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Guide to the
Flow of Funds Accounts

Board of Governors of the Federal Reserve System

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Guide to
Flow of Funds Accounts
�£�

Board of Governors of the Federal Reserve System, Washington, D.C.


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1993

Copies of this publication can be obtained from Publica­
tions Services, Board of Governors of the Federal Reserve
System, Washington, DC 20551. The price is $8.50 per
copy. Please make remittances payable to the order of the
Board of Governors of the Federal Reserve System in a
form collectible at par in U.S. currency. Stamps and
coupons are not accepted.


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DEDICATION

FoR

THREE DECADES,

flow of funds accounting

and the name Stephen Pound Taylor were nearly
synonymous. Steve served at the Board of Gover­
nors of the Federal Reserve System for thirty-two
years. He was an assistant director of the Division
of Research and Statistics and served as chief of
the Flow of Funds Section from 1961 until he
retired in 1985. During his years at the ioard,
Steve developed the flow of funds accounts and
showed how they could be used to analyze macro­
economic developments. He was recognized inter­
nationally as an expert in financial statistics and
national economic accounts, and he continued to
contribute to these fields until his death in April
1993.
The staff of the Flow of Funds Section dedicate

this book to his memory.


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Contents

Foreword _____________________________ ix

Part 1

Introduction to the Guide and Description of the Flow of Funds Accounts
Introduction ____________________________
Organization of the guide ______________________
Publications containing flow of funds data ________________

3
3
4

Overview of the Accounts _______________________ 7
Basic principle underlying the accounts _________________ 8
Matrix format __________________________ 9
Relationship to the national income and product accounts ___________ 13
Monthly debt aggregate ______________________ 16
Organization of the Accounts ______________________ 17
Sectors ____________________________ 17
Transaction categories _______________________ 17
Uses of the Accounts _________________________
Overview of U.S. credit flows, 1972-92 _________________
The rise and fall of debt ______________________
Sources of credit _________________________

21
21
22
26

Data Characteristics and Production Procedures ______________
Time series ___________________________
Flows and levels _________________________
Series breaks __________________________
Periods of coverage ________________________
Revisions--------------------------�
Seasonal adjustment ________________________
Interpolation __________________________
Extrapolation __________________________

27
27
27
27
28
28
28
29
31

vi

Guide to the Flow of Funds Accounts

Part2

Derivation of the Flow of Funds Accounts
Format of the Tables ________________________
Line numbering and subentries__________________ _
Terminology ________________________ _
Dollar values________________________ _

35
35
35
35

Series Codes __________________________ 37
Abbreviations __________________________ 45
Sources of Data for the Accounts ____________________ 47
Published materials_______________________ 47
Unpublished data_____________________ ....:...___ 54
Summary Tables
F.1. Income and Product Distribution________________
F.2. Credit Market Borrowing by Nonfinancial Sectors__________
F.3. Credit Market Borrowing by Financial Sectors____________
F.4. Credit Market Borrowing, All Sectors, by Transaction_________
F.5. Funds Raised Through Mutual Funds and Corporate Equities_______
F.6. Total Net Borrowing and Lending � Credit Markets______ ___
F.7. Total Liabilities and Their Relation to Total Financial Assets_______
F.8. Derivation of Measures of Personal Saving------------F.9. Sector Discrepancies____________________
F.10. Transaction Discrepancies

56
74
80
84
86
88
96
100
112
116

Sector Tables
F.100. Households, Personal Trusts, and Nonprofit Organizations________
F.101. All Nonfinancial Business------------,---------F.102. Farm Business________ ______________
F.103. Nonfarm Noncorporate Business________________
F.104. Nonfarm Nonfinancial Corporate Business
F.105. State and Local Government General Funds
F.106. U.S. Government
F.107. Federally Sponsored Credit Agencies
F.108. Federally Related Mortgage Pools
F.109. Foreign Sector
F.110. Monetary Authority
F.111. Commercial Banking
F.112. U.S.-Chartered Commercial Banks
F.113. Foreign Banking Office� _in the United States
F.114. Domestic Affiliates ofCommercial Banks (BHCs)

120
136
142
148
158
186
196
210
216
220
234
240
252
274
286


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Contents

F.115.
F.116.
F.117.
F.118.
F.119.
F.120.
F.121.
F.122.
F.123.
F.124.
F.125.
F.126.
F.127.
F.128.
F.129.
F.130.

vii

Banks in U.S. Possessions (U.S.-Affiliated Insular Areas) ________
Private Nonbank Financial Institutions ______________
Thriftinstitutions _____________________
Savings and Loan Associations _________________
Mutual Savings Banks ___________________
Credit Unions ______________________
Life Insurance Companies __________________
Other Insurance Companies __________________
Private Pension Funds ____________________
State and Local Government Employee Retirement Funds ________
Finance Companies _____________________
Mutual Funds _____________________
Money Market Mutual Funds ________________
Real Estate Investment Trusts _________________
Security Brokers and Dealers _________________
Issuers of Securitized Credit Obligations ______________

294
300
318
328
336
346
352
360
366
374
378
386
390
394
398
404

Transaction Tables
F.200. Gold and Official Foreign Exchange Holdings ___________
F.201. Treasury Currency and Special Drawing Rights Certificates _______
F.202. Insurance and Pension Fund Reserves ______________
F.203. Net Interbank Claims ___________________
F.204. Checkable Deposits and Currency-------'---------F.205. Small Time and Savings Deposits-------'-'---------F.206. Large Time Deposits ____________________
F.207. Money Market Mutual Fund Shares _______________
F.208. Federal Funds and Security Repurchase Agreements __________
F.209. U.S. Deposits in Foreign Countries ________________
F.210. U.S. Government Securities: Total Net Issues, by Sector and Type _____
F.211. U.S. Government Securities: Total Net Purchases, by Sector and Type ____
F.212. Tax-Exempt Debt Securities and Loans ______________
F.213. Corporate and Foreign Bonds _________________
F.214. Mutual Fund Shares ___________________
F.215. Corporate Equities _____________________
F.216. Total Mortgages _____________________
F.217. Home Mortgages __________________ __
F.218. Multifamily Residential Mortgages _______________
F.219. Commercial Mortgages ___________________
F.220. Farm Mortgages _____________________
F.221. Consumer Credit ______________________
F.222. Bank Loans Not Elsewhere Classified ______________
F.223. Open Market Paper ____________________
F.224. Other Loans ______________________
F.225. Security Credit _____________________

406
410
412
420
432
442
448
454
456
466
468
472
492
500
514
518
524
528
536
542
548
552
556
568
576
584

viii

Guide to the Flow of Funds Accounts

F.226.
F.227.
F.228.
F.229.
F.230.
F.231.

Trade Credit ______________________
Taxes Payable by Businesses
Proprietors' Equity in Noncorporate Business
Total Miscellaneous Financial Claims
Identified Miscellaneous Financial Claims
Unidentified Miscellaneous Financial Claims


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588
596
600
602
614
626


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Foreword

Work on the flow of funds accounts at the
Board of Governors of the Federal Reserve
System dates back to 1947. The Board's first
publication of the accounts, with annual data,
was in 1955, and the first set of accounts with
quarterly data appeared in the August 1959
Federal Reserve Bulletin. Since the begin­
ning, the emphasis has been on providing
statements of total sources of funds flowing to
economic sectors and the sectors' uses of
funds. The flow of funds accounts have also
been tied closely to the national income and
product accounts, published by the Bureau of
Economic Analysis in the U.S. Department of
Commerce. The structure of the flow of funds
accounts has evolved to reflect innovations in
financial instruments and the emergence of
new institutions. Some sources of information
that were used earlier are no longer available,
while new sources of data have been devel­
oped to maintain the usefulness of the
accounts.
The development of the accounts and
improvements to the underlying data continue
to be important objectives of the Board of
Governors. This guide provides a snapshot of
the sources and methods used to produce the
accounts in September 1992. It documents, in
much greater detail than ever done before, the
full range of information that lies behind the
sector and transaction tables in the Board's
flow of funds publications.
All members of the Board's Flow of Funds
Section contributed to the preparation of the
guide. Elizabeth M. Fogler coordinated the
project, developed the text files and software
that produced the tables in part 2, and drafted
portions of the text. Because of their broad
knowledge of the accounts, Susan Hume
McIntosh and Judith A. Ziobro· provided

substantial input on a wide range of topics.
Other economists in the section-Rochelle L.
Antoniewicz, Sarah A. Holden, Russell C.
Krueger, Joel M. Lander, Robert L. Rewald,
and Calvin D. Schnure-also contributed their
expertise. Margaret A. Smigielski, Rachel A.
Johnson, Frederic R. King, and Eric B.
Robertson lent technical support. Gregg Forte
and Sherrell E. Varner, of the Economic
Editing Section, provided editorial services.
Amie I. Harrison, Loreta M. Sarmiento, and
Bernadette L. Watson, of Publications Ser­
vices, proofread the manuscript. In the Graph­
ics Section, Barry E. Huber and Anita M.
Bennett designed the book, and Eugene J.
Nash typeset it. The project was carried out
under the direction of the chief of the Flow of
Funds Section, Albert M. Teplin.
Michael J. Prell, Director
Division of Research
and Statistics
June 1993
Washington, D.C.


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Part 1

Introduction to the Guide and
Description of the Row ofFunds Accounts


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Introduction

This guide explains the principles underlying
the flow of funds accounts and describes
how they are constructed. It lists each series of
data published in the Federal Reserve Board's
main flow of funds publication, the quarterly
Z.1 statistical release, "Flow of Funds
Accounts, Flows and Outstandings," and it
describes how each series was derived from
source material. The derivation procedures
change from time to time; those described
here were used to produce the accounts for the
Z.1 releases from September 1992 through
June 1993. 1

the flow of funds accounts, including the orga­
nization of the accounts into sectors and trans­
actions, the characteristics and analytical uses
of the data, and the relationship between the
credit magnitudes in the accounts and the
domestic nonfinancial debt aggregate.2 Also
included in part 1 are explanations of the
techniques used to seasonally adjust the data,
to create quarterly estimates from annual data,
and to extrapolate the data when figures for
the current quarter are not yet available.

Organization of the guide

Part 2 of the guide consists of a set of tables
that detail economic activity within sectors in
the U.S. economy and economic activity tak­
ing place via various types of financial trans­
actions. Each table corresponds to a flow table
in the Z. l statistical release and provides an
explanation of the data series that make up the
table. Preceding the tables in part 2 are a list
of the sources of data used in the accounts, a
list of abbreviations 11sed in the explanations,
and information on the numerical codes used
to identify individual data series.
In the accounts, the economy is divided into
twenty-seven sectors, such as households,
nonfinancial corporations, state and local gov­
ernments, and mutual savings banks. A table
exists for each sector. Likewise, the accounts
classify financial transactions by type of
instrument, such as demand deposits, corpo-

The guide is divided into two parts. Part 1
gives a general description of the flow of
funds accounting system, updating and ex­
panding the Board's June 1980 publication
Introduction to Flow of Funds. Part 2 provides
details on the construction of the data series
that make up the accounts.

Part 1: Description of the accounts
An important purpose of part 1 is to explain
the concepts underlying the accounts and the
relationship of the flow of funds accounts to
the national income and product accounts
(NIPA). Part 1 also describes other aspects of
1. Early research on the flow of funds accounts is
described in Morris A. Copeland, A Study of Moneyfiows
in the United States, National Bureau of Economic
Research publication 54 (NBER, 1952). The Board's first
publication of the accounts, which carries annual data and
an analytical and historical discussion of the accounts, is
Board of Governors of the Federal Reserve System, Flow
of Funds .in the United States, 1939-1953 (Board of
Governors, 1955).

Part 2: Derivation of the accounts

2. The domestic nonfinancial debt aggregate is a
monthly series monitored by the Federal Open Market
Committee, the body of the Federal Reserve System re­
sponsible for monetary policy. The domestic nonfinancial
debt aggregate is published in the Federal Reserve
Board's weekly H.6 statistical release, "Money Stock,
Liquid Assets, and Debt Measures."

4

Guide to the Flow of Funds Accounts

rate bonds, and U.S. government secunt1es.
Tables also exist for the transaction categories,
measuring the changes in amounts outstand­
ing for the financial instrument associated with
that type of transaction. Summary tables,
which variously summarize and cut across the
sector and transaction accounts, are numbered
1 through 1O; sector tables are numbered 100
through 130, and transaction tables, 200
through 231. The F preceding table numbers
denotes flow data.3
Most of the explanations in the flow tables
are also applicable to the corresponding levels
tables in the Z.1 release. Therefore, this vol­
ume can also serve as a guide to almost all the
entries in the levels tables; the flow tables,
however, contain some series that either exist
only as flows or are estimated differently from
the corresponding levels series.
The tables in part 2 explain the derivation
of the flow tables that were published in the
Z.1 release of September 28, 1992; the dollar
values in the part 2 tables are 1991 annual data
that were reported in the September 1992
release. Preceding each table in part 2 is a
description of the sector or type of transaction
that is the subject of that table. Most of the
tables contain a complete explanation of each
data series; cross-references to other tables are
used in relatively few tables.
To find the derivation of a particular line in
one of the Z.1 flow tables, locate the same line
number in the corresponding table in part 2. In
some instances, the name of the series in the
part 2 table matches that in the Z. l release; in
others, the series name in this guide is a com­
plete version of a title shortened in the Z.1
release because of space limitations. For
example, line 17 of table F.106 in the Z.1
release, "Checkable deposits and currency,"
appears also as line 17 of table F.106 in part 2,
with the fuller description "Change in check­
able deposits and currency held by the U.S.
government" (see accompanying box). Sub­
divisions of a line, in this case lines 17a and
3. In the Z.1 release, tables for levels data follow the
same numbering scheme, and the table numbers are pre­
ceded by L. Tables in the "Balance Sheets for the U.S.
Economy" (C.9 statistical release), another flow of funds
publication, also follow this numbering scheme, with the
prefix B for sector balance sheets and the prefix R for
stock/flow reconciliation tables.


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17b, provide detailed information; line sub­
divisions do not appear in the Z.1 release.
To the right of the series title is a nine-digit
mnemonic, or computer code, which identifies
the series for data analysis purposes. (The
codes are not printed in the Z.1 release, but
they are used by many private data base ser­
vices. They are also used in flow of funds
diskettes, described below.) To the right of the
code is the 1991 value for the series, in
billions of dollars. In the rightmost column is
information on the source of data for the series
or an explanation of the derivation of the
value, as appropriate.

Publications containing
flow of funds data
The quarterly Z.1 statistical release is one of
three Federal Reserve Board publications con­
taining flow of funds data. The others are the
quarterly Z.7 release and the semiannual C.9
release. The data are also available on com­
puter diskette.

The Z.1 release
The quarterly Z.1 statistical release, "Flow of
Funds Accounts, Flows and Outstandings," is
the Federal Reserve Board's main publication
of flow of funds data. It contains both sector
and transaction tables and presents both quar­
terly data for recent time periods and annual
totals for several recent years. Quarterly flow
data are published as seasonally adjusted
annual rates; levels data are not seasonally
adjusted.
The Z.1 release is usually published ten
weeks after the end of a quarter. That is, data
for the fourth quarter are released in early
March of the following year; for the first quar­
ter, in early June; for the second quarter and
the annual revision, in September; and for the
third quarter, in early December.
Preliminary copies of the tables contained
in the Z.1 release are sent to the public infor­
mation office of each of the twelve Federal
Reserve Banks when the calculations for a
quarterly publication are complete; the tables
may be examined and photocopied at the
Reserve Banks by members of the public. The
printing of the Z.1 release for public distribu-

Introduction

5

Table F.106, line 17, as it appears in the Z.1 statistical release and in part 2 of this guide

ANNUAL FLOWS

ANNUAL FLOWS
1983

1984

1985

1986

1987

1988

1989

1990

1991

-190.4
-2.9
1.4
9.0
-.2

-186.6
10.3
12.7
-14.2

-182.7
65.3
.8
4.8
.1

-263.8
49.6
-2.6
27.4
.l

F.106 U.S. Govern�ent
14.Net financial investment
Net acq. of financial assets
15
Gold, SDRs & fgn. exch.
16
Checkable dep. & currency
17
Time deposits
18

-191.3
13.6
2.9
-8.3
-.5

-191.5
32.6
2.6
5.3
.5

-216.8
33.7
1.9
13.0
If

-243.3
7.5
-.7
.4
.2

-169.8
-13.2
-5.4
-8.1
.2

- .1

F.106. U.S. Government
Component

Code

1991 value
(billions
of dollars)

17. Change in checkable deposits and
currency held by the U.S.
government

313020005

27.4

Sum of lines 17a and 17b, less line 18 and less
50 percent of line 16f.

17a. Change in reported cash
balance held by the U.S.
government

313024000

16.6

Level from Monthly Treasury Statement, table 6,
Means of Financing the Deficit, U.S. Treasury
operating cash. Unadjusted flow is the change
in the level.

17b. Change in other cash and
monetary assets of the U.S.
government

313026003

7.8

Level from Monthly Treasury Statement, Means
of Financing the Deficit, Other cash and
monetary assets. Unadjusted flow is the change


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tion may take up to a week after these prelim­
inary copies are made available.

The Z. 7 release
The quarterly Z.7 statistical release, "Flow of
Funds Summary Statistics," contains unad­
justed levels data and seasonally adjusted flow
data for credit market debt, as well as season­
ally adjusted flow data for the household and
nonfarm nonfinancial corporate business sec-

Explanation

tors. It also contains information on growth
rates of the components of the domestic non­
financial debt aggregate. The Z. 7 release,
which carries quarterly data for recent time
periods and annual totals for several years, is
available on the day the calculation of the
accounts for a particular quarter is completed.
The Z.7 release, as well as the domestic non­
financial debt aggregate, is available electron­
ically from the Economic Bulletin Board of
the U.S. Department of Commerce.

6

Guide to the Flow of Funds Accounts

The C.9 release

Publications address

The semiannual C.9 statistical release, "Bal­
ance Sheets for the U.S. Economy," contains
tables of year-end outstandings, including data
on tangible assets and sector net worth, for the
private sectors of the U.S. economy, with
financial institutions presented as one group. It
also contains a set of flow tables that relate
changes in sector net worth to investment
totals from the Z.l flow tables. The C.9 release
is published in March and September.

Additional information on flow of funds publi­
cations and diskettes and on other publications
of the Board of Governors can be obtained
from the following address:

Data on diskettes
Flow of funds data are also available in ASCII
files on 3½-inch computer diskettes. The files
on the diskettes correspond to the tables in the
releases. The diskettes contain all publicly
available quarterly data, including seasonally
adjusted flows, unadjusted flows, and levels,
for the period from the first quarter of 1952 to
the most recently published quarter. The dis­
kettes also provide a complete set of statistics
on the published monthly debt aggregate for
the period from January 1955 onward and the
annual data published in the C.9 release for
the period from 1945 to the latest published
year.


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Board of Governors of the
Federal Reserve System
Publications Services
Washington, DC 20551
Telephone (202) 452-3245


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Overview of the Accounts

The flow of funds accounts perform several
functions. They measure the acquisition of
physical and financial assets throughout the
U.S. economy and the sources of funds used to
acquire the assets. In doing this, the accounts
record the net volume of transactions in finan­
cial instruments; provide a means of analyzing
the development of the instruments and the
behavior of sectors over time; and record the
role of financial intermediaries, such as banks
and pension funds, in transferring funds from
sectors having positive saving to those that
borrow funds. The accounts also provide a
broadly consistent set of time-series data for
financial flows in the economy. The time
series in the accounts are consistent not only
within the flow of funds system, but also with
the national income and product accounts
(NIPA) compiled and published by the Bureau
of Economic Analysis (BEA) in the U.S.
Department of Commerce.
In showing the relationship of various
financial activities to each other and to non­
financial activities that generate income and
production, the flow of funds accounts provide
a broad measure of investment activities. In
theory, the accounts encompass all net changes
in financial claims or liabilities resulting from
(1) current transactions in the economy,
(2) the allocation of saving between invest­
ment in physical capital and investment in
financial capital, and (3) decisions to change
the composition of financial assets and liabili­
ties. Thus, the scope of the flow of funds
accounts is broader than that of the NIPA,
which focus on activity related to current pro­
duction and income. For example, unlike the
NIPA, the flow of funds accounts include
financial flows among the various sectors of
the economy that arise from transfers of exist-

ing physical assets, as well as shifts in the
composition of financial portfolios that may
be unrelated to, or only indirectly related to,
current production.
The flow of funds accounts are a compo­
nent of a system of economic accounts that
describe the U.S. economy. The other compo­
nents of the system are the NIPA and the
balance of payments accounts, also published
by BEA, which measure production and
income activity and international capital flows
during a particular time period. The flow of
funds accounts and the related "Balance
Sheets for the U.S. Economy" (the C.9 statis­
tical release) detail how current investment in
tangible and financial assets contributes to a
buildup of the stock of assets for each sector
of the economy and to the creation of national
wealth. The flow of funds accounts can be
viewed as combining data on the flows of
saving and tangible investment published in
the NIPA with additional details on borrowing
and lending for specific economic sectors.
The NIPA, flow of funds accounts, balance
of payments accounts, and balance sheets,
taken as a coordinated system of economic
accounts, are similar to the international stan­
dard specified in the United Nations' System of
National Accounts (SNA). 1 The SNA frame­
work is an integrated set of economic accounts
that estimate beginning-of-period. balance
sheets, current production and income­
distribution activity, tangible and financial
investment, revaluation of assets and the vol­
ume of transactions in them, and end-of-period
1. The SNA framework has been under review by
the United Nations. A revised SNA is expected to be
adopted in 1993, and the discussion here compares
the flow of funds accounts with the proposed revised
framework.

8

Guide to the Flow of Funds Accounts

balance sheets. The flow of funds accounts are
conceptually equivalent to the tangible and
financial investment accounts specified in the
SNA, and the U.S. balance sheets are similar to
those envisioned for the SNA.
Differences in presentation exist, however,
between the SNA and the flow of funds
accounts. In the proposed SNA, tangible and
financial investment activity is split into a
capital account and a financial account; in
contrast, the flow of funds accounts integrate
both types of activity into a single account in a
sources-and-uses framework. The integrated
presentation aids analysis by making explicit
the tradeoff between tangible and financial
investment, the funding strategies used to sup­
port investment, and the overall financial
structure and economic health of specific sec­
tors. The proposed SNA framework also sug­
gests separate accounts for revaluations of
assets and for changes in assets resulting from
other factors, whereas the flow of funds
accounts do not isolate revaluations and vol­
ume changes to the extent that the SNA envi­
sions. Although the U.S. balance sheets make
many adjustments for revaluations and vol­
ume changes, they do not present them in a
specific statement, as the SNA proposes.
The accuracy and timeliness of the flow of
funds accounts depend on the availability of
outside statistical information. The data in the
accounts are drawn from a large number of
reports and publications from private and pub­
lic sources. Information on some groups of
institutions and some types of financial trans­
actions is available only annually or with a
long lag, and in many cases data on asset or
liability categories are not reported in suffi­
cient detail to meet the requirements of the
accounts. In both cases, staff members of the
Federal Reserve estimate the value of individ­
ual items, using techniques that are reviewed
regularly. Staff members also make bench­
mark revisions once a year, usually in Septem­
ber, to incorporate new data and to make
structural changes to the accounts.

Basic principle underlying
the accounts
The flow of funds accounts are constructed on
the basic principle that all movements of funds


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in the economy must be accounted for,
because total sources of funds equal total uses
of funds: Saving equals investment in the
economy, and all funds supplied by sectors in
the economy become uses of funds by other
sectors, even if a particular use is only the
hoarding of currency. This basic principle­
that total sources of funds and total uses of
funds in the economy are equal-becomes a
requirement when the accounts are calculated.
The sources of funds for a sector are its
saving out of current income and the amounts
that it raises from outside the sector. Saving is
equal to receipts of current income less out­
lays for consumption, operating expenses,
interest, and other current expenses. The value
of capital consumption allowances (that is,
depreciation on tangible assets) is added to net
saving to obtain gross saving. Funds raised
from outside sources constitute the sector's
net increase in liabilities.
The uses of funds for a sector are its invest­
ments in physical assets and net increases in
financial assets, such as deposits, loans, and
securities.
The requirement that sources of funds must
equal uses of funds applies not only to sectors
but also to individual types of transactions­
total funds borrowed through each type of
financial instrument must equal total funds
lent through that type of instrument. For the
economy as a whole, funds borrowed by all
sectors must equal funds lent by all sectors,
and funds borrowed through all types of finan­
cial instruments must equal funds lent through
all types of financial instruments.
These equalities in the flow of funds
accounts exist in principle but do not necessar­
ily emerge from the available items of statisti­
cal information, which are not always com­
plete or consistent with each other. The
equalities are achieved in the calculation of
the accounts by using residuals to balance the
totals. In some cases, a particular sector is
made the residual borrower or lender of a
financial transaction item, or a particular type
of transaction is made the residual borrowing
or lending item for a sector; in other cases, a
specific sector or transaction discrepancy item
is calculated as the residual. The total of sec­
tor discrepancies in the accounts equals the
total of transaction discrepancies.


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Overview of the Accounts

In the Z.1 statistical release, each line in a
sector flow table represents a source or use of
funds; data are shown for several periods.
Data in each table for a sector meet the con­
straint discussed above that, for each period,
total sources of funds must equal total uses of
funds. Also, data in the flow tables for each
sector fulfill the macroeconomic requirement
that gross saving equal gross investment. Both
of these equalities are achieved by calculating
the residuals. For most sectors, the residual
item is the sector discrepancy. For the farm
business and nonfarm noncorporate business
sectors, the residual item is "proprietors' net
investment," which reflects changes in the
value of ownership of the sector by the house­
hold sector.
The example in the accompanying box indi­
cates the structure of a typical flow of funds
sector table and helps clarify the relationship
between sources and uses. Lines 1 and 2 show
gross saving and gross investment. Investment
is separated into its two major forms, capital
expenditures (line a) and net financial invest­
ment (line b). Net financial investment, in
tum, is calculated as net acquisition of finan­
cial assets (line i) less the net increase in
liabilities (line ii). The discrepancy between
gross saving and gross investment, arising
from imperfections in the sources of the data,
is given in line 3.

Structure of a typical sector table
in the flow of funds accounts
1. Gross saving (GS)
2. Gross investment (GI)
a. Capital expenditures (CE)
b. Net financial investment (NFI)
i. Net acquisition of financial
assets (NAFA)
ii. Net increase in liabilities (NIL)
3. Discrepancy (D)
GS= GI+ D
GS= (CE+ NFI)+ D
GS= CE+ (NAFA - NIL)+ D
(3)
GS+ NIL= CE+ NAFA+ D
(4)
(Sources of funds)= (Uses of funds)
(1)

(2)

9

The basic constraint that each sector's sav­
ing equal its investment is given by equation 1
in the lower portion of the box. Expanding
equation 1 into equations 2 and 3, and then
regrouping to form equation 4, shows how the
equality between sources and uses of funds is
equivalent to the equality between gross sav­
ing and gross investment. The discrepancy is
arbitrarily treated as a use of funds in the flow
of funds accounts.

Matrix format
The Z.1 statistical release uses a time-series
format for presenting the flow of funds
accounts. An alternative format is a matrix
consisting of columns and rows, with one
matrix for each time period. Table 1 is a
detailed flow of funds matrix showing data
that appear in the sector and transaction tables
in part 2. For each sector, the matrix contains
one column for sources of funds and one
column for uses, and the two columns must
separately sum to the same total. For each
transaction category, the total of sources must
equal the total of uses across a row; some
rows contain balancing transaction discrepan­
cies. Presenting the accounts in matrix form
highlights the fact that for financial transac­
tions, one sector's sources of funds are other
sectors' uses, and vice versa. The total of
amounts shown in all the source or use col­
umns must equal the total of amounts shown
in all the rows.
Table 2 is a simplified form of table 1,
condensed in order to highlight the matrix's
major features. The twenty-seven sectors in
the accounts are aggregated in this table into
four groups, listed across the top of the table.
Down the left side of the table are the transac­
tion categories, here compressed into seven
rows plus a row for the column totals. For
each sector, the transactions represent either
sources of funds or uses of funds. In the
detailed matrix (table 1), each transaction type
is shown separately, and source and use
entries are shown in the same row. In
table 2, saving and capital expenditures,
the nonfinancial sources and uses of funds,
appear in lines 1 and 3 respectively. All the
financial transactions of a sector are summa­
rized as net financial investment (line 4)-the

10

Guide to the Flow of Funds Accounts

1. Detailed flow of funds matrix, 1991 1
Billions of dollars

Private domestic nonfinancial sectors
Item

Households 2

u

s

1. Gross saving .....................
2. Capital consumption ........... .
3. Net saving (I -2 5) ••••.•••••••••

..
. . /.

8 4 9.6
52 6.0
32 3.6

4. Gross investment (5 + 1 1) ..........
5. Capital expenditures ..............
6. Consumer durable goods ........
7. Residential construction .........
8. Plant and equipment ............
9. Inventory change ...............
1 0. Mineral rights 6 •••••••..••••••.•

8 65.2
655.6
4 4 6.1
172.2
37.4

1 1. Net financial investment ..........
12. Financial uses ....................
1 3. Financial sources .................

209.6
3 8 8.1

State and local
governments 4

Business 3

u

I

s

u

u

s
-3 9.6

-40.9

17 8.5

3.0

-4 0.9
-1.2

3 9.7

2 4 1.7
462.9

Gold & official foreign exchange .
Treasury currency and
SDR certificates 7 ••••••.•••

1 6.
17.
1 8.
1 9.
2 0.

Checkable deposits and currency .
U.S.government .............
Foreign ......................
Private domestic .............
Small time and savings deposits

5 0.8
1 0.0

1 1.6

5.1
5.8

67.4
15.8

2 1.
22.
2 3.
2 4.

2 8.6
Money market fund shares
Large time deposits ............. -7 1.8
Federal funds and security RPs 8 •
Foreign deposits ................

5.2
3.2
-3.8
6.9

-1 3.3
-1 4.9

3 3.8
-8 1.9
-1 8.7
6.9

25.
2 6.
27.

Life insurance reserves ..........
Pension fund reserves ...........
Interbank claims ................

22.0
2 6 8.1

2 8.
2 9.

Mutual fund shares .............
Corporate equities ..............

12 9.2
-6 8.7

3 0.
3 1.
32.
3 3.
3 4.
35.
3 6.
37.
3 8.
3 9.

Credit market instruments .......
U.S. Treasury securities .......
Federal agency securities .....
Tax-exempt securities ........
Corporate and foreign bonds ..
Mortgages ...................
Consumer credit .............
Bank loans n.e.c.9 •••.••.•.•••
Open market paper ...........
Other loans ..................

-14.1
-64.8
-10.4
2 1.9
42.9
1 8.7

4 0.
4 1.
42.
4 3.
44.

Security credit ..................
Trade credit ....................
Taxes payable ..................
Equity in noncorporate business
Miscellaneous ..................

-22.5
2 4.6
- 1.3
1 0.8

5.1

1 1.6

5 0.8

22 1.2

1 9.3
2 0.3
1.6
1.8

15 8.0
8.8
1 47.6
-12.5
4.1

-3.2
-.8

1 0.1
1 6.3
2.5
1.7

45. Sector discrepancies (1-4) ........ -15.6

-.4

-6.0
37.0

-22.3
-1.2
7 8.6
-17.6

1 6.3
-2.0
1 4.4
.5

12.2
-9.6
-1 1.4
15.8

3 8.2

.4

-.1

1.3

1 6.1

3 8.5

3.4

-37.5
-1 8.4
-2 6.3

1. In the column heads, U, use; S, source.
2. Includes personal trusts and nonprofit organizations.
3. Farm, nonfarm noncorporate, and nonfarm nonfinancial corporate.
4. State and local government general funds. (State and local government
employee retirement funds are included with private nonbank finance.)
5. Numbers in parentheses refer to numbered lines.
6. For the U.S. government sector, mineral rights sales shown on this line
as a negative expenditure appear in the Z.1 statistical release as a source of
funds with a positive sign.

excess of a sector's lending to other sectors
(its financial uses) over its borrowing from
other sectors (its financial sources). The inclu-

1 3 1.9
-6 8.7

1 8.3

l.l

2 1.4
-4 6.5
5.5
2 4.3
42.9
1 8.8
-.8
-22.9
2 4.6
-6.0
-.1

-1.3
47.8
1.8

s

u I

s

-8.9

-2 3 6.0

-8.9

-2 3 6.0
-266.6
-2.8

4.8
5 0.5

45.7
-5.9

-1.4

67.4

-2 6 3.8
4 9.6

3 1 3.4

-2.6

27.4
27.4

-1.4

.l
-.5
1.5

22.0
2 6 8.1
2.7

I

-2.8

-.2

1 4.
15.


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Federal Reserve Bank of St. Louis

u

U.S.
government

4.8

1,3 4 9.5
1,1 07.8
4 4 6.1
190.1
479.1
-1 0.2
2.8

17.9
4 4 1.7
-1 0.2
2.8
7 3.0
7 6.0

s
1,351.3
9 87.7
3 6 3.6

-3 9.6

5 4 1.3
4 6 1.6
7 9.7
525.2
452.2

I

Foreign
sector

Total

.1
25.5

-1 8.5
1 8.3

1 0.1

3 0.2

17 4.3

4 4.7
32.1
1 0.1

1 4.1

1 8.4

1 4.9

.6
-1 6.5

3.1
6.4
-1 0.2

.0
1.0

.0
5.3

15.2

.6

45.8
7 8.6
1 3 0.0
-12.5
-33.4
-1 8.4
-15.8
1 6.3
15.9
-9.6
-1 1.4
17.6

-1 3.7

1 0.0
.0

27 8.2
2 92.0
-13.8

15.4

.0

-5.4
-5.0
-1 6.4

-4.7

3 6.1

1 4.3

3 0.6

7. SDR, special drawing right.
8. RPs, repurchase agreements.
9. n.e.c., not elsewhere classified.
* In absolute value, greater than zero and less than $5 0 million.

sion of a discrepancy row ensures that total
sources and total uses of funds for each sector
are equal. In table 1, discrepancies for individ-

Overview of the Accounts

11

I .-Continued
Financial sectors
Sponsored

u

I

s

u

39.0
42.9
-3.9

I

s

Commercial

Monetary
authority

agencies and
mortgage pools

Total

u

5.1
3.1
2.1

I

banking

s

u

-1.8
.1
-1.9

I

u

s
43.2
23.3
20.0

53.7
62.2

6.2
4.0

.2
.2

24.1
33.7

23.2
24.3

.2
62.0

4.0

.2

33.7

.2
24.1

. .
-8.5
765.1

773.6

2.2
157.7

155.5

-6.6
.7
7.5
21.6
-7.3
-5.4
-9.7
18.6
106.9
529.7
306.5
118.3
21.5
89.8
96.4

-11.8
-27.1
-21.7
-42.2
26.9
1.9
83.1

.0
22.3
-3.2
.7

75.8
14.3
-1.4
62.8
16.7
41.3
-60.9
-16.4

-.7

-1.5
152.8
16.5
6.1

57.7
.6

155.3

3.2
-32.0
-38.1
35.2

7.1
-32.2

-5.3
.5
10.1
124.6

-14.7


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Federal Reserve Bank of St. Louis

-9.6
106.0

s

147.7
147.8

*

115.6

-8.2

31.1
31.4
-.3

.0
.0

-1.1

7.8

-2.4
-2.0

1.3

s

4.0
-21.9

1,141.3
1,167.2
446.1
190.3
541.1
-10.2

480.2

-25.9
1,328.1

. .

