.9

6979.3
62.7
18.8
743.1

7018.7
67.9
19.1
763.4

7033.2
70.6
20.6
765.7

7182.5
85.9
21.7
762.2

7234.5
90.4
21.3
769.6

3
4
5
6

2105.9

1923.2

1750.0

1659.9

1762.2

1636.8

1659.9

1652.5

1682.4

1736.8

1762.2

1029.9
1024.2
24.5
27.3

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
869.4
21.3
44.6

818.8
762.0
18.5
37.5

803.0
798.4
18.8
39.7

777.6
814.4
19.1
41.3

804.5
816.0
20.6
41.4

799.3
872.4
21.7
43.4

826.9
869.4
21.3
44.6

8
9
10
11

8432.5

8548.1

8952.2

9463.8

9878.0

9232.3

9463.8

9521.6

9572.5

9789.1

9878.0

12

6330.8

6455.9

6827.7

7203.3

7388.5

7042.3

7203.3

7253.7

7264.6

7348.3

7388.5

13

13

Household sector

14
15
16

Nonfinancial business
Corporate
Noncorporate

842.1
488.8
353.3

905.0
548.7
356.2

922.1
561.9
360.1

951.9
586.6
365.3

1037.1
661.6
375.6

939.5
576.9
362.6

951.9
586.6
365.3

961.1
594.9
366.1

979.3
610.3
369.0

1018.5
646.3
372.2

1037.1
661.6
375.6

14
15
16

17
18
19

State and local governments


Federal government
Rest of the world

248.1
1.9
293.5

241.3
2.0
302.5

255.7
1.7
349.7

289.8
2.0
386.8

310.7
1.5
434.2

282.3
2.1
364.6

289.8
2.0
386.8

295.2
1.6
386.3

296.4
1.8
392.3

304.0
1.9
412.8

310.7
1.5
434.2

17
18
19

20

Financial sectors

716.1

641.5

595.4

629.9

705.9

601.4

629.9

623.8

638.1

703.7

705.9

20

33.0
28.5
566.6

32.1
34.9
458.9

33.4
38.5
402.7

31.6
37.2
435.4

31.1
36.3
494.9

32.1
37.4
396.9

31.6
37.2
435.4

31.6
37.1
429.4

31.2
34.8
444.3

31.0
35.0
494.4

31.1
36.3
494.9

21
22
23

25.7
51.0
11.2

26.1
79.6
10.0

13.4
95.0
12.4

4.3
83.5
37.8

8.0
95.0
40.7

3.7
92.4
39.0

4.3
83.5
37.8

3.6
87.6
34.4

4.8
86.6
36.4

7.5
99.9
35.8

8.0
95.0
40.7

24
25
26

21
22
23

Private pension funds


State and local govt. retirement funds
Money market mutual funds

24
25
26

Government-sponsored enterprises
Finance companies
Holding companies

(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

2
3
4

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

5
6

State and local governments


Rest of the world

7
8

Property-casualty insurance companies


Life insurance companies

3258.6

2755.4

2642.5

2649.6

2678.3

2506.9

2649.6

2554.0

2541.9

2637.4

2678.3

1313.2
655.5
73.7

1129.7
497.8
76.8

1109.9
462.4
77.7

1126.3
458.3
78.8

1100.1
455.4
81.0

1060.9
437.9
78.2

1126.3
458.3
78.8

1076.4
444.2
79.0

1018.8
432.0
79.6

1060.1
450.3
80.3

1100.1
455.4
81.0

2
3
4

135.6
76.9

149.3
69.8

149.2
79.5

140.4
99.7

141.5
161.4

145.0
96.0

140.4
99.7

140.9
101.7

142.5
152.5

141.8
156.3

141.5
161.4

5
6

29.6
33.7

25.6
21.0

20.0
28.8

22.3
27.5

22.7
23.5

22.1
27.8

22.3
27.5

22.7
28.0

20.5
20.1

22.0
23.8

22.7
23.5

7
8

9
10

Private pension funds


State and local govt. retirement funds

147.4
40.9

137.3
44.0

154.1
46.0

150.2
44.5

148.7
43.4

151.4
44.7

150.2
44.5

150.1
44.3

149.6
41.6

148.1
41.9

148.7
43.4

9
10

11

Funding corporations

752.1

604.1

514.9

501.7

500.5

442.9

501.7

466.8

484.8

512.9

500.5

11

Levels

2009

94

Z.1, March 6, 2014

L.207 Federal Funds and Security Repurchase Agreements


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

2043.4

2025.2

1970.8

1976.8

1918.7

1977.4

1976.8

1964.7

1854.8

1859.8

1918.7

Rest of the world


Monetary authority

530.5
77.7

731.8
59.7

808.0
99.9

847.7
107.2

733.1
315.9

818.0
92.7

847.7
107.2

830.1
105.5

790.1
95.2

792.6
157.4

733.1
315.9

2
3

4
5
6
7

Private depository institutions (net)


U.S.-chartered depository institutions (net)
Foreign banking offices in U.S. (net)
Credit unions (net)

859.0
681.3
177.8
-0.1

694.7
462.3
232.4
-0.0

619.8
355.0
280.7
-15.9

499.6
212.4
296.9
-9.7

438.4
150.1
288.4
-0.1

563.1
278.0
293.7
-8.6

499.6
212.4
296.9
-9.7

490.0
192.6
297.8
-0.4

462.8
177.9
285.0
-0.2

467.0
161.5
305.5
-0.1

438.4
150.1
288.4
-0.1

4
5
6
7

8
9

Property-casualty insurance companies


Life insurance companies

0.6
12.4

1.5
10.3

0.4
10.4

0.8
13.5

2.2
12.7

0.6
12.7

0.8
13.5

1.1
13.7

1.4
13.8

1.8
13.4

2.2
12.7

8
9

1.2
90.4
470.9
0.6

1.3
120.5
404.7
0.8

0.4
215.4
215.3
1.2

0.0
318.7
189.2
0.0

0.0
281.0
135.3
0.0

0.0
319.9
169.2
1.2

0.0
318.7
189.2
0.0

0.2
320.6
203.6
0.0

0.0
308.3
183.1
0.0

0.0
284.2
143.4
0.0

0.0
281.0
135.3
0.0

10
11
12
13

1520.5

1611.3

1673.5

1873.0

1972.8

1843.7

1873.0

1942.3

1864.0

1920.7

1972.8

14

14

Levels

2011

2
3

10
11
12
13

Total liabilities

2010

Government-sponsored enterprises
REITs
Brokers and dealers (net)
Holding companies
Total assets

15
16

Nonfinancial corporate business


State and local governments

7.9
125.5

12.1
124.2

12.6
117.6

10.3
110.7

9.2
111.6

11.2
114.4

10.3
110.7

9.9
111.1

9.3
112.4

13.2
111.8

9.2
111.6

15
16

17
18

Rest of the world


Monetary authority

561.5
0.0

635.8
0.0

763.1
0.0

765.7
0.0

822.0
0.0

726.0
0.0

765.7
0.0

821.1
0.0

791.8
0.0

794.5
0.0

822.0
0.0

17
18

19
20

Property-casualty insurance companies


Life insurance companies

4.5
10.2

3.8
10.9

1.7
10.1

1.8
8.5

1.8
6.2

1.8
8.5

1.8
8.5

1.8
8.7

1.6
5.4

1.7
6.4

1.8
6.2

19
20

21
22

Private pension funds


State and local govt. retirement funds

2.9
3.0

2.7
3.4

2.7
3.6

2.6
3.5

2.5
3.4

2.8
3.5

2.6
3.5

2.6
3.5

2.6
3.3

2.5
3.3

2.5
3.4

21
22

23
24

Money market mutual funds


Mutual funds

480.0
153.3

479.4
137.5

490.5
108.7

544.7
262.7

493.0
358.4

513.2
286.8

544.7
262.7

470.7
307.9

450.4
328.2

489.1
354.0

493.0
358.4

23
24

25
26
27

Government-sponsored enterprises
Holding companies
Funding corporations

123.3
48.2
0.1

151.2
50.3
0.1

112.3
50.5
0.1

150.8
11.5
0.1

155.9
8.7
0.0

174.9
0.4
0.1

150.8
11.5
0.1

193.6
11.3
0.0

151.3
7.8
0.0

133.4
10.7
0.0

155.9
8.7
0.0

25
26
27

522.9

413.9

297.3

103.8

-54.1

133.8

103.8

22.3

-9.2

-61.0

-54.1

28

28

Discrepancy--unallocated assets

95

Z.1, March 6, 2014

L.208 Open Market Paper


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

1
2

Total outstanding, all types


Commercial paper

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

1138.0

1057.6

969.3

952.4

950.7

957.3

952.4

1001.2

990.6

976.9

950.7

1137.4

1057.5

969.2

952.4

950.7

957.3

952.4

1001.2

990.6

976.9

950.7

58.4

82.9

116.3

130.3

143.1

136.0

130.3

140.1

147.2

171.1

143.1

Nonfinancial corporate business

4
5
6

Foreign issues in U.S.


Nonfinancial
Financial

401.3
34.5
366.8

398.6
30.6
368.0

345.1
30.2
314.9

373.0
40.4
332.6

407.4
51.1
356.2

366.7
39.2
327.5

373.0
40.4
332.6

407.4
34.4
373.0

417.4
51.2
366.2

407.3
57.5
349.8

407.4
51.1
356.2

4
5
6

Financial business
U.S.-chartered depository institutions
ABS issuers
Finance companies
REITs
Holding companies
Funding corporations

677.6
0.0
293.1
62.1
0.0
60.8
261.7

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

400.3
59.7
79.4
118.8
0.0
96.6
45.8

454.6
90.7
86.8
123.1
0.0
117.0
37.0

449.1
87.5
87.0
129.1
0.0
116.4
29.0

453.8
74.4
88.0
121.8
0.0
117.7
51.7

426.0
64.2
79.6
119.6
0.0
110.6
52.1

398.6
57.3
78.7
124.9
0.0
109.4
28.2

400.3
59.7
79.4
118.8
0.0
96.6
45.8

7
8
9
10
11
12
13

0.6

0.1

0.1

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

14

0.6
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

1138.0

1057.6

969.3

952.4

950.7

957.3

952.4

1001.2

990.6

976.9

950.7

17

22.7
56.0

21.1
68.0

19.4
67.9

19.0
60.3

17.0
40.2

19.1
60.4

19.0
60.3

20.0
56.9

19.8
50.9

19.5
42.6

17.0
40.2

18
19

88.5
191.5

101.4
191.0

90.6
191.7

85.3
195.2

86.0
197.0

88.1
190.2

85.3
195.2

85.6
203.9

86.6
200.2

86.2
187.4

86.0
197.0

20
21

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

22
23
24
25

7
8
9
10
11
12
13
14
15
16
17

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

State and local governments


Rest of the world

22
23
24
25

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

26
27

Property-casualty insurance companies


Life insurance companies

9.8
49.8

7.9
40.9

8.8
29.7

7.4
43.6

7.3
35.2

7.8
38.7

7.4
43.6

7.5
38.7

6.8
37.5

7.3
40.4

7.3
35.2

26
27

28
29

Private pension funds


State and local govt. retirement funds

45.3
32.1

42.6
38.4

44.7
41.9

42.3
40.5

38.3
37.1

43.0
40.8

42.3
40.5

42.8
40.4

42.1
37.9

40.4
38.2

38.3
37.1

28
29

30
31

Money market mutual funds


Mutual funds

510.5
80.2

394.2
66.3

354.2
40.0

340.8
77.5

352.1
106.1

319.4
99.8

340.8
77.5

351.1
98.5

356.6
100.7

357.9
104.6

352.1
106.1

30
31

32
33
34

Government-sponsored enterprises
Brokers and dealers
Funding corporations

9.7
41.5
0.3

9.9
36.2
39.6

6.5
42.1
31.8

3.4
29.9
7.1

5.6
28.7
0.2

4.2
33.2
12.6

3.4
29.9
7.1

4.2
30.0
21.7

4.3
29.4
17.9

5.0
31.0
16.3

5.6
28.7
0.2

32
33
34

(1) Excludes banks holdings of own acceptances.

Levels

2009

96

Z.1, March 6, 2014

L.209 Treasury Securities


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

1
2
3
4

Levels

Total liabilities
U.S. savings securities (1)
Treasury bills
Other Treasury securities
Total assets

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

7781.9

9361.5

10428.3

11568.9

12328.3

11255.5

11568.9

11905.5

11887.9

11956.8

12328.3

191.3
1787.9
5802.7

188.0
1768.9
7404.6

185.3
1519.5
8723.6

182.5
1626.5
9759.9

179.2
1590.6
10558.5

183.7
1613.0
9458.8

182.5
1626.5
9759.9

181.8
1788.2
9935.5

181.0
1568.1
10138.9

180.0
1527.9
10248.8

179.2
1590.6
10558.5

2
3
4

7781.9

9361.5

10428.3

11568.9

12328.3

11255.5

11568.9

11905.5

11887.9

11956.8

12328.3

6
7
8

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

858.8
191.3
667.5

1131.8
188.0
943.8

719.3
185.3
534.0

961.9
182.5
779.3

944.3
179.2
765.1

891.0
183.7
707.4

961.9
182.5
779.3

986.0
181.8
804.3

1048.9
181.0
867.9

1006.4
180.0
826.4

944.3
179.2
765.1

6
7
8

9
10
11

Nonfinancial corporate business


Nonfinancial noncorporate business
State and local governments

43.0
46.1
584.1

48.0
48.1
590.9

43.0
48.6
545.4

50.2
49.3
532.7

51.8
50.7
493.8

56.0
48.9
540.9

50.2
49.3
532.7

41.6
49.4
529.2

48.4
49.8
530.5

48.6
50.2
498.0

51.8
50.7
493.8

9
10
11

12
13
14

Rest of the world


Treasury bills
Other Treasury securities

3670.6
750.4
2920.2

4458.8
710.3
3748.5

5006.9
647.7
4359.2

5573.8
664.0
4909.8

5842.3
685.0
5157.2

5475.4
682.5
4792.9

5573.8
664.0
4909.8

5721.8
723.9
4997.9

5594.4
675.4
4919.0

5654.7
645.1
5009.5

5842.3
685.0
5157.2

12
13
14

15
16
17

Monetary authority
Treasury bills
Other Treasury securities

776.6
18.4
758.2

1021.5
18.4
1003.1

1663.4
18.4
1645.0

1666.1
0.0
1666.1

2208.8
0.0
2208.8

1645.3
0.0
1645.3

1666.1
0.0
1666.1

1796.0
0.0
1796.0

1936.6
0.0
1936.6

2072.3
0.0
2072.3

2208.8
0.0
2208.8

15
16
17

18
19
20
21

U.S.-chartered depository institutions


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

124.5
57.5
0.5
14.2

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
1.1
19.9

227.8
77.3
1.0
20.9

243.2
76.6
0.4
19.3

230.3
79.5
0.4
19.2

194.0
66.9
0.4
20.1

186.6
69.3
0.6
19.6

217.1
67.0
1.1
19.9

18
19
20
21

22
23
24

Property-casualty insurance companies


Treasury bills
Other Treasury securities

88.5
15.8
72.8

91.7
15.5
76.2

96.4
17.4
78.9

90.2
14.1
76.1

89.6
13.9
75.7

91.4
15.2
76.2

90.2
14.1
76.1

90.2
14.4
75.8

89.0
13.0
76.0

90.3
13.9
76.4

89.6
13.9
75.7

22
23
24

25
26
27

Life insurance companies


Treasury bills
Other Treasury securities

133.5
13.9
119.6

156.6
10.2
146.4

175.4
14.0
161.4

179.6
9.5
170.1

183.2
7.0
176.3

178.2
10.4
167.7

179.6
9.5
170.1

179.9
8.8
171.2

180.8
2.2
178.6

182.6
7.6
175.0

183.2
7.0
176.3

25
26
27

28
29
30

Private pension funds


State and local govt. retirement funds
Federal government retirement funds

182.4
151.9
119.9

215.6
160.0
130.0

243.4
173.3
153.5

291.4
214.5
165.6

331.6
224.7
178.1

283.2
203.8
160.9

291.4
214.5
165.6

306.4
225.9
163.2

319.4
226.0
153.1

326.3
225.7
58.1

331.6
224.7
178.1

28
29
30

31
32
33

Money market mutual funds


Treasury bills
Other Treasury securities

406.4
318.5
87.9

335.4
234.5
100.9

443.3
263.7
179.7

457.8
282.8
175.0

488.2
289.5
198.6

456.3
245.0
211.3

457.8
282.8
175.0

470.5
276.1
194.3

449.0
223.2
225.7

466.5
272.5
194.0

488.2
289.5
198.6

31
32
33

34
35
36

Mutual funds
Treasury bills
Other Treasury securities

258.0
0.0
258.0

380.5
33.0
347.5

456.6
32.4
424.2

579.6
44.8
534.8

641.4
40.1
601.3

531.3
44.8
486.5

579.6
44.8
534.8

638.9
46.5
592.4

627.5
45.2
582.4

640.9
48.4
592.5

641.4
40.1
601.3

34
35
36

37
38

Closed-end funds
Exchange-traded funds

4.4
41.8

5.1
51.0

4.8
62.4

5.2
63.6

5.8
57.1

5.2
62.7

5.2
63.6

5.7
62.8

5.8
64.1

5.8
63.9

5.8
57.1

37
38

39
40

Government-sponsored enterprises
ABS issuers

36.6
53.9

82.6
40.1

100.2
29.2

69.0
23.4

57.4
19.5

72.3
23.2

69.0
23.4

74.6
20.5

75.5
21.2

82.6
22.9

57.4
19.5

39
40

41
42

Brokers and dealers


Holding companies

123.0
5.8

94.5
19.6

183.6
26.8

246.5
9.0

136.0
18.8

190.2
12.3

246.5
9.0

202.6
10.6

165.6
20.9

166.3
18.8

136.0
18.8

41
42

7805.4

9385.6

10453.6

11593.7

12352.8

11279.9

11593.7

11930.1

11912.9

11981.9

12352.8

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).

97

Z.1, March 6, 2014

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


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

1
2
3
4
5

Total liabilities
Budget agencies
Government-sponsored enterprises
Agency- and GSE-backed mortgage pools
Total assets

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

8106.8

7598.2

7577.4

7554.6

7793.2

7543.9

7554.6

7590.8

7660.7

7713.6

7793.2

23.5
2706.6
5376.7

24.2
6434.5
1139.5

25.3
6247.3
1304.8

24.9
6092.7
1437.0

24.5
6199.2
1569.5

24.4
6111.5
1408.0

24.9
6092.7
1437.0

24.6
6103.5
1462.7

25.0
6137.6
1498.1

25.1
6147.7
1540.8

24.5
6199.2
1569.5

2
3
4

8106.8

7598.2

7577.4

7554.6

7793.2

7543.9

7554.6

7590.8

7660.7

7713.6

7793.2

6
7

Household sector
Nonfinancial corporate business

359.3
14.3

355.6
16.0

323.1
14.3

194.7
11.7

121.4
7.3

209.5
16.2

194.7
11.7

156.1
3.9

159.1
6.1

157.0
6.2

121.4
7.3

6
7

8
9

State and local governments


Federal government

488.2
196.4

510.6
149.2

497.9
31.1

468.5
0.0

472.3
0.0

484.0
0.0

468.5
0.0

470.1
0.0

475.5
0.0

473.3
0.0

472.3
0.0

8
9

10
11

Rest of the world


Monetary authority

1154.9
1068.3

1084.0
1139.6

1080.6
941.7

1004.3
1003.4

861.9
1547.4

1028.3
918.4

1004.3
1003.4

939.8
1143.4

874.8
1277.3

899.2
1402.7

861.9
1547.4

10
11

12
13
14
15

U.S.-chartered depository institutions


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

1417.4
31.3
20.5
110.7

1527.2
26.5
12.8
151.5

1634.1
30.6
4.8
182.1

1669.7
32.1
2.6
197.0

1721.0
25.4
1.9
200.3

1672.7
30.2
4.0
198.5

1669.7
32.1
2.6
197.0

1710.5
27.7
2.4
206.2

1725.7
26.1
2.2
210.2

1700.3
26.2
1.9
206.0

1721.0
25.4
1.9
200.3

12
13
14
15

16
17

Property-casualty insurance companies


Life insurance companies

116.2
371.9

115.8
376.0

122.7
374.4

113.6
360.6

114.3
362.8

115.3
363.9

113.6
360.6

114.3
362.1

114.6
363.5

115.1
363.5

114.3
362.8

16
17

18
19
20

Private pension funds


State and local govt. retirement funds
Federal government retirement funds

184.0
157.6
5.2

190.4
159.4
5.8

193.8
166.5
6.5

210.9
200.1
8.1

224.6
209.0
6.4

206.9
191.7
8.0

210.9
200.1
8.1

213.2
210.2
7.5

217.3
210.2
7.0

220.7
209.9
6.6

224.6
209.0
6.4

18
19
20

21
22
23

Money market mutual funds


Mutual funds
Government-sponsored enterprises

543.0
603.2
924.5

402.8
680.1
377.0

403.7
784.8
358.9

343.5
871.8
310.6

361.1
837.0
293.3

331.4
876.0
323.9

343.5
871.8
310.6

325.6
870.5
300.6

345.0
874.3
292.5

354.0
836.4
294.7

361.1
837.0
293.3

21
22
23

24
25

ABS issuers
REITs

99.6
105.1

3.6
143.3

0.3
244.7

0.3
356.2

0.1
280.0

0.2
375.4

0.3
356.2

0.2
343.4

0.1
325.5

0.1
302.2

0.1
280.0

24
25

26
27

Brokers and dealers


Holding companies

110.9
24.3

149.8
21.1

147.7
33.1

169.6
25.2

114.2
31.7

165.5
23.8

169.6
25.2

153.9
29.1

125.8
27.8

105.7
32.0

114.2
31.7

26
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 41.

Levels

2009

98

Z.1, March 6, 2014

L.211 Municipal Securities and Loans


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

2010

2011

2012

2013

2012
Q3

State and local governments


Short-term (1)
Long-term

5
6

Nonprofit organizations (2)


Nonfinancial corporate business
(industrial revenue bonds)

Levels

Total liabilities

2
3
4

Total assets

2013
Q4

Q1

Q2

Q3

Q4

3672.5

3772.1

3719.4

3714.4

3671.2

3719.4

3714.4

3728.6

3721.1

3685.7

3671.2

2954.9
63.6
2891.3

3023.6
63.0
2960.6

2970.0
52.3
2917.6

2964.3
56.1
2908.2

2924.9
45.3
2879.6

2969.7
55.7
2914.0

2964.3
56.1
2908.2

2978.9
54.5
2924.4

2970.4
39.4
2931.0

2937.0
46.0
2891.0

2924.9
45.3
2879.6

2
3
4

265.4
452.2

263.2
485.4

255.5
493.9

241.0
509.1

227.8
518.5

245.6
504.1

241.0
509.1

239.4
510.4

235.7
515.0

232.4
516.4

227.8
518.5

5
6

3672.5

3772.1

3719.4

3714.4

3671.2

3719.4

3714.4

3728.6

3721.1

3685.7

3671.2

1828.0
27.1
5.1

1871.8
23.9
5.6

1806.9
22.3
5.7

1654.8
34.4
5.8

1617.2
26.6
5.9

1709.9
28.3
5.7

1654.8
34.4
5.8

1669.7
20.7
5.8

1672.3
21.0
5.8

1646.6
21.0
5.9

1617.2
26.6
5.9

8
9
10

11.4
58.7

12.8
71.7

12.9
70.3

12.1
67.9

12.2
66.4

12.5
72.7

12.1
67.9

12.1
65.1

12.3
60.2

12.2
63.3

12.2
66.4

11
12

8
9
10

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

11
12

State and local governments


Rest of the world

13
14
15
16

U.S.-chartered depository institutions


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

224.3
0.0
3.5
0.0

254.6
0.0
2.5
0.0

297.3
0.0
3.4
3.2

363.1
0.0
2.6
4.2

416.4
0.0
3.6
4.5

350.0
0.0
2.8
3.8

363.1
0.0
2.6
4.2

374.2
0.0
2.7
5.3

390.3
0.0
2.7
5.0

404.0
0.0
3.5
5.4

416.4
0.0
3.6
4.5

13
14
15
16

17
18
19

Property-casualty insurance companies


Life insurance companies
State and local govt. retirement funds

369.4
73.1
1.4

348.4
112.3
2.2

331.0
121.8
3.1

327.6
131.4
5.0

332.3
135.1
2.3

327.0
128.9
4.4

327.6
131.4
5.0

329.5
132.3
5.3

330.4
133.3
4.1

331.9
133.6
2.9

332.3
135.1
2.3

17
18
19

20
21
22
23

Money market mutual funds


Mutual funds
Closed-end funds
Exchange-traded funds

440.1
478.8
81.2
5.9

386.7
525.5
81.5
7.6

357.3
541.2
82.5
8.6

336.7
627.4
85.7
12.3

308.3
610.9
86.1
11.4

320.1
610.5
84.5
11.3

336.7
627.4
85.7
12.3

312.5
646.6
86.2
13.0

309.6
641.0
86.8
12.5

305.1
620.7
86.1
11.5

308.3
610.9
86.1
11.4

20
21
22
23

24
25

Government-sponsored enterprises
Brokers and dealers

29.1
35.4

24.9
40.0

21.0
30.9

17.0
26.6

13.2
18.6

18.1
29.0

17.0
26.6

16.3
31.0

14.8
19.0

13.8
18.3

13.2
18.6

24
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).

99

Z.1, March 6, 2014

L.212 Corporate and Foreign Bonds


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

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

11655.4

11859.2

12152.8

12920.7

13474.5

12672.0

12920.7

13036.9

13022.7

13248.4

13474.5

2
3

Nonfinancial corporate business


Rest of the world (1)

4366.2
1570.3

4804.8
1731.3

5215.6
1939.9

5795.2
2140.7

6435.5
2171.5

5599.7
2052.0

5795.2
2140.7

5940.0
2174.6

6082.7
2087.0

6269.0
2127.2

6435.5
2171.5

2
3

Financial sectors

5718.8

5323.1

4997.3

4984.9

4867.5

5020.3

4984.9

4922.3

4853.0

4852.2

4867.5

U.S.-chartered depository institutions


ABS issuers (net) (2)
Finance companies
REITs

176.3
2995.9
837.5
129.8

436.8
2112.0
1078.2
129.7

415.8
1888.9
1038.8
145.1

415.8
1683.4
957.5
171.2

397.7
1536.6
962.4
190.0

409.9
1716.6
1005.1
163.5

415.8
1683.4
957.5
171.2

413.9
1628.9
952.5
173.1

411.5
1585.2
949.0
179.5

406.5
1553.6
955.1
188.7

397.7
1536.6
962.4
190.0

5
6
7
8

Brokers and dealers


Holding companies
Funding corporations

92.9
1028.7
457.8

129.7
982.2
454.6

91.8
890.6
526.2

90.2
1105.3
561.5

112.4
1095.6
572.9

85.8
1081.9
557.4

90.2
1105.3
561.5

89.1
1093.8
571.0

103.1
1059.2
565.4

96.1
1071.3
580.8

112.4
1095.6
572.9

9
10
11

11655.4

11859.2

12152.8

12920.7

13474.5

12672.0

12920.7

13036.9

13022.7

13248.4

13474.5

12

2311.8
156.1
0.6
2465.3
484.8
1980.5

2293.8
163.5
0.9
2524.0
441.4
2082.6

2427.3
159.6
0.8
2484.0
415.5
2068.5

2640.9
150.1
0.6
2621.3
387.4
2234.0

2793.1
151.4
0.6
2730.1
370.7
2359.4

2542.5
155.1
0.7
2572.8
393.4
2179.4

2640.9
150.1
0.6
2621.3
387.4
2234.0

2600.2
150.7
0.6
2663.0
382.4
2280.7

2605.8
152.4
0.6
2602.2
370.2
2232.0

2664.7
151.7
0.6
2694.4
365.9
2328.5

2793.1
151.4
0.6
2730.1
370.7
2359.4

13
14
15
16
17
18

668.2
262.9
404.1
247.6
2.0
22.3
3.6
18.6

550.5
174.9
374.0
238.2
0.6
6.6
6.1
0.5

553.0
150.1
401.8
236.7
4.2
6.3
5.9
0.4

551.6
149.1
401.6
230.5
5.2
6.7
6.6
0.1

566.6
147.8
418.2
196.4
5.8
8.9
8.7
0.2

543.7
151.1
391.5
226.0
4.6
6.6
6.5
0.2

551.6
149.1
401.6
230.5
5.2
6.7
6.6
0.1

547.6
146.3
400.7
211.9
5.6
7.8
7.6
0.2

550.1
145.8
403.6
202.8
5.5
8.5
8.3
0.2

562.3
147.4
414.1
203.0
5.6
8.6
8.4
0.2

566.6
147.8
418.2
196.4
5.8
8.9
8.7
0.2

19
20
21
22
23
24
25
26

298.3
0.0
298.3
1927.2
0.0
1927.2

322.6
0.0
322.6
2030.2
0.0
2030.2

363.1
71.3
291.8
2117.3
434.9
1682.3

379.8
74.0
305.8
2150.6
410.6
1740.0

387.8
75.3
312.5
2200.4
411.8
1788.6

373.9
73.3
300.6
2141.2
416.1
1725.1

379.8
74.0
305.8
2150.6
410.6
1740.0

382.0
74.4
307.6
2165.3
413.1
1752.2

383.0
74.7
308.4
2177.8
413.4
1764.4

384.7
74.8
309.9
2180.5
414.0
1766.5

387.8
75.3
312.5
2200.4
411.8
1788.6

27
28
29
30
31
32

360.0
382.8
5.7

443.4
388.5
5.9

488.0
363.7
7.3

440.7
303.5
9.0

438.6
302.9
7.3

453.4
312.8
9.0

440.7
303.5
9.0

430.7
295.7
8.5

432.6
290.2
8.0

435.8
295.3
7.5

438.6
302.9
7.3

33
34
35

169.9
1120.7
55.6
55.4

154.2
1243.0
59.8
74.1

105.1
1413.4
57.4
107.7

102.1
1719.4
65.0
155.3

102.1
2001.4
81.7
174.8

93.0
1633.4
62.5
147.1

102.1
1719.4
65.0
155.3

103.0
1816.6
71.6
162.3

90.7
1868.5
77.5
164.9

89.1
1947.3
78.3
170.4

102.1
2001.4
81.7
174.8

36
37
38
39

5
6
7
8
9
10
11
12

Total liabilities

2010

Total assets (3)

13
14
15
16
17
18

Household sector
State and local governments
Federal government
Rest of the world (4)
MBS and other ABS
Other

19
20
21
22
23
24
25
26

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

27
28
29
30
31
32

Property-casualty insurance companies


MBS and other ABS
Other
Life insurance companies
MBS and other ABS
Other

33
34
35

Private pension funds


State and local govt. retirement funds
Federal government retirement funds

36
37
38
39

Money market mutual funds


Mutual funds
Closed-end funds
Exchange-traded funds

40
41
42
43
44

Government-sponsored enterprises
MBS and other ABS
Other
Finance companies
REITs

296.0
288.2
7.9
198.6
15.5

266.5
241.6
24.8
84.1
20.8

235.7
209.5
26.2
85.0
22.1

185.7
178.3
7.4
78.7
32.2

129.4
122.0
7.4
70.1
36.4

199.6
186.0
13.6
85.3
30.6

185.7
178.3
7.4
78.7
32.2

179.9
172.7
7.3
78.1
37.1

168.6
161.5
7.1
73.7
36.6

139.1
132.1
7.0
72.8
36.4

129.4
122.0
7.4
70.1
36.4

40
41
42
43
44

45
46
47

Brokers and dealers


Holding companies
Funding corporations

154.4
31.1
710.2

189.5
38.3
760.1

104.5
18.3
792.4

140.0
79.9
871.9

133.1
35.7
920.0

139.3
86.0
852.7

140.0
79.9
871.9

148.0
80.3
890.2

134.8
79.8
908.0

134.1
78.0
908.3

133.1
35.7
920.0

45
46
47

(1) Holdings of foreign issues by U.S. residents.


(2) Liabilities net of assets.
(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.

Levels

2009

100

Z.1, March 6, 2014

L.213 Corporate Equities (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

2010

2011

2012

2013

2012
Q3

Nonfinancial corporate business

Rest of the world (2)

4
5
6
7
8
9

Levels

Issues at market value

Financial corporations
Holdings at market value
Household sector
State and local governments
Federal government
Rest of the world (3)

2013
Q4

Q1

Q2

Q3

Q4

20085.5

23567.2

23088.2

26443.6

34687.5

26256.7

26443.6

29308.3

29764.3

31734.5

34687.5

12512.2

14371.6

14500.8

16107.0

21363.1

16366.8

16107.0

18149.1

18383.0

19569.1

21363.1

3995.3

4900.2

4501.4

5390.5

6802.7

5107.3

5390.5

5648.7

5632.1

6164.6

6802.7

3578.1

4295.4

4085.9

4946.1

6521.7

4782.7

4946.1

5510.6

5749.2

6000.8

6521.7

20085.5

23567.2

23088.2

26443.6

34687.5

26256.7

26443.6

29308.3

29764.3

31734.5

34687.5

7491.9
111.5
67.4
2476.7

8996.7
125.8
49.9
2962.2

9049.9
122.6
57.8
3035.3

10337.7
129.5
39.9
3467.6

13864.8
152.7
35.1
4655.6

10269.3
132.5
41.2
3448.0

10337.7
129.5
39.9
3467.6

11632.5
138.2
38.6
3906.8

11779.5
140.9
37.9
4011.5

12546.7
145.2
35.3
4278.4

13864.8
152.7
35.1
4655.6

6
7
8
9

25.1
63.6
0.0

26.4
73.6
0.1

0.0
67.4
0.0

0.0
87.1
0.0

0.0
116.8
0.0

0.0
83.4
0.0

0.0
87.1
0.0

0.0
96.8
0.0

0.0
96.9
0.0

0.0
104.4
0.0

0.0
116.8
0.0

10
11
12

10
11
12

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

13
14

Property-casualty insurance companies


Life insurance companies

215.6
1208.5

214.8
1402.6

220.8
1390.2

252.2
1545.1

301.6
1888.1

252.3
1543.7

252.2
1545.1

267.2
1655.4

272.0
1679.9

280.0
1739.1

301.6
1888.1

13
14

15
16
17

Private pension funds


State and local govt. retirement funds
Federal government retirement funds

1647.1
1617.8
116.8

1938.3
1778.2
140.9

1826.1
1693.0
134.4

2041.8
1966.4
148.1

2484.1
2454.5
207.7

2057.3
1961.9
153.3

2041.8
1966.4
148.1

2206.1
2166.1
167.8

2238.6
2187.3
173.8

2346.4
2299.0
185.0

2484.1
2454.5
207.7

15
16
17

18
19
20

Mutual funds
Closed-end funds
Exchange-traded funds

4136.2
88.1
670.0

4762.7
97.4
854.1

4427.2
96.5
863.8

5107.0
101.3
1093.3

6809.2
117.6
1427.3

5037.8
101.1
1047.1

5107.0
101.3
1093.3

5611.2
108.6
1195.9

5743.8
108.4
1172.2

6246.2
110.4
1291.5

6809.2
117.6
1427.3

18
19
20

21
22

Brokers and dealers


Funding corporations

124.2
25.1

117.2
26.4

103.2
0.0

126.7
0.0

172.4
0.0

127.9
0.0

126.7
0.0

117.1
0.0

121.4
0.0

126.8
0.0

172.4
0.0

21
22

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


(2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs).
(3) Holdings of U.S. issues by foreign residents.

L.214 Mutual Fund Shares (1)


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

Shares at market value

6920.7

7873.0

7870.9

9323.6

11526.8

9131.0

9323.6

10087.4

10299.5

10904.9

11526.8

Holdings at market value

6920.7

7873.0

7870.9

9323.6

11526.8

9131.0

9323.6

10087.4

10299.5

10904.9

11526.8

4115.8
162.0

4594.0
186.8

4449.2
165.9

5279.4
181.7

6692.1
211.5

5124.1
179.6

5279.4
181.7

5755.2
190.9

5946.7
192.7

6343.0
201.6

6692.1
211.5

3
4

48.3
364.1

58.2
513.8

58.0
735.6

61.5
987.1

73.5
1043.7

63.1
950.4

61.5
987.1

66.0
1006.8

67.4
963.1

69.6
987.4

73.5
1043.7

5
6

46.1
1.3

45.0
1.5

41.7
1.9

59.2
2.3

84.5
2.2

52.8
2.2

59.2
2.3

67.3
2.6

67.9
2.4

75.9
2.2

84.5
2.2

7
8

9.5
140.8

10.2
155.7

9.1
150.1

11.8
159.3

15.5
184.6

11.3
159.3

11.8
159.3

12.9
167.6

13.4
168.8

14.4
175.9

15.5
184.6

9
10

1827.5
205.2

2084.7
223.2

2052.8
206.9

2340.9
240.3

2920.7
298.5

2348.6
239.7

2340.9
240.3

2553.3
264.7

2608.9
268.2

2755.7
279.4

2920.7
298.5

11
12

3
4

Household sector
Nonfinancial corporate business

5
6

State and local governments


Rest of the world

7
8

U.S.-chartered depository institutions


Credit unions

9
10

Property-casualty insurance companies


Life insurance companies

11
12

Private pension funds


State and local govt. retirement funds

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

101

Z.1, March 6, 2014

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


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

Total liabilities

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

2062.5

2001.2

2147.8

2322.7

2507.1

2244.9

2322.7

2323.8

2388.1

2424.7

2507.1

2
3
4

Household sector
Corporate business
Noncorporate business

10.2
546.0
944.0

61.0
480.9
923.7

12.4
549.8
980.4

66.3
609.5
1070.6

88.0
654.1
1120.5

23.1
574.7
1047.8

66.3
609.5
1070.6

57.3
605.4
1075.4

66.7
621.8
1093.5

91.9
627.8
1105.7

88.0
654.1
1120.5

2
3
4

5
6
7
8

Rest of the world


Foreign official institutions
Foreign banks
Other foreign

137.5
4.5
37.4
95.6

162.0
6.6
53.0
102.4

205.2
5.4
69.8
130.0

237.7
6.2
70.4
161.0

276.8
7.1
90.5
179.3

233.9
5.1
71.0
157.8

237.7
6.2
70.4
161.0

246.0
6.1
76.2
163.6

252.2
6.1
80.5
165.7

262.5
6.6
86.7
169.3

276.8
7.1
90.5
179.3

5
6
7
8

Financial sectors

424.7

373.7

399.9

338.7

367.6

365.3

338.7

339.7

353.8

336.8

367.6

10
11
12

Finance companies
REITs
Brokers and dealers

144.5
20.7
0.0

91.5
18.5
0.0

102.1
22.1
0.0

118.5
23.4
0.0

128.6
28.5
0.0

115.8
19.6
0.0

118.5
23.4
0.0

118.7
20.1
0.0

127.5
21.1
0.0

126.7
27.4
0.0

128.6
28.5
0.0

10
11
12

13
14

Holding companies
Funding corporations

164.2
95.3

190.3
73.4

254.3
21.5

196.8
0.0

210.5
0.0

229.8
0.0

196.8
0.0

200.9
0.0

205.2
0.0

182.8
0.0

210.5
0.0

13
14

2062.5

2001.2

2147.8

2322.7

2507.1

2244.9

2322.7

2323.8

2388.1

2424.7

2507.1

15

15

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

142.8

98.1

30.5

0.6

0.1

1.5

0.6

0.4

0.3

0.1

0.1

16

1431.3
435.5
19.4
33.4

1425.9
424.2
16.1
36.9

1589.6
467.1
17.1
43.5

1797.1
463.4
18.1
43.6

1933.3
507.2
19.5
47.0

1720.7
460.4
17.6
44.7

1797.1
463.4
18.1
43.6

1794.8
467.5
18.1
43.0

1847.0
476.9
19.0
44.9

1869.5
490.8
19.5
44.9

1933.3
507.2
19.5
47.0

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.

Levels

2009

102

Z.1, March 6, 2014

L.216 Other Loans and Advances


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

Levels

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

2098.1

1764.7

1769.7

1821.8

1923.8

1793.4

1821.8

1815.2

1900.4

1898.6

1923.8

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
Rest of the world
Government-sponsored enterprises
Finance companies
Funding corporations

177.4
12.6
74.9
52.4
13.5
21.9
0.0
0.0
2.0

180.9
11.6
70.6
53.0
14.4
22.1
0.0
0.0
9.2

185.8
11.2
70.1
55.9
15.3
23.5
0.0
0.0
9.8

188.3
11.0
75.3
56.5
15.7
26.7
0.0
0.0
3.0

195.1
12.1
76.1
58.5
16.2
29.7
0.0
0.0
2.4

189.0
11.0
74.2
56.6
15.6
25.5
0.0
0.0
6.1

188.3
11.0
75.3
56.5
15.7
26.7
0.0
0.0
3.0

190.9
11.2
76.1
57.0
16.0
28.1
0.0
0.0
2.5

193.0
11.8
76.2
57.4
16.0
29.2
0.0
0.0
2.4

194.0
11.6
76.2
58.3
16.1
29.5
0.0
0.0
2.4

195.1
12.1
76.1
58.5
16.2
29.7
0.0
0.0
2.4

2
3
4
5
6
7
8
9
10

11
12

Foreign loans to U.S. corporate business


Liab.: Nonfinancial corporate business

182.5
182.5

162.3
162.3

196.1
196.1

143.9
143.9

138.7
138.7

157.7
157.7

143.9
143.9

141.6
141.6

152.4
152.4

139.0
139.0

138.7
138.7

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

14.6
14.6
0.0

18.9
18.9
0.0

22.9
22.9
0.0

105.3
99.3
6.1

75.7
71.7
4.0

107.8
103.2
4.7

105.3
99.3
6.1

106.0
101.4
4.6

110.7
106.4
4.3

100.5
96.6
3.9

75.7
71.7
4.0

17
18
19

13
14
15
16

Total other loans and advances

2010

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

121.1
0.5
120.6

124.5
0.5
124.0

126.9
0.5
126.5

128.3
0.4
127.8

129.1
0.4
128.8

127.2
0.4
126.8

128.3
0.4
127.8

128.2
0.4
127.8

128.9
0.4
128.5

129.3
0.4
128.9

129.1
0.4
128.8

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)

695.9
0.0
5.3
74.7
541.1
26.5
48.3

551.3
0.0
6.9
80.3
392.8
26.1
45.1

487.0
0.0
6.0
77.7
332.3
24.2
46.8

505.7
0.0
6.7
85.3
336.9
25.1
51.6

580.1
0.0
6.7
88.3
400.0
28.2
57.0

487.6
0.0
6.7
82.6
321.6
24.4
52.4

505.7
0.0
6.7
85.3
336.9
25.1
51.6

498.8
0.0
7.5
83.9
332.3
22.2
52.9

541.0
0.0
6.5
83.8
372.7
23.5
54.5

547.3
0.0
6.1
83.6
377.3
26.6
53.8

580.1
0.0
6.7
88.3
400.0
28.2
57.0

23
24
25
26
27
28
29

30
31

Securitized loans held by ABS issuers


Liab.: Nonfinancial corporate business

54.4
54.4

4.0
4.0

0.1
0.1

1.8
1.8

1.9
1.9

3.2
3.2

1.8
1.8

3.9
3.9

4.3
4.3

3.9
3.9

1.9
1.9

30
31

32
33
34

Finance company loans to business


Liab.: Nonfinancial corporate business
Nonfinancial noncorporate business

448.9
404.0
44.9

372.7
335.5
37.3

375.8
338.2
37.6

387.0
348.3
38.7

403.0
362.7
40.3

377.5
339.7
37.7

387.0
348.3
38.7

390.9
351.8
39.1

395.0
355.5
39.5

397.5
357.8
39.8

403.0
362.7
40.3

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

403.4
26.8
20.4
75.4
197.8
60.1
22.9

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

400.1
25.3
24.2
145.4
149.8
46.3
9.1

343.4
23.1
22.0
100.6
153.9
31.9
11.9

361.6
20.9
22.6
105.7
160.0
39.6
12.9

354.9
22.7
21.7
113.4
146.9
37.2
12.9

375.0
24.0
22.8
130.9
143.3
42.2
11.8

387.1
24.5
23.2
137.9
147.3
43.8
10.4

400.1
25.3
24.2
145.4
149.8
46.3
9.1

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.

