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).

24 FFA, , June 5, F.112 Bank Holding Companies 1 Gross saving Fixed nonresidential investment Net acquisition of financial assets Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Bank loans n.e.c Miscellaneous assets Investment in bank subsidiaries Investment in nonbank subsidiaries Other Net increase in liabilities Net interbank liabilities To domestic banks To foreign banks Federal funds and security RPs (net) Credit market instruments Commercial paper Corporate bonds Corporate equity issues Miscellaneous liabilities Equity, etc Other Discrepancy F.113 Banks in U.S.-Affiliated Areas (1) 1 Gross saving Fixed nonresidential investment Net acquisition of financial assets Checkable deposits and currency Credit market instruments Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Bank loans n.e.c Home mortgages Commercial mortgages Miscellaneous assets Net increase in liabilities Checkable deposits Small time and savings deposits Large time deposits Miscellaneous liabilities Discrepancy (1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.

25 20 FFA, , June 5, 2008 F.114 Savings Institutions (1) 1 Gross saving Fixed nonresidential investment Net acquisition of financial assets Reserves at Federal Reserve Checkable deposits and currency Time and savings deposits Federal funds and security RPs Credit market instruments Open market paper 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 Other loans and advances Mortgages Consumer credit Corporate equities Miscellaneous assets Net increase in liabilities Deposits Checkable Small time and savings Large time Security RPs Credit market instruments Corporate bonds Bank loans n.e.c Other loans and advances Taxes payable Miscellaneous liabilities Investment by parent Other Discrepancy (1) Savings and loan associations, mutual savings banks, and federal savings banks.

26 FFA, , June 5, F.115 Credit Unions 1 Gross saving Fixed nonresidential investment Net acquisition of financial assets Checkable deposits and currency Time and savings deposits Federal funds and security RPs Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Home mortgages Consumer credit Mutual fund shares Miscellaneous assets Net increase in liabilities Shares/deposits Checkable Small time and savings Large time Other loans and advances Miscellaneous liabilities Discrepancy F.116 Property-Casualty Insurance Companies 1 Gross saving Fixed nonresidential investment Net acquisition of financial assets Checkable deposits and currency Security RPs Credit market instruments 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 Corporate equity issues Taxes payable Miscellaneous liabilities Discrepancy

27 22 FFA, , June 5, 2008 F.117 Life Insurance Companies 1 Gross saving Fixed nonresidential investment Net acquisition of financial assets Checkable deposits and currency Money market fund shares Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Policy loans Mortgages Corporate equities Mutual fund shares Miscellaneous assets Net increase in liabilities Corporate equity issues Other loans and advances Life insurance reserves Pension fund reserves (1) Taxes payable Miscellaneous liabilities Discrepancy (1) Annuity reserves held by life insurance companies, excluding unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 23). F.118 Private Pension Funds (1) 1 Gross saving Fixed nonresidential investment Net acquisition 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 Corporate and foreign bonds Mortgages Corporate equities Mutual fund shares Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other Pension fund reserves (liabilities) (3) (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. (3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector.

28 FFA, , June 5, F.119 State and Local Government Employee Retirement Funds 1 Gross saving Fixed nonresidential investment Net acquisition 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 Miscellaneous assets Pension fund reserves (liabilities) (1) (1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector. F.120 Federal Government Retirement Funds (1) 1 Net acquisition of financial assets Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Corporate equities Miscellaneous assets(2) Pension fund reserves (liabilities) (3) (1) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds. (2) 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. (3) Liabilities of the sector are assets of the household sector.

29 24 FFA, , June 5, 2008 F.121 Money Market Mutual Funds (1) 1 Net acquisition of financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Security RPs 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) (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117). F.122 Mutual Funds (1) 1 Gross saving Net acquisition of financial assets Security RPs Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Corporate equities Miscellaneous assets Net share issues (liabilities) Discrepancy (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117). F.123 Closed-End and Exchange-Traded Funds Closed-end funds 1 Net acquisition of financial assets Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Net share issues (liabilities) Exchange-traded funds 8 Net acquisition of financial assets Credit market instruments Treasury securities Corporate and foreign bonds Corporate equities Net share issues (liabilities)

30 FFA, , June 5, F.124 Government-Sponsored Enterprises (1) 1 Gross saving Fixed nonresidential investment Net acquisition of financial assets Checkable deposits and currency Time and savings deposits Federal funds and security RPs Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Sallie Mae Farm Credit System FHLB loans Mortgages Home Multifamily residential Farm Consumer credit (2) Miscellaneous assets Net increase in liabilities Credit market instruments GSE issues (3) U.S. government loans Miscellaneous liabilities Discrepancy (1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, 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. (2) Sallie Mae student loans. (3) Such issues are classified as agency- and GSE-backed securities. F.125 Agency- and GSE-backed Mortgage Pools (1) 1 Net acquisition of financial assets Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages Net increase in pool securities (liabilities)(2) (1) GNMA, Fannie Mae, Freddie Mac, FAMC, and Farmers Home Administration pools. 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.

31 26 FFA, , June 5, 2008 F.126 Issuers of Asset-Backed Securities (ABS) 1 Gross saving Fixed nonresidential investment Net acquisition of financial assets Treasury securities Agency- and GSE-backed securities (1) Other loans and advances Mortgages (2) Home Multifamily residential Commercial Consumer credit Trade credit Net increase in liabilities Commercial paper Corporate bonds (net) (5) Discrepancy Memo: Securitized assets not included above 17 Consumer leases (3) REIT assets (4) (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (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. (4) Included in table F.128. (5) Net issuance less net acquisition of corporate bonds held as assets. F.127 Finance Companies (1) 1 Gross saving Fixed nonresidential investment Net acquisition of financial assets Checkable deposits and currency Credit market instruments Other loans and advances Mortgages Consumer credit Miscellaneous assets Net increase in liabilities Credit market instruments Open market paper Corporate bonds Bank loans n.e.c Taxes payable Miscellaneous liabilities Foreign direct investment in U.S Investment by parent Other Discrepancy Memo: 21 Consumer leases not included above (2) (1) Includes retail captive finance companies and mortgage companies. (2) See footnote (3), table F.126.

32 FFA, , June 5, F.128 Real Estate Investment Trusts (REITs) 1 Gross saving Fixed nonresidential investment Multifamily residential investment Net acquisition of financial assets Checkable deposits and currency Credit market instruments Agency- and GSE-backed securities Corporate and foreign bonds Mortgages Home Multifamily residential Commercial Miscellaneous assets Net increase in liabilities Security RPs Credit market instruments Open market paper Corporate bonds Bank loans n.e.c Mortgages Corporate equity issues Miscellaneous liabilities Discrepancy Memo: 24 Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages

33 28 FFA, , June 5, 2008 F.129 Security Brokers and Dealers 1 Gross saving Fixed nonresidential investment Net acquisition of financial assets Checkable deposits and currency Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Corporate equities Security credit Miscellaneous assets Net increase in liabilities Security RPs (net) Credit market instruments Corporate bonds Bank loans n.e.c. (1) Corporate equity issues Trade payables Security credit Customer credit balances (HH) From banks Taxes payable Miscellaneous liabilities Foreign direct investment in U.S Due to affiliates Other Proprietors net investment Discrepancy (1) Loans extended through the Federal Reserve s Primary Dealer Credit Facility. F.130 Funding Corporations (1) 1 Net acquisition of financial assets Money market fund shares Credit market instruments Open market paper Corporate and foreign bonds Miscellaneous assets (2) Investment in foreign banking offices Investment in brokers and dealers Net increase in liabilities Credit market instruments Open market paper Corporate bonds Miscellaneous liabilities Foreign direct investment in U.S Securities loaned (net) Other (1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations. (2) Due from affiliated companies.