1,354.0

-5.9
.7

-5.9

86.8
27.4
-1.4
60.8
16.7

75.8
14.3
-1.4
62.8
16.7

*

37.8

-5.2

8.7

-.8

-2.0
34.3
80.0

-5.2
.7

8.7
-63.2

-23.1
-19.3

7.5
21.6
-3.8
-5.4

41.3
-37.8
2.9

41.3
-60.9
-26.0
1.5

41.3
-60.9
-16.4
1.5

21.9
242.6

22.0
268.1
-28.2
150.5
48.3

22.0
268.1
-2.1
150.5
48.3

3.2
-11.9
-38.0
35.2

605.8
292.0
134.0
45.8
151.2
130.6
-12.5
-27.1
-44.0
-64.2
51.4

605.8
292.0
134.0
45.8
151.2
130.6
-12.5
-27.1
-44.0
-64.2
51.4

-5.3
.5
10.1
66.6

-8.2
-16.5
-1.3
182.1

11.2
-9.1
-1.3
157.0

5.5

-7.8
1.8
2.3

6.2

84.0
60.5
50.8
-14.2
7.3
32.4
-13.5
-27.1
-2.0
-10.2
10.6

-15.8

.9

4.2
-20.1

15.9

48.9

19.2

ual transaction items appear in a separate col­
umn. The sum of the transaction discrepancies
equals the sum of the row discrepancies.
The matrix framework is useful in analyz­
ing actual or hypothetical economic events.
An example is the change in U.S. tax law in
1986 that gradually removed the tax­
deductibility of interest payments on con-

-.5
16.7
104.6
261.8
198.1
61.7
35.7
82.5
-91.4
1.7
-26.7
.2
16.3
1.9
62.8
-30.8

150.5
-1.0
7.3
53.5
.6

4.0

u

1,145.4
1,030.6
114.8

-.8

*
6.8

-1.1
479.1

I

u

-7.5
16.4
-24.0

. .

-2.5

-1.1

147.8

22.3

29.2
8.8
.6
19.8

-.7

21.9
242.6
-2.1
150.5
-.1
139.2

sectors

. .

-3.2
.7
-6.6

I

Transaction
discrepancies

All

Private
nonbank
finance

25.9
25.9

National
saving
and
investment
1,154.3
1,030.6
123.8

1.
2.
3.

1,162.5
1,167.2
446.1
190.3
541.1
-10.2

4.
5.
6.
7.
8.
9.
10.

-4.8
45.7
50.5

11.
12.
13.
14.
15.

-.6
-11.1
-13.1

16.
17.
18.
19.
20.

2.0

9.7

21.
22.
23.
24.

26.2

25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.

19.4
7.4

41.
42.
43.
44.

-25.l
4.0

-8.2

45.

sumer loans. One consequence of this action
was a shift in borrowing by individuals from
consumer credit to home equity loans, which
are included in the home mortgage category.
An analyst examining this event when it first
occurred might use the flow of funds matrix to
predict the likely effects on financial flows of
the change in different areas of the economy.

12

2.

Guide to the Flow of Funds Accounts

Simplified flow of funds matrix, 1991
Billions of dollars

Item

Private
domestic
nonfinancial
sectors 1
Use

1. Gross saving ..........................
2. Gross investment · · · · · · · · · · · · · · · · · · · · · 1,349.5
3. Capital expenditures . . . . . . . . . . . . . . . . 1,107.8
241.7
4. Net financial investment .............
Net acquisition of
5.
462.9
financial assets · · · · · · · · · · · · · ·
6.
Net increase in liabilities ..........
2
1.8
7. Discrepancy · · · · · · · · · · · · · · · · · · · · · · · · ·
8. Total 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,572.5

I

Source

1,351.3

Use

I

4.8

Source

-8.9

4.8
221.2
1,572.5

50.5
-13.7
36.8

1. Includes state and local government general funds.
2. For each sector or group of sectors, the discrepancy equals gross saving
(line 1) less gross investment (line 2).

For example, if a shift to home mortgage
borrowing from consumer credit were to be
made by the household sector with no other
change in consumer behavior, the sector would
still be in balance in the matrix because the
change would constitute only a switch from
one source of funds to another, leaving total
sources for the sector unchanged. The trans­
action categories, adding across the columns
along the consumer credit row, would now be
out of balance, however, because total uses of
funds for consumer credit, the change in the
assets of the lending sectors, would be greater
than total sources, the change in borrowings.
The opposite would be true for the home
mortgage category. The analyst would note
that to keep all the rows in balance, home
mortgage lending would have to increase for
some sectors and consumer credit lending
decrease for others.
The changes would now create an imbal­
ance between total sources and uses of funds
for these sectors, however, and the sectors'
investing or financing would have to be ad­
justed. In this scenario, the analyst would per­
haps have mortgage lenders increase their
deposit liabilities, through an increase in offer­
ing rates on deposit accounts, or increase their
mortgage loans outstanding by lowering the
interest rates charged on mortgage loans rela­
tive to those on consumer credit, both of
which would set in motion further changes for
other sectors and in other markets. The analyst
might use behavioral assumptions or empiri-


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Federal Reserve Bank of St. Louis

U.S.
government

Foreign
sector

45.7
36.8

Use

-266.6
-2.8
-263.8
49.6
30.6
77.4

I

Source

-236.0

313.4
77.4

Financial
sectors
Use

53.7
62.2
-8.5
765.1
-14.7
812.6

I

Source

39.0

773.6
812.6

Total
Use

1,141.3
1,167.2
-25.9
1,328.1
4.0
2,499.4

I

Source

1,145.4

1,354.0
2,499.4

3. For columns showing uses of funds, line 8 equals the sum of rows 3, 5,
and 7; for columns showing sources of funds, line 8 equals line 1 plus line 6.
Components may not sum to totals because of rounding.

cal evidence from other studies to determine
what the likely repercussions would be.
After numerous changes, the analyst would
eventually have the matrix balanced for all
columns and rows and would thus have pre­
dicted a consistent set of flows. A comparison
of the newly balanced matrix with an earlier
one prepared before the original shift in bor­
rowing took place would indicate the economy­
wide effects in sectors and transactions that
would result from the shift, given the assump­
tions made by the analyst at different stages of
the exercise.
This type of analysis can be performed for
other economic events as well-for example,
when changes in interest rates induce corpora­
tions to restructure their debt, or when regula­
tory changes lead commercial banks to alter
the mix of their loans and security holdings.
When the economic event is hypothetical, or
when an analyst wants to determine the proba­
ble future effects of an actual event, the subse­
quent changes in individual "cells" of the
matrix can be estimated; the process of balanc­
ing the matrix becomes a macroeconomic sim­
ulation exercise in ensuring consistency in
financial markets. In tracing the course of
actual events, on the other hand, market shifts
and the adjustments that occur in response and
that balance the matrix are constantly in
process; the task of those who prepare the
flow of funds accounts is to discover where
the changes have taken place. In this case an
analyst might compare the recorded values in

Overview of the Accounts

the matrixes for the time periods before and
after an event and note all the changes, using
statistical techniques to discover which of the
new values in the matrix were related to the
event being studied.

Relationship to the national income
and product accounts
As the financial counterpart to the NIPA, the
flow of funds accounts relate transactions in
financial markets to nonfinancial activities in
the economy by showing the uses to which
saving is applied and the means by which
tangible investment is financed. The discus­
sion in the preceding section noted that saving
is a nonfinancial source of funds. Each sector
in the economy receives some form of current
income or receipts: Households receive per­
sonal income from the sale of their labor ser­
vices and from nonwage sources such as
interest and rental payments, unincorporated
proprietors' income, and dividends from
corporations; businesses, including financial
businesses, earn revenues from the sale of
goods and services or from returns on invest­
ments; and governments receive tax pay­
ments, fees for services, and social insurance
contributions.
Each sector likewise makes current outlays;
for example, households consume goods and
services, businesses pay wages and incur other

3.

13

costs, and governments spend for defense,
education, and other purposes, leaving (apart
from adjustments) saving as the residual com­
ponent of income. In the tables in the Z.1
statistical release, each domestic-sector table
shows the sector's saving, and in some cases
total income before expenditures, as calcu­
lated in the NIPA. For conceptual reasons, a
small portion of total saving in the NIPA is
reallocated among the sectors in the flow of
funds accounts. When saving is aggregated
across all sectors in the accounts, however, it
is equal to national saving as published in the
NIPA, except for certain identifiable differ­
ences that are discussed below. In this way,
saving as presented in the sector tables in flow
of funds publications can be thought of as a
deconsolidation of national saving.
The differences between the total of na­
tional saving as presented in the flow of funds
accounts and in the NIPA are summarized in
table 3, which, like table 2, aggregates the
data shown in the tables in part 2. Gross
private saving (line 1) is larger in the flow of
funds accounts than in the NIPA, by $528 bil­
lion. The first element of the difference,
$82 billion (line 2), results from a shift of
saving--credits from insurance and pension
funds for government employees-from the
federal government and state and local gov­
ernment sectors to the household sector, mak­
ing it an element of gross private saving. The

Gross saving and investment in the flow of funds accounts and the national income and product accounts, 1991
Billions of dollars
Item

Flow of funds accounts
(FOF)

National income
and product accounts

Difference

1. Gross private saving .......................
2. Government surplus ........................

1,4 2 9.9
- 2 75.6

9 01.5
-1 9 3.3

5 28.4
-82.3

3. Capital grants to the U.S. ...................
4. Gross saving ..............................

.0
1,154.3 1

.0
708.2

.0
446.1

Lines 2 and 4
Credits from government
insurance
Omitted from FOF flows
Lines 3, 5, and 9

5. Gross domestic investment .................
6. Net foreign investment .....................

1,16 7.2
-4.8
1,162.5

721.l
8.9
73 0.1

446.l
-13.7
4 3 2.4

Consumer durable goods
Lines 3 and 1 0
Lines 5 and 1 0

-8.2
.0

-21.9
.0

1 3.7
.0

Lines 9 and 1 0
Omitted from FOF flows

7. Gross investment ..........................
8. Statististical discrepancy (line 4 less line 7) ..
9. Wage accruals less disbursements ...........
1 0. Statistical discrepancy in international
transactions .......................... .

11. MEMO
Gross private domestic investment ..........

1,1 70.0

1. Amount differs from total in table 2 by foreign sector saving.


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721.1

Source of difference

-1 3.7

FOF line 6 is based on
capital flows rather than
current-account balance

448.9

Line 5 less mineral rights sales
by the U.S. government

14

Guide to the Flow of Funds Accounts

federal government component equals the
change in U.S. government liabilities for insur­
ance reserves and pension fund reserves for
civil service and railroad retirement; the state
and local government component is the
change in total liabilities, equal to the change
in total financial assets, of state and local
government employee retirement funds. Mov­
ing these financial flows to the household sec­
tor results in consistent treatment of private
sector and public sector insurance and retire­
ment saving in the flow of funds accounts; all
of these reserves are financial assets of the
household sector.
The second element of the difference
between the total of national saving in the
flow of funds accounts and in the NIPA is the
difference in treatment of consumer durable
goods, reflected in the calculation of both
gross saving (line 4) and gross domestic
investment (line 5).2 In the NIPA, household
outlays for durable goods, $446 billion in
1991, are classified as personal consumption
expenditures on goods th�•.t are consumed dur­
ing the period in which they are purchased. In
the flow of funds accounts, in contrast, pur­
chases of durable goods are considered capital
investment expenditures because durable
goods provide services for a longer period of
time than the current period, because to a
significant degree they provide services that
otherwise would be provided by businesses
through their purchases of equipment, and
because they are often financed by debt. Con­
sequently, (1) saving by households is ad­
justed upward in the flow of funds accounts by
the total of durable goods purchases, and
national saving is larger in the flow of funds
accounts than in the NIPA by this amount; and
(2) total investment by the household sector in
physical goods includes the expenditures on
durables. No imputation of income is made to
households from the flow of services from
durable goods.
The other differences in gross saving
between the flow of funds accounts and the
NIPA are less significant. One of these differ­
ences is the treatment of the U.S. allocation of
special drawing rights (SDRs), which in the
2. Examples of consumer durable goods are automo­
biles, furniture, computing equipment, and boats.


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NIPA is considered a capital transfer from
abroad but in the flow of funds accounts
appears only as an adjustment in the level of
U.S. holdings of SDRs.3 The most recent allo­
cation of SDRs occurred in 1981, and this
difference between the NIPA and the flow of
funds accounts has been zero since then.
Another item, wage accruals less disburse­
ments, frequently equal to zero, is included in
the NIPA but is excluded from the flow of
funds accounts except as an element of the
nonfinancial discrepancy series, a balancing
item shown in the detailed matrix.
Table 3 illustrates that, in addition to the
differences between the NIPA and the flow of
funds accounts in the values for gross saving,
there are also differences between the two
systems in the values for gross investment.
One reason is the difference in the treatment
of consumer durable goods, discussed above.
Another reason is that measures of the contri­
bution of the foreign sector to gross invest­
ment in the NIPA and in the flow of funds
accounts differ by the estimated amount of the
foreign sector discrepancy. This discrepancy
reflects two factors. First, differences exist
between the NIPA data and the balance of
payments data used in the flow of funds
accounts because of revisions and differences
in timing; second, the NIPA exclude economic
activity in U.S. possessions, whereas the bal­
ance of payments accounts include it.
Another difference in the value for gross
investment in the NIPA and the flow of funds
accounts, this one in the figure for gross pri­
vate domestic investment, is due to the treat­
ment of mineral rights sales (currently con­
sisting of rents and royalties on the outer
continental shelf lands) by the U.S. govern­
ment, a series that is not found in the NIPA. In
the flow of funds accounts, this item is consid­
ered a sale of a capital item by the U.S. gov­
ernment and is entered as a negative capital
expenditure for the sector, -$2.8 billion for
1991. The same amount is entered as a posi­
tive capital expenditure for the nonfarm non3. SDRs are a special class of reserve asset, created by
international agreement, that can be used only by mone­
tary authorities and certain international organizations to
settle international reserve transactions. SDRs are free­
standing assets that do not represent a liability of any
specific foreign country or international organization.

15

Overview of the Accounts

financial corporate bus.iness sector. When cap­
ital expenditures are added for all sectors to
obtain total gross investment, the two amounts
offset each other. Gross private domestic
investment, however, differs from total gross
domestic investment in the flow of funds
accounts by the amount of the mineral rights
sales. Line 11 in table 3 shows gross private
domestic investment as a memorandum item.
Table 4 shows the allocation of components
of saving and investment in the NIPA among
flow of funds sectors. The allocation reflects,
in part, differences in definitions of sectors:
Saving and investment by corporate farms are
in the farm business sector in the flow of funds
accounts, but they are in the nonfinancial cor­
porate business sector in the NIPA; state and
local government general funds and state and

local government retirement funds constitute a
single sector in the NIPA, but they are two
distinct sectors in the flow of funds accounts.
Total gross saving (line 16) is calculated by
adding expenditures on consumer durable
goods (line 12) to NIPA gross saving and
deducting items not included in flow of funds
saving (line 15), which in this case total zero.
Lines 13 and 14 show the reallocation of a
portion of government saving to the house­
hold sector described earlier; the reallocation
does not affect total gross saving. Finally, the
deduction of capital consumption (lines 17
and 18) results in net saving (line 19).
The lower part of table 4 shows the alloca­
tion of the components of investment in the
NIPA among flow of funds sectors. Gross
domestic investment in the NIPA differs from

Allocation of NIPA saving and investment among sectors included in the flow of funds accounts, 1991 1

4.

Billions of dollars
Government

Nonfinancial business
Item

SAVING

Total

Household
sector

Farm

Nonfarm
noncorporate

Corporate

State and
local

U.S.

Financial
sectors

1. Personal saving ................................
2. + U ndistributed corporate profits ................
3. + Corporate inventory valuation
adjustment ...............................
4. + Corporate capital consumption
adjustment ...............................
5. + Corporate capital consumption ................

8.5
3 83.0

+ Noncorporate capital consumption . . . . . . . . . . . .
+ Wage accruals less disbursements .............
+ U.S. government surplus ......................
+ State and local government surplus ............
+ Capital grants to the U.S. .....................
= Gross saving, NIPA basis .....................

2 43.l
.0
-2 10.4
17.2
.0
7 0 8.2

3 2 1.2

12. + Consumer durable goods · · · · · · · · · · · · · · · · · · · · ·
13. + U.S. government insurance and
pension fund reserves ......................
14. + State and local government
pension fund reserves ......................
15. - Items not in FOF 2 ............................
16. = Gross saving, FOF basis ......................

446.l

446.l

.0

2 5.6

.0
.0
1,1 5 4.3

8 49.6

23.0

10 1.7

416.5

-3 9.6

-236.0

3 9.0

17. - Capital consumption on durables ..............
18. - Other capital consumption (line 5 plus line 6) ..
19. = Net saving, FOF .............................

40 4.5
6 2 6.1
123.8

404.5
1 21.6
3 23.6

2 1.4
1.6

1 01.7
.0

33 8.5
7 8.l

-3 9.6

-236.0

42.9
-3.9

2 0. Residential construction ........................
21. + Nonresidential plant and equipment ...........
2 2. + Change in business inventories ................
23. = Gross domestic investment, NIPA basis ........

19 0.3
5 41.l
-1 0.2
7 2 1.2

1 7 2.2
3 7.4

1.3
1 0.4
.l
11.7

1 5.5
61.6
-.5
7 6.6

1.1
3 6 9.8
-9.8
3 61.l

2 4. + Consumer durable goods · · · · · · · · · · · · · · · · · · · · ·
2 5. + Mineral rights from U.S. government ..........
2 6. = Gross domestic investment, FOF basis .........

446.l
.0
1, 16 7.2

446.l
11.7

7 6.6

2.8
3 63.9

6.
7.
8.
9.
10.
11.

INVESTMENT

19 9.6
64.2

1 9 9.6

5 7.2

7.1

3.1

3.1

17.8
33 8.5

1.6
1.6
121.6

1 9.8

-11.0
42.9

1 01.7
17.2

23.0

101.7

416.5

2 0 9.5
6 5 5.6

17.2

.0

-2 10.4
-2 10.4

3 9.0

.0
.0

-2 5.6
-5 6.7

5 6.7

l. NIPA, national income and product accounts; FOF, flow of funds accounts.
2. Line 1 5 equals line 7 plus line 1 0.


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-.I

Items
not in
FOF

.2
6 2.0
6 2.2
-2.8
-2.8

Components may not sum to totals because of rounding.

6 2.2

.0

.0

16

Guide to the Flow of Funds Accounts

that in the flow of funds accounts by the same
amount of consumer durable goods (line 24)
that was added to saving in line 12. The sales
of mineral rights by the U.S. government to
nonfarm nonfinancial corporations are shown
in line 25.

Monthly debt aggregate
In 1983 the Federal Open Market Committee
(FOMC) established a monitoring range for
the growth of credit market debt of domestic
nonfinancial sectors. This "debt aggregate"
replaced bank credit as part of the information
that the Federal Reserve Board reports to the
Congress twice a year as required by the Full
Employment and Balanced Growth Act of
1978 (the Humphrey-Hawkins Act). The
monthly debt aggregate is published in the
Federal Reserve Board's weekly H.6 statisti­
cal release, "Money Stock, Liquid Assets, and
Debt Measures."
The debt aggregate is constructed from data
in the flow of funds accounts. The flow of
funds measures reported in the Z.1 release are
levels at the end of a quarter or a year, whereas
the debt aggregate, like the monetary aggre­
gates, is reported as an average level outstand­
ing during a month or quarter. The FOMC's
monitoring range for the debt aggregate
applies to growth, from the fourth quarter of
the previous year to the fourth quarter of the
current year, in the average amount of debt
outstanding.
Construction of the debt aggregate involves
several steps. First, a month-end debt series is
prepared. Monthly data are available for sev­
eral components of the total-federal debt,
consumer credit, commercial paper, and
finance company loans to business. Monthly
data for portions of the other components are
also available; the missing portions of these
series are estimated from quarterly data.
The second step in constructing the debt
aggregate is to adjust the month-end series for
statistical discontinuities, or breaks, in the
data. A break occurs when the sample changes
or when the series is revised to incorporate
new benchmark data, is revalued to market
prices, or is redefined. Both the month-end
and quarter-end data for credit market debt of
domestic nonfinancial sectors contain such


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breaks. The chapter of this guide on data char­
acteristics discusses breaks in data in more
detail.
To remove a discontinuity from the month­
end debt series, staff members of the Flow of
Funds Section review the reasons for the break
and work the amount of the break into the
flows data (and levels data) gradually over an
appropriate period immediately preceding the
discontinuity period. If specific information
about the pattern with which the break should
be incorporated in the series is not available,
the break amount is worked into the series by
calculating the compounded rate at which the
level would have to grow (or shrink) over a
predetermined period to reduce the break
amount to zero. The monthly levels are then
adjusted over the intervening period, maintain­
ing the pattern that existed by moving the
levels up (or down) gradually between the
starting and ending points up to the amount of
the break. Flows are then calculated as the
first differences of the newly constructed lev­
els. An instance of this process occurred in
1989, when responses to a new question on a
survey regularly conducted by the Board
revealed that $8 billion in securitized con­
sumer credit receivables had not previously
been reported. The series was adjusted upward
by the $8 billion in January 1989, which
meant that the series contained a break of that
amount for that month. Because consumer
credit had been securitized with regularity
since 1984, the $8 billion was worked into the
figures for 1984 through 1989, creating a new
break-adjusted month-end series.
The final step in constructing the debt
aggregate is to prepare the month-average
series. The month-average series is calculated
as the average of consecutive months in the
series after the series has been adjusted for
breaks. For example, the debt aggregate
reported for January is the average of end-of­
December and end-of-January figures. It is
this monthly series that is published in the H.6
statistical release.


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Organization of the Accounts

The richness of the flow of funds accounts
lies, in part, in their detailed presentation of
economic sectors and financial transactions.

sector in the financial group, although state
and local government general funds are a non­
financial sector.

Sectors

Transaction categories

In the accounts, the economy is divided into
twenty-seven sectors, for example, house­
holds, federally related mortgage pools, and
life insurance companies. For purposes of
analysis, the sectors can be combined into
broader groups, as shown in diagram 1.
(Several of these broader groups are used in
table 1 in the preceding chapter.) The noncor­
porate business group, for example, is made
up of the farm business and nonfarm noncor­
porate business sectors. This group, together
with the household sector, nonfarm nonfinan­
cial corporate business, and the two govern­
ment sectors, makes up the domestic nonfinan­
cial group. The combined debt of these
sectors, discussed in the section on the
monthly debt aggregate, is monitored by the
Federal Open Market Committee because it is
one indicator of the effect of monetary policy.
The foreign sector is added to the domestic
nonfinancial group to form the nonfinancial
group of sectors.
The financial sectors are shown in lines 8
through 27 in diagram 1; within the financial
sectors are bank and nonbank groups. The
bank (or commercial banking) group encom­
passes four types of depository institutions
(lines 11 through 14); the nonbank group is
made up of thirteen sectors, both depository
and nondepository institutions (lines 15
through 27). State and local government em­
ployee retirement funds constitute a separate

The large number of financial transaction cate­
gories in the flow of funds accounts provides
added detail. Transactions can also be com­
bined into analytically useful groups, shown
in diagram 2. One such group, for example, is
credit market instruments; this group is of
major importance because the transactions
carried out by these instruments are the ones
besides equities that take place in organized
financial markets.
Descriptions of the sectors and transaction
categories appear before their corresponding
tables in part 2.

18

Guide to the Flow of Funds Accounts

Diagram 1. Sector groupings in the flow of funds accounts
1. Households, personal trusts,
and nonprofit organizations
2. Farm business
3. Nonfarm noncorporate business
4. Nonfarm nonfinancial corporate
business

J

Noncorporate
business

Private
domestic
nonfinancial

Domestic
nonfinancial

Nonfinancial

5. State and local government general
funds
6. U.S. government
7. Foreign
8. Federally sponsored credit agencies
9. Federally related mortgage pools
10. Monetary authority
11. U.S.-chartered commercial banks
12. Foreign banking offices in the U.S.
13. Domestic affiliates of commercial
banks (BHCs)
14. Banks in U.S. possessions
(U.S.-affiliated insular areas)
15. Savings and loan associations
16. Mutual savings banks
17. Credit unions
18.
19.
20.
21.

Life insurance companies
Other insurance companies
Private pension funds
State and local government employee
retirement funds

22.
23.
24.
25.
26.
27.

Finance companies
Mutual funds
Money market mutual funds
Real estate investment trusts
Security brokers and dealers
Issuers of securitized credit obligations


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]

]

]

]

Commercial
banking

Depository
institutions

Thrift institutions

Insurance and
pension funds

Finance not
elsewhere classified

Financial

Private nonbank
finance

Organization of the Accounts

Diagram 2. Financial transaction categories in the flow of funds accounts
1. Gold and official foreign exchange holdings
2. Treasury currency and SDR certificates
3. Life insurance reserves
4. Pension fund reserves
5. Net interbank claims
6.
7.
8.
9.
10.
11.

Checkable deposits and currency
Small time and savings deposits
Large time deposits
Money market mutual fund shares
Federal funds and security repurchase agreements
U.S. deposits in foreign countries

12. Mutual fund shares
13. Corporate equities

J
J
J

]

J

Monetary reserves

Insurance and pension fund reserves
Interbank claims

Deposits and federal funds

Equity issues

14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
43.
44.
45.

Corporate and foreign bonds
U.S. government securities
Treasury issues
Savings bonds
Other Treasury issues
Agency issues
Securities issued by agencies included in the U.S. budget
Loan participations
Sponsored agency issues
Mortgage pool securities
Tax-exempt debt securities and loans
Total mortgages
Home mortgages
Multifamily residential mortgages
Commercial mortgages
Farm mortgages
Consumer credit
Installment consumer credit
Noninstallment consumer credit
Bank loans not elsewhere classified
Open market paper
Commercial paper
Bankers acceptances
Other loans
Savings and loan association loans to business
Finance company loans to business
Loans to business held by issuers of securitized credit obligations
U.S. government loans
Loans from sponsored credit agencies
Policy loans on life insurance
Customers' liability on acceptances
Foreign loans to U.S. nonbank borrowers

Credit market instruments

46.
47.
48.
49.
50.
51.
52.

Security credit
Trade credit
Taxes payable by businesses
Proprietors' equity in noncorporate business
Total miscellaneous financial claims
Identified miscellaneous financial claims
Unidentified miscellaneous financial claims

Other claims

53. Sector discrepancies
54. Transaction discrepancies


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J

Discrepancies

19


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Uses of the Accounts

Information from the flow of funds accounts is
used in many ways to describe and analyze
economic and financial developments in the
United States. For example, data from the
accounts figure prominently in Federal
Reserve Board reports to the Congress, such
as the semiannual monetary policy reports
required by the Full Employment and Bal­
anced Growth Act of 1978 and the 1993 report
on Credit Availability for Small Businesses
and Small Farms. Flow of funds data also are
cited in analytical studies reported in the
monthly Federal Reserve Bulletin and in aca­
demic journals, newspapers, and financial
market newsletters.
The following description of several key
financial developments in the U.S. economy is
based on information from the flow of funds
accounts and illustrates the use of the accounts
in understanding the course of events. 1 Nearly
all the data in the charts and the two tables that
accompany the description are from the flow
of funds accounts. A note at the bottom of
each chart lists, for each data series in the
chart, ( 1) the Federal Reserve Board statistical
release in which the data series appears,
(2) the table in which the series appears (L
preceding the table number denotes a table
containing levels data; F, a table containing
flow data; and B, a table from the sector
balance sheets; the flow tables are explained
in part 2 of this guide), (3) the line number of
the series, and (4) the computer code for the
series. (For information on the statistical
releases, see the introduction to this guide; for

an explanation of the computer codes, see the
chapter on series codes in part 2.)

1. Most of the material in this description has been
discussed elsewhere, typically in greater detail, and the
intention is not to present an alternative analysis or an
exhaustive survey. Nonetheless, this brief history offers a
perspective that may � of some interest on its own.

From the Z.l release: Table L.2, line 1 (series fl384104005.q),
divided by table F.1, line 1 (fa086902005.q), multiplied by 100.
See part 2 for an explanation of series codes.
In this and subsequent charts, shading indicates periods of
recession as defined by the National Bureau of Economic
Re earch.

Overview of U.S. credit flows,
1972-92
U.S. financial markets and the relationship
between financial transactions and economic
activity have changed in dramatic ways over
the past two decades. Economists frequently
summarize the relationship between produc­
tion and financial activity with broad mea­
sures; one such measure is the ratio of debt
of the domestic nonfinancial sectors­
governments, businesses, and households-to
the value of the nation's output, gross domes­
tic product (GDP), expressed in nominal
terms, or current prices. This ratio was rela­
tively stable during the quarter-century before
1982 (chart 1). Between 1982 and 1990, how1.

Domestic nonfinancial debt as a percentage
of GDP, 1952-92

Percent

180
160
140
1952

1962

1972

1982

1992

22

Guide to the Flow of Funds Accounts

ever, debt expanded at a much faster pace than
the nominal value of output. This explosion in
debt was especially striking in the business
sector, where the replacement of equity by
debt led to an unprecedented restructuring of
the capital base for nonfinancial corporations.
Households and governments also borrowed
heavily, as individuals increased their mort­
gage and consumer-credit indebtedness and
governments issued more debt securities.
The slowing of debt growth that accompa­
nied the onset of the economic recession in
1990 was nearly as dramatic as the rise. The
movement during and immediately after the
recession to reduce debt servicing burdens by
borrowing less, refinancing existing debt with
obligations that carried lower interest rates or
longer maturities, and issuing equity has been
cited as both a cause and a result of the
subsequent slow pace of economic recovery in
1991 and 1992.
Meanwhile, the channels through which
credit makes its way to borrowers have
changed substantially. In the 1970s, deposi­
tory institutions-banks, savings and loan
associations, mutual savings banks, and credit
unions-were the predominant lenders in the
economy. The growth of their loan and secu­
rity portfolios approximately matched the
expansion of debt of the nonfinancial sectors
(chart 2). But the role of depositories began to
2.

Growth of domestic nonfinancial debt and
depository credit, 1952-92

Percent

12
8
4

+
0

1952

1962

1972

1982

1992

the Z. I relea e: Table F.2, line I (series
fa384104005.q), divided by table L.2, line I (fl384J04005.q,
lagged one quarter), multiplied by I 00. Credit-From the Z. l
release: Sum of table F.111, line 42 (fa764004005.q), and
table F.117, line 8 (fa494004005.q), divided by the sum of
table L.111, line 38 (fl764004005.q, lagged one quarter), and
table L.l 17, line 6 (fl494004005.q, lagged one quarter), multiplied
by 100. Data are four-quarter moving averages.
Debt-From


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decline in importance in the mid-1980s. Assets
of savings and loan associations dropped
nearly 40 percent between the end of 1988 and
the end of 1992 as many of the institutions
failed. In contrast, life insurance companies,
pension funds, and mutual funds became
increasingly important channels for financial
intermediation. Moreover, new types of secu­
rities, backed by pools of loans (particularly
home mortgages) or receivables, captured a
growing segment of the credit market.

The rise and fall of debt
The change in total debt relative to the
nation's output is one of the more striking
macroeconomic financial developments of the
postwar period. The ratio of domestic non­
financial debt to nominal GDP had fluctuated
within a relatively narrow band for most of the
period between the mid-1950s and 1982, aver­
aging about 135 percent. Private-sector bor­
rowing tended to move up and down in tan­
dem with business activity, reflecting the use
of credit to finance consumer durable goods,
business investment in equipment and inven­
tories, and construction activity of all types.
Federal government borrowing, on the other
hand, was largely countercyclical. Federal
government deficits tended to widen during
recessions because tax revenues weakened
and expenditures to support declining incomes
increased. Economic expansions generally
strengthened the government's budgetary
position. Thus, changes in private and public
debt growth largely had offset one another.
The stable ratio of debt to income prompted
some economists in the late 1970s and early
1980s to suggest that monetary policy should
target a broad credit aggregate-in place of, or
alongside, the monetary aggregates. As noted
in the earlier discussion of the monthly debt
aggregate, the Federal Open Market Commit­
tee (FOMC) in 1983 began setting a monitor­
ing range for domestic nonfinancial debt. 2 At
about the same time, this debt aggregate began
rising much more rapidly than GDP, with the
ratio approaching 200 percent by the end of

2. From 1979 to 1982, the FOMC monitored bank
credit-a narrower, credit (rather than debt) aggregate.


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Uses of the Accounts

23

the 1980s. The ratio flattened in 1990, 1991,
and 1992, but at the new, elevated level.
No single factor appears to explain the
sharp upturn in relative debt growth. Most
explanations that have been offered refer to a
combination of factors, including reduced
costs to businesses and households of finan­
cial leveraging, changes in the regulatory envi­
ronment for depository institutions, a broaden­
ing of credit markets to encompass foreign
sources, and new technologies that enhanced
the exchange of information and spurred the
development of new instruments to control
economic risk. These factors appear to have
affected the borrowing habits of governments,
businesses, and households in different ways
and at different times, leading most analysts to
focus on events in individual sectors.
A major component of the growth of non­
financial debt in the 1980s was the ballooning
of the deficits of the federal government
during the period of economic expansion.
Between 1972 and 1979, federal government
debt increased, but its growth was slower than
the growth of nominal GDP. Beginning in
1980, however, the step-up in the size of fed­
eral government deficits, which reflected
unprecedented changes in tax law, a buildup
in national defense, and growth in social wel­
fare programs, pushed the federal government
debt up at double-digit rates. By the end of
1992, federal government debt held by the
public totaled $3.1 trillion, more than triple
the level of a decade earlier (chart 3).

In contrast to earlier periods, the uptrend in
the debt of the federal government relative to
GDP was not accompanied by offsets in the
nonfederal sectors. For example, net issuance
of tax-exempt securities, most of which are
offered by state and local governments,
showed no slackening in the 1980s. To the
contrary, net issuance was especially strong in
the middle of the decade; many governments
and related entities issued large volumes of
debt securities in anticipation of proposed fed­
eral tax legislation that would restrict offer­
ings of public- and private-purpose bonds
(chart 4). (Subsequently, such restrictions
actually were enacted.)
Later in the 1980s and in the early 1990s,
growth in the debt of state and local govern­
ments was buoyed by increasing fiscal pres­
sures. Financial support from the federal
government diminished and revenue growth
from the state and local governments' own
sources slowed at the same time that demand
for services such as Medicaid, corrections,
and education was rising rapidly. With operat­
ing accounts squeezed, state and local gov­
ernments apparently funded an increas­
ing proportion of their capital spending by
borrowing.
Debt of the state and local government sec­
tor also was boosted because many govern­
ments found it advantageous to "advance
refund" obligations that had been issued ear­
lier at higher interest rates. Such advance refi­
nancing of debt was matched by increases in

3.

4.

Federal debt and deficit, 1972-92

Billions of dollars

Billions of dollars

2,800

400

2,100

300

1,400

200

700

100

1972

1977

1982

1987

Net issuance of tax-exempt debt
by all borrowers, 1972-92

Billions of dollars
160
120
80
40

1992

Debt-From the Z. I release: Table L. I 06, line 16 ( eries
fl314102005.a). Deficit-Monthly series from Monthly Treasury
Statement of Receipts and Outlays of the US. Government, table 2,
Summary of Budget and Off-Budget Results and Financing of the
U.S. Government, converted to annual rate, with sign reversed.

1972

1977

1982

1987

From the Z. l release: Table F.212, line l
(series fa253162005.a).

1992

24

Guide to the Flow of Funds Accounts

financial assets, as the funds raised were typi­
cally used to purchase SLGS (state and local
government series), special nonmarketable
U.S. Treasury securities with maturities tai­
lored to match the first call date of the bonds
that the governments refund.
For the business sectors, debt growth has
tended to exceed the growth of nominal GDP
during most of the postwar period, but the
uptrend steepened with the economic expan­
sion of the 1980s and then declined just before
the recession in 1990. Borrowing by nonfinan­
cial corporations in the 1970s appears to have
been closely tied to the difference between
their capital outlays for buildings, equipment,
and inventories and their internal cash flow.
This so-called financing gap is plotted in
chart 5, along with net new borrowing of all
nonfinancial corporations.
As chart 5 suggests, corporations altered
their financing activities in unprecedented
ways in the mid- l 980s, when borrowing
greatly exceeded the financing gap. The addi­
tional borrowing was associated with a large
number of mergers, acquisitions, and other
types of corporate restructurings, some of
them financed with "junk" bonds-below­
investment-grade debt issues. The mirror
image of the rise in corporate borrowing was
an unprecedented retirement of equity:
Between 1984 and 1990, nonfinancial corpora­
tions withdrew nearly $650 billion worth of
equity shares (chart 6).