103

Z.1, March 6, 2014

L.217 Total Mortgages


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

1
2
3
4
5
6
7

Total mortgages
Home
Multifamily residential
Commercial
Farm
Total liabilities
Household sector

8
9
10

Nonfinancial business
Corporate
Noncorporate

11
12

Federal government
REITs

13

Total assets

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

14420.8

13780.2

13461.8

13201.6

13244.0

13192.2

13201.6

13148.7

13150.9

13207.8

13244.0

10937.1
854.4
2483.3
146.0

10438.4
850.9
2336.9
154.1

10183.1
856.5
2254.9
167.2

9928.0
879.1
2221.5
173.0

9863.4
917.3
2282.3
181.0

9944.1
868.5
2208.1
171.5

9928.0
879.1
2221.5
173.0

9876.8
882.6
2214.4
175.0

9849.9
893.7
2230.4
177.0

9873.5
904.6
2250.8
179.0

9863.4
917.3
2282.3
181.0

2
3
4
5

14420.8

13780.2

13461.8

13201.6

13244.0

13192.2

13201.6

13148.7

13150.9

13207.8

13244.0

10611.4

10089.9

9854.4

9608.7

9549.4

9622.0

9608.7

9560.5

9534.8

9558.4

9549.4

3642.5
774.0
2868.5

3523.2
671.2
2852.0

3431.2
614.4
2816.8

3401.1
604.8
2796.2

3505.1
632.4
2872.7

3382.1
598.3
2783.8

3401.1
604.8
2796.2

3391.0
599.4
2791.6

3422.9
609.4
2813.5

3456.1
613.0
2843.1

3505.1
632.4
2872.7

8
9
10

0.0
166.9

0.0
167.1

0.0
176.2

0.0
191.8

0.0
189.5

0.0
188.0

0.0
191.8

0.0
197.3

0.0
193.2

0.0
193.4

0.0
189.5

11
12

14420.8

13780.2

13461.8

13201.6

13244.0

13192.2

13201.6

13148.7

13150.9

13207.8

13244.0

13

14
15
16

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

108.0
29.5
37.9

95.6
28.0
42.1

96.0
27.4
42.5

81.5
26.9
43.1

72.2
26.3
44.3

84.7
27.0
42.8

81.5
26.9
43.1

79.1
26.7
43.2

76.6
26.6
43.6

74.2
26.5
43.9

72.2
26.3
44.3

14
15
16

17
18

State and local governments


Federal government

192.3
108.4

202.2
105.8

197.8
109.9

186.1
111.5

187.6
115.5

192.3
112.5

186.1
111.5

186.8
113.3

188.9
113.2

188.0
114.1

187.6
115.5

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

4371.9
37.8
42.3
316.9

4194.9
35.4
35.8
317.0

4049.6
32.8
33.4
320.5

3997.4
30.9
34.9
327.8

3961.0
30.3
32.4
344.8

3944.6
31.2
32.0
326.4

3997.4
30.9
34.9
327.8

3962.9
29.7
34.3
328.0

3956.0
29.6
33.6
332.1

3948.7
29.8
31.6
340.4

3961.0
30.3
32.4
344.8

19
20
21
22

23
24

Property-casualty insurance companies


Life insurance companies

4.4
326.1

4.1
317.5

4.9
332.5

5.6
344.4

7.3
359.4

5.5
343.5

5.6
344.4

5.8
344.2

6.6
348.3

7.0
356.0

7.3
359.4

23
24

25
26

Private pension funds


State and local govt. retirement funds

23.8
11.4

26.6
10.9

21.9
11.1

19.4
9.9

16.5
7.0

20.0
10.1

19.4
9.9

18.7
9.5

18.0
9.1

17.2
8.5

16.5
7.0

25
26

27
28

Government-sponsored enterprises (1)


Agency- and GSE-backed mortgage pools

707.7
5376.7

5021.0
1139.5

4924.0
1304.8

4823.5
1437.0

4881.1
1569.5

4844.5
1408.0

4823.5
1437.0

4825.0
1462.7

4836.1
1498.1

4872.0
1540.8

4881.1
1569.5

27
28

29
30
31

ABS issuers
Finance companies
REITs

2247.2
430.3
48.3

1918.5
243.5
41.9

1699.3
211.2
42.1

1493.9
179.5
48.3

1360.5
157.0
71.3

1533.6
188.1
45.4

1493.9
179.5
48.3

1455.4
174.4
48.9

1411.6
171.2
52.0

1375.3
165.9
68.1

1360.5
157.0
71.3

29
30
31

Levels

2009

104

Z.1, March 6, 2014

L.218 Home Mortgages (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

1
2
3
4
5

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

10937.1

10438.4

10183.1

9928.0

9863.4

9944.1

9928.0

9876.8

9849.9

9873.5

9863.4

10417.3
20.3
499.4

9907.2
13.6
517.6

9678.1
10.2
494.8

9435.2
9.7
483.1

9371.6
10.0
481.7

9449.5
9.9
484.6

9435.2
9.7
483.1

9387.5
9.4
479.9

9360.7
9.6
479.5

9382.4
9.8
481.3

9371.6
10.0
481.7

2
3
4

10937.1

10438.4

10183.1

9928.0

9863.4

9944.1

9928.0

9876.8

9849.9

9873.5

9863.4

83.2
17.7
13.9

75.2
16.8
15.4

67.2
16.1
15.5

59.2
15.5
15.8

51.2
14.9
16.2

61.2
15.7
15.6

59.2
15.5
15.8

57.2
15.4
15.8

55.2
15.2
15.9

53.2
15.0
16.1

51.2
14.9
16.2

6
7
8

9
10

State and local governments


Federal government

99.0
22.1

104.2
23.1

101.8
24.0

95.8
25.2

96.6
25.6

99.0
25.9

95.8
25.2

96.2
25.8

97.3
25.1

96.8
24.5

96.6
25.6

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

2692.5
0.9
22.6
316.9

2614.7
1.1
20.1
317.0

2537.0
1.3
17.8
320.5

2484.9
1.8
20.0
327.8

2370.8
1.4
18.9
344.8

2452.4
1.6
17.0
326.4

2484.9
1.8
20.0
327.8

2447.1
1.8
20.0
328.0

2420.2
1.6
19.2
332.1

2389.1
1.4
19.1
340.4

2370.8
1.4
18.9
344.8

11
12
13
14

15
16
17

Life insurance companies


Private pension funds
State and local govt. retirement funds

8.7
2.0
4.1

9.0
1.9
3.9

9.0
1.6
4.0

9.5
1.6
3.6

10.4
1.4
2.5

10.4
1.6
3.7

9.5
1.6
3.6

9.4
1.5
3.4

9.7
1.5
3.3

10.2
1.4
3.0

10.4
1.4
2.5

15
16
17

18
19

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

431.3
5266.5

4687.1
1068.8

4583.9
1216.8

4472.3
1321.8

4547.6
1420.6

4495.5
1301.7

4472.3
1321.8

4476.4
1340.2

4490.1
1366.2

4531.3
1400.2

4547.6
1420.6

18
19

20
21
22

ABS issuers
Finance companies
REITs

1576.9
366.0
12.6

1301.7
169.5
8.9

1108.5
149.7
8.1

927.2
132.6
13.6

793.1
114.7
32.7

969.2
134.9
12.3

927.2
132.6
13.6

893.6
129.7
15.4

854.6
126.2
16.5

819.4
122.1
30.3

793.1
114.7
32.7

20
21
22

1033.3
841.4
0.3
94.6
31.5
65.5

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
14.4
26.5

703.8
596.2
0.4
72.9
11.4
22.9

790.3
670.7
0.2
77.2
15.2
27.0

769.6
652.7
0.2
75.7
14.4
26.5

748.1
634.2
0.3
74.0
13.7
25.9

730.5
620.1
0.2
72.5
12.5
25.2

715.1
605.9
0.3
72.5
11.9
24.4

703.8
596.2
0.4
72.9
11.4
22.9

23
24
25
26
27
28

23
24
25
26
27
28

Total assets

2011

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

6
7
8

Levels

Total liabilities

2010

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 mortages 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

850.9

856.5

879.1

917.3

868.5

879.1

882.6

893.7

904.6

917.3

41.4
786.2

41.2
782.1

41.4
787.5

42.6
810.0

44.4
844.4

42.1
800.1

42.6
810.0

42.6
808.8

43.2
820.2

43.7
830.3

44.4
844.4

2
3

0.0
26.8

0.0
27.7

0.0
27.6

0.0
26.5

0.0
28.5

0.0
26.3

0.0
26.5

0.0
31.2

0.0
30.3

0.0
30.6

0.0
28.5

4
5

854.4

850.9

856.5

879.1

917.3

868.5

879.1

882.6

893.7

904.6

917.3

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

0.0
0.5
12.9

0.0
0.4
14.3

0.0
0.4
14.5

0.0
0.4
14.7

0.0
0.4
15.1

0.0
0.4
14.6

0.0
0.4
14.7

0.0
0.4
14.7

0.0
0.4
14.8

0.0
0.4
15.0

0.0
0.4
15.1

7
8
9

10
11

State and local governments


Federal government

76.9
14.7

80.9
14.4

79.1
14.1

74.4
13.7

75.1
13.8

76.9
13.7

74.4
13.7

74.7
13.6

75.6
13.6

75.2
13.5

75.1
13.8

10
11

12
13

U.S.-chartered depository institutions


Foreign banking offices in U.S.

267.0
4.0

254.9
3.5

248.3
2.9

253.3
1.4

284.0
1.1

248.2
1.4

253.3
1.4

256.5
1.3

263.9
0.9

272.3
1.1

284.0
1.1

12
13

14
15
16

Life insurance companies


Private pension funds
State and local govt. retirement funds

48.5
2.7
3.4

47.2
3.1
3.3

49.4
2.9
3.3

51.1
2.5
3.0

53.1
2.2
2.1

51.0
2.6
3.0

51.1
2.5
3.0

50.9
2.4
2.9

51.5
2.3
2.7

52.6
2.2
2.5

53.1
2.2
2.1

14
15
16

17
18

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

204.4
105.7

256.5
66.9

259.2
86.4

265.5
113.4

243.5
147.1

264.6
104.3

265.5
113.4

261.9
120.6

258.1
130.1

251.8
138.8

243.5
147.1

17
18

19
20
21

ABS issuers
Finance companies
REITs

107.0
4.6
2.3

98.4
5.1
1.9

90.7
3.6
1.7

81.1
2.8
1.8

75.5
2.0
2.6

82.9
3.1
1.7

81.1
2.8
1.8

77.6
2.7
2.1

74.8
2.2
2.8

74.3
2.1
2.7

75.5
2.0
2.6

19
20
21

7
8
9

Total assets

854.4

105

Z.1, March 6, 2014

L.220 Commercial Mortgages


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

1
2
3
4
5
6

Total liabilities
Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business
REITs

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

2483.3

2336.9

2254.9

2221.5

2282.3

2208.1

2221.5

2214.4

2230.4

2250.8

2282.3

194.1
679.3
1469.9
140.1

182.7
580.3
1434.5
139.4

176.3
522.0
1408.1
148.6

173.5
509.6
1373.1
165.3

177.7
533.6
1409.9
161.0

172.6
503.6
1370.2
161.8

173.5
509.6
1373.1
165.3

172.9
504.2
1371.2
166.1

174.0
513.0
1380.4
162.9

176.0
515.5
1396.6
162.8

177.7
533.6
1409.9
161.0

2
3
4
5

2483.3

2336.9

2254.9

2221.5

2282.3

2208.1

2221.5

2214.4

2230.4

2250.8

2282.3

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

19.2
11.4
10.4

18.1
10.8
11.5

17.5
10.8
11.7

17.2
10.9
11.8

17.6
11.0
12.2

17.1
10.9
11.7

17.2
10.9
11.8

17.1
10.9
11.8

17.2
11.0
11.9

17.4
11.0
12.0

17.6
11.0
12.2

7
8
9

10
11

State and local governments


Federal government

15.4
67.8

16.2
64.1

15.8
67.2

14.9
68.0

15.0
71.9

15.4
68.4

14.9
68.0

14.9
69.3

15.1
69.9

15.0
71.6

15.0
71.9

10
11

12
13
14

U.S.-chartered depository institutions


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

1367.4
32.9
19.6

1273.2
30.8
15.7

1210.3
28.5
15.6

1198.4
27.6
14.9

1239.5
27.8
13.5

1184.8
28.1
14.9

1198.4
27.6
14.9

1197.1
26.6
14.4

1208.2
27.1
14.4

1222.0
27.4
12.5

1239.5
27.8
13.5

12
13
14

15
16

Property-casualty insurance companies


Life insurance companies

4.4
255.6

4.1
248.8

4.9
261.1

5.6
270.9

7.3
283.0

5.5
269.1

5.6
270.9

5.8
270.8

6.6
274.0

7.0
280.1

7.3
283.0

15
16

17
18

Private pension funds


State and local govt. retirement funds

19.0
3.9

21.5
3.7

17.4
3.8

15.3
3.4

13.0
2.4

15.8
3.4

15.3
3.4

14.7
3.2

14.2
3.1

13.6
2.9

13.0
2.4

17
18

19
20

Agency- and GSE-backed mortgage pools


ABS issuers

0.0
563.3

0.0
518.4

0.0
500.1

0.0
485.7

0.0
491.9

0.0
481.5

0.0
485.7

0.0
484.2

0.0
482.2

0.0
481.6

0.0
491.9

19
20

21
22

Finance companies
REITs

59.7
33.4

68.9
31.2

57.9
32.3

44.1
32.8

40.3
36.1

50.1
31.4

44.1
32.8

42.0
31.3

42.7
32.7

41.7
35.1

40.3
36.1

21
22

7
8
9

Total assets

2010

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

146.0

154.1

167.2

173.0

181.0

171.5

173.0

175.0

177.0

179.0

181.0

33.0
113.0

36.2
117.9

40.7
126.5

42.9
130.1

44.4
136.6

42.7
128.9

42.9
130.1

43.3
131.7

43.6
133.3

44.0
134.9

44.4
136.6

2
3

146.0

154.1

167.2

173.0

181.0

171.5

173.0

175.0

177.0

179.0

181.0

5
6

Household sector
Nonfinancial noncorporate business

5.5
0.8

2.3
0.8

11.4
0.8

5.1
0.9

3.4
0.9

6.5
0.9

5.1
0.9

4.8
0.9

4.1
0.9

3.6
0.9

3.4
0.9

5
6

7
8

State and local governments


Federal government

1.0
3.9

1.0
4.3

1.0
4.5

0.9
4.6

0.9
4.2

1.0
4.6

0.9
4.6

0.9
4.5

0.9
4.5

0.9
4.6

0.9
4.2

7
8

9
10

U.S.-chartered depository institutions


Foreign banking offices in U.S.

45.1
0.0

52.1
0.0

53.9
0.0

60.8
0.0

66.8
0.0

59.2
0.0

60.8
0.0

62.3
0.0

63.7
0.0

65.2
0.0

66.8
0.0

9
10

11
12

Life insurance companies


State and local govt. retirement funds

13.3
0.0

12.4
0.0

13.0
0.0

13.0
0.0

13.0
0.0

13.0
0.0

13.0
0.0

13.0
0.0

13.0
0.0

13.0
0.0

13.0
0.0

11
12

13
14

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

72.0
4.5

77.4
3.8

80.9
1.7

85.8
1.9

89.9
1.8

84.5
2.0

85.8
1.9

86.7
1.9

87.9
1.8

88.9
1.8

89.9
1.8

13
14

(1) Excludes mortgages on farm houses.

Levels

2009

106

Z.1, March 6, 2014

L.222 Consumer Credit


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

Net change in liabilities (Households)

2553.5

2648.1

2757.0

2924.3

3098.6

2859.4

2924.3

2924.4

2967.7

3038.8

3098.6

Net change in assets

2553.5

2648.1

2757.0

2924.3

3098.6

2859.4

2924.3

2924.4

2967.7

3038.8

3098.6

88.8
53.8
0.0

78.4
46.2
0.0

74.5
48.5
0.0

67.1
48.5
0.0

61.7
43.1
0.0

67.5
47.8
0.0

67.1
48.5
0.0

65.0
42.0
0.0

63.8
42.0
0.0

62.6
42.6
0.0

61.7
43.1
0.0

3
4
5

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

223.1
906.3
237.1

356.2
1185.5
226.5

484.7
1192.6
223.0

616.8
1218.7
243.6

729.8
1271.6
265.0

596.6
1186.1
236.7

616.8
1218.7
243.6

659.5
1191.3
245.5

674.6
1211.5
253.1

713.5
1231.5
261.9

729.8
1271.6
265.0

6
7
8

Government-sponsored enterprises
ABS issuers
Finance companies

0.0
572.5
471.9

0.0
50.3
705.0

0.0
46.2
687.6

0.0
49.9
679.8

0.0
48.6
679.0

0.0
47.9
676.6

0.0
49.9
679.8

0.0
49.8
671.3

0.0
48.0
674.6

0.0
48.4
678.5

0.0
48.6
679.0

9
10
11

917.2
718.9
831.6
85.8

840.7
712.9
912.4
182.1

842.5
750.7
1012.3
151.6

845.8
808.5
1131.3
138.7

856.5
874.9
1225.6
141.6

813.0
798.2
1114.8
133.3

845.8
808.5
1131.3
138.7

804.9
820.4
1168.9
130.3

814.8
840.6
1178.6
133.9

820.3
866.0
1213.0
139.6

856.5
874.9
1225.6
141.6

12
13
14
15

9
10
11

Memo:

Levels

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.

107

Z.1, March 6, 2014

L.223 Trade Credit


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

Total trade payables

Household sector

3
4

Nonfinancial corporate business


Nonfinancial noncorporate business

5
6

State and local governments


Federal government

7
8

Rest of the world


Brokers and dealers

Total trade receivables

10
11

Nonfinancial corporate business


Nonfinancial noncorporate business

12
13
14

State and local governments


Federal government
Rest of the world

15
16

Property-casualty insurance companies


ABS issuers

17

Discrepancy

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

3214.9

3441.4

3500.4

3672.9

3866.2

3649.8

3672.9

3722.0

3771.3

3832.7

3866.2

252.7

274.1

288.2

289.7

284.3

290.5

289.7

288.1

285.7

285.6

284.3

1590.2
397.4

1746.5
427.7

1771.7
435.5

1890.1
434.8

2018.2
444.1

1875.2
433.0

1890.1
434.8

1917.4
439.0

1946.5
441.2

1994.7
443.8

2018.2
444.1

3
4

630.5
204.6

669.0
210.9

707.4
220.3

746.5
228.3

786.1
251.5

736.7
234.0

746.5
228.3

756.3
237.6

766.2
246.1

776.1
250.4

786.1
251.5

5
6

69.3
70.1

95.1
18.1

63.0
14.3

69.3
14.2

67.4
14.5

67.4
13.0

69.3
14.2

68.2
15.4

70.1
15.6

68.7
13.3

67.4
14.5

7
8

2973.9

3136.4

3249.6

3361.5

3540.3

3453.1

3361.5

3471.7

3562.9

3587.1

3540.3

2053.9
496.3

2155.8
533.4

2239.2
539.2

2322.7
546.9

2462.7
562.3

2414.0
542.8

2322.7
546.9

2426.5
548.1

2504.0
552.5

2520.6
557.2

2462.7
562.3

10
11

139.1
43.6
96.7

152.2
42.9
116.4

154.5
47.7
134.2

162.7
50.3
145.6

172.3
50.5
157.3

161.6
52.0
146.8

162.7
50.3
145.6

165.0
48.7
149.2

167.1
52.0
154.4

170.7
50.6
155.1

172.3
50.5
157.3

12
13
14

83.0
61.3

83.8
51.8

87.2
47.6

92.0
41.2

99.5
35.7

94.5
41.4

92.0
41.2

94.0
40.1

96.6
36.2

98.3
34.6

99.5
35.7

15
16

241.0

305.0

250.8

311.4

325.9

196.8

311.4

250.3

208.5

245.6

325.9

17

L.224 Security Credit


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

Total liabilities

1091.2

1214.8

1312.6

1512.5

1548.5

1482.4

1512.5

1492.1

1511.5

1536.4

1548.5

2
3

Household sector
Rest of the world

203.0
0.0

278.2
0.0

238.9
0.0

303.7
0.0

339.2
0.0

269.1
0.0

303.7
0.0

307.9
0.0

302.6
0.0

313.7
0.0

339.2
0.0

2
3

4
5
6
7

Brokers and dealers


Customer credit balances (HH)
From U.S.-chartered depository institutions
From foreign banking offices in U.S.

888.2
668.6
158.0
61.6

936.6
694.3
152.3
90.1

1073.7
752.4
189.6
131.7

1208.7
776.0
243.0
189.7

1209.3
833.8
187.1
188.4

1213.2
780.2
241.8
191.3

1208.7
776.0
243.0
189.7

1184.2
782.6
209.0
192.6

1209.0
820.3
198.7
190.0

1222.7
826.5
188.0
208.1

1209.3
833.8
187.1
188.4

4
5
6
7

1091.2

1214.8

1312.6

1512.5

1548.5

1482.4

1512.5

1492.1

1511.5

1536.4

1548.5

9
10

Total assets
Household sector
Rest of the world

668.6
0.0

694.3
0.0

752.4
0.0

776.0
0.0

833.8
0.0

780.2
0.0

776.0
0.0

782.6
0.0

820.3
0.0

826.5
0.0

833.8
0.0

9
10

11
12
13

U.S.-chartered depository institutions


Foreign banking offices in U.S.
Brokers and dealers

158.0
61.6
203.0

152.3
90.1
278.2

189.6
131.7
238.9

243.0
189.7
303.7

187.1
188.4
339.2

241.8
191.3
269.1

243.0
189.7
303.7

209.0
192.6
307.9

198.7
190.0
302.6

188.0
208.1
313.7

187.1
188.4
339.2

11
12
13

Levels

2009

108

Z.1, March 6, 2014

L.225 Life Insurance Reserves


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

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

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

1242.1

1278.3

1352.0

1359.0

1416.0

1353.2

1359.0

1370.1

1377.3

1397.0

1416.0

47.5
1194.5

48.4
1229.9

49.7
1302.3

50.0
1309.0

50.3
1365.7

50.1
1303.1

50.0
1309.0

50.1
1320.0

50.2
1327.0

50.1
1346.9

50.3
1365.7

2
3

1242.1

1278.3

1352.0

1359.0

1416.0

1353.2

1359.0

1370.1

1377.3

1397.0

1416.0

1109.2
111.5
21.4

1137.2
116.0
25.1

1203.6
120.8
27.6

1186.1
138.1
34.9

1232.1
143.9
39.9

1180.6
136.4
36.2

1186.1
138.1
34.9

1194.6
139.4
36.1

1200.4
140.4
36.4

1217.7
141.7
37.5

1232.1
143.9
39.9

5
6
7

L.226 Pension Entitlements


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

Levels

Total liabilities

15206.0

16745.7

17120.8

18088.8

19600.7

17948.8

18088.8

18563.3

18738.6

19101.5

19600.7

2
3

Life insurance companies (1)


Private pension funds (2)

2350.4
5973.2

2568.5
6620.7

2601.7
6673.5

2786.8
7154.4

3084.8
8002.7

2746.2
7124.0

2786.8
7154.4

2873.4
7451.9

2879.4
7552.1

2948.3
7754.7

3084.8
8002.7

2
3

4
5

State and local govt. retirement funds


Federal government retirement funds (3)

3959.8
2922.5

4408.7
3147.8

4589.2
3256.5

4773.1
3374.5

4981.4
3531.7

4725.9
3352.7

4773.1
3374.5

4825.2
3412.8

4877.3
3429.9

4929.4
3469.1

4981.4
3531.7

4
5

15206.0

16745.7

17120.8

18088.8

19600.7

17948.8

18088.8

18563.3

18738.6

19101.5

19600.7

Total assets (Households) (4)

(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) (table L.226.i), except those at life insurance companies.

L.227 Taxes Payable by Businesses


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

Total taxes payable by all businesses

40.6

53.1

74.0

83.0

76.8

93.7

83.0

100.9

72.2

84.6

76.8

2
3

Nonfinancial corporate business


Nonfinancial noncorporate business

35.7
99.9

42.9
99.2

51.7
100.3

58.3
101.9

41.0
104.9

61.2
101.0

58.3
101.9

65.0
102.1

52.3
103.0

54.7
103.9

41.0
104.9

2
3

U.S.-chartered depository institutions

-66.2

-59.6

-49.1

-47.9

-47.5

-46.3

-47.9

-46.0

-58.9

-53.0

-47.5

5
6

Property-casualty insurance companies


Life insurance companies

-15.8
-31.4

-10.1
-28.8

-14.5
-23.6

-10.8
-28.3

-1.6
-30.5

-8.7
-23.6

-10.8
-28.3

-3.2
-28.4

-5.2
-30.1

-2.5
-30.1

-1.6
-30.5

5
6

7
8

Finance companies
Brokers and dealers

12.7
5.7

6.0
3.6

6.7
2.5

6.7
3.1

6.7
3.7

6.5
3.7

6.7
3.1

6.9
4.4

6.8
4.4

7.0
4.6

6.7
3.7

7
8

250.9

262.1

272.8

279.4

287.3

277.4

279.4

281.3

283.4

285.5

287.3

117.1
133.9

117.8
144.3

120.0
152.8

121.3
158.1

123.8
163.4

120.6
156.8

121.3
158.1

121.8
159.5

122.6
160.8

123.4
162.1

123.8
163.4

10
11

-210.4

-209.0

-198.8

-196.4

-210.4

-183.7

-196.4

-180.4

-211.2

-200.9

-210.4

12

9
10
11
12

Total business taxes receivable


State and local governments
Federal government
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

6216.7

6900.0

7384.9

8073.5

8724.5

7899.8

8073.5

8232.4

8424.0

8600.4

8724.5

6201.9
14.8

6884.0
15.9

7371.8
13.1

8055.0
18.6

8705.3
19.2

7880.8
19.1

8055.0
18.6

8213.2
19.2

8404.6
19.3

8582.7
17.7

8705.3
19.2

2
3

109

Z.1, March 6, 2014

L.229 Total Miscellaneous Financial Claims


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

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

22076.3

22668.2

23623.2

23974.7

22640.7

23914.8

23974.7

23952.3

23878.0

23956.9

22640.7

2
3
4

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

22.1
3942.7
1248.1

24.7
3965.0
1197.7

24.3
4057.8
1232.7

24.9
3752.0
1242.4

27.0
3460.1
1249.6

28.4
3874.2
1246.4

24.9
3752.0
1242.4

25.9
3680.7
1244.2

27.8
3554.3
1245.4

26.8
3464.7
1252.3

27.0
3460.1
1249.6

2
3
4

5
6
7

State and local governments


Federal government
Rest of the world

1131.7
2859.2
5653.5

1348.9
3071.6
5958.8

1615.1
3179.4
6268.0

1471.5
3281.2
6308.5

1097.3
3381.5
5610.4

1441.3
3245.8
6278.2

1471.5
3281.2
6308.5

1281.4
3302.1
6380.6

1320.7
3321.8
6417.5

1235.6
3445.2
6565.4

1097.3
3381.5
5610.4

5
6
7

8
9
10
11
12

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

29.2
1620.1
431.5
29.2
19.4

58.4
1806.2
413.3
23.3
11.1

31.7
1934.9
497.1
19.4
12.4

33.7
2102.5
465.8
17.3
12.7

43.5
2063.4
437.4
14.3
8.8

34.9
2144.7
472.2
19.2
14.4

33.7
2102.5
465.8
17.3
12.7

34.8
2137.7
483.7
16.4
15.3

32.1
2089.9
477.0
16.5
15.5

41.2
2055.2
442.2
15.7
15.4

43.5
2063.4
437.4
14.3
8.8

8
9
10
11
12

13
14

Property-casualty insurance companies


Life insurance companies

819.5
958.0

831.9
1019.3

870.1
1064.6

896.9
1116.2

902.7
1161.8

890.7
1112.0

896.9
1116.2

890.5
1134.3

896.4
1136.6

897.6
1149.2

902.7
1161.8

13
14

15
16
17

Government-sponsored enterprises
Finance companies
REITs

269.2
573.6
51.1

179.4
271.9
66.0

130.2
264.1
74.4

124.1
233.8
91.4

115.4
207.9
72.0

124.8
223.0
102.6

124.1
233.8
91.4

119.9
229.0
87.3

121.9
220.1
87.8

119.6
218.9
74.2

115.4
207.9
72.0

15
16
17

18
19
20

Brokers and dealers


Holding companies
Funding corporations

450.0
548.0
1420.3

483.0
522.0
1415.5

471.4
481.1
1394.4

470.9
833.8
1495.0

517.0
754.4
1516.1

470.4
787.4
1404.2

470.9
833.8
1495.0

495.9
899.1
1493.3

471.9
901.5
1523.3

486.1
909.0
1542.3

517.0
754.4
1516.1

18
19
20

28873.6

29904.8

31359.0

32851.6

32813.7

32406.7

32851.6

32971.3

33245.4

33443.2

32813.7

21

21

Total liabilities

2010

Total assets

22
23
24

Household sector
Nonfinancial corporate business
Nonfinancial noncorporate business

800.9
9555.5
2029.3

808.2
10127.0
2134.1

878.8
10558.6
2141.6

873.6
11338.8
2186.3

900.8
12215.4
2239.9

862.6
11069.1
2166.5

873.6
11338.8
2186.3

872.2
11481.7
2189.5

874.4
11642.7
2204.7

880.9
11885.3
2221.7

900.8
12215.4
2239.9

22
23
24

25
26
27

State and local governments


Federal government
Rest of the world

118.1
145.8
3925.9

95.6
141.4
4114.7

92.4
143.1
4396.5

87.0
142.0
4488.5

87.7
149.6
3822.9

89.9
141.9
4460.3

87.0
142.0
4488.5

87.3
142.7
4491.2

88.3
139.8
4478.3

87.9
143.6
4461.6

87.7
149.6
3822.9

25
26
27

28
29
30
31
32

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

75.9
1030.3
44.5
6.5
33.0

83.1
933.2
29.2
11.0
74.1

225.8
958.1
44.2
11.8
61.9

199.5
842.1
43.9
12.0
62.7

233.1
723.9
56.9
20.0
63.8

186.5
902.3
54.3
13.2
63.6

199.5
842.1
43.9
12.0
62.7

219.9
788.8
52.9
12.4
70.9

228.1
802.7
60.6
18.4
71.7

226.8
762.9
56.8
21.2
61.8

233.1
723.9
56.9
20.0
63.8

28
29
30
31
32

33
34

Property-casualty insurance companies


Life insurance companies

123.7
357.6

99.1
351.9

86.9
407.6

94.6
457.4

116.7
445.6

82.6
425.8

94.6
457.4

98.7
449.1

106.4
435.9

110.8
445.6

116.7
445.6

33
34

35
36
37

Private pension funds


State and local govt. retirement funds
Federal government retirement funds

1472.9
1217.8
2674.8

1457.9
1451.1
2865.1

1557.7
1726.1
2954.8

1528.0
1582.8
3043.7

1312.1
1222.8
3132.3

1471.1
1552.2
3021.5

1528.0
1582.8
3043.7

1441.7
1393.1
3065.9

1436.8
1435.6
3088.0

1375.8
1356.2
3211.8

1312.1
1222.8
3132.3

35
36
37

38
39

Money market mutual funds


Mutual funds

26.9
14.9

23.5
2.9

22.7
5.7

28.8
-27.4

31.7
17.0

25.1
-45.3

28.8
-27.4

31.5
-16.2

31.9
-15.3

33.8
17.0

31.7
17.0

38
39

40
41
42

Government-sponsored enterprises
Finance companies
REITs

100.3
44.8
46.1

148.6
77.0
53.5

148.5
83.1
66.8

152.6
57.4
89.3

165.6
38.6
97.3

139.6
63.1
82.4

152.6
57.4
89.3

167.9
48.8
97.5

167.7
46.4
109.1

166.8
40.3
92.5

165.6
38.6
97.3

40
41
42

43
44
45

Brokers and dealers


Holding companies
Funding corporations

1141.0
3160.6
726.3

1025.3
3129.4
667.9

932.6
3165.9
687.6

857.4
4015.8
694.8

987.2
4025.4
707.3

949.2
3944.6
684.6

857.4
4015.8
694.8

949.8
4107.2
726.8

1020.4
4052.2
720.6

1003.3
4072.8
705.9

987.2
4025.4
707.3

43
44
45

-6797.3

-7236.6

-7735.8

-8876.9 -10173.1

-8491.8

-8876.9

-9019.0

-9367.5

-9486.2 -10173.1

46

46

Discrepancy

Levels

2009

110

Z.1, March 6, 2014

L.230 Identified Miscellaneous Financial Claims - Part I


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

U.S. direct investment abroad:


1
2
3
4
5
6
7

Liab.: Rest of the world


Asset: Nonfinancial corporate business
U.S.-chartered depository institutions
Property-casualty insurance companies
Life insurance companies
Finance companies
Brokers and dealers

4077.4
3245.1
261.7
123.7
28.9
186.9
231.0

4273.6
3402.9
280.1
99.1
46.3
206.0
239.3

4663.1
3795.6
274.3
86.9
56.9
215.5
234.0

5077.8
4136.4
302.6
94.6
70.6
227.6
245.9

5390.7
4399.6
312.5
116.7
68.7
234.6
258.7

4983.4
4095.5
275.7
82.6
58.6
227.3
243.6

5077.8
4136.4
302.6
94.6
70.6
227.6
245.9

5123.8
4170.2
304.6
98.7
71.0
229.6
249.5

5194.6
4234.4
301.9
106.4
70.6
229.5
251.8

5318.6
4341.3
308.4
110.8
70.2
232.6
255.4

5390.7
4399.6
312.5
116.7
68.7
234.6
258.7

1
2
3
4
5
6
7

1986.4
4.8
107.7
64.7
69.4
90.0
64.4
10.8
2398.2

2128.7
5.3
120.0
70.7
84.3
114.7
88.5
11.4
2623.6

2313.3
5.9
193.7
73.8
88.5
96.1
96.3
12.0
2879.5

2474.4
6.4
198.1
72.4
93.7
96.3
103.5
12.6
3057.3

2558.3
6.3
203.4
77.0
100.4
97.4
108.3
13.2
3164.3

2460.7
6.3
190.1
73.9
90.5
94.9
100.4
12.5
3029.3

2474.4
6.4
198.1
72.4
93.7
96.3
103.5
12.6
3057.3

2485.8
6.4
200.0
74.1
95.2
95.3
105.1
12.8
3074.6

2507.4
6.3
200.6
74.0
98.0
95.9
106.1
12.9
3101.3

2533.3
6.4
202.4
74.8
98.4
96.1
107.2
13.1
3131.6

2558.3
6.3
203.4
77.0
100.4
97.4
108.3
13.2
3164.3

8
9
10
11
12
13
14
15
16

50.0
50.0

52.3
52.3

54.9
54.9

57.3
57.3

61.2
61.2

57.2
57.2

57.3
57.3

57.3
57.3

59.4
59.4

59.4
59.4

61.2
61.2

17
18

25.6
25.6

26.5
26.5

26.9
26.9

27.4
27.4

27.5
27.5

27.4
27.4

27.4
27.4

27.6
27.6

27.5
27.5

27.4
27.4

27.5
27.5

19
20

Foreign direct investment in U.S.:


8
9
10
11
12
13
14
15
16

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
Asset: Rest of the world

Levels

Federal government equity in IBRD, etc.:


17
18

Liab.: Rest of the world


Asset: Federal government
Federal Reserve Bank stock:

19
20

Liab.: Monetary authority


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

21

Liab.: Government-sponsored enterprises

51.8

49.0

43.1

41.2

41.7

41.3

41.2

40.4

40.6

40.5

41.7

21

22
23
24
25
26
27

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)

0.5
6.3
0.0
39.7
2.4
2.9

0.6
6.7
0.0
36.7
2.2
2.9

0.5
7.0
0.0
30.6
2.9
2.1

0.6
7.2
0.0
28.4
2.9
2.2

0.6
7.8
0.0
27.9
3.1
2.3

0.6
7.1
0.0
28.5
2.9
2.1

0.6
7.2
0.0
28.4
2.9
2.2

0.6
7.1
0.0
27.6
3.0
2.1

0.6
7.4
0.0
27.6
3.0
2.1

0.6
7.6
0.0
27.0
3.0
2.3

0.6
7.8
0.0
27.9
3.1
2.3

22
23
24
25
26
27

Holding company net transactions with subsidiaries:


28
29
30
31
32
33

Liab.: U.S.-chartered depository institutions


Property-casualty insurance companies
Life insurance companies
Finance companies
Brokers and dealers
Rest of the world

1599.5
0.0
40.5
209.3
596.1
125.1

1632.8
0.0
62.7
115.0
626.6
135.6

1709.0
0.0
72.0
94.6
613.5
166.3

1889.2
22.4
17.2
94.1
1057.5
114.7

1944.4
14.7
10.7
93.5
1074.7
85.7

1871.3
25.3
97.5
86.9
943.7
154.0

1889.2
22.4
17.2
94.1
1057.5
114.7

1916.9
16.7
17.4
92.7
1036.4
137.2

1880.5
16.7
17.3
94.0
1054.3
100.7

1898.1
14.9
17.7
94.2
1014.1
127.3

1944.4
14.7
10.7
93.5
1074.7
85.7

28
29
30
31
32
33

34

Asset: Holding companies

2570.3

2572.7

2655.4

3195.1

3223.8

3178.7

3195.1

3217.2

3163.4

3166.3

3223.8

34

71.2
71.2

60.7
60.7

69.1
69.1

68.7
68.7

68.3
68.3

63.5
63.5

68.7
68.7

67.7
67.7

68.7
68.7

68.8
68.8

68.3
68.3

35
36

Liab.: Foreign banking offices in U.S.


Brokers and dealers

203.1
523.2

171.6
496.4

137.8
549.7

126.0
568.8

122.9
584.4

117.9
566.7

126.0
568.8

142.9
583.9

142.1
578.5

118.0
587.9

122.9
584.4

37
38

Asset: Funding corporations

726.3

667.9

687.6

694.8

707.3

684.6

694.8

726.8

720.6

705.9

707.3

39

1.8
0.9
0.9

7.7
3.8
3.8

8.8
4.4
4.4

8.7
4.4
4.4

8.7
4.4
4.4

8.7
4.4
4.4

8.7
4.4
4.4

8.7
4.4
4.4

8.7
4.4
4.4

8.7
4.4
4.4

8.7
4.4
4.4

40
41
42

NFC investment in finance company subsidiaries:


35
36

Liab.: Finance companies


Asset: Nonfinancial corporate business
Funding corporations investment in subsidiaries:

37
38
39

Equity investment under Public-Private Inv. Program:


40
41
42

Liab.: Funding corporations


Asset: Households (1)
Federal government

(1) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP).

111

Z.1, March 6, 2014

L.231 Identified Miscellaneous Financial Claims - Part II


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

2010

2011

2012

2013

2012
Q3

2013
Q4

Q1

Q2

Q3

Q4

Nonofficial foreign currencies:


1
2
3

Liab.: Rest of the world


Asset: Federal government
Monetary authority (1)

10.9
0.7
10.3

0.8
0.8
0.1

100.5
0.7
99.8

9.5
0.7
8.9

0.9
0.6
0.3

13.3
0.7
12.6

9.5
0.7
8.9

8.6
0.5
8.1

2.3
0.6
1.7

1.1
0.6
0.5

0.9
0.6
0.3

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

15.9
15.9

14.4
14.4

12.6
12.6

13.7
13.7

11.1
11.1

12.5
12.5

13.7
13.7

13.4
13.4

12.0
12.0

10.5
10.5

11.1
11.1

6
7

22.1
22.1

24.7
24.7

24.3
24.3

24.9
24.9

27.0
27.0

28.4
28.4

24.9
24.9

25.9
25.9

27.8
27.8

26.8
26.8

27.0
27.0

8
9

Postal Savings System deposits:


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

Liab.: Life insurance companies


Accident and health
Policy dividend accumulation
Contract claims

273.6
192.4
39.2
42.0

290.7
209.4
39.7
41.6

305.5
225.0
37.9
42.6

303.7
222.6
38.3
42.8

305.7
223.8
38.4
43.6

306.4
223.5
38.8
44.1

303.7
222.6
38.3
42.8

302.3
220.6
38.6
43.1

302.0
220.6
38.2
43.2

305.6
223.8
38.2
43.5

305.7
223.8
38.4
43.6

10
11
12
13

14

Asset: Household sector

273.6

290.7

305.5

303.7

305.7

306.4

303.7

302.3

302.0

305.6

305.7

14

Policy payables:
15

Liab.: Property-casualty insurance companies

754.8

761.2

796.4

802.1

811.0

791.5

802.1

799.8

805.8

808.0

811.0

15

16
17
18

Asset: Household sector


Nonfinancial corporate business
Nonfinancial noncorporate business

346.0
307.1
101.7

310.8
319.0
131.4

347.5
329.0
119.8

330.8
336.5
134.9

343.8
337.7
129.6

330.3
331.1
130.1

330.8
336.5
134.9

331.9
334.9
133.0

336.8
336.8
132.2

340.0
337.1
130.9

343.8
337.7
129.6

16
17
18

385.4
385.4

393.7
393.7

406.3
406.3

427.2
427.2

455.9
455.9

422.7
422.7

427.2
427.2

437.7
437.7

438.6
438.6

447.3
447.3

455.9
455.9

19
20

75.6
75.6

91.1
91.1

94.0
94.0

92.1
92.1

91.1
91.1

92.7
92.7

92.1
92.1

92.3
92.3

92.4
92.4

92.1
92.1

91.1
91.1

21
22

856.8
856.8

733.4
733.4

658.7
658.7

579.5
579.5

673.5
673.5

656.9
656.9

579.5
579.5

638.6
638.6

713.2
713.2

702.3
702.3

673.5
673.5

23
24

1077.2
1077.2

1142.9
1142.9

1213.7
1213.7

1254.1
1254.1

1352.3
1352.3

1223.3
1223.3

1254.1
1254.1

1265.5
1265.5

1178.4
1178.4

1161.5
1161.5

1352.3
1352.3

25
26

180.4
180.4

202.9
202.9

221.4
221.4

234.8
234.8

246.9
246.9

221.5
221.5

234.8
234.8

233.6
233.6

231.3
231.3

231.0
231.0

246.9
246.9

27
28

Unallocated insurance company contracts:


19
20

Liab.: Life insurance companies


Asset: Private pension funds
Pension fund contributions payable:

21
22

Liab.: Nonfinancial corporate business


Asset: Private pension funds
Securities borrowed (net):

23
24

Liab.: Funding corporations


Asset: Brokers and dealers
Nonmarketable government securities:

25
26

Liab.: Federal government


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

27
28

Liab.: Federal government


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

29
30
31

Liab.: Nonfinancial corporate business


State and local governments
Federal government

497.6
1131.7
1597.6

446.5
1348.9
1722.2

486.6
1615.1
1741.1

440.2
1471.5
1789.6

187.7
1097.3
1780.0

388.1
1441.3
1798.2

440.2
1471.5
1789.6

349.7
1281.4
1800.3

335.6
1320.7
1909.6

265.7
1235.6
2050.3

187.7
1097.3
1780.0

29
30
31

32
33
34

Asset: Private pension funds


State and local govt. retirement funds
Federal government retirement funds

497.6
1131.7
1597.6

446.5
1348.9
1722.2

486.6
1615.1
1741.1

440.2
1471.5
1789.6

187.7
1097.3
1780.0

388.1
1441.3
1798.2

440.2
1471.5
1789.6

349.7
1281.4
1800.3

335.6
1320.7
1909.6

265.7
1235.6
2050.3

187.7
1097.3
1780.0

32
33
34

(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.