34 FFA, , June 5, F.200 Gold and Official Foreign Exchange Holdings (1) 1 Total U.S. reserves U.S. gold stock and SDRs Federal govt.: Exchange Stab. Fund Monetary authority (2) U.S. foreign exchange position Official foreign currency holdings Treasury Monetary authority Net IMF position Federal government Monetary authority (1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which have occurred at various dates beginning January Transactions in SDRs are included. Also excluded from the table are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are included in tables on outstandings. (2) Treasury gold stock. F.201 SDR Certificates and Treasury Currency SDR certificates: 1 Liab: Federal government Asset: Monetary authority Treasury currency: 3 Liab: Federal government Asset: Monetary authority Discrepancy (seigniorage) F.202 U.S. Deposits in Foreign Countries 1 Total rest of the world liability Held by: 2 Household sector Nonfinancial corporate business Money market mutual funds Discrepancy--unallocated assets

35 30 FFA, , June 5, 2008 F.203 Net Interbank Transactions 1 Net change in liabilities Monetary authority Depository institution reserves Vault cash Commercial banking To monetary authority To banks in foreign countries Liabilities, net U.S.-chartered commercial banks Due to foreign affiliates Due from foreign affiliates Foreign banking offices in U.S Due to foreign affiliates Due from foreign affiliates Bank holding companies Due to foreign affiliates Due from foreign affiliates Less: Deposits at foreign banks U.S.-chartered commercial banks Foreign banking offices in U.S To U.S. banking, net U.S.-chartered commercial banks Liabilities To foreign offices in U.S To bank holding companies Unallocated Less, due from: 27 Foreign offices in U.S Bank holding companies Foreign banking offices in U.S Due to U.S. banks Due from U.S. banks Bank holding companies Due to U.S. banks Due from U.S. banks Net change in assets Rest of the world Domestic Monetary authority Federal Reserve float Loans to member banks Commercial banking Reserves at Federal Reserve Vault cash Savings insts.: Reserves at Fed. Res Discrepancy--floats, etc

36 FFA, , June 5, F.204 Checkable Deposits and Currency 1 Net change in liabilities Monetary authority Federal government cash and deposits Deposits due to foreign Currency outside banks Commercial banking Federal government deposits Deposits due to foreign Private domestic deposits Savings institutions Credit unions Net change in assets Household sector Nonfinancial business Corporate Nonfarm noncorporate Farm State and local governments Federal government Rest of the world Checkable deposits Currency Financial sectors Commercial banking Savings institutions Credit unions Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Money market mutual funds Government-sponsored enterprises Finance companies REITs Brokers and dealers Mail float

37 32 FFA, , June 5, 2008 F.205 Time and Savings Deposits 1 Net change in liabilities Small time and savings deposits Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S Banks in U.S.-affiliated areas Savings institutions Credit unions Large time deposits (1) Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S Banks in U.S.-affiliated areas Savings institutions Credit unions Net change in assets Household sector Nonfinancial business Corporate Nonfarm noncorporate State and local governments Federal government Rest of the world Financial sectors Savings institutions Credit unions Private pension funds State and local govt. retirement funds Money market mutual funds Government-sponsored enterprises (1) Large time deposits are those issued in amounts of $100,000 or more. F.206 Money Market Mutual Fund Shares 1 Net issues Net purchases Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Rest of the world Life insurance companies Private pension funds State and local govt. retirement funds Funding corporations

38 FFA, , June 5, F.207 Federal Funds and Security Repurchase Agreements 1 Net change in liabilities Commercial banking (net) U.S.-chartered commercial banks Foreign banking offices in U.S Bank holding companies Savings institutions REITs Brokers and dealers (net) Net change in assets Nonfinancial corporate business State and local governments Rest of the world Financial sectors Monetary authority Savings institutions Credit unions Property-casualty insurance companies Private pension funds State and local govt. retirement funds Money market mutual funds Mutual funds Government-sponsored enterprises Discrepancy--unallocated assets F.208 Open Market Paper 1 Total net issues, all types Commercial paper Nonfinancial corporate business Foreign issues in U.S Nonfinancial Financial Financial sectors Commercial banking ABS issuers Finance companies REITs Funding corporations Bankers acceptances (1) Net purchases, by sector Household sector Nonfinancial corporate business State and local governments Rest of the world Monetary authority Commercial banking (1) Savings institutions Credit unions Life insurance companies Private pension funds State and local govt. retirement funds Money market mutual funds Mutual funds Government-sponsored enterprises Brokers and dealers Funding corporations (1) Excludes banks holdings of own acceptances.

39 34 FFA, , June 5, 2008 F.209 Treasury Securities 1 Net issues Savings bonds Other Treasury issues Net purchases Household sector Savings bonds Other Treasury issues Nonfinancial corporate business Nonfarm noncorporate business State and local governments Rest of the world 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 ABS issuers Brokers and dealers Memo: 32 Federal government borrowing (1) (1) Total issues of Treasury securities (table F.209, line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 12).

40 FFA, , June 5, F.210 Agency- and GSE-backed Securities (1) 1 Net issues Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Net purchases Household sector Nonfinancial corporate business State and local governments Federal government Rest of the world 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 Government-sponsored enterprises ABS issuers REITs Brokers and dealers (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 32.

41 36 FFA, , June 5, 2008 F.211 Municipal Securities and Loans 1 Net change in liabilities State and local governments Short-term (1) Long-term Nonprofit organizations (2) Nonfinancial corporate business 6 (industrial revenue bonds) Net change in assets Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Rest of the world Commercial banking Savings institutions Property-casualty insurance companies Life insurance companies State and local govt. retirement funds Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Brokers and dealers (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). F.212 Corporate and Foreign Bonds 1 Net issues Nonfinancial corporate business Rest of the world (1) Financial sectors Commercial banking Savings institutions ABS issuers (net) (3) Finance companies REITs Brokers and dealers Funding corporations Net purchases Household sector State and local governments Rest of the world (2) Commercial banking 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 REITs Brokers and dealers Funding corporations (1) Net purchases of foreign issues by U.S. residents. (2) Net purchases of U.S. issues by foreign residents. (3) Net issuance less net acquisition of corporate bonds held as assets.

42 FFA, , June 5, F.213 Corporate Equities (1) 1 Net issues Nonfinancial corporate business Rest of the world (2) Financial sectors Commercial banking Property-casualty insurance companies Life insurance companies Closed-end funds Exchange-traded funds REITs Brokers and dealers Net purchases Household sector State and local governments Rest of the world (3) Commercial banking Savings institutions Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds Mutual funds Closed-end funds Exchange-traded funds Brokers and dealers (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) Net purchases of U.S. issues by foreign residents. F.214 Mutual Fund Shares (1) 1 Net issues Net purchases Household sector Nonfinancial corporate business State and local governments Rest of the world Commercial banking Credit unions Property-casualty insurance companies Life insurance companies 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.

