Flow of Funds Accounts of the United States

Transcription

1 June 5, 2008 Flow of Funds Accounts of the United States Annual Flows and Outstandings Board of Governors of the Federal Reserve System, Washington D.C

2 Table of Contents Flows Levels Title Table Page Table Page Summaries Total Net Borrowing and Lending in Credit Markets F.1 1 L.1 50 Credit Market Borrowing by Nonfinancial Sectors F.2 2 L.2 51 Credit Market Borrowing by Financial Sectors F.3 2 L.3 51 Credit Market Borrowing, All Sectors, by Instrument F.4 3 L.4 52 Total Liabilities and Its Relation to Total Financial Assets F.5 3 L.5 52 Distribution of Gross Domestic Product F.6 4 Distribution of National Income F.7 5 Saving and Investment F.8 6 Net Capital Transfers F.9 6 Derivation of Measures of Personal Saving F.10 7 L Sectors Households and Nonprofit Organizations F L Nonfinancial Business F L Nonfarm Nonfinancial Corporate Business F L Nonfarm Noncorporate Business F L Farm Business F L State and Local Governments F L Federal Government F L

3 Flows Levels Title Table Page Table Page Rest of the World F L Monetary Authority F L Commercial Banking F L U.S.-Chartered Commercial Banks F L Foreign Banking Offices in U.S. F L Bank Holding Companies F L Banks in U.S.-Affiliated Areas F L Savings Institutions F L Credit Unions F L Property-Casualty Insurance Companies F L Life Insurance Companies F L Private Pension Funds F L State and Local Government Employee Retirement Funds F L Federal Government Retirement Funds F L Money Market Mutual Funds F L Mutual Funds F L Closed-End and Exchange-Traded Funds F L Government-Sponsored Enterprises F L Agency- and GSE-backed Mortgage Pools F L Issuers of Asset-Backed Securities F L Finance Companies F L Real Estate Investment Trusts F L Security Brokers and Dealers F L Funding Corporations F L

4 Flows Levels Title Table Page Table Page Instruments Gold and Official Foreign Exchange Holdings F L SDR Certificates and Treasury Currency F L U.S. Deposits in Foreign Countries F L Net Interbank Transactions F L Checkable Deposits and Currency F L Time and Savings Deposits F L Money Market Mutual Fund Shares F L Federal Funds and Security Repurchase Agreements F L Open Market Paper F L Treasury Securities F L Agency- and GSE-backed Securities F L Municipal Securities and Loans F L Corporate and Foreign Bonds F L Corporate Equities F L Mutual Fund Shares F L Bank Loans Not Elsewhere Classified F L Other Loans and Advances F L Total Mortgages F L Home Mortgages F L Multifamily Residential Mortgages F L Commercial Mortgages F L Farm Mortgages F L Consumer Credit F L

5 Flows Levels Title Table Page Table Page Trade Credit F L Security Credit F L Life Insurance and Pension Fund Reserves F L Taxes Payable by Businesses F L Proprietors' Equity in Noncorporate Business F L Total Miscellaneous Financial Claims F L Identified Miscellaneous Financial Claims - Part I F L Identified Miscellaneous Financial Claims - Part II F L Unidentified Miscellaneous Financial Claims F L Sector Discrepancies F Instrument Discrepancies F Balance Reconciliation Sheet Title Table Page Table Page Balance Sheet, Reconciliation, and Supplementary Tables Households and Nonprofit Organizations B R Nonfarm Nonfinancial Corporate Business B R Nonfarm Noncorporate Business B R Consolidated Statement for Federal, State, and Local Governments F.106.c 100 L.106.c 101 Private Pension Funds: Defined Benefit Plans F.118.b 102 L.118.b 103 Private Pension Funds: Defined Contribution Plans F.118.c 102 L.118.c 103 Individual Retirement Accounts (IRAs) F.225.i 102 L.225.i 103 Balance Sheet of Households and Nonprofit Organizations with Equity Detail B.100.e 104

6 FFA, , June 5, F.1 Total Net Borrowing and Lending in Credit Markets (1) 1 Total net borrowing Domestic nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Federal government Rest of the world Financial sectors Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S Bank holding companies Savings institutions Credit unions Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies REITs Brokers and dealers Funding corporations Total net lending Domestic nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Rest of the world Financial sectors Monetary authority Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S Bank holding companies Banks in U.S.-affiliated areas Savings institutions Credit unions Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds Money market mutual funds Mutual funds Closed-end funds Exchange-traded funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies REITs Brokers and dealers Funding corporations (1) Excludes corporate equities and mutual fund shares.