By the end of the decade, businesses had
begun to reverse the earlier buildup in finan­
cial leverage. Indeed, the drop in borrowing
was so precipitous that debt of the nonfinan­
cial business sector at the end of 1992 was
virtually the same as it had been at the end of
1990. Net equity issuance turned positive in
1991 and remained so in 1992. With interest
rates on long-term debt declining, businesses
also moved aggressively to restructure their
balance sheets in other ways. By issuing bonds
at a near-record pace, corporations were able
to reduce their debt service through replace­
ment of bonds that carried the higher interest
rates of the 1970s and 1980s and to reduce

6.

Credit market borrowing and financing gap,
nonfinancial corporations, 1972-92

30
60
90
120

Billions of dollars

240
160
80
+
0
1977

1982

1987

1992

Borrowing-From the Z.I release: Table F.104, line 40 (series
fal04104005.q). Financing gap-From the Z.I release: Table
F.104, line 68 (fal05005305.q).


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1977

1972

1982

1987

From the Z. l release: Table F. l04, line 39
(series fal03 164003 .a).

1992

Short-term debt as a percentage of credit
market debt, and bond yields, nonfinancial
corporations, 1972-92
Percent

Percent

Borrowing

1972

Billions of dollars

30
+
0

7.
5.

Net issuance of corporate equities, 1972-92

18

50

15

45

12

40

9

35

6

30
1972

1977

1982

1987

1992

Short-term debt-From the Z. l release: Table L. l04, line 44
(series fll04140005.q), divided by line 20 (fll04104 005.q). Baa
corporate bond yield-Moody's Investors Service average yield
to maturity on selected long-term seasoned corporate bonds rated
Baa, all industries. Short-term debt compri es loans and short­
term paper.


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25

Uses of the Accounts

obligations that had shorter maturities, such as
bank loans and commercial paper. By the end
of 1992, the ratio of these generally shorter
term obligations to total corporate debt had
fallen to its lowest level in eleven years
(chart 7).
The rise in debt relative to income began
earlier in the household sector than in the
business and government sectors. The ratio of
household debt to disposable personal income
turned up noticeably in 1976, and the rise was
interrupted only briefly by the economic reces­
sions of the early 1980s (chart 8). Borrowing
backed by real estate, that is, mortgage loans
to purchase homes or to tap equity in homes,
accounted for the bulk of the pickup in overall
debt of the household sector. Because prices
of homes were rising appreciably on average
from the mid-1970s to the mid-l 980s, the
amount of mortgage debt outstanding relative
to the market value of owner-occupied
real estate changed little during that time
(chart 9)-no doubt reducing the perceived
risk of the added debt to both borrowers and
lenders. When the rise in home prices slowed
in the second half of the 1980s, however, the
ratio of mortgage debt to the value of real
estate increased sharply, although the absolute
amount of equity in homes continued to rise
(chart 10).
Like businesses, households cut their bor­
rowing in the 1990-92 period. Households

also took advantage of declining interest rates,
in this case falling mortgage interest rates.
Refinancings of mortgages served a number of
purposes, including lowering monthly pay­
ments, shortening the maturity of the debt in
order to build equity in homes more quickly,
and enabling borrowers to consolidate debts
by using cash from the proceeds to pay down
burdensome consumer credit, which typically
carries relatively short maturities and interest
rates higher than those on mortgage debt. Con­
sumer credit, which is frequently used to pur­
chase automobiles and other consumer dura­
ble goods, actually contracted in 1991 and
changed little in 1992.

9.

Home mortgage debt as a percentage of the
value of owner-occupied real estate, 1946-92
Percent

40

30
20

1952

1962

1972

1982

1992

From the C.9 release: Table B.100, line 36 (series
fl l53165105.a), divided by line 47 (fl155035015.a), multiplied
by 100.

8. Debt of the household sector as a percentage
of disposable personal income, 1960-92

Percent

10.

Equity in owner-occupied homes, 1972-92

Trillions of dollars

80

3
60
2
40
1962

1967

1972

1977

1982

1987

1992

Total household debt-From the Z. l release: Table L.100, line
26 (series fl l54102005.q), divided by table F.100, line 3
(fa156012005.q), multiplied by 100. Home mortgages-From the
Z .1 release: Table L.100, line 27 (fl153165105.q), divided by
table F.100, line 3 (fa l56012005.q), multiplied by 100.

1972

1977

1982

1987

From the C.9 release: Table 8.100, line 47
(series fl l55035015.a), less line 36 (fl153165105.a).

1992

26

Guide to the Flow of Funds Accounts

5. Credit market funds, by type of supplier, 1960-92
Percentage of total outstanding, average during period
Supplier

1960-69

1970-79

1980-89

1990-92

Depository institutions ................................. .
Commercial banks ...................................
Thrift institutions .....................................

43
27
16

46
29
17

24

39
15

29
20
9

Nondepository institutions ..............................
Insurance companies .................................
Pension funds ........................................
Mutual funds (including money market mutual funds) ..
Mortgage pools and federally sponsored agencies .......
Other financial sectors 1 •••••••••••••••••••••••••••••••

29
15
5
*
2

30
12
5
1
8

36
10
7
3
8
8

45
11
7
6
11
10

Nonfinancial sectors 2 •••••••••••••••••••••.•••••••••••••

28

24

25

26

4

7

1. Monetary authority, finance companies, real estate invest­
ment trusts, security brokers and dealers, and issuers of securitized
credit obligations.
2. Household sector, nonfinancial business, state and local gov­
ernment general funds, U.S. government, and the foreign sector.

* Less than 0.5 percent.
SOURCE. Aow of funds accounts, Z.l statistical release, table
L.6.

Sources of credit

Life insurance companies and pension
funds (private funds and funds for state and
local government employees) together have
accounted for approximately the same per­
centage of credit supplied over the past two
decades. Pension funds, however, have
become particularly important providers of
equity capital. They held nearly 30 percent of
total corporate equity shares at the end of
1992, more than double their share of the
1970s equity market (table 6).

The past twenty years also have seen a sig­
nificant evolution of financial intermediation.
The interaction of changes in regulation, inter­
national competition in financial services, and
the development of new types of financial
instruments has changed the way saving flows
are channeled to investments.
Table 5 provides a broad picture of this
evolution. Depository institutions were the
major suppliers of credit in the United States
in the 1960s and 1970s, holding nearly half
the outstanding credit market debt. With the
shrinkage of the savings and loan industry and
increased competition from other types of
financial institutions, the share held by deposi­
tory institutions dropped to less than 30 per­
cent by the early 1990s. The slack was taken
up by nondepository financial institutions, par­
ticularly mutual funds. Moreover, home mort­
gage financing increasingly was channeled
through arrangements that involved the issu­
ance of securities backed by a pool of loans.
Although depositories became major holders
of mortgage-backed securities, other lenders
also purchased them, thereby widening the
market for mortgage loans.


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6. Corporate equities, by holder, 1960-92
Percentage of total market value, average during period
Holder
Household sector ...
Foreign sector ......
Insurance
companies .....
Pension funds ......
Mutual funds .......
Other• .............

1960-69 1970-79 1980-89 1990-92
85
2

73
4

63
5

51
7

3
6

5
13

5
22

I

I

5
29
7

4

*

4

4

I

I. Commercial banks, mutual savings banks, and security
brokers and dealers.
* Less than 0.5 percent.
SouRCE. Aow of funds accounts, Z.l statistical release, table
L.215.


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Data Characteristics and
Production Procedures
This chapter describes characteristics of the
data in the flow of funds accounts and dis­
cusses procedures used for seasonal adjust­
ment and estimation of the data.

Time series
The data in the accounts are maintained as
economic time series, that is, sets of observa­
tions of economic variables collected at regu­
lar time intervals, with one observation for
each period. The series begin in 1945. Quar­
terly data for the accounts are available from
the first quarter of 1952; for 1945 through
1951, only annual data are available. When
a time series is created for a new financial
instrument or a new sector, values for earlier
periods are assumed to be zero, and when a
financial instrument no longer exists (for
example, deposits in the Postal Savings Sys­
tem, which was discontinued in 1985), the
item is carried at zero from then on to facili­
tate compilation of the accounts.

Flows and levels
The flow of funds accounts are published in
both flow and levels versions; most flow ta­
bles have a corresponding levels table. A flow
variable is one that shows an amount of
change over a period of time. Personal
income-the amount individuals earn during a
particular period of time, such as a week,
month, or year-is a flow variable, as are the
net acquisition of government securities and
borrowing from banks.
A level, also referred to as a stock variable,
a position, or an outstanding, shows a value at
a particular point in time. The balance in an
individual's checking account at the end of a

particular day is a level. Holdings of equities
by households at the end of a quarter and
commercial mortgage debt outstanding at
commercial banks at the end of a year are
other examples of levels.
The tables in part 2 of this guide show the
flows reported in the accounts for 1991. Some
series, such as personal income or saving,
exist only in flow form, whereas other series
exist as both flows and levels. In many cases,
data collected from reports or other sources
for use in the accounts are in levels form; staff
members of the Flow of Funds Section calcu­
late the flow from these series, taking account
of changes in value or series breaks where
appropriate.

Series breaks
Data for many flow series in the flow of funds
accounts are found by calculating changes in
levels between two periods. In some instances,
however, the change in the level does not
equal the flow. One reason is that some series
are shown at market value rather than at book
value (that is, historical cost). For series
shown at book value, the flow ordinarily
equals the change in the level; for series
shown at market value, the change in the level
between two periods is not equal to the flow.
For example, corporate equities that are held
as assets are valued in the accounts on a
market-value basis, and the level for any
period differs from that for the previous period
by the flow, or net issuance, plus the change in
market value, that is, the capital gain or loss.
A second reason the change in a level from
one period to the next may not equal the flow
is that a discontinuity has occurred in the
levels series. A discontinuity arises when the

28

Guide to the Flow of Funds Accounts

group of institutions that constitute a universe
changes, when institutions change the reports
they use, or when a series is restated at
another basis of valuation or its definition is
changed; a discontinuity may also temporarily
appear in the accounts when revised data for
only recent time periods are incorporated, with
incorporation of revised data for earlier peri­
ods postponed until the annual revision of the
accounts.
Some flow of funds series, such as the se­
ries for holdings of corporate equities, have
series breaks for virtually every period, but
most other series rarely have breaks. A series
that is a sum of several others or that is
calculated as a residual will have series breaks
for the periods during which any of their com­
ponent series have them.

than two years earlier and to make structural
changes resulting from new estimation proce­
dures or financial market changes. The annual
benchmarking usually coincides with prepa­
ration of the second-quarter Z. l statistical
release in September. At the time of the bench­
marking, data may, in theory, be revised from
1945 onward; in practice, however, most
changes are necessary for only fairly recent
periods. A major determinant of the timing of
the annual benchmarking of the flow of funds
accounts is publication of the annual revision
of the NIPA, usually in July. NIPA revisions
typically cover the preceding three years, but
occasionally they extend back earlier. Infor­
mation about the revisions made for a particu­
lar release of the Z.1 is given in the text that
accompanies the data in the release.

Periods of coverage

Seasonal adjustment

The levels that appear in the flow of funds
accounts are the values outstanding for the
series on the last day of the period, and the
flows are the changes from the last day of one
period to the last day of the next period. In this
respect the data in the accounts differ from
those that appear in a number of other Federal
Reserve publications, which show data as
average values during the period.
The quarterly flow of funds publications
cover the three-month periods ending in
March, June, September, and December, as do
NIPA figures. Tables of annual values out­
standing give figures as of the last day of the
year, which is the same as the fourth-quarter
level. Some flow of funds publications show
quarterly data on an unadjusted, or not­
seasonally-adjusted, basis; annual flows of
unadjusted data, that is, the totals of the flows
for all four quarters of the year, are the same
as the average of the flows for the four quar­
ters of data that are shown at seasonally
adjusted annual rates.

In the Z.1 statistical release, quarterly flows
are presented at seasonally adjusted annual
rates. Seasonal adjustment is the application
of a set of statistical procedures to an eco­
nomic time series to remove the effect of
regular variation of data within the year. Many
series show seasonal variation. For example,
individuals regularly increase their use of con­
sumer credit at certain times of the year as
they make holiday or other seasonal pur­
chases. Chart 11 illustrates the effect of sea­
sonally adjusting the quarterly series for con­
sumer installment credit in the flow of funds
accounts for the years 1976 through 1992. The
plot of the unadjusted series shows the sharp

11. Consumer installment borrowing, 197 6-92

Billions of dollars
20
10
+
0

Revisions
Recent data-usually only data for the most
recent two years-are revised with each
release of the Z.1 statistical release. In addi­
tion, a benchmark revision is made each year,
to incorporate updated values for periods more

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10
20

1977

1982

1987

1992

From the Z.l release: Table F.100, line 39 (seasonally adjusted
data, series fa153166100.q; unadjusted data, ful53166100.q).


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Data Characteristics and Production Procedures

drop in credit use in the first quarter of each
year. When the recurring seasonal movements
are removed from the data, as shown in the
plot of seasonally adjusted data, changes in
the data that are related to nonseasonal factors,
such as the business cycle and long-term
trends, can be seen more clearly.
Data at seasonally adjusted annual rates
are calculated by multiplying the seasonally
adjusted quarterly flow figures by four. These
data at annual rates are an estimate of the
annual total, should the quarterly seasonally
adjusted flow continue for the entire year. The
use of annual rates allows comparison of the
data for a particular quarter with data for
entire years or with data for other periods of
different length but also expressed at annual
rates.
The flow of funds data are seasonally
adjusted with the XIIARIMA/88 procedure
developed by Statistics Canada. 1 The proce­
dure first models the data using one of several
ARIMA (autoregressive integrated moving
average) models. It then extrapolates unad­
justed data one year forward and backward at
the ends of the series and seasonally adjusts
the new, longer series using the X-II seasonal
adjustment method, which smooths the series
by sequentially calculating several kinds of
moving averages. 2 The extrapolation step in
the X l lARIMA/88 results in better estimates
than those produced by the X-II procedure
alone. An additive adjustment is used on flow
of funds series, and the output of the proce­
dure is a set of seasonal factors for each series
that are added to the unadjusted flow data to
obtain the seasonally adjusted flows.
In the flow of funds accounts, levels data
are not seasonally adjusted, and not all flow
data are adjusted. The decision to seasonally
adjust a particular series is made at the time of
the annual revision of the accounts. As part of
the annual revision, staff members of the Flow
of Funds Section perform an F-test on all the
basic inputs in the flow of funds data base,

29

including unpublished intermediate series, to
determine whether the data for a series exhibit
statistically significant seasonal variation and
whether the seasonal variation is stable over
the most recent period, usually the past ten
years. If the F-test indicates that a series has
exhibited a stable seasonal pattern over the
period in question, the behavior of the series is
further examined by an economist who regu­
larly follows the subject matter of the series to
determine whether the series should in fact be
adjusted.

Interpolation
Some of the information used in calculation of
the flow of funds accounts is produced or
published by the original sources only as
annual data. Before the information can be
used in the accounts, the annual data must be
converted to quarterly form. Staff members of
the Flow of Funds Section do so using the K-L
method or the ratio method.

K-Lmethod
The K-L method is an interpolation procedure
that creates quarterly values based on the
behavior of the series in preceding and subse­
quent years. 3 The method involves the follow­
ing formulas:
QUI, = (l lAU,_l + 5AU, +l - 6N,+ 32)/64
QU2, = (9AU,_l + ?AU, +I - ION,+ 32)/64
QU3, = (7AU,_I + 9AU, +I - ION,+ 32)/64
QU4, = AU, - QUI, - QU2, - QU3,
where QUi is the unadjusted flow for the ith
quarter; t is the period or year in question; AU
is the annual flow to be interpolated; and N is
calculated as
N, = AU,_l + AU, +l - 2AU,

1. Estela Bee Dagum, The XJJARIMA/88 Seasonal
Adjustment Method, Foundations and User's Manual
(Ottawa: Statistics Canada, 1988).
2. Julius Shiskin, Allan H. Young, and John C. Mus­
grave, "The X-11 Variant of Census Method II Seasonal
Adjustment," Technical Paper 15, rev. (U.S. Department
of Commerce, Bureau of the Census, 1967).

3. The K-L method is named after Hyman Kaitz and
Maurice Liebenberg, former statisticians at the U.S.
Department of Commerce who developed a similar
method of converting annual data to quarterly.

30

Guide to the Flow of Funds Accounts

Amounts outstanding, or levels, are calculated
as follows:
QIA,_ 1 = AL,_ 1
QLl1 = QIA1 1 + QUl1
_

QL21 = QLl1 + QU21
QL31 = QL21 + QU3,
QIA1

=

AL1

where QLi is the level for the ith quarter, and
AL is the level at the end of the year in

question for the annual series to be interpo­
lated. For series that have breaks resulting
from statistical discontinuities or revaluations
(see the section above on series breaks), the
breaks are retained by performing the K-L
procedure separately on the flows and on the
first differences of the levels and then chang­
ing the levels by the amount of the interpo­
lated first differences (but retaining the inter­
polated flows). 4
The quarterly series derived by the K-L
method display smooth intra-year movements
that are based on the earlier and subsequent
annual movements. The procedure requires no
additional information and is suitable for cal­
culating values for a large number of series.
Quarterly movements in the created series,
however, do not necessarily reflect changes
resulting from economic conditions, a defi­
ciency of the K-L method.

Ratio method
In the ratio method, the series being interpo­
lated is first calculated as a proportion of an
annual total flow or of the year-end level for a
related series for which quarterly data are
available (referred to as the "base" series); a
different proportion, or ratio, is calculated for
each year. The quarterly values in the base
series are then multiplied by the ratio for each
year to obtain quarterly values for the series
being interpolated.
4. Alternatively, the amount of the break can be in­
serted manually in a particular quarter so that the discrep­
ancy affects only that period.

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Series for capital consumption allowances
provide an example. Only annual data are
available for capital consumption allowances
on nonresidential equipment and structures of
financial institutions. However, quarterly data
are available on total capital consumption
allowances, which can serve as the base series.
The ratio of capital consumption allowances
in the series in question to that in the base
series is calculated for each year, and the
quarterly values are obtained by multiplying
the calculated ratios by the quarterly value for
total capital consumption allowances.
The formulas for calculating the ratio are as
follows:
R, = A/(BQl, + BQ21 + BQ31 + BQ41

)

for a flow series

R1 A,IBQ41
=

for a levels series

AQl, = R1 BQl 1
AQ21 = R1 BQ21
AQ31 = R1 BQ31
AQ41 = R1 BQ41

or
AQ41 = A, - AQl1 AQ2 1 AQ31
-

-

where R is the value of the ratio; A is the
annual total for the series to be interpolated;
BQi is the value of the base series for the ith
quarter; and the values for AQi are the quar­
terly values that result from the procedure. For
flow series, the sum of the four values for A Qi
may be slightly different from the annual total
(A,) because of rounding errors; to eliminate
this problem, the flow value for one quarter
can be calculated as a residual. The ratio for
the preceding year is used for current quarters
when data for the entire year are not yet
available.
Data calculated using the ratio method must
be reviewed carefully when the base series
reflects economic events that might distort the
results. For example, in the third quarter of
1992 BEA made a large adjustment to total


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Data Characteristics and Production Procedures

31

capital consumption allowances in the NIPA
because of damage caused by hurricanes. In
cases like this, it may not be appropriate for
all series that are calculated as a ratio to the
base series to show a similarly large change.

If the series is not seasonally adjusted, the
unadjusted flow equals the seasonally adjusted
flow:

Extrapolation

where U is the unadjusted flow. If the series is
seasonally adjusted, the unadjusted flow is
calculated as

In some instances-when data are available
only with a long lag, when the publication
schedule does not coincide with that of the
flow of funds accounts, or when a temporary
estimate is needed for a number that will
arrive late-staff members of the Flow of
Funds Section estimate the data for current
quarters. For series that exhibit little variation
over a year, or whose current behavior is not
well known, an extrapolation procedure is
used to estimate current values. The estimates
are based on the past behavior of the series.
The formula for calculating seasonally
adjusted flow values by this procedure is as
follows:
SA, = [4(7I;- 31, + 4)]/32
where SA is the seasonally adjusted flow,
I; = SA,_2 + SA,_1
J, = SA,_ 4 + SA,_3
and t is the period or quarter in question.

U, = SA,

U, = SA, + [4( [J,_4 - SA,_4) + [J,_8 - SA,_8
- 2([],_ 12 - SA,_ 12)]/3
If the flow series has a corresponding levels
value, the level is calculated as follows:
L, = L,_I + u,.


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Part2

Derivation of the
Flow ofFunds Accounts


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Format ofthe Tables


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Line numbering and subentries

Terminology

The tables in this part of the guide correspond
to the flow tables in the Federal Reserve
Board's Z.1 statistical release, and each line in
the Z.1---called a "main line" or a "main
series" here-appears in the following tables
in boldface type with the same line number.
Subentries to a main line-identified by the
number of the main line plus a letter or letters,
for example, 2a-are, in most cases, series
that are components of the main line. The
explanation of the main series, which appears
in the rightmost column of the table, lists all
the component series that enter into its calcu­
lation. If a component series also appears as a
subentry earlier in the same table, however, or
as a main line elsewhere in the table, the
explanation for the main line cites the line
number of the component series but the series
does not appear as a subentry. Therefore, the
subentries to a main line do not necessarily
constitute the complete set of components of
the main series.
Also, because some calculations begin with
a total and subtract component series to obtain
the series in question, and because some lines
are calculated as percentages of other lines,
series shown as subentries are not necessarily
conceptual subcategories of the main line
under which they appear. Subentries appear in
approximately the same order as the sector
and transaction categories they refer to in the
Z. l release-for example, subentries for the
household sector appear before subentries for
the business sectors.

The terminology used in the tables to refer to a
series varies somewhat depending on the cir­
cumstances. For example, series that represent
assets of a sector may be identified as being
"assets of," "held by," "receivable by," or
"owed to" that sector. Similarly, liabilities
may be identified as "liabilities of," "debt
of," "owed by," or "payable by" the sector.
Loan borrowings are "loans to" the sector,
and other sources of funds are "funds raised
by" or "equity issuance by" the sector. For
example, "large time deposits held by savings
and loan associations" are savings and loan
assets.

Dollar values
The data shown in the tables are in billions of
dollars, rounded to the nearest $100 million.
When the value for a series is less than
$50 million, so that it rounds to zero, it is
shown as an asterisk. An entry of ".O" means
the value is exactly zero.


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Series Codes

Each data series in the flow of funds accounts
is identified by a computer retrieval code, or
mnemonic. Several private data services use
the codes, and they also appear in the flow of
funds diskettes. The codes have a systematic
structure-nine digits preceded by a two-letter
prefix and ending with a period and a one­
letter suffix. The tables in this part of the
guide, and in most other printed versions of
the flow of funds accounts that include the
codes, show only the nine-digit portion of the
code (or the last eight of the nine when the
first digit is zero). The code for net acquisition
of financial assets by the household sector,
fa154090005.q, is used as an example in the
following detailed description of the structure
of the series codes.
• Prefix-Two letters indicate whether the
series is expressed as flows that are seasonally
adjusted annual rates ("fa"), flows that are
unadjusted ("fu"), or levels ("fl"). Thus, in
the example, the "fa" shows that the data in
the series are seasonally adjusted flows at
annual rates; the series for unadjusted flows
for net acquisition of financial assets by house­
holds would have the same series code, except
it would have an "fu" prefix.
• Digits 1 and 2-The first two digits of the
series code indicate the sector to which the
series applies (see accompanying list of sector
codes). In the example, the first two digits, 15,
signify the household sector. The codes for
most household sector series begin with 15,
but series for other sectors also may be used in
household sector tables. For example, the se­
ries for deferred and unpaid life insurance
premiums, fl543077003.q, is both an asset of
life insurance companies (sector 54) and a
liability of the household sector. Rather than
have two series for the same item, the same
code is used for both sectors.

• Digits 3 through 8-The next six digits of
the series code indicate the type of transaction
in terms of a financial instrument or category
(see accompanying list of transaction codes).
For .financial instruments (which have trans­
action codes beginning with 2, 3, or 4), the
fourth digit of the series code is 0 for asset
series and 1 for liability series. Digits 3
through 8 of the example, 409000, signify
total financial assets; digits 3 through 8 in the
code for total liabilities would be 419000.
Digits 3 through 8 of the series code for total
financial assets are 409000 for all sectors.
• Digit 9-The final digit of the series code
indicates the seasonal adjustment or calcula­
tion status of the series. Series having codes
that end with 0 are seasonally adjusted by staff
members of the Flow of Funds Section (see
section on seasonal adjustment in part 1), and
those having codes that end with 3 are not
seasonally adjusted. The final digit can also
indicate that the series is taken from the NIPA
or the balance of payments accounts, in which
case the code ends with 1, or that the series is
calculated from other series in the flow of
funds accounts, in which case the code ends
with 5.
• Suffix-Series codes end with a period and
a letter to indicate the frequency of the data­
"a" for annual, "q" for quarterly, or "m" for
monthly. Thus, the total financial assets series
used as an example is a quarterly series.

38

Guide to the Flow of Funds Accounts

Sector codes
Sector codes are the first two digits of each
series code; for example, in the series code
fa154090005.q, the first two digits, 15,
indicate that the series applies to the house­
hold sector.
In the following list of sector codes used
in the flow of funds accounts, numbers in

parentheses give detail on the composition
of sector groups; for example, the sector
group designated by 12, nonfarm business,
is composed of sectors 10 and 11, nonfarm
nonfinancial corporate business and non­
farm noncorporate business.

CODE

SECTOR OR GROUP

08
09
10
11
12

Elements of gross domestic product (GDP)
Corporate business totals
Nonfarm nonfinancial corporate business
Nonfarm noncorporate business
Nonfarm business (10 + 11)

13
14
15
16
17

Farm business
Nonfinancial business (10 + 11 + 13)
Households, personal trusts, and nonprofit organizations
All noncorporate sectors, including households
Individuals (11 + 13 + 15)

19

Private domestic nonfinancial sectors, excluding state and local
government general funds (14 + 15)
State and local governments
State and local government general funds
State and local government employee retirement funds
Private domestic nonfinancial sectors, including state and local
government general funds (19 + 21)

20
21
22
25
26
29
31
32
34

Foreign sector
All nonfinancial sectors except U.S. government (25 + 26)
U.S. government
U.S. government excluding the Federal Financing Bank
Federal Financing Bank

35
36
38
39
40

Total mortgage pools
All government sectors (20 + 31)
Domestic nonfinancial sectors (25 + 31)
All nonfinancial sectors (38 + 26)
Federally sponsored credit agencies

41
42
44
45
46

Federally related mortgage pools
Sponsored agencies and mortgage pools (40 + 41)
Savings and loan associations and mutual savings banks (45 + 46)
SAIF-insured savings institutions
BIF-insured savings institutions


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Series Codes

Sector codes--continued
CODE

SECTOR OR GROUP

47
48
49
51
54

Credit unions
Dual-reporting savings banks
All thrift institutions (45 + 46 + 47)
Other insurance companies
Life insurance companies

57
58
61
63
64

Private pension funds and the Federal Employees' Retirement System
Thrift Savings Plan
All insurance and pension funds (22 + 51 + 54 + 57)
Finance companies and mortgage bankers
Money market mutual funds
Real estate investment trusts

65
66
67
68
69

Mutual funds
Security brokers and dealers
Issuers of securitized credit obligations
Finance not elsewhere classified (61 + 63 + 64 + 65 + 66 + 67)
All private nonbank financial institutions (49 + 58 + 68)

70
71
72
73
74

Private depository institutions
Monetary authority
U.S.-chartered commercial banks
Bank holding companies
Banks in U.S possessions (U.S.-affiliated insular areas)

75
76
77
78
79

Foreign banking offices in the U.S
All commercial banking sectors (72 + 73 + 74 + 75)
Total banking (71 + 76)
Total private finance (69 + 76)
Total finance (42 + 69 + 77)

83
87
88
89
90

Domestic sectors except U.S. government (25 + 79)
Private domestic sectors (25 + 78)
All domestic sectors (89 - 26)
All sectors
Transaction discrepancies

39

40

Guide to the Flow of Funds Accounts

Transaction codes
Transaction codes are the third through
eighth digits of each series code; for exam­
ple, in the series code fa154090005.q, the
third through eighth digits, 409000, indi­
cate that the series is for total financial
assets.
Because of the large number of trans­
action codes used in the flow of funds
accounts, only selected codes (generally
those most commonly used) are included in
the following list; other types of transaction
codes are variations of those listed here and
are used in only a few of the series codes.

For financial transactions-those having
transaction codes that begin with 2, 3,
or 4-most of the codes are listed as asset­
liability pairs. The second digit of the trans­
action code for assets is 0, and the second
digit of the transaction code for liabilities
is 1. For some types of transactions, such
as farm mortgages (transaction code
306560), only one variation is listed
because the asset (or liability) currently
does not have a corresponding liability (or
asset) series in the accounts.

CODE

TRANSACTION TYPE

205000
215000

Federal funds transactions and loans made under security
repurchase agreements

301100
311100

International reserves

301200
311200

Treasury currency

301300
311300

Depository institution reserves excluding vault cash

302000
312000

Checkable deposits and currency

312260

Deposits owed to foreigners

302310
312310

U.S. government transaction deposits

302500
312500

Currency

312700

Other checkable deposit liabilities

302800
312800

State and local government transaction deposits

303000
313000

Total time deposits

303100
313100

Small time deposits

303400

Money market mutual fund share holdings

303500
313500

Large time deposits


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Series Codes

Transaction codes--continued
CODE

TRANSACTION TYPE

313900

Deposit liabilities of savings institutions; nontransaction accounts

313970
304000
314000

305000
315000

306100
316100
306110
316110

316140

Retail repurchase agreement liabilities
Life insurance reserves
Pension fund reserves
Total U.S. government securities
Total Treasury securities excluding savings bonds
U.S savings bonds

306170
316170

U.S. government agency securities, including issues by agencies
included in the U.S. budget, federally sponsored credit
agencies, and federally related mortgage pools; also
includes U.S government loan participations

306200
316200

Tax-exempt securities

306300
316300
306400
316400

306410
316410

306420
316420

306500
316500
306510
316510

306540
316540

306550
316550

306560

Corporate and foreign bonds
Corporate equities and mutual fund shares
Corporate equities
Mutual fund shares
Total mortgages
Home mortgages
Multifamily residential mortgages
Commercial mortgages
Farm mortgages

41

42

Guide to the Flow of Funds Accounts

Transaction code�ontinued
CODE

TRANSACTION TYPE

306600
316600

Total consumer credit

306610
316610
306620
316620

306700
316700
306800
316800

Installment consumer credit
Noninstallment consumer credit
Security credit
Bank loans not elsewhere classified

306810
316810

Commercial and industrial loans

306920
316920

U.S. government loans

306910
316910

Directly placed commercial paper; total open market paper

306940
316940

Policy loans; business loans from savings and loan associations

306960
316960

Acceptances

306950
316950

Business loans

306970
316970

Dealer-placed commercial paper

307600
317600

Insurance or pension fund claims

307000
317000

Trade credit

307800
317800

Taxes payable by businesses; taxes receivable by governments

309000
319000

Total miscellaneous financial claims

308000
318000

309100
319100


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Proprietors' investment in unincorporated business

Private and nonofficial foreign deposits; Federal Home Loan
Bank deposits


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Series Codes

Transaction codes--continued
CODE

TRANSACTION TYPE

309200
319200

Direct investment; equity claims

309400
319400

Equity investment in subsidiaries

400000
410000

Total deposits and currency; cash and investments; money market
fund assets

400400
410400

Credit market instruments excluding corporate equities

409000
419000

Total financial assets; total liabilities

501100

Consumer durable goods

501300

Nonresidential equipment and structures expenditures

309300
319300

319500

Unidentified miscellaneous financial claims

Insurance reserve liabilities other than life and pension fund

400200
410200

Credit and equity market instruments

401000
411000

Interbank items

500000

Net financial investment

501200

Residential construction expenditures

501900

Total fixed capital expenditures

505000

Total capital expenditures

509000

Gross investment

502000

Inventory investment

508000

Sector net worth or equity

600010

Gross saving

612000

Dividends

600600

Net saving

623100

Profit tax accruals

630010

Capital consumption allowances (alternate code)

700500

Sector discrepancy

630000

Capital consumption allowances

631000

Capital consumption adjustment

43


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Abbreviations

The following abbreviations are used in this guide-and especially in the tables
later in this part-to refer to reports, publications, and organizations that provide
data for the flow of funds of accounts. Italicized material is described in the
compilation of data sources that follows this list.

BEA
BIF
BLM

Bureau of Economic Analysis, U.S. Department of Commerce
Bank Insurance Fund, Federal Deposit Insurance Corporation
Bureau of Land Management, U.S. Department of the Interior

CCC
CMO

Commodity Credit Corporation, U.S. Department of Agriculture
Collateralized mortgage obligation

DOD
DOL

U.S. Department of Defense
U.S. Department of Labor

EDA

Economic Development Administration, U.S. Department of
Commerce

FDIC
FFB
FHA

Federal Deposit Insurance Corporation
Federal Financing Bank
Federal Housing Administration, U.S. Department of Housing and
Urban Development
Federal Home Loan Bank
Federal Home Loan Bank Board
Federal Home Loan Mortgage Corporation
Financing Corporation
Farmers Home Administration, U.S. Department of Agriculture
Federal National Mortgage Association
Financial and Operational Combined Uniform Single Report
(of security brokers and dealers)
Flow of funds
Organizational unit within the Board of Governors that produces
the flow of funds accounts
Report on Finances and Operations of Government Securities
Brokers and Dealers
Federal Reserve
Board of Governors of the Federal Reserve System
Federal Savings and Loan Insurance Corporation

FHLB
FHLBB
FHLMC
FICO
FmHA
FNMA
FOCUS
I

FOF
FOF Section
FOGS
FR
FR Board
FSLIC

46

Guide to the Flow of Funds Accounts

GPO
GSA

Government National Mortgage Association, U.S. Department of
Housing and Urban Development
Government Printing Office
General Services Administration

HHS
HUD

U.S. Department of Health and Human Services
U.S. Department of Housing and Urban Development

IBFs
ICI
IMF
IRS

International banking facilities
Investment Company Institute
International Monetary Fund
Internal Revenue Service, U.S. Department of the Treasury

K-L method

Quarterly interpolation method patterned after the KaitzLiebenberg procedure developed at the U.S. Department
of Commerce

NASA
NCUA
NIPA
NYSE

National Aeronautics and Space Administration
National Credit Union Administration
National income and product accounts
New York Stock Exchange

PBGC
PSA

Pension Benefit Guaranty Corporation, U.S. Department of Labor
Public Securities Association

Q
QFR

Quarter (for example, 1991:Q4)
Quarterly Financial Report for Manufacturing, Mining,
and Trade Corporations

REA

Rural Electrification Administration, U.S. Department
of Agriculture
Real estate investment trust
Resolution Trust Corporation

GNMA

REIT
RTC
SAIF
SBA
SCB
SDRs
SEC
SLGS
SLMA
SOI

Savings Association Insurance Fund, Federal Deposit Insurance
Corporation
Small Business Administration
Survey of Current Business
Special drawing rights
Securities and Exchange Commission
State and local government series (nonmarketable U.S. Treasury
securities held by state and local governments)
Student Loan Marketing Association
Internal Revenue Service Statistics of Income publications

TIC

Treasury International Capital Reporting System
Tennessee Valley Authority

USIT
USPS

U.S. international transactions tables in Survey of Current
Business
U.S. Postal Service

VA

U.S. Department of Veterans Affairs

TVA


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Sources of Data for the Accounts

Data for the flow of funds accounts come from
a variety of government and nongovernment
sources. Many of the data are published and
are readily available to the public; other data
are not published formally but are available to
the public upon request; still other data, such
as some gathered from individual depository­
institution financial reports, are obtained from

internal data bases maintained by offices
within the Federal Reserve.
Listed below are the sources of the data
used in the accounts, as cited in this part of the
guide; for data available to the public, the
names and addresses of the institutions that
compile or produce the data are also given.