43 38 FFA, , June 5, 2008 F.215 Bank Loans Not Elsewhere Classified Total loans by commercial 1 banking, flow of funds basis Loans elsewhere classified: 2 Open market paper Mortgages Consumer credit Security credit = Banking sector total bank loans n.e.c U.S.-chartered commercial banks Foreign banking offices in U.S Bank holding companies Banks in U.S.-affiliated areas Loans from Federal Reserve banks = Total bank loans n.e.c Net change in liabilities Nonfinancial sectors Household sector Corporate business Nonfarm noncorporate business Farm business Rest of the world Foreign official institutions Foreign banks Other foreign Financial sectors Savings institutions Finance companies REITs Brokers and dealers

44 FFA, , June 5, F.216 Other Loans and Advances 1 Total other loans and advances U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Rest of the world Government-sponsored enterprises Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business Customers liability on acceptances 12 outstanding (Commercial banking asset) Liab.: Nonfinancial corporate business Rest of the world Savings institution loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business Policy loans (Household liability) Asset: Federal government Life insurance companies Govt.-sponsored enterprises loans Liab.: Household sector (SLMA) Noncorporate business (FCS) Farm business (FCS) Commercial banks (FHLB and SLMA) Savings institutions (FHLB and SLMA) Credit unions (FHLB) Life insurance companies (FHLB) Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business Finance company loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business

45 40 FFA, , June 5, 2008 F.217 Total Mortgages 1 Net change in mortgages Home Multifamily residential Commercial Farm Net borrowing Household sector Nonfinancial business Corporate Nonfarm noncorporate Farm Federal government REITs Net change in assets Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Commercial banking Savings institutions (1) Credit unions Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools ABS issuers Finance companies REITs (1) FHLB loans to savings institutions are included in other loans and advances.

46 FFA, , June 5, F.218 Home Mortgages (1) 1 Net borrowing Household sector Nonfinancial corporate business Nonfarm noncorporate business Net change in assets Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Commercial banking Savings institutions Credit unions Life insurance companies Private pension funds State and local govt. retirement funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies REITs Memo: 22 Home equity loans included above (2) Commercial banking Savings institutions 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 1 Net borrowing Nonfinancial corporate business Nonfarm noncorporate business Federal government REITs Net change in assets Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Commercial banking Savings institutions Life insurance companies Private pension funds State and local govt. retirement funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies REITs

47 42 FFA, , June 5, 2008 F.220 Commercial Mortgages 1 Net borrowing Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs Net change in assets Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Commercial banking Savings institutions Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Agency- and GSE-backed mortgage pools ABS issuers Finance companies REITs F.221 Farm Mortgages (1) 1 Net borrowing (Farm business) Net change in assets Household sector Nonfarm noncorporate business State and local governments Federal government Commercial banking Savings institutions Life insurance companies State and local govt. retirement funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools (1) Excludes mortgages on farm houses.

48 FFA, , June 5, F.222 Consumer Credit 1 Net change in liabilities (Households) Net change in assets Nonfinancial corporate business Nonfarm noncorporate business Federal government Commercial banking Savings institutions Credit unions Government-sponsored enterprises ABS issuers Finance companies F.223 Trade Credit 1 Net change in trade payables Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Federal government Rest of the world Brokers and dealers Net change in trade receivables Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Rest of the world Property-casualty insurance companies ABS issuers Discrepancy F.224 Security Credit 1 Net change in liabilities Household sector Rest of the world Brokers and dealers Customer credit balances (HH) From U.S.-chartered commercial banks From foreign banking offices in U.S Net change in assets Household sector Rest of the world Commercial banking Brokers and dealers

49 44 FFA, , June 5, 2008 F.225 Life Insurance and Pension Fund Reserves Life insurance reserves: 1 Net change in liabilities Federal government Life insurance companies Net change in assets (Households) Pension fund reserves: 5 Net change in liabilities Life insurance companies Private pension funds (1) State and local govt. retirement funds Federal government retirement funds (2) Net change in assets (Households) (3) (1) Includes unallocated insurance company contracts beginning 1985:Q4. (2) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (3) Excludes all individual retirement accounts (IRAs) (table F.225.i), except those at life insurance companies. F.226 Taxes Payable by Businesses 1 Net change in taxes payable by all businesses 2 Nonfinancial corporate business Nonfarm noncorporate business U.S.-chartered commercial banks Savings institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Net change in business taxes receivable State and local governments Federal government Discrepancy F.227 Proprietors Equity in Noncorporate Business 1 Total household investment Nonfarm noncorporate business Farm business Brokers and dealers

50 FFA, , June 5, F.228 Total Miscellaneous Financial Claims 1 Net change in liabilities Household sector Nonfinancial corporate business Nonfarm noncorporate business Federal government Rest of the world Monetary authority Commercial banking Savings institutions Credit unions Property-casualty insurance companies Life insurance companies Government-sponsored enterprises Finance companies REITs Brokers and dealers Funding corporations Net change in assets Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Federal government Rest of the world Monetary authority Commercial banking 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 Government-sponsored enterprises Finance companies REITs Brokers and dealers Funding corporations Discrepancy

51 46 FFA, , June 5, 2008 F.229 Identified Miscellaneous Financial Claims - Part I U.S. direct investment abroad (1): 1 Liab.: Rest of the world Equity Reinvested earnings Intercompany accounts Asset: Nonfinancial corporate business Commercial banking Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Foreign direct investment in U.S. (1): 11 Liab.: Nonfinancial corporate business Nonfarm noncorporate business Commercial banking 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 Liab.: Rest of the world Asset: Federal government Federal Reserve Bank stock: 25 Liab.: Monetary authority Asset: Commercial banking Equity in govt.-sponsored enterprises: 27 Liab.: Government-sponsored enterprises Asset: Nonfin. corporate business (Fannie Mae) Nonfarm noncorporate (BC) Farm business (FICB and FLB) Federal government Commercial banks (FHLB) Savings institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) BHC investment in subsidiaries: 36 Liab.: Commercial banking Savings institutions Finance companies Brokers and dealers Asset: Bank holding companies NFC investment in finance company subs.: 41 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corp. investment in subs.: 43 Liab.: Foreign banking offices in U.S Brokers and dealers Asset: Funding corporations (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.

52 FFA, , June 5, F.230 Identified Miscellaneous Financial Claims - Part II Nonofficial foreign currencies: 1 Liab.: Rest of the world Asset: Federal government Postal Savings System deposits: 3 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 5 Liab.: Government-sponsored enterprises Asset: Savings institutions Deferred and unpaid life insurance premiums: 7 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 9 Liab.: Life insurance companies Health Policy dividend accumulation Policy and contract claims Asset: Household sector Policy payables: 14 Liab.: Property-casualty insurance companies Asset: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business Unallocated insurance company contracts: 19 Liab.: Life insurance companies Asset: Private pension funds Pension fund contributions payable: 21 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 23 Liab.: Funding corporations Asset: Brokers and dealers Nonmarketable government securities: 25 Liab.: Federal government Asset: Federal government retirement funds Retiree Health Care Funds (1): 27 Liab.: Federal government Asset: Household sector (1) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund.

53 48 FFA, , June 5, 2008 F.231 Unidentified Miscellaneous Financial Claims 1 Net change in liabilities Nonfinancial corporate business Nonfarm noncorporate business Federal government Rest of the world 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 Life insurance companies Government-sponsored enterprises Finance companies REITs Brokers and dealers Funding corporations Net change in assets Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Rest of the world 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 Life insurance companies Private pension funds State and local govt. retirement funds Money market mutual funds Mutual funds Government-sponsored enterprises Finance companies REITs Brokers and dealers Discrepancy

54 FFA, , June 5, F.11 Sector Discrepancies 1 All sectors Household sector Nonfinancial corporate business State and local governments Federal government Rest of the world Financial sectors Monetary authority Commercial banking Savings institutions Credit unions Property-casualty insurance companies Life insurance companies Mutual funds Government-sponsored enterprises Issuers of asset-backed securities Finance companies REITs Brokers and dealers F.12 Instrument Discrepancies 1 All types Treasury currency Foreign deposits Net interbank transactions Security RPs Mail floats: 6 Federal government Other Trade credit Taxes payable Miscellaneous Nonfinancial Nonfinancial components (sign reversed): 12 Statistical discrepancy (NIPA) Private wage accruals less disbursements

55 50 FFA, , June 5, 2008 L.1 Credit Market Debt Outstanding (1) 1 Total credit market debt owed by: 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 credit market assets held by: 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.