Levels

Life insurance company reserves:


10
11
12
13

112

Z.1, March 6, 2014

L.232 Unidentified Miscellaneous Financial Claims


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

5224.1

5160.6

4858.6

4303.5

2906.7

4444.1

4303.5

4359.0

4123.8

4091.9

2906.7

2
3

Nonfinancial corporate business


Nonfinancial noncorporate business

1383.1
1243.3

1298.7
1192.4

1163.9
1226.8

745.3
1236.1

623.0
1243.3

932.7
1240.1

745.3
1236.1

752.9
1237.8

618.9
1239.0

573.6
1245.9

623.0
1243.3

2
3

4
5

Federal government
Rest of the world

4.0
1390.2

3.6
1496.5

3.2
1283.2

2.8
1049.2

2.3
71.9

2.9
1070.4

2.8
1049.2

2.6
1053.8

2.5
1060.5

2.4
1059.0

2.3
71.9

4
5

6
7
8
9
10

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

3.6
20.6
120.4
29.2
19.4

31.9
173.3
121.4
23.3
11.1

4.8
225.9
165.3
19.4
12.4

6.3
213.3
141.4
17.3
12.7

16.0
119.0
110.8
14.3
8.8

7.5
273.4
163.8
19.2
14.4

6.3
213.3
141.4
17.3
12.7

7.2
220.8
140.4
16.4
15.3

4.6
209.3
134.1
16.5
15.5

13.7
157.1
121.5
15.7
15.4

16.0
119.0
110.8
14.3
8.8

6
7
8
9
10

11
12
13
14

Life insurance companies


Government-sponsored enterprises
Finance companies
REITs

189.1
201.6
203.1
51.1

187.9
115.9
-18.4
66.0

192.3
74.5
4.3
74.4

274.4
69.2
-25.3
91.4

289.1
62.6
-51.2
72.0

194.9
71.1
-22.3
102.6

274.4
69.2
-25.3
91.4

281.8
66.2
-26.8
87.3

280.8
69.3
-38.5
87.8

280.3
68.7
-40.1
74.2

289.1
62.6
-51.2
72.0

11
12
13
14

15
16
17

Brokers and dealers


Holding companies
Funding corporations

-733.7
548.0
550.9

-728.3
522.0
663.0

-788.1
481.1
714.9

-1258.9
833.8
894.1

-1250.4
754.4
820.6

-1140.4
787.4
726.2

-1258.9
833.8
894.1

-1229.4
899.1
833.2

-1267.0
901.5
788.5

-1223.0
909.0
818.3

-1250.4
754.4
820.6

15
16
17

12021.4

12397.3

12594.4

13180.4

13079.8

12935.9

13180.4

13378.0

13491.3

13578.1

13079.8

18

5931.6
1921.3

6343.8
1996.0

6364.4
2014.8

6796.6
2044.3

7409.2
2102.6

6578.5
2029.4

6796.6
2044.3

6908.2
2049.4

7002.4
2065.2

7137.6
2083.1

7409.2
2102.6

19
20

118.1
94.3

95.6
84.5

92.4
83.2

87.0
79.8

87.7
83.4

89.9
79.6

87.0
79.8

87.3
80.5

88.3
75.5

87.9
79.3

87.7
83.4

21
22

18

Levels

Total liabilities

2010

Total assets

19
20

Nonfinancial corporate business


Nonfinancial noncorporate business

21
22

State and local governments


Federal government

23

Rest of the world

1527.7

1491.1

1517.0

1431.1

658.6

1431.0

1431.1

1416.5

1377.0

1330.0

658.6

23

24
25
26
27
28

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

65.6
687.4
44.5
6.5
30.6

83.0
575.5
29.2
11.0
71.9

126.0
613.7
44.2
11.8
59.1

190.6
470.0
43.9
12.0
59.8

232.8
344.8
56.9
20.0
60.7

174.0
558.1
54.3
13.2
60.6

190.6
470.0
43.9
12.0
59.8

211.9
415.6
52.9
12.4
67.9

226.5
433.7
60.6
18.4
68.7

226.3
389.6
56.8
21.2
58.8

232.8
344.8
56.9
20.0
60.7

24
25
26
27
28

29
30
31

Life insurance companies


Private pension funds
State and local govt. retirement funds

303.7
514.4
86.1

278.0
526.7
102.2

324.3
570.8
111.0

359.7
568.6
111.3

347.7
577.5
125.5

336.5
567.6
110.9

359.7
568.6
111.3

350.1
562.0
111.7

335.5
570.2
114.9

346.2
570.7
120.6

347.7
577.5
125.5

29
30
31

32
33

Mutual funds
Money market mutual funds

14.9
26.9

2.9
23.5

5.7
22.7

-27.4
28.8

17.0
31.7

-45.3
25.1

-27.4
28.8

-16.2
31.5

-15.3
31.9

17.0
33.8

17.0
31.7

32
33

34
35
36

Government-sponsored enterprises
Finance companies
REITs

100.3
-142.1
46.1

148.6
-129.0
53.5

148.5
-132.4
66.8

152.6
-170.2
89.3

165.6
-195.9
97.3

139.6
-164.2
82.4

152.6
-170.2
89.3

167.9
-180.9
97.5

167.7
-183.1
109.1

166.8
-192.2
92.5

165.6
-195.9
97.3

34
35
36

37
38

Brokers and dealers


Holding companies

53.2
590.3

52.6
556.7

39.9
510.4

31.9
820.7

55.0
801.7

48.7
765.9

31.9
820.7

61.7
890.0

55.4
888.8

45.6
906.5

55.0
801.7

37
38

-6797.3

-7236.6

-7735.8

-8876.9 -10173.1

-8491.8

-8876.9

-9019.0

-9367.5

-9486.2 -10173.1

39

39

Discrepancy

113

Z.1, March 6, 2014

B.100 Balance Sheet of Households and Nonprofit Organizations (1)


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

1
2
3
4
5
6
7
8
9

Assets
Nonfinancial assets
Real estate
Households (2,3)
Nonprofit organizations
Equipment (nonprofits) (4)
Intellectual property products (nonprofits) (4)
Consumer durable goods (4)
Financial assets

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

72972.2

77129.5

78331.9

84460.8

94419.3

83001.2

84460.8

87630.7

88995.4

91398.6

94419.3

23664.2

23318.7

23264.0

25003.8

27470.7

24534.3

25003.8

25794.2

26408.0

26974.0

27470.7

18686.6
16907.1
1779.5
279.5
110.0
4588.1

18326.3
16342.7
1983.6
290.6
115.0
4586.7

18109.4
15937.8
2171.6
304.6
123.6
4726.4

19708.3
17391.0
2317.3
315.1
132.4
4848.0

21996.4
19397.8
2598.6
323.5
140.0
5010.8

19270.9
16984.6
2286.3
312.2
131.1
4820.1

19708.3
17391.0
2317.3
315.1
132.4
4848.0

20444.4
18087.5
2356.9
317.2
134.6
4897.9

21015.3
18556.1
2459.2
319.2
136.2
4937.4

21540.6
18996.7
2543.9
321.5
138.1
4973.8

21996.4
19397.8
2598.6
323.5
140.0
5010.8

3
4
5
6
7
8

49308.0

53810.9

55067.9

59457.0

66948.5

58466.9

59457.0

61836.6

62587.4

64424.6

66948.5

10
11
12
13
14

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

8094.8
50.2
400.6
6330.8
1313.2

8060.5
49.7
425.2
6455.9
1129.7

8738.5
46.9
754.0
6827.7
1109.9

9201.1
45.1
826.4
7203.3
1126.3

9447.6
50.8
908.2
7388.5
1100.1

8854.1
46.4
704.5
7042.3
1060.9

9201.1
45.1
826.4
7203.3
1126.3

9205.0
46.5
828.4
7253.7
1076.4

9133.1
51.3
798.5
7264.6
1018.8

9252.3
50.2
793.8
7348.3
1060.1

9447.6
50.8
908.2
7388.5
1100.1

10
11
12
13
14

15
16
17
18
19
20
21
22
23

Credit market instruments


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)

5604.1
22.7
858.8
359.3
1828.0
2311.8
26.8
108.0
88.8

5874.3
21.1
1131.8
355.6
1871.8
2293.8
26.2
95.6
78.4

5489.9
19.4
719.3
323.1
1806.9
2427.3
23.4
96.0
74.5

5640.7
19.0
961.9
194.7
1654.8
2640.9
20.9
81.5
67.1

5652.1
17.0
944.3
121.4
1617.2
2793.1
25.3
72.2
61.7

5547.5
19.1
891.0
209.5
1709.9
2542.5
23.1
84.7
67.5

5640.7
19.0
961.9
194.7
1654.8
2640.9
20.9
81.5
67.1

5598.9
20.0
986.0
156.1
1669.7
2600.2
22.7
79.1
65.0

5670.3
19.8
1048.9
159.1
1672.3
2605.8
24.0
76.6
63.8

5655.5
19.5
1006.4
157.0
1646.6
2664.7
24.5
74.2
62.6

5652.1
17.0
944.3
121.4
1617.2
2793.1
25.3
72.2
61.7

15
16
17
18
19
20
21
22
23

24
25
26
27
28
29
30

Corporate equities (2)


Mutual fund shares (6)
Security credit
Life insurance reserves
Pension entitlements (7)
Equity in noncorporate business (8)
Miscellaneous assets

7491.9
4115.8
668.6
1109.2
15206.0
6216.7
800.9

8996.7
4594.0
694.3
1137.2
16745.7
6900.0
808.2

9049.9
4449.2
752.4
1203.6
17120.8
7384.9
878.8

10337.7
5279.4
776.0
1186.1
18088.8
8073.5
873.6

13864.8
6692.1
833.8
1232.1
19600.7
8724.5
900.8

10269.3
5124.1
780.2
1180.6
17948.8
7899.8
862.6

10337.7
5279.4
776.0
1186.1
18088.8
8073.5
873.6

11632.5
5755.2
782.6
1194.6
18563.3
8232.4
872.2

11779.5
5946.7
820.3
1200.4
18738.6
8424.0
874.4

12546.7
6343.0
826.5
1217.7
19101.5
8600.4
880.9

13864.8
6692.1
833.8
1232.1
19600.7
8724.5
900.8

24
25
26
27
28
29
30

31

Liabilities

32
33
34
35
36
37
38

Credit market instruments


Home mortgages (9)
Consumer credit
Municipal securities (10)
Depository institution loans n.e.c.
Other loans and advances
Commercial mortgages (10)

39
40
41

Security credit
Trade payables (10)
Deferred and unpaid life insurance premiums

42

43
44
45
46
47

Net worth
Memo:
Replacement-cost value of structures:
Residential
Households
Nonprofit organizations
Nonresidential (nonprofits)

Disposable personal income (SAAR)


Household net worth as percentage of
48
disposable personal income (SAAR)
Owners equity in household real
49
estate (11)
Owners equity as percentage of
50
household real estate (12)

14052.0

13775.4

13568.7

13597.9

13755.6

13476.4

13597.9

13542.8

13561.7

13688.5

13755.6

31

13574.2
10417.3
2553.5
265.4
10.2
133.7
194.1

13198.3
9907.2
2648.1
263.2
61.0
136.1
182.7

13017.3
9678.1
2757.0
255.5
12.4
138.1
176.3

12979.6
9435.2
2924.3
241.0
66.3
139.3
173.5

13105.1
9371.6
3098.6
227.8
88.0
141.3
177.7

12888.3
9449.5
2859.4
245.6
23.1
138.3
172.6

12979.6
9435.2
2924.3
241.0
66.3
139.3
173.5

12920.9
9387.5
2924.4
239.4
57.3
139.4
172.9

12945.6
9360.7
2967.7
235.7
66.7
140.7
174.0

13062.3
9382.4
3038.8
232.4
91.9
140.8
176.0

13105.1
9371.6
3098.6
227.8
88.0
141.3
177.7

32
33
34
35
36
37
38

203.0
252.7
22.1

278.2
274.1
24.7

238.9
288.2
24.3

303.7
289.7
24.9

339.2
284.3
27.0

269.1
290.5
28.4

303.7
289.7
24.9

307.9
288.1
25.9

302.6
285.7
27.8

313.7
285.6
26.8

339.2
284.3
27.0

39
40
41

58920.2

63354.2

64763.3

70862.8

80663.7

69524.8

70862.8

74087.9

75433.7

77710.1

80663.7

42

12680.7
12479.0
201.7
1487.7

12730.1
12526.6
203.5
1500.8

12846.1
12640.3
205.8
1554.1

13218.9
13010.0
208.9
1600.3

14172.6
13948.6
224.0
1683.4

13068.5
12861.5
207.0
1590.7

13218.9
13010.0
208.9
1600.3

13451.5
13238.9
212.6
1619.6

13654.4
13438.6
215.8
1644.1

13863.9
13644.8
219.1
1661.1

14172.6
13948.6
224.0
1683.4

43
44
45
46

10937.2

11243.7

11787.4

12245.8

12475.9

12205.1

12520.4

12296.9

12417.4

12567.7

12621.5

47

538.7

563.5

549.4

578.7

646.6

569.6

566.0

602.5

607.5

618.3

639.1

48

6489.7

6435.5

6259.7

7955.8

10026.2

7535.1

7955.8

8700.0

9195.4

9614.3

10026.2

49

38.4

39.4

39.3

45.7

51.7

44.4

45.7

48.1

49.6

50.6

51.7

50

(1) Sector includes domestic hedge funds, private equity funds, and personal trusts.
(2) At market value.
(3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land.
(4) At replacement (current) cost.
(5) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds.
(6) Value based on the market values of equities held and the book value of other assets held by mutual funds.
(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) Net worth of nonfinancial noncorporate business (table B.103, line 33) and owners equity in unincorporated security brokers and dealers.
(9) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23.
(10) Liabilities of nonprofit organizations.
(11) Line 4 less line 33.
(12) Line 49 divided by line 4.

Balance Sheets

2009

114

Z.1, March 6, 2014

B.102 Balance Sheet of Nonfinancial Corporate Business


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

With nonfinancial assets stated at either market value or replacement cost:


1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21

Balance Sheets

22

Assets
Nonfinancial assets
Real estate (1)
Equipment (2)
Intellectual property products (2)
Inventories (2)
Financial assets
Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security repurchase agreements
Commercial paper
Treasury securities
Agency- and GSE-backed securities
Municipal securities
Mortgages
Consumer credit
Trade receivables
Mutual fund shares (1)
Miscellaneous assets
Liabilities

27215.4

29012.7

30596.8

32446.8

34994.9

32058.2

32446.8

32908.8

33605.5

34360.4

34994.9

13881.6

14979.0

16073.7

16945.9

18263.5

16781.2

16945.9

17143.2

17578.9

17979.6

18263.5

6777.3
3826.9
1572.1
1705.3

7578.4
3887.7
1639.3
1873.6

8318.9
4023.7
1719.8
2011.2

8880.3
4146.9
1819.1
2099.6

9955.4
4243.6
1902.6
2161.8

8770.0
4115.2
1806.1
2089.8

8880.3
4146.9
1819.1
2099.6

9016.3
4169.7
1842.1
2115.1

9414.8
4191.0
1858.2
2114.9

9743.5
4218.6
1880.1
2137.4

9955.4
4243.6
1902.6
2161.8

3
4
5
6

13333.8

14033.7

14523.2

15500.8

16731.5

15277.1

15500.8

15765.6

16026.6

16380.8

16731.5

31.5
155.0
488.8
655.5
7.9
56.0
43.0
14.3
27.1
29.5
53.8
2053.9
162.0
9555.5

40.6
234.6
548.7
497.8
12.1
68.0
48.0
16.0
23.9
28.0
46.2
2155.8
186.8
10127.0

34.8
264.3
561.9
462.4
12.6
67.9
43.0
14.3
22.3
27.4
48.5
2239.2
165.9
10558.6

13.4
357.0
586.6
458.3
10.3
60.3
50.2
11.7
34.4
26.9
48.5
2322.7
181.7
11338.8

56.5
464.1
661.6
455.4
9.2
40.2
51.8
7.3
26.6
26.3
43.1
2462.7
211.5
12215.4

9.4
343.4
576.9
437.9
11.2
60.4
56.0
16.2
28.3
27.0
47.8
2414.0
179.6
11069.1

13.4
357.0
586.6
458.3
10.3
60.3
50.2
11.7
34.4
26.9
48.5
2322.7
181.7
11338.8

28.9
396.7
594.9
444.2
9.9
56.9
41.6
3.9
20.7
26.7
42.0
2426.5
190.9
11481.7

60.2
380.5
610.3
432.0
9.3
50.9
48.4
6.1
21.0
26.6
42.0
2504.0
192.7
11642.7

63.4
412.7
646.3
450.3
13.2
42.6
48.6
6.2
21.0
26.5
42.6
2520.6
201.6
11885.3

56.5
464.1
661.6
455.4
9.2
40.2
51.8
7.3
26.6
26.3
43.1
2462.7
211.5
12215.4

8
9
10
11
12
13
14
15
16
17
18
19
20
21

12904.6

13227.9

13879.6

14386.3

14960.9

14251.4

14386.3

14495.7

14605.7

14778.0

14960.9

22

23
24
25
26
27
28
29

Credit market instruments


Commercial paper
Municipal securities (3)
Corporate bonds (4)
Depository institution loans n.e.c.
Other loans and advances
Mortgages

7336.0
58.4
452.2
4366.2
546.0
1139.1
774.0

7473.5
82.9
485.4
4804.8
480.9
948.3
671.2

7998.4
116.3
493.9
5215.6
549.8
1008.5
614.4

8685.9
130.3
509.1
5795.2
609.5
1036.9
604.8

9441.5
143.1
518.5
6435.5
654.1
1057.9
632.4

8440.9
136.0
504.1
5599.7
574.7
1028.1
598.3

8685.9
130.3
509.1
5795.2
609.5
1036.9
604.8

8832.5
140.1
510.4
5940.0
605.4
1037.1
599.4

9052.6
147.2
515.0
6082.7
621.8
1076.4
609.4

9263.9
171.1
516.4
6269.0
627.8
1066.6
613.0

9441.5
143.1
518.5
6435.5
654.1
1057.9
632.4

23
24
25
26
27
28
29

30
31
32

Trade payables
Taxes payable
Miscellaneous liabilities

1590.2
35.7
3942.7

1746.5
42.9
3965.0

1771.7
51.7
4057.8

1890.1
58.3
3752.0

2018.2
41.0
3460.1

1875.2
61.2
3874.2

1890.1
58.3
3752.0

1917.4
65.0
3680.7

1946.5
52.3
3554.3

1994.7
54.7
3464.7

2018.2
41.0
3460.1

30
31
32

33

Net worth (market value)

14310.8

15784.8

16717.2

18060.5

20034.0

17806.8

18060.5

18413.2

18999.9

19582.5

20034.0

33

163.5
6882.9
12512.2
51.3
58.6
87.4

166.3
7114.3
14371.6
47.3
52.0
91.0

168.4
7456.1
14500.8
47.8
55.2
86.7

169.1
7655.8
16107.0
48.1
53.9
89.2

180.9
8043.3
21363.1
47.1
44.2
106.6

168.0
7605.2
16366.8
47.4
51.6
91.9

169.1
7655.8
16107.0
48.1
53.9
89.2

172.0
7744.0
18149.1
48.0
48.7
98.6

174.5
7858.4
18383.0
47.6
49.2
96.8

177.0
7938.3
19569.1
47.3
47.3
99.9

180.9
8043.3
21363.1
47.1
44.2
106.6

34
35
36
37
38
39

23980.1

25015.2

25965.1

27441.2

29177.0

27120.3

27441.2

27854.9

28209.4

28715.0

29177.0

40

34
35
36
37
38
39

Memo:
Replacement-cost value of structures:
Residential
Nonresidential
Market value of equities outstanding
Debt/net worth (percent) (5)
Debt/equities (percent) (6)
Equities/net worth (percent) (7)
With nonfinancial assets stated at historical cost:

40

Assets (8)

41
42
43
44
45

Nonfinancial assets
Real estate
Equipment
Intellectual property products
Inventories

10646.4
4209.8
3463.8
1480.1
1492.7

10981.5
4379.6
3502.6
1539.7
1559.5

11441.9
4542.0
3608.6
1609.9
1681.4

11940.3
4731.1
3748.7
1685.0
1775.5

12445.5
4940.3
3894.2
1764.1
1847.0

11843.2
4677.4
3711.9
1665.6
1788.4

11940.3
4731.1
3748.7
1685.0
1775.5

12089.3
4775.0
3785.1
1704.8
1824.4

12182.8
4818.7
3821.3
1723.5
1819.3

12334.2
4879.3
3856.4
1743.2
1855.2

12445.5
4940.3
3894.2
1764.1
1847.0

41
42
43
44
45

46

Net worth (historical cost) (9)

11075.6

11787.3

12085.5

13054.9

14216.1

12868.9

13054.9

13359.2

13603.7

13937.0

14216.1

46

80.7
3682.7
66.2

81.6
3811.2
63.4

82.6
3953.7
66.2

84.2
4130.5
66.5

86.5
4318.4
66.4

83.7
4083.0
65.6

84.2
4130.5
66.5

84.7
4173.0
66.1

85.3
4219.3
66.5

85.9
4268.6
66.5

86.5
4318.4
66.4

47
48
49

Memo:
Historical-cost value of structures:
47
Residential
48
Nonresidential
49 Debt/net worth (percent) (10)

(1) At market value.


(2) At replacement (current) cost.
(3) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.
(4) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.
(5) Line 23 divided by line 33.
(6) Line 23 divided by line 36
(7) Line 36 divided by line 33.
(8) Sum of lines 7 and 41.
(9) Line 40 less line 22.
(10) Line 23 divided by line 46.

115

Z.1, March 6, 2014

B.103 Balance Sheet of Nonfinancial Noncorporate Business


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

2011

2012

2013

2012
Q3

Q1

Q2

Q3

Q4

11931.9

12554.9

13108.8

13881.4

14684.1

13669.8

13881.4

14045.5

14281.9

14513.2

14684.1

Nonfinancial assets

8355.8

8827.2

9364.3

10062.0

10769.3

9884.1

10062.0

10220.1

10429.4

10630.6

10769.3

3
4
5

Real estate (1)


Residential
Nonresidential

7301.0
4269.3
3031.8

7720.8
4409.1
3311.7

8195.2
4583.2
3612.0

8858.5
4966.2
3892.4

9696.6
5471.2
4225.4

8681.5
4854.5
3827.0

8858.5
4966.2
3892.4

9045.9
5104.3
3941.6

9282.3
5220.8
4061.4

9514.3
5355.4
4158.9

9696.6
5471.2
4225.4

3
4
5

6
7
8

Equipment (2)
Residential (3)
Nonresidential

657.1
44.0
613.1

667.4
42.2
625.2

693.7
43.7
650.0

712.9
44.1
668.8

622.2
42.9
579.3

711.2
44.0
667.2

712.9
44.1
668.8

693.0
44.1
648.9

670.7
43.5
627.2

649.4
43.1
606.3

622.2
42.9
579.3

6
7
8

Intellectual property products (2)


Inventories (2)

175.8
221.9

183.0
256.0

191.0
284.4

201.8
288.8

153.2
297.2

202.3
289.1

201.8
288.8

191.1
290.1

180.6
295.8

168.6
298.4

153.2
297.2

9
10

3576.1

3727.8

3744.5

3819.4

3914.9

3785.7

3819.4

3825.4

3852.5

3882.5

3914.9

11

534.3
353.3
73.7

531.5
356.2
76.8

529.1
360.1
77.7

543.9
365.3
78.8

555.2
375.6
81.0

538.1
362.6
78.2

543.9
365.3
78.8

544.3
366.1
79.0

547.5
369.0
79.6

551.2
372.2
80.3

555.2
375.6
81.0

12
13
14

89.1

95.8

96.8

98.2

100.9

97.5

98.2

98.4

99.2

100.0

100.9

15

46.1
5.1
37.9
0.0

48.1
5.6
42.1
0.0

48.6
5.7
42.5
0.0

49.3
5.8
43.1
0.0

50.7
5.9
44.3
0.0

48.9
5.7
42.8
0.0

49.3
5.8
43.1
0.0

49.4
5.8
43.2
0.0

49.8
5.8
43.6
0.0

50.2
5.9
43.9
0.0

50.7
5.9
44.3
0.0

16
17
18
19

496.3
2029.3
101.7
6.3
1921.3

533.4
2134.1
131.4
6.7
1996.0

539.2
2141.6
119.8
7.0
2014.8

546.9
2186.3
134.9
7.2
2044.3

562.3
2239.9
129.6
7.8
2102.6

542.8
2166.5
130.1
7.1
2029.4

546.9
2186.3
134.9
7.2
2044.3

548.1
2189.5
133.0
7.1
2049.4

552.5
2204.7
132.2
7.4
2065.2

557.2
2221.7
130.9
7.6
2083.1

562.3
2239.9
129.6
7.8
2102.6

20
21
22
23
24

5730.0

5670.9

5737.0

5826.5

5978.8

5789.0

5826.5

5832.4

5877.2

5930.4

5978.8

25

3984.5

3946.3

3968.5

4047.4

4180.3

4008.5

4047.4

4047.1

4087.7

4130.4

4180.3

26

944.0
172.0
2868.5

923.7
170.6
2852.0

980.4
171.2
2816.8

1070.6
180.6
2796.2

1120.5
187.1
2872.7

1047.8
176.9
2783.8

1070.6
180.6
2796.2

1075.4
180.1
2791.6

1093.5
180.6
2813.5

1105.7
181.6
2843.1

1120.5
187.1
2872.7

27
28
29

397.4
99.9
1248.1

427.7
99.2
1197.7

435.5
100.3
1232.7

434.8
101.9
1242.4

444.1
104.9
1249.6

433.0
101.0
1246.4

434.8
101.9
1242.4

439.0
102.1
1244.2

441.2
103.0
1245.4

443.8
103.9
1252.3

444.1
104.9
1249.6

30
31
32

6201.9

6884.0

7371.8

8055.0

8705.3

7880.8

8055.0

8213.2

8404.6

8582.7

8705.3

33

2815.4
1586.0

2839.6
1595.4

2861.5
1646.2

2875.3
1682.6

3062.3
1841.6

2862.1
1678.5

2875.3
1682.6

2920.4
1724.6

2959.1
1768.7

2999.7
1802.0

3062.3
1841.6

34
35

64.2

57.3

53.8

50.2

48.0

50.9

50.2

49.3

48.6

48.1

48.0

36

9
10
11

Assets

2013
Q4

Financial assets

12
13
14

Checkable deposits and currency


Time and savings deposits
Money market fund shares

15

Credit market instruments

16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33

Treasury securities
Municipal securities
Mortgages
Consumer credit
Trade receivables
Miscellaneous assets
Insurance receivables
Equity investment in GSEs (4)
Other
Liabilities
Credit market instruments
Depository institution loans n.e.c.
Other loans and advances
Mortgages
Trade payables
Taxes payable
Miscellaneous liabilities
Net worth (5)
Memo:

34
35
36

Replacement-cost value of structures:


Residential
Nonresidential
Debt/net worth (percent) (6)

(1) At market value.


(2) At replacement (current) cost.
(3) Durable goods in rental properties.
(4) Equity in the Farm Credit System.
(5) Line 1 less line 25. Included in table B.100, line 31.
(6) Line 26 divided by line 33.

Balance Sheets

2009

116

Z.1, March 6, 2014

R.100 Change in Net Worth of Households and Nonprofit Organizations


Billions of dollars; not seasonally adjusted
2009

1
2

Change in net worth (1)


Net investment

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

1740.5

4434.0

1409.1

6099.6

9800.9

2258.6

1338.1

3225.1

1345.8

2276.4

2953.6

936.0

1273.6

1525.5

1236.9

1166.4

247.3

402.0

501.2

162.5

169.2

333.5

3
4
5

Net physical investment


Capital expenditures
- Consumption of fixed capital

105.4
1429.3
1323.8

130.3
1448.9
1318.6

167.3
1509.6
1342.2

240.2
1613.2
1373.0

336.4
1734.1
1397.7

59.9
404.7
344.8

68.4
415.8
347.4

79.8
423.1
343.3

83.6
431.1
347.5

89.0
440.5
351.4

84.0
439.4
355.4

3
4
5

6
7
8

Net lending (+) or net borrowing (-)


Net acquisition of financial assets
- Net increase in liabilities

830.6
648.7
-181.8

1143.4
892.9
-250.5

1358.2
1146.1
-212.1

996.7
1090.7
94.0

829.9
976.5
146.6

187.4
176.0
-11.4

333.6
457.4
123.8

421.4
366.2
-55.1

78.9
97.7
18.9

80.2
195.9
115.7

249.5
316.6
67.1

6
7
8

432.9

2526.3

95.3

4673.3

8444.1

1852.3

915.0

2710.2

1043.2

2084.5

2606.2

-1195.1
1570.4
471.1
-1183.8
34.8
735.9
-0.3

-383.7
1691.6
250.5
492.2
21.7
455.0
-1.0

-241.8
191.3
-273.3
538.1
-7.4
-111.4
-0.2

1558.7
1612.8
346.7
701.0
18.9
435.3
-0.1

2186.0
3850.8
689.8
658.7
39.4
1019.5
0.0

404.8
817.6
134.5
284.2
8.1
203.1
0.0

438.5
215.0
88.3
189.6
-0.4
-16.1
0.0

714.0
1295.7
164.5
149.8
13.5
372.8
0.0

544.5
217.0
16.1
196.5
1.3
67.7
0.0

496.7
914.5
251.2
188.9
6.9
226.3
0.0

430.8
1423.5
258.1
123.6
17.7
352.6
0.0

10
11
12
13
14
15
16

9
10
11
12
13
14
15
16

17
18
19
20
21

Holding gains on assets


at market value (2)
Real estate
Corporate equities
Mutual fund shares
Equity in noncorporate business
Life insurance reserves
Pension entitlements
Equity investment under PPIP
Holding gains on assets
at current cost (2)
Consumer durable goods
Equipment
Intellectual property products
Other volume changes (3)

-41.0

-85.4

22.2

-35.0

-50.8

-17.2

-15.4

-2.7

-13.9

-18.0

-16.2

17

-40.8
-0.5
0.3

-88.3
1.4
1.5

17.9
2.0
2.3

-38.8
0.6
3.2

-53.3
-0.0
2.5

-18.1
0.3
0.6

-16.1
0.7
0.1

-3.2
-0.3
0.8

-14.2
-0.2
0.4

-19.0
0.4
0.6

-17.0
0.0
0.7

18
19
20

412.5

719.3

-233.9

224.4

241.2

176.2

36.5

16.4

154.0

40.7

30.1

21

58920.2
10937.2

63354.2
11243.7

64763.3
11787.4

70862.8
12245.8

80663.7
12475.9

69524.8
12205.1

70862.8
12520.4

74087.9
12296.9

75433.7
12417.4

77710.1
12567.7

80663.7
12621.5

22
23

Memo:

Balance Sheets

22
23

Net worth outstanding (4)


Disposable personal income

(1) Sum of net investment (line 2), holding gains (lines 9 and 17), and other volume changes (line 21).
(2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets.
(3) Consists of statistical discontinuities and disaster-related losses to fixed assets. Also includes the difference between series for consumption of fixed capital published by BEA.
(4) Table B.100, line 42.

117

Z.1, March 6, 2014

R.102 Change in Net Worth of Nonfinancial Corporate Business


Billions of dollars; not seasonally adjusted
2009

1
2

Change in net worth (1)


Net investment

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

-2004.0

1474.0

932.4

1343.3

1973.5

554.4

253.7

352.7

586.7

582.6

451.6

401.0

55.6

-613.6

164.0

216.1

41.1

51.5

41.8

54.1

75.3

44.9

3
4
5
6

Net physical investment


Capital expenditures
- Consumption of fixed capital
- Inventory valuation adjustment

-87.8
1009.3
1090.4
6.7

187.6
1238.9
1092.4
-41.0

258.9
1337.2
1134.4
-56.0

327.6
1504.1
1186.6
-10.0

335.1
1575.6
1236.7
3.7

89.1
382.0
298.3
-5.5

75.1
373.8
300.8
-2.1

72.8
374.1
304.6
-3.3

76.2
386.5
308.1
2.2

91.5
402.4
310.4
0.4

94.7
412.7
313.7
4.3

3
4
5
6

7
8
9

Net lending (+) or net borrowing (-)


Net acquisition of financial assets
- Net increase in liabilities

551.0
302.4
-248.5

145.5
633.2
487.8

-400.3
494.1
894.4

235.9
910.4
674.5

264.7
1045.8
781.1

50.8
237.1
186.3

77.3
227.8
150.5

33.0
202.4
169.4

83.3
247.6
164.3

96.2
316.4
220.2

52.1
279.5
227.4

7
8
9

-62.1

-277.4

-472.2

-399.5

-383.7

-98.8

-100.9

-64.0

-105.4

-112.5

-101.9

10

10

Net corporate equity issues

11

Holding gains on assets


at market value (2)

-2624.4

755.4

685.8

499.8

998.6

319.0

89.5

127.7

379.6

304.3

186.9

11

12
13

Real estate
Mutual fund shares

-2644.8
20.4

741.8
13.6

693.9
-8.1

484.6
15.1

969.5
29.1

312.8
6.2

87.5
2.0

118.7
9.1

378.0
1.6

295.6
8.7

177.2
9.7

12
13

165.6

3.4

135.8

52.8

-0.2

78.9

5.7

-25.3

-30.5

50.0

5.6

14

-10.1
3.0
39.9

48.4
22.2
63.6

62.2
27.6
42.5

21.1
45.2
7.4

-8.2
27.4
-8.2

6.1
8.8
19.7

6.7
-0.8
1.8

-3.6
8.8
4.0

-4.8
3.0
-9.2

2.7
8.0
-3.7

-2.5
7.5
0.6

15
16
17

-35.7
-168.5

-145.6
-14.8

-7.1
-10.7

-24.9
-4.0

-60.2
-49.1

54.3
10.1

-26.1
-24.1

-47.8
-13.3

-34.1
-14.6

21.7
-21.3

0.0
0.0

18
19

53.8

659.6

724.4

626.7

759.1

115.5

107.0

208.4

183.5

153.0

214.1

20

14310.8

15784.8

16717.2

18060.5

20034.0

17806.8

18060.5

18413.2

18999.9

19582.5

20034.0

21

14
15
16
17

Holding gains on assets less


liabilities at current cost (2)
Equipment
Intellectual property products
Inventories (3)

18
19

Direct investment abroad


- Foreign direct investment in U.S.

20

Other volume changes (4)

Net worth outstanding (5)

(1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other volume changes (line 20).
(2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets.
(3) Before inventory valuation adjustment.
(4) Consists of statistical discontinuities and disaster-related losses to fixed assets.
(5) Table B.102, line 33.

Balance Sheets

Memo:
21

118

Z.1, March 6, 2014

R.103 Change in Net Worth of Nonfinancial Noncorporate Business


Billions of dollars; not seasonally adjusted
2009

Change in net worth (1)

Net capital transfers paid

Net investment

4
5
6

Net physical investment


Capital expenditures
- Consumption of fixed capital

7
8
9

Net lending (+) or net borrowing (-)


Net acquisition of financial assets
- Net increase in liabilities

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

-1257.8

682.1

487.7

683.2

650.4

280.1

174.2

158.2

191.5

178.1

122.6

-6.0

-7.8

-1.6

-4.9

0.0

-0.0

-4.9

0.0

0.0

0.0

0.0

-64.4

194.0

-49.9

-5.4

-5.5

-2.4

-1.1

10.4

-5.2

-8.4

-2.2

-12.8
240.2
253.0

-10.8
241.0
251.8

-0.9
255.8
256.8

9.3
273.8
264.5

51.4
326.8
275.4

0.3
66.7
66.4

2.7
69.7
66.9

10.3
78.0
67.7

12.5
80.9
68.4

14.8
84.0
69.2

13.8
83.9
70.1

4
5
6

18.8
-117.0
-135.8

18.6
151.7
133.1

2.5
16.7
14.2

-4.3
74.9
79.3

-51.4
95.5
146.9

-0.3
15.7
16.0

2.2
33.7
31.5

-10.3
6.0
16.3

-12.5
27.1
39.6

-14.8
30.0
44.8

-13.8
32.4
46.1

7
8
9

10

Proprietors net investment (2)

-70.4

186.2

-51.5

-10.3

-5.5

-2.4

-6.0

10.4

-5.2

-8.4

-2.2

10

11

Holding gains on real estate (3)

-1187.5

437.5

487.7

670.8

828.8

270.3

184.1

187.0

234.3

228.7

178.8

11

-477.7
-709.8

156.8
280.7

188.7
299.0

397.8
273.0

501.9
327.0

149.5
120.8

120.3
63.7

138.6
48.4

116.0
118.3

133.1
95.6

114.1
64.7

12
13

-4.9

46.8

50.4

26.2

-173.0

12.2

-0.3

-39.2

-37.6

-42.2

-54.0

14

-2.7
6.1
0.2
-8.6

-2.3
10.9
2.0
36.2

1.3
15.6
2.4
31.1

1.0
11.2
4.6
9.3

0.2
-94.9
-53.1
-25.2

-0.2
4.8
0.8
6.8

0.3
-0.5
-2.3
2.2

0.4
-21.4
-12.0
-6.2

-0.2
-23.3
-11.7
-2.4

-0.2
-21.9
-13.0
-7.1

0.3
-28.4
-16.3
-9.6

15
16
17
18

5.0

11.6

1.2

-3.6

0.0

0.0

-3.6

0.0

0.0

0.0

0.0

19

6201.9

6884.0

7371.8

8055.0

8705.3

7880.8

8055.0

8213.2

8404.6

8582.7

8705.3

20

12
13
14
15
16
17
18
19

Residential
Nonresidential
Holding gains on assets at current cost (3)
Residential equipment
Nonresidential equipment
Intellectual property products
Inventories
Other volume changes (4)
Memo:

Balance Sheets

20

Net worth outstanding (5)

(1) Sum of net capital transfers paid (line 2), net investment (line 3), holding gains (lines 11 and 14), and other volume changes (line 19).
(2) Shown on table F.103, line 30.
(3) Calculated as change in amount outstanding less net investment during period less disaster-related losses to fixed assets.
(4) Consists of statistical discontinuities and disaster-related losses to fixed assets.
(5) Table B.103, line 33.

119

Z.1, March 6, 2014

B.100.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

Assets

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

72972.2

77129.5

78331.9

84460.8

94419.3

83001.2

84460.8

87630.7

88995.4

91398.6

94419.3

Nonfinancial assets

23664.2

23318.7

23264.0

25003.8

27470.7

24534.3

25003.8

25794.2

26408.0

26974.0

27470.7

Financial assets

49308.0

53810.9

55067.9

59457.0

66948.5

58466.9

59457.0

61836.6

62587.4

64424.6

66948.5

8094.8
5604.1

8060.5
5874.3

8738.5
5489.9

9201.1
5640.7

9447.6
5652.1

8854.1
5547.5

9201.1
5640.7

9205.0
5598.9

9133.1
5670.3

9252.3
5655.5

9447.6
5652.1

4
5

13084.2

15454.0

15097.7

17223.8

22844.5

17104.4

17223.8

19211.0

19582.2

20915.1

22844.5

4
5

Deposits
Credit market instruments

Equity shares at market value

Directly held

7491.9

8996.7

9049.9

10337.7

13864.8

10269.3

10337.7

11632.5

11779.5

12546.7

13864.8

Indirectly held

5592.4

6457.3

6047.8

6886.1

8979.7

6835.0

6886.1

7578.6

7802.7

8368.5

8979.7

1220.3
1795.4
116.8
2459.9

1420.5
2116.7
140.9
2779.1

1395.7
2015.2
134.4
2502.6

1556.5
2289.7
148.1
2891.8

1855.1
2963.7
207.7
3953.2

1555.7
2299.0
153.3
2827.1

1556.5
2289.7
148.1
2891.8

1671.1
2538.3
167.8
3201.4

1696.4
2616.1
173.8
3316.3

1760.6
2789.7
185.0
3633.2

1855.1
2963.7
207.7
3953.2

9
10
11
12

9
10
11
12

Life insurance companies


Private pension funds (2)
Federal govt. retirement funds (2)
Mutual funds

13

Other

22524.8

24422.1

25741.9

27391.4

29004.3

26961.0

27391.4

27821.7

28201.8

28601.6

29004.3

13

14

Liabilities

14052.0

13775.4

13568.7

13597.9

13755.6

13476.4

13597.9

13542.8

13561.7

13688.5

13755.6

14

15

Net worth

58920.2

63354.2

64763.3

70862.8

80663.7

69524.8

70862.8

74087.9

75433.7

77710.1

80663.7

15

17.9
26.5

20.0
28.7

19.3
27.4

20.4
29.0

24.2
34.1

20.6
29.3

20.4
29.0

21.9
31.1

22.0
31.3

22.9
32.5

24.2
34.1

16
17

Memo:

16
17

Equity shares (line 6) as a percent of


Total assets (line 1)
Financial assets (line 3)

Supplements

(1) Estimates of equity shares (lines 7 through 12) could differ from other sources owing to alternative definitions of ownership of equity by households.
Prior to 1985, all pension assets are assumed to have been in defined benefit plans.
(2) Defined contribution plans. Assets held by defined benefit pension funds are not considered assets of the household sector. Defined benefit pension entitlements are included in line 13.