PuBLISHED MATERIALS

Annual Report of the Board of Governors of the Federal Reserve System. Source of information on
fixed assets of the Federal Reserve Banks. Available from Board of Governors of the
Federal Reserve System, Publications Services, Washington, DC 20551.
Annual Statement of US. Legal Reserve Life Insurance Companies (data are submitted on a form
approved by the National Association of Insurance Commissioners and are tabulated by the
American Council of Life Insurance). Source of information on asset valuation reserves of
life insurance companies. Unpublished, but many items are reported in Life Insurance Fact
Book (see below).
Banking and Monetary Statistics, 1941-1970, published in September 1976 by the Board of
Governors of the Federal Reserve System. Source of information on the special adjustment
for cash items bias made to demand deposit liabilities of U.S.-chartered commercial banks
from 1959:Q4 through 1973:Ql. Now out of print.

BEA Wealth Data Tape, produced semiannually by the Bureau of Economic Analysis, U.S.
Department of Commerce. Source of information on estimates of depreciation and invest­
ment flows for various sectors. Available, as either a computer tape or diskettes, from the
U.S. Department of Commerce, Bureau of Economic Analysis, National Income and
Wealth Division (BE-54), Washington, DC 20230. The methods used in estimating the data
are described in U.S. Department of Commerce, Bureau of Economic Analysis, Fixed
Reproducible Tangible Wealth in the United States, 1925-89 (Washington: U.S. Govern­
ment Printing Office, January 1993). Recent updates of the data in that volume appear in
John C. Musgrave, "Fixed Reproducible Tangible Wealth in the United States, 1988-91,"
Survey of Current Business, vol. 72 (August 1992), pp. 37-43.
Best's Aggregates and Averages, Property-Casualty, published annually by A.M. Best Company.
Source of information on "other" (that is, property-casualty) insurance companies. Avail­
able from A.M. Best Company, Customer Service, Ambest Road, Oldwick, NJ 08858.

48

Guide to the Flow of Funds Accounts

Budget of the United States Government, published by the Executive Office of the President, Office
of Management and Budget. Source of information on U.S. government expenditures.
Available from the Superintendent of Documents, GPO, Washington, DC 20402.
Commercial paper press release, published monthly by the Federal Reserve Bank of New York,
Market Reports Division. Source of information on issuance of commercial paper. Avail­
able from the Federal Reserve Bank of New York, Public Information Office, 33 Liberty
Street, New York, NY 10045.
"Consumer Installment Credit" (G.19 statistical release), published monthly by the Board of
Governors of the Federal Reserve System, Division of Research and Statistics, Mortgage
and Consumer Finance Section. Source of information on consumer debt of households and
consumer credit extended by various lenders. Available from Board of Governors of the
Federal Reserve System, Publications Services, Washington, DC 20551.
"Distribution of Investments of U.S. Life Insurance Companies," published quarterly by the
American Council of Life Insurance. Source of information on assets of life insurance
companies. Available from the American Council of Life Insurance, 1001 Pennsylvania
Avenue NW, Washington, DC 20004-2599.

Economic Indicators of the Farm Sector, "National Financial Summary," published annually by
the U.S. Department of Agriculture, Economic Research Service. Source of information on
checkable deposits and currency held by farm business and on non-real-estate debt of farm
business. Available from ERS-NASS, 341 Victory Drive, Herndon, VA 22070.
Farm Credit System, Quarterly Information Statement, published by the Federal Farm Credit
Banks (annual data also published in annual report). Source of information on assets and
liabilities of Banks for Cooperatives, Federal Land Banks, and Federal Intermediate Credit
Banks (federally sponsored credit agencies sector). Available from the Federal Farm Credit
Banks, Funding Corporation, 10 Exchange Place, Suite 1401, Jersey City, NJ 07302.
Federal Financing Bank monthly statement, from "Federal Financing Bank News," published by
the Department of the Treasury, Office of Public Affairs. Source of information on assets of
the Federal Financing Bank. Available from the Department of the Treasury, Office of
Public Affairs, Washington, DC 20220.

Federal Home Loan Banks, Combined Statement of Condition, published quarterly by the Federal
Housing Finance Board. Source of information on Federal Home Loan Banks (federally
sponsored credit agencies sector). Available from the Federal Housing Finance Board,
1777 F Street NW, Washington, DC 20006.
Federal Home Loan Mortgage Corporation, Consolidated Balance Sheet, published quarterly by
the Federal Home Loan Mortgage Corporation. Source of information on assets and
liabilities of the Federal Home Loan Mortgage Corporation (federally sponsored credit
agencies sector). Available from the Federal Home Loan Mortgage Corporation,
8200 Jones Branch Drive, McLean, VA 22102.
Federal National Mortgage Association, Balance Sheet, published quarterly by the Federal
National Mortgage Association (annual data also published in annual report). Source of
information on assets and liabilities of the Federal National Mortgage Association (feder­
ally sponsored credit agencies sector). Available from the Federal National Mortgage
Association, 3900 Wisconsin Avenue NW, Washington, DC 20016.


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Sources of Data for the Accounts

49

Federal Reserve Bulletin, published monthly by the Board of Governors of the Federal Reserve
System. Source of information on the monetary authority sector, finance companies,
mortgage loans, and U.S. international reserves. Also reproduces information published by
other sources. Available from Board of Governors of the Federal Reserve System, Publica­
tions Services, Washington, DC 20551.
"Finance Companies" (G.20 statistical release), published monthly by the Board of Governors of
the Federal Reserve System, Division of Research and Statistics, Mortgage and Consumer
Finance Section. Source of information on finance companies. Available from Board of
Governors of the Federal Reserve System, Publications Services, Washington, DC 20551.
Finance companies, Federal Reserve Board quinquennial survey of assets and liabilities. Survey
tabulated internally by the Board of Governors of the Federal Reserve System, Division of
Research and Statistics, Mortgage and Consumer Finance Section. Source of information
on assets and liabilities of finance companies. Articles on several past surveys have
appeared in the Federal Reserve Bulletin.
Finance companies, quarterly statement of assets and liabilities. Prepared internally by the Board
of Governors of the Federal Reserve System, Division of Research and Statistics, Mortgage
and Consumer Finance Section. Source of information on assets and liabilities of finance
companies. Statement itself is not published, but data are found in the Federal Reserve
Bulletin, table 1.51.
Finances of Employee-Retirement Systems of State and Local Governments, published annually by
the U.S. Department of Commerce, Bureau of the Census. Source of information on state
and local government employee retirement funds. Available from the Superintendent of
Documents, GPO, Washington, DC 20402.
"Finances of Selected Public Employee Retirement Systems," published quarterly by the U.S.
Department of Commerce, Bureau of the Census. Source of information on state and local
government employee retirement funds. Available from the Superintendent of Documents,
GPO, Washington, DC 20402.
Financing Corporation, Balance Sheet, prepared annually by the Financing Corporation. Source of
information on assets and liabilities of the Financing Corporation (federally sponsored
credit agencies sector). Available from the Financing Corporation, 11921 Freedom Drive,
Suite 1000, Reston, VA 22090.
FOCUS report (Financial and Operational Combined Uniform Single Report), submitted quarterly
to designated examining authorities (stock exchanges and the National Association of
Securities Dealers) by security brokers and dealers. Source of information on assets and
liabilities of security brokers and dealers. Data tabulated by the Securities and Exchange
Commission, Washington, DC 20549.
FOGS report (Report on Finances and Operations of Government Securities Brokers and Dealers),
submitted quarterly to the designated examining authority (National Association of Securi­
ties Dealers) by security brokers and dealers. Source of information on assets and liabilities
of security brokers and dealers. Data tabulated by the Securities and Exchange Commis­
sion, Washington, DC 20549.

50

Guide to the Flow of Funds Accounts

FR Y-9LP report, Parent Company Only Financial Statements for Bank Holding Companies with
Total Consolidated Assets of $150 Million or More, or with More Than One Subsidiary
Bank, quarterly report of condition submitted to the Federal Reserve by bank holding
companies. Source of information on domestic affiliates of commercial banks (bank
holding companies). Data tabulated by Federal Reserve staff.
FR 2416, Weekly Report of Assets and Liabilities for Large Banks, submitted to the Federal
Reserve by large commercial banks. Source of information on commercial paper issued by
bank holding companies. Data tabulated by Federal Reserve staff.
Government Finances, published annually by the U.S. Department of Commerce, Bureau of the
Census, Governments Division. Source of information on state and local government
entities. Available from the Superintendent of Documents, GPO, Washington, DC 20402.

"Gross Flow of Mortgage Loans in the United States," published quarterly by the American
Council of Life Insurance. Source of information on mortgages held by life insurance
companies. Available from the American Council of Life Insurance, 1001 Pennsylvania
Avenue NW, Washington, DC 20004-2599.
IC/ Supplementary Data, published quarterly by the Investment Company Institute. Source of
information on mutual funds and money market mutual funds. Available from the Invest­
ment Company Institute, 1600 M Street NW, Suite 600, Washington, DC 20036.

IRS/DOUPBGC Form 5500, Annual Return/Report of Employee Benefit Plan, submitted to
Internal Revenue Service by private pension funds. Source of information on assets and
liabilities of private pension funds. Data tabulated by the U.S. Department of Labor.
Tabulations and analyses of data appear in John A. Turner and Daniel J. Beller, eds., Trends
in Pensions (U.S. Department of Labor, Pension and Welfare Benefits Administration).
Available from the Superintendent of Documents, GPO, Washington, DC 20402.
Life Insurance Fact Book, appearing in even-numbered years, followed in odd-numbered years by
the Life Insurance Fact Book Update, both published by the American Council of Life
Insurance. Source of information on life insurance companies. Available from the Ameri­
can Council of Life Insurance, 1001 Pennsylvania Avenue NW, Washington, DC 200042599.

"Loans Outstanding under Farmers Home Program," made available quarterly by the Farmers
Home Administration. Source of information on loans to farmers. Available from the U.S.
Department of Agriculture, Farmers Home Administration, Finance Office, 1520 Market
Street, St. Louis, MO 63103.
Monthly Credit Union Estimates, published by the Credit Union National Association. Source of
information on credit unions. Available from CUNA & Affiliates, P.O. Box 431, Madison,
WI 53701-0431.
Monthly Statement of the Public Debt of the United States, published by the U.S. Department of the
Treasury, Bureau of the Public Debt. Source of information on debt obligations of the U.S.
government. Available from the Superintendent of Documents, GPO, Washington, DC
20402.


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Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

Sources of Data for the Accounts

51

Monthly Treasury Statement of Receipts and Outlays of the United States Government (referred to

in part 2 as the Monthly Treasury Statement), published by the U.S. Department of the
Treasury, Financial Management Service. Source of information on receipts and expendi­
tures of the U.S. government. Available from the Superintendent of Documents, GPO,
Washington, DC 20402.

Mutual Fund Fact Book, published annually by the Investment Company Institute. Source of

information on mutual funds and money market mutual funds. Available from the Invest­
ment Company Institute, 1600 M Street NW, Suite 600, Washington, DC 20036.
National Credit Union Share Insurance Fund, Annual Report, published by the National Credit

Union Administration. Source of information on the National Credit Union Share Insurance
Fund. Available from the National Credit Union Association, Washington, DC 20456.

New York Stock Exchange Composite Index of Common Stock Prices, published Monday through
Friday in the Wall Street Journal, "Money and Investing" section, table on Stock Market
Data Bank: Major Indexes, New York Stock Exchange, Composite.
Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations, published by the

U.S. Department of Commerce, Bureau of the Census, Economic Census and Surveys
Division. Source of information on estimates for nonfarm nonfinancial corporations.
Available from the Superintendent of Documents, GPO, Washington, DC 20402.
Reports of condition and reports of income (for commercial banks, "Call Reports"), submitted by
depository institutions. Source of information on assets, liabilities, income, and expendi­
tures of depository institutions.
Computer tapes containing Call Report data submitted by U.S.-chartered commercial banks
are available from the National Technical Information Service (NTIS), 5285 Port Royal
Road, Springfield, VA 22161.
Tabulations of report data submitted by U.S.-chartered commercial banks and BIF-insured
savings banks are published in The FDIC Quarterly Banking Profile, available from FDIC,
Office of Corporate Communications, 550 17th Street NW, Washington, DC 20429. Annual
tabulations of these data with size groupings and state detail, including totals for banks in
U.S.-affiliated insular areas are published in the FDIC's Statistics on Banking, available
from the same address.
Tabulations of report data submitted by institutions insured by the FDIC's Savings
Association Insurance Fund are published in Quarterly Financial Results and Condition of
the Thrift Industry and Aggregated Thrift Financial Reports, available from the Office of
Thrift Supervision, Communications Services Division, 1700 G Street NW, Washing­
ton, DC 20552.
Reports submitted by individual depository-institution sectors are listed below:
U.S.-chartered commercial banks-Report quarterly to the Federal Reserve (for
member banks) or to the FDIC on the following forms, which are issued by the
Federal Financial Institutions Examination Council (FFIEC):
FFIEC 031, Consolidated Reports of Condition and Income for a Bank with
Domestic and Foreign Offices

52

Guide to the Flow of Funds Accounts

FFIEC 032, Consolidated Reports of Condition and Income for a Bank with
Domestic Offices Only and Total Assets of $300 Million or More
FFIEC 033, Consolidated Reports of Condition and Income for a Bank with
Domestic Offices Only and Total Assets of $100 Million or More but Less
Than $300 Million
FFIEC 034, Consolidated Reports of Condition and Income for a Bank with
Domestic Offices Only and Total Assets of Less Than $100 Million
Foreign banking offices in the United States-Report quarterly to the Federal
Reserve on the following forms, which are issued by the FFIEC and the Federal
Reserve:
FFIEC 002, Report of Assets and Liabilities of US. Branches and Agencies of
Foreign Banks
FR 2886a, Quarterly Report of Condition for a New York State Investment Company
and Its Domestic Subsidiaries
FR 2886b, Report of Condition for Edge and Agreement Corporations
Banks in U.S. possessions (U.S.-affiliated insular areas):
Banks located in U.S. possessions-Report quarterly to the Federal Reserve on the
same forms submitted by U.S.-chartered commercial banks.
Branches of U.S. banks located in U.S. possessions-Report annually to the Federal
Reserve on FFIEC 030, Foreign Branch Report of Condition, which is
issued by the FFIEC.
Savings and loan associations-Report quarterly to the Office of Thrift Supervi­
sion on the Thrift Financial Report. (The savings and loan associations sector in the
flow of funds accounts includes all institutions .that are insured by the FDIC's
Savings Association Insurance Fund.)
Mutual savings banks-Report quarterly on the following forms:
Savings banks that are insured by the FDIC's Bank Insurance Fund-Report on the
same forms submitted by U.S.-chartered commercial banks.
Federal savings banks that are insured by the FDIC's Bank Insurance Fund but are
members of the Federal Home Loan Bank system-Report on the same
forms submitted by savings and loan associations.
REIT Watch, published monthly by The National Association of Real Estate Investment Trusts.

Source of information on real estate investment trusts. Available from The National
Association of Real Estate Investment Trusts, 1129 20th Street NW, Suite 705, Washing­
ton, DC 20036.


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Federal Reserve Bank of St. Louis

Sources of Data for the Accounts

53

Statistics of Income, published annually by the Internal Revenue Service, Statistics of Income
Division. The following volumes provide data for the flow of funds accounts: Source Books
for Partnership Returns, Sole Proprietorship Returns, and Corporation Income Tax Returns;
and SOI Bulletin (the SOI Bulletin is published quarterly but contains annual data). Data
in all volumes are tabulated from tax returns. Sources of information on corporate and
noncorporate business, and also on tax liabilities of financial institutions. Available from
the Superintendent of Documents, GPO, Washington, DC 20402.
Student Loan Marketing Association, Consolidated Balance Sheets, published quarterly by the
Student Loan Marketing Association (annual data also published in annual report). Source
of information on assets and liabilities of the Student Loan Marketing Association (feder­
ally sponsored credit agencies sector). Available from the Student Loan Marketing Asso­
ciation, 1050 Thomas Jefferson Street NW, Washington, DC 20007.
Survey of Current Business, published monthly by the U.S, Department of Commerce, Bureau of
Economic Analysis. Source of information on U.S. national income and product accounts,
U.S. international transactions, and the U.S. international investment position. Available
from the Superintendent of Documents, GPO, Washington, DC 20402.
Survey of Mortgage Lending Activity, published quarterly by the U.S. Department of Housing and
Urban Development. Source of information on mortgage loans. Available from the U.S.
Department of Housing and Urban Development, Financial Services Division, Office of
Evaluation, Washington, DC 20410.
Thrift Financial Report. See Reports of condition.
Treasury Bulletin, published quarterly by the U.S. Department of the Treasury, Financial Manage­
ment Service. Source of information on U.S. government loans. Available from the
Superintendent of Documents, GPO, Washington, DC 20402.
Treasury International Capital (TIC) Reporting System data, collected monthly by the U.S.
Department of the Treasury. Source of information on capital movements between the
United States and other countries. Summary tables appear in the Treasury Bulletin, Capital
Movements section, International Statistics division; summary tables also appear in the
Federal Reserve Bulletin, Financial and Business Statistics appendix, section on Interna­
tional Statistics.
"Trends in Mutual Fund Activity," published monthly by the Investment Company Institute,
Research Department. Source of information on mutual funds and money market mutual
funds. Available from the Investment Company Institute, 1600 M Street NW, Suite 600,
Washington, DC 20036.
Trepp/PSA CMO data, produced quarterly by Trepp Information Services, Inc. Source of informa­
tion on mortgage-backed securities held by issuers of securitized credit obligations.
Available from Trepp Information Services, Inc., 477 Madison Avenue, New York, NY
10022.
Trust Assets of Financial Institutions, published annually by the Federal Financial Institutions
Examination Council. Source of information on private pension funds. Available from the
Federal Deposit Insurance Corporation, Office of Corporate Communications, Washing­
ton, DC 20429.

54

Guide to the Flow of Funds Accounts

Trust Universe Comparison Service, a consortium of bank trust departments that contribute
information on the performance of the pension funds they manage. Source of information
on private pension funds. Data are from a sample of pension funds and include rates of
return and asset flows. Tabulated by Wilshire Associates, 1299 Ocean Avenue, Santa
Monica, CA 90401-1085.
U.S. Central Credit Union Financial Statements and Commentary, published monthly by the U.S.
Central Credit Union. Source of information on repurchase agreement loans and large time
deposits held by credit unions. Available from the U.S. Central Credit Union, 7300 College
Boulevard, Suite 600, Overland Park, KS 66210-4032.
"Weekly Consolidated Condition Report of Large Commercial Banks in the United States" (H.4.2
statistical release), published weekly by the Board of Governors of the Federal Reserve
System, Division of Monetary Affairs, Banking and Money Market Statistics Section.
Source of information on loans to security brokers and dealers from U.S.-chartered
commercial banks. Available from Board of Governors of the Federal Reserve System,
Publications Services, Washington, DC 20551.
Wilshire Associates. See Trust Universe Comparison Service.

UNPUBLISHED DATA

Unpublished data are provided to the Federal Reserve Board by the following organizations:
Bureau of Economic Analysis
International Investment Division and National Income and Wealth Division
U.S. Department of Commerce
Washington, DC 20230
Unpublished data on U.S. direct investment abroad, foreign direct investment in the United
States, and bond issues purchased by foreigners; also, unpublished data from the national
income and product accounts on undistributed profits, capital consumption allowances, and
inventory stocks.
Bureau of the Census
Governments Division
U.S. Department of Commerce
Washington, DC 20233
Unpublished data on assets of state and local government employee retirement funds.
Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045
Unpublished data on deposit liabilities of Federal Reserve Banks.


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Federal Reserve Bank of St. Louis


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Federal Reserve Bank of St. Louis

Sources of Data for the Accounts

55

Federal Retirement Thrift Investment Board
805 15th Street NW
Washington, DC 20005
Unpublished data on assets of the Federal Employees' Retirement System Thrift Savings
Plan.
U.S. Department of the Treasury
Office of the Assistant Secretary for International Affairs and Office of Market Finance
Washington, DC 20220
Unpublished data on capital movements between the United States and other countries for
the foreign sector; also, unpublished data on holdings by U.S. government investment
accounts of agency securities, participation certificates, and mortgages.
Congressional Budget Office
U.S. Congress
Washington, DC 20515
Unpublished data on Small Business Administration participation certificates.

56

Guide to the Flow of Funds Accounts

Table F.1

Income and Product Distribution

The income and product distribution table
summarizes data from the national income
and product accounts (NIPA) that are compo­
nents of the saving and investment totals for
the sectors shown in the flow of funds
accounts. The primary source of the data in
the table is the Bureau of Economic Analysis
(BEA). Quarterly data for most series are pub­
lished in the Survey of Current Business
(SCB). In some instances, however, sector

F.l

details are estimated by the staff of the Flow
of Funds Section using the distribution of
wealth by sector. Data on wealth are found on
the BEA Wealth Data Tape, which is available
at the address shown in the list of sources.

Incoae and Product Distribution

Billions of dollars
--------------------------------------------------------------------------------------------------------------1988
1989
1991
1990
FOF Code
------------------------------------------------------------------------------86902005

1 GOP

2 Current purchases
3
Households
Of which consuaer durables
4
5
State and local governaents
6
U.S. govermaent

7 Gross do■estic investaent
Private fixed investaent
8
9
Residential construction
Households
10
Far■
11
Nonfar■ noocorp. bus.
12
Nonfin. corporations
13
REITs
14

15
16
17
18
19
20

21
22
23
24
25

Nonres. plant & equipaent
Nonprofit inst. (tfl)
Far■
Nonfar■ noncorp. bus.
Nonfin. corporations
Financial corporations

Inventories
Far■
Nonfar■
Noncorporate
Corporate

26 Net exports
27
Exports of goods & services
28
Imports of goods & services
29 He■o:
30
31

Net factor incoae
U.S. receipts
U.S. pay■ents

Cl)

32 GNP=GDP + net factor incOll8


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Federal Reserve Bank of St. Louis

4,900.4

886901005
156901001
155011001
206901001
316901001

4,214.8
3,296.1
437.1
531.7
387.0

895013001
155013003
135013003
115013005
105013005
795013015

545.4
31.5
10.9
79.2

85050005
895019005
195012001
155012005
135012001
115012001
105012001
645012205

145020005
135020003
125020001
115020003
105020005

793.6
777.4
232.0
206.6
2.3
21.2
1.6
.3

363.3

60.3

16.2
-11.3
27.5
1.3
26.2

266990005
266902001
266903001

-108.0
444.2
552.2

86901005

4,908.2

266902105
266902101
266903101

7.9
1�8.7
120.9

5,250.8

4,498.3
3,523.1
459.4
573.6
401.6
832.3
798.9
230.9
205.6
2.8
20.7
1.6
.2

5,522.2

5,677.5

799.5
793.2
215.6
190.7
3.3
20.l
1.4
.2

721.2
731.4
190.3
172.2
1.3
15.5
1.1
.2

4,791.6
3,748.4
464.3
616.8
426.4

568.0
34.4
12.6
83.4
371.7
65.9

577.6
36.5
12.4
76.8
387.1

1.5
31.8
1.6
30.3

3.3

33.3

-79.7
508.0
587.7

16.0
157.5
141.6

5,266.7

64.8

6.3
3.1
.2
3.1

-68.9

557.0
625.9

20.8
160.6
139.9

5,542.9

4,978.1
3,887.7
446.1
643.2
447.3

541.1
37.4
10.4
61.6
369.8
62.0

-10.2
.1
-10.3
-.5
-9.8

1

2
3
4
5
6

7
8
9
10
11
12
13
14

15
16
17
18
19
20

21
22
23
24
25

-21.8
598.2
620.0

26
27
28

5,694.9

32

17.5
143.5
126.0

29
30
31

Table El

Billions of dollars

F.l

Inc0118 and Product Distribution--Continued
FOF Code

33 Disposable personal inc:Olle
34 Personal saving
35 Saving rate (percent>

36 Federal govern■ent surplus
37 St. & local goverrwent surplus
38
39
40
41
42

43
44
45
46

47
48
49
50
51

52
53
54
55
56

57
58
59
60

156012005
156007105
15600 7105 15601200 5

316061105
206061105

Corporate profits, taxes, and dividends:
Profits - total (book)
96060005
Far■s
136060005
Foreign subsidiaries
266060005
Financial corporations
796060005
Do■• nonfin. corporations
106060005
Tax accruals - total
Far■s
Financial corporations
Nonfin. corporat·ons

Dividends - total
Far■s
Financial corporations
Foreign subsidiaries
Do■• nonfin. corporation

Undist. prof. - total (book)
Far■s
Financial corporations
Foreign subsidiaries
Dom. nonfin. corporations
Cap. cons. adjust. - total
Far■s
Financ·a1 corporations
Do■• nonfin. corporations

61 Total capital cons. N/CCAdj
62
Own r-occupied hoaes CHH)
63
Nonprofit institutions Ctet)
64
Far■ noncorporate
65
Nonfar■ noncorp. business
66
Total corporate
67
Financial bus·ness
68
Corporate far■
69
Nonfin. corporations

He■o: Cap. cons. on consuaer
70
durables not included above
71 Tot. cap. cons. incl. durable

96231001
136231003
796231001
106231 00 5

96120001
136120003
7961200 01
266120001
106120005

96006001
136006003
796006001
266006001
10 600600 5

1988

1989

1990

1991

3,548.2
155.7
4.37.

3,787.0
152.1
4.07.

4,042.9
175.6
4.37.

4,209.6
199.6
4.77.

33
34
35

343.0
.5
59.5
50.6
232.4

355.4
.8
65.7
56.7
232.1

334.7
1.1
66.5
61.0
206.2

38
39
40
41
42

149.3
.8
10.8
20.0
117.8

146.5
.8
11.0
18.2
116.5

20.5
2.5

-9.0

27.0

8.5
1.6
-11.0
17.8

57
58
59
60

626.1
97.5
24.1
19.8
101.7
38;5.0
42.9
1.6
338.5

61
62
63
64
65
66
67
68
69

404.5
1, 030 .6

70
71

-136.6
38.4

-122.3
44.8

347.6
.6
49.1
41.9
256.1

137.0
.4
35.3
101.3

115.4
.8

4.2
29.2
81.1

95.2
-.7
2.4
19.9
73.6

96310003
136310103
796310003
106310.005

44.7
2.1
-.3
43.0

896300003
156300 203
156300103
136300205
11630000 5
96300003
796300 115
136300103

534.0

134.6
.7
6.0
26.7
101.2
67.1
-.6

2.8
32.8
32.2
37.4
2.5
-2.5
37.4

136.7
.5
43.9
92.3

69.4
-.4
2.1
45.7
22.0

106300005

19.0
20.1
87.2
327.7
30.9
1.6
295.1

1.7
315.1

602.8
93.2
22.5
20 .l
98.8
368.3
39.7
1.6
327.0

156300303
896300005

324.5
858.5

350.1
931.4

379.2
982.�

80.0

72 Statistical discrepancy
8700 5005
-28.5
Cl) Consists of net receipts froe foreigners of interest, corporate profits,
and e■ployee cOlll)eflsation.


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Federal Reserve Bank of St. Louis

141.3
.5
41.8
99.1

-166.2
30 .1

580.3

92.1
. 28.8
28.4
94.6
352.4
35.6

.9

5.5

-210.4
17.2

124.1
.4
42.9
80.7

64.2
-.r
7.1
48.3
8.9

21.9

36
37

43
44
45
46

47
48
49
50
51

52
53
54
55
56

72

51

58

Guide to the Flow of Funds Accounts

F.1. Income and Product Distribution
Code

1991 value
(billions
of dollars)

86902005

5,677.5

Sum of lines 3, 5, 6, 7, and 26.

2. Current purcbales by all secton

886901005

4,978.1

Sum of lines 3, 5, and 6.

3. Personal COD111111ptlon
expenditures

156901001

3,887.7

SCB, NIPA table 1.1, line 2, Personal consumption
expenditures.

4. Memo: Personal consumption
expenditures on consumer
durable goods

155011001

446.1

SCB, NIPA table 1.1, line 3, Personal consumption
expenditures, durable goods.

5. Purchases of goods and services
by state and local governments

206901001

643.2

SCB, NIPA table 1.1, line 22, Government
purchases, state and local.

6. Purchases of goods and services
by the U.S. government

316901001

447.3

SCB, NIPA table 1.1, line 19, Government
purchases, Federal.

85050005

721.2

Sum of lines 8 and 21.

8. Private fixed investment

895019005

731.4

Sum of lines 9 and 15.

9. Fixed residential investment by
private domestic nonflnandal
sectors

195012001

190.3

SCB, NIPA table 1.1, line 11, Gross private
domestic investment, residential.

10. Fixed residential investment by
the household sector

155012005

172.2

Line 9 less lines 11, 12, 13, and 14.

11. Fixed residential investment by
farm businea

135012001

1.3

12. Fixed residential investment by
nonfarm noncorporate businea

115012001

15.5

Compone�t
1. Gl"08S domestic product

7. Grou domestic investment


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Explanation

Investment in residential structures by farm
business, valued at historical cost, from BEA
Wealth Data Tape (section 5, sum of series 2 and
4). Data are annual; series is converted to quarterly
using quarterly data on NIPA total residential
investment (FOF series 195012001, table F.l ,
line 9).
Investment in residential structures by sole
proprietorships and partnerships, valued at
historical cost, from BEA Wealth Data Tape
(section 5, series 31). Data are annual; series is
converted to quarterly using quarterly data on
NIPA total residential investment (FOF series
195012001, table F.1, line 9).

Table F.l

59

F.1.-Continued
Component

Code

1991 value
(billions
of dollars)

Explanation

13. Fixed residential investment by
nonfarm nonfinancial corporate
busineu

105012001

1.1

14. Fixed multifamily residential
investment by real estate
investment trusts

645012205

.2

Estimated as 33 percent of line 14a.

645013003

.6

Investment in nonresidential equipment and
structures by holding and other investment offices,
valued at historical cost, from BEA Wealth Data
Tape (section 4, series 291), multiplied by the ratio
of two levels: (1) nonresidential equipment and
structures owned by REITs, at book value, and
(2) nonresidential equipment and structures owned
by holding and other investment offices, valued at
historical cost, from BEA Wealth Data Tape
(section 2, series 147, category 3). Nonresidential
equipment and structures of REITs at book value
estimated as 56 percent of property owned (FOF
series 645019003, table F.128, line 6b); estimate
assumes that two-thirds of the property is
nonresidential, with 83 percent of the value of
nonresidential property assumed to be attributable
to equipment and structures, and the rest to land.
Data are annual; series is converted to quarterly
by ratio method, using NIPA total investment in
nonresidential plant and equipment (FOF series
895013001, table F.1, line 15) as the denominator.

IS. Fixed nonresidential investment
by all sectors

895013001

541.1

16• Fixed nonresidential investment
by nonprofit organizations
(household sector)

155013003

37.4

14a. Fixed investment by real estate
investment trusts


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Investment in residential structures by corporate
business (assumed to be all nonfinancial), valued
at historical cost, from BEA Wealth Data Tape
(section 5, series 29). Data are annual; series is
converted to quarterly using quarterly data on
NIPA total residential investment (FOF series
195012001, table F.1, line 9).

SCB, NIPA table 1.1, line 8, Gross private
domestic investment, nonresidential.
SCB, NIPA table 8.18, line 124, Net purchases of
buildings and equipment owned and used by
nonprofit institutions serving individuals. Data are
annual; series is converted to quarterly by K-L
method.

60

Guide to the Flow of Funds Accounts

F.1. Income and Product Distribution-Continued
Code

1991 value
(billions
of dollars)

17. Fixed nonresidential investment
by farm busineg

135013003

10.4

Estimated as um of SCB, NIPA table 5.6, line 18,
Purcha es of private nonresidential farm structures,
and NIPA table 5.8, line 26, Agricultural
machinery, except tractors (unpublished quarterly
data for both serie provided by BEA), with the
sum multiplied by ratio of farm business
investment in nonresidential equipment and
structures, from BEA Wealth Data Tape (section 3,
series 100), to the sum of the two NIPA table lines
cited above for the previous complete year.

18. Fixed nonresidential investment
by nonfann noncorporate
busineg

115013005

61.6

Sum of lines 18a and 18b, less line 16 and less
93 percent of line 17.

18a. Fixed investment in
nonresidential equipment by
fann and nonfann
noncorporate business,
households, and nonprofit
organizations

165013203

61.4

Investment in nonresidential equipment by all
noncorporate sectors, valued at historical cost,
from BEA Wealth Data Tape (section 3, series
146). Data are annual; series is converted to
quarterly by ratio method, using NIPA total
investment in nonresidential plant and equipment
(FOF series 895013001, table F.l, line 15) as the
denominator.

18b. Fixed investment in
nonresidential structures by
fann and nonfann
noncorporate business,
households, and nonprofit
organizations

165013603

47.2

Investment in nonresidential tructures by all
noncorporate sectors, valued at historical cost,
from BEA Wealth Data Tape (section 3,
series 147). Data are annual; series is converted
to quarterly by ratio method, using NIPA total
investment in nonresidential plant and equipment
(FOF series 895013001, table F.l , line 15) as the
denominator.

19. Fixed nonresidential investment
by nonfann nonfinancial
corporate busineg

105013005

369.8

20. Fixed nonresidential investment
by financial corporations

795013015

62.0

Component


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Federal Reserve Bank of St. Louis

Explanation

Line 15 less lines 16, 17, 18, and 20.

Line 14a less line 14, plus lines 20a through 20i.

Table F.1

61

F.1.-Continued

Component

Code

1991 value
(billions
of dollars)

20a. Fixed nonresidential
investment by federally
sponsored credit agencies

405013003

4.0

20b. Fixed nonresidential
investment by Federal
Reserve Banks

715013003

.2

Investment in nonresidential equipment and
structures by FR Banks, valued at historical cost,
from BEA Wealth Data Tape (section 4, series
249). Data are annual; series is converted to
quarterly by ratio method, using NIPA total
investment in nonresidential plant and equipment
(FOF series 895013001, table F.1, line 15) as the
denominator.

20c. Fixed nonresidential
investment by depository
institutions in the U.S. and
U.S.-affiliated areas

705013003

35.2

Investment in nonresidential equipment and
structures by all depository institutions, valued at
historical cost, from BEA Wealth Data Tape
(section 4, series 255). Data are annual; series is
converted to quarterly by ratio method, using
NIPA total investment in nonresidential plant and
equipment (FOF series 895013001, table F.1,
line 15) as the denominator.

20d. Fixed nonresidential
investment by bank holding
companies

735013003

.1


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Investment in nonresidential equipment and
structures by nondepository credit institutions,
valued at historical cost, from BEA Wealth Data
Tape (section 4, series 261), multiplied by the ratio
of two levels: (1) total financial assets of federally
sponsored credit agencies and (2) the sum of total
financial assets of federally sponsored credit
agencies, finance companies, small business
investment corporations (FOF Section estimate),
and mortgage bankers (FOF Section estimate).
Data are annual; series is converted to quarterly
by ratio method, using NIPA total investment in
nonresidential plant and equipment (FOF series
895013001, table F.1, line 15) as the denominator.