56 FFA, , June 5, L.2 Credit Market Debt Owed 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 credit market debt 24 held in U.S Commercial paper Bonds Bank loans n.e.c Other loans and advances Domestic and foreign L.3 Credit Market Debt Owed 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 banks Bank holding companies Savings institutions Credit unions Life insurance companies Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Brokers and dealers Finance companies REITs Funding corporations

57 52 FFA, , June 5, 2008 L.4 Credit Market Debt, 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: Selected claims not included above: 11 Corporate equities Mutual fund shares L.5 Total Liabilities and Its Relation to Total Financial Assets Total credit market debt 1 (from table L.4) Official foreign exchange SDR certificates Treasury currency Foreign deposits Net interbank liabilities Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security RPs Mutual fund shares Security credit Life insurance reserves Pension fund reserves Trade payables Taxes payable Miscellaneous Total liabilities Financial assets not included in liabilities: 20 Gold and SDRs Corporate equities Household equity in noncorp. bus Liabilities not identified as assets: 23 Treasury currency Foreign deposits Net interbank transactions Security RPs Taxes payable Miscellaneous Floats not included in assets: 29 Checkable deposits: Federal govt Other Trade credit Totals identified to sectors as assets

58 FFA, , June 5, L.10 Assets and Liabilities of the Personal Sector (1) 1 Total 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 Private life insurance reserves Private insured pension reserves Private noninsured pension reserves Govt. insurance and pension reserves Miscellaneous and other assets Total liabilities Mortgage debt on nonfarm homes Other mortgage debt (3) Consumer credit Policy loans Security credit Other liabilities (3) (1) Combined 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, 16, 17, and 18). (3) Includes corporate farms.

59 54 FFA, , June 5, 2008 L.100 Households and Nonprofit Organizations (1) 1 Total financial assets Deposits 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 Treasury Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages Corporate equities (2) Mutual fund shares Security credit Life insurance reserves Pension fund reserves Equity in noncorporate business Miscellaneous assets Total liabilities Credit market instruments Home mortgages (3) Consumer credit Municipal securities Bank loans n.e.c Other loans and advances Commercial mortgages Security credit Trade payables Deferred and unpaid 33 life insurance premiums (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) Directly held and those in closed-end and exchange-traded funds. Other equities are included in mutual funds (line 17) and life insurance and pension reserves (lines 19 and 20). (3) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 22.

60 FFA, , June 5, L.101 Nonfinancial Business (1) 1 Total 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 Total liabilities Credit market instruments Commercial paper Municipal securities Corporate bonds Bank loans n.e.c Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities (1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business.

61 56 FFA, , June 5, 2008 L.102 Nonfarm Nonfinancial Corporate Business 1 Total 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 (1) Insurance receivables Equity in GSEs Investment in finance company subs Other Total liabilities Credit market instruments Commercial paper Municipal securities (2) Corporate bonds (1) Bank loans n.e.c Other loans and advances Savings institutions Finance companies Federal 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 Memo: 41 Trade receivables net of payables Market value of equities Securities and mortgages Loans and short-term paper Total short-term liabilities (3) Total liquid assets (4) Analytical measures (percent) 47 Long-term debt/credit market debt Short-term debt/credit market debt Liquid assets/short-term liabilities (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (2) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (3) Loans (except mortgages), short-term paper, taxes payable, and trade payables. Includes loans due in more than one year and excludes current maturities of bonds and mortgages. (4) Sum of lines 2 through 10, plus line 14.

62 FFA, , June 5, L.103 Nonfarm Noncorporate Business 1 Total financial assets Checkable deposits and currency Time and savings deposits Money market fund shares Treasury securities Municipal securities Mortgages Consumer credit Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (1) Other Total liabilities Credit market instruments Bank loans n.e.c Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities (1) Equity in the Farm Credit System. L.104 Farm Business (1) 1 Total financial assets Checkable deposits and currency Miscellaneous assets Insurance receivables Equity investment in GSEs (2) Total liabilities Credit market instruments Bank loans n.e.c Other loans and advances Mortgages (3) Trade payables (1) Corporate and noncorporate farms. (2) Equity in the Farm Credit System. (3) Excludes mortgages on farm houses.

63 58 FFA, , June 5, 2008 L.105 State and Local Governments (1) 1 Total 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 Total liabilities Credit market instruments Municipal securities Short-term Other U.S. government loans Trade payables (1) Data for employee retirement funds are shown in table L.119. L.106 Federal Government 1 Total 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 (1) Trade receivables Taxes receivable Miscellaneous assets Total 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 (2) Nonmarketable securities held by pension plans Other (1) Student loans. (2) 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.

64 FFA, , June 5, L.107 Rest of the World 1 Total financial assets 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 (1) 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. (2) Other Total liabilities U.S. official foreign exchange 26 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 Trade payables Security debt Miscellaneous liabilities U.S. equity in IBRD, etc U.S. government deposits U.S. direct investment abroad (1,2) Other Memo: 44 Market value of foreign equities held by U.S. residents (3) (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) Includes American Depositary Receipts (ADRs).

65 60 FFA, , June 5, 2008 L.108 Monetary Authority (1) 1 Total 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 Total 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 (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.

66 FFA, , June 5, L.109 Commercial Banking (1) 1 Total 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 Total 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 Taxes payable Miscellaneous liabilities Memo: 38 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 L.216). (3) Floats and discrepancies in interbank transactions. (4) Total bank credit (line 5) less security credit (line 15) less corporate equities (line 16) less mutual fund shares (line 17) plus customers liability on acceptances (line 18). (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.

67 62 FFA, , June 5, 2008 L.110 U.S.-Chartered Commercial Banks 1 Total 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 Total liabilities Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banks 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 Taxes payable Miscellaneous liabilities Investment by bank holding companies Other Memo: 44 Credit market funds advanced (2) Consumer leases not included above (3) (1) Included in other loans and advances (table L.216). (2) Total bank credit (line 3) less security credit (line 19) less corporate equities (line 20) less mutual fund shares (line 21) plus customers liability on acceptances (line 22). (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.

68 FFA, , June 5, L.111 Foreign Banking Offices in U.S. (1) 1 Total 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 Total 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 Memo: 29 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 L.216). (3) Total bank credit (line 3) less security credit (line 12) less corporate equities (line 13) plus customers liability on acceptances (line 14).

69 64 FFA, , June 5, 2008 L.112 Bank Holding Companies 1 Total financial assets Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Bank loans n.e.c Miscellaneous assets Investment in bank subsidiaries Investment in nonbank subsidiaries Other Total liabilities Net interbank liabilities To domestic banks To foreign banks Federal funds and security RPs (net) Credit market instruments Commercial paper Corporate bonds Miscellaneous liabilities L.113 Banks in U.S.-Affiliated Areas (1) 1 Total financial assets Checkable deposits and currency Credit market instruments Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Bank loans n.e.c Home mortgages Commercial mortgages Miscellaneous assets Total liabilities Checkable deposits Small time and savings deposits Large time deposits Miscellaneous liabilities (1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas.

70 FFA, , June 5, L.114 Savings Institutions (1) 1 Total financial assets Reserves at Federal Reserve Checkable deposits and currency Time and savings deposits Federal funds and security RPs Credit market instruments Open market paper 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 Other loans and advances Mortgages Consumer credit Corporate equities Miscellaneous assets Total liabilities Deposits Checkable Small time and savings Large time Security RPs Credit market instruments Corporate bonds Bank loans n.e.c Other loans and advances Taxes payable Miscellaneous liabilities Investment by parent Other (1) Savings and loan associations, mutual savings banks, and federal savings banks.