120

Z.1, March 6, 2014

F.100.a Nonprofit Organizations (1)


Billions of dollars
1988

1989

1990

1991

1992

1993

1995

1996

1997

1998

1999

2000

Net lending (+) or net borrowing (-)

53.5

42.1

21.7

8.8

23.3

11.1

52.5

48.5

83.6

9.2

1.5

-6.0

39.6

Net acquisition of financial assets

70.9

75.8

53.8

46.4

53.0

45.2

76.5

84.9

120.0

47.4

55.0

28.8

108.1

0.5
-0.2
-13.1
0.4

-1.0
5.4
4.9
3.1

1.3
-6.2
-1.2
-2.2

4.0
10.4
32.9
-1.3

1.2
-2.4
4.0
6.0

1.7
-1.5
-13.8
0.5

-2.5
0.2
1.1
0.2

2.3
0.2
1.2
0.2

8.3
1.1
9.4
1.4

2.9
0.3
-1.8
0.0

3.1
1.1
7.1
1.3

2.3
0.6
3.8
0.7

5.1
0.8
4.5
0.8

3
4
5
6

54.9

21.9

22.2

-17.6

10.9

25.5

16.6

38.8

36.7

23.1

36.4

46.7

32.6

38.2
6.4
4.5
0.0
6.6
-0.8

-5.7
13.8
2.6
0.5
9.7
0.9

5.8
4.8
4.6
-0.5
8.2
-0.7

-35.2
6.1
3.6
0.0
7.9
-0.1

-5.8
6.8
3.1
0.2
5.6
0.9

12.4
5.1
2.3
0.3
4.5
0.9

4.7
6.4
2.9
0.4
2.4
-0.1

2.0
16.4
7.6
0.1
11.9
0.9

4.1
13.9
6.4
0.0
11.7
0.6

1.3
8.9
4.1
-0.1
8.3
0.6

3.0
11.6
5.4
0.1
15.4
0.9

4.7
17.5
8.1
0.1
15.4
0.8

12.4
5.4
2.5
0.0
10.5
1.7

8
9
10
11
12
13

5.2
-1.0

16.1
2.6

15.0
1.2

-18.6
-3.3

18.6
0.7

8.9
-0.7

45.1
1.5

-10.4
1.3

21.0
2.4

-30.6
-1.0

-40.7
0.4

-67.4
-3.3

15.4
-1.0

14
15

2.8
2.8

2.8
2.8

2.6
2.6

2.0
2.0

1.1
1.1

0.8
1.8

2.0
2.1

1.5
1.6

3.4
3.5

3.7
2.6

4.6
4.6

1.1
1.1

4.3
4.3

16
17

-0.1
18.6

-3.9
21.0

-6.0
24.5

15.2
20.5

10.6
1.2

7.0
15.0

0.2
10.1

10.2
38.0

8.4
24.4

9.7
38.3

12.5
24.7

12.0
31.2

16.3
25.0

18
19

17.3

33.6

32.1

37.6

29.7

34.1

24.0

36.4

36.3

38.2

53.5

34.7

68.5

20

7.5

11.7

11.8

14.3

10.0

13.8

2.4

-0.6

11.0

10.6

23.4

13.5

19.3

21

1.5
1.6
-0.0
4.4

3.2
1.4
-0.0
7.2

3.0
1.4
0.3
7.2

3.8
1.6
0.4
8.6

2.4
1.2
-0.2
6.6

1.1
2.0
0.1
10.7

3.2
-0.2
0.1
-0.8

0.2
-0.1
-0.1
-0.6

6.1
0.8
0.0
4.1

7.1
0.6
-0.2
3.1

11.8
1.9
-0.1
9.9

10.4
0.5
0.1
2.5

5.8
2.2
-0.3
11.6

22
23
24
25

2.4
7.4

16.2
5.8

9.3
10.9

9.4
13.8

5.9
13.8

6.0
14.3

5.2
16.5

7.9
29.1

8.0
17.3

8.9
18.7

8.7
21.4

4.1
17.0

3.8
45.4

26
27

3
4
5
6

Checkable deposits and currency


Time and savings deposits
Money market fund shares
Security repurchase agreements (2)

Credit market instruments

8
9
10
11
12
13

Open market paper


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

14
15

Corporate equities
Mutual fund shares

16
17

Security credit
Trade receivables (2)

18
19

Equity in noncorporate business


Miscellaneous assets (2)

20
21
22
23
24
25
26
27

Net increase in liabilities


Credit market instruments
Municipal securities
Depository institution loans n.e.c.
Other loans and advances
Commercial mortgages
Trade payables
Miscellaneous liabilities (2)

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.
(2) Not included in table F.100.

Supplements

1994

121

Z.1, March 6, 2014

L.100.a Nonprofit Organizations (1)


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

Total financial assets

2
3
4
5

Checkable deposits and currency


Time and savings deposits
Money market fund shares
Security repurchase agreements (2)

Credit market instruments

7
8
9
10
11
12

Open market paper


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

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

590.7

710.5

742.1

828.1

890.2

957.1

1025.5

1214.0

1414.1

1607.3

1793.9

1974.7

2003.8

17.0
1.5
15.9
1.7

15.9
6.8
20.8
4.8

17.3
0.6
19.6
2.5

21.3
11.1
52.5
1.3

22.5
8.7
56.5
7.3

24.1
7.1
42.7
7.8

21.6
7.3
43.8
8.0

23.9
7.5
45.1
8.2

32.1
8.6
54.5
9.6

35.0
8.9
52.7
9.6

38.1
10.0
59.8
10.9

40.4
10.6
63.6
11.6

45.5
11.4
68.1
12.5

2
3
4
5

229.3

251.2

273.4

255.9

266.8

292.3

308.9

347.7

384.4

407.6

443.9

490.6

523.2

93.6
55.7
26.3
0.1
51.1
2.6

87.9
69.5
28.9
0.6
60.8
3.5

93.7
74.3
33.5
0.1
69.0
2.8

58.5
80.3
37.1
0.2
77.0
2.8

52.7
87.1
40.3
0.4
82.6
3.7

65.0
92.2
42.6
0.8
87.1
4.6

69.7
98.5
45.5
1.1
89.5
4.5

71.7
114.9
53.1
1.2
101.4
5.3

75.8
128.8
59.5
1.3
113.1
6.0

77.1
137.6
63.6
1.2
121.4
6.6

80.2
149.2
69.0
1.3
136.8
7.4

84.9
166.8
77.1
1.5
152.2
8.3

97.3
172.2
79.6
1.5
162.6
10.0

7
8
9
10
11
12

145.8
10.2

203.0
15.8

197.5
15.3

214.6
15.9

241.1
17.7

270.2
18.5

308.2
19.0

397.1
24.6

494.7
30.4

604.9
34.5

692.0
38.7

769.3
42.7

708.6
38.8

13
14

13
14

Corporate equities
Mutual fund shares

15
16

Security credit
Trade receivables (2)

25.7
25.7

28.5
28.5

31.1
31.1

33.1
33.1

34.3
34.3

35.0
36.1

37.1
38.1

38.6
39.7

42.0
43.2

45.8
45.8

50.3
50.3

51.5
51.5

55.8
55.8

15
16

17
18

Equity in noncorporate business


Miscellaneous assets (2)

26.1
92.0

22.2
112.9

16.2
137.4

31.4
158.0

42.0
159.2

49.0
174.2

49.2
184.3

59.4
222.2

67.8
246.7

77.5
285.0

90.0
309.7

102.0
340.9

118.3
365.9

17
18

253.8

287.5

319.5

357.1

386.8

421.0

444.9

481.4

517.7

555.8

609.3

644.1

712.5

19

154.4

166.1

177.9

192.3

202.3

216.1

218.5

217.9

228.9

239.5

262.9

276.4

295.7

20

79.6
11.8
0.3
62.7

82.7
13.1
0.3
70.0

85.7
14.5
0.5
77.2

89.5
16.1
0.9
85.8

91.9
17.3
0.7
92.3

93.0
19.3
0.8
103.0

96.1
19.2
0.9
102.2

96.4
19.1
0.8
101.6

102.4
19.8
0.9
105.7

109.6
20.4
0.7
108.8

121.3
22.3
0.6
118.7

131.7
22.7
0.7
121.2

137.5
24.9
0.4
132.8

21
22
23
24

41.3
58.2

57.4
63.9

66.8
74.8

76.2
88.6

82.1
102.5

88.1
116.8

93.2
133.3

101.1
162.4

109.1
179.7

118.0
198.4

126.8
219.7

130.9
236.8

134.7
282.1

25
26

19
20
21
22
23
24
25
26

Liabilities
Credit market instruments
Municipal securities
Depository institution loans n.e.c.
Other loans and advances
Commercial mortgages
Trade payables
Miscellaneous liabilities (2)

Supplements

(1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts.
(2) Not included in table L.100.

122

Z.1, March 6, 2014

F.105.c Consolidated Statement for Federal, State, and Local Governments


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

1
2
3
4
5
6
7
8
9

2011

2012

2013

2012

2013

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

3691.2
1144.9
1026.1
246.0
14.8
969.4
136.3
174.3
-20.6

3885.0
1191.5
1057.1
346.3
15.7
989.0
137.2
171.1
-22.9

4074.1
1404.0
1097.1
345.0
16.3
922.6
137.4
175.4
-23.8

4259.2
1498.0
1122.9
402.4
17.8
955.3
131.4
159.1
-27.7

4695.2
1659.3
1147.7
381.4
20.0
1111.4
246.0
169.0
-39.7

4248.5
1496.4
1118.8
407.2
17.1
952.0
130.5
155.0
-28.5

4320.3
1552.8
1126.3
399.2
19.9
972.6
132.6
148.7
-31.8

4547.3
1629.0
1140.7
375.4
19.2
1099.0
154.3
165.1
-35.5

4832.0
1668.8
1138.8
384.7
19.4
1108.6
380.6
170.0
-39.0

4623.3
1657.6
1149.0
383.2
20.0
1114.3
175.3
165.3
-41.4

4778.2
1681.9
1162.2
382.0
21.5
1123.9
273.9
175.7
-43.0

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

5213.0
2442.1
2117.5
52.7
542.4
58.3

5451.8
2522.2
2250.5
50.6
572.7
55.9

5535.4
2526.1
2277.4
56.5
615.5
60.0

5621.6
2548.0
2334.8
49.9
631.6
57.3

5669.3
2519.0
2418.5
49.0
624.5
58.4

5627.9
2572.9
2341.9
52.3
604.8
56.0

5653.0
2538.1
2366.1
40.9
650.2
57.7

5630.1
2525.3
2400.4
47.6
598.8
58.0

5682.7
2517.5
2404.9
52.4
649.0
58.9

5699.3
2523.2
2431.8
53.5
631.7
59.1

5665.0
2510.0
2436.8
42.4
618.3
57.5

10
11
12
13
14
15

16
17
18
19
20

Net saving, NIPA basis


+ Consumption of fixed capital
- Insurance and pension fund reserves (1)
- Contr. for govt. soc. insur., U.S.-affiliated areas
- Net capital transfers (2)

-1521.7
442.7
0.5
5.0
-3.4

-1566.8
458.1
-1.7
4.9
8.1

-1461.3
478.1
-0.4
4.4
7.5

-1362.3
493.6
-1.4
4.6
5.8

-974.1
505.2
-1.2
5.3
-12.2

-1379.4
495.3
-1.6
4.6
0.8

-1332.7
497.4
-1.6
4.7
23.0

-1082.9
500.5
-1.9
5.3
-5.4

-850.7
503.4
-0.4
5.3
-10.3

-1075.9
506.1
-2.6
5.3
-13.4

-886.8
510.6
-0.0
5.4
-19.6

16
17
18
19
20

21

= Gross saving less net capital transfers

-1081.1

-1120.1

-994.7

-877.7

-460.9

-887.8

-861.4

-580.4

-342.0

-559.1

-362.0

21

22
23
24

Gross investment
Fixed investment
Nonproduced nonfinancial assets

-1082.1
647.0
3.4

-1066.5
651.8
9.6

-1043.0
632.6
9.2

-759.7
619.0
8.9

-369.9
605.9
8.8

-416.1
620.6
8.8

-778.5
612.5
8.7

-779.2
598.8
9.2

177.9
604.4
8.8

-458.5
614.4
8.2

-419.9
606.2
8.9

22
23
24

-1732.5
265.1
51.9
-155.1
9.6
9.8
-4.2

-1727.9
339.6
1.6
154.5
-6.8
13.7
-1.4

-1684.9
-166.8
16.2
-241.0
14.2
-0.1
-6.5

-1387.6
51.7
4.3
-2.3
20.5
-8.8
-6.9

-984.6
226.1
-1.5
76.9
20.5
1.2
0.9

-1045.5
75.5
3.1
-35.7
37.0
-6.7
-5.3

-1399.7
-0.6
-3.7
66.5
4.0
-18.7
-14.7

-1387.2
192.5
3.3
5.1
11.9
2.0
1.6

-435.3
321.3
-1.0
120.2
54.1
6.4
5.1

-1081.0
-45.3
-4.2
-160.3
14.0
-2.6
-2.0

-1034.9
436.0
-4.3
342.7
2.0
-1.2
-0.9

25
26
27
28
29
30
31

288.2
-39.0
151.7
1.0
3.9
17.5
87.9
65.2
-1.7
1.7
-25.7
30.1
60.6

136.8
13.0
-24.8
1.4
7.7
3.8
133.1
2.7
23.8
2.8
12.4
28.2
-25.9

-13.6
-10.8
-130.8
0.1
-4.1
-0.4
128.5
4.0
36.0
-0.7
7.1
22.9
-1.3

47.9
-5.4
-60.5
-0.8
-9.6
-10.0
132.1
2.1
-18.2
-2.6
10.9
13.5
-6.5

130.6
0.7
3.9
0.1
1.2
5.5
113.1
6.2
-4.2
0.3
9.7
-16.7
8.3

72.2
-4.1
-22.3
-0.6
-7.5
-6.9
121.1
-7.6
-13.7
-2.0
13.5
16.9
-4.0

-26.1
-11.3
-62.3
-1.6
-20.1
-29.0
101.3
-3.1
-15.6
-5.5
4.4
19.9
-11.1

176.8
1.2
6.7
0.2
2.0
9.8
148.2
8.8
-4.0
0.6
-5.2
-3.6
4.0

166.5
3.9
21.4
0.6
6.8
8.0
117.2
8.7
0.9
1.9
23.1
-48.2
-7.7

88.1
-1.6
-8.6
-0.2
-2.8
0.3
97.7
3.4
-11.8
-0.8
9.8
10.7
13.7

91.1
-0.7
-3.9
-0.1
-1.3
3.9
89.2
4.1
-1.8
-0.3
11.0
-25.5
23.3

32
33
34
35
36
37
38
39
40
41
42
43
44

1997.6
47.6
3.0
-0.4
1573.5
-2.8
1463.9
0.1
112.2
0.0
-17.3
1.1
390.0

2067.5
0.0
0.0
-0.3
1642.1
-3.3
1576.1
0.7
68.7
0.0
44.7
0.9
380.0

1518.1
0.0
0.0
0.0
1059.8
-2.7
1115.0
1.1
-53.6
0.0
47.8
1.3
409.1

1439.3
0.0
0.0
0.0
1147.2
-2.8
1156.0
-0.4
-5.7
0.0
47.1
0.3
244.7

1210.7
0.0
0.0
-0.4
758.6
-3.3
801.7
-0.4
-39.4
0.0
63.1
0.3
389.2

1121.0
0.0
0.0
0.0
787.7
-2.5
796.6
-0.3
-6.1
0.0
56.2
-0.2
277.3

1399.1
0.0
0.0
0.0
1114.0
-5.0
1233.1
1.9
-116.0
0.0
49.4
-0.5
236.2

1579.7
0.0
0.0
0.0
1251.8
-2.5
1183.7
-1.0
71.7
0.0
41.0
0.2
286.6

756.6
0.0
0.0
0.0
332.5
-3.7
301.8
1.3
33.0
0.0
70.3
0.8
353.0

1035.7
0.0
0.0
-1.4
161.8
-3.3
281.5
0.5
-116.9
0.0
64.6
-0.5
811.1

1470.9
0.0
0.0
0.0
1288.2
-3.6
1439.7
-2.4
-145.4
0.0
76.3
0.5
105.8

45
46
47
48
49
50
51
52
53
54
55
56
57

1.0

-53.6

48.3

-118.0

-91.0

-471.8

-82.9

198.9

-519.9

-100.6

57.9

58

-2168.7
436.2
-1732.5

-2218.6
490.7
-1727.9

-2093.9
409.1
-1684.9

-1981.3
593.7
-1387.6

-1580.0
595.4
-984.6

-2000.0
954.5
-1045.5

-1945.3
545.5
-1399.7

-1681.7
294.5
-1387.2

-1455.1
1019.8
-435.3

-1690.3
609.3
-1081.0

-1493.0
458.1
-1034.9

59
60
61

25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44

Supplements

2010

45
46
47
48
49
50
51
52
53
54
55
56
57

Net lending (+) or net borrowing (-)


Net acquisition of financial assets
U.S. official reserve assets
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security repurchase agreements
Credit market instruments
Open market paper
Agency- and GSE-backed securities (3)
Municipal securities
Corporate and foreign bonds
Mortgages
Consumer credit
Other loans and advances (4)
Corporate equities
Mutual fund shares
Trade receivables
Taxes receivable
Miscellaneous assets
Net increase in liabilities
SDR allocations
SDR certificates
Treasury currency
Credit market instruments
Savings bonds
Treasury bills and other Treasury securities (4)
Budget agency securities
Municipal securities
Multifamily residential mortgages
Trade payables
Insurance reserves
Miscellaneous liabilities (5)

58

Discrepancy

59
60
61

Memo:
Net govt. saving less fixed investment (6)
Adjustment between NIPA and FOF (7)
Items to be financed (8)

(1) 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.
(2) Table F.9, line 60 less line 12.
(3) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government.
(4) Excludes transactions with state and local governments.
(5) Includes 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) Line 17 less line 24.
(7) Line 18 less the sum of lines 19, 20, 21, 25, and 59.
(8) Line 60 plus line 61.

123

Z.1, March 6, 2014

L.105.c Consolidated Statement for Federal, State, and Local Governments


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

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

Open market paper


Agency- and GSE-backed securities (1)
Municipal securities
Corporate and foreign bonds
Mortgages
Consumer credit
Other loans and advances (2)

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

3452.5

3756.5

3538.8

3611.7

3893.0

3618.8

3611.7

3664.0

3757.3

3769.7

3893.0

94.6
292.7
250.1
135.6
125.5

95.4
446.7
243.2
149.3
124.2

103.9
205.6
257.4
149.2
117.6

102.8
209.6
291.8
140.4
110.7

96.4
287.9
312.3
141.5
111.6

104.7
194.9
284.4
145.0
114.4

102.8
209.6
291.8
140.4
110.7

99.0
194.5
296.8
140.9
111.1

98.2
247.9
298.2
142.5
112.4

99.2
204.8
305.8
141.8
111.8

96.4
287.9
312.3
141.5
111.6

2
3
4
5
6

1629.2

1769.7

1756.1

1804.0

1934.7

1815.7

1804.0

1854.0

1881.3

1917.8

1934.7

88.5
684.6
11.4
156.7
300.6
223.1
164.3

101.4
659.8
12.8
164.4
308.0
356.2
167.0

90.6
528.9
12.9
160.3
307.6
484.7
171.0

85.3
468.5
12.1
150.8
297.6
616.8
173.1

86.0
472.3
12.2
151.9
303.1
729.8
179.3

88.1
484.0
12.5
155.8
304.8
596.6
173.8

85.3
468.5
12.1
150.8
297.6
616.8
173.1

85.6
470.1
12.1
151.3
300.0
659.5
175.3

86.6
475.5
12.3
152.9
302.0
674.6
177.4

86.2
473.3
12.2
152.2
302.1
713.5
178.3

86.0
472.3
12.2
151.9
303.1
729.8
179.3

8
9
10
11
12
13
14

15
16

Corporate equities
Mutual fund shares

178.8
48.3

175.7
58.2

180.5
58.0

169.4
61.5

187.8
73.5

173.6
63.1

169.4
61.5

176.8
66.0

178.9
67.4

180.5
69.6

187.8
73.5

15
16

17
18
19

Trade receivables
Taxes receivable
Miscellaneous assets

182.8
250.9
264.0

195.1
262.1
237.0

202.2
272.8
235.6

213.1
279.4
229.0

222.8
287.3
237.3

213.6
277.4
231.8

213.1
279.4
229.0

213.7
281.3
230.0

219.2
283.4
228.1

221.3
285.5
231.5

222.8
287.3
237.3

17
18
19

15136.5

17252.6

18735.4

19888.2

20435.8

19502.2

19888.2

20091.3

20141.9

20263.3

20435.8

20

55.4
5.2
26.2

54.4
5.2
25.9

54.2
5.2
25.9

54.3
5.2
25.9

54.4
5.2
25.6

54.5
5.2
25.9

54.3
5.2
25.9

52.9
5.2
25.9

53.1
5.2
25.9

54.2
5.2
25.6

54.4
5.2
25.6

21
22
23

10176.2
191.3
7006.5
23.5
2954.9
0.0

11818.3
188.0
8582.6
24.2
3023.6
0.0

12878.2
185.3
9697.6
25.3
2970.0
0.0

14025.4
182.5
10853.6
24.9
2964.3
0.0

14783.9
179.2
11655.3
24.5
2924.9
0.0

13708.6
183.7
10530.9
24.4
2969.7
0.0

14025.4
182.5
10853.6
24.9
2964.3
0.0

14379.7
181.8
11194.5
24.6
2978.9
0.0

14352.7
181.0
11176.4
25.0
2970.4
0.0

14420.8
180.0
11278.7
25.1
2937.0
0.0

14783.9
179.2
11655.3
24.5
2924.9
0.0

24
25
26
27
28
29

835.1
47.5
3990.9

879.9
48.4
4420.5

927.7
49.7
4794.5

974.8
50.0
4752.7

1037.7
50.3
4478.8

970.7
50.1
4687.1

974.8
50.0
4752.7

993.9
50.1
4583.5

1012.2
50.2
4642.5

1026.5
50.1
4680.9

1037.7
50.3
4478.8

30
31
32

20

Total liabilities

21
22
23

SDR allocations
SDR certificates
Treasury currency

24
25
26
27
28
29

Credit market instruments


Savings bonds
Treasury bills and other Treasury securities (3)
Budget agency securities
Municipal securities
Multifamily residential mortgages

30
31
32

Trade payables
Insurance reserves
Miscellaneous liabilities (4)

Supplements

(1) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government.
(2) Excludes loans to state and local governments.
(3) Excludes Treasury securities owed to state and local governments.
(4) Includes 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.

124

Z.1, March 6, 2014

F.115.g Life Insurance Companies: General Accounts


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

Net acquisition of financial assets

92.1

126.9

176.4

56.5

67.3

108.6

83.8

71.5

31.7

80.7

85.2

2
3
4

Checkable deposits and currency


Money market fund shares
Security repurchase agreements

-27.4
-5.5
2.2

-2.0
-12.7
0.7

3.0
7.9
-0.8

1.4
-1.4
-1.6

1.0
-4.0
-2.3

-10.2
-2.4
-0.3

6.1
-1.1
0.1

4.5
2.1
0.9

-38.7
-31.6
-13.2

36.2
14.7
4.0

1.8
-1.0
-0.7

2
3
4

Credit market instruments

139.0

111.7

122.4

34.1

68.6

118.7

60.9

47.4

73.7

48.7

104.5

15.5
26.1
2.7

-12.0
15.2
-5.6

-12.6
10.3
-1.5

15.9
-0.0
-5.2

-7.3
2.1
3.8

9.2
5.3
5.5

36.5
1.3
-4.9

-20.6
-0.2
7.5

-9.6
2.1
7.3

2.8
5.5
1.7

-1.9
0.9
-1.1

6
7
8

25.9
93.4
-12.6
-12.0

39.5
83.4
-0.2
-8.6

9.2
93.3
7.9
15.8

8.9
-0.5
1.9
13.1

3.2
49.0
3.0
14.8

13.6
74.8
4.8
5.5

9.3
0.2
6.8
11.8

3.4
57.7
-3.4
2.9

3.4
49.3
6.8
14.4

0.8
10.1
3.5
24.3

5.2
78.9
4.9
17.7

9
10
11
12

1.5
-0.1

4.0
-0.1

0.3
0.7

-2.5
0.2

-5.3
-0.2

4.2
-0.5

2.0
0.0

-9.3
-0.7

6.5
-0.1

-15.6
0.0

-2.7
0.0

13
14

-17.6

25.3

43.0

26.3

9.4

-0.8

15.8

26.7

35.1

-7.4

-16.6

15

12.4

91.2

151.2

17.8

52.5

102.6

19.6

46.8

38.2

89.0

35.8

16

-0.5
-0.9
-6.6

-2.2
-4.8
-3.2

0.1
-11.5
1.8

3.1
-9.9
4.8

-0.8
-8.0
5.4

4.0
-7.6
-0.2

3.4
-8.6
-3.0

0.5
-6.6
5.2

0.6
-9.7
6.5

-1.8
-8.5
-2.9

-2.5
-7.1
12.9

17
18
19

36.8
-89.7
-7.0
80.3

32.0
41.7
2.6
25.2

73.0
28.8
5.2
53.8

-6.2
2.0
-4.6
28.7

22.4
20.6
-2.3
15.1

14.3
16.8
0.9
74.4

19.3
23.5
-18.5
3.6

10.1
12.3
-0.6
26.0

26.5
13.5
-6.7
7.6

44.3
45.5
0.0
12.4

8.9
11.1
-1.8
14.4

20
21
22
23

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

Miscellaneous assets

16

Net increase in liabilities

17
18
19

Security repurchase agreements


Corporate equity issues
Other loans and advances

20
21
22
23

Life insurance reserves


Pension entitlements (1)
Taxes payable (net)
Miscellaneous liabilities

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

F.115.s Life Insurance Companies: Separate Accounts


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

Net acquisition of financial assets

24.3

54.6

52.6

70.5

15.6

103.3

162.6

-27.4

-29.5

73.0

46.4

Checkable deposits and currency

-4.7

3.0

-0.9

1.3

0.6

0.0

5.3

0.6

0.6

0.6

0.6

Credit market instruments

4
5
6

Supplements

7
8
9
10

0.8

39.9

3.0

26.9

0.1

29.1

27.2

0.4

0.4

0.4

-1.0

Open market paper


Treasury securities
Agency- and GSE-backed securities

-4.0
1.6
3.1

3.1
8.0
9.6

1.4
8.5
-0.0

-2.0
4.2
-8.5

-1.0
1.6
-1.7

-2.0
4.2
-8.4

-2.0
4.4
-8.2

-1.0
1.6
-1.7

-1.0
1.6
-1.7

-1.0
1.6
-1.7

-1.0
1.6
-1.7

4
5
6

Municipal securities
Corporate and foreign bonds
Other loans and advances
Mortgages

0.2
4.2
-0.0
-4.3

-0.3
19.5
-0.0
-0.0

0.2
-6.2
-0.0
-0.8

0.7
33.8
-0.1
-1.1

0.5
0.8
-0.4
0.2

0.7
34.6
0.0
0.0

0.7
37.4
-0.6
-4.5

0.5
0.8
0.0
0.2

0.5
0.8
0.0
0.2

0.5
0.8
0.0
0.2

0.5
0.8
-1.5
0.2

7
8
9
10

11
12

Corporate equities
Mutual fund shares

31.9
0.1

41.6
1.1

37.5
0.4

17.7
1.1

34.6
1.5

15.8
1.8

16.5
1.3

28.0
2.0

54.4
1.4

28.6
1.4

27.2
1.4

11
12

13

Miscellaneous assets

-3.8

-31.0

12.7

23.4

-21.2

56.5

112.3

-58.4

-86.4

42.0

18.3

13

14

Net increase in liabilities

19.8

53.8

52.5

72.7

16.6

104.0

168.5

-25.1

-29.9

73.7

47.6

14

15
16
17

Life insurance reserves


Pension entitlements (1)
Miscellaneous liabilities

-10.5
44.0
-13.6

-18.4
51.3
20.8

6.9
49.2
-3.5

-5.9
69.1
9.5

-5.1
15.6
6.1

-2.8
89.1
17.7

5.8
148.3
14.4

-19.9
-11.5
6.3

-3.7
-23.9
-2.4

7.4
49.4
16.9

-4.3
48.3
3.7

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 25).

125

Z.1, March 6, 2014

L.115.g Life Insurance Companies: General Accounts


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

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

Miscellaneous assets

16

Total liabilities

17
18

Security repurchase agreements


Other loans and advances

19
20
21
22

Life insurance reserves


Pension entitlements (1)
Taxes payable (net)
Miscellaneous liabilities

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

3208.3

3335.5

3512.5

3570.3

3649.6

3555.1

3570.3

3591.0

3599.7

3630.2

3649.6

34.4
33.7
10.2

32.4
21.0
10.9

35.3
28.8
10.1

36.7
27.5
8.5

37.7
23.5
6.2

35.2
27.8
8.5

36.7
27.5
8.5

37.8
28.0
8.7

28.1
20.1
5.4

37.2
23.8
6.4

37.7
23.5
6.2

2
3
4

2775.3

2887.0

3009.3

3043.4

3112.0

3032.9

3043.4

3054.8

3075.1

3091.4

3112.0

33.2
113.7
289.2

21.2
128.9
283.5

8.6
139.2
282.0

24.5
139.2
276.8

17.2
141.3
280.6

19.1
138.9
278.0

24.5
139.2
276.8

19.8
139.1
278.6

18.9
139.7
280.5

22.1
141.1
280.9

17.2
141.3
280.6

6
7
8

68.8
1814.3
140.4
315.7

108.3
1897.7
140.2
307.1

117.5
1991.0
148.1
322.9

126.4
1990.5
150.0
336.0

129.6
2039.6
153.0
350.8

124.1
1990.5
148.4
333.9

126.4
1990.5
150.0
336.0

127.3
2005.0
149.2
335.7

128.1
2017.3
150.9
339.7

128.3
2019.8
151.8
347.4

129.6
2039.6
153.0
350.8

9
10
11
12

70.3
2.4

74.3
2.6

75.3
3.1

74.0
3.4

80.3
3.7

74.1
3.4

74.0
3.4

75.2
3.4

76.0
3.4

77.3
3.5

80.3
3.7

13
14

282.1

307.4

350.5

376.8

386.2

373.3

376.8

383.1

391.6

390.7

386.2

15

2911.6

3007.6

3170.3

3198.0

3258.5

3191.0

3198.0

3211.4

3223.4

3247.8

3258.5

16

12.4
48.3

10.3
45.1

10.4
46.8

13.5
51.6

12.7
57.0

12.7
52.4

13.5
51.6

13.7
52.9

13.8
54.5

13.4
53.8

12.7
57.0

17
18

969.5
1167.0
-31.4
745.7

1001.5
1208.7
-28.8
771.0

1074.5
1237.4
-23.6
824.8

1068.3
1239.4
-28.3
853.5

1090.7
1260.0
-30.5
868.6

1063.4
1233.6
-23.6
852.6

1068.3
1239.4
-28.3
853.5

1070.8
1242.5
-28.4
860.0

1077.4
1245.9
-30.1
861.9

1088.5
1257.3
-30.1
865.0

1090.7
1260.0
-30.5
868.6

19
20
21
22

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

L.115.s Life Insurance Companies: Separate Accounts

Total financial assets

Checkable deposits and currency

Credit market instruments

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
15
16
17

Total liabilities
Life insurance reserves
Pension entitlements (1)
Miscellaneous liabilities

1615.6

1832.4

1827.6

2044.4

2385.6

2006.7

2044.4

2147.5

2150.9

2226.6

2385.6

16.3

19.3

18.4

19.7

20.3

18.4

19.7

19.8

20.0

20.1

20.3

247.4

287.3

290.2

317.1

317.2

310.3

317.1

317.2

317.4

317.5

317.2

16.6
19.8
82.8

19.7
27.7
92.4

21.1
36.2
92.4

19.1
40.4
83.8

18.1
42.0
82.2

19.6
39.3
85.9

19.1
40.4
83.8

18.8
40.8
83.4

18.6
41.2
83.0

18.3
41.6
82.6

18.1
42.0
82.2

4
5
6

4.3
112.9
0.6
10.4

4.0
132.5
0.5
10.3

4.3
126.2
0.5
9.6

4.9
160.1
0.4
8.5

5.5
160.9
0.0
8.7

4.8
150.7
0.5
9.6

4.9
160.1
0.4
8.5

5.1
160.3
0.4
8.5

5.2
160.5
0.4
8.6

5.3
160.7
0.4
8.6

5.5
160.9
0.0
8.7

7
8
9
10

1138.1
138.4

1328.2
153.1

1314.9
147.0

1471.0
155.9

1807.8
180.9

1469.6
155.9

1471.0
155.9

1580.2
164.2

1603.8
165.4

1661.8
172.4

1807.8
180.9

11
12

75.5

44.5

57.2

80.6

59.4

52.5

80.6

66.0

44.4

54.9

59.4

13

1620.7

1836.6

1831.9

2050.8

2393.0

2011.6

2050.8

2154.5

2157.8

2233.7

2393.0

14

225.0
1183.4
212.2

228.4
1359.9
248.4

227.8
1364.3
239.8

240.7
1547.3
262.7

275.0
1824.8
293.2

239.7
1512.6
259.4

240.7
1547.3
262.7

249.2
1630.9
274.4

249.6
1633.5
274.8

258.4
1691.1
284.3

275.0
1824.8
293.2

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 25).

Supplements

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

126

Z.1, March 6, 2014

F.117.b Private Pension Funds: Defined Benefit Plans


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

Net acquisition of 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

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

57.3

53.3

50.9

50.7

50.7

51.0

50.7

50.7

50.7

50.7

50.7

-2.6
3.4
0.4
0.2

2.7
-0.2
-5.1
-0.2

1.8
1.2
-0.3
0.0

-0.4
-1.3
-1.5
-0.1

-0.3
-0.9
-0.9
-0.1

-0.3
-0.9
-1.0
-0.1

-0.5
-1.7
-2.0
-0.2

-0.1
-0.2
-0.2
-0.0

-0.4
-1.4
-1.6
-0.1

-0.7
-2.0
-2.1
-0.2

0.1
0.1
0.2
0.0

2
3
4
5

4.1

71.7

78.0

3.4

32.9

-5.2

-16.5

11.1

38.0

40.7

41.7

3.2
12.7
-6.6
-3.3
-2.0

-1.0
7.4
2.7
61.4
1.2

1.1
19.3
14.3
45.8
-2.4

-1.4
27.1
12.5
-32.9
-1.9

-4.2
25.9
9.3
4.1
-2.2

-0.9
24.4
4.7
-31.6
-1.7

-1.8
19.5
8.6
-41.0
-1.9

-0.2
36.5
7.5
-30.7
-2.0

-1.5
31.1
9.2
1.4
-2.2

-8.0
19.0
9.9
22.0
-2.2

-7.3
16.8
10.7
23.7
-2.3

7
8
9
10
11

12
13

Corporate equities
Mutual fund shares

-41.8
-8.0

-4.1
-10.8

-65.4
12.5

2.0
0.8

-25.5
-10.3

25.7
9.9

-15.9
-6.1

-12.8
11.0

-24.2
-9.4

-27.3
-10.6

-37.8
-32.4

12
13

14
15
16
17
18

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

101.7
-2.4
-5.3
82.7
26.8

-0.4
-8.2
13.4
-14.9
9.3

23.1
12.7
1.7
-12.5
21.2

47.9
1.1
-1.3
50.1
-2.0

55.8
-0.6
-1.2
54.9
2.7

22.8
2.3
-0.5
14.7
6.4

93.6
1.9
-2.4
99.4
-5.3

41.9
0.5
0.5
49.0
-8.0

49.8
-0.5
-0.1
36.4
14.1

52.8
1.3
-0.9
50.3
2.1

78.9
-3.7
-4.3
84.1
2.7

14
15
16
17
18

57.3

53.4

50.8

50.7

50.7

51.0

50.7

50.7

50.7

50.7

50.7

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 (e.g., GICs, variable annuities); series begins 1985:Q4.
(3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.
(4) Actuarial value of accrued defined benefit pension entitlements.

F.117.c Private Pension Funds: Defined Contribution Plans (1)


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

Net acquisition of financial assets

99.3

126.7

36.2

76.3

90.0

79.5

65.4

56.2

127.9

87.6

88.3

2
3
4
5

Checkable deposits and currency


Time and savings deposits
Money market fund shares
Security repurchase agreements

-0.3
-0.6
-9.1
0.0

-0.5
-0.7
-5.0
0.0

4.0
0.2
17.2
0.0

0.1
-0.5
-2.4
0.0

-0.3
0.3
-0.6
0.0

-0.2
-0.2
-1.4
0.8

1.8
-0.1
-2.9
-0.8

-0.0
0.2
-0.1
0.0

2.2
-0.2
-0.4
0.0

-0.8
1.2
-3.8
0.0

-2.4
0.2
2.0
0.0

2
3
4
5

Credit market instruments

8.6

51.5

-4.8

9.6

11.9

1.7

9.5

17.5

32.0

3.5

-5.4

-2.2
22.2
0.2
-11.2
-0.4

-1.7
25.9
3.8
22.0
1.6

1.1
8.5
-11.0
-1.2
-2.2

-1.0
20.9
4.7
-14.4
-0.7

0.2
14.3
4.3
-6.3
-0.7

-6.9
23.6
2.9
-17.2
-0.7

-0.9
13.3
7.3
-9.7
-0.6

2.1
23.6
1.8
-9.3
-0.7

-1.2
20.6
7.1
6.1
-0.7

1.2
8.5
3.7
-9.2
-0.8

-1.3
4.4
4.8
-12.7
-0.5

7
8
9
10
11

-53.6
64.5

29.3
45.9

1.6
-11.0

9.6
54.2

30.0
37.3

11.8
48.9

9.0
22.7

27.4
27.8

39.0
36.1

21.3
54.0

32.5
31.3

12
13

89.7
82.5
-3.1
10.3

6.3
1.2
2.1
3.0

29.1
5.0
1.3
22.9

5.7
6.4
-0.6
-0.2

11.3
4.9
0.3
6.2

18.0
10.9
-0.1
7.3

26.3
17.1
-0.1
9.3

-16.6
1.2
0.4
-18.2

19.3
0.2
0.5
18.6

12.2
12.4
-0.2
0.1

30.3
5.7
0.4
24.3

14
15
16
17

99.3

126.7

36.2

76.3

90.0

79.5

65.4

56.2

127.9

87.6

88.3

18

Supplements

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

Net increase in pension entitlements (liabilities)

(1) Includes 401(k) type plans.


(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

F.226.i Individual Retirement Accounts (IRAs) (1)


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

Total held at:


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

136.5

51.8

-26.6

94.2

ND

149.7

322.8

-436.7

-148.5

192.6

ND

30.7
8.7
-13.4
-41.0
149.7
1.8

26.6
3.0
17.4
-25.0
123.4
-93.6

20.3
1.2
13.2
9.0
44.0
-114.4

24.4
1.4
8.2
7.0
85.4
-32.2

ND
ND
ND
ND
ND
ND

26.3
1.8
11.0
16.0
145.0
-50.4

32.0
-1.8
29.5
32.0
-6.0
237.0

-15.4
0.1
-12.9
-24.0
161.5
-546.1

38.4
0.1
-5.2
56.0
-39.1
-198.8

2.3
-0.1
-0.6
24.0
97.0
69.9

ND
ND
ND
ND
ND
ND

2
3
4
5
6
7

(1) Assets of the household sector (F.100). IRA assets are not included in pension entitlements (table F.226), except for those at life insurance companies. Figures for depositories (lines 2 and 3)
include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 4) and are excluded from the mutual fund sector (line 6) and from the money market fund sector (line 5).

127

Z.1, March 6, 2014

L.117.b Private Pension Funds: Defined Benefit Plans


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

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

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

2626.3

2835.7

2916.6

3017.8

3068.5

2992.5

3017.8

3030.5

3043.2

3055.8

3068.5

5.0
27.7
39.8
2.9

7.7
27.5
34.7
2.7

9.5
28.7
34.3
2.7

9.1
27.4
32.8
2.6

8.8
26.6
31.9
2.5

9.2
27.8
33.3
2.6

9.1
27.4
32.8
2.6

9.0
27.4
32.7
2.6

8.9
27.0
32.3
2.6

8.8
26.5
31.8
2.5

8.8
26.6
31.9
2.5

2
3
4
5

543.5

615.1

693.2

696.6

729.4

700.7

696.6

699.3

708.8

719.0

729.4

31.2
112.1
116.3
266.9
17.0

30.2
119.4
119.0
328.3
18.2

31.3
138.8
133.3
374.1
15.8

29.9
165.8
145.8
341.2
13.9

25.6
191.7
155.1
345.3
11.8

30.3
161.0
143.6
351.4
14.4

29.9
165.8
145.8
341.2
13.9

29.8
175.0
147.7
333.5
13.4

29.5
182.7
149.9
333.8
12.9

27.5
187.5
152.4
339.3
12.3

25.6
191.7
155.1
345.3
11.8

7
8
9
10
11

12
13

Corporate equities
Mutual fund shares

863.8
322.9

1010.7
349.8

929.5
356.6

1035.6
397.3

1227.7
471.0

1050.1
402.9

1035.6
397.3

1104.9
427.9

1115.4
432.0

1167.1
452.0

1227.7
471.0

12
13

14
15
16
17
18

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

820.6
57.8
49.8
497.6
215.5

787.5
53.0
63.1
446.5
224.8

862.0
64.5
64.8
486.6
246.0

816.5
68.8
63.5
440.2
244.0

570.6
74.0
62.3
187.7
246.7

765.9
68.4
64.1
388.1
245.3

816.5
68.8
63.5
440.2
244.0

726.6
71.3
63.6
349.7
242.0

716.1
71.4
63.5
335.6
245.5

648.0
73.0
63.3
265.7
246.0

570.6
74.0
62.3
187.7
246.7

14
15
16
17
18

2662.7

2872.2

2953.1

3054.3

3105.0

3029.0

3054.3

3067.0

3079.7

3092.4

3105.0

19

19

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 (e.g., GICs, variable annuities); series begins 1985:Q4.
(3) Unfunded defined benefit pension entitlements. Negative values indicate overfunding.
(4) Actuarial value of accrued defined benefit pension entitlements.