Investment in nonresidential equipment and
structures by holding and other investment offices,
valued at historical cost, from BEA Wealth Data
Tape (section 4, series 291), multiplied by bank
holding company ratio. Ratio calculated as book
value of fixed assets of bank holding companies
(FOF series 735013103, table F.114, line 13d)
divided by nonresidential equipment and structures
owned by holding and other investment offices,
valued at historical cost, from BEA Wealth Data
Tape (section 2, series 147, category 3). Data are
annual; series is converted to quarterly by ratio
method, using NIPA total investment in
nonresidential plant and equipment (FOF series
895013001, table F.1, line 15) as the denominator.

62

Guide to the Flow of Funds Accounts

F.1. Income and Product Distribution-Continued
Component

Code

1991 value
(billions
of dollars)

20e. Fixed nonresidential
investment by life insurance
companies

545013003

6.5

Investment in nonresidential equipment and
structures by insurance carriers, valued at
historical cost, from BEA Wealth Data Tape
(section 4, series 273), multiplied by the ratio of
two levels: (1) total financial assets of life
insurance companies and (2) the sum of total
financial assets of life insurance companies, other
insurance companies, and private pension funds.
Data are annual; series is converted to quarterly
by ratio method, using NIPA total investment in
nonresidential plant and equipment (FOF series
895013001, table F.l, line 15) as the denominator.

20f. Fixed nonresidential
investment by other insurance
companies

515013003

2.4

Investment in nonresidential equipment and
structures by insurance carriers, valued at
historical cost, from BEA Wealth Data Tape
(section 4, series 273), multiplied by the ratio of
two levels: (1) total financial assets of other
insurance companies and (2) the sum of total
financial assets of life insurance companies, other
insurance companies, and private pension funds.
Data are annual; series is converted to quarterly
by ratio method, using NIPA total investment in
nonresidential plant and equipment (FOF series
895013001, table F.1, line 15) as the denominator.

20g. Fixed nonresidential
investment by private
pension funds

575013003

5.8

Investment in nonresidential equipment and
structures by insurance carriers, valued at
historical cost, from BEA Wealth Data Tape
(section 4, series 273), multiplied by the ratio of
two levels: (1) total financial assets of private
pension funds and (2) the sum of total financial
assets of life insurance companies, other insurance
companies, and private pension funds. Data are
annual; series is converted to quarterly by ratio
method, using NIPA total investment in
nonresidential plant and equipment (FOF series
895013001, table F.1, line 15) as the denominator.

20h. Fixed nonresidential
investment by finance
companies

615013003

6.8

Investment in nonresidential equipment and
structures by nondepository credit institutions,
valued at historical cost, from BEA Wealth Data
Tape (section 4, series 261), less investment in
nonresidential equipment and structures, valued at
historical cost, by federally sponsored credit
agencies (FOF series 405013003, table F.107,
line 2). Data are annual; series is converted to
quarterly by ratio method, using NIPA total
investment in nonresidential plant and equipment
(FOF series 895013001, table F.1, line 15) as the
denominator.


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Federal Reserve Bank of St. Louis

Explanation

Table El

63

F.1.-Continued
Component

Code

1991 value
(billions
of dollars)

Explanation
Investment in nonresidential equipment and
structures by security and commodity brokers,
valued at historical cost, from BEA Wealth Data
Tape (section 4, series 267). Data are annual;
series is converted to quarterly by ratio method,
using NIPA total investment in nonresidential plant
and equipment (FOF series 895013001, table F.1,
line 15) as the denominator.

665013003

.4

21. Change in inventories of all
nonfinancial business

145020005

-10.2

22. Change in inventories of farm
business

135020003

.1

SCB, NIPA table 1.1, line 14, Change in business
inventories, farm.

23. Change in inventories of the
nonfarm business sectors

125020001

-10.3

SCB, NIPA table 1.1, line 13, Change in business
inventories, nonfarm.

24. Change in inventories of nonfarm
noncorporate business

115020003

-.5

25. Change in inventories, with
inventory valuation acljustment
(current cost of inventory
change), of nonfann nonflnandal
corporate business

105020005

-9.8

Line 23 less line 24.

26. Net U.S. exports, NIPA basis

266990005

-21.8

Line 27 less line 28.

27• U.S. exports of goods and services

266902001

598.2

SCB, NIPA table 1.1, line 16, Exports of goods
and services.

28- U.S. Imports of goods and services

266903001

620.0

SCB, NIPA table 1.1, line 17, Imports of goods
and services.

29· Memo: Net U.S. factor income

266902105

17.5

20i. Fixed nonresidential
investment by security brokers
and dealers


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Federal Reserve Bank of St. Louis

Sum of lines 22 and 23.

Unadjusted flow equal to the ratio of noncorporate
current-dollar inventory stock (provided by BEA)
to total nonfarm current-dollar inventory stock
(SCB, NIPA table 5.12, line 3), multiplied by
Change in nonfarm business inventories (from
SCB, NIPA table 5.10, line 3).

Line 30 less line 31. Consists of net receipts from
foreigners of interest, corporate profits, and
employee compensation.

64

Guide to the Flow of Funds Accounts

F.1.

Income and Product Distribution-Continued

Code

1991 value
(billions
of dollars)

30. U.S. receipts of factor income
from foreigners

266902101

143.5

SCB, NIPA table 4.1, line 7, Receipts of factor
income.

31. U.S. payments of factor income to
foreigners

266903101

126.0

SCB, NIPA table 4.1, line 15, Payments of factor
income.

86901005

5,694.9

Sum of lines 1 and 29.

156012005

4,209.6

Line 33a less lines 33b and 33c.

33a. Personal income

156010001

4,828.3

SCB, NIPA table 2.1, line 1, Personal income.

33b. Personal tax and nontax
receipts of state and local
governments

206210001

145.4

SCB, NIPA table 3.3, line 2, Personal tax and
nontax receipts.

33c. Personal tax and nontax
receipts of the U.S.
government

316210001

473.4

SCB, NIPA table 3.2, line 2, Personal tax and
nontax receipts.

34. Personal saving (NIPA measure)

156007105

199.6

Line 33a less lines 3, 33b, 33c, 34a, and 34b.

34a. Interest paid by consumers to
business

156901103

112.6

SCB, NIPA table 2.1, line 28, Interest paid by
persons.

34b. Net personal transfer payments
to foreigners

156901203

9.7

SCB, NIPA table 2.1, line 29, Personal transfer
payments to rest of the world (net), or NIPA
table 4.1, line 17, Transfer payments from persons
(net).

35. Personal saving rate

Percentage

4.7%

Line 34 divided by line 33, multiplied by 100.

36. Net surplus of the U.S.
government, NIPA basis

316061105

-210.4

Sum of lines 33c, 36a, 36b, 36c, and 43, less lines
6, 36d, 36e, 36f, 36g, and 36h.

36a. Indirect business tax and
nontax accruals owed to the
U.S. government

316240001

78.2

SCB, NIPA table 3.2, line 9, Indirect business tax
and nontax accruals.

36b. Social insurance receipts of
the U.S. government

316601001

468.2

Component

32. Gross national product

33. Disposable personal income


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Federal Reserve Bank of St. Louis

Explanation

SCB, NIPA table 3.2, line 13, Contributions for
social insurance.

Table El

65

F.1.-Continued

1991 value
(billions
of dollars)

Explanation

Component

Code

36c. Wage accruals less
· disbursements by the U.S.
government

316700003

-.1

SCB, NIPA table 3.2, line 30, Wage accruals less
disbursements.

36d. Corporate profit tax accruals
owed to state and local
governments

206231001

21.5

SCB, NIPA table 3.3, line 6, Corporate profits tax
accruals.

36e. Grants-in-aid to state and local
governments from the U.S.
government

206403001

153.3

SCB, NIPA table 3.3, line 12, Federal
grants-in-aid.

36f. Net interest paid by the U.S.
government

316132001

186.9

SCB, NIPA table 3.2, line 22, Net interest paid.

36g. Transfer payments made by
the U.S. government

316401001

522.0

SCB, NIPA table 3.2, line 18, Transfer payments
(net).

36h. Subsidies less current surplus
of U.S. government enterprises

316402001

23.2

SCB, NIPA table 3.2, line 27, Subsidies less
current surplus of government enterprises.

206061105

17.2

Sum of lines 33b, 36d, 36e, 37a, 37b, 37c, and
37d, less lines 5, 37e, 37f, and 37g.

37a. Indirect business tax and
nontax accruals owed to state
and local governments

206240001

397.0

37b. Social insurance receipts of
state and local governments

206601003

60.6

37c. Net dividends received by
state and local governments

206120001

9.5

SCB, NIPA table 3.3, line 21, Dividends received
by government.

37d. Wage accruals less
disbursements by state and
local governments

206700003

.0

SCB. NIPA table 3.3, line 25, Wage accruals less
disbursements.

37e. Net interest paid by state and
local governments

206130001

-48.4

SCB, NIPA table 3.3, line 18, Net interest paid.

37f. Transfer payments to persons
made by state and local
governments

206401001

198.0

SCB, NIPA table 3.3, line 17, Transfer payments
to persons.

37g. Subsidies less current surplus
of state and local government
enterprises

206402003

-22.7

SCB, NIPA table 3.3, line 22, Subsidies less
current surplus of government enterprises.

96060005

334.7

Sum of lines 43, 47, and 52.

37. Net surplus of state and local
governments, NIPA basis

38• Corporate profits, at book value


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Federal Reserve Bank of St. Louis

SCB, NIPA table 3.3, line 7, Indirect business tax
and nontax accruals.
SCB, NIPA table 3.3, line 11, Contributions for
social insurance.

66

Guide to the Flow of Funds Accounts

F.1. Income and Product Distribution-Continued
Component

Code

1991 value
(billions
of dollars)

Explanation
Sum of lines 44, 48, and 53.

39. Profits of corporate farms

136060005

1.1

40. Profits of foreign subsidiaries

266060005

66.5

Sum of line 50 and 55.

41. Profits of financial corporations

796060005

61.0

Sum of lines 45, 49, and 54.

42. Profits before tax, at book value,
originating from domestic
operations of nonfarm
nonflnancial corporate business

106060005

206.2

Line 38 less lines 39, 40, and 41.

96231001

124.1

SCB, NIPA table 1.14, line 23, Profits tax liability.

44. Tax liabilities of corporate farms

136231003

.4

45. Tax liabilities of financial
corporations

796231001

42.9

SCB, NIPA table 1.16, line 11, Profits tax liability
of all corporate business, less line 29, Profits tax
liability of nonfinancial corporate business.

46. Tax liabilities of nonfarm
nonflnancial corporate business

106231005

80.7

Line 43 less lines 44 and 45.

96120001

146.5

48. Dividends paid by corporate
farms

136120003

.8

49. Dividends paid by financial
corporations

796120001

11.0

SCB, NIPA table 1.16, line 13, Dividends paid by
all corporate business, less line 31, Dividends paid
by nonfinancial corporate business.

SO. Earninp received from abroad by
nonfarm nonflnancial
corporations

266120001

18.2

SCB, NIPA table 1.14, line 25, Dividends, less
NIPA table 1.16, line 13, Dividends.

43. Tax liabilities to U.S. and state
and local governments

47. Dividends paid by all
corporations


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Federal Reserve Bank of St. Louis

SCB, NIPA table 6.18C, line 4, Farms. Data are
annual; series is converted to quarterly by K-L
method.

SCB, NIPA table 1.14, line 25, Dividends.

SCB, NIPA table 6.20C, line 4, Farms. Data are
annual; series is converted to quarterly by K-L
method.

Table El

61

F.1.-Continued
Code

1991 value
(billions
of dollars)

106120005

116.5

S2. Undistributed profits of all
corporations, excluding inventory
valuation and capital
consumption adjustments, at book
value

96006001

64.2

S3. Undistributed profits of corporate
farms, at book value

136006003

-.1

SCB, NIPA table 6.21C, line 4, Fanns. Data are
annual; series is converted to quarterly by K-L
method.

54. Undistributed profits of financial
corporations, at book value

796006001

7.1

SCB, NIPA table 1.16, line 14, Undistributed
profits of all corporate business, less line 32,
Undistributed profits of nonfinancial corporate
business.

SS. Undistributed profits retained
abroad by foreign operations of
nonfann nonftnancial
corporations, at book value

266006001

48.3

S6. Undistributed profits retained by
domestic operations of nonfann
nonflnancial corporate business,
at book value

106006005

8.9

Line 52 less lines 53, 54, and 55.

S7. Capital consumption adjustment
for corporations

96310003

8.5

SCB, NIPA table 1.14, line 28, Capital
consumption adjustment.

S8. Capital consumption adjustment
for corporate farms

136310103

1.6

Special BEA tabulation of capital consumption
adjustment for corporate fanns.

S9. Capital consumption adjustment
for financial corporations

796310003

-11.0

60. Capital consumption adjustment
for nonfann nonflnancial
corporate business

106310005

17.8

Component
Sl. Dividends paid by nonfann
nonfinancial corporate business


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Federal Reserve Bank of St. Louis

Explanation
Line 47 less lines 48, 49, and 50.

.SCB, NIPA table 1.14, line 26, Undistributed
profits.

SCB, NIPA table 1.14, line 26, Undistributed
profits, less NIPA table 1.16, line 14, Undistributed
profits.

SCB, NIPA table 1.16, line 16, Capital consumption adjustment for all corporate business, less
line 34, Capital consumption adjustment for
nonfinancial corporate business.
Line 57 less lines 58 and 59.

68

Guide to the Flow of Funds Accounts

F.1.

Income and Product Distribution-Continued

Code

1991 value
(billions
of dollars)

61. Capital consumption allowances,
with capital consumption
adjustment, for all sectors
allocated such allowances

896300003

626.1

62. Capital consumption allowances
on residential structures owned by
the household sector

156300203

97.5

Capital consumption allowances on
owner-occupied nonfann residential structures,
valued at current cost, from BEA Wealth Data
Tape (section 1, series 401, category 4). Data are
annual; series is converted to quarterly by ratio
method, using NIPA total capital consumption
allowances (FOP series 896300003, table F.1,
line 61) as the denominator.

63. Capital consumption allowances
on nonresidential equipment and
structures owned by nonprofit
organizations (household sector)

156300103

24.1

SCB, NIPA table 8.18, line 103, Consumption of
fixed capital, Rental value of buildings and
equipment owned and used by nonprofit
institutions serving individuals. Data are annual;
series is converted to quarterly by K-L method.

64. Capital consumption allowances,
with capital consumption
adjustment, for noncorporate
farms

136300205

19.8

Line 64a less line 68.

64a. Capital consumption
allowances, with capital
consumption adjustment, for
fann business (corporate and
noncorporate)

136300003

21.4

Quarterly data provided by BEA. Annual totals
published in SCB, NIPA table 8.21, line 6,
Consumption of fixed fann capital.

65. Capital consumption allowances,
with capital consumption
adjustment, for nonfarm
noncorporate business

116300005

101.7

Line 61 less lines 62, 63, 64, and 66.

66. Capital consumption allowances,
with capital consumption
adjustment, for corporate
business

96300003

383.0

SCB, NIPA table 1.16, line 2, Consumption of
fixed capital. Data are sea onally adjusted;
unadjusted flow set equal to seasonally adju ted
flow.

67. Capital consumption allowances,
with capital consumption
adjustment, for financial business

796300115

42.9

Component


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Federal Reserve Bank of St. Louis

Explanation
SCB, NIPA table 1.9, line 5, Consumption of fixed
capital. Data are seasonally adjusted; unadjusted
flow set equal to seasonally adjusted flow.

Sum of lines 67a through 67j.

Table El

69

F.1.-Continued
Component

Code

1991 value
(billions
of dollars)

67a. Capital consumption
allowances for federally
sponsored credit agencies

406300103

3.1

Capital consumption allowances on nonresidential
equipment and structures owned by nondepository
credit institutions, valued at current cost, from
BEA Wealth Data Tape (section 2, series 546,
category 4), multiplied by the ratio of two levels:
(1) total financial assets of federally sponsored
credit agencies and (2) the sum of total financial
assets of federally sponsored credit agencies,
finance companies, small business investment
corporations (FOF Section estimate), and mortgage
bankers (FOF Section estimate). Data are annual;
series is converted to quarterly by ratio method,
using NIPA total capital consumption allowances
(FOF series 896300003, table F.l, line 61) as the
denominator.

67b. Capital consumption
allowances for Federal
Reserve Banks

716300103

.1

Capital consumption allowances on nonresidential
equipment and structures owned by FR Banks,
valued at current cost, from BEA Wealth Data
Tape (section 2, series 540, category 4). Data are
annual; series is converted to quarterly by ratio
method, using NIPA total capital consumption
allowances (FOF series 896300003, table F.1,
line 61) as the denominator.

67c. Capital consumption
allowances for depository
institutions in the U.S. and
U.S.-afliliated areas

706300103

24.2

Capital consumption allowances on nonresidential
equipment and structures owned by all depository
institutions, valued at current cost, from BEA
Wealth Data Tape (section 2, series 543,
category 4). Data are annual; series is converted to
quarterly by ratio method, using NIPA total capital
consumption allowances (FOF series 896300003,
table F.1, line 61) as the denominator.

67d. Capital consumption
allowances for bank holding
companies

736300103

.2

Capital consumption allowances on nonresidential
equipment and structures owned by holding and
other investment offices, valued at current cost,
from BEA Wealth Data Tape (section 2, series
561, category 4), multiplied by bank holding
company ratio. Ratio calculated as book value of
fixed assets of bank holding companies (FOF
series 735013103, table F.114, line 13d) divided
by nonresidential equipment and structures owned
by holding and other investment offices, valued
at historical cost, from BEA Wealth Data Tape
(section 2, series 147, category 3). Data are annual;
series is converted to quarterly by ratio method,
using NIPA total capital consumption allowances
(FOF series 896300003, table F.1,
line 61) as the denominator.


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Federal Reserve Bank of St. Louis

Explanation

70

Guide to the Flow of Funds Accounts

F.1. Income and Product Dlstrlbution---Con....ued
Code

1991 value
(billions
of dollars)

67e. Capital consumption
allowances for life insurance
companies

546300103

3.7

Capital consumption allowances on nonresidential
equipment and structures owned by insurance
carriers, valued at current cost, from BEA Wealth
Data Tape (section 2, series 552, category 4),
multiplied by the ratio of two levels: (1) total
financial assets of life insurance companies and
(2) the sum of total financial assets of life
ins.urance companies, private pension funds, and
other insurance companies. Data are annual; series
is converted to quarterly by ratio method, using
NIPA total capital consumption allowances (FOF
series 896300003, table F.l, line 61) as the
denominator.

67f. Capital consumption
allowances for other insurance
companies

5 16300103

1.4

Capital consumption allowances on nonresidential
equipment and structures owned by insurance
carrie�, valued at current cost, from BEA Wealth
Data Tape (section 2, series 552, category 4),
multiplied by the ratio of two levels: ( 1) total
financial assets of other insurance companies and
(2) the sum of total financial assets of life
insurance companies, private pension funds, and
other insurance companies. Data are annual; series
is converted to quarterly by ratio method, using
NIPA total capital consumption allowances (FOF
series 896300003, table F.l, line 61) as the
denominator.

67g. Capital consumption
allowances for private
pension funds

5 76300103

3.3

Capital consumption allowances on nonresidential
equipment and structures owned by insurance
carriers, valued at current cost, from BEA Wealth
Data Tape (section 2, series 552, category 4),
multiplied by the ratio of two levels: (1) total
financial assets of private pension funds and (2)
the sum of total financial assets of life insurance
companies, private pension funds, and other
insurance companies. Data are annual; series is
converted to quarterly by ratio method, using
NIPA total capital consumption allowances (FOF
series 896300003, table F.l, line 61) as the
denominator.

67h. Capital consumption
allowances for finance
companies

616300103

5.3

Capital consumption allowances on nonresidential
equipment and structures owned by nondepository
credit institutions, valued at current cost, from
BEA Wealth Data Tape (section 2, series 546,
category 4), less capital consumption allowances
on nonresidential equipment and structures owned
by federally sponsored credit agencies, valued at
current cost (FOF series 406300103, table F.107,
line 1b ). Data are annual; series is converted to
quarterly by ratio method, using NIPA total capital
consumption allowances (FOF series 896300003,
table F.1, line 61) as the denominator.

Component


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Federal Reserve Bank of St. Louis

Explanation

Table El

71

F.1.-Continued

1991 value
(billions
of dollars)

Component

Code

67i. Capital consumption
allowances for real estate
investment trusts

646300103

1.0

Capital consumption allowances on nonresidential
equipment and structures owned by holding and
other investment offices, valued at current cost,
from BEA Wealth Data Tape (section 2, series
561, category 4), multiplied by the ratio of two
levels: (1) nonresidential equipment and structures
owned by REITs, at book value, and (2)
nonresidential equipment and structures owned by
holding and other investment offices, valued at
historical cost, from BEA Wealth Data Tape
(section 2, series 147, category 3). Nonresidential
equipment and structures of REITs at book value
estimated as 56 percent of property owned (FOF
series 645019003, table F.128, line 6b); estimate
assumes that two-thirds of the property is
nonresidential, with 83 percent of the value of
nonresidential property assumed to be attributable
to equipment and structures, and the rest to land.
Data are annual; series is converted to quarterly
by ratio method, using NIPA total capital
consumption allowances (FOF series 896300003,
table F.1, line 61) as the denominator.

67j. Capital consumption
allowances for security
brokers and dealers

666300103

.7

Capital consumption allowances on nonresidential
equip�ent and structures owned by security and
commodity brokers, valued at current cost, from
BEA Wealth Data Tape (section 2, series 549,
category 4). Data are annual; series is converted to
quarterly by ratio method, using NIPA total capital
consumption allowances (FOF series 896300003,
table F. l , line 61) as the denominator.

68. Capital consumption allowances
for corporate farms

136300103

1.6

69. Capital consumption allowances,
with capital consumption
adjustment, for nonfann
nonfinancial corporate business

106300005

338.5

Line 66 less lines 67 and 68.

70. Memo: Capital consumption
allowances on consumer durable
goods owned by the household
sector

156300303

404.5

Capital consumption allowances on all durable
goods owned by consumers, valued at current cost,
from BEA Wealth Data Tape (section 1, series
567, category 4). Data are annual; series is
converted to quarterly by ratio method, using
NIPA total capital consumption allowances (FOF
series 896300()()3, table F.l, line 61) as the
denominator.


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Federal Reserve Bank of St. Louis

Explanation

SCB, NIPA table 6.22C, line 3, Farms. Data are
annual; series is converted to quarterly by K-L
method.

72

Guide to the Flow of Funds Accounts

F.1.

Income and Product Distribution-Continued

Code

1991 value
(billions
of dollars)

896300005

1,030.6

87005005

21.9

SCB, NIPA table 1.9, line 11, Statistical
discrepancy; also, on this table, the sum of lines 7,
26, and 30, less lines 31, 34, 36, 37, 52, 57, 61,
72a, 72b, and 72c.

72a. Inventory valuation adjustment
for nonfarm nonfinancial
corporate business

105020601

3.1

SCB, NIPA table 1.16, line 33, Inventory valuation
adjustment.

72b. Net transfer payments from
the U.S. to foreigners

266400001

-13.3

SCB, NIPA table 4.1, line 16, Transfer payments
(net).

72c. Private wage accruals less
disbursements

836700003

.0

SCB, NIPA table 5.1, line 10, Wage accruals less
disbursements.

Component
71. Capital consumption allowances,
including capital consumption
allowances on consumer durable
goods

72. NIPA statistical discrepancy


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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 61 and 70.


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Federal Reserve Bank of St. Louis

14

Guide to the Flow of Funds Accounts

Table F.2 Credit Market Borrowing by Nonfinancial Sectors
Credit market borrowing is the acquisition of
funds other than equities through formal credit
channels, such as the issuance of securities or
borrowing from financial institutions. Credit
market instruments include U.S. government
securities, municipal securities, corporate
bonds, mortgages, open market paper, con­
sumer credit, loans from banks, and loans
from other lenders. Excluded are equities,
trade debt, security credit, tax liabilities, mis­
cellaneous claims, and proprietors' investment
in unincorporated business.
Credit market borrowing represents the
transfer of funds from sectors that make
resources available through saving to sectors
that undertake productive investment in the
economy or whose operations have a direct
effect on aggregate economic activity. As a
result, particular emphasis is placed on the
borrowing that is done by the nonfinancial
sectors, which include households, nonfinan­
cial businesses, governments, and the foreign
sector.
The borrowing by these sectors that is sum­
marized in table F.2 can also be found with
underlying detail on the individual sector
tables, which appear later in this publication.


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Outstanding values corresponding to the data
that appear in table F.2 are conceptually the
same as those used in the monthly debt aggre­
gate that is published in the Federal Reserve
(FR) Board weekly H.6 statistical release,
"Money Stock, Liquid Assets, and Debt Mea­
sures." The figures in the H.6 release are
adjusted to eliminate breaks and are on a
month-average basis, in contrast to the
quarter-end figures in the flow of funds
accounts. Information on the calculation of the
debt aggregate and how the H.6 figures differ
from the series in the flow of funds releases
can be found on page 2 of the H.6 release, in
the footnote to table 1. Additional detail on
the relationship between the month-average
debt aggregates and the flow of funds quarter­
end measures is given in part 1 of this
publication.

Table R2

F.Z

Credit ttarkat Borrowing by Nonfinancial Sectors

---------------------------------------------------------------------------------------------------------------1990
1989
1991
1983
FOF Coda
-------------------------------------------------------------------------------

Billions of dollars

1 Total do■astic

z

3
4

5
6
7
8
9
10
11
12

13
14
15
16

17
18
19
20
21

zz
23

U.S. govarn■ant
Treasury issues
Agency issues & ■ortgages
Private, by transaction
Tax-exe■pt securities
Corporate bonds
Mortgages
Holfte 11ortgagas
Hultifa■ily resid.
Co1111arcial
Far■
Consu■ar credit
Bank loans n.a.c.
Co■■arcial paper
Other loans

Private, by sector
Households
Nonfinancial business
Far■
Nonfar■ noncorporata
Corporate
State&local gover1"1110nts

24 Fgn. borrowing in U.S.
ZS
Bonds
26
Bank loans n.e.c.
27
Co■11ercial paper
28
U.S. govt. & other loans

29 Total do■estic plus foreign


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Federal Reserve Bank of St. Louis

384104005

775.8

314102005
313161505
313161755

155.1
137.7
17.4

153166005
193168005
103169705
253169255

50.l
41.0
11.9
43.6

254104005
253162005
103163005
193165005
193165105
123165405
193165505
893065603

620.7
53.7
103.1
317.3
241.8
16.7
60.8
-2.1

740.8

146.4
144.7
1.6

594.4
65.0
73.8
303.8
245.3
16.4
42.7
-1.5
41.7
40.Z
21.4
49.3

254104005
154102005
144104005
134102005
114102005
104104005
204102005

620.7
318.6
253.l
-7.5
61.8
198.8
48.9

594.4
305.6
225.6
1.6
50.4
173.6
63.Z

394104005

782.Z

750.9

264104005
263163003
263168005
263169175
263169255

6.4
6.9
-1.8
8.7
-7.5

10.Z
4.9
-.1
13.1
-7.6

665.0

246.9
238.7
8.2

418.Z
51.Z
47.1
244.0
219.4
3.7
21.0
-.1

452.5

278.Z
292.0
-13.8

174.3
45.8
78.6
130.0
142.Z
-2.0
-9.4
-.8

1

z

3
4

5
6
7
8
9
10
11
12

17.5
4.4
9.7
44.Z

-12.5
-33.4
-18.4
-15.8

418.Z
254.Z
115.6
2.5
26.7
86.4
48.3

174.3
158.0
-ZZ.3
.9
-23.6
.4
38.5

17
18
19
20
21

688.9

466.6

29

23.9
21.4
-2.9
12.3
-6.9

14.1
14.9
3.1
6.4
-10.2

13

14
15
16

zz

23

24
ZS
26
27
28

75

76

Guide to the Flow of Funds Accounts

F.2. Credit Market Borrowing by Nonflnandal Seeton

Component

Code

1991 value
(billions
of dollars)

1. Change in credit market debt of
domestic nonfinancial secton

384104005

452.5

Sum of lines 2 and 5, or sum of lines 2 and 17.

2. Change in credit market debt of
the U.S. government

314102005

278.2

Sum of lines 3 and 4.

3. Change in ouutanding securitin
issued by the U.S. Treasury

313161505

292.0

Table F.106, sum of lines 29 and 30.

4. Changn in ouutanding securitin
issued by agencin included in the
U.S. budget and in mortgagn
owed by the U.S. government

313161755

-13.8

Table F.106, line 31.

S. Change in credit market debt of
private domntic nonflnancial
secton, by transaction type

254104005

174.3

Sum of lines 6, 1, 8, 13, 14, 15, and 16.

6. Change in liabilitin of all issuen
for tax-exempt securitin

253162005

45.8

Table F.212, line 1.

7. Change in corporate bond
liabilitin of nonfarm nonflnandal
corporate busin�, including
securitin sold by their
Netherlands Antillean financial
subsidiarin

103163005

78.6

Table F.213, line 2.

8. Change in mortgage debt of
private domntic nonflnandal
secton

193165005

130.0

Sum of lines 9, IO, 11, and 12.

9. Change in home mortgage debt of
private domntic nonfinancial
secton

193165105

142.2

Table F.217, sum of lines 2, 3, and 4.

10. Change in multifamily mortgage
debt of the nonfarm busin�
secton

123165405

-2.0

Table F.218, sum of lines 2 and 3.

11. Change in commercial mortgage
debt of private domntic
nonfinancial secton

193165505

-9.4

Table F.219, sum of lines 2, 3, and 4.

12. Change in farm mortgagn

893065603

-.8


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Federal Reserve Bank of St. Louis

Explanation

Table F.220, line 1.

Table F.2

77

F.2.-Continued
Code

1991 value
(billions
of dollars)

13. Change in consumer debt of the
household sector

153166005

-12.5

Table F.221, line 1.

14. Change in bank loans, not
elsewhere classified, to private
domestic nonfinancial sectors

193168005

-33.4

Table F.222, sum of lines 15, 16, 17, and 18.

15. Change in commercial paper
liabilities of nonfarm nonfinancial
corporate business

103169705

-18.4

Table F.223, line 3.

16. Change in outstanding other loans
to private domestic nonfinancial
sectors

253169255

-15.8

Table F.224, sum of lines 2, 5, 8, 12, 13, 14, 15,
16, 20, 21, 22, 25, 29, and 31.

17. Change in credit market debt of
private domestic nonfinancial
sectors, by sector

254104005

174.3

Sum of lines 18, 19, and 23. Also equal to line 5.

18. Change in credit market debt of
the household sector

154102005

158.0

Table F.100, line 37.

19. Change in credit market debt of
all nonfinancial business

144104005

-22.3

Sum of lines 20, 21, and 22. Also found in
table F.101, line 14.

20. Change in credit market debt of
farm business

134102005

.9

Table F.102, line 19.

21. Change in credit market debt of
nonfarm noncorporate business

114102005

-23.6

Table F.103, line 22.

22. Change in credit market debt of
nonfarm nonfinancial corporate
business

104104005

.4

Table F.104, line 40.

23. Change in credit market debt of
state and local government
general funds

204102005

38.5

Table F.105, line 24.

24. Change in credit market debt of
foreigners to U.S. residents

264104005

14.1

Sum of lines 25, 26, 27, and 28. Also found in
table F.109, line 37.

25. Change in bond liabilities of
foreigners to U.S. residents

263163003

14.9

Table F.109, line 38.

Component


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Federal Reserve Bank of St. Louis

Explanation

78

Guide to the Flow of Funds Accounts

F.2. Credit Market Borrowlna by Nonftnandal Sectors-Continued
1991 value
(billions
of dollars)

Component

Code

26. Change in outstanding loans, not
elsewhere classffled, to foreipers
held by the U.S. commercial
banking sector

263168005

3.1

Table F.109, line 39.

27. Change in U.S. commercial paper
liabilities of foreigners

263169175

6.4

Table F.109, line 43.

28. Change in outstanding U.S.
government and other loans to
foreigners

263169255

-10.2

Table F.109, sum of lines 44 and 45.

29. Change in credit market debt of
domestic nonftnandal sectors and
the foreign sector

394104005

466.6

Sum of lines 1 and 24.


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Federal Reserve Bank of St. Louis

Explanation


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Federal Reserve Bank of St. Louis

80

Guide to the Flow of Funds Accounts

Table F.3

Credit Market Borrowing by Financial Sectors

In contrast to credit market borrowing by the
nonfinancial sectors (table F.2), which fre­
quently is undertaken to finance capital expen­
ditures and current operations, credit market
borrowing by financial sectors is primarily a
source of funds for financial intermediation.
For depository institutions, borrowing is a
relatively minor source, but for other financial
firms it accounts for most or all of their funds
apart from current income. For example,

F.3

finance companies frequently raise funds in
the commercial paper market and relend to
businesses or consumers. The credit market
debt of financial institutions accounts for less
than 20 percent of all debt outstanding.

Credit Harket Borrowing by Financial Sectors

Billions of dollars
FOF Code
l Total, by transaction

2
3
4
5

6
7
8
9
10
11

U.S. govern■ent-related
Sponsored credit ag. sec.
Hortgage pool securities
Loans fro■ U.S. govern■ent

424102005
403161703
413065005
403169203

Private financial sectors
Corporate bonds
Hortgages
Bank loans n.e.c.
Open market paper
Fed. Ho111e Loan Bank loans

784104005
793163005
643165003
693168005
793169805
403069200

Private financial sectors
Commercial banks
Domestic affiliates CBHCs)
Savings and loan assns.
Hutual savings banks
Finance companies
REITs
sea issuers

784104005
764104105
734104005
454102005
463169205
614102005
644104005
673163005

12 Total, by sector
Sponsored credit agencies
13
14 Hortgage pools

15
16
17
18
19
20
21
22

794104005


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Federal Reserve Bank of St. Louis

794104005
404102805
413065005

1988

211.4
119.8

44.9
74.9
.0

91.7
16.2
.3
.6

54.8

19.7

211.4
44.9
74.9
91.7
-3.0
5.2
19.9
1.9
31.5
3.6
32.5

1989

220.l

151.0
25.2
125.8
.0
69.l

46.8
M

1.9
31.3
-11.0

220.l
25.2
125.8
69.l
-1.4
6.2
-14.l
-1.4
59.7
-1.9
22.0

1990

1991

187.l

139.2

l

138.6

2
3
4
5

167.4
17.l
150.3
-.1
19.7
34.4
.3
1.2
8.6

-24.7

187.l
17.0
150.3

19.7
-1.l
-27.7
-29.9
-.5
35.6
-1.9
45.2

147.7
9.2
M

-8.6

57.7
.6
3.2
-32.0
-38.0

139.2
9.1
138.6

-8.6
-13.3
-2.5
-39.5
-3.5
14.5
M

35.6

6
7

8

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

Table F.3

81

F.3. Credit Market Borrowing by Financial Sectors

Component

Code

1991 value
(billions
of dollars)

1. Change in credit market debt of
financial sectors, by transaction

794104005

139.2

Sum of lines 2 and 6.

2. Change in credit market debt of
U.S. government-related sectors

424102005

147.7

Sum of lines 3, 4, and 5.

3. Change in outstanding securities
issued by federally sponsored
credit agencies

403161703

9.2

Table F.210, line 10.

4. Change in outstanding federally
related mortgage pool securities
issued

413065005

138.6

Table F.210, line 11.

S. Change in loans to federally
sponsored credit agencies held by
the U.S. government

403169203

*

Table F.224, line 18.

6. Change in credit market debt of
private financial sectors

784104005

-8.6

Sum of lines 7 through 11.

7. Change in corporate bond
liabilities of financial institutions

793163005

57.7

Table F.213, line 4.

8. Change in mortgage debt of real
estate investment trusts

643165003

.6

Table F.216, line 8.

9. Change in outstanding bank
loans, not elsewhere classified, to
nonbank financial institutions

693168005

3.2

Table F.222, line 23.