71 66 FFA, , June 5, 2008 L.115 Credit Unions 1 Total financial assets Checkable deposits and currency Time and savings deposits Federal funds and security RPs Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Home mortgages Consumer credit Mutual fund shares Miscellaneous assets Total liabilities Shares/deposits Checkable Small time and savings Large time Other loans and advances Miscellaneous liabilities L.116 Property-Casualty Insurance Companies 1 Total financial assets Checkable deposits and currency Security RPs Credit market instruments Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Commercial mortgages Corporate equities Mutual fund shares Trade receivables Miscellaneous assets Total liabilities Taxes payable Miscellaneous liabilities

72 FFA, , June 5, L.117 Life Insurance Companies 1 Total financial assets Checkable deposits and currency Money market fund shares Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Policy loans Mortgages Corporate equities Mutual fund shares Miscellaneous assets Total liabilities Other loans and advances Life insurance reserves Pension fund reserves (1) Taxes payable 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 20). L.118 Private Pension Funds (1) 1 Total 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 Corporate and foreign bonds Mortgages Corporate equities Mutual fund shares Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other Pension fund reserves (liabilities) (3) (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. (3) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.

73 68 FFA, , June 5, 2008 L.119 State and Local Government Employee Retirement Funds 1 Total 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 Miscellaneous assets Pension fund reserves (liabilities) (1) (1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector. L.120 Federal Government Retirement Funds (1) 1 Total financial assets Credit market instruments Treasury securities Agency- and GSE-backed securities Corporate and foreign bonds Corporate equities Miscellaneous assets (2) Pension fund reserves (liabilities) (3) (1) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and nonmarketable government securities held by federal government retirement funds. (2) 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. (3) Liabilities of the sector are assets of the household sector.

74 FFA, , June 5, L.121 Money Market Mutual Funds (1) 1 Total financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Security RPs Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Miscellaneous assets Total shares outstanding (liabilities) (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117). L.122 Mutual Funds (1) 1 Total financial assets Security RPs Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Corporate equities Miscellaneous assets Total shares outstanding (liabilities) (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117). L.123 Closed-End and Exchange-Traded Funds Closed-end funds 1 Total financial assets Credit market instruments Treasury securities Municipal securities Corporate and foreign bonds Corporate equities Total shares outstanding (liabilities) Exchange-traded funds 8 Total financial assets Credit market instruments Treasury securities Corporate and foreign bonds Corporate equities Total shares outstanding (liabilities)

75 70 FFA, , June 5, 2008 L.124 Government-Sponsored Enterprises (GSEs) (1) 1 Total financial assets Checkable deposits and currency Time and savings deposits Federal funds and security RPs Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Other loans and advances Sallie Mae Farm Credit System FHLB Mortgages Home Multifamily residential Farm Consumer credit (2) Miscellaneous assets Total liabilities Credit market instruments GSE issues (3) U.S. government loans Miscellaneous liabilities (1) Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, 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. (2) Sallie Mae student loans. (3) Such issues are classified as agency- and GSE-backed securities. L.125 Agency- and GSE-backed Mortgage Pools (1) 1 Total financial assets Home mortgages Multifamily residential mortgages Commercial mortgages Farm mortgages Total pool securities (liabilities)(2) (1) GNMA, Fannie Mae, Freddie Mac, FAMC, and Farmers Home Administration pools. 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.

76 FFA, , June 5, L.126 Issuers of Asset-Backed Securities (ABS) 1 Total financial assets Treasury securities Agency- and GSE-backed securities (1) Other loans and advances Mortgages (2) Home Multifamily residential Commercial Consumer credit Trade credit Total liabilities Commercial paper Corporate bonds (net) (5) Memo: Securitized assets not included above 14 Consumer leases (3) REIT assets (4) (1) Agency- and GSE-backed mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (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. (4) Included in table L.128. (5) Liabilities net of assets. L.127 Finance Companies (1) 1 Total financial assets Checkable deposits and currency Credit market instruments Other loans and advances Mortgages Consumer credit Miscellaneous assets Total liabilities Credit market instruments Open market paper Corporate bonds Bank loans n.e.c Taxes payable Miscellaneous liabilities Foreign direct investment in U.S Investment by parent Other Memo: 18 Consumer leases not included above (2) (1) Includes retail captive finance companies and mortgage companies. (2) See footnote (3), table L.126.

77 72 FFA, , June 5, 2008 L.128 Real Estate Investment Trusts (REITs) 1 Total financial assets Checkable deposits and currency Credit market instruments Agency- and GSE-backed securities Corporate and foreign bonds Mortgages Home Multifamily residential Commercial Miscellaneous assets Total liabilities Security RPs Credit market instruments Open market paper Corporate bonds Bank loans n.e.c Mortgages Miscellaneous liabilities Memo: 19 Securitized assets included above Agency- and GSE-backed securities Home mortgages Multifamily residential mortgages Commercial mortgages

78 FFA, , June 5, L.129 Security Brokers and Dealers 1 Total financial assets Checkable deposits and currency Credit market instruments Open market paper Treasury securities Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Corporate equities Security credit Miscellaneous assets Total liabilities Security RPs (net) Credit market instruments Corporate bonds Bank loans n.e.c. (1) Trade payables Security credit Customer credit balances (HH) From banks Taxes payable Miscellaneous liabilities Foreign direct investment in U.S Due to affiliates Other (1) Loans extended through the Federal Reserve s Primary Dealer Credit Facility. L.130 Funding Corporations (1) 1 Total financial assets Money market fund shares Credit market instruments Open market paper Corporate and foreign bonds Miscellaneous assets (2) Investment in foreign banking offices Investment in brokers and dealers Total liabilities Credit market instruments Open market paper Corporate bonds Miscellaneous liabilities Foreign direct investment in U.S Securities loaned (net) Other (1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations. (2) Due from affiliated companies.

79 74 FFA, , June 5, 2008 L.200 Gold and Official Foreign Exchange Holdings (1) 1 Total U.S. reserves U.S. gold stock and SDRs Federal govt.: Exchange Stab. Fund Monetary authority (2) U.S. foreign exchange position Official foreign currency holdings Treasury Monetary authority Net IMF position Federal government Monetary authority (1) Lines 1, 2, and 3 include increases in SDRs through allocations, which occurred at various dates beginning January Also included in the table are revaluations of foreign currency holdings, gold, SDRs, and IMF position. These allocations and revaluations are excluded from tables on flows. (2) Treasury gold stock. L.201 SDR Certificates and Treasury Currency SDR certificates: 1 Liab: Federal government Asset: Monetary authority Treasury currency: 3 Liab: Federal government Asset: Monetary authority Discrepancy (seigniorage) L.202 U.S. Deposits in Foreign Countries 1 Total rest of the world liability Held by: 2 Household sector Nonfinancial corporate business Money market mutual funds Discrepancy--unallocated assets

80 FFA, , June 5, L.203 Net Interbank Transactions 1 Total liabilities Monetary authority Depository institution reserves Vault cash Commercial banking To monetary authority To banks in foreign countries, net Liabilities, net U.S.-chartered commercial banks Due to foreign affiliates Due from foreign affiliates Foreign banking offices in U.S Due to foreign affiliates Due from foreign affiliates Bank holding companies Due to foreign affiliates Due from foreign affiliates Less: Deposits at foreign banks U.S. chartered commercial banks Foreign banking offices in U.S To U.S. banking, net U.S.-chartered commercial banks Liabilities To foreign offices in U.S To bank holding companies Unallocated Less, due from: 27 Foreign offices in U.S Bank holding companies Foreign banking offices in U.S Due to U.S. banks Due from U.S. banks Bank holding companies Due to U.S. banks Due from U.S. banks Total assets Rest of the world Domestic Monetary authority Federal Reserve float Loans to member banks Commercial banking Reserves at Federal Reserve Vault cash Savings insts.: Reserves at Fed. Res Discrepancy--floats, etc