L.117.c Private Pension Funds: Defined Contribution Plans (1)

Total financial assets

3310.5

3748.5

3720.4

4100.1

4897.7

4095.0

4100.1

4384.9

4472.4

4662.3

4897.7

2
3
4
5

Checkable deposits and currency


Time and savings deposits
Money market fund shares
Security repurchase agreements

5.4
5.3
107.6
0.0

4.8
4.6
102.6
0.0

8.8
4.7
119.8
0.0

8.9
4.2
117.4
0.0

8.7
4.5
116.8
0.0

8.5
4.2
118.1
0.2

8.9
4.2
117.4
0.0

8.9
4.3
117.4
0.0

9.5
4.2
117.3
0.0

9.3
4.5
116.3
0.0

8.7
4.5
116.8
0.0

2
3
4
5

Credit market instruments

252.0

303.5

298.6

308.2

320.1

305.8

308.2

312.6

320.6

321.4

320.1

14.1
70.3
67.7
93.2
6.7

12.4
96.2
71.4
115.1
8.4

13.5
104.7
60.4
114.0
6.1

12.4
125.6
65.1
99.6
5.5

12.7
139.8
69.5
93.3
4.8

12.7
122.2
63.3
102.0
5.6

12.4
125.6
65.1
99.6
5.5

13.0
131.5
65.6
97.3
5.3

12.7
136.6
67.4
98.8
5.1

13.0
138.8
68.3
96.5
4.9

12.7
139.8
69.5
93.3
4.8

7
8
9
10
11

783.3
1504.7

927.6
1734.9

896.6
1696.1

1006.2
1943.6

1256.4
2449.7

1007.2
1945.7

1006.2
1943.6

1101.2
2125.4

1123.2
2177.0

1179.3
2303.7

1256.4
2449.7

12
13

652.3
327.6
25.8
298.9

670.4
340.6
27.9
301.9

695.7
341.7
29.2
324.7

711.5
358.3
28.6
324.6

741.5
381.9
28.9
330.8

705.2
354.3
28.6
322.3

711.5
358.3
28.6
324.6

715.1
366.4
28.7
320.0

720.7
367.2
28.8
324.7

727.8
374.3
28.8
324.7

741.5
381.9
28.9
330.8

14
15
16
17

3310.5

3748.5

3720.4

4100.1

4897.7

4095.0

4100.1

4384.9

4472.4

4662.3

4897.7

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) type plans.


(2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4.

Supplements

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

L.226.i Individual Retirement Accounts (IRAs) (1)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1
2
3
4
5
6
7

Total held at:


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

4488.0

5029.0

5001.0

5561.0

ND

5495.0

5561.0

5842.0

5894.0

6164.0

ND

356.7
74.2
398.0
230.0
1669.0
1760.1

383.3
77.2
434.0
205.0
1935.0
1994.5

403.6
78.4
441.0
214.0
1898.0
1965.9

428.0
79.9
468.0
221.0
2155.0
2209.1

ND
ND
ND
ND
ND
ND

420.0
80.3
461.0
213.0
2136.0
2184.7

428.0
79.9
468.0
221.0
2155.0
2209.1

424.2
79.9
479.0
215.0
2303.0
2341.0

433.8
79.9
479.0
229.0
2312.0
2360.3

434.4
79.9
488.0
235.0
2441.0
2485.8

ND
ND
ND
ND
ND
ND

2
3
4
5
6
7

(1) Assets of the household sector (L.100), shown at market value. IRA assets are not included in pension entitlements (table L.226), except for those at life insurance companies. Figures for depositories
(lines 2 and 3) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 4) and are excluded from the mutual fund sector (line 6) and from the money market fund sector (line 5).

128

Z.1, March 6, 2014

F.127.e Equity Real Estate Investment Trusts (REITs)


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2009

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

Net acquisition of financial assets

4.8

9.9

11.7

15.6

8.6

23.4

30.2

-2.4

17.0

25.7

-5.9

Checkable deposits and currency

5.7

-0.8

-1.7

4.2

7.4

4.9

7.7

-1.8

6.3

19.5

5.6

Credit market instruments

1.1

2.8

3.1

3.7

-3.9

3.9

11.0

-11.2

0.6

0.1

-5.2

Corporate and foreign bonds

5
6
7
8

Mortgages
Home
Multifamily residential
Commercial

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

0.7

0.4

-0.3

0.9

-1.6

0.1

2.3

-3.8

-0.5

-0.7

-1.4

0.4
0.0
-0.2
0.6

2.4
0.0
0.0
2.4

3.4
0.1
-0.0
3.4

2.9
0.0
0.1
2.8

-2.3
-0.0
0.1
-2.4

3.9
0.0
0.2
3.7

8.8
0.0
0.1
8.6

-7.4
0.0
-0.2
-7.2

1.1
0.0
0.8
0.3

0.8
-0.0
-0.1
0.9

-3.8
-0.1
-0.1
-3.7

5
6
7
8

-2.0

7.9

10.3

7.7

5.1

14.5

11.4

10.6

10.0

6.1

-6.3

-30.8

16.7

37.6

41.8

6.4

45.6

71.3

1.4

-6.9

70.0

-38.7

10

-17.7

4.6

32.4

42.9

13.3

33.6

68.0

8.2

-4.0

59.5

-10.6

11

-11.4
-9.7

6.3
-2.0

18.2
5.1

26.0
1.3

12.3
3.3

24.0
-2.5

38.8
14.3

5.5
-19.4

7.9
4.4

36.8
22.1

-1.2
6.1

12
13

3.4
1.8
1.6

0.2
0.8
-0.6

9.1
-0.1
9.2

15.6
-1.1
16.7

-2.3
2.0
-4.3

12.2
-0.7
12.8

14.9
0.7
14.2

22.1
18.9
3.2

-16.4
-3.5
-12.9

0.6
1.0
-0.4

-15.4
-8.4
-7.1

14
15
16

-13.0

12.1

5.2

-1.1

-6.8

11.9

3.3

-6.8

-2.9

10.5

-28.1

17

142.1

-55.8

277.3

-60.4

29.8

-43.6

-165.4

-44.2

F.127.m Mortgage Real Estate Investment Trusts (REITs)


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

Net acquisition of 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

Supplements

11

Miscellaneous assets
Net increase in 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

-14.1

31.9

106.6

2.1

-2.0

3.7

3.3

0.5

10.1

-6.2

25.1

-17.9

-6.0

0.7

-9.7

34.4

99.8

124.0

-56.1

247.7

-70.3

-17.6

-62.0

-74.1

-70.6

15.5
3.1

38.2
4.9

101.4
1.6

111.5
9.2

-76.2
5.8

232.5
12.1

-77.1
4.0

-50.9
23.6

-71.9
-1.4

-93.2
-0.0

-88.6
1.2

4
5

-28.4
-21.7
-1.8
-4.8

-8.7
-3.7
-0.4
-4.6

-3.2
-0.8
-0.2
-2.3

3.3
5.5
0.0
-2.2

14.3
8.0
0.6
5.6

3.1
2.3
-0.2
0.9

2.8
5.4
0.2
-2.8

9.8
7.2
1.4
1.2

11.4
4.3
1.7
5.3

19.2
11.1
-0.4
8.6

16.8
9.5
-0.2
7.5

6
7
8
9

-6.5

-0.5

3.0

14.8

-0.3

19.5

16.1

22.2

36.3

-85.3

25.7

10

-22.0

26.2

93.9

121.5

-42.9

235.5

-60.6

6.6

-27.0

-162.3

11.1

11

11.1

30.0

94.9

103.4

-37.7

163.2

-4.8

7.5

-49.1

-96.4

-12.9

12

-32.3

-6.7

-4.2

-0.0

8.4

-6.3

-7.6

8.7

17.2

3.1

4.7

13

0.0
-29.8
-2.5

0.0
-6.4
-0.3

0.0
-2.8
-1.4

0.0
0.1
-0.1

0.0
6.6
1.9

0.0
-5.3
-1.0

0.0
-8.1
0.5

0.0
2.2
6.5

0.0
17.7
-0.5

0.0
0.0
3.1

0.0
6.3
-1.6

14
15
16

-0.8

2.8

3.2

18.1

-13.6

78.6

-48.2

-9.6

5.0

-69.0

19.3

17

-25.3
0.0
-25.7
-0.0
0.4

0.4
0.0
1.1
-0.0
-0.7

-3.1
0.0
-0.7
-0.0
-2.3

-4.6
0.0
3.6
-0.0
-8.1

3.2
0.0
2.5
0.0
0.8

8.7
0.0
8.8
0.0
-0.1

-7.9
0.0
2.6
-0.0
-10.5

3.0
0.0
1.7
0.1
1.2

8.2
0.0
8.2
-0.0
0.0

1.7
0.0
-0.0
-0.0
1.7

-0.0
0.0
-0.0
-0.1
0.1

18
19
20
21
22

129

Z.1, March 6, 2014

L.127.e Equity Real Estate Investment Trusts (REITs)


Billions of dollars; amounts outstanding end of period, not seasonally adjusted
2009

Total financial assets

2010

2011

2012

2013

2012

2013

Q3

Q4

Q1

Q2

Q3

Q4

70.2

80.1

91.8

107.4

116.0

99.9

107.4

106.8

111.1

117.5

116.0

Checkable deposits and currency

18.8

18.0

16.4

20.6

28.0

18.7

20.6

20.1

21.7

26.6

28.0

Credit market instruments

15.5

18.2

21.3

25.0

21.1

22.3

25.0

22.2

22.4

22.4

21.1

Corporate and foreign bonds

5
6
7
8

Mortgages
Home
Multifamily residential
Commercial

9
10
11

Miscellaneous assets
Total liabilities
Credit market instruments

12
13

Corporate bonds
Depository institution loans n.e.c.

14
15
16

Mortgages
Multifamily residential
Commercial

17

Miscellaneous liabilities

3.6

4.0

3.7

4.5

2.9

4.0

4.5

3.6

3.4

3.3

2.9

11.8
0.1
0.3
11.5

14.2
0.1
0.3
13.8

17.6
0.2
0.3
17.2

20.5
0.2
0.4
20.0

18.2
0.2
0.5
17.6

18.3
0.2
0.3
17.8

20.5
0.2
0.4
20.0

18.6
0.2
0.3
18.2

18.9
0.2
0.5
18.2

19.1
0.2
0.5
18.5

18.2
0.2
0.5
17.6

5
6
7
8

35.9

43.8

54.1

61.8

66.9

59.0

61.8

64.5

67.0

68.5

66.9

313.5

330.2

367.8

409.6

416.0

391.7

409.6

409.9

408.2

425.7

416.0

10

276.4

281.0

313.3

356.2

369.5

339.2

356.2

358.3

357.3

372.2

369.5

11

91.2
18.3

97.5
16.4

115.7
21.4

141.8
22.7

154.0
26.0

132.1
19.1

141.8
22.7

143.1
17.9

145.1
19.0

154.3
24.5

154.0
26.0

12
13

166.9
26.8
140.1

167.1
27.7
139.4

176.2
27.6
148.6

191.8
26.5
165.3

189.5
28.5
161.0

188.0
26.3
161.8

191.8
26.5
165.3

197.3
31.2
166.1

193.2
30.3
162.9

193.4
30.6
162.8

189.5
28.5
161.0

14
15
16

37.1

49.2

54.5

53.3

46.5

52.5

53.3

51.6

50.9

53.5

46.5

17

451.6

410.0

466.7

451.6

459.1

448.2

421.0

410.0

L.127.m Mortgage Real Estate Investment Trusts (REITs)

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

202.9

309.5

7.5

5.5

9.2

12.5

13.0

14.1

12.5

18.8

14.3

12.8

13.0

153.4

187.8

287.6

411.6

366.6

429.2

411.6

407.2

391.7

384.3

366.6

105.1
11.9

143.3
16.8

244.7
18.4

356.2
27.7

280.0
33.5

375.4
26.7

356.2
27.7

343.4
33.6

325.5
33.2

302.2
33.2

280.0
33.5

4
5

36.4
12.5
2.0
22.0

27.7
8.8
1.6
17.3

24.5
8.0
1.4
15.1

27.8
13.4
1.5
12.9

53.1
32.5
2.1
18.5

27.1
12.1
1.4
13.6

27.8
13.4
1.5
12.9

30.2
15.2
1.8
13.2

33.1
16.3
2.3
14.5

48.9
30.1
2.2
16.6

53.1
32.5
2.1
18.5

6
7
8
9

10.2

9.6

12.7

27.5

30.4

23.5

27.5

33.0

42.1

24.0

30.4

10

145.3

171.5

265.4

386.9

345.0

402.0

386.9

388.5

381.8

342.2

345.0

11

12

Security repurchase agreements

90.4

120.5

215.4

318.7

281.0

319.9

318.7

320.6

308.3

284.2

281.0

12

13

Credit market instruments

41.0

34.3

30.1

30.1

38.5

32.0

30.1

32.3

36.6

37.3

38.5

13

0.0
38.6
2.4

0.0
32.2
2.1

0.0
29.4
0.7

0.0
29.4
0.6

0.0
36.0
2.5

0.0
31.5
0.5

0.0
29.4
0.6

0.0
30.0
2.3

0.0
34.4
2.1

0.0
34.4
2.9

0.0
36.0
2.5

14
15
16

13.9

16.7

20.0

38.1

25.5

50.1

38.1

35.7

36.9

20.7

25.5

17

20.1
0.0
6.1
0.4
13.7

20.5
0.0
7.2
0.4
13.0

17.4
0.0
6.5
0.3
10.7

12.9
0.0
10.0
0.3
2.5

16.1
0.0
12.5
0.3
3.3

14.9
0.0
9.4
0.3
5.2

12.9
0.0
10.0
0.3
2.5

13.6
0.0
10.5
0.3
2.8

15.7
0.0
12.5
0.3
2.8

16.1
0.0
12.5
0.3
3.3

16.1
0.0
12.5
0.3
3.3

18
19
20
21
22

14
15
16
17

18
19
20
21
22

Total liabilities

171.0

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

Supplements

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

130

Z.1, March 6, 2014

S.1.a Total Economy - Current Account

Integrated Accounts

Billions of dollars
2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

11524.3

12283.5

13129.2

14073.2

14460.1

14621.2

14345.7

14915.2

15587.5

16261.6

Gross value added


(income approach)

Less: Consumption of fixed capital

1727.2

1831.7

1982.0

2136.0

2264.4

2363.4

2368.4

2381.6

2452.6

2542.9

3
4
5
6
7
8

Equals: Net value added


Compensation of employees (paid)
Wages and salaries
Employers social contributions
Taxes on production and imports less subsidies
Operating surplus, net

9797.1
6372.7
5146.1
1226.6
758.9
2665.4

10451.8
6748.8
5431.2
1317.6
817.6
2885.5

11147.2
7097.9
5703.1
1394.8
873.6
3175.7

11937.1
7513.7
6068.8
1444.9
940.5
3483.0

12195.8
7908.8
6405.7
1503.1
980.0
3307.0

12257.9
8090.0
6543.6
1546.4
989.4
3178.6

11977.3
7795.7
6260.1
1535.6
967.8
3213.9

12533.6
7975.3
6385.6
1589.8
1001.2
3557.0

13134.9
8286.6
6646.8
1639.8
1037.2
3811.2

13718.8
8620.0
6935.1
1684.9
1065.6
4033.2

3
4
5
6
7
8

356.1
288.1

451.4
361.4

575.8
482.3

724.2
655.7

875.5
749.1

856.8
683.8

643.7
496.5

720.0
514.1

802.8
542.1

818.6
565.7

9
10

9
10

Plus: Income receipts from the rest of the world


Less: Income payments to the rest of the world

11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31

Equals: Net national income/Balance of primary incomes, net


Operating surplus, net
Compensation of employees (received)
Wages and salaries
Employers social contributions
Taxes on production and imports, receivable
Subsidies paid
Property income (received)
Interest
Distributed income of corporations
Dividends
Withdrawals from income of quasi-corporations
Reinvested earnings on U.S. direct investment abroad
Rents on land and natural resources
Less: Uses of property income (paid)
Interest
Distributed income of corporations
Dividends
Withdrawals from income of quasi-corporations
Reinvested earnings on foreign direct investment
Rents on land and natural resources

9865.1
2665.4
6365.4
5138.8
1226.6
808.0
-49.1
4363.3
2628.5
1571.1
603.0
968.1
149.0
14.6
4287.9
2719.8
1539.0
571.0
968.1
14.5
14.6

10541.9
2885.5
6740.5
5422.9
1317.6
863.9
-46.4
4812.7
2795.0
1808.0
775.5
1032.5
192.5
17.1
4714.3
2901.7
1745.7
713.2
1032.5
49.8
17.1

11240.8
3175.7
7087.8
5692.9
1394.8
934.5
-60.9
5548.9
3385.2
2123.9
1069.4
1054.5
20.4
19.4
5445.2
3520.6
1863.0
808.5
1054.5
42.1
19.4

12005.6
3483.0
7503.2
6058.2
1444.9
991.9
-51.5
6528.4
4109.9
2150.5
1018.6
1131.8
247.8
20.3
6449.4
4287.1
2072.6
940.7
1131.8
69.5
20.3

12322.3
3307.0
7899.1
6396.0
1503.1
1034.6
-54.6
7187.0
4661.4
2241.5
1174.9
1066.6
261.4
22.6
7051.0
4878.7
2101.1
1034.5
1066.6
48.5
22.6

12430.8
3178.6
8079.2
6532.8
1546.4
1041.9
-52.6
6802.0
4188.5
2322.1
1186.9
1135.2
265.6
25.9
6618.3
4411.4
2141.6
1006.4
1135.2
39.4
25.9

12124.5
3213.9
7787.8
6252.2
1535.6
1026.1
-58.3
5703.0
3420.8
2001.1
918.5
1082.6
262.8
18.3
5548.0
3618.6
1889.3
806.6
1082.6
21.9
18.3

12739.5
3557.0
7967.3
6377.5
1589.8
1057.1
-55.9
5653.1
3194.8
2102.5
943.1
1159.4
336.6
19.2
5439.1
3376.0
1981.1
821.7
1159.4
62.8
19.2

13395.7
3811.2
8278.5
6638.7
1639.8
1097.1
-60.0
5935.4
3190.5
2362.2
1059.4
1302.8
361.1
21.6
5666.5
3358.2
2205.8
903.0
1302.8
81.0
21.6

13971.6
4033.2
8611.6
6926.8
1684.9
1122.9
-57.3
6052.1
3108.0
2554.6
1166.1
1388.5
368.1
21.5
5790.9
3265.7
2397.8
1009.4
1388.5
105.9
21.5

11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31

32
33
34
35
36
37
38

Net national income/Balance of primary incomes, net


Plus: Current taxes on income, wealth, etc. (received)
Less: Current taxes on income, wealth, etc. (paid)
Plus: Social benefits (received)
Less: Social contributions (paid)
Plus: Other current transfers (received)
Less: Other current transfers (paid)

9865.1
1241.6
1244.6
2099.8
2105.9
456.8
528.3

10541.9
1347.9
1352.1
2233.5
2239.7
468.2
554.8

11240.8
1616.5
1620.9
2364.3
2370.9
494.1
598.1

12005.6
1821.0
1825.5
2515.3
2523.2
497.2
586.6

12322.3
1923.9
1933.4
2658.3
2666.9
532.5
640.1

12430.8
1735.1
1744.3
2840.4
2851.1
563.0
681.4

12124.5
1405.8
1414.4
3070.9
3081.9
671.0
787.5

12739.5
1553.5
1562.0
3223.0
3234.6
719.3
841.2

13395.7
1765.3
1778.2
3182.9
3195.6
694.5
817.9

13971.6
1918.3
1932.8
3272.2
3285.5
643.7
760.4

32
33
34
35
36
37
38

39

Equals: Disposable income, net

9784.5

10444.9

11125.8

11903.8

12196.5

12292.6

11988.4

12597.5

13246.7

13827.0

39

40

Less: Final consumption expenditures

9519.9

10126.7

10770.4

11387.3

11954.2

12374.1

12285.0

12724.1

13237.9

13697.6

40

41

Equals: Net saving

264.5

318.3

355.5

516.5

242.4

-81.5

-296.6

-126.6

8.8

129.3

41

42
43
44

Addendum:
Gross value added (line 1)
Plus statistical discrepancy (NIPA)
Equals: GDP (NIPA, expenditure approach)

11524.3
-12.1
11512.2

12283.5
-6.5
12277.0

13129.2
-33.8
13095.4

14073.2
-215.3
13857.9

14460.1
20.2
14480.3

14621.2
99.0
14720.3

14345.7
72.2
14417.9

14915.2
43.1
14958.3

15587.5
-53.6
15533.8

16261.6
-17.0
16244.6

42
43
44

131

Z.1, March 6, 2014

S.2.a Selected Aggregates for Total Economy and Sectors

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

1
2
3
4
5
6
7

Gross value added


Households and nonprofit institutions serving households
Nonfinancial noncorporate business
Nonfinancial corporate business
Financial business
Federal government
State and local government

11524.3
1427.0
1911.9
5724.4
885.6
498.1
1077.2

12283.5
1510.9
2079.1
6107.9
922.1
525.8
1137.7

13129.2
1599.5
2218.8
6532.1
1034.3
552.7
1191.7

14073.2
1689.4
2440.1
6988.0
1127.6
577.6
1250.3

14460.1
1749.6
2513.9
7203.9
1068.8
605.4
1318.5

14621.2
1855.3
2632.7
7258.1
852.3
637.6
1385.2

14345.7
1913.6
2466.7
6861.4
1015.7
668.8
1419.4

14915.2
1927.5
2545.9
7243.1
1039.9
704.5
1454.2

15587.5
1971.9
2766.5
7636.4
1025.1
719.7
1468.0

16261.6
2025.4
2906.4
8030.8
1090.3
716.7
1491.9

1
2
3
4
5
6
7

8
9
10
11
12
13

Net saving
Households and nonprofit institutions serving households
Nonfinancial corporate business
Financial business
Federal government
State and local government

264.5
410.8
273.2
105.5
-403.5
-121.4

318.3
413.2
312.7
100.5
-399.8
-108.4

355.5
242.7
411.7
73.1
-305.4
-66.6

516.5
336.9
386.5
60.6
-228.1
-39.4

242.4
317.2
313.1
-48.5
-266.7
-72.7

-81.5
551.3
296.7
-129.4
-635.1
-165.1

-296.6
670.7
382.1
172.3
-1249.8
-271.9

-126.6
634.2
598.6
207.4
-1329.5
-237.3

8.8
668.2
648.8
153.1
-1248.3
-213.1

129.3
687.4
647.8
156.5
-1109.7
-252.7

8
9
10
11
12
13

14
15
16
17
18
19
20

Net capital transfers


Households and nonprofit institutions serving households
Nonfinancial noncorporate business
Nonfinancial corporate business
Financial business
Federal government
State and local government
Rest of the world

13.1
0.0
-0.1
0.0
41.1
-52.0
-2.2

1.4
-5.0
-6.7
16.2
39.3
-48.0
2.8

-21.9
-13.1
-15.5
27.7
60.3
-50.4
12.8

16.6
0.0
-0.0
0.0
43.2
-57.8
-2.0

6.8
0.0
-0.0
0.0
53.0
-59.3
-0.4

7.7
-3.3
-3.7
-60.5
117.6
-63.2
5.4

-28.4
-6.0
38.3
-121.9
186.3
-67.7
-0.6

-20.6
-7.8
20.9
-41.5
126.3
-76.7
-0.7

2.1
-1.6
-6.4
-32.4
113.8
-73.9
-1.6

-5.1
-4.9
-16.7
9.6
84.7
-74.1
6.6

14
15
16
17
18
19
20

21
22
23
24
25
26
27

Gross fixed capital formation


Households and nonprofit institutions serving households
Nonfinancial noncorporate business
Nonfinancial corporate business
Financial business (nonresidential)
Federal government
State and local government

2473.9
653.9
238.3
960.0
156.5
196.4
268.9

2701.3
765.9
260.3
1010.1
176.5
211.0
277.5

2981.2
865.0
289.2
1133.4
180.0
222.9
290.8

3166.0
860.1
305.0
1259.9
188.7
238.0
314.3

3201.5
736.1
313.5
1348.2
211.5
251.4
340.8

3091.4
580.4
307.5
1372.7
196.2
275.8
358.8

2672.7
468.1
248.8
1141.9
166.9
284.0
363.0

2691.1
452.4
243.1
1181.0
162.8
300.0
351.9

2828.3
456.7
258.5
1305.3
175.2
295.4
337.2

3028.1
498.1
278.7
1438.9
193.4
284.0
334.9

21
22
23
24
25
26
27

28
29
30
31
32
33
34

Consumption of fixed capital


Households and nonprofit institutions serving households
Nonfinancial noncorporate business
Nonfinancial corporate business
Financial business (nonresidential)
Federal government
State and local government

1727.2
290.8
183.6
818.0
130.0
170.3
134.5

1831.7
323.4
196.4
850.2
139.3
178.6
143.8

1982.0
362.1
214.4
909.9
148.9
189.4
157.3

2136.0
396.2
232.6
979.4
156.8
200.7
170.3

2264.4
413.7
245.6
1040.3
165.4
212.8
186.6

2363.4
414.6
254.5
1093.9
173.9
226.3
200.2

2368.4
403.3
253.0
1092.0
177.4
234.5
208.2

2381.6
400.5
251.8
1094.6
176.7
245.3
212.7

2452.6
402.9
256.8
1135.8
179.0
256.5
221.7

2542.9
409.9
264.5
1188.2
186.6
262.3
231.4

28
29
30
31
32
33
34

35
36
37

Change in inventories
Nonfinancial noncorporate business
Nonfinancial corporate business

19.3
1.0
18.3

63.9
10.0
53.9

59.6
3.2
56.4

67.0
0.6
66.3

34.5
1.2
33.3

-32.0
-0.4
-31.6

-147.6
-8.5
-139.0

61.5
-2.2
63.7

36.4
-2.7
39.1

66.1
-4.9
71.0

35
36
37

38
39
40
41
42
43
44

Net lending (+) or net borrowing (-) (capital account)


Households and nonprofit institutions serving households
Nonfinancial noncorporate business
Nonfinancial corporate business
Financial business
Federal government
State and local government
Addendum:
Statistical discrepancy (NIPA)
Rest of the world

-503.6
43.1
-55.6
115.1
78.9
-469.8
-215.2

-612.4
-22.0
-68.9
107.4
47.1
-470.7
-205.4

-690.5
-229.3
-64.9
146.3
14.3
-397.3
-159.7

-582.5
-133.4
-73.0
26.1
28.8
-294.2
-136.6

-729.1
-0.8
-69.1
-28.5
-94.6
-354.9
-181.2

-772.2
388.8
-49.3
35.7
-91.2
-781.8
-274.3

-454.0
643.9
18.8
426.6
304.7
-1476.7
-371.4

-498.3
611.4
18.6
428.7
262.8
-1509.5
-310.3

-405.0
620.6
2.5
447.5
189.3
-1400.1
-264.8

-415.4
612.7
-4.3
343.2
140.2
-1214.8
-292.4

38
39
40
41
42
43
44

-12.1
515.7

-6.5
618.9

-33.8
724.3

-215.3
797.8

20.2
709.0

99.0
673.1

72.2
381.7

43.1
455.2

-53.6
458.6

-17.0
432.4

45
46

-453.1
93.8
-55.6
74.1
187.3
-530.9
-221.8

-327.6
222.5
-68.9
166.1
-15.4
-474.1
-157.8

-334.8
-206.9
-64.9
-19.9
356.2
-422.8
23.4

-460.5
-204.0
-73.0
-138.6
274.2
-310.4
-8.7

-288.9
247.2
-69.1
-206.5
198.7
-390.6
-68.6

-1364.3
861.4
-49.3
-943.3
-107.8
-789.0
-336.4

-498.3
830.6
18.8
551.0
-166.1
-1298.3
-434.2

-623.6
1143.4
18.6
145.5
-203.1
-1416.7
-311.2

-800.7
1358.2
2.5
-400.3
-76.2
-1355.5
-329.4

-103.7
996.7
-4.3
235.9
55.7
-1125.7
-261.8

47
48
49
50
51
52
53

54

Net lending (+) or net borrowing (-) (financial account)


Households and nonprofit institutions serving households
Nonfinancial noncorporate business
Nonfinancial corporate business
Financial business
Federal government
State and local government
Addendum:
Rest of the world

531.1

535.4

713.8

807.4

617.6

736.6

230.9

437.9

550.5

446.3

54

55
56
57
58
59
60
61

Total other volume changes


Households and nonprofit institutions serving households
Nonfinancial noncorporate business
Nonfinancial corporate business
Financial business
Federal government
State and local government
Rest of the world

531.6
66.3
131.9
-705.1
-94.4
338.6
15.4

1578.5
77.9
294.3
-386.1
-27.7
-698.5
-83.5

342.9
-65.3
327.3
45.2
-46.3
215.9
-10.4

306.9
9.4
644.3
-51.2
31.3
318.9
9.6

614.2
-36.8
756.8
0.7
10.8
221.5
-91.3

506.4
-303.3
-722.2
1326.6
87.8
-983.9
63.4

649.5
-71.4
173.1
-1154.3
122.4
362.3
-150.8

1338.2
190.1
414.9
-955.3
-21.5
39.9
-17.3

625.5
-51.9
-72.2
-198.2
47.0
-54.3
91.9

768.8
-18.8
525.7
-432.4
75.1
326.1
13.9

55
56
57
58
59
60
61

62
63
64
65
66
67
68

Holding gains/losses
Households and nonprofit institutions serving households
Nonfinancial noncorporate business
Nonfinancial corporate business
Financial business
Federal government
State and local government
Rest of the world

4471.4
509.0
-2468.9
111.9
47.7
120.5
-463.9

5098.5
1143.1
29.9
101.4
115.7
516.3
-371.0

5415.7
1171.8
51.4
126.5
115.3
478.9
-956.6

4165.7
429.5
-1450.6
-301.0
116.8
621.8
-514.9

-502.9
104.2
-312.9
1335.9
93.3
466.0
-949.0

-11623.1
-1160.3
4182.6
502.3
1.2
350.5
825.2

391.9
-1192.4
-5016.5
450.3
-157.9
-71.8
-1192.2

2441.0
484.3
-1378.0
135.1
18.5
197.3
-395.5

117.5
538.1
220.1
253.1
23.0
394.3
945.6

4638.3
697.1
-1453.1
-19.9
32.1
243.4
-303.8

62
63
64
65
66
67
68

45
46
47
48
49
50
51
52
53

Integrated Accounts

Billions of dollars; quarterly figures are seasonally adjusted annual rates

132

Z.1, March 6, 2014

S.2.a Selected Aggregates for Total Economy and Sectors


Billions of dollars; quarterly figures are seasonally adjusted annual rates

Integrated Accounts

69
70
71
72
73
74
75

Change in net worth


Households and nonprofit institutions serving households
Nonfinancial noncorporate business
Nonfinancial corporate business
Financial business
Federal government
State and local government
Rest of the world

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

5400.7
575.2
-2063.8
-487.8
-491.3
389.7
67.2

7088.8
1225.9
643.5
-200.5
-351.1
-242.6
164.4

6023.1
1119.6
805.9
217.1
-296.8
678.6
-242.8

4792.9
438.9
-419.7
-291.5
-123.3
959.1
292.5

421.7
67.4
757.0
1288.1
-215.6
674.2
-331.3

-10573.1
-1460.3
3760.8
1760.1
-663.6
-735.3
1561.8

1740.5
-1257.8
-4499.6
-409.7
-1471.6
86.4
-961.3

4434.0
682.1
-385.4
-571.3
-1458.8
76.6
42.4

1409.1
487.7
803.1
240.4
-1292.0
200.8
1496.1

6099.6
683.2
-262.8
-305.4
-1087.1
390.9
142.5

69
70
71
72
73
74
75

133

Z.1, March 6, 2014

S.3.a Households and Nonprofit Institutions Serving Households


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

1427.0

1510.9

1599.5

1689.4

1749.6

1855.3

1913.6

1927.5

1971.9

2025.4

290.8

323.4

362.1

396.2

413.7

414.6

403.3

400.5

402.9

409.9

1293.2
590.9
490.9
100.0
130.8
571.5

1335.9
616.8
516.0
100.8
135.1
584.0

1440.7
658.2
549.9
108.3
143.2
639.3

1510.3
686.6
566.1
120.5
152.4
671.3

1527.1
695.2
577.3
117.9
152.8
679.1

1569.0
717.5
596.6
120.8
154.2
697.4

1615.5
747.6
620.3
127.4
156.1
711.8

3
4
5
6
7
8

Current account
1

Gross value added

Less: Consumption of fixed capital

3
4
5
6
7
8

Equals: Net value added


Compensation paid by households and NPISHs
Wages and salaries
Employers social contributions
Taxes on production and imports less subsidies
Operating surplus, net

1136.3
517.7
432.5
85.2
108.8
509.7

1187.5
545.6
452.2
93.4
114.7
527.2

1237.5
563.4
466.2
97.1
120.7
553.4

9
10
11
12
13
14
15
16
17
18
19

Net national income/Balance of primary incomes, net


Operating surplus, net
Compensation of employees (received)
Wages and salaries
Employers social contributions
Property income (received)
Interest
Distributed income of corporations
Dividends
Withdrawals from income of quasi-corporations (1)
Less: Uses of property income (interest paid)

8718.5
509.7
6365.4
5138.8
1226.6
2389.8
989.5
1400.3
432.3
968.1
546.5

9245.7
527.2
6740.5
5422.9
1317.6
2537.5
942.9
1594.5
562.1
1032.5
559.5

9734.1 10438.3 10937.5


553.4
571.5
584.0
7087.8 7503.2 7899.1
5692.9 6058.2 6396.0
1394.8 1444.9 1503.1
2722.2 3071.6 3234.6
1089.4 1216.1 1351.5
1632.8 1855.5 1883.1
578.3
723.7
816.5
1054.5 1131.8 1066.6
629.3
707.9
780.2

11248.6 10638.0 10895.4 11549.9 12087.8


639.3
671.3
679.1
697.4
711.8
8079.2 7787.8 7967.3 8278.5 8611.6
6532.8 6252.2 6377.5 6638.7 6926.8
1546.4 1535.6 1589.8 1639.8 1684.9
3303.6 2895.7 2900.2 3188.6 3348.3
1363.0 1265.2 1196.2 1205.3 1212.9
1940.6 1630.5 1704.0 1983.3 2135.4
805.4
547.8
544.6
680.5
746.9
1135.2 1082.6 1159.4 1302.8 1388.5
773.5
716.8
651.2
614.6
583.9

9
10
11
12
13
14
15
16
17
18
19

20
21
22
23
24
25

Net national income/Balance of primary incomes, net


Less: Current taxes on income, wealth, etc. (paid)
Plus: Social benefits (received)
Less: Social contributions (paid)
Plus: Other current transfers (received)
Less: Other current transfers (paid)

8718.5
1000.9
1316.6
779.3
26.3
106.1

9245.7
1046.0
1399.9
829.2
16.8
116.3

9734.1 10438.3 10937.5


1208.5 1352.1 1487.9
1486.3 1588.2 1692.2
873.3
922.6
961.4
25.7
21.5
30.6
131.2
138.9
149.3

11248.6 10638.0 10895.4 11549.9 12087.8


1435.2 1144.9 1191.5 1404.0 1498.0
1847.3 2101.5 2234.0 2260.3 2316.8
988.2
964.4
984.1
918.2
950.7
36.6
38.7
43.0
46.7
41.4
152.3
155.2
160.6
154.6
160.4

20
21
22
23
24
25

26

Equals: Disposable income, net

8175.2

8671.0

9033.0

9634.4 10061.7

10556.8 10513.6 10836.1 11380.0 11837.0

26

27

Less: Final consumption expenditures

7764.4

8257.8

8790.3

9297.5

9744.4

10005.5

27

28

Equals: Net saving

410.8

413.2

242.7

336.9

317.2

551.3

670.7

634.2

668.2

687.4

28

9842.9 10201.9 10711.8 11149.6

Capital account
29
30
31

Net saving less capital transfers


Net saving
Less: Capital transfers paid (net)

397.7
410.8
13.1

411.9
413.2
1.4

264.6
242.7
-21.9

320.3
336.9
16.6

310.4
317.2
6.8

543.7
551.3
7.7

699.1
670.7
-28.4

654.8
634.2
-20.6

666.1
668.2
2.1

692.5
687.4
-5.1

29
30
31

32
33
34
35
36
37

Capital formation, net


Gross fixed capital formation, excluding consumer durables
Residential
Nonresidential (nonprofit organizations)
Less: Consumption of fixed capital
Acquisition of nonproduced nonfinancial assets

354.6
653.9
541.9
112.0
290.8
-8.5

433.8
765.9
643.8
122.1
323.4
-8.7

493.8
865.0
738.9
126.1
362.1
-9.1

453.8
860.1
722.7
137.4
396.2
-10.1

311.2
736.1
582.3
153.9
413.7
-11.2

154.9
580.4
425.3
155.1
414.6
-11.0

55.2
468.1
321.0
147.1
403.3
-9.7

43.4
452.4
318.3
134.1
400.5
-8.5

45.5
456.7
317.1
139.6
402.9
-8.3

79.8
498.1
354.3
143.8
409.9
-8.4

32
33
34
35
36
37

38

Net lending (+) or borrowing (-), capital account (lines 29-32)

43.1

-22.0

-229.3

-133.4

-0.8

388.8

643.9

611.4

620.6

612.7

38

43.1

-22.0

-229.3

-133.4

-0.8

388.8

643.9

611.4

620.6

612.7

39

1126.9

1374.2

960.4

1040.0

1177.1

739.9

648.7

892.9

1146.1

1090.7

40

269.9
-31.2
299.0
2.2
0.0

389.4
-58.2
442.2
5.4
0.0

370.2
-113.9
481.6
2.4
0.0

451.9
-40.0
486.7
5.2
0.0

419.3
-75.4
479.4
15.4
0.0

408.7
176.7
255.6
-23.7
0.0

205.0
105.7
106.0
-6.6
0.0

194.3
35.9
159.0
-0.6
0.0

697.8
328.8
371.8
-2.8
0.0

501.8
82.8
420.8
-1.8
0.0

41
42
43
44
45

40.2
-4.9
22.1
133.5
15.8
-126.2

244.7
6.4
-10.6
109.8
118.5
20.5

168.2
14.7
-121.2
153.3
77.8
43.5

90.7
19.0
-103.2
-29.7
34.7
169.8

525.3
-10.2
-36.4
331.9
37.9
202.0

168.9
-101.3
146.2
239.4
47.4
-162.7

61.8
16.7
534.1
-671.2
107.1
75.1

41.3
-1.5
320.9
-2.6
43.7
-319.2

-151.1
-1.8
-222.4
5.6
-64.8
132.3

58.9
-0.3
232.0
-118.8
-152.1
98.2

46
47
48
49
50
51

68.0
63.0
5.0

116.2
105.8
10.4

7.8
-0.3
8.1

73.9
91.1
-17.3

214.6
227.6
-13.0

-103.5
-104.5
1.1

-88.1
-85.1
-3.0

2.3
14.6
-12.4

51.8
51.4
0.4

-0.8
13.8
-14.6

52
53
54

39

Net lending (+) or borrowing (-) (line 38)

40

Net acquisition of financial assets

41
42
43
44
45

Currency and deposits


Currency and transferable deposits
Time and savings deposits
Foreign deposits
Postal savings system deposits

46
47
48
49
50
51

Debt securities
Open market paper
Treasury securities
Agency- and GSE-backed securities (2)
Municipal securities
Corporate and foreign bonds

52
53
54

Loans
Short term
Long term (mortgages)

Integrated Accounts

Financial account

134

Z.1, March 6, 2014

S.3.a Households and Nonprofit Institutions Serving Households


Billions of dollars; quarterly figures are seasonally adjusted annual rates

55
56
57
58
59
60

Equity and investment fund shares


Corporate equities
Mutual fund shares
Money market fund shares
Equity in noncorporate business
Equity investment under Public-Private Inv. Program (3)

61
62
63
64
65
66

Insurance, pension and standardized guarantee schemes


Insurance receivables due from property-casualty insurance companies
Life insurance reserves
Pension entitlements (4)
Non-life insurance reserves at life insurance companies
Retiree Health Care Funds

67

Net incurrence of liabilities

2003

2004

2005

2006

98.1
-109.9
259.7
-113.9
62.2
0.0

-91.9
-282.0
165.9
-56.1
80.2
0.0

-243.5
-422.8
176.7
44.4
-41.8
0.0

-259.4
-648.7
167.4
218.1
3.7
0.0

650.8
22.9
68.5
525.9
13.9
19.6

715.7
23.6
33.1
630.2
11.4
17.4

657.8
25.6
15.1
584.6
9.5
23.0

1033.1

1151.7

13.8

14.7

1013.6
135.3
105.9
-3.4
-1.5
34.3
878.3

2007

2008

2009

2010

2011

2012

-662.8
-1104.0
234.4
239.9
-33.0
0.0

-390.9
-301.2
-37.8
235.1
-287.0
0.0

-8.9
-5.7
334.1
-268.6
-69.9
1.2

48.5
-186.8
227.7
-183.5
187.1
4.0

-81.9
-213.1
218.7
-35.0
-53.2
0.7

61.2
-325.0
373.6
16.5
-3.8
0.0

55
56
57
58
59
60

682.9
4.6
57.8
587.7
14.8
18.1

680.7
6.7
18.2
596.4
15.5
43.9

656.7
11.0
59.9
541.7
17.6
26.5

478.9
8.7
24.6
420.6
8.4
16.6

606.5
-35.2
6.2
595.9
17.1
22.5

629.4
36.7
73.9
485.5
14.8
18.5

469.5
-16.7
-26.6
501.2
-1.8
13.3

61
62
63
64
65
66

1167.3

1243.9

930.0

-121.5

-181.8

-250.5

-212.1

94.0

67

15.1

16.4

21.1

9.3

5.9

-2.2

-7.8

-14.5

68

1119.1
179.4
117.2
-19.6
0.3
81.5
939.6

1138.1
77.1
100.4
8.2
0.0
-31.6
1061.0

1213.5
198.4
121.9
12.0
4.8
59.7
1015.1

893.2
178.7
151.3
-9.1
3.2
33.4
714.5

-156.2
-115.0
34.8
4.6
6.2
-160.7
-41.2

-198.9
-32.1
-103.7
33.0
0.5
38.1
-166.8

-272.3
104.7
-25.3
52.4
2.4
75.2
-377.0

-217.9
17.6
108.9
-53.9
1.9
-39.3
-235.5

106.3
347.0
169.4
111.5
1.2
64.9
-240.7

69
70
71
72
73
74
75

68

Debt securities (municipals)

69
70
71
72
73
74
75

Loans
Short term
Consumer credit
Depository institution loans n.e.c.
Other loans and advances
Security credit
Long term (mortgages)

76

Insurance, pension and standardized guarantee schemes

0.9

1.6

1.0

0.5

1.0

3.2

-4.9

2.7

-0.4

0.6

76

77

Other accounts payable (trade debt)