10. Change in open market paper
liabilities of financial sectors

793169805

-32.0

Table F.223, sum of lines 5 and 9.

11. Change in loans to thrift
institutions held by Federal Home

403069200

-38.0

Table F.224, line 24a.

12. Change in credit market debt of
financial sectors, by sector

794104005

139.2

Sum of lines 13, 14, and 15. Also equal to line l.

Explanation

Loan Banks


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Federal Reserve Bank of St. Louis

82

Guide to the Flow of Funds Accounts

F.3. Credit Market Borrowing by Financial Sectors-Continued
Component

Code

1991 value
(billions
of dollars)

Explanation

13. Change in credit market debt of
federally sponsored credit
agencies

404102005

9.1

14. Change in credit market debt of
federally related mortgage pools,
equal to change in outstanding
mortgage pool securities issued by
them

413065005

138.6

15. Change in credit market debt of
private financial sectors

784104005

-8.6

16. Change in credit market debt of
U.S.-chartered commercial banks
and foreign banking offices in the
U.S.

764104105

-13.3

17. Change in credit market debt of
bank holding companies

734104005

-2.5

18. Change in credit market debt of
savings and loan associations

454102005

-39.5

Table F.118, line 24.

19. Change in credit market debt of
mutual savings banks, equal to
change in outstanding loans to
them from Federal Home Loan
Banks

463169205

-3.5

Table F.119, line 22.

20. Change in credit market debt of
finance companies

614102005

14.5

Table F.125, line 11.

21. Change in credit market debt of
real estate investment trusts

644104005

*

Table F.128, line 9.

22. Change in credit market debt of
issuers of securitized credit
obligations, equal to change in
their corporate bond liabilities

673163005

35.6

Table F.130, line 5.


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Federal Reserve Bank of St. Louis

Table F.107, line 20.

Table F.108, line 5. Also equal to line 4 above.

Sum of lines 16 through 22. Also equal to line 6.

Sum of table F.112, lines 34 and 36, and table
F.113, line 24.

Table F.114, sum of lines 19 and 20.


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Federal Reserve Bank of St. Louis

84

Guide to the Flow of Funds Accounts

Table F.4 Credit Market Borrowing, All Sectors, by Transaction
cial Sectors) and shows the total amount of
funds raised in the economy through the eight
broad categories of financial instruments.

This table is the sum of tables F.2 (Credit
Market Borrowing by Nonfinancial Sectors)
and F.3 (Credit Market Borrowing by Finan-

F.4

Credit ttarket Borrowing, All Sectors, by Transaction

-------------------------------------------- - FOF

Billions of dollars

l Total
2 U.S. government securities
Tax-exempt securities
3
4 Corporate & foreign bonds
5 Mortgages

6

7
8
9

Consu■er credit
Bank loans n.e.c.
Open ■arket paper
Other loans


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Federal Reserve Bank of St. Louis

Code

894104005
&93161005
253162005
893163005
893065005

153166005
893168005
893169175
893169255

-------------------------------------------1983
1939
1990
1991
----------------------------------------

993.6
274.9
53.7

126.3
317.5

SO.I
39.9
75.4
55.a

971.0
297.3
65.0
125.5
303.0

41.7

41.9
65.9
31.6

876.0
414.4
51.2
102.9

605.8
426.0
45.8

17.5

-12.s
-27.l
-44.0
-64.2

244.3
2.8

30.7
12.4

151.2
130.6

l
2

3

4
5

6
7

8

9

Table F.4

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

Component

Code

1991 value
(billions
of dollars)

1. Change in credit market debt of all
sectors

894104005

605.8

Sum of lines 2 through 9.

2. Change in total U.S. government
securities outstanding, including
agency securities

893161005

426.0

Table F.210, line 1.

3. Change in liabilities of all issuers
for tax-exempt securities

253162005

45.8

Table F.212, line 1.

4. Change in corporate and foreign
bond liabilities of all issuers

893163005

151.2

Table F.213, line 1.

5. Change in mortgages of all types

893065005

130.6

Table F.216, line 1.

6. Change in consumer debt of the
household sector

153166005

-12.5

Table F.221, line 1.

7. Change in outstanding bank loans,
not elsewhere classified, to all
sectors

893168005

-27.1

Table F.222, line 13.

8. Change in total open market paper
liabilities

893169175

-44.0

Table F.223, line 1.

9. Change in total other loans
outstanding to all sectors

893169255

-64.2

Table F.224, line 1.


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Federal Reserve Bank of St. Louis

Explanation

85

86

Guide to the Flow of Funds Accounts

Table F.5 Funds Raised Through Mutual Funds and Corporate Equities
The issuance of corporate equities is an alter­
native to credit market borrowing for corpora­
tions. Mutual fund shares are liabilities of the
mutual funds, issued to provide them with
resources for their role as financial intermedi­
aries serving businesses, governments, and
other financial institutions through purchases
of equities and other securities. Mutual fund
shares and corporate equities are not consid­
ered credit market instruments in the flow of
funds accounts, but the information on funds

F.S

raised in equity markets is presented for com­
pleteness and to allow users to compare the
sizes of the equity and credit markets. Corpo­
rate firms shift their financing between the two
markets depending on the relative costs of
funds.

Fi.ms Raised Through Mutual Fi.ms and Corporate Equities

---------------------------------------------- FOF Code
----------Billions of dollars

1 Total net issues
z Mutual fl.nds
Corporate equities
3
Nonfinancial corporations
4
Financial corporations
5
Foreign shares
purchased in U.S.
6


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Federal Reserve Bank of St. Louis

893064005
653164005
893064105
103164003
793164105
263164003

-- -

1988
-118.4
6.1
-1Z4.S
-1Z9.5
4.1
.9

--------------------------------------1989
1990
1991
-------------------------------------65.7
38.S
-104.Z
-1Z4.Z
Z.7
17.Z

ZZ.l
67.9
-45.8
-63.0
9.8
7.4

198.8
150.S
48.3
18.3
-.1
30.Z

l

z

3
4
5

6

Table R5

F.5. Funds Raised Through Mutual Funds and Corporate Equities
Component

Code

1991 value
(billions
of dollars)

1. Net issuance of mutual fund
shares and corporate equities by
all sectors

893064005

198.8

Sum of lines 2 and 3.

2. Net issuance of mutual fund
shares

653164005

150.5

Table F.214, line 1.

3. Net issuance of corporate equities
by all sectors

893064105

48.3

Sum of lines 4, 5, and 6.

4. Net issuance of equities by
nonfarm nonfinancial corporate
business

103164003

18.3

Table F.215, line 2.

5. Net issuance of equities by
financial corporations

793164105

-. 1

6. Net purchases of foreign
corporate equities by U.S.
residents

263164003

30.2


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Federal Reserve Bank of St. Louis

Explanation

Table F.215, sum of lines 4, 5, 6, and 7.

Table F.215, line 3.

87

88

Guide to the Flow of Funds Accounts

Table F.6

Total Net Borrowing and Lending in Credit Markets

This table provides an additional summary of
the data on credit market borrowing shown in
tables F.2 through F.4. Also shown is credit
market lending by sectors. The details under­
lying credit market lending for each sector can
be found in individual sector tables. While
most credit market debt outstanding is due
from nonfinancial sectors, close to 75 percent
of credit market assets is held by financial
sectors, emphasizing the role of financial inter­
mediaries as formal providers of credit. At the
end of 1991 these assets were distributed


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Federal Reserve Bank of St. Louis

roughly equally among the major groups of
financial institutions: government-related
entities, commercial banking, thrift institu­
tions, insurance and pension funds, and other
financial institutions; in earlier years the
assets were held primarily by the depository
institutions.

Table R6

f.6

Total Net Borrowing and Lending in Credit Markets Cl)

---------------------------------------------------------------------------------------------------------------1988
fOF Code
1989
1990
1991
-------------------------------------------------------------------------------

Billions of dollars

l

Total net borrowing
in credit markets

894104005

993.6

971.0

876.0

605.8

l

2
3
4
5
6
7
8
9

Domestic nonfinan. sectors
U.S. govern11e11t
Private domestic
Households
farm business
Nonfarm noncorp. bus.
Corporate business
State&local govern■ents

384104005
314102005
254104005
154102005
134102005
114102005
104104005
204102005

775.8
155.1
620.7
318.6
-7.5
61.8
198.8
48.9

740.8
146.4
594.4
305.6
1.6
50.4
173.6
63.2

665.0
246.9
418.2
254.2
2.5
26.7
86.4
48.3

452.5
278.2
174.3
158.0
.9
-23.6
.4
38.5

10
11
12
13
14
15
16
17
18
19
20

2
3
4
5
6
7
8
9

Foreign borr. in U.S.
Financial sectors
Sponsored credit agencies
Mortgage pools
Commercial banks
Bank affiliates (BHCs)
Savings and loan assns.
Mutual savings banks
Finance companies
REITs
SCO issuers

264104005
794104005
404102005
413065005
764104105
734104005
454102005
463169205
614102005
644104005
673163005

6.4
211.4
44.9
74.9
-3.0
5.2
19.9
1.9
31.5
3.6
32.5

10.2
220.l
25.2
125.8
-1.4
6.2
-14.1
-1.4
59.7
-1.9
22.0

23.9
187.1
17.0
150.3
-1.1
-27.7
-29.9
-.5
35.6
-1.9
45.2

14.1
139.2
9.1
138.6
-13.3
-2.5
-39.5
-3.5
14.5
35.6

10
11
12
13
14
15
16
17
18
19
20

21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47

Total net lending
in credit markets

M

894104005

993.6

971.0

876.0

605.8

21

Private do�. nonfin. sectors
Households
Nonfarm noncorp. business
Corporate business
State & local govern■ents
U.S. government

254004005
154004005
114004005
104004005
214002005
314002005

226.2
198.9
3.1
5.7
18.6
-10.6

209.6
179.5
-.8
12.9
17.9
-3.1

203.8
172.3
-1.4
6.6
26.2
33.7

21.4
-14.1
-1.8
21.1
16.3
10.0

22
23
24
25
26
27

Foreign

264004005

96.3

74.1

58.4

44.7

794004005
404002005
413065005
714002105

681.8
37.l
74.9
10.5

690.4
-.5
125.8
-7.3

28

financial sectors
Sponsored credit agencies
Mortgage pools
Monetary authority

580.2
16.4
150.3
8.1

529.7
14.2
138.6
31.l

Commercial banking
U.S. commercial banks
Foreign banking offices
Bank affiliates
Banks in U.S. poss.

764004005
724004005
754004005
734004005
744002005

157.1
127.1
29.4
-.1
.7

176.8
145.7
26.7
2.8
i..6

125.4
95.2
28.4
-2.8
4.5

29
30
31
32

84.0
38.9
48.5
-1.5
-1.9

Private nonbank finance
Thrift institutions
Savings & loan assns.
Mutual savings banks
Credit unions

694004005
494004005
454002005
464004005
474004005

402.2
119.0
87.4
15.3
16.3

395.7
-91.0
-93.9
-4.8
7.7

279.9
-151.9
-143.9
-16.5
8.5

33
34
35
36
37

261.8
-144.9
-140.9
-15.5
11.5

Insurance sector
Life insurance cos.
Other insurance cos.
Private pension funds
St.&loc.govt.rtr.funds

584004005
544004005
514004005
574004005
224004005

186.2
103.8
29.2
18.l
35.1

207.7
93.1
29.7
36.2
48.7

38
39
40
41
42
43
44
45
46
47

684004005
614002005
654004005
634002005
643065003
664004005
673163005

96.9
49.2
11.9
10.7
.9
-8.2
32.5

215.4
83.2
34.7
60.6
37.0

Finance n.e.c.
Finance co■panies
Mutual funds
Honey market funds
REITs
Brokers and dealers
sco issuers

278.9
69.3
23.8
67.l
.5
96.3
22.0

188.5
94.4
26.5
16.6
51.0
243.3
41.6
41.4
80.9
-.7
34.9
45.2

191.3
-13.1
90.3
30.l
-.7
49.0
35.6

48
49
50
51
52
53
54

48
49
50
51
52
53
54

Cl) Excludes corporate equities and ■utual fund shares.


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Federal Reserve Bank of St. Louis

89

90

Guide to the Flow of Funds Accounts

F.6. Total Net Borrowing and Lending in Credit Markets

Component

Code

1991 value
(billions
of dollars)

1. Change in credit market debt of
all sectors

894104005

605.8

Sum of lines 2, 10, and 11; also equal to line 21.
Excludes issues of corporate equities and mutual
fund shares.

2. Change in credit market debt of
domestic nonfinancial sectors

384104005

452.5

Sum of lines 3 and 4.

3. Change in credit market debt of
the U.S. government

314102005

278.2

Table F.106, line 28.

4. Change in credit market debt of
private domestic nonfinancial
sectors

254104005

174.3

Sum of lines 5 through 9.

5. Change in credit market debt of
the household sector

154102005

158.0

Table F.100, line 37.

6. Change in credit market debt of
farm business

134102005

.9

Table F.102, line 19.

7. Change in credit market debt of
nonfarm noncorporate business

114102005

-23.6

Table F.103, line 22.

8. Change in credit market debt of
nonfarm nonfinancial corporate
business

104104005

.4

Table F.104, line 40.

9. Change in credit market debt of
state and local government
general funds

204102005

38.5

Table F.105, line 24.

10. Change in credit market debt of
foreigners to U.S. residents

264104005

14.1

Table F.109, line 37.

11. Change in credit market debt of
financial sectors

794104005

139.2

12. Change in credit market debt of
federally sponsored credit
agencies

404102005

9.1


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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 12 through 20.

Table F.107, line 20.

Table F.6

91

F.6.-Continued

Component

Code

1991 value
(billions
of dollars)

13. Change in credit market debt of
federally related mortgage pools,
equal to change in outstanding
mortgage pool securities issued by
them

413065005

138.6

Table F.108, line 5.

14. Change in credit market debt of
U.S.-chartered commercial banks
and foreign banking offices in the
U.S.

764104105

-13.3

Sum of table F.112, lines 34 and 36, and table
F.113, line 24.

15. Change in credit market debt of
bank holding companies

734104005

-2.5

16. Change in credit market debt of
savings and loan associations

454102005

-39.5

Table F.118, line 24.

17. Change in credit market debt of
mutual savings banks, equal to
change in outstanding loans to
them from Federal Home Loan
Banks

463169205

-3.5

Table F.119, line 22.

18. Change in credit market debt of
finance companies

614102005

14.5

Table F.125, line 11.

19. Change in credit market debt of
real estate investment trusts

644104005

*

Table F.128, line 9.

20. Change in credit market debt of
issuers of securitized credit
obligations, equal to change in
their corporate bond liabilities

673163005

35.6

Table F.130, line 5.

21. Change in credit market assets of
all sectors

894104005

605.8

22. Change in credit market assets of
private domestic nonfinancial
sectors

254004005

21.4

23. Change in credit market assets of
the household sector

154004005

-14.1


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Federal Reserve Bank of St. Louis

Explanation

Table F.114, sum of lines 19 and 20.

Sum of lines 22, 27, 28, and 29; also equal to
line 1. Excludes net purchases of corporate equities
and mutual fund shares.
Sum of lines 23, 24, 25, and 26.

Table F.100, line 23.

92

Guide to the Flow of Funds Accounts

F.6. Total Net Borrowing and Lending in Credit Markets-Continued
Component

Code

1991 value
(billions
of dollars)

24. Change in credit market assets of
nonfarm noncorporate business

114004005

-1.8

Table F.103, sum of lines 13, 14, and 15.

25. Change in credit market assets of
nonfarm nonfinancial corporate
business

104004005

21.1

Table F.104, sum of lines 26, 27, 28, and 29.

26. Change in credit market assets of
state and local government
general funds

214002005

16.3

Table F.105, line 16.

27. Change in credit market assets of
the U.S. government

314002005

10.0

Table F.106, line 19.

28. Change in U.S. credit market
assets of foreigners

264004005

44.7

Table F.109, line 18.

29. Change in credit market assets of
financial sectors

794004005

529.7

30. Change in credit market assets of
federally sponsored credit
agencies

404002005

14.2

31. Change in credit market assets of
federally related mortgage pools,
equal to their net acquisition of
financial assets

413065005

138.6

32. Change in credit market assets of
the monetary authority

714002105

31.1

Table F.110, line 10.

33. Change in credit market assets of
the commercial banking sector

764004005

84.0

Sum of lines 34, 35, 36, and 37.

34. Change in outstanding credit
market funds advanced by
U.S.-chartered commercial banks

724004005

38.9

Table F.112, line 42.

35. Change in outstanding credit
market funds advanced by foreign
banking offices in the U.S.

754004005

48.5

Table F.113, line 27.


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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 30, 31, 32, 33, and 38.

Table F.107, line 6.

Table F.108, line 1. Also equal to line 13 above.

Table F.6

F.6.-Continued

Component

Code

1991 value
(billions
of dollars)

Explanation

36. Change in outstanding credit
market funds advanced by bank
holding companies

734004005

-1.5

Table F.114, line 4.

37. Change in outstanding credit
market funds advanced by banks
in U.S.-affiliated areas

744002005

-1.9

Table F.115, line 5.

38. Change in credit market assets of
private nonbank financial
institutions

694004005

261.8

Sum of lines 39, 43, and 48.

39. Change in credit market assets of
thrift institutions

494004005

-144.9

Sum of lines 40, 41, and 42.

40. Change in credit market assets of
savings and loan associations

454002005

-140.9

Table F.118, line 7.

41. Change in credit market assets of
mutual savings banks

464004005

-15.5

Table F.119, line 7.

42. Change in credit market assets of
credit unions

474004005

11.5

Table F.120, line 9.

43. Change in credit market assets of
insurance companies, private
pension funds, and state and local
government retirement funds

584004005

215.4

44. Change in credit market assets of
life insurance companies

544004005

83.2

Table F.121, line 8.

45. Change in credit market assets of
other insurance companies

514004005

34.7

Table F.122, line 7.

46. Change in credit market assets of
private pension funds

574004005

60.6

Table F.123, line 9.

47. Change in credit market assets of
state and local government
retirement funds

224004005

37.0

Table F.124, line 5.


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Federal Reserve Bank of St. Louis

Sum of lines 44, 45, 46, and 47.

93

94

Guide to the Flow of Funds Accounts

F.6. Total Net Borrowing and Lending in Credit Markets-Continued
Component

Code

1991 value
(billions
of dollars)

48. Change in credit market assets of
financial institutions not
elsewhere classified

684004005

191.3

Sum of lines 49 through 54.

49. Change in credit market assets of
finance companies

614002005

-13.1

Table F.125, line 5.

50. Change in credit market assets of
mutual funds

654004005

90.3

Table F.126, line 5.

51. Change in credit market assets of
money market mutual funds

634002005

30.1

Table F.127, line 6.

52. Change in credit market assets of
real estate investment trusts,
equal to change in mortgages held
by them

643065003

-.7

Table F.128, line 5.

53. Change in credit market assets of
security brokers and dealers

664004005

49.0

Table F.129, line 6.

54. Change in credit market assets of
issuers of securitized credit
obligations, equal to their net
acquisition of financial assets

673163005

35.6

Table F.130, line 1. Also equal to line 20 above.


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Federal Reserve Bank of St. Louis

Explanation


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Federal Reserve Bank of St. Louis

96

Guide to the Flow of Funds Accounts

Table F.7

Total Liabilities and Their Relation to Total Financial Assets

Table F. 7 lists the changes in the various finan­
cial instruments that account for total
increases in liabilities for all sectors in the
economy, beginning with total credit market
funds raised (line 1 ), adding funds raised
through sources other than credit market bor­
rowing (lines 2 through 20), and ending with
total financial sources or total increases in
liabilities (line 21). In principle, line 21 should
equal the net acquisition of financial assets by
all sectors, because funds raised by one sector
are always provided by other sectors, and the
provision of funds is an asset acquisition. In
actuality, the totals differ because of measure­
ment errors and differences in. timing and

F.7

reporting. Lines 22 through 29 list floats and
discrepancies for the financial instruments in
the flow of funds accounts; these lines show
the difference between the total of changes in
liabilities for these items for all sectors and the
total of changes in asset holdings of the items
by all sectors. The sum of lines 22 through 29
equals the difference between total increases
in liabilities for all sectors and their total
acquisitions of financial assets.

Total Liabilities and Their Relation to Total Financial Assets

---------------------------------FOF Code
-------------------- ----

Billions of dollars

l
2
3
4
5
6

Net flows through credit •arkets Cfro•
preceding table)
894104005
Other financial sources:
Official foreign exchange
263111005
Treasury curr. and SOR ctfs.
313112003
Life insurance reserves
153040005
Pension fund reserves
153050005
Interbank claims
774110005

7
8
9
10
13

Deposits at financial insts.
Checkable deposits
Small time & savings dep.
Large time deposits
Honey market fund shares
Security RPs
Foreign deposits

14
15
16
17
18
19
20

Mutual fund shares
Corporate equities
Security credit
Trade debt
Taxes payable
Honcorp. proprietors• equity
Miscellaneous

11

12

21 Total financial sources
- Floats not incl. in assets
Check. dep.: U.S. govt.
Other
Trade credit
Liabilities not identified
as assets
Treasury currency
25
Interbank claims
26
Security RPs
27
Taxes payable
28
Miscellaneous
29
Totals identified to sectors
as assets
30
22
23
24

-


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Federal Reserve Bank of St. Louis

1988
993.6
4.0
.5
25.3
193.6
2.9

894100005
793120005
793131005
793135005
634000005
792150005
263191003

259.9
43.2
120.8
53.6
21.9
23.5
-3.l

653164005
893064105
893167005
893170005
893178005
153080005
893190005

6.1
-124.5
3.0
89.2
5.3
-31.2
222.3

894190005

1,650.2

903023105
903029205
903070005

1.6
.8
-.9

903012005
904010005
902050005
903078005
903090005

-.1
..:3_0
-29.8
6.3
4.4

894090005

1,670.7

-------------------------------------1989
1990
1991
-------------------------------------971.0
24.8
4.1
28.8
221.4
-16.5
290.0
6.1
96.7
17.6
90.l
78.3
1.1
38.5
-104.2
15.6
60.0
2.0
-32.5
269.9
1,772.7
8.4
-3.2
.6

876.0

605.8

2.0
2.5
25.7
186.8
34.2

-5.9

96.8
44.2
59.9
-66.7
70.3
-23.5
12.6
67.9
-45.8
3.5
44.l
-.5
-39.3
120.5
1,374.3
3.3
2.5
21.5

-.2
-4.4
23.9
2.3
-95.6

.2
1.6
-34.8
6.5
-13.8

1,841.0

1,387.5

M

22.0
268.l
-2.l

l
2
3
4
5
6

58.0
75.8
16.7
-60.9
41.3
-16.4
1.5

7
8
9
10

150.5
48.3
51.4
11.2
-9.l
-1.3
157.0

14
15
16
17
18
19
20

1,354.0

11

12
13

21

-13.1
2.0
19.4

22
23
24

-.6
26.2
9.7
7.4
-25.l

25
26
27
28
29

1,328.1

30

Table F.7

F.7.

Total Liabilities and Their Relation to Total Financial Assets

Component

Code

1991 value
(billions
of dollars)

1. Net flows through credit markets

894104005

605.8

2. Net acquisition of foreign
exchange by U.S. official agencies
and increase in the U.S. net
position in the International
Monetary Fund

263111005

-5.9

Table F.200, line 5.

3. Change in liabilities of the U.S.
government for U.S. Treasury
currency and special drawing
rights certificates

313112003

*

Table F.201, line 1.

4. Change in life insurance reserves

153040005

22.0

Table F.202, line 1.

5. Change in pension fund reserves

153050005

268.1

Table F.202, line 5.

6. Change in interbank liabilities

774110005

-2.1

Table F.203, line 1.

7. Change in deposit and currency
liabilities of financial institutions

894100005

58.0

Sum of lines 8 through 13.

8. Change in liabilities of depository
institutions and the monetary
authority for checkable deposits
and currency

793120005

75.8

Table F.204, line 1.

9. Change in small time and savings
deposit liabilities of depository
institutions

793131005

16.7

Table F.205, line 1.

10. Change in large time deposit
liabilities of depository
institutions

793135005

-60.9

Table F.206, line 1.

11. Change in money market mutual
fund shares

634000005

41.3

Table F.207, line 1.

12. Changes in outstanding federal
funds bought by all sectors and in
outstanding loans to them under
security repurchase agreements

792150005

-16.4

Table F.208, line 1.


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Federal Reserve Bank of St. Louis

Explanation
Table F.6, line 1 or line 21.

97

98

Guide to the Flow of Funds Accounts

F.7.

Total Liabilities and Their Relation to Total Financial Assets-Continued

Component

Code

1991 value
(billions
of dollars)

Explanation

13. Change in foreign deposits held
by U.S. private sectors

263191003

1.5

Table F.209, line 1.

14. Net issuance of mutual fund
shares

653164005

150.5

Table F.214, line 1.

15. Net issuance of corporate equities
by all sectors

893064105

48.3

Table F.215, line 1.

16. Change in security credit
liabilities of all sectors

893167005

51.4

Table F.225, line 1.

17. Change in trade debt of all sectors

893170005

11.2

Table F.226, line 1.

18. Change in taxes payable by all
business

893178005

-9.1

Table F.227, line 1.

19. Proprietors' net investment in all
noncorporate business

153080005

-1.3

Table F.228, line 1.

20. Change in total miscellaneous
liabilities of all sectors

893190005

157.0

Table F.229, line 1.

21. Change in liabilities of all sectors

894190005

1,354.0

22. Discrepancy between changes in
U.S. government cash and
deposits as reported by the
monetary authority and the
commercial banking sector and by
the U.S. government

903023105

-13.1

23. Change in mail float other than
for the U.S. government

903029205

2.0

24. Discrepancy between changes in
trade debt and trade credit

903070005

19.4

Table F.226, line 16.

25. Change in unallocated U.S.
Treasury currency and special
drawing rights certificates

903012005

-.6

Table F.201, line 4.


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Federal Reserve Bank of St. Louis

Sum of lines 1 through 7 and

lines 14 through 20.

Table F.204, sum of lines 3 and 7, less line 21.

Table F.204, line 37, less line
22

above.

Table F.7

F.7.-Continued

1991 value
(billions
of dollars)

Component

Code

26. Discrepancy between changes in
interbank liabilities and interbank
assets of the commercial banking
sector, due to timing and
reporting ditTerences and floats

904010005

26.2

Table F.203, line 45.

27. Discrepancy between changes in
liabilities for, and holdings of,
federal funds transactions and
loans made under security
repurchase agreements, treated as
an unallocated asset

902050005

9.7

Table F.208, line 21.

28. Discrepancy between changes in
business taxes payable and
business taxes receivable

903078005

7.4

Table F.227, line 13.

29. Discrepancy between changes in
unidentified miscellaneous
liabilities of all sectors and
unidentified miscellaneous assets
of all sectors

903090005

-25.1

Table F.229, line 40.

30. Change in identified assets of all
sectors

894090005

1,328.1


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Federal Reserve Bank of St. Louis

Explanation

Line 21 less lines 22 through 29.

99

100

Guide to the Flow of Funds Accounts

Table F.8 Derivation of Measures of Personal Saving
Personal saving describes the saving of the
household sector; it includes the saving of
unincorporated business because the net
income earned by unincorporated business is
transferred to the household sector as a com­
ponent of personal income. In the national
income and product accounts (NIPA), saving
is calculated as the residual of disposable per­
sonal income (income net of taxes) less per­
sonal outlays. In the flow of funds accounts,
however, saving is calculated as the difference
between the change in financial assets and
liabilities plus the net investment in tangible
assets, primarily owner-occupied housing and
consumer durables.
The total sources of funds available to the
household sector arise from saving out of
current income and from borrowing or net
increases in liabilities. These funds are used
by the sector for net investment in tangible
assets and net increases in financial assets of
both the household and unincorporated busi­
ness sectors. The value of saving is then
obtained as the sum of the net increases in
financial assets and net investment in tangible
assets of the household, farm business, and


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Federal Reserve Bank of St. Louis

nonfarm noncorporate business, less the net
increase in liabilities of these sectors; the
result is "personal saving, flow of funds
accounts basis," shown in line 40. The per­
sonal saving on a flow of funds basis is
adjusted to the NIPA concept of saving and
shown in line 44. The difference between the
two measures, in line 46, is equal to the sector
discrepancy for the household sector, with sign
reversed. Lines 47 through 50 summarize the
different measures of personal saving as the
percentage of disposable personal income.
Capital gains are not reflected in either the
flow of funds or the NIPA measure of aggr
e­
gate personal saving. However, capital gain
s
do influence changes in household net wor
th
which is another measure of personal savi
ng:
Household net worth is shown in table
B.100
of the Federal Reserve (FR) Board semiann
ual
C.9 statistical release, "Balance Sheets for
the
U.S. Economy."

101

Table F.8

Billions of dollars

F.8

Derivation of Measures of Personal Saving Cl)
FOF Code

1 Increase in financial assets
2
Checkable deposits and curr.
3
Time and savings deposits
4
Honey market fund shares

5
6
7
8
9

10
11
12
13

14
15
16
17
18

Securities
U.S. savings bonds
Other U.S. Treasury secur.
U.S. govt. agency secur.
Tax-exempt securities
Corporate & foreign bonds
Open market paper
Mutual fund shares
Corporate equities

Private life insurance res.
Private insured pension res.
Private noninsured pen. res.
Govt. insurance & pen. res.
Miscellaneous finan. assets

174090005
173020005
173030005
153034005

153063005
153069175
153064205
153064105

28 Net inv. in tangible assets
29
Owner-occupied ho■es
30
Other fixed assets C2)
31 Consumer durables
32 .Inventories CZ)

175005005
155012065
175005205
155011065
165020005

24 Capital consu■ption allowances
25
Owner-occupied ho■es
26
Other fixed assets CZ)
27
Consumer durables

1990

1991

535.3
7.4
154.8
23.5

593.9
19.3
108.6

522.1
22.4
21.7
44.2

411.5
51.9
-62.4
28.6

-35.6
31.6
2.3
-122.0

24.9
85.0
24.l
84.9
76.l

543140003
543150003
574090005
363154005
173099005
175050005
155012005
175013005
155011001
165020005

1989

54.5
8.5
38.2
77.1
54.5

174021705
313161403
173061105
153061705
153062005

19 Gross inv. in tangible assets
20
Owner-occupied ho■es
21
Other fixed assets C2)
22
Consumer durables
23
Inventories C2)

1988

778.9

206.6
145.2
437.l
-10.0

85.9

64.2
8.2
12.l
84.7
62.4

175.6

50.6
43.5
30.3

29.l
11.9
-75.3
-10.4
21.9

50.6
93.3
65.7

25.3
84.4
14.8
88.0
45.9

21.9
81.4
104.5
82.3
74.2

821.9
205.6
153.8
459.4
3.1

807.2
190.7
149.0
464.3
3.2

-5.8

-.1
41.9
-139.l

28.4

77.8

8.5

6.5
12.4
50.7
-27.2

l
2
3
4
5
6
7
8
9

42.9
-22.5
129.2
-68.7

10
11
12
13

743.9
172.2
126.l
446.l
-.4

19
20
21
22
23

14
15
16
17
18

176300005
156300203
176300105
156300303

532.4
80.0
127.9
324.5

579.7
92.l
137.5
350.l

615.4
93.2
143.0
379.2

649.2
97.5
147.2
404.5
94.7
74.6
-21.1
41.6
-.4

28
29
30
31
32

33 Net increase in liabilities
34
Htg. debt on nonfar■ homes
35
Other mortgage debt C2)
36
Consumer credit
37
Security credit
38
Policy loans
39
Other liabilities C2)

174190005
173165105
173165205
153166005
153167205
153169405
173199005

400.7
241.2
56.6
50.l
1.7
-.1
51.3

379.5
244.7
41.3
41.7
-1.0
3.2
49.6

296.3
218.9
20.4
17.5
-3.7
4.1
39.2

165.5
141.7
-3.3
-12.5
16.3
4.8
18.6

33
34
35
36
37
38
39

40
41
42
43
44

176006005
363154005
155011065
136006305
176007005

381.0
84.9
112.6
1.4
182.2

456.5
93.3
109.3
1.8
252.l

417.5

85.l
2.2
242.3

340.7
82.3
41.6
1.6
215.2

40
41
42
43
44

1560_07105

155.7

152.l

175.6

199.6

45

10.7Z
5.lZ
4.3Z
.7Z

12.0%
6.6Z
4.0%
2.6%

10.3Z
5.9%
4.3%
1.6Z

8.0Z
5.IZ
4.7Z
.3%

47
48
49
50

Personal saving, FOF C3)
- Govt. insurance & pen. res.
- Net investment in cons. dur.
- Net saving by far■ corps.
Personal saving
CNIPA concept, FOF data)

45 Personal saving CNIPA ■easure)
46 Difference C4)

176007905

47
48
49
50

176006005
176007005
156007105
176007905

246.5
126.5
17.3
112.6
-10.0

Personal saving as a percentage of disposable personal inc0t1e:

FOF ■easure Cline 40)

NIPA concept,FOF dataCline 44)
NIPA ■easure Cline 45)

Difference Cline 46)

156012005
156012005
156012005
156012005

Cl) Combined statement for households, fat■ business,
and nonfar■ noncorporate business.
CZ) Includes corporate far■s.
3
( ) Line I plus line 28 less line 33.
C4) Household discrepancy with sign reversed.


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Federal Reserve Bank of St. Louis

26.5

242.2
113.5
16.4
109.3
3.1

100.0

191.8
97.5
6.0
85.1
3.2

88.0

66.8

15.6

24
25
26
27

46

102

F.8.

Guide to the Flow of Funds Accounts

Derivation of Measures of Personal Saving

Component

Code

1991 value
(billions
of dollars)

1. Change in financial assets of the
household sector, farm business,
and nonfarm noncorporate
business

174090005

411.5

2. Change in checkable deposits and
currency held by the household
sector, farm business, and
nonfarm noncorporate business

173020005

51.9

Sum of lines 2a, 2b, and 2c.

2a. Change in checkable deposits
and currency held by the
household sector

153020005

50.8

Table F.100, line 19.

2b. Change in checkable deposits
and currency held by farm
business

133020003

.2

Table F.102, line 14.

2c. Change in checkable deposits
and currency held by nonfarm
noncorporate business

113020003

1.0

Table F.103, line 11.

3. Change in time and savings
deposits held by the household
sector, farm business, and
nonfarm noncorporate business

173030005

-62.4

3a. Change in small time and
savings deposits held by the
household sector

153031005

10.0

Table F.100, line 20.

3b. Change in large time deposits
held by the household sector

153035005

-71.8

Table F.100, line 21.

3c. Change in large time deposits
held by nonfarm noncorporate
business

113035003

-.6

Table F.103, line 12.

4. Change in money market mutual
fund shares held by the household
sector

153034005

28.6

Table F.100, line 22.

S. Change in securities held by the

174021705

29.1

Sum of lines 6 and 7 and lines 8 thro
ugh 13.

household sector, farm business,
and nonfarm noncorporate
business


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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 2, 3, 4, 5, 14, 15, 16, 17, and 18.

Sum of lines 3a, 3b, and 3c.

Table RB

F.8.-Continued
Component

Code

1991 value
(billions
of dollars)

6. Change in savings bond liability
of the U.S. government (asset of
the household sector)

313161403

11.9

7. Change in U.S. Treasury
securities, other than U.S. savings
bonds, held by the household
sector, farm business, and
nonfarm noncorporate business

173061105

-75.3

Sum of lines 7a and 7b.

7a. Change in U.S. Treasury
securities, other than U.S.
savings bonds, held by the
household sector

153061105

-76.7

Table F.211, line 21.

7b. Change in U.S. government
securities held by nonfarm
noncorporate business

113061003

1.4

Table F.103, line 13.

8. Change in U.S. government
agency securities held by the
household sector

153061705

-10.4

Table F.211, line 22.