7 2 FFA, , June 5, 2008 F.2 Credit Market Borrowing by Nonfinancial Sectors 1 Domestic By instrument Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Home Multifamily residential Commercial Farm Consumer credit By sector Household sector Nonfinancial business Corporate Nonfarm noncorporate Farm State and local governments Federal government Foreign borrowing in U.S Commercial paper Bonds Bank loans n.e.c Other loans and advances Domestic and foreign F.3 Credit Market Borrowing by Financial Sectors 1 By instrument Open market paper GSE issues Agency- and GSE-backed mortgage pool sec Corporate bonds Bank loans n.e.c Other loans and advances Mortgages By sector Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S Bank holding companies Savings institutions Credit unions Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies REITs Brokers and dealers Funding corporations

8 FFA, , June 5, F.4 Credit Market Borrowing, All Sectors, by Instrument 1 Total Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Bank loans n.e.c Other loans and advances Mortgages Consumer credit Memo: Funds raised through corporate equities and mutual fund shares 11 Total net issues Corporate equities Nonfinancial Foreign shares purchased by 14 U.S. residents Financial Mutual fund shares F.5 Net Increase in Liabilities and Its Relation to Net Acquisition of Financial Assets Net flows through credit markets 1 (from table F.4, line 1) Official foreign exchange SDR certificates Treasury currency Foreign deposits Net interbank transactions Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security RPs Corporate equities Mutual fund shares Trade payables Security credit Life insurance reserves Pension fund reserves Taxes payable Noncorporate proprietors equity Miscellaneous Total financial sources Liabilities not identified as assets: 22 Treasury currency Foreign deposits Net interbank liabilities Security RPs Taxes payable Miscellaneous Floats not included in assets: 28 Checkable deposits: Federal govt Other Trade credit Totals identified to sectors 31 as assets

9 4 FFA, , June 5, 2008 F.6 Distribution of Gross Domestic Product (1) 1 Gross Domestic Product (GDP) Personal consumption expenditures (2) Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Household sector (nonprofit organizations) Nonfinancial corporate business Nonfarm noncorporate business Farm business Financial corporations Residential Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs Change in private inventories Nonfinancial corporate business Nonfarm noncorporate business Farm business Net U.S. exports of goods and services Exports Imports Government consumption expenditures and 26 gross investment Consumption expenditures (3) Federal State and local Gross investment (3) Federal State and local Memo: 33 Net U.S. income receipts from rest of the world U.S. income receipts U.S. income payments Gross National Product (GNP) = 36 GDP + net U.S. income receipts (1) This table is based on NIPA table in the Survey of Current Business, Department of Commerce. (2) Component of personal outlays, found on table F.100, line 4. (3) Government inventory investment is included in consumption expenditures.

10 FFA, , June 5, F.7 Distribution of National Income (1) 1 National Income Compensation of employees Wages and other labor income Employer social insurance contributions Wage accruals less disbursements Proprietors income with inventory 6 valuation and capital consumption adjustments Nonfarm Farm Rental income of persons (with capital 9 consumption adjustment) Corporate profits with inventory 10 valuation and capital consumption adjustments Corporate profits with inventory 11 valuation adjustment Profits before tax Domestic nonfinancial Farm Rest of the world Domestic financial Less: 17 Taxes on corporate income Domestic nonfinancial Farm Domestic financial Equals: 21 Profits after tax Net dividends Domestic nonfinancial Farm Rest of the world Domestic financial Undistributed profits Domestic nonfinancial Farm Rest of the world Domestic financial Inventory valuation adjustment Capital consumption adjustment Domestic nonfinancial Farm Domestic financial Net interest and miscellaneous payments Taxes on production and imports Less: Subsidies Business current transfer payments (net) Current surplus of government enterprises Memo: Calculation of Gross Domestic Product from National Income: (2) 42 National Income, from line 1 above Plus: 43 Private consumption of fixed capital Government consumption of fixed capital Statistical discrepancy Less: 46 Net U.S. income receipts from rest of the world Equals: 47 Gross Domestic Product (1) This table corresponds to NIPA table 1.12 in the Survey of Current Business, Department of Commerce. (2) The relationship of National Income to Gross Domestic Product is shown on NIPA table in the Survey of Current Business, Department of Commerce.