81 76 FFA, , June 5, 2008 L.204 Checkable Deposits and Currency 1 Total liabilities Monetary authority Federal government cash and deposits Deposits due to foreign Currency outside banks Commercial banking Federal government deposits Deposits due to foreign Private domestic deposits Savings institutions Credit unions Total assets Household sector Nonfinancial business Corporate Nonfarm noncorporate Farm State and local governments Federal government Rest of the world Checkable deposits Currency Financial sectors Commercial banking Savings institutions Credit unions Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Money market mutual funds Government-sponsored enterprises Finance companies REITs Brokers and dealers Mail float

82 FFA, , June 5, L.205 Time and Savings Deposits 1 Total liabilities Small time and savings deposits Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S Banks in U.S.-affiliated areas Savings institutions Credit unions Large time deposits (1) Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S Banks in U.S.-affiliated areas Savings institutions Credit unions Total assets Household sector Nonfinancial business Corporate Nonfarm noncorporate State and local governments Federal government Rest of the world Financial sectors Savings institutions Credit unions Private pension funds State and local govt. retirement funds Money market mutual funds Government-sponsored enterprises (1) Large time deposits are those issued in amounts of $100,000 or more. L.206 Money Market Mutual Fund Shares 1 Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Rest of the world Life insurance companies Private pension funds State and local govt. retirement funds Funding corporations

83 78 FFA, , June 5, 2008 L.207 Federal Funds and Security Repurchase Agreements 1 Total liabilities Commercial banking (net) U.S.-chartered commercial banks Foreign banking offices in U.S Bank holding companies Savings institutions REITs Brokers and dealers (net) Total assets Nonfinancial corporate business State and local governments Rest of the world Financial sectors Monetary authority Savings institutions Credit unions Property-casualty insurance companies Private pension funds State and local govt. retirement funds Money market mutual funds Mutual funds Government-sponsored enterprises Discrepancy--unallocated assets L.208 Open Market Paper 1 Total outstanding, all types Commercial paper Nonfinancial corporate business Foreign issues in U.S Nonfinancial Financial Financial business Commercial banking ABS issuers Finance companies REITs Funding corporations Bankers acceptances (1) Holdings, by sector Household sector Nonfinancial corporate business State and local governments Rest of the world Monetary authority Commercial banking (1) Savings institutions Credit unions Life insurance companies Private pension funds State and local govt. retirement funds Money market mutual funds Mutual funds Government-sponsored enterprises Brokers and dealers Funding corporations (1) Excludes banks holdings of own acceptances.

84 FFA, , June 5, L.209 Treasury Securities 1 Total liabilities Savings bonds Other Treasury issues Total assets Household sector Savings bonds Other Treasury issues Nonfinancial corporate business Nonfarm noncorporate business State and local governments Rest of the world 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 ABS issuers Brokers and dealers Memo: 32 Federal government debt (1) (1) Total Treasury securities (table L.209, line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 12).

85 80 FFA, , June 5, 2008 L.210 Agency- and GSE-backed Securities (1) 1 Total liabilities Budget agencies Government-sponsored enterprises Agency- and GSE-backed mortgage pools Total assets Household sector Nonfinancial corporate business State and local governments Federal government Rest of the world 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 Government-sponsored enterprises ABS issuers REITs Brokers and dealers (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 Mac, 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 32.

86 FFA, , June 5, L.211 Municipal Securities and Loans 1 Total liabilities State and local governments Short-term (1) Long-term Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 7 Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Rest of the world Commercial banking Savings institutions Property-casualty insurance companies Life insurance companies State and local govt. retirement funds Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Brokers and dealers (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). L.212 Corporate and Foreign Bonds 1 Total liabilities Nonfinancial corporate business Rest of the world (1) Financial sectors Commercial banking Savings institutions ABS issuers (net) (3) Finance companies REITs Brokers and dealers Funding corporations Total assets Household sector State and local governments Rest of the world (2) Commercial banking 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 REITs Brokers and dealers Funding corporations (1) Holdings of foreign issues by U.S. residents. (2) Holdings of U.S. issues by foreign residents. (3) Liabilities net of assets.

87 82 FFA, , June 5, 2008 L.213 Corporate Equities (1) 1 Issues at market value Nonfinancial corporate business Rest of the world (2) Financial corporations Holdings at market value Household sector State and local governments Rest of the world (3) Commercial banking Savings institutions Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Federal government retirement funds Mutual funds Closed-end funds Exchange-traded funds Brokers and dealers Memo: 20 Market value of domestic corporations (4) (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. (4) Sum of lines 2 and 4 less the sum of lines 9, 11, 17, 18, and 19; line 1 excludes intercorporate holdings of nonfinancial corporations. L.214 Mutual Fund Shares (1) 1 Shares at market value Holdings at market value Household sector Nonfinancial corporate business State and local governments Rest of the world Commercial banking Credit unions Property-casualty insurance companies Life insurance companies 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.

88 FFA, , June 5, L.215 Bank Loans Not Elsewhere Classified Total loans by commercial 1 banking, flow of funds basis Loans elsewhere classified: 2 Open market paper Mortgages Consumer credit Security credit = Banking sector total bank loans n.e.c U.S.-chartered commercial banks Foreign banking offices in U.S Bank holding companies Banks in U.S.-affiliated areas Loans from Federal Reserve banks = Total bank loans n.e.c Total liabilities Nonfinancial sectors Households Corporate business Nonfarm noncorporate business Farm business Rest of the world Foreign official institutions Foreign banks Other foreign Financial sectors Savings institutions Finance companies REITs Brokers and dealers

89 84 FFA, , June 5, 2008 L.216 Other Loans and Advances 1 Total other loans and advances U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Rest of the world Government-sponsored enterprises Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business Customers liability on acceptances 12 outstanding (bank asset) Liab.: Nonfinancial corporate business Rest of the world Savings institution loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business Policy loans (Household liability) Asset: Federal government Life insurance companies Government-sponsored enterprise loans Liab.: Household sector (SLMA) Noncorporate business (FCS) Farm business (FCS) Commercial banks (FHLB and SLMA) Savings institutions (FHLB and SLMA) Credit unions (FHLB) Life insurance companies (FHLB) Securitized loans held by ABS issuers Liab.: Nonfinancial corporate business Finance company loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business

90 FFA, , June 5, L.217 Total Mortgages 1 Total mortgages Home Multifamily residential Commercial Farm Total liabilities Household sector Nonfinancial business Corporate Nonfarm noncorporate Farm Federal government REITs Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Commercial banking Savings institutions (1) Credit unions Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Government-sponsored enterprises (1) Agency- and GSE-backed mortgage pools ABS issuers Finance companies REITs (1) FHLB loans to savings institutions are included in other loans and advances.

91 86 FFA, , June 5, 2008 L.218 Home Mortgages (1) 1 Total liabilities Household sector Nonfinancial corporate business Nonfarm noncorporate business Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Commercial banking Savings institutions Credit unions Life insurance companies Private pension funds State and local govt. retirement funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies REITs Memo: 22 Home equity loans included above (2) Commercial banking Savings institutions 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 1 Total liabilities Nonfinancial corporate business Nonfarm noncorporate business Federal government REITs Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Commercial banking Savings institutions Life insurance companies Private pension funds State and local govt. retirement funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools ABS issuers Finance companies REITs

92 FFA, , June 5, L.220 Commercial Mortgages 1 Total liabilities Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Commercial banking Savings institutions Property-casualty insurance companies Life insurance companies Private pension funds State and local govt. retirement funds Agency- and GSE-backed mortgage pools ABS issuers Finance companies REITs L.221 Farm Mortgages (1) 1 Total liabilities (Farm business) Total assets Household sector Nonfarm noncorporate business State and local governments Federal government Commercial banking Savings institutions Life insurance companies State and local govt. retirement funds Government-sponsored enterprises Agency- and GSE-backed mortgage pools (1) Excludes mortgages on farm houses.