4.8

16.5

13.0

13.6

14.6

22.2

16.0

21.4

14.0

1.5

77

93.8

222.5

-206.9

-204.0

247.2

861.4

830.6

1143.4

1358.2

996.7

78

531.6
239.7
0.0
241.2
-50.7

1578.5
254.8
-12.0
1091.2
-244.5

342.9
252.4
-50.4
118.5
-22.4

306.9
239.6
0.0
137.8
70.5

614.2
231.1
0.0
135.1
-247.9

506.4
134.6
-8.3
-92.5
-472.7

649.5
50.3
0.0
412.5
-186.7

1338.2
86.9
0.0
719.3
-532.0

625.5
121.9
0.0
-233.9
-737.6

768.8
160.4
-20.9
245.3
-384.0

79
80
81
82
83

78

Addendum:
Net lending (+) or borrowing (-), financial account (lines 40-67)

79
80
81
82
83

Total other volume changes


Net investment in consumer durable goods
Disaster losses
Other volume changes
Less: Statistical discrepancy (lines 38-78) (5)

Other changes in volume account

Revaluation account
84
85
86
87
88

Nonfinancial assets
Real estate
Consumer durable goods
Equipment
Intellectual property products

1273.0
1359.6
-88.0
-0.3
1.6

2402.7
2435.1
-34.5
1.1
1.0

2845.5
2887.0
-44.1
0.4
2.1

354.7
398.6
-46.9
1.5
1.5

-1920.6
-1867.7
-55.6
0.1
2.6

-3679.8 -1236.1
-3652.9 -1195.1
-32.0
-40.8
3.9
-0.5
1.2
0.3

-469.0
-383.7
-88.3
1.4
1.5

-219.6
-241.8
17.9
2.0
2.3

1523.7
1558.7
-38.8
0.6
3.2

84
85
86
87
88

89
90
91
92
93
94

Financial assets
Corporate equities
Mutual fund shares
Equity in noncorporate business
Equity investment under Public-Private Inv. Program
Insurance, pension and standardized guarantee schemes

3198.4
1723.2
427.2
521.0
0.0
527.0

2695.8
1003.5
328.0
1150.5
0.0
213.8

2570.2
1076.8
45.0
1186.4
0.0
262.0

3810.9
2824.5
380.9
433.2
0.0
172.4

1417.7
929.4
274.6
103.4
0.0
110.4

-7943.4 1628.0
-3889.9 1570.4
-1334.6
471.1
-1170.8 -1183.8
0.0
-0.3
-1548.1
770.7

2910.0
1691.6
250.5
492.2
-1.0
476.8

337.1
191.3
-273.3
538.1
-0.2
-118.8

3114.6
1612.8
346.7
701.0
-0.1
454.2

89
90
91
92
93
94

4471.4

5098.5

5415.7

4165.7

-502.9 -11623.1

391.9

2441.0

117.5

4638.3

95

5400.7

7088.8

6023.1

4792.9

421.7 -10573.1

1740.5

4434.0

1409.1

6099.6

96

59250.9 67511.4 74700.7 80792.5 82146.7

71457.1 72972.2 77129.5 78331.9 84460.8

97

21917.7 24994.1 28534.2 29580.7 28199.9


17983.0 20817.2 24128.2 24958.4 23377.0
3679.2 3899.5 4107.8 4300.5 4476.0
173.1
190.6
206.9
226.3
246.1
82.4
86.8
91.4
95.5
100.9

24798.2 23664.2 23318.7 23264.0 25003.8 98


19845.8 18686.6 18326.3 18109.4 19708.3 99
4578.6 4588.1 4586.7 4726.4 4848.0 100
268.5
279.5
290.6
304.6
315.1 101
105.4
110.0
115.0
123.6
132.4 102

95

Changes in net worth due to nominal holding gains/losses

96

Change in net worth (lines 32+38+79+95)

Changes in balance sheet account

Balance sheet account (end of period)

Integrated Accounts

97
98
99
100
101
102

Total assets
Nonfinancial assets
Real estate
Consumer durable goods
Equipment
Intellectual property products

135

Z.1, March 6, 2014

S.3.a Households and Nonprofit Institutions Serving Households


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2003

103

Financial assets

2004

2005

2006

2007

37333.2 42517.3 46166.5 51211.9 53946.8

2008

2009

2010

2011

2012

46658.8 49308.0 53810.9 55067.9 59457.0 103

104
105
106
107
108

Currency and deposits


Currency and transferable deposits
Foreign deposits
Time and savings deposits
Postal savings system deposits

4534.8
458.0
52.1
4024.8
0.0

4949.7
399.8
57.5
4492.4
0.0

5319.9
285.8
59.9
4974.1
0.0

5798.0
239.6
65.2
5493.2
0.0

6217.4
153.2
80.5
5983.6
0.0

6591.1
294.9
56.9
6239.3
0.0

6781.6
400.6
50.2
6330.8
0.0

6930.8
425.2
49.7
6455.9
0.0

7628.6
754.0
46.9
6827.7
0.0

8074.8
826.4
45.1
7203.3
0.0

104
105
106
107
108

109
110
111
112
113
114

Debt securities
Open market paper
Treasury securities
Agency- and GSE-backed securities (2)
Municipal securities
Corporate and foreign bonds

2734.2
77.3
417.9
384.8
687.2
1166.9

3776.9
83.7
474.2
432.9
1522.9
1263.2

4054.2
98.4
427.4
582.9
1600.7
1344.9

4202.8
117.5
328.1
610.8
1635.6
1510.9

4821.7
107.3
206.7
872.7
1673.6
1961.5

4922.4
6.0
187.9
1058.9
1720.9
1948.7

5380.5
22.7
858.8
359.3
1828.0
2311.8

5674.1
21.1
1131.8
355.6
1871.8
2293.8

5296.0
19.4
719.3
323.1
1806.9
2427.3

5471.3
19.0
961.9
194.7
1654.8
2640.9

109
110
111
112
113
114

115
116
117

Loans
Short term
Long term (mortgages)

600.1
478.5
121.6

716.3
584.3
132.0

724.1
584.0
140.1

866.8
744.0
122.9

1081.4
971.6
109.9

977.9
867.0
110.9

892.2
784.2
108.0

894.4
798.8
95.6

946.3
850.2
96.0

118
119
120
121
122
123

Equity and investment fund shares


Corporate equities
Mutual fund shares
Money market fund shares
Equity in noncorporate business
Equity investment under Public-Private Inv. Program (3)

16722.2 19105.7 21145.9 24436.1 25080.6


6776.6 7498.1 8152.1 10292.9 10118.3
2910.0 3403.9 3625.7 4174.0 4683.0
954.5
898.4
942.7 1106.8 1346.7
6081.1 7305.3 8425.4 8862.3 8932.7
0.0
0.0
0.0
0.0
0.0

18290.0 19138.5 21624.2 21998.2 24821.3 118


5927.2 7491.9 8996.7 9049.9 10337.7 119
3310.6 4115.8 4594.0 4449.2 5279.4 120
1581.8 1313.2 1129.7 1109.9 1126.3 121
7470.4 6216.7 6900.0 7384.9 8073.5 122
0.0
0.9
3.8
4.4
4.4 123

124
125
126
127
128
129

Insurance, pension and standardized guarantee schemes


Insurance receivables due from property-casualty insurance companies
Life insurance reserves
Pension entitlements (4)
Non-life insurance reserves at life insurance companies
Retiree Health Care Funds

12742.0 13968.8 14922.4 15908.1 16745.7


266.8
290.4
316.0
320.5
327.3
1013.2 1060.4 1082.6 1055.2 1076.8
11227.5 12354.6 13231.1 14206.8 14956.7
199.5
211.0
217.3
232.1
247.6
35.0
52.4
75.4
93.5
137.3

15877.4 17115.2 18687.3 19198.9 20144.2 124


337.3
346.0
310.8
347.5
330.8 125
1049.8 1109.2 1137.2 1203.6 1186.1 126
14061.3 15206.0 16745.7 17120.8 18088.8 127
265.2
273.6
290.7
305.5
303.7 128
163.8
180.4
202.9
221.4
234.8 129

59250.9 67511.4 74700.7 80792.5 82146.7

71457.1 72972.2 77129.5 78331.9 84460.8 130

9824.5 10996.3 12162.5 13461.4 14393.9

14277.3 14052.0 13775.4 13568.7 13597.9 131

130
131

Total liabilities and net worth


Liabilities

132

Debt securities (municipals)

133
134
135
136
137
138
139

Loans
Short term
Consumer credit
Depository institution loans n.e.c.
Other loans and advances
Security credit
Long term (mortgages)

140

Insurance, pension and standardized guarantee schemes

141

Other accounts payable (trade debt)

142

Net worth

177.7

197.6

212.7

229.1

250.2

9469.1 10603.0 11741.1 13009.6 13905.3


2399.7 2579.1 2656.2 2909.6 3090.9
2102.9 2220.1 2320.6 2462.8 2616.6
-4.4
-24.0
-15.8
30.9
21.8
118.7
119.0
119.0
123.8
127.0
182.5
264.0
232.4
292.1
325.5
7069.4 8023.9 9084.9 10100.0 10814.4

259.5

265.4

263.2

255.5

945.5 115
864.0 116
81.5 117

241.0 132

13754.1 13511.8 13213.3 13000.8 13042.4 133


2975.9 2900.3 3123.4 3146.3 3433.6 134
2651.4 2553.5 2648.1 2757.0 2924.3 135
26.4
10.2
61.0
12.4
66.3 136
133.2
133.7
136.1
138.1
139.3 137
164.8
203.0
278.2
238.9
303.7 138
10778.2 10611.4 10089.9 9854.4 9608.7 139

20.9

22.5

22.4

22.8

23.9

27.0

22.1

24.7

24.3

24.9 140

156.8

173.3

186.3

199.9

214.5

236.7

252.7

274.1

288.2

289.7 141

49426.4 56515.2 62538.3 67331.1 67752.8

57179.8 58920.2 63354.2 64763.3 70862.8 142

Integrated Accounts

(1) Consists of rental income of tenant-occupied housing and proprietors income. Quasi-corporations are unincorporated enterprises that function as if they were corporations;
they primarily cover their operating costs through sales, and they keep a complete set of financial records.
(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,
the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.
(3) Funds invested by financial institutions such as domestic hedge funds through the Public-Private Investment Program (PPIP).
(4) Includes variable annuities, including those in IRAs, at life insurance companies.
(5) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy
reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.
NPISHs Nonprofit institutions serving households
n.e.c. Not elsewhere classified

136

Z.1, March 6, 2014

S.4.a Nonfinancial Noncorporate Business


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

1911.9

2079.1

2218.8

2440.1

2513.9

2632.7

2466.7

2545.9

2766.5

2906.4

183.6

196.4

214.4

232.6

245.6

254.5

253.0

251.8

256.8

264.5

Current account
1

Gross value added

Less: Consumption of fixed capital

3
4
5
6
7
8

Equals: Net value added


Compensation of employees (paid)
Wages and salaries
Employers social contributions
Taxes on production and imports less subsidies
Operating surplus, net

1728.3
532.2
447.5
84.8
111.4
1084.6

1882.7
599.1
503.5
95.6
125.4
1158.3

2004.4
664.7
557.9
106.8
130.2
1209.4

2207.5
747.4
631.2
116.3
147.0
1313.0

2268.3
827.5
701.8
125.7
157.6
1283.2

2378.3
843.4
712.1
131.3
157.9
1377.1

2213.6
805.4
675.0
130.4
145.4
1262.8

2294.1
816.2
684.6
131.6
150.7
1327.2

2509.7
851.4
716.7
134.6
157.8
1500.5

2641.9
895.2
754.5
140.7
162.7
1584.0

3
4
5
6
7
8

9
10
11
12
13
14
15
16

Net national income/Balance of primary incomes, net


Operating surplus, net
Property income (interest received)
Less: Uses of property income (paid)
Interest
Withdrawals from income of quasi-corporations (1)
Reinvested earnings on foreign direct investment
Rents on land and natural resources

19.8
1084.6
16.7
1081.5
163.5
917.9
0.0
0.0

20.1
1158.3
17.3
1155.5
170.3
985.1
0.1
0.0

21.8
1209.4
18.1
1205.7
198.8
1006.8
0.1
0.0

22.7
1313.0
19.1
1309.5
227.6
1081.8
0.1
0.0

19.8
1283.2
17.7
1281.1
254.2
1026.8
0.1
0.0

15.3
1377.1
13.6
1375.4
263.1
1112.2
0.1
0.0

21.3
1262.8
9.4
1251.0
242.7
1008.3
0.0
0.0

23.1
1327.2
8.4
1312.6
237.9
1074.5
0.1
0.0

25.2
1500.5
1.2
1476.5
227.4
1249.0
0.2
0.0

26.5
1584.0
5.0
1562.5
226.0
1336.2
0.2
0.0

9
10
11
12
13
14
15
16

17
18

Net national income/Balance of primary incomes, net


Less: Other current transfers (paid)

19.8
19.8

20.1
20.1

21.8
21.8

22.7
22.7

19.8
19.8

15.3
15.3

21.3
21.3

23.1
23.1

25.2
25.2

26.5
26.5

17
18

19

Equals: Disposable income, net

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

19

20

Equals: Net saving

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

20

0.0
0.0
0.0

5.0
0.0
-5.0

13.1
0.0
-13.1

0.0
0.0
0.0

0.0
0.0
0.0

3.3
0.0
-3.3

6.0
0.0
-6.0

7.8
0.0
-7.8

1.6
0.0
-1.6

4.9
0.0
-4.9

21
22
23

Capital account
21
22
23

Net saving less capital transfers


Net saving
Less: Capital transfers paid (net)

24
25
26
27
28
29

Capital formation, net


Gross fixed capital formation
Nonresidential
Residential
Less: Consumption of fixed capital
Change in private inventories

55.6
238.3
150.1
88.1
183.6
1.0

73.9
260.3
162.2
98.1
196.4
10.0

78.0
289.2
180.5
108.7
214.4
3.2

73.0
305.0
198.9
106.2
232.6
0.6

69.1
313.5
215.0
98.5
245.6
1.2

52.6
307.5
223.8
83.7
254.5
-0.4

-12.8
248.8
182.9
65.8
253.0
-8.5

-10.8
243.1
184.9
58.3
251.8
-2.2

-0.9
258.5
199.1
59.5
256.8
-2.7

9.3
278.7
212.5
66.2
264.5
-4.9

24
25
26
27
28
29

30

Net lending (+) or borrowing (-), capital account (lines 21-24)

-55.6

-68.9

-64.9

-73.0

-69.1

-49.3

18.8

18.6

2.5

-4.3

30

-55.6

-68.9

-64.9

-73.0

-69.1

-49.3

18.8

18.6

2.5

-4.3

31

80.5

370.8

437.2

519.8

479.4

97.2

-117.0

151.7

16.7

74.9

32

Integrated Accounts

Financial account
31

Net lending (+) or borrowing (-) (line 30)

32

Net acquisition of financial assets

33
34
35

Currency and deposits


Currency and transferable deposits
Time and savings deposits

50.8
6.1
44.7

93.7
106.9
-13.2

100.1
76.6
23.5

94.9
74.6
20.3

81.8
66.9
14.9

2.5
3.8
-1.2

10.1
14.9
-4.8

0.1
-2.8
2.9

1.5
-2.3
3.9

20.0
14.8
5.2

33
34
35

36
37
38

Debt securities
Treasury securities
Municipal securities

1.4
2.1
-0.7

7.0
5.3
1.7

6.1
6.0
0.1

1.5
0.2
1.3

2.5
3.0
-0.5

-7.9
-7.5
-0.4

-5.5
-5.7
0.2

2.5
1.9
0.5

0.6
0.5
0.1

0.8
0.7
0.1

36
37
38

39
40
41

Loans
Short term (consumer credit)
Long term (mortgages)

0.1
0.0
0.1

4.6
0.0
4.6

5.3
0.0
5.3

-1.5
0.0
-1.5

7.4
0.0
7.4

-3.0
0.0
-3.0

-1.2
0.0
-1.2

4.2
0.0
4.2

0.5
0.0
0.5

0.6
0.0
0.6

39
40
41

42
43
44

Equity and investment fund shares


Money market mutual fund shares
Equity in government-sponsored enterprises (2)

2.9
2.3
0.6

3.0
2.9
0.0

2.4
2.4
-0.1

3.3
3.2
0.2

2.9
2.2
0.7

2.2
1.0
1.2

-1.7
-1.7
-0.0

3.5
3.1
0.4

1.1
0.8
0.3

1.3
1.1
0.2

42
43
44

45

Insurance, pension and standardized guarantee schemes (3)

46
47
48

Other accounts receivable


Trade receivables
Other (miscellaneous assets)

49
50
51
52
53
54

Net incurrence of liabilities


Loans
Short term
Depository institution loans n.e.c.
Other loans and advances
Long term (mortgages)

4.7

4.6

5.5

4.4

3.7

3.4

-9.8

29.7

-11.6

15.1

45

20.6
-25.1
45.8

258.1
26.6
231.4

317.8
66.6
251.2

417.2
40.0
377.2

381.1
54.7
326.4

100.0
-3.0
102.9

-109.0
-26.3
-82.7

111.8
37.0
74.7

24.6
5.8
18.8

37.3
7.8
29.5

46
47
48

136.1

439.7

502.1

592.8

548.5

146.6

-135.8

133.1

14.2

79.3

49

73.9
9.7
10.4
-0.6
64.1

254.7
34.1
32.9
1.2
220.6

341.6
164.2
157.8
6.3
177.4

415.2
132.0
115.2
16.8
283.2

461.6
154.5
140.8
13.7
307.1

318.7
131.8
119.5
12.3
186.9

-108.7
-107.3
-102.0
-5.3
-1.4

-32.1
-15.7
-20.3
4.7
-16.5

22.1
57.3
56.7
0.6
-35.2

76.5
97.1
87.8
9.3
-20.6

50
51
52
53
54

137

Z.1, March 6, 2014

S.4.a Nonfinancial Noncorporate Business


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2003

55
56
57

Equity and investment fund shares


Equity in noncorporate business
Foreign direct investment in the United States

58
59
60
61

Other accounts payable


Trade payables
Taxes payable
Other (miscellaneous liabilities)

62

Addendum:
Net lending (+) or borrowing (-), financial account (lines 32-49)

2004

2005

2006

2007

2008

2009

2010

2011

2012

65.5
65.6
-0.1

84.2
84.4
-0.2

-40.5
-40.6
0.1

9.7
10.6
-0.9

-36.8
-36.6
-0.2

-298.9
-298.7
-0.2

-70.3
-70.4
0.1

186.6
186.2
0.3

-51.3
-51.5
0.1

-9.7
-10.3
0.6

55
56
57

-3.3
-26.2
-0.5
23.4

100.8
23.7
8.4
68.8

201.0
49.6
8.7
142.7

168.0
14.4
9.0
144.6

123.7
26.0
3.8
93.9

126.7
5.7
6.7
114.3

43.2
16.8
-6.3
32.6

-21.4
30.3
-0.7
-50.9

43.4
7.9
1.2
34.4

12.4
1.7
1.5
9.2

58
59
60
61

-55.6

-68.9

-64.9

-73.0

-69.1

-49.3

18.8

18.6

2.5

-4.3

62

66.3
0.0
66.3

77.9
-6.6
84.5

-65.3
-24.5
-40.8

9.4
0.0
9.4

-36.8
0.0
-36.8

-303.3
-4.4
-298.9

-71.4
0.0
-71.4

190.1
-2.1
192.2

-51.9
0.0
-51.9

-18.8
-8.6
-10.2

63
64
65

509.0
493.4
376.9
116.5
1.8
-1.4
3.2
1.6
12.1

1143.1
1128.9
668.3
460.6
13.1
-0.5
13.5
1.1
0.0

1171.8
1150.1
807.6
342.5
10.3
1.1
9.2
2.6
8.8

429.5
409.3
77.1
332.2
14.0
0.7
13.3
2.7
3.6

104.2
70.3
-379.7
450.0
8.1
-0.5
8.6
2.8
23.1

-1160.3
-1176.5
-810.4
-366.1
22.1
0.1
21.9
1.5
-7.3

-1192.4
-1187.5
-477.7
-709.8
3.4
-2.7
6.1
0.2
-8.6

484.3
437.5
156.8
280.7
8.6
-2.3
10.9
2.0
36.2

538.1
487.7
188.7
299.0
16.9
1.3
15.6
2.4
31.1

697.1
670.8
397.8
273.0
12.3
1.0
11.2
4.6
9.3

66
67
68
69
70
71
72
73
74

509.0

1143.1

1171.8

429.5

104.2

-1160.3

-1192.4

484.3

538.1

697.1

75

575.2

1225.9

1119.6

438.9

67.4

-1460.3

-1257.8

682.1

487.7

683.2

76

Other changes in volume account


63
64
65

Total other volume changes


Disaster losses
Other volume changes

Revaluation account
66
67
68
69
70
71
72
73
74
75

Nonfinancial assets
Real estate
Residential
Nonresidential
Equipment
Residential
Nonresidential
Intellectual property products
Inventories
Changes in net worth due to nominal holding gains/losses

Changes in balance sheet account


76

Change in net worth (lines 24+30+63+75)

77

9350.2

10931.3

12593.8

13616.2

14268.9

13254.1

11931.9

12554.9

13108.8

13881.4

77

78
79
80
81
82
83
84
85
86

Total assets
Nonfinancial assets
Real estate
Residential (4)
Nonresidential
Equipment
Residential
Nonresidential
Intellectual property products
Inventories

7561.5
6754.3
4304.1
2450.2
489.9
37.0
452.9
121.1
196.2

8771.9
7914.9
4999.9
2915.0
521.0
38.5
482.5
129.7
206.2

9997.2
9082.1
5822.6
3259.4
555.8
41.7
514.0
141.2
218.2

10499.8
9529.5
5927.9
3601.7
595.8
44.4
551.4
152.0
222.4

10673.1
9636.6
5566.5
4070.0
627.3
45.5
581.8
162.4
246.8

9561.0
8487.6
4757.0
3730.6
663.3
46.6
616.8
171.0
239.0

8355.8
7301.0
4269.3
3031.8
657.1
44.0
613.1
175.8
221.9

8827.2
7720.8
4409.1
3311.7
667.4
42.2
625.2
183.0
256.0

9364.3
8195.2
4583.2
3612.0
693.7
43.7
650.0
191.0
284.4

10062.0
8858.5
4966.2
3892.4
712.9
44.1
668.8
201.8
288.8

78
79
80
81
82
83
84
85
86

87

Financial assets

1788.6

2159.4

2596.7

3116.5

3595.9

3693.1

3576.1

3727.8

3744.5

3819.4

87

504.4
190.6
313.8

598.1
297.5
300.6

698.2
374.1
324.1

793.2
448.8
344.4

875.0
515.6
359.3

877.5
519.4
358.1

887.6
534.3
353.3

887.7
531.5
356.2

889.3
529.1
360.1

909.2
543.9
365.3

88
89
90

88
89
90

Currency and deposits


Currency and transferable deposits
Time and savings deposits

91
92
93

Debt securities
Treasury securities
Municipal securities

47.6
44.9
2.7

54.5
50.2
4.3

60.6
56.2
4.4

62.1
56.3
5.8

64.6
59.3
5.3

56.7
51.8
4.9

51.2
46.1
5.1

53.7
48.1
5.6

54.3
48.6
5.7

55.1
49.3
5.8

91
92
93

94
95
96

Loans
Short term (consumer credit)
Long term (mortgages)

26.3
0.0
26.3

30.8
0.0
30.8

36.2
0.0
36.2

34.6
0.0
34.6

42.1
0.0
42.1

39.1
0.0
39.1

37.9
0.0
37.9

42.1
0.0
42.1

42.5
0.0
42.5

43.1
0.0
43.1

94
95
96

97
98
99

Equity and investment fund shares


Money market mutual fund shares
Equity in government-sponsored enterprises (2)

67.8
63.6
4.2

70.7
66.5
4.2

73.1
69.0
4.1

76.4
72.2
4.3

79.3
74.3
5.0

81.7
75.4
6.4

80.0
73.7
6.3

83.5
76.8
6.7

84.7
77.7
7.0

85.9
78.8
7.2

97
98
99

100

Insurance, pension and standardized guarantee schemes (3)

101
102
103

Other accounts receivable


Trade receivables
Other (miscellaneous assets)

89.2

93.7

99.2

103.6

107.3

111.5

101.7

131.4

119.8

134.9 100

1053.4
337.7
715.7

1311.5
364.3
947.1

1629.3
430.9
1198.4

2046.5
470.9
1575.6

2427.6
525.6
1902.0

2526.6
522.7
2003.9

2417.6
496.3
1921.3

2529.4
533.4
1996.0

2553.9
539.2
2014.8

2591.2 101
546.9 102
2044.3 103

Integrated Accounts

Balance sheet account (end of period)

138

Z.1, March 6, 2014

S.4.a Nonfinancial Noncorporate Business


Billions of dollars; quarterly figures are seasonally adjusted annual rates

104
105

Total liabilities and net worth


Liabilities

106
107
108
109
110

Loans
Short term
Depository institution loans n.e.c.
Other loans and advances
Long term (mortgages)

111

Equity and investment fund shares (direct investment in the U.S.)

112
113
114
115

Other accounts payable


Trade payables
Taxes payable
Other (miscellaneous liabilities)

116

Net worth

2003

2004

2005

2006

2007

2008

2009

2010

2011

9350.2

10931.3

12593.8

13616.2

14268.9

13254.1

11931.9

12554.9

13108.8

13881.4 104

3282.0

3637.2

4180.2

4763.6

5348.9

5794.4

5730.0

5670.9

5737.0

5826.5 105

2301.5
606.8
479.7
127.1
1694.7

2556.1
640.9
512.6
128.3
1915.3

2897.7
805.0
670.4
134.6
2092.7

3312.9
937.1
785.7
151.4
2375.9

3774.5
1091.5
926.5
165.0
2683.0

4093.2
1223.4
1046.1
177.3
2869.9

3984.5
1116.1
944.0
172.0
2868.5

3946.3
1094.3
923.7
170.6
2852.0

3968.5
1151.6
980.4
171.2
2816.8

4047.4
1251.2
1070.6
180.6
2796.2

3.3

3.0

3.3

3.6

3.6

3.7

4.8

5.3

5.9

977.3
261.2
69.7
646.5

1078.1
284.9
78.0
715.2

1279.1
334.5
86.7
857.9

1447.1
348.9
95.7
1002.5

1570.8
374.9
99.5
1096.4

1697.5
380.6
106.2
1210.7

1740.7
397.4
99.9
1243.3

1719.3
427.7
99.2
1192.4

1762.7
435.5
100.3
1226.8

1772.7
434.8
101.9
1236.1

6068.1

7294.1

8413.7

8852.6

8920.0

7459.7

6201.9

6884.0

7371.8

8055.0 116

Integrated Accounts

Notes. Nonfinancial noncorporate business includes noncorporate farms that are excluded from the nonfinancial noncorporate business sector in the Flow of Funds Accounts.
Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System.
(1) Consists of rental income of tenant-occupied housing and proprietors income. Quasi-corporations are unincorporated enterprises that function as if they were corporations;
they primarily cover their operating costs through sales, and they keep a complete set of financial records.
(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,
the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.
(3) Net equity in reserves of property-casualty insurance companies.
(4) Farm houses are included in the household sector.
n.e.c. Not elsewhere classified

2012

106
107
108
109
110

6.4 111
112
113
114
115

139

Z.1, March 6, 2014

S.5.a Nonfinancial Corporate Business


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

5724.4

6107.9

6532.1

6988.0

7203.9

7258.1

6861.4

7243.1

7636.4

8030.8

818.0

850.2

909.9

979.4

1040.3

1093.9

1092.0

1094.6

1135.8

1188.2

4906.5
3595.7
2962.2
633.4
495.8
815.1

5257.7
3762.8
3099.9
662.9
530.9
964.1

5622.2
3930.3
3238.0
692.3
573.2
1118.7

6008.7
4129.3
3420.9
708.5
610.1
1269.3

6163.6
4305.3
3572.1
733.3
632.5
1225.8

6164.2
4358.0
3619.5
738.5
632.7
1173.5

5769.4
4088.4
3377.5
710.9
605.9
1075.1

6148.6
4168.0
3446.1
721.9
633.0
1347.6

6500.6
4374.3
3624.7
749.6
664.2
1462.1

6842.7
4600.8
3824.8
776.0
685.3
1556.5

3
4
5
6
7
8

Current account
1

Gross value added

Less: Consumption of fixed capital

3
4
5
6
7
8

Equals: Net value added


Compensation of employees (paid)
Wages and salaries
Employers social contributions
Taxes on production and imports less subsidies
Operating surplus, net

9
10
11
12
13
14
15
16
17
18
19

Net national income/Balance of primary incomes, net


Operating surplus, net
Property income (received)
Interest
Distributed income of corporations (dividends)
Reinvested earnings on U.S. direct investment abroad
Less: Uses of property income (paid)
Interest
Distributed income of corporations (dividends)
Reinvested earnings on foreign direct investment
Rent

467.9
815.1
420.2
236.4
55.8
128.0
767.4
391.6
349.2
12.0
14.7

561.7
964.1
480.6
251.9
66.3
162.4
883.0
394.6
430.8
40.5
17.1

757.8
1118.7
614.6
296.9
300.3
17.4
975.6
451.0
471.1
34.0
19.4

764.6
1269.3
644.1
357.6
79.7
206.9
1148.8
521.1
550.7
56.6
20.3

669.1
1225.8
687.4
379.4
92.3
215.7
1244.1
605.7
576.9
38.9
22.6

575.9
1173.5
626.9
302.8
108.0
216.1
1224.6
584.5
582.2
32.1
25.9

633.3
1075.1
565.0
214.6
138.7
211.7
1006.8
480.0
490.4
18.1
18.2

902.4
1347.6
580.3
177.5
134.4
268.3
1025.4
444.5
509.9
51.8
19.2

960.4
1462.1
568.2
180.0
96.8
291.5
1069.9
445.6
537.0
65.7
21.6

997.2
1556.5
577.2
177.8
98.7
300.8
1136.5
451.8
577.4
85.8
21.5

9
10
11
12
13
14
15
16
17
18
19

20
21
22

Net national income/Balance of primary incomes, net


Less: Current taxes on income, wealth, etc. (paid)
Less: Other current transfers (paid)

467.9
132.9
61.8

561.7
187.0
62.0

757.8
271.9
74.2

764.6
307.7
70.4

669.1
293.8
62.2

575.9
227.4
51.7

633.3
177.8
73.4

902.4
220.6
83.2

960.4
222.3
89.3

997.2
256.9
92.5

20
21
22

23

Equals: Disposable income, net

273.2

312.7

411.7

386.5

313.1

296.7

382.1

598.6

648.8

647.8

23

24

Equals: Net saving

273.2

312.7

411.7

386.5

313.1

296.7

382.1

598.6

648.8

647.8

24

25
26
27

Net saving less capital transfers


Net saving
Less: Capital transfers paid (net)

273.3
273.2
-0.1

319.3
312.7
-6.7

427.2
411.7
-15.5

386.5
386.5
-0.0

313.1
313.1
-0.0

300.4
296.7
-3.7

343.8
382.1
38.3

577.7
598.6
20.9

655.2
648.8
-6.4

664.5
647.8
-16.7

25
26
27

28

158.2

211.9

280.9

360.4

341.6

264.7

-82.8

149.0

207.7

321.3

28

29
30
31
32

Capital formation, net


Gross fixed capital formation (acquisition of
produced nonfinancial assets)
Less: Consumption of fixed capital
Acquisition of nonproduced nonfinancial assets
Change in private inventories

960.0
818.0
-2.1
18.3

1010.1
850.2
-1.8
53.9

1133.4
909.9
1.0
56.4

1259.9
979.4
13.6
66.3

1348.2
1040.3
0.4
33.3

1372.7
1093.9
17.6
-31.6

1141.9
1092.0
6.3
-139.0

1181.0
1094.6
-1.1
63.7

1305.3
1135.8
-0.9
39.1

1438.9
1188.2
-0.4
71.0

29
30
31
32

33

Net lending (+) or borrowing (-), capital account (lines 25-28)

115.1

107.4

146.3

26.1

-28.5

35.7

426.6

428.7

447.5

343.2

33

115.1

107.4

146.3

26.1

-28.5

35.7

426.6

428.7

447.5

343.2

34

Capital account

34

Net lending (+) or borrowing (-) (line 33)

35

Net acquisition of financial assets

87.6

780.2

945.7

700.7

1074.6

-604.2

302.4

633.2

494.1

910.4

35

133.0
44.0
71.5
17.6

56.2
3.0
37.7
15.6

120.6
60.8
49.9
9.9

-84.8
-117.2
46.6
-14.2

-62.3
-7.6
-55.7
0.9

-214.0
-59.0
-129.4
-25.5

254.5
70.7
176.9
6.8

148.7
79.7
59.9
9.1

37.1
29.7
13.2
-5.8

95.9
92.7
24.7
-21.5

36
37
38
39

10.8
10.9
2.3
-5.7
3.3

16.2
19.3
0.3
0.1
-3.6

40.4
16.0
18.1
6.0
0.3

-1.2
11.7
-6.7
-2.2
-4.0

-61.7
-53.2
-7.1
-2.4
1.1

-25.7
-12.2
-7.9
-2.6
-3.0

16.3
-1.3
12.5
4.2
0.9

15.6
12.0
5.1
1.7
-3.2

-8.5
-0.1
-5.1
-1.7
-1.6

9.2
-7.5
7.2
-2.6
12.2

40
41
42
43
44

Loans
Short term (security repos and consumer credit)
Long term (mortgages)

-13.7
-15.9
2.2

15.4
0.6
14.8

10.2
8.5
1.7

-12.5
-4.1
-8.4

-21.7
-3.2
-18.4

-9.8
-2.1
-7.7

-5.6
-1.5
-4.1

-8.7
-7.1
-1.6

2.2
2.8
-0.6

-2.8
-2.2
-0.6

45
46
47

48
49
50
51
52
53

Equity and investment fund shares


Money market fund shares
Mutual fund shares
U.S. direct investment abroad
Equity in government-sponsored enterprises (1)
Investment in finance company subsidiaries

103.3
-30.4
5.8
125.3
0.1
2.6

284.1
10.3
-1.3
272.4
0.1
2.6

142.5
52.7
0.7
24.7
0.0
64.4

334.9
69.1
23.6
219.2
0.1
22.9

374.6
127.2
-4.9
307.0
0.1
-54.8

423.5
178.5
-16.5
262.6
-0.1
-1.1

224.3
-71.4
35.3
269.7
0.0
-9.3

183.6
-157.7
11.1
303.3
0.1
26.7

359.9
-35.4
-12.8
399.8
-0.0
8.4

362.0
-4.1
0.7
365.8
0.0
-0.4

48
49
50
51
52
53

54

Insurance, pension and standardized guarantee schemes (2)

19.1

19.7

21.3

7.6

8.3

11.0

-4.0

11.9

10.0

7.4

54

36
37
38
39

Currency and deposits


Currency and transferable deposits
Time and savings deposits
Foreign deposits

40
41
42
43
44

Debt securities
Open market paper
Treasury securities
Agency- and GSE-backed securities (1)
Municipal securities

45
46
47

Integrated Accounts

Financial account

140

Z.1, March 6, 2014

S.5.a Nonfinancial Corporate Business


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2003

55
56
57
58

Other accounts receivable


Trade receivables
Other (miscellaneous assets)
Net incurrence of liabilities

2004

2005

2006

2007

2008

2009

2010

2011

2012

-164.9
-17.7
-147.1

388.6
128.8
259.8

610.8
277.6
333.2

456.6
-15.2
471.9

837.3
159.8
677.5

-789.2
-169.5
-619.7

-183.1
-31.1
-152.0

282.2
105.7
176.5

93.4
83.4
10.0

438.6
83.5
355.1

55
56
57

13.5

614.2

965.6

839.3

1281.1

339.1

-248.5

487.8

894.4

674.5

58

59
60
61
62

Debt securities
Open market paper
Municipal securities
Corporate bonds

124.4
-37.3
3.3
158.4

119.5
15.3
10.6
93.6

97.6
-7.7
41.9
63.5

294.5
22.4
53.3
218.8

402.6
11.3
68.4
323.0

299.1
7.7
66.0
225.4

375.8
-73.1
37.2
411.7

496.3
24.5
33.2
438.6

452.7
33.4
8.5
410.8

608.8
14.0
15.2
579.6

59
60
61
62

63
64
65
66
67

Loans
Short term
Depository institution loans n.e.c.
Other loans and advances
Long term (mortgages)

-36.0
-84.0
-91.4
7.3
48.0

129.8
55.1
4.0
51.1
74.7

274.2
83.1
-27.1
110.2
191.1

237.9
150.0
22.1
127.9
87.9

453.0
383.9
96.3
287.6
69.1

72.1
132.1
64.2
67.9
-60.0

-522.9
-394.8
-234.0
-160.8
-128.1

-292.0
-173.9
-83.5
-90.4
-118.1

72.2
129.1
68.9
60.2
-56.9

35.1
44.6
78.3
-33.7
-9.5

63
64
65
66
67

68
69
70

Equity and investment fund shares


Corporate equities
Foreign direct investment in the United States

0.4
-39.6
40.0

-26.7
-122.7
96.0

-243.1
-341.8
98.7

-373.7
-565.7
192.0

-574.7
-786.8
212.1

-144.8
-334.3
189.6

42.5
-62.1
104.6

-120.4
-277.4
157.0

-277.0
-472.2
195.2

-234.4
-399.5
165.1

68
69
70

71
72
73

Insurance, pension and standardized guarantee schemes


Pension fund contributions payable
Claim of pension fund on sponsor

56.3
-0.2
56.5

77.8
-3.1
81.0

90.7
-1.9
92.6

146.1
-2.0
148.1

-1.0
4.5
-5.6

137.8
14.7
123.0

74.3
-8.4
82.7

0.6
15.4
-14.9

-9.6
3.0
-12.5

48.1
-2.0
50.1

71
72
73

74
75
76
77

Other accounts payable


Trade payables
Taxes payable
Miscellaneous liabilities

-131.6
-54.7
-11.7
-65.1

313.7
97.7
6.8
209.3

746.1
199.0
-1.8
548.8

534.4
109.0
-0.8
426.2

1001.2
85.1
-49.6
965.7

-25.2
-225.2
3.1
196.9

-218.2
-82.6
-3.3
-132.4

403.2
156.3
7.2
239.7

656.0
25.2
8.8
622.0

216.8
118.4
6.6
91.8

74
75
76
77

74.1

166.1

-19.9

-138.6

-206.5

-943.3

551.0

145.5

-400.3

235.9

78

131.9
0.0
163.3
40.9
-9.6

294.3
-9.2
205.3
-58.6
-39.5

327.3
-22.7
484.0
166.2
-32.1

644.3
0.0
773.4
164.7
-35.7

756.8
0.0
895.2
178.0
-39.5

-722.2
-5.8
225.6
979.0
-37.0

173.1
0.0
55.4
-124.3
6.7

414.9
0.0
657.1
283.2
-41.0

-72.2
0.0
719.5
847.8
-56.0

525.7
-6.9
630.0
107.3
-10.0

79
80
81
82
83

187.0
164.7
-20.1
22.0
20.4

1318.6
1197.8
71.0
11.8
38.0

937.7
811.5
53.0
29.3
43.9

981.1
873.2
80.9
22.2
4.7

1474.7
1341.2
33.8
31.2
68.5

-1098.8
-1150.0
104.8
12.8
-66.5

-2612.1
-2644.8
-10.1
3.0
39.9

876.0
741.8
48.4
22.2
63.6

826.1
693.9
62.2
27.6
42.5

558.3
484.6
21.1
45.2
7.4

84
85
86
87
88

26.1
18.2
7.9

89.2
11.9
77.2

94.5
8.1
86.3

31.0
15.2
15.9

154.8
9.7
145.1

-199.6
-55.2
-144.4

-15.3
20.4
-35.7

-131.9
13.6
-145.6

-15.2
-8.1
-7.1

-9.8
15.1
-24.9

89
90
91

2682.0
2672.5
9.5

1377.9
1366.1
11.8

980.7
939.8
41.0

2462.7
2481.5
-18.8

1942.3
1915.2
27.1

-5481.0
-5379.8
-101.2

2389.2
2557.7
-168.5

2122.0
2136.8
-14.8

590.9
601.5
-10.7

2001.7
2005.6
-4.0

92
93
94

-2468.9

29.9

51.4

-1450.6

-312.9

4182.6

-5016.5

-1378.0

220.1

-1453.1

95

-2063.8

643.5

805.9

-419.7

757.0

3760.8

-4499.6

-385.4

803.1

-262.8

96

21490.7

23864.6

26068.8

28204.3

31184.2

29540.0

27215.4

29012.7

30596.8

32446.8

97

11367.3
5806.6
3018.8
1181.5
1360.4

12919.8
7040.3
3161.2
1226.6
1491.7

14160.0
7911.8
3318.5
1305.5
1624.2

15536.7
8879.9
3541.7
1384.3
1730.9

17422.6
10366.4
3710.5
1473.6
1872.2

16603.1
9358.5
3894.2
1539.3
1811.1

13881.6
6777.3
3826.9
1572.1
1705.3

14979.0
7578.4
3887.7
1639.3
1873.6

16073.7
8318.9
4023.7
1719.8
2011.2

16945.9
8880.3
4146.9
1819.1
2099.6

98
99
100
101
102

10123.4

10944.8

11908.9

12667.6

13761.6

12936.9

13333.8

14033.7

14523.2

15500.8

103

605.1
204.2
362.8
38.1

661.3
207.2
400.5
53.7

781.9
268.0
450.4
63.6

697.1
150.8
497.0
49.3

634.8
143.2
441.3
50.3

420.8
84.2
311.9
24.7

675.3
155.0
488.8
31.5

824.0
234.6
548.7
40.6

861.1
264.3
561.9
34.8

957.0
357.0
586.6
13.4

104
105
106
107

78

Addendum:
Net lending (+) or borrowing (-), financial account (lines 35-58)

79
80
81
82
83

Total other volume changes


Disaster losses
Other volume changes
Less: Statistical discrepancy (lines 33-78) (3)
Less: Inventory valuation adjustment

Other changes in volume account

Revaluation account
84
85
86
87
88

Nonfinancial assets
Real estate
Equipment
Intellectual property products
Inventories

89
90
91

Financial assets
Mutual fund shares
Direct investment abroad

92
93
94

Liabilities
Corporate equity
Foreign direct investment in the United States

95

Changes in net worth due to nominal holding gains/losses

96

Change in net worth (lines 28+33+79+95) (4)

Changes in balance sheet account

Integrated Accounts

Balance sheet account (end of period)


97
98
99
100
101
102
103
104
105
106
107

Total assets
Nonfinancial assets (5)
Real estate
Equipment
Intellectual property products
Inventories
Financial assets
Currency and deposits
Currency and transferable deposits
Time and savings deposits
Foreign deposits