11 6 FFA, , June 5, 2008 F.8 Saving and Investment (1) 1 Gross saving Net saving Net private saving Personal saving Undistributed corporate profits w/iva & CCA Undistributed profits Inventory valuation adjustment Capital consumption adjustment Wage accruals less disbursements Net government saving Federal State and local Consumption of fixed captal Private Domestic business Households and institutions Government Federal State and local Gross domestic investment, capital account 20 transactions, and net lending, NIPAs Gross domestic investment Gross private domestic investment Fixed investment Nonresidential Residential Change in private inventories Gross government investment Capital account transactions (net) Net lending or net borrowing (-), NIPAs Statistical discrepancy (line 20 less line 1) (1) This table corresponds to NIPA table 5.1 in the Survey of Current Business, Department of Commerce. F.9 Net Capital Transfers (1) 1 Capital transfers received by government (net) Federal Estate and gift taxes paid by persons Capital transfers paid to persons Capital transfers paid to the rest of the world (net) Federal investment grants to state and local govts Investment grants to business State and local Estate and gift taxes paid by persons Federal investment grants to state and local govts Capital transfers received by rest of the world (net) Capital transfers received from U.S. government (net) Migrants transfers received by persons (net) Memo: Acquisition of nonproduced nonfinancial assets (net) 14 Nonfinancial corporate business State and local governments Federal governments Rest of the world (1) This table is based on NIPA table 5.10 in the Survey of Current Business, Department of Commerce.

12 FFA, , June 5, F.10 Derivation of Measures of Personal Saving (1) 1 Net acquisition of financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Securities Open market paper U.S. savings bonds Other Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Corporate equities (2) Mutual fund shares Life insurance reserves Pension fund reserves Miscellaneous and other assets Gross investment in tangible assets Residential fixed investment Other fixed assets (3) Consumer durables Inventories (3) Consumption of fixed capital Residential fixed investment Other fixed assets (3) Consumer durables Net investment in tangible assets (4) Residential fixed investment Other fixed assets (3) Consumer durables Inventories (3) Net increase in liabilities Mortgage debt on nonfarm homes Other mortgage debt (3) Consumer credit Policy loans Security credit Other liabilities (3) Net capital transfers (5) Personal saving, with consumer durables (FOF) Less net investment in consumer durables = Personal saving, without consumer durables (FOF) (6) Personal saving (NIPA, excludes consumer durables) Difference Memo: 45 Disposable personal income Personal saving as a percentage of disposable personal income: 46 With consumer durables (FOF) (line 40) Without consumer durables (FOF) (line 42) Without consumer durables (NIPA) (line 43) Difference (line 44) (1) Consolidated statement for household sector, nonfarm noncorporate business, and farm business. (2) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 14) and life insurance and pension reserves (lines 15 and 16)). (3) Includes corporate farms. (4) Line 18 less line 23. (5) Table F.9, line 13 plus line 4 less lines 3 and 9. (6) Line 42 and 43 are conceptually equivalent but measure saving using different data. Line 42 is net acquisition of financial assets (line 1) plus net investment in tangible assets net of consumer durables (line 27 less line 41) less net increase in liabilities (line 32) less net capital transfers (line 39). Line 43 is disposable personal income (line 45) less personal outlays (table F.100, line 4).

13 8 FFA, , June 5, 2008 F.100 Households and Nonprofit Organizations (1) 1 Personal income Personal current taxes = Disposable personal income Personal outlays = Personal saving, NIPA (2) Government insurance and pension reserves (3) Net investment in consumer durables Consumption of fixed capital Net capital transfers (4) = Gross saving and net capital transfers Gross investment Capital expenditures Residential Consumer durable goods Nonprofit nonresidential Net financial investment Net acquisition of financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Credit market instruments Open market paper Treasury securities Savings bonds Other Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages Corporate equities (5) Mutual fund shares Security credit Life insurance reserves Pension fund reserves Equity in noncorporate business Miscellaneous assets Net increase in liabilities Credit market instruments Home mortgages (6) Consumer credit Municipal securities Bank loans n.e.c Other loans and advances Commercial mortgages Security credit Trade payables Deferred and unpaid 48 life insurance premiums Discrepancy (1) Sector includes farm households. 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 13 plus line 4 less lines 3 and 9. (5) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 32) and life insurance and pension reserves (lines 34 and 35). (6) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table F.218, line 22.

14 FFA, , June 5, F.101 Nonfinancial Business (1) 1 Income before taxes Gross saving and net capital transfers Gross investment Capital expenditures Fixed investment Residential Nonresidential Change in inventories Nonproduced nonfinancial assets Net financial investment Net acquisition of financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs Credit market instruments Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Mutual fund shares Trade receivables Miscellaneous assets Net increase in liabilities Credit market instruments Commercial paper Municipal securities Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Corporate equities Trade payables Taxes payable Miscellaneous liabilities Proprietors net investment Discrepancy (1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.