9. Change in tax-exempt securities
held by the household sector

153062005

21.9

Table F.100, line 25.

10. Change in corporate and foreign
bonds held by the household
sector

153063005

42.9

Table F.100, line 26.

11. Change in open market paper
held by the household sector

153069175

-22.5

Table F.100, line 28.

12. Net purchases of mutual fund
shares by the household sector

153064205

129.2

Table F. l 00, line 29.

13. Net purchases of corporate
equities by the household sector

153064105

-68.7

Table F.100, line 30.

14. Change in life insurance reserve
liabilities of life insurance
companies

543140003

21.9

Table F.121, line 19.


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Federal Reserve Bank of St. Louis

Explanation
Table F.210, line 5.

103

104

F.8.

Guide to the Flow of Funds Accounts

Derivation of Measures of Personal Saving-Continued

Code

1991 value
(billions
of dollars)

15. Change in pension fund reserve
liabilities of life insurance
companies

543150003

81.4

Table F.121, line 20.

16. Change in pension reserve
liabilities of private pension
funds, equal to their net
acquisition of financial assets

574090005

104.5

Table F.123, line 3.

17. Change in liabilities of U.S. and
state and local governments for
insurance and pension fund
reserves

363154005

82.3

Table F.100, line 6.

18. Change in miscellaneous financial
assets of the household sector,
farm business, and nonfarm
noncorporate business

173099005

74.2

Sum of lines 18a through 18i.

18a. Change in mortgages held by
the household sector

153065005

18.7

Table F.100, line 27.

18b. Change in security credit held
by the household sector

153067005

24.6

Table F.100, line 34.

18c. Change in total miscellaneous
assets of the household sector

153090005

10.8

Table F.100, line 35.

18d. Change in total miscellaneous
assets of farm business

133090005

2.0

Table F.102, line 15.

l 8e. Change in consumer credit
held by nonfarm noncorporate
business

113066005

*

Table F.103, line 14.

18f. Change in mortgages held by
nonfarm noncorporate
business

113065005

-3.2

Table F.103, line 15.

18g. Change in trade credit held by
nonfarm noncorporate
business

113070003

5.6

Table F.103, line 16.

18h. Change in total miscellaneous
assets of nonfarm
noncorporate business

113090005

5.7

Table F.103, line 17.

18i. Proprietors' net investment in
unincorporated security
brokers and dealers

663180005

10.1

Table F.129, line 22.

Component


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Federal Reserve Bank of St. Louis

Explanation

Table RB

105

F.8.-Continued

Code

1991 value
(billions
of dollars)

19. Gross investment in tangible
assets by the household sector,
farm business, and nonfarm
noncorporate business

175050005

743.9

Sum of lines 20, 21, 22, and 23.

20. Fixed residential investment by
the household sector

155012005

172.2

Table F.100, line 12.

21. Investment expenditures on fixed
assets, other than owner-occupied
homes, by the household sector,
farm business, and nonfarm
noncorporate business

175013005

126.1

Sum of lines 21a through 21e. Includes data for
corporate farms.

21a. Fixed nonresidential
investment by nonprofit
organizations (household
sector)

155013003

37.4

Table F.100, line 14.

21b. Fixed residential investment
by farm business

135012001

1.3

Table F.102, line 9.

21c. Fixed nonresidential
investment by farm business

135013003

10.4

Table F.102, line 10.

21d. Fixed residential investment
by nonfarm noncorporate
busine·ss

115012001

15.5

Table F.103, line 6.

21e. Fixed nonresidential
investment by nonfarm
noncorporate business

115013005

61.6

Table F.103, line 7.

22. Investment in consumer durable
goods by the household sector

155011001

446.1

Table F.100, line 13.

23. Change in inventories of farm
business (including corporate
farms) and nonfarm noncorporate
business

165020005

-.4

23a. Change in inventories of farm
business

135020003

.1

Table F.102, line 11.

23b. Change in inventories of
nonfarm noncorporate
business

115020003

-.5

Table F.103, line 8.

Component


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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 23a and 23b. Includes data for
corporate farms.

106

F.8.

Guide to the Flow of Funds Accounts

Derivation of Measures of Personal Saving-Continued
Code

1991 value
(billions
of dollars)

24. Capital consumption allowances
for the household sector, farm
business, and nonfarm
noncorporate business

176300005

649.2

25. Capital consumption allowances
on residential structures owned by
the household sector

156300203

97.5

26. Capital consumption allowances
on fixed assets, other than
owner-occupied homes, of the
household sector, farm business,
and nonfarm noncorporate
business

176300105

147.2

26a. Capital consumption
allowances on nonresidential
equipment and structures
owned by nonprofit
organizations (household
sector)

156300103

24.1

Table F.100, line 8a.

26b. Capital consumption
allowances, with capital
consumption adjustment, for
farm business (corporate and
noncorporate)

136300003

21.4

Table F.102, line 3.

26c. Capital consumption
allowances, with capital
consumption adjustment, for
nonfarm noncorporate
business

116300005

101.7

Table F.103, line 2.

27. Capital consumption allowances
on consumer durable goods
owned by the household sector

156300303

404.5

Table F.100, line 55.

28. Net investment in tangible assets
by the household sector, farm
business, and nonfarm
noncorporate business

175005005

94.7

�um of lines 29, 30, 31, and 32; also equal to
line 19 less line 24.

29. Net investment in residential
structures by the household sector

155012065

74.6

Line 20 less line 25.

Component


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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 25, 26, and 27.

Table F.100, line 50.

Sum of lines 26a, 26b, and 26c. Includes data for
corporate farms.

Table F.8

107

F.8.-Continued

Component

Code

1991 value
(billions
of dollars)

30. Net investment in fixed assets,
other than owner-occupied homes,
by the household sector, farm
business, and nonfarm
noncorporate business

175005205

-21.1

31. Net investment in consumer
durable goods by the household
sector

155011065

41.6

32. Change in inventories of farm
business (including corporate
farms) and nonfarm noncorporate
business

165020005

-.4

33. Net increase in liabilities of the
household sector, farm business,
and nonfarm noncorporate
business

174190005

165.5

Sum of lines 34, 35, 36, 37, 38, and 39.

34. Change in mortgage debt on
nonfarm homes owed by the
household sector and nonfarm
noncorporate business

173165105

141.7

Sum of lines 34a and 34b.

34a. Change in home mortgage
debt of the household sector

153165105

137.1

Table F.100, line 38.

34b. Change in home mortgage
debt of nonfarm noncorporate
business

113165105

4.7

35. Change in other mortgage debt of
the household sector, farm
business (including corporate
farms), and nonfarm
noncorporate business

173165205

-3.3

Sum of lines 35a, 35b, 35c, and 35d. Includes data
for corporate farms.

35a. Change in commercial
mortgage debt of nonprofit
organizations (liability of the
household sector)

153165503

10.6

Table F.100, line 42.

35b. Change in farm mortgages
(liability of the farm business
sector)

893065603

-.8

Table F. l 02, line 20.


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Federal Reserve Bank of St. Louis

Explanation
. Line 21 less line 26. Includes data for corporate
farms.

Line 22 less line 27.

See line 23.

Table F.217, line 3.

108

F.8.

Guide to the Flow of Funds Accounts

Derivation of Measures of Personal Saving-Continued

Component

Code

1991 value
(billions
of dollars)

35c. Change in multifamily
mortgage debt of nonfarm
noncorporate business

113165405

-2.4

Table F.218, line 2.

35d. Change in commercial
mortgage debt of nonfarm
noncorporate business

113165505

-10.7

Table F.219, line 3.

36. Change in consumer debt of the
household sector

153166005

-12.5

Table F.100, sum of lines 39 and 40.

37. Change in security credit owed by
the household sector

153167205

16.3

Table F.100, line 45.

38. Change in loans on life insurance
policies to the household sector

153169405

4.8

Table F.224, line 25.

39. Change in other liabilities of the
household sector, farm business
(including corporate farms), and
nonfarm noncorporate business

173199005

18.6

39a. Change in outstanding
tax-exempt securities issued
on behalf of, and owed by, the
household sector

153162005

8.8

Table F.100, line 41.

39b. Change in outstanding bank
loans, not elsewhere classified,
to the household sector

153168005

4.1

Table F.100, line 43.

39c. Change in outstanding other
loans to the household sector

153169005

10.1

Table F.100, line 44.

39d. Change in trade debt of the
household sector

153170003

2.5

Table F.100, line 46.

39e. Change in deferred and unpaid
life insurance premiums owed
to life insurance companies by
the household sector

543077003

1.7

Table F.100, line 47.

39f. Change in outstanding bank
loans, not elsewhere classified,
to farm business

133168000

1.7

Table F.102, line 21.

39g. Change in outstanding other
loans to farm business

133169005

*

Table F.102, line 22.


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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 39a and 39b, plus line 39c net of
line 38, plus lines 39d through 39m. Includes data
for corporate farms.

Table F.8

109

F.8.-Continued
Component

Code

1991 value
(billions
of dollars)

Explanation

39h. Change in trade debt of farm
business

133170005

-.6

Table F.102, line 23.

39i. Change in outstanding bank
loans, not elsewhere classified,
to nonfarm noncorporate
business

113168005

-14.3

Table F.103, line 24.

39j. Change in outstanding other
loans to nonfarm noncorporate
business

113169005

-.8

Table F.103, line 25.

39k. Change in taxes payable by
nonfarm noncorporate
business

113178203

.4

Table F.103, line 26.

391. Change in trade debt of
nonfarm noncorporate
business

113170003

2.1

Table F.103, line 27.

39m. Change in total miscellaneous
liabilities of nonfarm
noncorporate business

113190005

7.8

Table F.103, line 28.

40. Personal saving, FOF accounts
measure

176006005

340.7

41. Change in liabilities of U.S. and
state and local governments for
insurance and pension fund
reserves

363154005

82.3

See line 17.

42. Net investment in consumer
durable goods by the household
sector

155011065

41.6

See line 31.

43. Net saving of corporate farms

136006305

1.6

44. Personal saving, NIPA basis,
calculated with FOF accounts
data

176007005

215.2

Line 40 less lines 41, 42, and 43.

45. Personal saving (NIPA measure)

156007105

199.6

SCB, NIPA table 2.1, line 30, Personal saving.
Also see table F.100, line 5.


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Federal Reserve Bank of St. Louis

Sum of lines 1 and 28, less line 33.

Table F.102, line 2.

11O

F.8.

Guide to the Flow of Funds Accounts

Derivation of Measures of Personal Saving-Continued

Component

Code

1991 value
(billions
of dollars)

46. Difference between personal
saving calculated on NIPA basis
with FOF accounts data and
personal saving on NIPA measure

176007905

15.6

47. Personal saving (FOF accounts
measure) as a percentage of
disposable personal income

Percentage

47a. Disposable personal income

156012005

8.1%

4,209.6

Explanation
Line 44 less line 45. Equal to the discrepancy for
the household sector (table F.100, line 48) with
sign reversed.

Line 40 divided by line 47a, multiplied by 100.

Table F.100, line 3.

48. Personal saving (NIPA basis
calculated with FOF accounts
data) as a percentage of
disposable personal income

Percentage

5.1%

Line 44 divided by line 47a, multiplied by 100.

49. Personal saving (NIPA measure)
as a percentage of disposable
personal income

Percentage

4.7%

Line 45 divided by line 47a, multiplied by 100.

50. Difference between personal
saving on NIPA basis calculated
with FOF accounts data and
personal saving on NIPA measure,
as a percentage of disposable
personal income

Percentage

.4%

Line 46 divided by line 47a, multiplied by 100.


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Federal Reserve Bank of St. Louis


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Guide to the Flow of Funds Accounts

112

Table F.9

Sector Discrepancies

A sector discrepancy is the amount by which
gross saving differs from gross investment for
any particular sector. Discrepancies may arise
from timing or reporting differences, measure­
ment errors, or other inconsistencies in the
data. Some sectors, such as the farm business
sector, have no discrepancy in the flow of

Billions of dollars
--------------------------

l All sectors
Households
2
3
Nonfin. corporate business
4
State and local govern11ents
5
U.S. govern•ent
6
Foreign
7
8
9
10

Financial sectors
Sponsored credit agencies
Honetary authority
Commercial banks

11
12
13
14
15
16
17
18
19
20

Private nonbank finance
Savings and loan assns.
Hutual savings banks
Credit unions
Life insurance
Other insurance
Private pension funds
Finance companies


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Federal Reserve Bank of St. Louis

REITs

Brokers & dealers

funds accounts; for these sectors, one asset or
liability flow item is calculated residually to
balance the total of sources and uses of funds.
Table F.9 presents the discrepancies for all
sectors in the accounts that have them. Toe
total of sector discrepancies equals the total of
transaction discrepancies, shown in table F.10.

F.9

Sector Discrepancies

--------------------------------------------

1989
-------��-���-------------------����-----______ 1990 ______1991___________
897005005
157005005
107005005
207005005
317005005
267005005

797005005
407005005
717005005
767005005
697005005
457005005
467005005
477005005
547005005
517005005
577005005
617005005
647005005
667005005

7.9
-26.5
34.4
-20.8
37.l
-8.8

-7.6
-1.1
.1
24.8

-31.5
-2.7
.7
-1.6
-2.1
-11.1
-3.l
-12.0
.6
-.1

-69.2
-100.0
20.0
7.6
45.6
-9.3
-33.0

-.4

-I.7
-18.4

-12.5
6.4
1.6
-1.7
2.8
-6.3
-3.2
-11.4

-.5
-.2

-18.7
-66.8
29.0
7.8
-2.0
33.0
-19.7
-1.1
-2.5
-.6

-15.6
7.1
3.7
-1.6
-14.2
2.2
-2.9
-9.6
M

-.2

4.0
-15.6
16.l
1.3
30.6
-13.7

l
2
3
4

-14.7
-I.I
-2.0
19.2

7
8
9

-30.8
2.0
.7
-1.8
-14.2
-14.4
-2.6
-2.5
2.0
.l

5

6

10
11

12
13

14
15
16
17
18
19
20

Table F.9

F.9. Sector Discrepancies

Component

Code

1991 value
(billions
of dollars)

Explanation
Sum of lines 2 through 7.

1. Sum of sector discrepancies

897005005

4.0

2. Discrepancy for the household
sector, equal to gross saving less
gross investment

157005005

-15.6

Table F.100, line 48.

3. Discrepancy for nonfarm
nonfinancial corporate business,
equal to internal funds plus
inventory valuation adjustment
less gross investment

107005005

16.1

Table F.104, line 58.

4. Discrepancy for state and local
government general funds, equal
to gross saving less net financial
investment

207005005

1.3

Table F.105, line 30.

5. Discrepancy for the U.S.
government, equal to gross saving
less gross investment

317005005

30.6

Table F.106, line 35.

6. Discrepancy for the foreign sector,
equal to net foreign investment in
U.S. (NIPA basis; sign reversed)
less net financial investment

267005005

-13.7

Table F.109, line 56.

7• Sum of financial sector
discrepancies

797005005

-14.7

Sum of lines 8, 9, 10, and 11.

8. Discrepancy for federally
sponsored credit agencies, equal
!o gross saving less gross
mvestment

407005005

-1.1

Table F.107, line 24.

9. Discrepancy for the monetary
authority, equal to gross saving
less gross investment

717005005

-2.0

Table F.110, line 25.

lO. Discrepancy for the commercial
hanking sector, equal to gross
saving less gross investment

767005005

19.2

Table F.111, line 41.

ll. Sum of private nonbank financial
sector discrepancies

697005005

-30.8


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Federal Reserve Bank of St. Louis

Sum of lines 12 through 20.

113

114

F.9.

Guide to the Flow of Funds Accounts

Sector Discrepancies-Continued
1991 value
(billions
of dollars)

Component

Code

12. Discrepancy for savings and loan
associations, equal to gross saving
less gross investment

457005005

2.0

Table F.118, line 30.

13. Discrepancy for mutual savings
banks, equal to gross saving less
gross investment

467005005

.7

Table F.119, line 24.

14. Discrepancy for credit unions,
equal to gross saving less gross
investment

477005005

-1.8

Table F.120, line 22.

15. Discrepancy for life insurance
companies, equal to gross saving
less gross investment

547005005

-14.2

Table F.121, line 23.

16. Discrepancy for other insurance
companies, equal to gross saving
less gross investment

517005005

-14.4

Table F.122, line 20.

17. Discrepancy for private pension
funds, equal to gross saving less
gross investment

577005005

-2.6

Table F.123, line 18.

18. Discrepancy for finance
companies, equal to gross saving
less gross investment

617005005

-2.5

Table F.125, line 17.

19. Discrepancy for real estate
investment trusts, equal to gross
saving less gross investment

647005005

2.0

Table F.128, line 15.

20. Discrepancy for security brokers
and dealers, equal to gross saving
less gross investment

667005005

.1

Table F.129, line 23.


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Explanation


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Federal Reserve Bank of St. Louis

Guide to the Flow of Funds Accounts

116

Table F.10 Transaction Discrepancies
A transaction discrepancy is the amount by
which the total of changes in holdings of a
particular financial instrument by all sectors
differs from the total of changes in borrowings
of that instrument by all sectors; the total
discrepancy in the national income and prod­
uct accounts (NIPA) is also considered a trans­
action discrepancy in the flow of funds
accounts. Discrepancies may arise from differ­
ences in timing or reporting, measurement

-----------------------------

F.10

errors, or other inconsistencies. No transaction
discrepancy exists for some financial instru­
ments in the accounts; for these items, changes
in holdings or borrowings are calculated as a
residual for one sector, frequently the house­
hold sector. Table F.10 shows transaction dis­
crepancies for all categories that have them.
The total of transaction discrepancies, includ­
ing the NIPA discrepancy, equals the total of
sector discrepancies found in table F.9.

Transaction Discrepancies

Billions of dollars

1988

907005005
903012005
904010005
902050005

-69.2

-.2

Checkable dep. •ail floats:
U.S. govern•ent
Other

7.9
-.I
-3.0
-29.8

-4.4
23.9

-18.7
.2
1.6
-34.8

4.0
-.6
26.2
9.7

l
2
3
4

903023105
903029205

Trade credit
Taxes payable
Miscellaneous
Nonfinancial

903070005
903078005
903090005
906000005

1.6
.8
-.9
6.3
4.4
28.5

8.4
-3.2
.6
2.3
-95.6
-.9

3.3
2.5
21.5
6.5
-13.8
-5.5

-13.l
2.0
19.4
7.4
-25.1
-21.9

5
6
7
8
9
10

87005005
836700003

-28.5
.o

.9
.o

5.5
.0

21.9
.0

11
12

l All types
2
Treasury currency
3
Interbank clai•s
4
Security RPs
5
6
7
8
9
10
11
12

------------------------------------------1989
1990
---------------------------1991-----------

FOF Code

Nonfinancial co•ponents:
NIPA discrepancy
Pvt. wage acer. less disb.


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Federal Reserve Bank of St. Louis

Table F.10

117

F.10. Transaction Discrepancies

1991 value
(billions
of dollars)

Explanation

Component

Code

1. Sum of transaction discrepancies

907005005

4.0

Sum of lines 2 through 10.

2. Change in unallocated U.S.
Treasury currency and special
drawing rights certificates

903012005

-.6

Table F.201, line 4.

3. Discrepancy between changes in
interbank liabilities and interbank
assets of the commercial banking
sector, due to timing and
reporting differences and floats

904010005

26.2

Table F.203, line 45.

4. Discrepancy between changes in
liabilities for, and holdings of,
federal funds transactions and
loans made under security
repurchase agreements, treated as
an unallocated asset

902050005

9.7

Table F.208, line 21.

5. Discrepancy between changes in
U.S. government cash and
deposits as reported by the
monetary authority and the
commercial banking sector and
by the U.S. government

903023105

-13.1

6. Change in mail float other than
for the U.S. government

903029205

2.0

7. Discrepancy between changes in
trade debt and trade credit

903070005

19.4

Table F.226, line 16.

8. Discrepancy between changes in
business taxes payable and
business taxes receivable

903078005

7.4

Table F.227, line 13.

9. Discrepancy between changes in
unidentified miscellaneous
liabilities of all sectors and
unidentified miscellaneous
assets of all sectors

903090005

-25.1

Table F.229, line 40.

906000005

-21.9

Sum of lines 11 and 12, with sign reversed.

10. Sum of the nonfinancial
component discrepancies


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Federal Reserve Bank of St. Louis

Table F.204, sum of lines 3 and 7, less line 21.

Table F.204, line 37, less line 5 above.

118

Guide to the Flow of Funds Accounts

F.10. Transaction Discrepandes--Continued
Component

11. NIPA statistical discrepancy
12. Private wage accruals les.1
disbursements


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Federal Reserve Bank of St. Louis

Code

1991 value
(billions
of dollars)

87005005

21.9

836700003

.0

Explanation
Table F. l, line 72.
Table F. l, line 72c.


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Federal Reserve Bank of St. Louis

120

Guide to the Flow of Funds Accounts

Table F.100 Households, Personal Trusts, and Nonprofit Organizations
The household sector includes individual
households, personal trusts, and nonprofit
institutions such as charitable organizations,
private foundations, schools, churches, labor
unions, and hospitals. Recent estimates indi­
cate that nonprofit institutions account for
3 percent to 4 percent of assets in this sector,
and personal trusts managed by banks hold
roughly 4 percent. Moreover, bank personal
trusts hold more than 23 percent of the house­
hold sector's commercial paper and 10½ per­
cent of its mutual fund shares and corporate
equities.
For most categories of financial assets and
liabilities, the household sector value is calcu­
lated as a residual. That is, amounts held or
owed by other sectors are subtracted from a
known total, with the remainder allocated to
the household sector. For example, the total of
federal government securities is obtained from
the Monthly Treasury Statement of Receipts
and Outlays of the United States Government
(referred to herein as Monthly Treasury State-


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Federal Reserve Bank of St. Louis

ment, or MTS). The amounts held by other
sectors (such as banks, savings and loans, and
insurance companies) are largely known and
are subtracted from this total; the household
sector is assigned the remainder. The series
calculated in this manner are designated by
"calculated as a residual" in the table and
carry a reference to the transaction table (for
example, table F.210) that lists the sectors
included in the calculation. A few series, such
as consumer credit, are available for the
household sector directly. In contrast to the
practice in some countries, the household
sector statement in the U.S. flow of funds
accounts does not include transactions of unin­
corporated businesses, which are shown sepa­
rately in the nonfarm noncorporate and farm
business sectors (tables F.102 and F.103).

Table F.100

F.100

121

Households, Personal Trusts, and Nonprofit Organizations

---------------------------------------------------------------------------------------------------------------FOF Code
1988
1989
1990
1991
-------------------------------------------------------------------------------

Billions of dollars

l Personal income
2 - Personal taxes and nontaxes

3
Disposable personal income
4 - Personal outlays
5
Personal saving, NIPA Cl)
6 + Credits from govt. insurance
7 + Net durables in consumption
8 + Capital consumption
9
Gross saving

10 Gross investment
11 Capital expend. net of sales
12
Residential construction
13
Consumer durable goods
14
Nonprofit plant and equip.

15
16

Net financial investment
Net acq. of financial assets

18
19
20
21
22

Deposits
Checkable dep. & curr.
Small time & svgs.dep.
Large time deposits
Honey mkt. fund shares

17

23
24
25
26
27
28

29
30
31
32

33
34
35

36
37
38
39
40
41
42
43
44

45
46
47

Dep. & er. mkt. instr.

Credit mkt. instruments
U.S. govt. securities
Tax-exempt securities
Corporate & fgn. bonds
Mortgages
Open market paper

Mutual fund shares
Corporate equities

Life insurance reserves
Pension fund reserves

Net inv. in noncorp. bus.
Security credit
Miscellaneous assets

Security credit
Trade debt
Hiscellaneous

48 Discrepancy
Cl)

156012005
156900005

156007105

363154005

155011065
156300005
156000105
155090005
155050005
155012005

155011001
155013003

155000005
154090005
154003205
154000005

153020005
153031005
153035005
153034005

154004005
153061005
153062005
153063005
153065005
153069175
153064205
153064105

153040005
153050005

Net increase in liabilities
Credit market instruments
Home mortgages
Installment cons. credit
Other consumer credit
Tax-exempt debt
Other mortgages
Bank loans n.e.c.
Other loans

156010001
156210005

153080005
153067005
153090005

154190005
154102005
153165105
153166100
153166200
153162005
153165503
153168005
153169005

153167205
153170003
543077003
157005005

See table F.8 for derivation of alternative personal saving
measures.

1
2

4,075.9
527.8

4,380.3
593.3

4,664.2
621.3

4,828.3
618.7

3,548.2

3,787.0
3,634.9

4,042.9
3,867.3

4,209.6
4,009.9

109.3
463.1
817.7

93.3

88.0
85.1
494.9
843.5

41.6
526.0

917.8
699.4
205.6
459.4

691.5

464.3

218.4
528.0

218.8
474.3

380.4

259.9

3.5

87.6

17.6
50.8

18
19

-14.1
-75.2
21.9
42.9
18.7
-22.5

23
24
25
26
27
28
31
32

3,392.5
155.7

84.9
112.6
423.5
776.7

803.l
67:;.2
206.6
437.1
31.5

127.9
453.4

367.1

168.2
-.8

115.3
30.3
23.5

198.9
123.3
54.5
-35.6
25.2
31.6

2.3
-122.0

25.3
193.6
-31.2
1.8
16.4

325.5
318.6
234.8
54.8
-4.7
1.3
27.0
-1.l
6.5
1.7
4.7
.4

-26.5

152.1

34.4

200.9
14.9
88.8

11.2

85.9

175.6

910.3

190.7
36.5

22.4
53.6
-32.6
44.2

199.6
82.3

849.6
865.2
655.6

16

209.6

10.0
-71.8"
28.6

50.7
-27.2

221.4

186.8

22.0
268.1

309.6
305.6
238.5
41.6
.1

255.5
254.2
212.9
19.6
-2.l

178.5
158.0
137.1
-6.5
-6.l

28.8

-32.5
12.3
14.9

2.5
13.4
2.5
7.1
-1.0
4.2

.8

-100._0

25.7

-39.3
9.2
8.4

4.1
10.9
-2.4
11.2

-3.7
4.9
.1

-66.8

10

388.1

41.9
-139.l

6.5

21.3
12.4

8

9

11
12
13
14

172.3
101.7
30.3

-5.8

6
7

172.2
446.1
37.4

179.5
103.5
62.4
19.5
-.1

3

4
5

129.2
-68.7

15

17
20
21
22

29
30

-1.3
24.6
10.8

33
34
35

8.8

41
42
43
44

10.6
4.1
10.l

16.3
2.5
1.7

-15.6

36
37
38
39
40

45
46
47
48

------------------------------------------------------------------------· ------

Hemoranda:

Net physical investment:

CA) Residential construction
expenditures
- Capital consUtaption
51
Net invest•ent
52
- Home mortga�es
53
Excess net investment
49

so

54
55
56
57
58

CB) Consumer durables
expenditures
- Capital consUtaption
Net investment

- Consumer credit
Excess net invest•ent


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Federal Reserve Bank of St. Louis

155012005
156300203
155012065

206.6
80.0
126.5

205.6
92.l
113.5

190.7
93.2
97.5

172.2
97.5
74.6

49
50
51

446.l
404.5
41.6

54
55
56

153165105
155004205

234.8
-108.2

238.5
-125.0

212.9
-115.4

155011001
156300303
155011065

437.l
324.5
112.6

459.4
350.l
109.3

464.3
379.2
85.l

153166005
155004105

50.l
62.5

41.7
67.6

17.5
67.6

137.l
-62.4

-12.5
54.2

52
53

57
58

122

Guide to the Flow of Funds Accounts

F.100.

Households, Personal Trusts, and Nonprofit Organizations

Code

1991 value
(billions
of dollars)

1. Personal income

156010001

4,828.3

2. Personal taxes and nontaxes

156210005

618.7

Sum of lines 2a and 2b.

2a. Personal tax and nontax receipts
of state and local governments

206210001

145.4

SCB, NIPA table 3.3, line 2, Personal tax and
nontax receipts.

2b. Personal tax and nontax receipts
of the U.S. government

316210001

473.4

SCB, NIPA table 3.2, line 2, Personal tax and
nontax receipts.

3. Disposable personal income

156012005

4,209.6

Line 1 less line 2.

4. Personal outlays

156900005

4,009.9

Sum of lines 4a, 4b, and 4c.

4a. Personal consumption
expenditures

156901001

3,887.7

SCB, NIPA table 1.1, line 2, Personal consumption
expenditures.

4b. Interest paid by consumers to
business

156901103

112.6

4c. Net per onal transfer payments
to foreigners

156901203

9.7

5. Personal saving (N]PA measure)

156007105

199.6

6. Credits from government
insurance transferred to the
household sector

363154005

82.3

Sum of lines 6a, 6b, 6c, and 6d. Adding these
series transfers portions of saving to the household
sector from the U.S. government and from the
general funds of state and local governments. A
corresponding subtraction appears on each of the
two FOF government tables (F.105, line 9, and
F.106, line 11). This adjustment is made in order to
maintain consistency with the treatment of private
life insurance and retirement reserves.

313140003

.1

Level from Budget of the U.S. government, part 4,
Department of Veterans Affairs, Trust Funds,
National service life insurance, U.S. government
life insurance, and Veterans special life insurance,
total assets. Adjusted to calendar-year basis and
converted to quarterly series using K-L method.
Unadjusted flow is the change in the level.

Component

6a. Change in life insurance reserve
liabilities of the U.S.
government


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Federal Reserve Bank of St. Louis

Explanation
SCB, NIPA table 2.1, line 1, Personal income.

SCB, NIPA table 2.1, line 28, Interest paid by
persons.
SCB, NIPA table 2.1, line 29, Personal transfer
payments to rest of the world (net), or NIPA
table 4.1, line 17, Transfer payments from persons
(net).

Line 3 less line 4. See table F.8 for alternative
measures of personal saving.

Table F.100

123

F.100.-Continued

Code

1991 value
(billions
of dollars)

6b. Change in federal employee
retirement reserve liabilities of
the U.S. government

313151000

24.3

6c. Change in railroad retirement
reserve liabilities of the U.S.
government

313152000

1.2

6d. Change in pension fund reserve
liabilities of state and local
government retirement funds,
equal to the change in their
reported total assets

224090003

56.7

Level at end of fiscal year from Finances of
Employee-Retirement Systems of State and Local
Governments, table 1, sum of Cash and deposits,
Securities, and Other investments. Data are annual;
series is converted to quarterly using data from
Finances of Selected Public Employee Retirement
Systems, table 1, Total cash and security holdings.
Unadjusted fl.ow is the change in the level.

155011065

41.6

Line 13 less line 7a. Expenditures on consumer
durable goods are considered current outlays in
NIPA but investment in the FOF accounts. To
adjust personal saving for the difference in
treatment while maintaining balance between
household gross saving and gross investment, the
series for expenditures on durables is added to
both saving and investment. Capital consumption
allowances on durables, not included in NIPA, is
added to other capital consumption allowances in
line 8 and is deducted from durables expenditures
in line 7.

156300303

404.5

Capital consumption allowances on all durable
goods owned by consumers, valued at current cost,
from BEA Wealth Data Tape (section 1, series
567, category 4). Data are annual; series is
converted to quarterly by ratio method, using
NIPA total capital consumption allowances (FOF
series 896300003, table F.1, line 61) as the
denominator.

Component

7. Expenditures on consumer
durable goods, included in
personal consumption
expenditures, net of capital
consumption allowances on
consumer durable goods

7a. Capital consumption allowances
on consumer durable goods
owned by the household sector


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Federal Reserve Bank of St. Louis

Explanation
Level from Monthly Treasury Statement, table 6,
schedule D, Civil service retirement and disability
fund: Public debt securities. Unadjusted flow is the
change in the level. The complete financial
statement for the civil service fund appears in the
December issue of the Treasury Bulletin.
Level from Monthly Treasury Statement, table 6,
schedule D, Railroad Retirement Board.
Unadjusted flow is the change in the level. The
complete financial statement for the retirement
board appears in the December issue of the
Treasury Bulletin.

124

Guide to the Flow of Funds Accounts

F.100. Households, Personal Trusts, and Nonprofit Organizations-Continued

Component

Code

1991 value
(billions
of dollars)

8. Capital consumption allowances
for the household sector

156300005

526.0

8a. Capital consumption allowances
on nonresidential equipment
and structures owned by
nonprofit organizations
(household sector)

156300103

24.1

SCB, NIPA table 8.18, line 103, Consumption of
fixed capital, Rental value of buildings and
equipment owned and used by nonprofit
institutions serving individuals. Data are annual;
series is converted to quarterly by K-L method.

8b. Capital consumption allowances
on residential structures owned
by the household sector

156300203

97.5

Capital consumption allowances on
owner-occupied nonfarm residential structures,
valued at current cost, from BEA Wealth Data
Tape (section 1, series 401, category 4). Data are
annual; series is converted to quarterly by ratio
method, using NIPA total capital consumption
allowances (FOP series 896300003, table F.1,
line 61) as the denominator.

156000105

849.6

Sum of lines 5, 6, 7, and 8.

10. Gross investment by the
household sector

155090005

865.2

Sum of lines 11 and 15.

11. Capital expenditures by the
household sector, net of sales

155050005

655.6

Sum of lines 12, 13, and 14.

12. Fixed residential investment by
the household sector

155012005

172.2

Line 12a less lines 12b, 12c, and 12d, and less
33 percent of line 12e.

12a. Fixed residential investment
by private domestic
nonfinancial sectors

195012001

190.3

SCB, NIPA table 1.1, line 11, Gross private
domestic investment, residential.

12b. Fixed residential investment
by nonfarm nonfinancial
corporate business

105012001

1.1

Investment in residential structures by corporate
business (assumed to be all nonfinancial), valued at
historical cost, from BEA Wealth Data Tape
(section 5, series 29). Data are annual; series is
converted to quarterly using quarterly data on
NIPA total residential investment (FOP series
195012001, table F.1, line 9).

12c. Fixed residential investment
by farm business

135012001

1.3

Investment in residential structures by farm
business, valued at historical cost, from BEA
Wealth Data Tape (section 5, sum of series 2
and 4). Data are annual; series is converted to
quarterly using quarterly data on NIPA total
residential investment (FOP series 195012001,
table F.1, line 9).

9. Gross saving of the household
sector


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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 7a, 8a, and 8b.

Table RJOO

125

F.100.-Continued

Component

Code

1991 value
(billions
of dollars)

12d. Fixed residential investment
by nonfarm noncorporate
business

115012001

15.5

12e. Fixed investment by real estate
investment trusts

645013003

.6

Investment in nonresidential equipment and
structures by holding and other investment offices,
valued at historical cost, from BEA Wealth Data
Tape (section 4, series 291), multiplied by the ratio
of two levels: (1) nonresidential equipment and
structures owned by REITs, at book value, and
(2) nonresidential equipment and structures owned
by holding and other investment offices, valued at
historical cost, from BEA Wealth Data Tape
(section 2, series 147, category 3). Nonresidential
equipment and structures of REITs at book value
estimated as 56 percent of property owned (FOF
series 645019003, table F.128, line 6b); estimate
assumes that two-thirds of the property is
nonresidential, with 83 percent of the value of
nonresidential property assumed to be attributable
to equipment and structures, and the rest to land.
Data are annual; series is converted to quarterly by
ratio method, using NIPA total investment in
nonresidential plant and equipment (FOF series
895013001, table F.1, line 15) as the denominator.

13. Investment in consumer durable
goods by the household sector

155011001

446.1

SCB, NIPA table 1.1, line 3, Personal consumption
expenditures, durable goods.

14. Fixed nonresidential investment
by nonprofit organizations
(household sector)

155013003

37.4

SCB, NIPA table 8.18, line 124, Net purchases of
buildings and equipment owned and used by
nonprofit institutions serving individuals. Data are
annual; series is converted to quarterly by K-L
method.

15. Net financial investment by the
household sector

155000005

209.6

Line 16 less line 36.