93 88 FFA, , June 5, 2008 L.222 Consumer Credit 1 Total liabilities (Households) Total assets Nonfinancial corporate business Nonfarm noncorporate business Federal government Commercial banking Savings institutions Credit unions Government-sponsored enterprises ABS issuers Finance companies L.223 Trade Credit 1 Total trade payables Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Federal government Rest of the world Brokers and dealers Total trade receivables Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Rest of the world Property-casualty insurance companies ABS issuers Discrepancy L.224 Security Credit 1 Total liabilities Household sector Rest of the world Brokers and dealers Customer credit balances (HH) From U.S.-chartered commercial banks From foreign banking offices in U.S Total assets Household sector Rest of the world Commercial banking Brokers and dealers

94 FFA, , June 5, L.225 Life Insurance and Pension Fund Reserves Life insurance reserves: 1 Total liabilities Federal government Life insurance companies Total assets (Households) Pension fund reserves: 5 Total liabilities Life insurance companies Private pension funds (1) State and local govt. retirement funds Federal government retirement funds (2) Total assets (Households) (3) (1) Includes unallocated insurance company contracts beginning 1985:Q4. (2) Includes the Thrift Savings Plan, the National Railroad Retirement Investment Trust, and other federal government retirement funds. (3) Excludes all individual retirement accounts (IRAs) (table L.225.i), except those at life insurance companies. L.226 Taxes Payable by Businesses 1 Total taxes payable by all businesses Nonfinancial corporate business Nonfarm noncorporate business U.S.-chartered commercial banks Savings institutions Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Total business taxes receivable State and local governments Federal government Discrepancy L.227 Proprietors Equity in Noncorporate Business 1 Total household equity Nonfarm noncorporate business Farm business Brokers and dealers

95 90 FFA, , June 5, 2008 L.228 Total Miscellaneous Financial Claims 1 Total liabilities Household sector Nonfinancial corporate business Nonfarm noncorporate business Federal government Rest of the world Monetary authority Commercial banking Savings institutions Credit unions Property-casualty insurance companies Life insurance companies Government-sponsored enterprises Finance companies REITs Brokers and dealers Funding corporations Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Federal government Rest of the world Monetary authority Commercial banking 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 Government-sponsored enterprises Finance companies REITs Brokers and dealers Funding corporations Discrepancy

96 FFA, , June 5, L.229 Identified Miscellaneous Financial Claims - Part I U.S. direct investment abroad: 1 Liab.: Rest of the world Asset: Nonfinancial corporate business Commercial banking Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Foreign direct investment in U.S.: 8 Liab.: Nonfinancial corporate business Nonfarm noncorporate business Commercial banking Property-casualty insurance companies Life insurance companies Finance companies Brokers and dealers Funding corporations Asset: Rest of the world Federal government equity in IBRD, etc.: 17 Liab.: Rest of the world Asset: Federal government Federal Reserve Bank stock: 19 Liab.: Monetary authority Asset: Commercial banking Equity in government-sponsored enterprises: 21 Liab.: Government-sponsored enterprises Asset: Nonfin. corporate business (Fannie Mae) Nonfarm noncorporate (BC) Farm business (FICB and FLB) Federal government Commercial banks (FHLB) Savings institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) BHC investment in subsidiaries: 30 Liab.: Commercial banking Savings institutions Finance companies Brokers and dealers Asset: Bank holding companies NFC inv. in finance company subs.: 35 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corp. investment in subs.: 37 Liab.: Foreign banking offices in U.S Brokers and dealers Asset: Funding corporations

97 92 FFA, , June 5, 2008 L.230 Identified Miscellaneous Financial Claims - Part II Nonofficial foreign currencies: 1 Liab.: Rest of the world Asset: Federal government Postal Savings System deposits: 3 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 5 Liab.: Government-sponsored enterprises Asset: Savings institutions Deferred and unpaid life insurance premiums: 7 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 9 Liab.: Life insurance companies Health Policy dividend accumulation Policy and contract claims Asset: Household sector Policy payables: 14 Liab.: Property-casualty insurance companies Asset: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business Unallocated insurance company contracts: 19 Liab.: Life insurance companies Asset: Private pension funds Pension fund contributions payable: 21 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 23 Liab.: Funding corporations Asset: Brokers and dealers Nonmarketable government securities: 25 Liab.: Federal government Asset: Federal government retirement funds Retiree Health Care Funds (1): 27 Liab.: Federal government Asset: Household sector (1) Includes Uniform Services Retiree Health Care Fund and Postal Service Retiree Health Benefits Fund.

98 FFA, , June 5, L.231 Unidentified Miscellaneous Financial Claims 1 Total liabilities Nonfinancial corporate business Nonfarm noncorporate business Federal government Rest of the world 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 Life insurance companies Government-sponsored enterprises Finance companies REITs Brokers and dealers Funding corporations Total assets Nonfinancial corporate business Nonfarm noncorporate business State and local governments Federal government Rest of the world 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 Life insurance companies Private pension funds State and local govt. retirement funds Mutual funds Money market mutual funds Government-sponsored enterprises Finance companies REITs Brokers and dealers Discrepancy

99 94 FFA, , June 5, 2008 B.100 Balance Sheet of Households and Nonprofit Organizations (1) 1 Assets Tangible assets Real estate Households (2,3) Nonprofit organizations Equipment and software owned by 6 nonprofit organizations (4) Consumer durable goods (4) Financial assets Deposits 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 Treasury Agency- and GSE-backed securities Municipal securities Corporate and foreign bonds Mortgages Corporate equities (2) Mutual fund shares (5) Security credit Life insurance reserves Pension fund reserves Equity in noncorporate business (6) Miscellaneous assets Liabilities Credit market instruments Home mortgages (7) Consumer credit Municipal securities (8) Bank loans n.e.c Other loans and advances Commercial mortgages (8) Security credit Trade payables (8) Deferred and unpaid 40 life insurance premiums Net worth Memo: Replacement-cost value of structures: 42 Residential Households Farm households Nonprofit organizations Nonresidential (nonprofits) Disposable personal income Household net worth as percentage of 48 disposable personal income Owners equity in household real 49 estate (9) Owners equity as percentage of 50 household real estate (10) (1) Sector includes farm households. (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) Value based on the market values of equities held and the book value of other assets held by mutual funds. (6) Net worth of noncorporate business (table B.103, line 31) and owners equity in farm business and unincorporated security brokers and dealers. (7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 22. (8) Liabilities of nonprofit organizations. (9) Line 4 less line 32. (10) Line 49 divided by line 4.

100 FFA, , June 5, B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business With tangible assets stated at either market value or replacement cost: 1 Assets Tangible assets Real estate (1) Equipment and software (2) Inventories (2) 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 (1) Miscellaneous assets Liabilities Credit market instruments Commercial paper Municipal securities (3) Corporate bonds (4) Bank loans n.e.c Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities Net worth (market value) Memo: Replacement-cost value of structures: 33 Residential Nonresidential Market value of equities outstanding 35 (includes corporate farm equities) Debt/net worth (percent) (5) Debt/equities (percent) (6) Equities/net worth (percent) (7) With tangible assets stated at historical cost: 39 Assets (8) Tangible assets Real estate Equipment and software Inventories Net worth (historical cost) (9) Memo: Historical-cost value of structures: 45 Residential Nonresidential 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 22 divided by line 32. (6) Line 22 divided by line 35. (7) Line 35 divided by line 32. (8) Sum of lines 6 and 40. (9) Line 39 less line 21. (10) Line 22 divided by line 44.