15 10 FFA, , June 5, 2008 F.102 Nonfarm Nonfinancial Corporate Business 1 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 (2) = Total internal funds + IVA Gross investment Capital expenditures Fixed investment (3) Inventory change + IVA Nonproduced nonfinancial assets Net financial investment Net acquisition of financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs Commercial paper Treasury securities Agency- and GSE-backed securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares Miscellaneous assets U.S. direct investment abroad (4) Insurance receivables Equity in GSEs Investment in finance co. subs Other Net increase in liabilities Net funds raised in markets Net new equity issues Credit market instruments Commercial paper Municipal securities (5) Corporate bonds (4) Bank loans n.e.c Other loans and advances Savings institutions Finance companies U.S. government Acceptance liabilities to banks Rest of the world ABS issuers Mortgages Trade payables Taxes payable Miscellaneous liabilities Foreign direct investment in U.S Pension fund contributions payable Other Discrepancy Memo: 59 Financing gap (6) (1) Consumption of fixed capital plus capital consumption adjustment. (2) Table F.9, line 7. (3) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 10 and 16 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) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).

16 FFA, , June 5, F.103 Nonfarm Noncorporate Business 1 Net income with IVA and CCAdj Gross saving = capital consumption Gross investment Capital expenditures Fixed investment (1) Change in inventories Net financial investment Net acquisition of financial assets Checkable deposits and currency Time and savings deposits Money market mutual funds Treasury securities Municipal securities Mortgages Consumer credit Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (2) Other Net increase in liabilities Credit market instruments Bank loans n.e.c Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities Proprietors net investment (1) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 11 and 17 respectively. (2) Equity in the Farm Credit System. F.104 Farm Business (1) 1 Proprietors net income with IVA and CCAdj Net saving (corporate) Consumption of fixed capital Corporate Noncorporate Gross saving Gross investment Capital expenditures Fixed investment (2) Change in inventories Net financial investment Net acquisition of financial assets Checkable deposits and currency Miscellaneous assets Insurance receivables Equity investment in GSEs (3) Net increase in liabilities Credit market instruments Bank loans n.e.c Other loans and advances Mortgages Trade payables Proprietors net investment (1) Corporate and noncorporate farms. (2) Nonresidential fixed investment, shown in table F.6, line 12. (3) Equity in the Farm Credit System.

17 12 FFA, , June 5, 2008 F.105 State and Local Governments, Excluding Employee Retirement Funds (1) 1 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 Wage accruals less disbursements Net state and local govt. saving, NIPA basis Consumption of fixed capital Net capital transfers (2) = Gross saving and net capital transfers Gross investment Fixed investment Nonproduced nonfinancial assets Net financial investment Net acq. of financial assets Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages Corporate equities Mutual fund shares Trade receivables Taxes receivable Miscellaneous assets Net increase in liabilities Credit market instruments Municipal securities Short-term Other U.S. government loans Trade payables Discrepancy (1) Data for retirement funds are shown in table F.119. (2) Table F.9, line 8.

18 FFA, , June 5, F.106 Federal Government 1 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 Wage accruals less disbursements Net federal government saving, NIPA basis Consumption of fixed capital Insurance and pension reserves (1) Net capital transfers (2) = Gross saving and net capital transfers Gross investment Fixed investment Nonproduced nonfinancial assets Net financial investment Net acq. of financial assets Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits Credit market instruments Agency- and GSE-backed securities Other loans and advances Mortgages Consumer credit (3) Trade receivables Taxes receivable Miscellaneous assets Net increase in liabilities SDR certificates Treasury currency Credit market instruments Savings bonds Other Treasury securities Budget agency securities Multifamily residential mortgages Trade payables Insurance reserves Miscellaneous liabilities (4) Nonmarketable securities held by pension plans Other Discrepancy Memo: 52 Change in cash balance (5) (1) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. (2) Table F.9, line 2. (3) Student loans. (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. (5) Time and savings deposits (line 29) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7).