141

Z.1, March 6, 2014

S.5.a Nonfinancial Corporate Business


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

108
109
110
111
112

Debt securities
Open market paper
Treasury securities
Agency- and GSE-backed securities (1)
Municipal securities

156.0
75.7
33.7
11.2
35.4

172.2
95.0
34.0
11.3
31.8

212.6
111.0
52.1
17.4
32.1

211.4
122.7
45.5
15.2
28.1

149.7
69.5
38.3
12.8
29.2

124.1
57.3
30.5
10.2
26.2

140.4
56.0
43.0
14.3
27.1

155.9
68.0
48.0
16.0
23.9

147.4
67.9
43.0
14.3
22.3

156.7
60.3
50.2
11.7
34.4

108
109
110
111
112

113
114
115
116
117

Loans
Short term
Security repurchases
Consumer credit
Long term (mortgages)

116.8
65.1
6.0
59.1
51.8

132.2
65.6
6.4
59.2
66.6

142.4
74.1
14.6
59.6
68.3

128.3
68.5
15.5
53.0
59.8

106.7
65.3
8.1
57.2
41.4

96.8
63.2
7.2
56.0
33.6

91.2
61.7
7.9
53.8
29.5

86.3
58.3
12.1
46.2
28.0

88.5
61.1
12.6
48.5
27.4

85.7
58.9
10.3
48.5
26.9

113
114
115
116
117

118
119
120
121
122
123

Equity and investment fund shares


Money market fund shares
Mutual fund shares
U.S. direct investment abroad
Equity in government-sponsored enterprises (1)
Investment in finance company subsidiaries

2170.6
289.3
114.9
1745.1
0.4
21.0

2543.9
299.6
125.6
2094.7
0.5
23.6

2809.9
352.2
134.4
2205.7
0.5
117.0

3175.9
421.3
173.2
2440.7
0.6
140.1

3701.6
548.5
178.0
2892.9
0.7
81.5

3925.3
727.0
106.3
3011.1
0.4
80.5

4134.3
655.5
162.0
3245.1
0.5
71.2

4148.8
497.8
186.8
3402.9
0.6
60.7

4493.5
462.4
165.9
3795.6
0.5
69.1

4845.7
458.3
181.7
4136.4
0.6
68.7

118
119
120
121
122
123

124

Insurance, pension and standardized guarantee schemes (2)

243.0

262.7

284.0

291.6

300.0

311.1

307.1

319.0

329.0

336.5

124

125
126
127

Other accounts receivable


Trade receivables
Other (miscellaneous assets)

6831.8
1701.8
5130.0

7172.4
1830.6
5341.8

7678.1
2108.2
5569.9

8163.2
2094.6
6068.6

8868.8
2254.4
6614.4

8058.8
2084.9
5973.8

7985.4
2053.9
5931.6

8499.6
2155.8
6343.8

8603.6
2239.2
6364.4

9119.3
2322.7
6796.6

125
126
127

128

Total liabilities and net worth

21490.7

23864.6

26068.8

28204.3

31184.2

29540.0

27215.4

29012.7

30596.8

32446.8

128

20739.9

22470.4

23868.7

26423.9

28646.8

23241.7

25416.8

27599.4

28380.5

30493.3

129

129

Liabilities

130
131
132
133

Debt securities
Open market paper
Municipal securities
Corporate bonds

3276.6
82.5
163.9
3030.2

3407.1
97.8
185.4
3123.8

3504.7
90.1
227.3
3187.3

3799.2
112.5
280.6
3406.1

4201.9
123.8
349.0
3729.1

4501.0
131.5
415.0
3954.5

4876.8
58.4
452.2
4366.2

5373.1
82.9
485.4
4804.8

5825.8
116.3
493.9
5215.6

6434.6
130.3
509.1
5795.2

130
131
132
133

134
135
136
137
138

Loans
Short term
Depository institution loans n.e.c.
Other loans and advances
Long term (mortgages)

1876.9
1356.3
614.1
742.2
520.7

2006.8
1411.4
618.0
793.3
595.4

2281.0
1494.5
591.0
903.5
786.5

2539.6
1641.6
613.1
1028.5
898.0

2999.1
2032.0
715.9
1316.1
967.2

3066.3
2164.1
780.1
1384.0
902.2

2459.2
1685.2
546.0
1139.1
774.0

2100.4
1429.2
480.9
948.3
671.2

2172.6
1558.2
549.8
1008.5
614.4

2251.2
1646.4
609.5
1036.9
604.8

134
135
136
137
138

139
140
141

Equity and investment fund shares


Corporate equity
Foreign direct investment in the United States

12147.2
10845.2
1302.0

13498.4
12088.6
1409.8

14236.0
12686.6
1549.4

16325.1
14602.3
1722.7

17692.7
15730.7
1961.9

12066.9
10016.6
2050.3

14498.6
12512.2
1986.4

16500.3
14371.6
2128.7

16814.1
14500.8
2313.3

18581.4
16107.0
2474.4

139
140
141

142
143
144

Insurance, pension and standardized guarantee schemes


Pension fund contributions payable
Claim of pension fund on sponsor

78.0
49.8
28.2

80.9
46.6
34.3

14.6
44.8
-30.1

35.9
64.7
-28.8

48.5
69.3
-20.8

761.4
84.0
677.4

573.2
75.6
497.6

537.6
91.1
446.5

580.7
94.0
486.6

532.2
92.1
440.2

142
143
144

145
146
147
148

Other accounts payable


Trade payables
Taxes payable
Miscellaneous liabilities

3361.1
1403.9
81.2
1876.0

3477.2
1501.6
88.0
1887.7

3832.3
1700.6
86.2
2045.5

3724.0
1812.9
85.4
1825.8

3704.6
1897.9
35.8
1770.8

2846.1
1672.7
39.0
1134.4

3009.0
1590.2
35.7
1383.1

3088.1
1746.5
42.9
1298.7

2987.2
1771.7
51.7
1163.9

2693.8
1890.1
58.3
745.3

145
146
147
148

750.8

1394.3

2200.2

1780.5

2537.5

6298.3

1798.6

1413.2

2216.3

1953.5

149

149

Net worth

Integrated Accounts

Notes. Nonfinancial corporate business includes corporate farms that are excluded from the nonfinancial corporate business sector in the Flow of Funds Accounts.
Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System.
(1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,
the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.
(2) Net equity in reserves of property-casualty insurance companies.
(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy
reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.
(4) Includes changes in the market value of shares and other equity that are excluded from the related measures for the nonfinancial corporate business sector in the Flow of Funds Accounts.
(5) Excludes nonproduced nonfinancial assets.
n.e.c. Not elsewhere classified

142

Z.1, March 6, 2014

S.6.a Financial Business


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Current account
1

Gross value added

885.6

922.1

1034.3

1127.6

1068.8

852.3

1015.7

1039.9

1025.1

1090.3

Less: Consumption of fixed capital

130.0

139.3

148.9

156.8

165.4

173.9

177.4

176.7

179.0

186.6

3
4
5
6
7
8

Equals: Net value added


Compensation of employees (paid)
Wages and salaries
Employers social contributions
Taxes on production and imports less subsidies
Operating surplus, net

755.6
460.5
390.6
69.9
42.9
252.2

782.8
498.5
423.0
75.5
46.6
237.7

885.5
535.4
449.4
86.0
49.5
300.6

970.8
579.8
490.8
89.0
52.5
338.5

903.4
618.2
527.1
91.1
54.7
230.5

678.4
612.9
517.9
95.0
55.6
9.9

838.4
549.0
466.2
82.8
64.2
225.2

863.3
572.5
486.4
86.1
64.8
226.0

846.0
610.1
514.3
95.9
61.0
174.9

903.7
633.6
538.3
95.3
61.5
208.6

3
4
5
6
7
8

9
10
11
12
13
14
15
16
17
18
19
20
21

Net national income/Balance of primary incomes, net


Operating surplus, net
Property income (received)
Interest
Distributed income of corporations (dividends)
Reinvested earnings on U.S. direct investment abroad
Less: Uses of property income (paid)
Interest
Distributed income of corporations
Dividends
Withdrawals from income of quasi-corporations (1)
Reinvested earnings on foreign direct investment
Rents on land and natural resources

206.6
252.2
1439.2
1304.9
113.2
21.1
1484.8
1210.4
271.9
221.8
50.1
2.5
0.0

213.1
237.7
1675.2
1499.9
145.2
30.1
1699.7
1360.7
329.8
282.4
47.4
9.3
0.0

200.3
300.6
2078.1
1886.6
188.6
2.9
2178.4
1785.2
385.1
337.5
47.7
8.0
0.0

205.2
338.5
2657.4
2403.6
212.9
40.9
2790.8
2338.0
440.0
390.0
50.0
12.8
0.0

110.7
230.5
3096.1
2786.6
263.7
45.7
3215.8
2708.9
497.4
457.6
39.8
9.5
0.0

-1.7
9.9
2718.3
2398.5
270.3
49.5
2729.9
2275.4
447.2
424.2
23.0
7.3
0.0

290.8
225.2
2096.6
1834.4
211.1
51.1
2031.0
1636.7
390.6
316.2
74.4
3.7
0.0

375.8
226.0
2027.0
1714.0
244.8
68.3
1877.3
1469.7
396.7
311.8
84.9
10.9
0.0

324.9
174.9
2040.0
1709.2
261.1
69.6
1890.0
1455.2
419.7
366.0
53.8
15.1
0.0

322.4
208.6
1990.3
1625.8
297.2
67.3
1876.5
1372.4
484.2
431.9
52.3
19.9
0.0

9
10
11
12
13
14
15
16
17
18
19
20
21

22
23
24

Net national income/Balance of primary incomes, net


Less: Current taxes on income, wealth, etc. (paid)
Less: Other current transfers (paid)

206.6
110.9
-9.7

213.1
119.1
-6.5

200.3
140.5
-13.4

205.2
165.7
-21.1

110.7
151.7
7.5

-1.7
81.7
46.0

290.8
91.6
26.9

375.8
150.0
18.4

324.9
151.9
19.8

322.4
177.8
-12.0

22
23
24

25

Equals: Disposable income, net

105.5

100.5

73.1

60.6

-48.5

-129.4

172.3

207.4

153.1

156.5

25

26

Equals: Net saving

105.5

100.5

73.1

60.6

-48.5

-129.4

172.3

207.4

153.1

156.5

26

Capital account
27
28
29

Net saving less capital transfers


Net saving
Less: Capital transfers paid (net)

105.5
105.5
0.0

84.3
100.5
16.2

45.4
73.1
27.7

60.6
60.6
0.0

-48.5
-48.5
0.0

-68.9
-129.4
-60.5

294.2
172.3
-121.9

248.9
207.4
-41.5

185.5
153.1
-32.4

146.9
156.5
9.6

27
28
29

30
31
32

Capital formation, net


Gross fixed capital formation (nonresidential)
Less: Consumption of fixed capital

26.5
156.5
130.0

37.2
176.5
139.3

31.1
180.0
148.9

31.9
188.7
156.8

46.1
211.5
165.4

22.3
196.2
173.9

-10.5
166.9
177.4

-13.9
162.8
176.7

-3.8
175.2
179.0

6.8
193.4
186.6

30
31
32

33

Net lending (+) or borrowing (-), capital account (lines 27-30)

78.9

47.1

14.3

28.8

-94.6

-91.2

304.7

262.8

189.3

140.2

33

Integrated Accounts

Financial account
34

Net lending (+) or borrowing (-) (line 33)

35

Net acquisition of financial assets

78.9

47.1

14.3

28.8

-94.6

-91.2

304.7

262.8

189.3

140.2

34

3078.9

3396.8

3627.7

4542.1

5188.8

4517.9

-1150.0

-351.0

1947.8

1785.5

35

0.0

0.0

-0.0

-0.0

0.0

0.0

0.0

0.0

0.0

0.0

36

-47.3

43.9

-12.3

74.7

170.2

1008.9

224.4

-139.8

529.3

-38.5

37

36

Monetary gold

37

Currency and deposits

38
39
40
41
42
43
44
45

Debt securities
SDR certificates
Open market paper
Treasury securities
Agency- and GSE-backed securities (2)
Municipal securities
Corporate and foreign bonds
Nonmarketable government securities

1078.6
0.0
-153.5
88.5
431.8
110.7
576.5
24.7

464.6
0.0
40.7
-42.6
-209.8
79.5
555.9
40.9

652.7
0.0
204.7
52.0
-249.3
115.6
489.7
40.0

1108.2
0.0
241.1
84.8
96.8
131.2
518.5
35.8

1050.4
0.0
-95.5
35.4
282.6
184.7
609.9
33.3

1239.6
0.0
-8.1
442.9
724.6
42.1
-25.1
63.3

791.1
3.0
-396.8
365.7
681.4
38.4
37.4
61.9

834.5
0.0
-103.3
504.6
51.8
44.1
271.6
65.7

1342.8
0.0
-76.3
981.3
147.7
15.0
204.4
70.8

1086.6
0.0
-7.1
323.8
230.9
138.2
360.4
40.4

38
39
40
41
42
43
44
45

46
47
48

Loans
Short term
Long term (mortgages)

1107.9
118.4
989.5

1568.8
354.7
1214.1

1953.4
541.8
1411.6

2025.1
624.9
1400.2

2365.9
1266.9
1099.0

1648.6
1554.0
94.6

-2815.3
-2513.2
-302.2

-944.3
-439.0
-505.3

-140.4
178.0
-318.4

207.6
438.2
-230.6

46
47
48

49
50
51
52
53
54
55
56

Equity and investment fund shares


Corporate equities
Mutual fund shares
Money market mutual fund shares
Equity in government-sponsored enterprises (2)
U.S. direct investment abroad
Stock in Federal Reserve Banks
Investment in subsidiaries

330.7
257.1
-2.0
-78.0
2.5
24.3
0.5
126.4

658.2
331.8
95.5
-110.3
2.4
43.8
3.1
291.9

532.1
284.8
47.0
12.0
2.0
11.5
1.6
173.2

499.8
179.5
96.7
-6.7
-0.0
25.8
1.8
202.8

1222.8
422.0
88.6
330.8
8.3
107.0
3.1
263.1

833.1
213.5
47.7
283.1
-5.3
66.4
2.6
225.0

46.4
170.4
68.9
-174.0
0.0
40.7
4.6
-64.1

-133.9
81.4
17.1
-171.7
-3.2
-2.3
0.9
-56.0

-62.8
-86.3
-14.3
-68.0
-6.2
9.2
0.4
102.4

359.7
165.1
71.2
-17.8
-2.0
22.5
0.5
120.3

49
50
51
52
53
54
55
56

143

Z.1, March 6, 2014

S.6.a Financial Business


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

57

Insurance, pension and standardized guarantee schemes

273.1

239.2

194.1

257.1

207.0

326.4

460.8

293.8

321.2

270.2

57

58

Other accounts receivable

335.8

422.2

307.7

577.2

172.5

-538.7

142.7

-261.4

-42.2

-100.1

58

59

Net incurrence of liabilities

2891.6

3412.3

3271.5

4267.9

4990.1

4625.7

-983.9

-147.9

2024.0

1729.8

59

450.3

598.3

611.3

617.4

548.2

2134.9

258.2

331.7

1455.3

602.0

60

1010.5
586.2
487.8
-63.5

805.8
115.8
668.3
21.7

1039.8
80.4
745.2
214.2

1319.9
328.2
795.3
196.4

1503.3
905.7
709.1
-111.5

361.4
768.7
-281.9
-125.4

-1094.1
-60.1
-586.0
-448.1

-724.3
-46.9
-575.2
-102.2

-415.8
-21.9
-325.8
-68.2

-290.8
-22.4
-209.6
-58.8

61
62
63
64

375.2
366.3
8.9

303.5
278.0
25.5

432.1
418.0
14.1

568.2
561.6
6.6

588.4
583.7
4.7

-72.3
-79.1
6.8

-1077.0
-1080.3
3.4

-451.3
-451.5
0.2

-18.2
-27.3
9.1

-3.6
-19.3
15.6

65
66
67

250.5
-212.6
66.0
288.1
3.2
23.9
-3.4
84.9
0.5

649.7
-136.4
118.1
296.3
2.5
50.2
-4.2
320.1
3.1

698.0
125.1
78.4
260.2
1.9
13.9
-1.2
218.1
1.6

931.5
303.1
60.0
336.8
0.2
52.0
-6.8
184.4
1.8

1469.0
736.8
179.6
361.5
9.1
9.3
3.6
166.1
3.1

1717.6
724.2
639.5
-9.9
-4.2
120.7
11.6
233.0
2.6

271.0
-498.7
316.3
497.1
0.0
45.7
0.6
-94.5
4.6

73.7
-503.2
191.3
370.1
-2.7
48.5
0.9
-32.0
0.9

498.8
-112.8
164.1
338.4
-5.9
34.9
-1.7
81.5
0.4

977.9
7.1
168.6
624.9
-1.8
0.7
6.5
171.5
0.5

68
69
70
71
72
73
74
75
76

60

Currency and deposits

61
62
63
64

Debt securities
Agency- and GSE-backed securities (2)
Corporate bonds
Commercial paper

65
66
67

Loans
Short term
Long term (mortgages)

68
69
70
71
72
73
74
75
76

Equity and investment fund shares


Money market mutual fund shares
Corporate equity issues
Mutual fund shares
Equity in government-sponsored enterprises (2)
Foreign direct investment in the United States
Equity in noncorporate business
Investment by parent
Stock in Federal Reserve Banks

77

Insurance, pension and standardized guarantee schemes

696.0

720.1

662.6

662.2

683.9

635.0

530.3

625.9

633.0

500.6

77

78

Other accounts payable

109.1

334.9

-172.2

168.7

197.3

-150.8

127.8

-3.6

-129.0

-56.3

78

187.3

-15.4

356.2

274.2

198.7

-107.8

-166.1

-203.1

-76.2

55.7

79

-705.1
0.0
-813.5
-108.4

-386.1
-1.7
-322.0
62.5

45.2
-1.7
-295.1
-341.9

-51.2
0.0
-296.6
-245.4

0.7
0.0
-292.6
-293.3

1326.6
-0.6
1343.8
16.6

-1154.3
0.0
-683.4
470.8

-955.3
2.1
-491.5
465.9

-198.2
0.0
67.4
265.6

-432.4
-2.0
-345.9
84.5

80
81
82
83

79

Addendum:
Net lending (+) or borrowing (-), financial account (lines 35-59)

80
81
82
83

Total other volume changes


Disaster losses
Other volume changes
Less: Statistical discrepancy (lines 33-79) (3)

Other changes in volume account

Revaluation account
84
85
86
87

Nonfinancial assets
Structures (nonresidential)
Equipment
Intellectual property products

12.4
17.2
-3.4
-1.5

71.7
63.9
8.1
-0.3

78.4
75.1
2.0
1.2

71.9
66.9
2.9
2.1

36.3
38.1
-3.1
1.4

65.6
59.0
5.3
1.3

-48.7
-47.0
-0.6
-1.0

4.3
1.4
2.9
-0.0

41.9
35.0
6.0
0.9

26.2
15.8
6.6
3.7

84
85
86
87

88
89
90
91

Financial assets
Corporate equities
Mutual fund shares
U.S. direct investment abroad

2145.3
1862.7
252.7
30.0

1178.7
1004.1
124.0
50.6

928.9
614.4
283.9
30.7

1210.1
922.0
252.4
35.7

759.9
622.4
91.8
45.8

-5986.6
-5096.5
-900.9
10.8

2677.7
2141.1
482.4
54.2

1726.4
1413.1
272.7
40.7

-579.7
-523.7
-43.7
-12.3

1812.8
1481.2
280.4
51.2

88
89
90
91

92
93
94
95
96
97
98

Liabilities
Corporate equity issues
Mutual fund shares
Foreign direct investment in the United States
Equity in noncorporate business
Pension fund reserves
Investment by parent

2045.8
795.9
726.8
8.4
11.4
503.3
0.0

1149.0
459.1
483.8
4.0
2.4
199.7
0.0

880.8
262.4
352.4
9.4
1.7
254.8
0.0

1583.0
716.1
682.6
22.5
4.8
156.9
0.0

-539.6
-985.4
396.0
-56.7
-0.6
107.0
0.0

-6423.3
-2366.2
-2424.7
-157.6
-13.6
-1461.2
0.0

2178.7
386.3
1035.6
17.9
3.6
735.9
-0.6

1595.6
526.0
582.2
34.1
0.3
455.0
-2.0

-790.9
-373.5
-340.4
35.9
-1.1
-111.4
-0.3

1859.0
691.5
717.8
15.5
-1.0
435.3
-0.1

92
93
94
95
96
97
98

111.9

101.4

126.5

-301.0

1335.9

502.3

450.3

135.1

253.1

-19.9

99

-487.8

-200.5

217.1

-291.5

1288.1

1760.1

-409.7

-571.3

240.4

-305.4

100

46280.8

50843.8

55160.1

60966.4

66879.9

67243.7

68608.8

69475.4

71010.9

75224.2

101

1194.4
690.2
400.4
103.9

1301.7
759.9
427.4
114.4

1409.5
841.3
447.3
120.8

1513.3
916.3
469.8
127.1

1595.7
969.3
487.8
138.5

1683.0
1035.8
493.6
153.7

1623.8
988.3
468.4
167.1

1616.3
979.3
469.3
167.7

1654.4
1001.8
479.9
172.7

1685.4
1005.8
497.0
182.5

102
103
104
105

99

Changes in net worth due to nominal holding gains/losses

100

Change in net worth (lines 30+33+80+99)

Balance sheet account (end of period)


101
102
103
104
105

Total assets
Nonfinancial assets (4)
Structures (nonresidential)
Equipment
Intellectual property products

Integrated Accounts

Changes in balance sheet account

144

Z.1, March 6, 2014

S.6.a Financial Business


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2004

2005

2006

2007

2008

2009

2010

2011

2012

106

Financial assets

45086.4

49542.1

53750.6

59453.2

65284.2

65560.6

66985.0

67859.1

69356.6

73538.9

106

107

Monetary gold

11.0

11.0

11.0

11.0

11.0

11.0

11.0

11.0

11.0

11.0

107

108

Currency and deposits

734.4

779.4

764.4

814.1

986.6

2031.3

2270.3

2176.3

2705.7

2691.4

108

109
110
111
112
113
114
115
116

Debt securities
SDR certificates
Open market paper
Treasury securities
Agency- and GSE-backed securities (2)
Municipal securities
Corporate and foreign bonds
Nonmarketable government securities

13552.5
2.2
796.6
1636.4
4577.3
1151.0
4574.1
815.0

14037.1
2.2
837.3
1593.8
4387.5
1230.5
5130.0
855.9

14670.5
2.2
1042.0
1645.8
4138.2
1346.1
5613.4
882.9

15692.4
2.2
1280.1
1735.2
4150.6
1477.0
6128.5
918.7

16742.8
2.2
1184.6
1770.6
4433.3
1661.7
6738.4
952.0

17984.9
2.2
1176.1
2213.6
5157.8
1703.8
6716.1
1015.3

18798.5
5.2
779.3
2579.3
5893.7
1742.2
6721.6
1077.2

19054.1
5.2
676.0
3083.9
5482.7
1786.3
6877.0
1142.9

20396.6
5.2
599.7
4065.2
5630.4
1801.3
7081.1
1213.7

21575.6
5.2
592.6
4401.1
5875.4
1939.5
7507.8
1254.1

109
110
111
112
113
114
115
116

117
118
119

Loans
Short term
Long term (mortgages)

14514.7
5525.7
8989.0

16098.4
5880.4
10218.0

18051.8
6422.2
11629.6

20045.3
6991.9
13053.4

22400.7
8248.3
14152.4

24049.0
9802.0
14246.9

21261.1
7316.3
13944.8

20229.9
6923.4
13306.6

20089.5
7101.3
12988.2

20467.1
7714.6
12752.5

117
118
119

120
121
122
123
124
125
126
127

Equity and investment fund shares


Corporate equities
Mutual fund shares
Money market fund shares
Equity in government-sponsored enterprises (2)
U.S. direct investment abroad
Stock in Federal Reserve Banks
Investment in subsidiaries

12012.3
8093.8
1452.4
614.7
37.7
309.4
8.8
1495.4

13849.2
9429.7
1671.9
504.4
40.1
403.8
11.9
1787.3

15310.2
10328.9
2002.8
516.4
42.0
446.0
13.5
1960.6

17142.3
11465.4
2351.9
563.8
42.0
507.4
15.3
2196.5

19125.0
12509.7
2532.3
894.5
50.3
660.2
18.5
2459.6

13971.5
7626.7
1679.2
1177.7
45.0
737.4
21.1
2684.6

17371.8
9938.1
2230.4
1003.7
45.0
832.3
25.6
3296.6

18964.3
11432.6
2520.2
832.0
41.7
870.7
26.5
3240.6

18321.8
10822.6
2462.3
764.0
35.5
867.5
26.9
3343.0

20921.0
12468.9
2813.9
746.1
33.5
941.3
27.4
3889.9

120
121
122
123
124
125
126
127

128

Insurance, pension and standardized guarantee schemes

1896.2

2107.5

2112.2

2155.0

2256.1

4013.5

3842.8

4168.2

4515.8

4418.3

128

129

Other accounts receivable

2365.2

2659.5

2830.4

3593.2

3762.0

3499.3

3429.4

3255.2

3316.2

3454.4

129

130

Total liabilities and net worth

46280.8

50843.8

55160.1

60966.4

66879.9

67243.7

68608.8

69475.4

71010.9

75224.2

130

47239.0

52002.4

56101.6

62199.5

66824.9

65428.6

67203.4

68641.3

69936.4

74455.1

131

6871.6

7495.3

8106.6

8724.0

9272.2

11407.0

11665.2

11992.7

13448.0

14053.2

132

10158.8
5944.5
3279.9
934.4

10979.4
6060.3
3963.1
956.0

11964.7
6140.7
4653.8
1170.2

13254.8
6468.9
5422.4
1363.5

14888.0
7374.6
6261.3
1252.1

15249.1
8143.4
5979.4
1126.3

14480.4
8083.3
5718.8
678.2

13473.1
7574.0
5323.1
576.0

13057.3
7552.1
4997.3
507.9

12963.7
7529.7
4984.9
449.1

133
134
135
136

2835.8
2730.0
105.9

3139.3
3008.0
131.4

3571.4
3425.9
145.5

4136.4
3984.3
152.1

4724.7
4568.0
156.7

4652.4
4488.9
163.5

3707.1
3540.2
166.9

3244.1
3077.0
167.1

3225.9
3049.7
176.2

3284.9
3093.2
191.8

137
138
139

131

Liabilities

132

Currency and deposits

133
134
135
136

Debt securities
Agency- and GSE-backed securities (2)
Corporate bonds
Commercial paper

137
138
139

Loans
Short term
Long term (mortgages)

140
141
142
143
144
145
146
147
148

Equity and investment fund shares


Money market fund shares
Corporate equity issues
Mutual fund shares
Equity in government-sponsored enterprises (2)
Foreign direct investment in the United States
Equity in noncorporate business
Investment by parent
Stock in Federal Reserve Banks

12194.3
2004.4
3713.9
4652.9
42.3
275.7
13.0
1483.4
8.8

13793.2
1868.0
4291.1
5433.0
44.8
329.9
11.2
1803.4
11.9

15146.2
1993.1
4631.9
6045.6
46.7
353.2
11.7
2050.4
13.5

17537.1
2296.3
5408.0
7065.0
46.9
427.8
9.7
2268.1
15.3

18355.7
3033.0
4602.2
7822.6
56.0
380.4
12.6
2430.5
18.5

15111.2
3757.3
2875.4
5388.0
51.8
343.5
10.7
2663.5
21.1

17501.1
3258.6
3578.1
6920.7
51.8
407.0
14.8
3244.5
25.6

18678.2
2755.4
4295.4
7873.0
49.0
489.6
15.9
3173.4
26.5

18497.5
2642.5
4085.9
7870.9
43.1
560.4
13.1
3254.6
26.9

21435.7
2649.6
4946.1
9323.6
41.2
576.6
18.6
3852.6
27.4

140
141
142
143
144
145
146
147
148

149

Insurance, pension and standardized guarantee schemes

13315.7

14559.7

15525.9

16602.8

17445.8

16502.8

17814.3

19421.2

19931.3

20930.8

149

150

Other accounts payable

1862.7

2035.4

1786.8

1944.5

2138.5

2506.1

2035.3

1832.0

1776.5

1786.7

150

-958.1

-1158.6

-941.5

-1233.1

55.0

1815.1

1405.4

834.1

1074.5

769.1

151

151

Integrated Accounts

2003

Net worth

Notes. Financial business includes depository institutions, insurance companies and pension funds, monetary authority, and other financial institutions.
Estimates for 2000 and earlier periods are based on the 1987 Standard Industrial Classification System; later estimates are based on the North American Classification System.
(1) Consists of rental income of tenant-occupied housing and proprietors income. Quasi-corporations are unincorporated enterprises that function as if they were corporations;
they primarily cover their operating costs through sales, and they keep a complete set of financial records.
(2) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,
the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.
(3) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy
reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.
(4) Excludes land. Includes corporate and noncorporate financial business.
SDRs Special Drawing Rights

145

Z.1, March 6, 2014

S.7.a Federal Government


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Current account
1

Gross value added

498.1

525.8

552.7

577.6

605.4

637.6

668.8

704.5

719.7

716.7

Less: Consumption of fixed capital

170.3

178.6

189.4

200.7

212.8

226.3

234.5

245.3

256.5

262.3

3
4
5
6
7

Equals: Net value added


Compensation of employees (paid)
Wages and salaries
Employers social contributions
Operating surplus, net

327.8
321.1
234.8
86.3
6.7

347.2
342.3
249.9
92.4
4.9

363.3
362.4
263.5
98.9
0.9

376.9
375.1
271.7
103.5
1.8

392.6
390.5
283.3
107.3
2.0

411.3
410.4
296.7
113.7
0.8

434.3
433.5
312.2
121.3
0.7

459.1
462.2
328.5
133.7
-3.1

463.2
470.5
331.7
138.9
-7.3

454.5
467.9
328.0
139.9
-13.4

3
4
5
6
7

8
9
10
11
12
13
14
15
16

Net national income/Balance of primary incomes, net


Operating surplus, net
Taxes on production and imports, receivable
Subsidies (paid)
Property income (received)
Interest
Distributed income of corporations (dividends)
Rents on land and natural resources
Less: Uses of property income (interest paid)

-221.2
6.7
90.2
-49.0
23.5
16.5
0.0
7.0
292.6

-226.6
4.9
95.2
-46.0
25.3
16.6
0.1
8.7
306.1

-277.4
0.9
99.4
-60.5
27.2
17.3
0.2
9.7
344.4

-293.5
1.8
99.2
-51.1
29.0
18.8
0.3
9.9
372.3

-325.6
2.0
94.6
-47.5
33.4
22.1
0.2
11.1
408.2

-308.9
0.8
94.0
-49.6
33.9
19.5
0.6
13.8
388.0

-269.9
0.7
91.4
-56.9
48.5
22.8
18.7
7.0
353.6

-286.6
-3.1
96.8
-54.3
54.6
29.5
17.0
8.0
380.6

-323.2
-7.3
108.6
-59.4
57.4
28.5
18.8
10.1
422.6

-320.0
-13.4
118.0
-56.8
52.9
22.2
21.1
9.6
420.6

8
9
10
11
12
13
14
15
16

17
18
19
20
21
22

Net national income/Balance of primary incomes, net


Plus: Current taxes on income, wealth, etc. (received)
Plus: Social benefits (received)
Less: Social contributions (paid)
Plus: Other current transfers (received)
Less: Other current transfers (paid)

-221.2
980.8
763.2
973.1
25.5
350.3

-226.6
1058.8
808.9
1025.5
29.0
363.0

-277.4
1285.2
853.4
1090.9
32.0
384.2

-293.5
1459.2
905.7
1196.7
36.8
375.8

-325.6
1542.5
947.2
1272.2
41.0
401.3

-308.9
1354.1
974.4
1407.4
48.6
416.0

-269.9
1072.4
950.8
1624.9
66.2
510.7

-286.6
1208.2
970.9
1726.6
64.4
555.9

-323.2
1387.5
904.3
1745.3
66.1
529.0

-320.0
1518.0
937.8
1790.5
49.7
493.1

17
18
19
20
21
22

23
24

Equals: Disposable income, net


Less: Final consumption expenditures

224.9
628.5

281.6
681.4

418.0
723.4

535.8
763.9

531.6
798.4

244.7
879.8

-316.1
933.7

-325.6
1003.9

-239.6
1008.7

-98.0
1011.7

23
24

25

Equals: Net saving

-403.5

-399.8

-305.4

-228.1

-266.7

-635.1

-1249.8

-1329.5

-1248.3

-1109.7

25

-444.6
-403.5
41.1

-439.1
-399.8
39.3

-365.8
-305.4
60.3

-271.3
-228.1
43.2

-319.7
-266.7
53.0

-752.7
-635.1
117.6

-1436.1
-1249.8
186.3

-1455.9
-1329.5
126.3

-1362.0
-1248.3
113.8

-1194.3
-1109.7
84.7

26
27
28

25.1

31.6

31.5

22.9

35.3

29.1

40.6

53.7

38.0

20.4

29

196.4
170.3
-0.9

211.0
178.6
-0.8

222.9
189.4
-2.0

238.0
200.7
-14.4

251.4
212.8
-3.3

275.8
226.3
-20.4

284.0
234.5
-8.9

300.0
245.3
-1.0

295.4
256.5
-0.9

284.0
262.3
-1.4

30
31
32

-469.8

-470.7

-397.3

-294.2

-354.9

-781.8

-1476.7

-1509.5

-1400.1

-1214.8

33

-469.8

-470.7

-397.3

-294.2

-354.9

-781.8

-1476.7

-1509.5

-1400.1

-1214.8

34

35.1

5.3

30.8

-14.4

0.6

580.0

237.8

281.1

-154.8

116.4

35

-0.6
0.0
-0.6

0.4
-0.0
0.4

-4.5
0.0
-4.5

0.2
0.0
0.2

0.2
0.0
0.2

0.1
0.0
0.1

48.2
0.0
48.2

0.0
0.0
0.0

-1.8
0.0
-1.8

0.0
0.0
0.0

36
37
38

-16.9
0.3
-1.5
9.3
-25.2
0.2

-34.6
0.3
-3.8
-31.0
-0.0
-0.0

-0.9
0.3
-10.2
12.2
-1.0
-2.2

-5.5
0.4
-3.3
-2.7
0.2
-0.0

25.7
0.5
-1.0
25.1
1.2
-0.1

316.0
0.6
3.5
313.1
-1.3
0.0

-170.0
0.3
3.4
-174.2
0.3
0.2

150.6
0.3
1.3
148.9
0.1
0.1

-240.0
-0.2
18.2
-257.6
-0.3
-0.1

11.0
0.2
4.0
6.7
0.2
-0.1

39
40
41
42
43
44

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

54.4
54.4
0.0

142.5
142.0
0.6

-46.9
-47.2
0.3

-118.2
-118.1
-0.1

-31.3
-31.1
-0.2

45
46
47

-2.6
-0.1
1.9
-2.0
-2.5

2.3
0.7
3.7
-3.0
1.6

-0.9
-3.3
3.7
-7.0
2.4

5.9
2.2
1.6
0.6
3.7

6.9
4.8
7.0
-2.2
2.1

39.0
25.5
19.5
6.0
13.5

166.5
154.0
87.9
66.0
12.6

130.5
136.7
133.1
3.5
-6.2

137.4
133.3
128.5
4.8
4.1

136.2
134.6
132.1
2.5
1.6

48
49
50
51
52

1.4
0.0
1.4
0.0
0.0

2.0
0.0
2.0
0.0
0.0

1.3
0.0
1.3
0.0
0.0

2.0
0.0
2.0
0.0
0.0

1.7
0.0
1.7
0.0
0.0

257.7
256.3
1.4
0.0
0.0

3.4
0.6
1.7
0.0
1.2

30.4
24.1
2.3
0.0
4.0

43.5
40.3
2.6
0.0
0.7

-10.7
-13.2
2.4
0.0
0.0

53
54
55
56
57

Capital account
26
27
28

Net saving less capital transfers


Net saving
Less: Capital transfers paid (net)

29
30
31
32

Capital formation, net


Gross fixed capital formation (acquisition of
produced nonfinancial assets)
Less: Consumption of fixed capital
Acquisition of nonproduced nonfinancial assets

33

Net lending (+) or borrowing (-), capital account (lines 26-29)

34

Net lending (+) or borrowing (-) (line 33)

35

Net acquisition of financial assets

36
37
38

Monetary gold and SDRs


Monetary gold
SDR holdings

39
40
41
42
43
44

Currency and deposits


Official foreign currencies
Reserve position in IMF (net)
Currency and transferable deposits
Time and savings deposits
Nonofficial foreign currencies

45
46
47

Debt securities
Agency- and GSE-backed securities
Corporate and foreign bonds

48
49
50
51
52

Loans
Short term
Consumer credit
Other loans and advances
Long term (mortgages)

53
54
55
56
57

Equity and investment fund shares


Corporate equities
Equity in international organizations
Equity in government-sponsored enterprises (1)
Equity investment under Public-Private Inv. Program

Integrated Accounts

Financial account

146

Z.1, March 6, 2014

S.7.a Federal Government


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2003

58
59
60
61
62

Other accounts receivable


Trade receivables
Taxes receivable
Other (miscellaneous assets)
Net incurrence of liabilities

2004

2005

2006

2007

2008

2009

2010

2011

2012

53.8
19.1
34.4
0.4

35.1
10.5
23.3
1.4

35.8
9.2
26.0
0.6

-17.1
-11.6
-6.5
1.0

-33.8
1.2
-35.4
0.4

-87.2
4.2
-62.0
-29.4

47.1
-21.1
35.9
32.3

16.5
-0.7
27.1
-9.8

24.2
4.8
20.8
-1.3

11.1
2.6
11.9
-3.5

58
59
60
61

566.0

479.4

453.6

296.0

391.2

1369.0

1536.1

1697.8

1200.7

1242.2

62

63

SDR allocations

0.0

0.0

0.0

0.0

0.0

0.0

47.6

0.0

0.0

0.0

63

64

Currency and deposits

0.6

0.7

0.8

0.6

-0.7

-0.8

-0.4

-0.3

0.0

0.0

64

65
66
67
68
69

Debt securities
SDR certificates
Treasury securities including savings bonds
Federal agency securities
Nonmarketable securities held by pension plans

420.7
0.0
398.4
-2.4
24.7

402.8
0.0
362.5
-0.6
40.9

346.9
0.0
307.3
-0.4
40.0

219.1
0.0
183.7
-0.3
35.8

270.4
0.0
237.5
-0.4
33.3

1302.5
0.0
1239.0
0.2
63.3

1508.8
3.0
1443.7
0.1
61.9

1645.9
0.0
1579.6
0.7
65.7

1138.7
0.0
1066.8
1.1
70.8

1180.6
0.0
1140.6
-0.4
40.4

65
66
67
68
69

70

Loans (mortgages)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

70

71
72
73
74

Insurance, pension and standardized guarantee schemes


Insurance reserves
Retiree Health Care Funds
Claims of pension fund on sponsor

75.6
1.1
19.6
54.9

59.5
1.1
17.4
41.0

67.2
1.1
23.0
43.1

64.5
1.5
18.1
44.9

92.7
1.2
43.9
47.7

45.1
1.0
26.5
17.6

33.3
1.1
16.6
15.6

43.5
0.9
22.5
20.2

39.1
1.3
18.5
19.2

61.9
0.3
13.3
48.2

71
72
73
74

75
76
77

Other accounts payable


Trade payables
Other (miscellaneous liabilities)

69.1
71.7
-2.6

16.4
15.4
1.0

38.7
33.7
5.0

11.8
6.2
5.6

28.7
29.3
-0.6

22.2
22.6
-0.3

-53.2
-56.2
2.9

8.7
6.3
2.4

23.0
9.4
13.6

-0.3
8.0
-8.3

75
76
77

-530.9

-474.1

-422.8

-310.4

-390.6

-789.0

-1298.3

-1416.7

-1355.5

-1125.7

78

-94.4
0.0
-33.3
61.1

-27.7
0.0
-24.2
3.5

-46.3
-0.5
-20.3
25.5

31.3
0.0
47.4
16.1

10.8
0.0
46.5
35.7

87.8
0.0
95.0
7.2

122.4
0.0
-55.9
-178.4

-21.5
0.0
-114.3
-92.8

47.0
0.0
2.5
-44.6

75.1
0.0
-13.9
-89.0

79
80
81
82

45.2
25.3
4.0
16.0

114.8
91.6
10.9
12.2

116.8
94.1
7.3
15.4

116.4
95.2
10.4
10.8

93.0
60.7
7.6
24.8

69.0
44.0
11.8
13.2

-36.0
-48.4
8.6
3.8

61.3
18.1
5.0
38.2

63.3
46.6
11.0
5.7

41.2
34.7
5.5
0.9

83
84
85
86

78

Addendum:
Net lending (+) or borrowing (-), financial account (lines 35-62)

Other changes in volume account


79
80
81
82

Total other volume changes


Disaster losses
Other volume changes
Less: Statistical discrepancy (lines 33-82]) (2)

Revaluation account
83
84
85
86

Nonfinancial assets
Structures
Equipment
Intellectual property products

87
88
89
90
91

Financial assets
Monetary gold and SDRs
Currency and deposits
Corporate equities
Equity investment under Public-Private Inv. Program

3.1
1.1
2.1
0.0
0.0

1.3
0.5
0.8
0.0
0.0

-2.1
-0.9
-1.2
0.0
0.0

0.8
0.4
0.3
0.0
0.0

0.7
0.5
0.2
0.0
0.0

-67.9
-0.2
-0.0
-67.7
0.0

-121.6
0.2
0.3
-121.9
-0.3

-43.7
-1.0
-0.2
-41.5
-1.0

-40.5
-0.1
-7.8
-32.4
-0.2

-9.0
0.1
-4.3
-4.7
-0.1

87
88
89
90
91

92
93

Liabilities
SDR allocations

0.6
0.6

0.3
0.3

-0.6
-0.6

0.4
0.4

0.4
0.4

-0.2
-0.2

0.2
0.2

-1.0
-1.0

-0.2
-0.2

0.1
0.1

92
93

94

Changes in net worth due to nominal holding gains/losses

47.7

115.7

115.3

116.8

93.3

1.2

-157.9

18.5

23.0

32.1

94

-491.3

-351.1

-296.8

-123.3

-215.6

-663.6

-1471.6

-1458.8

-1292.0

-1087.1

95

2790.1

2917.7

3070.2

3238.1

3415.2

4121.6

4229.2

4569.0

4463.3

4626.5

96

2130.4
999.1
474.9
656.3

2277.1
1088.2
498.3
690.6

2426.5
1176.5
520.7
729.3

2579.8
1266.6
550.7
762.4

2711.3
1325.4
576.7
809.3

2829.2
1369.8
616.2
843.2

2842.1
1326.1
649.8
866.2

2957.5
1352.5
680.9
924.1

3059.2
1404.1
709.6
945.5

3121.6
1435.6
730.5
955.5

97
98
99
100

659.7

640.6

643.7

658.3

703.9

1292.4

1387.1

1611.5

1404.0

1504.8

101

12.6
0.0
12.6

13.6
0.0
13.6

8.2
0.0
8.2

8.9
0.0
8.9

9.5
0.0
9.5

9.3
0.0
9.3

57.8
0.0
57.8

56.8
0.0
56.8

55.0
0.0
55.0

55.1
0.0
55.1

102
103
104

Changes in balance sheet account


95

Change in net worth (lines 29+33+79+94)