101 96 FFA, , June 5, 2008 B.103 Balance Sheet of Nonfarm Noncorporate Business 1 Assets Tangible assets Real estate (1) Residential Nonresidential Equipment and software (2) Residential (3) Nonresidential Inventories (2) Financial assets Checkable deposits and currency Time and savings deposits Money market fund shares Treasury securities Municipal securities Mortgages Consumer credit Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (4) Other Liabilities Credit market instruments Bank loans n.e.c Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities Net worth (5) Memo: Replacement-cost value of structures: 32 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 23. Included in table B.100, line 28. (6) Line 24 divided by line 31.

102 FFA, , June 5, R.100 Change in Net Worth of Households and Nonprofit Organizations 1 Change in net worth (1) Net investment Net physical investment Capital expenditures Consumption of fixed capital Net financial investment Net acquisition of financial assets Net increase in liabilities Holding gains on assets 9 at market value (2) Real estate Corporate equities Mutual fund shares Equity in noncorporate business Life insurance and 14 pension fund reserves Holding gains on assets 15 at current cost (2) Consumer durable goods Equipment and software Other volume changes (3) Memo: 19 Net worth outstanding (4) Disposable personal income (1) Sum of net investment (line 2), holding gains (lines 9 and 15), and other volume changes (line 18). (2) Calculated as change in amount outstanding less net purchases during period. (3) Consists of the difference between series for consumption of fixed capital published by BEA and statistical discontinuities. (4) Table B.100, line 41.

103 98 FFA, , June 5, 2008 R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business 1 Change in net worth (1) Net investment Net physical investment Capital expenditures Consumption of fixed capital Inventory valuation adjustment Nonproduced nonfinancial assets Net financial investment Net acquisition of financial assets Net increase in liabilities Net corporate equity issues Holding gains on assets 12 at market value (2) Real estate Mutual fund shares Holding gains on assets less 15 liabilities at current cost (2) Equipment and software Inventories (3) Direct investment abroad Foreign direct investment in U.S Other volume changes (4) Memo: 21 Net worth outstanding (5) (1) Sum of net investment (line 2), holding gains (lines 12 and 15), and other volume changes (line 20). (2) Calculated as change in amount outstanding less net purchases during period. (3) Before inventory valuation adjustment. (4) Consists of statistical discontinuities. (5) Table B.102, line 32.

104 FFA, , June 5, R.103 Change in Net Worth of Nonfarm Noncorporate Business 1 Change in net worth (1) Net investment (2) Net physical investment Capital expenditures Consumption of fixed capital Net acquisition of financial assets Net increase in liabilities from: 7 Credit market instruments Trade payables Taxes payable Miscellaneous liabilities Holding gains on real estate (3) Residential Nonresidential Holding gains on assets at current cost (3) Residential equipment and software Nonresidential equipment and software Inventories Other volume changes (4) Memo: 19 Net worth outstanding (5) (1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other volume changes (line 18). (2) Also equal to proprietor s net investment shown on table F.103, line 29. (3) Calculated as change in amount outstanding less net investment during period. (4) Consists of statistical discontinuities. (5) Table B.103, line 31.

105 100 FFA, , June 5, 2008 F.106.c Consolidated Statement for Federal, State, and Local Governments (1) 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 government saving, NIPA basis Consumption of fixed capital Insurance and pension fund reserves (2) Net capital transfers (3) = Gross saving and net capital transfers Gross investment Fixed investment Nonproduced nonfinancial assets Net financial investment Net acquisition of financial assets Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs Credit market instruments Open market paper Agency- and GSE-backed securities (4) Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances (5) Corporate equities Mutual fund shares Trade receivables Taxes receivable Miscellaneous assets Net increase in liabilities SDR certificates Treasury currency Credit market instruments Savings bonds Other Treasury securities (6) Budget agency securities Municipal securities Multifamily residential mortgages Trade payables Insurance reserves Miscellaneous liabilities (7) Discrepancy Memo: 58 Net govt. saving less fixed investment (8) Adjustment between NIPA and FOF (9) Items to be financed (10) (1) This table is consistent with NIPA table 3.1 in the Survey of Current Business, Department of Commerce. (2) Railroad Retirement Board, the National Railroad Retirement Investment Trust, and federal government life insurance reserves. Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and agency- and GSE-backed securities held by state and local government employee retirement funds. (3) Table F.9, line 1. (4) Holdings by state and local governments may include small amounts of budget agency securities issued by the federal government. (5) Excludes loans to state and local governments. (6) Excludes Treasury securities owed to state and local governments. (7) 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. (8) Line 17 less line 23. (9) Line 18 plus line 20 less sum of lines 19, 24, and 56. (10) Line 57 plus line 58.

106 FFA, , June 5, L.106.c Consolidated Statement for Federal, State, and Local Governments 1 Total financial assets Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs Credit market instruments Open market paper Agency- and GSE-backed securities (1) Municipal securities Corporate and foreign bonds Mortgages Consumer credit Other loans and advances (2) Corporate equities Mutual fund shares Trade receivables Taxes receivable Miscellaneous assets Total liabilities SDR certificates Treasury currency Credit market instruments Savings bonds Other Treasury securities (3) Budget agency securities Municipal securities Multifamily residential mortgages Trade payables Insurance reserves Miscellaneous liabilities (4) (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.

107 102 FFA, , June 5, 2008 F.118.b Private Pension Funds: Defined Benefit Plans 1 Net acquisition 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 Corporate and foreign bonds Mortgages Corporate equities Mutual fund shares Miscellaneous assets Unallocated insurance contracts (1) Contributions receivable Other (1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. F.118.c Private Pension Funds: Defined Contribution Plans (1) 1 Net acquisition 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 Corporate and foreign bonds Mortgages Corporate equities Mutual fund shares Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other (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.225.i Individual Retirement Accounts (IRAs) (1) 1 Total held at: Commercial banking Saving institutions Credit unions Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts (1) Assets of the household sector (F.100). IRA assets are not included in pension fund reserves (table F.225), except for those at life insurance companies. Figures for depositories (lines 2 through 4) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7) and from the money market fund sector (line 6).

108 FFA, , June 5, L.118.b Private Pension Funds: Defined Benefit Plans 1 Total 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 Corporate and foreign bonds Mortgages Corporate equities Mutual fund shares Miscellaneous assets Unallocated insurance contracts (1) Contributions receivable Other (1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. L.118.c Private Pension Funds: Defined Contribution Plans (1) 1 Total 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 Corporate and foreign bonds Mortgages Corporate equities Mutual fund shares Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other (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. L.225.i Individual Retirement Accounts (IRAs) (1) 1 Total held at: Commercial banking Saving institutions Credit unions Life insurance companies Money market mutual funds Mutual funds Other self-directed accounts (1) Assets of the household sector (L.100), shown at market value. IRA assets are not included in pension fund reserves (table L.225), except for those at life insurance companies. Figures for depositories (lines 2 through 4) include Keogh accounts. Variable annuities in IRAs are in the life insurance sector (line 5) and are excluded from the mutual fund sector (line 7) and from the money market fund sector (line 6).

109 104 FFA, , June 5, 2008 B.100.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail (1) 1 Assets Tangible assets Financial assets Deposits Credit market instruments Equity shares at market value Directly held Indirectly held Life insurance companies Private pension funds Defined benefit plans Defined contribution plans State and local govt. retirement funds Federal government retirement funds Mutual funds Other Liabilities Net worth Memo: 19 Equity shares excluding defined benefit plans (line 6 minus lines 11, 13 and part of line 14) Equity shares (line 6) as a percent of 20 Total assets (line 1) Financial assets (line 3) (1) Estimates of equity shares (lines 7 through 15 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.