19 14 FFA, , June 5, 2008 F.107 Rest of the World 1 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 Foreign outlays to U.S U.S. exports U.S. income receipts from rest of world Net capital transfers (1) Gross saving and net capital transfers (2) Gross investment Nonproduced nonfinancial assets Net financial investment Net acquisition of financial assets Gold and SDRs (3) Net interbank assets U.S. checkable deposits and currency U.S. time deposits Money market fund shares Security RPs 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 foreign exchange 39 and net IMF position U.S. private deposits Credit market instruments Commercial paper Bonds Bank loans n.e.c Official Banks Other U.S. government loans Acceptance liabilities to banks Foreign corporate equities (6) Trade payables Security debt Miscellaneous liabilities U.S. equity in IBRD, etc U.S. government deposits U.S. direct investment abroad (4,5) Other Discrepancy (FOF basis) (7) Memo: 59 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 (1) Table F.9, line 11. (2) Line 1 minus line 5 plus line 8; equals net lending or net borrowing (-), NIPAs, with the sign reversed. Also equal to line 62 with the sign reversed plus 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.

20 FFA, , June 5, F.108 Monetary Authority (1) 1 Gross saving Fixed nonresidential investment Net acquisition of financial assets Gold and foreign exchange SDR certificates Treasury currency Federal Reserve float Fed. Res. loans to domestic banks Security RPs Credit market instruments Acceptances Treasury securities Agency- and GSE-backed securities Bank loans n.e.c Miscellaneous assets Net increase in liabilities Depository institution reserves Vault cash of commercial banks Checkable deposits and currency Due to federal government Due to rest of the world Currency outside banks Miscellaneous liabilities Federal Reserve Bank stock Other 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.

21 16 FFA, , June 5, 2008 F.109 Commercial Banking (1) 1 Gross saving Fixed nonresidential investment Net acquisition of financial assets Vault cash Reserves at Federal Reserve Checkable deposits and currency Total bank credit Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Total loans Open market paper Bank loans n.e.c Mortgages Consumer credit Security credit Corporate equities Mutual fund shares Customers liab. on acceptances (2) Miscellaneous assets Net increase in liabilities Net interbank liabilities To monetary authority To domestic banks (3) To foreign banks Checkable deposits Federal government Rest of the world Private domestic Small time and savings deposits Large time deposits Federal funds and security RPs (net) Credit market instruments Open market paper Corporate bonds Other loans and advances Corporate equity issues Taxes payable Miscellaneous liabilities Discrepancy Memo: 42 Credit market funds advanced (4) Consumer leases not included above (5) (1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the same as branches in foreign countries. (2) Included in other loans and advances (table F.216). (3) Floats and discrepancies in interbank transactions. (4) Total bank credit (line 7) less security credit (line 17) less corporate equities (line 18) less mutual fund shares (line 19) plus customers liability on acceptances (line 20). (5) 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 tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.

22 FFA, , June 5, F.110 U.S.-Chartered Commercial Banks 1 Gross saving Fixed nonresidential investment Net acquisition of financial assets Vault cash and reserves at Federal Reserve Total bank credit Treasury securities Agency- and GSE-backed securities Mortgage pass-through securities CMOs and other structured MBS Other Municipal securities Corporate and foreign bonds Private mortgage pass-through securities Private CMOs and other structured MBS Other Total loans Open market paper Bank loans n.e.c Mortgages Consumer credit Security credit Corporate equities Mutual fund shares Customers liab. on acceptances (1) Miscellaneous assets Net increase in liabilities Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banking To foreign banks Checkable deposits Federal government Rest of the world Private domestic Small time and savings deposits Large time deposits Federal funds and security RPs (net) Acceptance liabilities Corporate bonds Other loans and advances Corporate equity issues Taxes payable Miscellaneous liabilities Investment by bank holding companies Other Discrepancy Memo: 48 Credit market funds advanced (2) Consumer leases not included above (3) (1) Included in other loans and advances (table F.216). (2) Total bank credit (line 5) less security credit (line 21) less corporate equities (line 22) less mutual fund shares (line 23) plus customers liability on acceptances (line 24). (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 tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2.

23 18 FFA, , June 5, 2008 F.111 Foreign Banking Offices in U.S. (1) 1 Gross saving Fixed nonresidential investment Net acquisition of financial assets Reserves at Federal Reserve Total bank credit Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Total loans Open market paper Bank loans n.e.c Mortgages Security credit Corporate equities Customers liab. on acceptances (2) Miscellaneous assets Net increase in liabilities Net interbank liabilities To foreign banks To domestic banks Checkable deposits Small time and savings deposits Large time deposits Federal funds and security RPs (net) Acceptance liabilities Miscellaneous liabilities Foreign direct investment in U.S Due to affiliates Other Discrepancy Memo: 32 Credit market funds advanced (3) (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank. (2) Included in other loans and advances (table F.216). (3) Total bank credit (line 5) less security credit (line 14) less corporate equities (line 15) plus customers liability on acceptances (line 16).