96

Total assets

Integrated Accounts

Balance sheet account (end of period)

97
98
99
100
101
102
103
104

Nonfinancial assets (3)


Structures
Equipment
Intellectual property products
Financial assets
Monetary gold and SDRs
Monetary gold
SDR holdings

147

Z.1, March 6, 2014

S.7.a Federal Government


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2003

105
106
107
108
109
110

Currency and deposits


Official foreign currencies
Reserve position in IMF (net)
Currency and transferable deposits
Time and savings deposits
Nonofficial foreign currencies

111
112
113

Debt securities
Agency- and GSE-backed securities
Corporate and foreign bonds

114
115
116
117
118

Loans
Short term
Consumer credit
Other loans and advances
Long term (mortgages)

119
120
121
122
123

Equity and investment fund shares


Corporate equities
Equity in international organizations
Equity in government-sponsored enterprises (1)
Equity investment under Public-Private Inv. Program

124
125
126
127
128
129

2005

2006

2007

2008

2009

2010

2011

2012

101.8
19.9
22.7
54.1
2.4
2.8

68.0
21.4
19.6
21.9
2.4
2.8

65.9
18.9
8.1
36.8
1.4
0.6

60.8
20.5
5.2
32.9
1.7
0.6

86.7
22.5
4.4
56.5
2.8
0.5

402.7
24.8
7.8
368.0
1.6
0.5

233.0
25.2
11.5
193.6
1.9
0.7

383.4
26.0
12.6
342.1
2.0
0.8

135.6
25.8
23.0
84.3
1.7
0.7

142.4
24.9
22.8
92.0
2.0
0.7

105
106
107
108
109
110

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

54.4
54.4
0.0

197.0
196.4
0.6

150.1
149.2
0.9

31.9
31.1
0.8

0.6
0.0
0.6

111
112
113

272.4
199.8
82.4
117.5
72.6

274.7
200.5
86.1
114.4
74.2

273.8
197.2
89.8
107.4
76.6

296.9
216.6
108.7
108.0
80.3

303.8
221.4
115.7
105.8
82.4

342.8
247.0
135.1
111.8
95.8

509.3
400.9
223.1
177.9
108.4

643.4
537.6
356.2
181.4
105.8

780.8
670.9
484.7
186.3
109.9

917.0
805.5
616.8
188.7
111.5

114
115
116
117
118

40.0
0.0
40.0
0.0
0.0

42.0
0.0
42.0
0.0
0.0

43.2
0.0
43.2
0.0
0.0

45.3
0.0
45.3
0.0
0.0

46.9
0.0
46.9
0.0
0.0

237.0
188.7
48.3
0.0
0.0

118.2
67.4
50.0
0.0
0.9

106.1
49.9
52.3
0.0
3.8

117.0
57.8
54.9
0.0
4.4

101.5
39.9
57.3
0.0
4.4

119
120
121
122
123

Other accounts receivable


Trade receivables
Taxes receivable
Other (miscellaneous assets)

232.8
51.3
93.7
87.9

242.3
61.8
91.2
89.3

252.5
71.0
91.6
89.9

246.5
59.4
96.1
91.0

257.0
60.6
105.0
91.4

246.2
64.7
119.4
62.0

271.8
43.6
133.9
94.3

271.7
42.9
144.3
84.5

283.7
47.7
152.8
83.2

288.2
50.3
158.1
79.8

124
125
126
127

Total liabilities and net worth

2790.1

2917.7

3070.2

3238.1

3415.2

4121.6

4229.2

4569.0

4463.3

4626.5

128

6442.4

6921.2

7370.4

7661.6

8054.2

9424.3

11003.5

12802.1

13988.3

15238.7

129

7.3

7.6

7.0

7.4

7.7

7.5

55.4

54.4

54.2

54.3

130

26.0

26.7

27.5

28.1

27.4

26.6

26.2

25.9

25.9

25.9

131

4850.2
2.2
4008.2
24.9
815.0

5253.1
2.2
4370.7
24.3
855.9

5587.0
2.2
4678.0
23.8
882.9

5806.1
2.2
4861.7
23.5
918.7

6076.5
2.2
5099.2
23.1
952.0

7379.0
2.2
6338.2
23.3
1015.3

8887.8
5.2
7781.9
23.5
1077.2

10533.8
5.2
9361.5
24.2
1142.9

11672.5
5.2
10428.3
25.3
1213.7

12853.0
5.2
11568.9
24.9
1254.1

132
133
134
135
136

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

137

1399.4
40.5
35.0
1324.0

1459.1
41.6
52.4
1365.2

1540.9
42.7
75.4
1422.8

1606.0
44.2
93.5
1468.3

1699.5
45.4
137.3
1516.8

1746.1
46.4
163.8
1535.8

1825.5
47.5
180.4
1597.6

1973.5
48.4
202.9
1722.2

2012.2
49.7
221.4
1741.1

2074.4
50.0
234.8
1789.6

138
139
140
141

159.5
153.6
5.8

174.6
169.0
5.6

208.1
202.7
5.4

214.0
208.9
5.1

243.1
238.2
4.9

265.1
260.8
4.3

208.6
204.6
4.0

214.5
210.9
3.6

223.5
220.3
3.2

231.0
228.3
2.8

142
143
144

-3652.3

-4003.4

-4300.2

-4423.5

-4639.0

-5302.7

-6774.2

-8233.1

-9525.1

-10612.2

145

Liabilities

130

SDR allocations

131

Currency and deposits

132
133
134
135
136

Debt securities
SDR certificates
Treasury securities including savings bonds
Federal agency securities
Nonmarketable securities held by pension plans

137

Loans (mortgages)

138
139
140
141

Insurance, pension and standardized guarantee schemes


Insurance reserves
Retiree Health Care Funds
Claims of pension fund on sponsor

142
143
144

Other accounts payable


Trade payables
Other (miscellaneous liabilities)

145

2004

Net worth

Integrated Accounts

Note. The Federal government accounts exclude Federal employee retirement funds.
(1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,
the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.
(2) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy
reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.
(3) Excludes land and nonproduced nonfinancial assets.
IMF International Monetary Fund
SDRs Special Drawing Rights

148

Z.1, March 6, 2014

S.8.a State and Local Governments


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

1077.2

1137.7

1191.7

1250.3

1318.5

1385.2

1419.4

1454.2

1468.0

1491.9

Current account
1

Gross value added

Less: Consumption of fixed capital

134.5

143.8

157.3

170.3

186.6

200.2

208.2

212.7

221.7

231.4

3
4
5
6
7

Equals: Net value added


Compensation of employees (paid)
Wages and salaries
Employers social contributions
Operating surplus, net

942.6
945.4
678.5
266.9
-2.8

993.9
1000.6
702.7
297.9
-6.7

1034.4
1041.8
728.0
313.7
-7.3

1080.0
1091.1
763.3
327.8
-11.1

1131.9
1150.4
805.6
344.9
-18.5

1185.0
1207.1
847.4
359.7
-22.0

1211.3
1232.6
862.9
369.7
-21.4

1241.5
1261.3
862.6
398.7
-19.8

1246.3
1262.8
862.8
400.0
-16.5

1260.6
1274.8
869.3
405.5
-14.3

3
4
5
6
7

8
9
10
11
12
13
14
15
16

Net national income/Balance of primary incomes, net


Operating surplus, net
Taxes on production and imports, receivable
Subsidies (paid)
Property income (received)
Interest
Distributed income of corporations (dividends)
Rents on land and natural resources
Less: Uses of property income (interest paid)

673.5
-2.8
717.8
-0.1
73.8
64.5
1.7
7.6
115.2

728.0
-6.7
768.7
-0.4
76.8
66.4
2.0
8.5
110.5

804.2
-7.3
835.1
-0.4
88.6
76.8
2.0
9.8
111.8

868.3
-11.1
892.7
-0.4
107.2
94.7
2.1
10.4
120.1

910.7
-18.5
940.0
-7.1
117.9
104.2
2.2
11.5
121.5

901.6
-22.0
947.9
-3.0
105.7
91.0
2.6
12.1
127.0

811.0
-21.4
934.8
-1.4
87.8
74.4
2.1
11.2
188.8

829.5
-19.8
960.4
-1.6
82.6
69.1
2.3
11.2
192.1

858.5
-16.5
988.5
-0.5
80.0
66.3
2.3
11.4
192.9

857.7
-14.3
1004.9
-0.5
78.5
64.2
2.4
11.9
211.0

8
9
10
11
12
13
14
15
16

17
18
19
20
21

Net national income/Balance of primary incomes, net


Plus: Current taxes on income, wealth, etc. (received)
Plus: Social benefits (received)
Less: Social contributions (paid)
Plus: Other current transfers (received)

673.5
260.8
19.9
353.6
405.0

728.0
289.2
24.7
385.0
422.4

804.2
331.4
24.6
406.6
436.4

868.3
361.7
21.5
403.9
438.9

910.7
381.4
18.9
433.3
460.9

901.6
381.0
18.7
455.4
477.8

811.0
333.4
18.6
492.6
566.1

829.5
345.3
18.1
523.8
612.0

858.5
377.7
18.3
532.0
581.8

857.7
400.2
17.5
544.3
552.6

17
18
19
20
21

22

Equals: Disposable income, net

1005.7

1079.2

1190.0

1286.5

1338.6

1323.7

1236.4

1281.0

1304.3

1283.7

22

23

Less: Final consumption expenditures

1127.1

1187.6

1256.6

1325.9

1411.4

1488.7

1508.4

1518.3

1517.4

1536.4

23

24

Equals: Net saving

-121.4

-108.4

-66.6

-39.4

-72.7

-165.1

-271.9

-237.3

-213.1

-252.7

24

-69.5
-121.4
-52.0

-60.4
-108.4
-48.0

-16.2
-66.6
-50.4

18.4
-39.4
-57.8

-13.4
-72.7
-59.3

-101.8
-165.1
-63.2

-204.2
-271.9
-67.7

-160.6
-237.3
-76.7

-139.2
-213.1
-73.9

-178.6
-252.7
-74.1

25
26
27

145.8

145.0

143.5

155.0

167.9

172.5

167.2

149.7

125.7

113.8

28

268.9
134.5
11.4

277.5
143.8
11.3

290.8
157.3
10.0

314.3
170.3
11.0

340.8
186.6
13.6

358.8
200.2
13.8

363.0
208.2
12.3

351.9
212.7
10.6

337.2
221.7
10.1

334.9
231.4
10.2

29
30
31

-215.2

-205.4

-159.7

-136.6

-181.2

-274.3

-371.4

-310.3

-264.8

-292.4

32

-215.2

-205.4

-159.7

-136.6

-181.2

-274.3

-371.4

-310.3

-264.8

-292.4

33

Capital account
25
26
27

Net saving less capital transfers


Net saving
Less: Capital transfers paid (net)

28
29
30
31

Capital formation, net


Gross fixed capital formation (acquisition of
produced nonfinancial assets)
Less: Consumption of fixed capital
Acquisition of nonproduced nonfinancial assets

32

Net lending (+) or borrowing (-), capital account (lines 25-28)

Integrated Accounts

Financial account
33

Net lending (+) or borrowing (-) (line 32)

34

Net acquisition of financial assets

46.3

171.2

254.1

205.1

237.9

-103.4

10.8

66.1

-56.6

-77.0

34

35
36
37

Currency and deposits


Currency and transferable deposits
Time and savings deposits

27.3
7.0
20.3

4.2
-3.5
7.7

19.0
15.8
3.2

22.3
5.4
16.9

33.0
-0.2
33.3

27.3
8.5
18.8

28.4
19.2
9.3

-1.3
5.6
-6.9

31.1
16.6
14.4

11.3
-8.9
20.3

35
36
37

38
39
40
41
42
43

Debt securities
Open market paper
Treasury securities
Agency- and GSE-backed securities (1)
Municipal securities
Corporate and foreign bonds

22.8
-0.7
7.1
12.0
0.4
3.9

95.7
2.7
43.1
36.8
1.1
11.9

155.6
-0.1
107.3
35.7
1.2
11.5

109.9
-1.4
58.3
39.0
1.4
12.6

135.3
-2.4
77.3
44.3
1.6
14.3

-91.6
-22.0
-46.3
-18.2
0.4
-5.6

-42.3
-39.0
-17.4
9.7
1.0
3.3

50.8
13.0
6.8
22.4
1.4
7.4

-72.9
-10.8
-45.5
-12.7
0.1
-4.0

-57.6
-5.4
-12.7
-29.4
-0.8
-9.4

38
39
40
41
42
43

44
45
46

Loans
Short term
Long term (mortgages)

6.6
1.7
5.0

22.0
7.1
14.9

20.3
5.7
14.6

21.8
5.7
16.1

24.5
6.2
18.3

-18.0
-12.0
-5.9

0.7
-4.2
4.9

8.6
-1.4
10.0

-11.0
-6.5
-4.5

-18.6
-6.9
-11.7

44
45
46

47
48
49
50

Equity and investment fund shares


Money market fund shares
Corporate equities
Mutual fund shares

-4.7
4.8
-7.9
-1.6

21.5
12.8
5.3
3.4

21.5
13.6
4.4
3.5

23.8
15.4
4.5
3.9

27.2
17.8
4.9
4.4

-5.8
2.7
-7.8
-0.6

9.1
9.8
-2.3
1.7

16.3
13.7
-0.3
2.8

-5.1
-0.1
-4.3
-0.7

-16.4
-8.8
-5.0
-2.6

47
48
49
50

51
52
53
54

Other accounts receivable


Trade receivables
Taxes receivable
Other (miscellaneous assets)

-5.8
-1.9
0.8
-4.7

27.8
8.5
12.9
6.4

37.7
17.4
14.3
6.0

27.4
8.9
12.1
6.4

17.9
7.8
3.0
7.2

-15.4
-15.4
5.2
-5.2

14.8
-4.6
-5.8
25.2

-8.3
13.1
1.1
-22.5

1.3
2.3
2.2
-3.2

4.3
8.2
1.5
-5.5

51
52
53
54

149

Z.1, March 6, 2014

S.8.a State and Local Governments


Billions of dollars; quarterly figures are seasonally adjusted annual rates

55

Net incurrence of liabilities

56
57
58

Debt securities (municipals)


Short term
Other

59

Loans (short term)

60

Insurance, pension and standardized guarantee schemes


(Claim of pension funds on sponsor)

61

Other accounts payable (trade payables)

62

Addendum:
Net lending (+) or borrowing (-), financial account (lines 34-55)

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

268.1

329.0

230.7

213.9

306.5

233.0

445.0

377.3

272.7

184.8

55

120.5
10.4
110.1

178.5
22.2
156.3

141.1
-1.7
142.8

100.3
-8.2
108.5

146.0
16.8
129.2

17.1
4.6
12.5

112.2
7.8
104.4

68.7
-0.7
69.3

-53.6
-10.6
-42.9

-5.7
3.8
-9.4

56
57
58

0.1

0.3

0.6

0.6

0.7

0.8

0.8

0.9

0.9

0.4

59

118.8

120.2

57.1

78.7

123.1

176.5

293.0

269.3

287.0

151.0

60

28.8

30.0

31.9

34.3

36.7

38.6

38.9

38.5

38.4

39.1

61

-221.8

-157.8

23.4

-8.7

-68.6

-336.4

-434.2

-311.2

-329.4

-261.8

62

338.6
0.0
345.2
6.6

-698.5
0.0
-746.1
-47.6

215.9
-10.7
43.5
-183.1

318.9
0.0
191.0
-127.9

221.5
0.0
108.9
-112.7

-983.9
0.0
-921.8
62.1

362.3
0.0
425.2
62.9

39.9
0.0
40.8
0.9

-54.3
0.0
10.3
64.5

326.1
-7.6
303.1
-30.5

63
64
65
66

Other changes in volume account


63
64
65
66

Total other volume changes


Disaster losses
Other volume changes
Less: Statistical discrepancy (lines 32-62) (2)

Revaluation account
67
68
69
70

Nonfinancial assets
Structures
Equipment
Intellectual property products

91.5
91.5
-0.6
0.6

504.5
501.0
2.6
0.9

473.4
472.2
0.4
0.8

605.0
602.7
1.1
1.1

460.9
457.9
0.6
2.4

411.4
403.0
6.6
1.8

-105.2
-104.3
-1.1
0.3

175.7
171.9
2.4
1.4

392.5
386.1
4.6
1.9

225.4
225.3
-1.3
1.3

67
68
69
70

71

Equity and investment fund shares

29.0

11.8

5.4

16.9

5.1

-61.0

33.4

21.6

1.7

18.0

71

72

Changes in net worth due to nominal holding gains/losses

120.5

516.3

478.9

621.8

466.0

350.5

-71.8

197.3

394.3

243.4

72

389.7

-242.6

678.6

959.1

674.2

-735.3

86.4

76.6

200.8

390.9

73

Changes in balance sheet account


73

Change in net worth (lines 28+32+63+72)

74

6899.9

7721.2

8576.9

9547.9

10406.1

10812.3

10906.0

11307.8

11760.6

12041.6

74

75
76
77
78

Total assets
Nonfinancial assets (3)
Structures
Equipment
Intellectual property products

5024.4
4760.4
196.6
67.5

5662.8
5388.1
203.3
71.4

6259.0
5976.8
206.9
75.3

7008.0
6715.1
212.7
80.2

7623.1
7314.8
221.5
86.9

8193.3
7863.3
236.4
93.6

8243.0
7903.6
240.9
98.5

8557.5
8207.7
245.4
104.4

9065.2
8703.7
250.8
110.7

9386.3
9020.8
249.8
115.7

75
76
77
78

79

Financial assets

1875.5

2058.4

2317.9

2539.9

2783.0

2619.0

2663.0

2750.3

2695.4

2655.3

79

80
81
82

Currency and deposits


Currency and transferable deposits
Time and savings deposits

212.8
53.8
159.0

217.0
50.4
166.7

236.1
66.2
169.9

258.4
71.6
186.8

291.4
71.4
220.0

318.8
79.9
238.9

347.2
99.1
248.1

345.9
104.6
241.3

377.0
121.3
255.7

407.4
117.7
289.8

80
81
82

83
84
85
86
87
88

Debt securities
Open market paper
Treasury securities
Agency- and GSE-backed securities (1)
Municipal securities
Corporate and foreign bonds

965.8
150.6
361.8
340.8
4.5
108.1

1061.5
153.4
404.9
377.6
5.7
119.9

1217.1
153.2
512.2
413.3
6.9
131.4

1327.0
151.9
570.5
452.3
8.3
144.0

1462.3
149.5
647.8
496.6
10.0
158.4

1370.7
127.5
601.5
478.5
10.4
152.8

1328.3
88.5
584.1
488.2
11.4
156.1

1379.2
101.4
590.9
510.6
12.8
163.5

1306.3
90.6
545.4
497.9
12.9
159.6

1248.7
85.3
532.7
468.5
12.1
150.1

83
84
85
86
87
88

89
90
91

Loans
Short term
Long term (mortgages)

246.6
117.2
129.3

268.5
124.3
144.2

288.8
130.0
158.9

310.6
135.7
174.9

335.1
141.8
193.2

317.1
129.8
187.3

317.8
125.5
192.3

326.4
124.2
202.2

315.4
117.6
197.8

296.8
110.7
186.1

89
90
91

92
93
94
95

Equity and investment fund shares


Money market fund shares
Corporate equities
Mutual fund shares

186.5
63.5
93.5
29.5

219.7
76.3
107.6
35.8

246.6
89.9
116.1
40.7

287.2
105.2
132.9
49.1

319.6
123.1
141.6
54.9

252.8
125.8
90.9
36.2

295.3
135.6
111.5
48.3

333.2
149.3
125.8
58.2

329.8
149.2
122.6
58.0

331.4
140.4
129.5
61.5

92
93
94
95

96
97
98
99

Other accounts receivable


Trade receivables
Taxes receivable
Other (miscellaneous assets)

263.8
116.6
75.1
72.2

291.6
125.0
88.0
78.6

329.3
142.5
102.3
84.5

356.7
151.3
114.4
90.9

374.6
159.1
117.4
98.1

359.6
143.7
123.0
92.9

374.3
139.1
117.1
118.1

365.6
152.2
117.8
95.6

366.9
154.5
120.0
92.4

371.0
162.7
121.3
87.0

96
97
98
99

100

Total liabilities and net worth

6899.9

7721.2

8576.9

9547.9

10406.1

10812.3

10906.0

11307.8

11760.6

12041.6

100

2144.9

3208.7

3385.9

3397.8

3581.9

4723.3

4730.6

5055.9

5307.8

5198.0

101

101

Liabilities

Integrated Accounts

Balance sheet account (end of period)

150

Z.1, March 6, 2014

S.8.a State and Local Governments


Billions of dollars; quarterly figures are seasonally adjusted annual rates

102
103
104

Debt securities (municipals)


Short term
Other

105

Loans (short term)

106

Insurance, pension and standardized guarantee schemes


(Claim of pension funds on sponsor)

107
108

Other accounts payable (trade payables)


Net worth

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

1558.8
106.1
1452.7

2438.2
44.2
2393.9

2579.2
42.5
2536.7

2679.6
34.3
2645.2

2825.6
51.2
2774.4

2842.7
55.8
2786.9

2954.9
63.6
2891.3

3023.6
63.0
2960.6

2970.0
52.3
2917.6

2964.3
56.1
2908.2

102
103
104

9.7

10.0

10.6

11.2

11.9

12.7

13.5

14.4

15.3

15.7

105

156.3

310.5

314.0

190.8

191.4

1276.3

1131.7

1348.9

1615.1

1471.5

106

420.1

450.1

482.0

516.2

553.0

591.6

630.5

669.0

707.4

746.5

107

4755.0

4512.4

5191.0

6150.1

6824.2

6089.0

6175.4

6252.0

6452.8

6843.7

108

Integrated Accounts

Note. The state and local government accounts exclude state and local employee retirement funds.
(1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,
the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.
(2) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy
reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.
(3) Excludes land and nonproduced nonfinancial assets.

151

Z.1, March 6, 2014

S.9.a Rest of the World


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Current account
1
2
3
4

Foreign income from U.S.


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

1913.0
1544.3
288.1
80.7

2256.2
1797.9
361.4
96.9

2623.3
2026.1
482.3
114.9

2998.4
2240.9
655.7
101.7

3250.3
2375.5
749.1
125.7

3378.4
2556.4
683.8
138.3

2608.7
1976.0
496.5
136.1

3018.1
2362.0
514.1
142.0

3360.9
2669.9
542.1
149.0

3453.5
2743.1
565.7
144.6

1
2
3
4

5
6
7

Less: Foreign outlays to U.S.


U.S. exports of goods and services
U.S. income receipts from rest of world

1399.5
1043.4
356.1

1634.6
1183.1
451.4

1886.1
1310.4
575.8

2202.7
1478.5
724.2

2541.3
1665.7
875.5

2699.9
1843.1
856.8

2227.5
1583.8
643.7

2563.5
1843.5
720.0

2904.0
2101.1
802.8

3014.5
2195.9
818.6

5
6
7

Equals: Net saving (current external balance)

513.5

621.7

737.1

795.7

709.1

678.5

381.2

454.5

457.0

439.0

513.5

621.7

737.1

795.7

709.1

678.5

381.2

454.5

457.0

439.0

-2.2

2.8

12.8

-2.0

-0.4

5.4

-0.6

-0.7

-1.6

6.6

10

0.1

0.0

0.1

-0.1

0.5

-0.0

0.0

-0.0

-0.1

0.0

11

515.7

618.9

724.3

797.8

709.0

673.1

381.7

455.2

458.6

432.4

12

Capital account
9

Net saving

10

Less: Net capital transfers

11

Less: Acquisition of nonproduced nonfinancial assets

12

Net lending (+) or borrowing (-), capital account (lines 9-10-11)

13

Net lending (+) or borrowing (-) (line 12)

515.7

618.9

724.3

797.8

709.0

673.1

381.7

455.2

458.6

432.4

13

14

Net acquisition of U.S. financial assets

800.2

1396.8

1112.4

1874.0

1802.4

569.9

236.5

1196.8

1108.4

696.8

14

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

47.6
0.0
47.6

0.0
0.0
0.0

0.0
0.0
0.0

0.0
0.0
0.0

15
16
17

15
16
17

Monetary gold and SDRs


Monetary gold
SDR allocations

18
19
20
21
22

Currency and deposits


Currency
Transferable deposits
Time deposits
Net interbank items due from U.S. banks

31.9
10.6
4.0
6.0
11.3

28.9
13.3
9.1
35.1
-28.6

24.6
8.4
6.4
20.3
-10.6

50.7
2.2
9.2
34.0
5.3

-74.2
-10.7
5.2
40.7
-109.5

497.9
29.2
34.8
78.5
355.4

-284.3
12.6
-21.8
-73.2
-201.9

-23.3
28.3
1.2
9.0
-61.8

343.0
55.0
26.8
47.2
213.9

-30.6
57.1
11.1
37.1
-136.0

18
19
20
21
22

23
24
25
26
27
28

Debt securities
Open market paper
Treasury securities
Agency- and GSE-backed securities (1)
Municipal securities
Corporate bonds

583.6
66.2
276.4
12.3
8.0
220.8

848.1
37.0
366.9
178.2
6.5
259.5

720.7
9.9
245.1
134.3
3.0
328.5

967.4
46.7
150.3
224.0
5.4
541.0

841.1
-8.3
165.3
248.8
10.7
424.6

421.9
-45.1
711.6
-228.6
5.9
-21.8

167.5
-41.4
554.4
-226.0
7.7
-127.3

643.9
-0.5
740.4
-72.3
13.1
-36.8

205.7
0.7
357.9
-41.6
-1.4
-109.9

501.9
3.4
589.5
-71.8
-2.4
-16.9

23
24
25
26
27
28

29
30
31
32

Loans (short term)


Security repurchases
Loans to U.S. corporate business
Security credit

119.2
120.1
-0.8
0.0

211.2
204.9
6.3
0.0

79.5
48.2
31.3
0.0

60.9
54.6
6.2
0.0

182.5
80.2
102.3
0.0

-625.0
-580.4
-44.7
0.0

-86.7
-42.7
-44.0
0.0

54.0
74.2
-20.2
0.0

157.1
123.3
33.9
0.0

-49.7
2.6
-52.2
0.0

29
30
31
32

33
34
35
36
37

Equity and investment fund shares


Money market fund shares
Corporate equities
Mutual fund shares
Foreign direct investment in the United States

97.7
2.6
5.2
26.2
63.8

207.8
4.1
25.0
32.7
146.0

201.9
0.1
56.9
32.3
112.6

388.6
4.1
96.2
45.2
243.2

496.8
19.0
217.6
39.1
221.2

436.9
23.7
105.8
-2.7
310.1

369.7
7.2
154.9
57.2
150.4

384.8
-7.1
74.6
111.5
205.9

363.9
24.9
-38.7
147.5
230.2

398.5
20.2
29.9
182.0
166.4

33
34
35
36
37

38
39
40

Other accounts receivable


Trade receivables
Other (miscellaneous assets)

-32.3
1.3
-33.5

100.9
-1.1
101.9

85.8
7.9
77.9

406.4
5.9
400.5

356.3
20.8
335.4

-161.7
6.5
-168.2

22.7
6.6
16.1

137.4
19.8
117.7

38.7
17.7
21.0

-123.3
11.5
-134.8

38
39
40

269.1

861.4

398.6

1066.6

1184.7

-166.7

5.7

758.9

557.9

250.5

41

41

Net incurrence of liabilities

42

SDR holdings

-0.6

0.4

-4.5

0.2

0.2

0.1

48.2

0.0

-1.8

0.0

42

43
44
45
46
47

Currency and deposits


Official foreign currencies
Reserve position in IMF (net)
U.S. private deposits
Nonofficial foreign currencies

35.2
0.6
-1.5
36.0
0.2

86.6
0.6
-3.8
89.9
-0.0

29.0
0.6
-10.2
40.8
-2.2

84.6
0.7
-3.3
87.2
-0.0

255.8
1.0
-1.0
256.0
-0.1

-389.5
1.3
3.5
-394.3
0.0

-106.5
0.7
3.4
-110.7
0.2

-7.4
0.5
1.3
-9.3
0.1

-28.8
-0.5
18.1
-46.3
-0.1

-25.8
0.4
4.0
-30.2
-0.1

43
44
45
46
47

48
49
50

Debt securities
Commercial paper
Bonds

47.6
18.9
28.7

155.0
69.2
85.8

103.1
38.6
64.5

326.2
98.4
227.8

149.4
-69.3
218.7

-229.8
-71.0
-158.8

222.7
59.4
163.3

57.2
-2.7
59.9

84.2
-53.5
137.7

90.1
27.9
62.2

48
49
50

51
52
53
54
55
56

Loans (short term)


Security repurchases
Other loans and advances
Depository institution loans n.e.c.
Security debt
Nonoff. foreign currencies (swap lines)

180.5
183.2
-2.1
-0.5
0.0
0.0

132.0
134.7
-3.6
1.0
0.0
0.0

15.4
2.7
-4.6
17.3
0.0
0.0

61.8
52.3
-7.4
16.9
0.0
0.0

165.6
115.3
-3.2
29.4
0.0
24.0

177.0
-366.3
-1.5
15.1
0.0
529.7

-502.4
55.7
0.3
-14.8
0.0
-543.5

214.3
200.3
0.2
24.0
0.0
-10.2

215.9
71.6
1.4
43.2
0.0
99.7

-15.2
39.7
5.7
30.4
0.0
-90.9

51
52
53
54
55
56

Integrated Accounts

Financial account

152

Z.1, March 6, 2014

S.9.a Rest of the World


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2003

57
58
59
60
61

Equity and investment fund shares


Corporate equities
U.S. government equity in IBRD, etc.
U.S. direct investment abroad
Investment by holding companies

62
63
64

Other accounts payable


Trade payables
Other (miscellaneous liabilities)

65

Addendum:
Net lending, financial account (lines 14-41)

2004

2005

2006

2007

2008

2009

2010

2011

2012

313.1
118.0
1.4
149.6
44.1

377.4
84.8
2.0
316.2
-25.6

243.8
186.7
1.3
36.2
19.6

425.6
137.3
2.0
244.9
41.3

605.7
147.8
1.7
414.0
42.2

282.8
-38.5
1.4
329.1
-9.1

399.3
63.7
1.7
310.4
23.5

393.1
79.1
2.3
301.1
10.6

448.2
6.0
2.6
409.0
30.6

421.8
82.6
2.4
388.3
-51.5

57
58
59
60
61

-306.7
6.1
-312.8

109.9
3.5
106.4

11.8
6.3
5.5

168.3
6.2
162.1

8.1
12.4
-4.3

-7.3
-9.9
2.6

-55.6
6.1
-61.7

101.6
25.8
75.8

-159.9
-32.2
-127.8

-220.5
6.3
-226.8

62
63
64

531.1

535.4

713.8

807.4

617.6

736.6

230.9

437.9

550.5

446.3

65

15.4
0.0
-15.4

-83.5
0.0
83.5

-10.4
0.0
10.4

9.6
0.0
-9.6

-91.3
0.0
91.3

63.4
0.0
-63.4

-150.8
0.0
150.8

-17.3
0.0
17.3

91.9
0.0
-91.9

13.9
0.0
-13.9

66
67
68

180.5

328.9

-80.0

614.2

202.9

-1382.4

398.4

458.2

503.7

659.5

69

0.6

0.3

-0.6

0.4

0.4

-0.2

0.2

-1.0

-0.2

0.1

70

Other changes in volume account


66
67
68

Total other volume changes


Other volume changes
Less: Statistical discrepancy (lines 12-65) (2)

Revaluation account
69

Financial assets

70

SDR allocations

71
72
73
74

Debt securities
Treasury securities
Agency- and GSE-backed securities
Corporate bonds

-49.7
-48.4
12.5
-13.8

-55.8
-66.9
41.7
-30.7

-195.4
-74.3
3.4
-124.4

34.8
-8.5
26.7
16.6

129.1
85.0
70.0
-26.0

-125.7
164.9
53.2
-343.8

76.2
-136.8
-26.0
239.1

144.7
47.9
1.4
95.5

298.3
190.2
38.1
70.0

127.0
-22.6
-4.5
154.2

71
72
73
74

75
76
77
78

Equity and investment fund shares


Corporate equities
Mutual fund shares
Foreign direct investment in the United States

487.0
447.8
21.9
17.3

237.7
205.0
17.0
15.8

142.1
77.5
14.0
50.6

347.3
312.8
29.6
4.9

134.8
145.6
18.5
-29.3

-1484.6
-1110.0
-116.0
-258.6

416.3
514.7
51.2
-149.6

468.7
410.9
38.2
19.6

196.5
186.8
-15.9
25.7

483.5
402.5
69.6
11.4

75
76
77
78

-257.5

146.7

-26.2

231.7

-61.3

228.1

-94.4

-154.3

9.0

48.9

79

644.3

699.9

876.6

1129.1

1151.9

-2207.5

1590.6

853.7

-441.9

963.3

80

79
80

Other accounts receivable (miscellaneous assets)


Liabilities

81

SDR holdings

1.1

0.5

-0.9

0.4

0.5

-0.2

0.2

-1.0

-0.1

0.1

81

82
83
84
85
86

Currency and deposits


Official foreign currencies
Reserve position in IMF (net)
U.S. private deposits
Nonofficial foreign currencies

7.4
5.3
2.1
0.0
0.0

3.1
2.4
0.8
0.0
0.0

-6.7
-5.5
-1.2
0.0
0.0

2.7
2.4
0.3
0.0
0.0

4.1
3.9
0.2
0.0
0.0

2.5
2.5
-0.0
0.0
0.0

0.6
0.3
0.3
0.0
0.0

0.9
1.0
-0.2
0.0
0.0

-7.5
0.3
-7.8
0.0
0.0

-6.6
-2.3
-4.3
0.0
0.0

82
83
84
85
86

87

Debt securities (corporate bonds)

137.5

30.2

-37.9

36.2

92.8

-191.0

169.7

101.0

70.9

138.5

87

88
89
90

Equity and investment fund shares


Corporate equities
U.S. direct investment abroad

625.3
587.4
37.9

524.0
396.2
127.8

687.6
570.6
117.0

925.5
873.9
51.5

962.1
771.2
190.9

-2594.7
-2461.0
-133.7

1201.6
1183.2
18.5

720.9
825.8
-104.9

-424.3
-404.8
-19.4

832.8
806.5
26.3

88
89
90

91

Other accounts payable (miscellaneous liabilities)

-126.9

142.0

234.6

164.4

92.4

575.9

218.3

31.9

-80.9

-1.5

91

-463.9

-371.0

-956.6

-514.9

-949.0

825.2

-1192.2

-395.5

945.6

-303.8

92

67.2

164.4

-242.8

292.5

-331.3

1561.8

-961.3

42.4

1496.1

142.5

93

8946.9

10672.6

11705.0

14193.3

16198.6

15386.1

16021.0

17676.0

19288.1

20644.3

94

7.3

7.6

7.0

7.4

7.7

7.5

55.4

54.4

54.2

54.3

95

496.8
258.7
4.2
158.1
75.9

525.7
272.0
13.3
193.2
47.3

550.3
280.4
19.7
213.5
36.7

601.0
282.6
28.9
247.5
42.0

526.8
272.0
34.2
288.2
-67.5

1024.7
301.1
69.0
366.7
287.9

740.4
313.8
47.2
293.5
86.0

717.1
342.1
48.4
302.5
24.2

1060.1
397.1
75.2
349.7
238.1

1029.4
454.2
86.3
386.8
102.1

96
97
98
99
100

92

Changes in net worth due to nominal holding gains/losses

Changes in balance sheet account


93

Change in net worth (lines 12+66+92)

94

Total financial assets

Integrated Accounts

Financial balance sheet account (end of period) (3)

95

SDR allocations

96
97
98
99
100

Currency and deposits


Currency
Transferable deposits
Time deposits
Net interbank items due from U.S. banks

153

Z.1, March 6, 2014

S.9.a Rest of the World


Billions of dollars; quarterly figures are seasonally adjusted annual rates
2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

3711.1
192.8
1513.5
655.3
19.5
1330.0

4503.4
229.8
1813.6
875.2
26.0
1558.9

5028.8
239.6
1984.4
1012.9
29.0
1762.9

6030.9
286.3
2126.2
1263.6
34.4
2320.5

7001.1
278.1
2376.4
1582.4
45.1
2719.1

7297.3
232.9
3253.0
1406.9
51.0
2353.5

7541.0
191.5
3670.6
1154.9
58.7
2465.3

8329.6
191.0
4458.8
1084.0
71.7
2524.0

8833.5
191.7
5006.9
1080.6
70.3
2484.0

9462.4
195.2
5573.8
1004.3
67.9
2621.3

101
102
103
104
105
106

585.2
460.2
125.0
0.0

796.4
665.1
131.2
0.0

875.9
713.3
162.5
0.0

1197.8
1029.0
168.8
0.0

1380.2
1109.1
271.1
0.0

849.7
623.3
226.4
0.0

744.0
561.5
182.5
0.0

798.0
635.8
162.3
0.0

959.3
763.1
196.1
0.0

909.6
765.7
143.9
0.0

107
108
109
110

3420.5
18.8
1674.6
146.1
1581.0

3866.0
22.9
1904.6
195.8
1742.7

4210.0
23.0
2039.1
242.0
1906.0

4946.0
27.0
2448.1
316.8
2154.1

5577.6
46.0
2811.3
374.3
2345.9

4529.8
69.7
1807.1
255.6
2397.4

5315.9
76.9
2476.7
364.1
2398.2

6169.4
69.8
2962.2
513.8
2623.6

6729.9
79.5
3035.3
735.6
2879.5

7611.8
99.7
3467.6
987.1
3057.3

111
112
113
114
115

101
102
103
104
105
106

Debt securities
Open market paper
Treasury securities
Agency- and GSE-backed securities (1)
Municipal securities
Corporate bonds

107
108
109
110

Loans (short term)


Security repurchases
Loans to U.S. corporate business
Security credit

111
112
113
114
115

Equity and investment fund shares


Money market fund shares
Corporate equities
Mutual fund shares
Foreign direct investment in the United States

116
117
118

Other accounts receivable


Trade receivables
Other (miscellaneous assets)

725.9
50.1
675.9

973.5
49.0
924.5

1033.1
56.9
976.2

1410.2
62.8
1347.5

1705.2
83.6
1621.6

1677.1
90.1
1587.0

1624.4
96.7
1527.7

1607.5
116.4
1491.1

1651.1
134.2
1517.0

1576.8
145.6
1431.1

116
117
118

119

Total liabilities and net worth

8946.9

10672.6

11705.0

14193.3

16198.6

15386.1

16021.0

17676.0

19288.1

20644.3

119

120

Total liabilities

6744.4

8305.8

9581.0

11776.8

14113.4

11739.2

13335.4

14948.0

15064.0

16277.8

120

121

SDR holdings

12.6

13.6

8.2

8.9

9.5

9.3

57.8

56.8

55.0

55.1

121

122
123
124
125
126

Currency and deposits


Official foreign currencies
Reserve position in IMF (net)
U.S. private deposits
Nonofficial foreign currencies

932.1
39.7
22.5
867.1
2.8

1021.9
42.7
19.5
957.0
2.8

1044.2
37.8
8.0
997.8
0.6

1131.5
40.9
5.0
1085.0
0.6

1391.4
45.8
4.2
1340.9
0.5

1004.4
49.6
7.7
946.7
0.5

898.5
50.5
11.4
835.9
0.7

891.9
52.1
12.5
826.6
0.8

855.6
51.9
22.8
780.3
0.7

823.2
49.9
22.6
750.1
0.7

122
123
124
125
126

127
128
129

Debt securities
Commercial paper
Bonds

1145.1
276.1
868.9

1330.3
345.3
985.0

1395.5
384.0
1011.6

1757.8
482.3
1275.5

2000.1
413.0
1587.1

1579.3
342.0
1237.3

1971.7
401.3
1570.3

2129.9
398.6
1731.3

2285.0
345.1
1939.9

2513.7
373.0
2140.7

127
128
129

130
131
132
133
134
135

Loans (short term)


Security repurchases
Other loans and advances
Depository institution loans n.e.c.
Security debt
Nonoff. foreign currencies (swap lines)

479.1
344.8
42.2
92.2
0.0
0.0

611.1
479.4
38.6
93.1
0.0
0.0

626.5
482.1
34.0
110.4
0.0
0.0

818.3
664.4
26.6
127.4
0.0
0.0

955.4
770.7
23.4
137.3
0.0
24.0

1236.1
508.4
21.6
152.4
0.0
553.7

700.2
530.5
21.9
137.5
0.0
10.3

916.0
731.8
22.1
162.0
0.0
0.1

1136.6
808.0
23.5
205.2
0.0
99.8

1127.1
847.7
32.8
237.7
0.0
8.9

130
131
132
133
134
135

136
137
138
139
140

Equity and investment fund shares


Corporate equities
U.S. government equity in IBRD, etc.
U.S. direct investment abroad
Investment by holding companies

4207.0
2079.4
40.0
2054.5
33.1

5108.4
2560.4
42.0
2498.5
7.5

6039.8
3317.7
43.2
2651.7
27.1

7390.8
4329.0
45.3
2948.2
68.4

8958.6
5248.0
46.9
3553.1
110.6

6646.8
2748.4
48.3
3748.5
101.5

8247.7
3995.3
50.0
4077.4
125.1

9361.7
4900.2
52.3
4273.6
135.6

9385.7
4501.4
54.9
4663.1
166.3

10640.3
5390.5
57.3
5077.8
114.7

136
137
138
139
140

141
142
143

Other accounts payable


Trade payables
Other (miscellaneous liabilities)

-31.5
44.7
-76.2

220.4
48.2
172.2

466.8
54.5
412.3

669.4
60.7
608.8

798.4
73.1
725.3

1263.3
63.2
1200.1

1459.5
69.3
1390.2

1591.6
95.1
1496.5

1346.2
63.0
1283.2

1118.5
69.3
1049.2

141
142
143

2202.5

2366.8

2124.0

2416.5

2085.2

3646.9

2685.6

2728.0

4224.0

4366.5

144

144

Net worth (external account)

Integrated Accounts

(1) Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System,
the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in the fourth quarter of 2004.
(2) The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy
reflects differences in source data, timing of recorded flows, and other statistical differences between the capital and financial accounts.
(3) Excludes nonfinancial assets, including nonproduced nonfinancial assets.
IBRD International Bank for Reconstruction and Development
IMF International Monetary Fund
SDRs Special Drawing Rights
n.e.c. Not elsewhere classified

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