16. Net acquisition of financial assets
by the household sector

154090005

388.1

Sum of lines 17, 29, 30, 31, 32, 33, 34, and 35.

17• Change in deposits and credit
market assets of the household
sector

154003205

3.5


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Explanation
Investment in residential structures by sole
proprietorships and partnerships, valued at
historical cost, from BEA Wealth Data Tape
(section 5, series 31). Data are annual; series is
converted to quarterly using quarterly data on
NIPA total residential investment (FOF series
195012001, table F.1, line 9).

Sum of lines 18 and 23.

126

F.100.

Guide to the Flow of Funds Accounts

Households, Personal Trusts, and Nonprofit Organizations-Continued

Code

1991 value
(billions
of dollars)

18. Change in deposits held by the
household sector

154000005

17.6

Sum of lines 19, 20, 21, and 22.

19. Change in checkable deposits and
currency held by the household
sector

153020005

50.8

Calculated as residual. See table F.204, line 15.

20. Change in small time and savings
deposits held by the household
sector

153031005

10.0

Calculated as residual. See table F.205, line 8.

21. Change in large time deposits
held by the household sector

153035005

-71.8

Calculated as residual. See table F.206, line 10.

22. Change in money market mutual
fund shares held by the household
sector

153034005

28.6

Calculated as residual. See table F.207, line 2.

23. Change in credit market assets of
the household sector

154004005

-14.1

Sum of lines 24 through 28.

24. Change in U.S. government
securities held by the household
sector

153061005

-75.2

Calculated as residual. See table F.211, line 18.

25. Change in tax-exempt securities
held by the household sector

153062005

21.9

Calculated as residual. See table F.212, line 8.

26. Change in corporate and foreign
bonds held by the household
sector

153063005

42.9

Calculated as residual. See table F.213, line 11.

27. Change in mortgages held by the
household sector

153065005

18.7

Calculated as residual. See table F.217, line 6;
table F.218, line 7; table F.219, line 7; and
table F.220, line 3. Also found in table F.216,
line 16.

28. Change in open market paper
held by the household sector

153069175

-22.5

Calculated a residual. See table F.223, line 11.

29. Net purchases of mutual fund
shares by the household sector

153064205

129.2

Calculated as residual. See table F.214, line 3.

Component


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Federal Reserve Bank of St. Louis

Explanation

Table F.100

127

F.100.-Continued

Code

1991 value
(billions
of dollars)

30. Net purchases of corporate
equities by the household sector

153064105

-68.7

31. Change in life insurance reserve
assets of the household sector

153040005

22.0

Sum of lines 6a and 3 l a.

31a. Change in life insurance
reserve liabilities of life
insurance companies

543140003

21.9

Level from Life Insurance Fact Book, Reserves
and Other Obligations, table on Policy Reserves,
Life insurance, plus Supplementary contracts With
life contingencies and Without life contingencies.
Data are annual; series is converted to quarterly by
K-L method. Unadjusted flow is the change in the
level.

32. Change in pension fund reserve
assets of the household sector

153050005

268.1

32a. Change in pension fund
reserve liabilities of life
insurance companies

543150003

81.4

32b. Change in pension fund
reserve liabilities of private
pension funds, equal to their
net acquisition of financial
assets

574090005

104.5

33. Proprietors' net investment in all
noncorporate business

153080005

-1.3

Sum of lines 33a, 33b, and 33c.

33a. Proprietors' net investment in
unincorporated farm business

133180005

-9.5

Table F.102, line 24.

33b. Proprietors' net investment in
nonfarm noncorporate
business

113180005

-1.9

Table F.103, line 29.

33c. Proprietors' net investment in
unincorporated security
brokers and dealers

663180005

10.1

Table F.129, line 22.

Component


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Federal Reserve Bank of St. Louis

Explanation
Calculated as residual. See table F.215, line 9.

Sum of lines 6b, 6c, 6d, 32a, and 32b.
Level from Life Insurance Fact Book, Reserves
and Other Obligations, table on Policy Reserves,
Annuities, individual and group. Data are annual;
series is converted to quarterly by K-L method.
Unadjusted flow is the change in the level.
Table F.123, line 3.

128

Guide to the Flow of Funds Accounts

F.100.

Households, Personal Trusts, and Nonprofit Organizations-Continued

Component

Code

1991 value
(billions
of dollars)

34. Change in security credit held by
the household sector

153067005

24.6

Line 34a less line 34b.

34a. Change in credit balances
owed to customers by security
brokers and dealers

663167203

24.6

Level from SEC tabulation of FOCUS and FOGS
reports, sum of Payable to customers (sum of
series F1580 and F1590) and Payable to
noncustomers (sum of F1600 and F1610).
Unadjusted flow is the change in the level.

34b. Change in U.S. security credit
held by foreigners

263067003

.0

153090005

10.8

Sum of lines 35a, 35b, 35c, and 35d, less lines 35e,
35f, and 35g.

35a. Change in liability of the U.S.
government for Postal Savings
System deposits

313131003

.0

Series discontinued in 1985:Q3; value is now zero.

35b. Change in liabilities of life
insurance companies for health
insurance reserves

543195103

4.8

Level from Life Insurance Fact Book, Reserves
and Other Obligations, table on Policy Reserves,
Health insurance. Data are annual; series is
converted to quarterly by K-L method. Unadjusted
flow is the change in the level.

35c. Change in liabilities of life
insurance companies for
policy dividend accumulation
reserves

543195203

-.2

Level from Life Insurance Fact Book, Reserves
and Other Obligations, table on Obligations and
Surplus Funds, sum of Policy dividend
accumulations and Funds set aside for policy
dividends. Data are annual; series is converted to
quarterly by K-L method. Unadjusted flow i the
change in the level.

35d. Change in policy payables
owed by other insurance
companies

513176003

24.7

Level from Best's Aggregates and Averages,
Property-Casualty, table on Consolidated Industry
Totals, Liabilities, surplus and other funds, sum of
line 1, Losses; line 2, Loss adjustment expenses;
and line 9, Unearned premiums. Thi liability is
allocated as assets of the household sector, farm
business, nonfarm noncorporate business, and
nonfarm nonfinancial corporate business using the
distribution, by line of business, of premiums
written by stock companies. Data are annual;
series is converted to quarterly by K-L method.
Unadjusted flow is the change in the level.

35. Change in total miscellaneous
assets of the household sector


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Federal Reserve Bank of St. Louis

Explanation

No longer shown separately from trade credit;
value assumed to be zero.

Table F.100

129

F.100.-Continued

Component

Code

1991 value
(billions
of dollars)

Explanation

35e. Change in receivables owed to
farm business by other
insurance companies

133076003

1.9

Level from Best's Aggregates and Averages,
Property-Casualty, table on Consolidated Industry
Totals, Liabilities, surplus and other funds, sum of
line 1, Losses; line 2, Loss adjustment expenses;
and line 9, Unearned premiums. This liability is
allocated as assets of the household sector, farm
business, nonfarm noncorporate business, and
nonfarm nonfinancial corporate business using the
distribution, by line of business, of premiums
written by stock companies. Data are annual;
series is converted to quarterly by K-L method.
Unadjusted flow is the change in the level.

35f. Change in receivables owed to
nonfarm noncorporate
business by other insurance
companies

113076003

2.6

Level from Best's Aggregates and Averages,
Property-Casualty, table on Consolidated Industry
Totals, Liabilities, surplus and other funds, sum of
line 1, Losses; line 2, Loss adjustment expenses;
and line 9, Unearned premiums. This liability is
allocated as assets of the household sector, farm
business, nonfarm noncorporate business, and
nonfarm nonfinancial corporate business using the
distribution, by line of business, of premiums
written by stock companies. Data are annual;
series is converted to quarterly by K-L method.
Unadjusted flow is the change in the level.

35g. Change in receivables owed to
nonfarm nonfinancial
corporate business by other
insurance companies

103076003

14.1

Level from Best's Aggregates and Averages,
Property-Casualty, table on Consolidated Industry
Totals, Liabilities, surplus and other funds, sum of
line 1, Losses; line 2, Loss adjustment expenses;
and line 9, Unearned premiums. This liability is
allocated as assets of the household sector, farm
business, nonfarm noncorporate business, and
nonfarm nonfinancial corporate business using the
distribution, by line of business, of premiums
written by stock companies. Data are annual;
series is converted to quarterly by K-L method.
Unadjusted flow is the change in the level.

36. Net increase in liabilities of the
household sector

154190005

178.5

Sum of lines 37, 45, 46, and 47.

37. Change in credit market debt of
the household sector

154102005

158.0

Sum of lines 38, 39, 40, 41, 42, 43, and 44.

38. Change in home mortgage debt of
the household sector

153165105

137.1

Calculated as residual. See table F.217, line 2.
Includes home equity loans and second mortgages.


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Federal Reserve Bank of St. Louis

130

Guide to the Flow of Funds Accounts

F.100.

Households, Personal Trusts, and Nonprofit Organizations-Continued

Code

1991 value
(billions
of dollars)

39. Change in installment consumer
debt of the household sector

153166100

-6.5

Level from FR Board, Mortgage and Consumer
Finance Section, monthly G.19 statistical release,
Consumer Installment Credit, table on Consumer
Installment Credit Outstanding, Not seasonally
adjusted, Total. Unadjusted flow is the change in
the level.

40. Change in noninstallment
consumer debt of the household
sector

153166200

-6.l

Level from FR Board, Mortgage and Consumer
Finance Section, unpublished data. Unadjusted
flow is the change in the level.

41. Change in outstanding tax-exempt
securities issued on behalf of, and
owed by, the household sector

153162005

8.8

Sum of lines 41a and 41b, less line 4 l c.

41a. Gross issuance of tax-exempt
debt to finance student loans
(liability of the household
sector)

153162203

3.7

Unadjusted flow from commercial sources via
FR Board, Capital Markets Section, Gross
offerings of tax-exempt bonds to finance student
loans. Data are annual; series is converted to
quarterly by K-L method. Level obtained by
adding flow to preceding level.

41b. Gross issuance of tax-exempt
debt on behalf of nonprofit
hospitals (liability of the
household sector)

153162503

14.5

Unadjusted flow from commercial sources via
FR Board, Capital Markets Section, Gross
offerings of tax-exempt bonds for hospitals. Level
obtained by adding flow to preceding level.

41c. Retirements of tax-exempt
debt owed by the household
sector

153162273

9.4

Unadjusted flow calculated by FOP Section from
Government Finances, and from Gross issuance of
debt to finance student loans (FOP series
153162203, line 41a, above) and Nonprofit
hospitals (FOP series 153162503, line 41b, above).
Level obtained by adding flow to preceding level.

153165503

10.6

Component

42. Change in commercial mortgage
debt of nonprofit organizations
(liability of the household sector)


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Federal Reserve Bank of St. Louis

Explanation

Level is FOP Section estimate based on capital
expenditures of nonprofit organizations.
Unadjusted flow is the change in the level.

Table F.100

131

F.100.-Continued
Component

Code

1991 value
(billions
of dollars)

Explanation

43. Change in outstanding bank
loans, not elsewhere classified, to
the household sector

153168005

4.1

43a. Change in reported total
mortgages held by
U.S.-chartered commercial
banks

723065000

26.8

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Loans secured by real estate (sum of series
RCON1415, RCON1420, RCON l 797,
RCON5367, RCON5368, RCON1460, and
RCON1480). Unadjusted flow is the change in the
level.

43b. Change in reported total
consumer credit held by
U.S.-chartered commercial
banks

723066000

-11.8

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Loans to individuals for household, family, and
other personal expenditures (sum of series
RCON2008 and RCON201 l). Unadjusted flow is
the change in the level.

43c. Change in loans to households
held by U.S.-chartered
commercial banks

723068200

-2.8

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, sum of schedule
RC-C, 50 percent of All other loans (series
RCON1564), and schedule RC, 5 percent of the
sum of Federal funds sold (RCON0276) and
Securities purchased under agreements to resell
(RCON0277). The 5 percent ratio is based on the
proportion of all federal funds sold by large
commercial banks that is bought by others (that is,
by entities other than commercial banks in the U.S.
and nonbank security brokers and dealers), as
reported in the FR Board H.4.2 statistical release,
Weekly Consolidated Condition Report of Large
Commercial Banks in the U.S. Unadjusted flow is
the change in the level.

43d. Change in commercial
mortgages held by foreign
banking offices in the U.S.

753065503

8.8

Level from quarterly Report of Condition for
U.S. branches and agencies of foreign banks,
schedule C, Loans secured by real estate (series
RCON1410). Unadjusted flow is the change in the
level.

43e. Change in loans to individuals
held by foreign banking offices
in the U.S.

753068203

1.4

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule RAL, Federal funds sold and securities
purchased under agreements to resell with U.S.
branches and agencies of other foreign banks
(series RCON1631), plus schedule C, All other
loans (RCON1885); for Edge Act and agreement
corporations, schedule B, All other loans including
lease financing receivables (RCON2089); and for
New York State investment companies, schedule
A, line 6, All other loans, including overdrafts
(RCON2083). Unadjusted flow is the change in the
level.


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Federal Reserve Bank of St. Louis

Sum of lines 43a through 43f, less lines 43g
through 43m.

132

Guide to the Flow of Funds Accounts

F.100.

Households, Personal Trusts, and Nonprofit Organizations--Continued

Component

Code

1991 value
(billions
of dollars)

Explanation

43f. Change in total mortgages
held by banks in U.S.-affiliated
areas

743065003

.6

Year-end level from Reports of Condition: for
banks located in U.S.-affiliated areas, schedule
RC-C, Loans secured by real estate (sum of series
RCON141 5, RCON1420, RCON1797,
RCON5367, RCON5368, RCON1460, and
RCON1480); and for branches of U.S. banks
located in U.S.-affiliated areas, schedule RC-C,
Loans secured by real estate (RCFN1410). Data
are annual; series is converted to quarterly by K-L
method. Unadjusted fl.ow is the change in the level.

43g. Change in home mortgages
held by the commercial
banking sector

763065100

30.2

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are derived from quarterly Reports
of Condition. Unadjusted fl.ow is the change in the
level.

43h. Change in multifamily
mortgages held by the
commercial banking sector

763065403

.4

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are derived from quarterly Reports
of Condition. Unadjusted fl.ow is the change in the
level.

43i. Change in commercial
mortgages held by the
commercial banking sector

763065503

.3

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are derived from quarterly Reports
of Condition. Unadjusted fl.ow is the change in the
level.

43j. Change in farm mortgages
held by the commercial
banking sector

763065600

1 .2

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are derived from quarterly Reports
of Condition. Unadjusted fl.ow is the change in the
level.

43k. Change in private mortgage
pool securities held by
U.S.-chartered commercial
banks

723065773

.3

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-B,
All holdings of private certificates of participation
in pools of residential mortgages (series
RCON0408). Unadjusted fl.ow is the change in the
level.

431. Change in installment
consumer credit held by
US-chartered commercial
banks

7230661 00

-7.5


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Federal Reserve Bank of St. Louis

Level from FR Board, Mortgage and Consumer
Finance Section, monthly G.19 statistical release,
Consumer Installment Credit, table on Consumer
Installment Credit Outstanding, Not seasonally
adjusted, Major holders, Commercial banks.
Unadjusted fl.ow is the change in the level.

Table F.100

133

F.100.-Continued

Component

Code

1991 value
(billions
of dollars)

43m. Change in noninstallment
consumer credit held by
U.S.-chartered commercial
banks

723066203

-6.0

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Loans to individuals for household, family, and
other personal expenditures (sum of series
RCON2008 and RCON2011), less Installment
consumer credit held by U.S.-chartered commercial
banks as estimated from survey data by FR Board,
Mortgage and Consumer Finance Section.
Unadjusted flow is the change in the level.

44. Change in outstanding other loans
to the household sector

153169005

10.1

Sum of lines 44a, 44b, 44c, and 44d.

44a. Change in loans to the
household sector, excluding
loans on U.S. government life
insurance policies, held by the
U.S. government

153169203

2.2

Level from Treasury Bulletin, table FAFR-1,
Direct and guaranteed loans outstanding, portions
of Department of Education loans for college
housing, HHS loans, HUD loans, Department of
Energy loans, and VA loans excluding mortgages
and life insurance loans; and, from the monthly
statement of the Federal Financing Bank, Total
loans to HHS for health maintenance and medical
facilities funds. Percentage allocation determined
by type of program. Unadjusted flow is the change
in the level.

44b. Change in loans on U.S.
government life insurance
policies to the household
sector (asset of the U.S.
government)

313069403

*

Level from Treasury Bulletin, table FAFR-1,
Direct and guaranteed loans outstanding,
Department of Veterans Affairs, National service
life insurance fund and Veterans special life
insurance fund. Unadjusted flow is the change in
the level.

44c. Change in student loans held
by the Student Loan
Marketing Association
(liability of the household
sector)

403069150

3.0

Level from balance sheet for SLMA, Insured
student loans purchased plus Warehousing
advances. Unadjusted flow is the change in the
level.

44d. Change in loans on life
insurance policies to the
household sector held by life
insurance companies

543069403

4.8

Level from Distribution of Investments of U.S.
Life Insurance Companies, Policy loans.
Unadjusted flow is the change in the level.

153167205

16.3

Line 45a less line 45b.

663067203

16.3

Level from SEC tabulation of FOCUS and FOGS
reports, sum of Receivables from customers (series
F820) and Receivables from noncustomers (F830).
Unadjusted flow is the change in the level.

4s. Change in security credit owed by
the household sector

45a. Change in security credit
provided to customers and
held by security brokers and
dealers


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Federal Reserve Bank of St. Louis

Explanation

134

Guide to the Flow of Funds Accounts

F.100. Households, Personal Trusts, and Nonprofit Organizations-Continued
Component

Code

1991 value
(billions
of dollar&)

Explanation

263167003

.0

46. Change in trade debt of the
household sector

153170003

2.5

Level estimated by FOF Section as 15 percent of
the sum of Personal consumption expenditures for
labor union expenses (SCB, NIPA table 2.4,
unpublished detail for line 67 provided by BEA),
for clubs and fraternal organizations except
insurance premiums (table 2.4, line 98), and for
religious and welfare activities (table 2.4, line
106), plus 9 percent of expenditures for hospitals
and nursing homes (table 2.4, line 50); all flows at
annual rates. Unadjusted flow is the change in the
level.

47. Change in identified
miscellaneous liabilities of the
household sector, equal to change
in deferred and unpaid life
insurance premiums owed to the
life insurance sector

543077003

1.7

Level from Life Insurance Fact Book, Life
Insurance Company Assets, table on
Miscellaneous Assets, Due and deferred premiums.
Data are annual; series is converted to quarterly by
ratio method, using total miscellaneous assets
(FOF series 543090003, table F.121, line 17) as the
denominator. Unadjusted flow is the change in the
level.

48. Discrepancy for the household
sector, equal to gross saving less
gross investment

157005005

-15.6

Sum of lines 9 and 36, less lines 11 and 16. The
discrepancy is a use of funds in the FOF accounts.

49. Fixed residential investment by
the household sector

155012005

172.2

See line 12.

SO. Capital consumption allowances
on residential structures owned by
the household sector

156300203

97.5

See line 8b.

51. Net investment in residential
structures by the household sector

155012065

74.6

Line 49 less line 50.

52. Change in home mortgage debt of
the household sector

153165105

137.1

See line 38.

53. Excess net investnient in
residential structures by the
household sector

155004205

-62.4

Line 51 less line 52.

45b. Change in U.S. security credit
owed by foreigners


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No longer shown separately from trade credit;
value assumed to be zero.

Table F.100

F.100.-Continued

Code

1991 value
(billions
of dollars)

54. Investment in consumer durable
goods by the household sector

155011001

446.1

See line 13.

55. Capital consumption allowances
on consumer durable goods
owned by the household sector

156300303

404.5

See line 7a.

56. Net investment in consumer
durable goods by the household
sector

155011065

41.6

57. Change in consumer debt of the
household sector

153166005

-12.5

58. Excess net investment in
consumer durable goods by the
household sector

155004105

54.2

Component


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Federal Reserve Bank of St. Louis

Explanation

Line 54 less line 55. Also equal to line 7.

Sum of lines 39 and 40.

Line 56 less line 57.

135

136

Guide to the Flow of Funds Accounts

Table F.101 All Nonfinancial Business
(table F.103), and nonfarm nonfinancial cor­
porate business (table F.104). Each sector is
described in the introduction to its table.

The nonfinancial business table summarizes
the data for three sectors-farm business
(table F.102), nonfarm noncorporate business

F.101

All Nonfinancial Business

------------------------------------------------------------------------------------------------ FOF Code
1938
1989
1990
1991
-----------------------------------------------------------------------------

Billions of dollars

1 Inco■e before taxes
2 Gross saving
3 Gross invest■ent
4
5
6
7

8

9

Capital expenditures
Fixed invest■ent
Residential construction
Business plant & equip■ent
Change in inventories
Hineral rts. froa U.S. govt.

10 Net financial invest ■ent
Net acq. of financial assets
11
Net increase in liabilities
12
Corporate equities
13
Credit ■arket instru■ents
14
Tax-exe111pt debt
15
Corporate bonds
16
Hortgages
17
Bank loans n.e.c.
18
Com111ercial paper
19
Other loans
20
Trade debt
21
Other liabilities
22
Proprietor net invest■ent
23
24 Discrepancy


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Federal Reserve Bank of St. Louis

146110005
146000105

612.5
514.6

612.6
518.4

145050005
145019005
145012005
145013005
145020005
105030003

498.2
478.7
25.2
453.5
16.2
3.3

528.5

145090005

145000005
144090005
144190005
103164003
144104005
103162005
103163005
143165005
143168005
103169705
143169255
143170005
143199005
143180005
107005005

480.2

-18.0

203.7
221.7
-129.5
253.1
.2
103.l
55·_5
42.l
11.9
40.3
68.4
67.7
-37.9
34.4

498.4

492.8

25.0

467.8

33.3
2.4

-30.2
135.7
165.8

-124.2
225.6
-.9
73.8

51.1
37.8
21.4
42.4
34.3
66.4

-36.3

20.0

634.0
530.2

612.6
541.3

510.8

452.2

501.2

501.0
24.7
476.3
6.3
3.5

-9.6

525.2

3
4

459.7
17.9
441.7
-10.2

5
6
7

73.0
76.0

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

2.8

101.1
110.7
-63.0
115.6
-.3
47.l
20.2

-22.3
-1.2

6.9

l

2

3.0

18.3

78.6

-17.6
-37.5

9.7
32.1
42.l

-18.4

50.0

-34.0

-26.3
12.2
6.2
-11.4

29.0

16.l

8

9

24

Table RJOJ

F.101. All Nonfinancial Business
Code

1991 value
(billions
of dollars)

146110005

612.6

1a. Farm proprietors' net income,
with inventory valuation and
capital consumption
adjustments

136111103

35.8

Table F.102, line 1.

l b. Net income of nonfarm
noncorporate business, with
inventory valuation and capital
consumption adjustments

116110005

370.6

Table F.103, line 1.

le. Profits before tax, at book
value, originating from
domestic operations of nonfarm
nonfinancial corporate business

106060005

206.2

Table F.104, line 1.

146000105

541.3

Sum of lines 2a, 2b, and 2c.

2a. Gross saving of farm business

136000105

23.0

Table F.102, line 6.

2b. Gross saving of nonfarm
noncorporate business

116300005

101.7

Table F.103, line 2.

2c. Internal funds of nonfarm
nonfinancial corporate business,
after inventory valuation
adjustment

106000105

416.5

Table F.104, line 10.

3. Gross investment by all
nonfinancial business

145090005

525.2

Sum of lines 4 and 10.

4. Capital expenditures of all
nonfinancial business

145050005

452.2

Sum of lines 5, 8, and 9.

5. Fixed investment by all
nonfinancial business

145019005

459.7

Sum of lines 6 and 7.

6. Fixed residential investment by all
nonfinancial business

145012005

17.9

6a. Fixed residential investment by
farm business

135012001

1.3

Table F.102, line 9.

6b. Fixed residential investment by
nonfarm noncorporate business

115012001

15.5

Table F.103, line 6.

Component
1. Income before taxes of all
nonfinancial business

2. Gross saving of all nonfinancial
business


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Federal Reserve Bank of St. Louis

Explanation
Sum of lines l a, l b, and le.

Sum of lines 6a, 6b, and 6c.

137

138

Guide to the Flow of Funds Accounts

F.101.

All Nonfinancial Business-Continued

Component

Code

1991 value
(billions
of dollars)

Explanation

105012001

1.1

145013005

441.7

7a. Fixed nonresidential investment
by farm business

135013003

10.4

Table F.102, line 10.

7b. Fixed nonresidential investment
by nonfarm noncorporate
business

115013005

61.6

Table F.103, line 7.

7c. Fixed nonresidential investment
by nonfarm nonfinancial
corporate business

105013005

369.8

Table F.104, line 15.

145020005

-10.2

Sum of lines 8a, 8b, and 8c.

8a. Change in inventories of farm
business

135020003

.1

Table F. l 02, line 11.

8b. Change in inventories of
nonfarm noncorporate business

115020003

-.5

Table F.103, line 8.

8c. Change in inventories, with
inventory valuation adjustment
(current cost of inventory
change), of nonfarm
nonfinancial corporate business

105020005

-9.8

Table F.104, line 16.

105030003

2.8

Table F.104, line 17.

10. Net financial investment by all
nonfinancial business

145000005

73.0

Line 11 less line 12.

11. Net acquisition of financial assets
by all nonfinancial business

144090005

76.0

Sum of lines Ila, l lb, and l lc.

134090005

2.2

6c. Fixed residential investment by
nonfarm nonfinancial corporate
business
7. Fixed nonresidential investment
by all nonfinancial business

8. Change in inventories of all
nonfinancial business

9. Mineral rights purchased from
the U.S. government by nonfarm
nonfinancial corporate business

l la. Net acquisition of financial
assets by farm business


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Federal Reserve Bank of St. Louis

Table F.104, line 14.

Sum of lines 7a, 7b, and 7c.

Table F.102, line 13.

Table F.101

F.101.-Continued
1991 value
(billions
of dollars)

Component

Code

l lb. Net acquisition of financial
assets by nonfarm
noncorporate business

114090005

9.8

Table F.103, line 10.

1 l c. Net acquisition of financial
assets by nonfarm nonfinancial
corporate business

104090005

64.0

Table F.104, line 19.

12. Net increase in liabilities of all
nonfinancial business

144190005

3.0

13. Net issuance of equities by
nonfarm nonfinancial corporate
business

103164003

18.3

14. Change in credit market debt of
all nonfinancial business

144104005

-22.3

15. Change in outstanding tax-exempt
securities issued on behalf of, and
owed by, nonfarm nonfinancial
corporate business (industrial
revenue bonds)

103162005

-1.2

Table F.104, line 41.

16. Change in corporate bond
liabilities of nonfarm nonfinancial
corporate business, including
securities sold by their
Netherlands Antillean financial
subsidiaries

103163005

78.6

Table F.104, line 42.

17. Change in mortgage debt of all
nonfinancial business

143165005

-17.6

17a. Change in farm mortgages

893065603

-.8

Table F. l 02, line 20.

17b. Change in mortgage debt of
nonfarm noncorporate
business

113165005

-8.4

Table F.103, line 23.

17c. Change in mortgage debt of
nonfarm nonfinancial
corporate business

103165005

-8.4

Table F.104, line 43.


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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 13, 14, 21, 22, and 23.

Table F.104, line 39.

Sum of lines 15, 16, 17, 18, 19, and 20.

Sum of lines 17a, 17b, and 17c.

139

140

Guide to the Flow of Funds Accounts

F.101.

All Nonfinancial Business-Continued

Code

1991 value
(billions
of dollars)

143168005

-37.5

18a. Change in outstanding bank
loans, not elsewhere classified,
to farm business

133168000

1.7

Table F.102, line 21.

18b. Change in outstanding bank
loans, not elsewhere classified,
to nonfarm noncorporate
business

113168005

-14.3

Table F.103, line 24.

18c. Change in bank loans, not
elsewhere classified, to
nonfarm nonfinancial
corporate business

103168005

-24.9

Table F.104, line 44.

19. Change in commercial paper
liabilities of nonfarm nonfinancial
corporate business

103169705

-18.4

Table F.104, line 45.

20. Change in outstanding other loans
to all nonfinancial business

143169255

-26.3

Sum of lines 20a, 20b, and 20c.

20a. Change in outstanding other
loans to farm business

133169005

*

Table F.102, line 22.

20b. Change in outstanding other
loans to nonfarm noncorporate
business

113169005

-.8

Table F.103, line 25.

20c. Change in other loans to
nonfarm nonfinancial
corporate business

103169255

-25.5

Table F.104, line 46.

143170005

12.2

21a. Change in trade debt of farm
business

133170005

-.6

Table F.102, line 23.

21b. Change in trade debt of
nonfarm noncorporate
business

113170003

2.1

Table F.103, line 27.

2 l c. Change in trade debt of
nonfarm nonfinancial
corporate business

103170005

10.7

Table F.104, line 54.

Component
18. Change in outstanding bank
loans, not elsewhere classified, to
all nonfinancial business

21. Change in trade debt of all
nonfinancial business


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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 18a, 18b, and 18c.

Sum of lines 21a, 21b, and 21c.

Table EJOJ

141

F,101.-Continued
Component

22. Change in taxes payable and
miscellaneous liabilities of all
nonfinancial business

Code

1991 value
(billions
of dollars)

Explanation
Sum of lines 22a, 22b, 22c, and 22d.

143199005

6.2

22a. Change in taxes payable by
nonfarm noncorporate
business

113178203

.4

Table F.103, line 26.

22b. Change in total miscellaneous
liabilities of nonfarm
noncorporate business

113190005

7.8

Table F.103, line 28.

22c. Change in taxes payable by
nonfarm nonfinancial
corporate business

103178000

-10.0

Table F.104, line 53.

22d. Change in total miscellaneous
liabilities of nonfarm
nonfinancial corporate
business

103190005

8.0

Table F.104, line 55.

23. Proprietors' net investment in all
nonfinancial business

143180005

-11.4

23a. Proprietors' net investment in
unincorporated farm business

133180005

-9.5

Table F.102, line 24.

23b. Proprietors' net investment in
nonfarm noncorporate
business

113180005

-1.9

Table F.103, line 29.

107005005

16.1

Table F.104, line 58. Also equal to line 2 less
line 3. The discrepancy is a use of funds in the
FOF accounts. For farm business and nonfarm
noncorporate business, proprietors' income is
transferred to the household sector as part of
personal income. Gross saving for these two
noncorporate sectors equals gross investment,
and their discrepancies are equal to zero.

24. Discrepancy for nonfarm
nonfinancial corporate business,
equal to internal funds plus
inventory valuation adjustment,
less gross investment


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Federal Reserve Bank of St. Louis

Sum of lines 23a and 23b.

142

Guide to the Flow of Funds Accounts

Table F.102 Farm Business
The farm business sector consists of corporate
and noncorporate farms. At the end of 1990,
approximately 2.1 million farms with 987 mil­
lion acres were in operation in the United
States, down from about 2.4 million farms
with 1,039 million acres in 1980 and nearly
4.0 million farms with 1,176 million acres in
1960. Data on financial assets and liabilities of
farms are taken from the U.S. Department of
Agriculture (USDA) publication Economic
Indicators of the Farm Sector, balance sheets
of the agencies included in the Farm Credit
System (FCS), reports submitted by domestic
commercial banks, Best's Aggregates and
Averages, Property-Casualty, and the Trea­
sury Bulletin; data on farm income, invest­
ment, profits, and capital consumption allow­
ances are from the Survey of Current Business

(SCB) or from other material available from
the Bureau of Economic Analysis (BEA).
Consumption activities of farm individuals are
included in the household sector; noncorpo­
rate farm income is transferred to the house­
hold sector and is an element of household
saving. Noncorporate farms are owned by the
household sector, with net additions to or sub­
tractions from ownership equity appearing on
line 24, "proprietors' net investment."

F.102

Far■ Business Cl)

----------------------------------------------- -- ---------------------------------------------------------FOF Code
1988
1989
---------- -----------------1991
--------------1990
-----------------------

Billions of dollars

l Proprietors• net inco11e
w/IVA & CCAdj.
2 Net saving (corporate)
3 Capital consumption
Corporate
4
Noncorporate
5
6 Current surplus = gross saving

7 Gross investment
8 Capital expenditures
Residential construction
9
Plant and equipment
10
Change in inventories
11
12
13
14
15
16
17
18
19
20
21
22
23
24

Net financial investment
Net acq. of financial assets
Checkable dep. & currency
Miscellaneous assets
Insurance receivables
Eq. in spons. ags. (2)
Net increase in liabilities
Credit market instruments
Mortgages
Bank loans n.e.c.
Other loans
Trade debt
Proprietor net investment

136111103

136006305
136300003
136300103
136300205
136000105
136000105
135050005
135012001
135013003
135020003
135000005
134090005
133020003
133090005
133076003
133092003
134190005
134102005
893065603
133168000
133169005
133170005
133180005

30.9

1.4
21.8
1.6
20.l
23.l
23.l
1.9
2.3
10.9
-11.3
21.2
3.3
.5
2.8
2.8
.l
-17.9
-7.5
-2.1
.8
-6.2
5.0
-15.4

Includes corporate and noncorporate far■s.
(2) Shares in FICBs, Banks for Cooperatives, and Federal land Banks.
(l)


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Federal Reserve Bank of St. Louis

40.3
1.8
22.0
1.7
20.4
23.9
23.9
16.8
2.8
12.6
1.5
7.1
2.1
.l
2.1
2.9
-.9

-4.9
1.6
-1.5
1.0
2.1
-3.2
-3.4

41.7

35.8

l

2.2
21.7
1.6
20.l
23.9

1.6
21.4
1.6
19.8
23.0

2
3
4
5
6

23.0
11.7
1.3
10.4
.l

7
8

23.9
18.7
3.3
12.4
3.1
5.2
3.4
.4
3.0
3.1
-.2
-1.8
2.5
-.1
2.1
.5
-1.4
-3.0

9

10
11

11.3
2.2
.2
2.0
1.9
.2

12
13
14
15
16

-9.2
.9
-.8
1.7

18
19
20
21
22

-.6
-9.5

23
24

M

17

Table F.102

143

F,102. Farm Business
Component

Code

1991 value
(billions
of dollars)

1. Farm proprietors' net income,
with inventory valuation and
capital consumption adjustments

136111103

35.8

2. Net saving of corporate farms

136006305

1.6

3. Capital consumption allowances,
with capital consumption
adjustment, for farm business
(corporate and noncorporate)

136300003

21.4

Quarterly data provided by BEA. Annual totals
published in SCB, NIPA table 8.21, line 6,
Consumption of fixed farm capital.

4. Capital consumption allowances
for corporate farms

136300103

1.6

SCB, NIPA table 6.22C, line 3, Farms. Data are
annual; series is converted to quarterly by K-L
method.

5. Capital consumption allowances,
with capital consumption
adjustment, for noncorporate
farms

136300205

19.8

Line 3 less line 4.

6. Gross saving of farm business,
equal to current surplus

136000105

23.0

Sum of lines 3, 6a, and 6b.

6a. Undistributed profits of
corporate farms, at book value

136006003

-.1

SCB, NIPA table 6.21C, line 4, Farms. Data are
annual; series is converted to quarterly by K-L
method.

6b. Capital consumption adjustment
for corporate farms

136310103

1.6

Special BEA tabulation of capital consumption
adjustment for corporate farms.

7. Gross investment by f�rm
business

136000105

23.0

Sum of lines 8 and 12. Also equal to line 6.

8. Capital expenditures of farm
business

135050005

11.7

Sum of lines 9, 10, and 11.


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Federal Reserve Bank of St. Louis

Explanation
SCB, NIPA table 1.14, line 10, Farm proprietors'
income with inventory valuation and capital
consumption adjustments. Data are seasonally
adjusted; unadjusted flow set equal to seasonally
adjusted flow. Farm proprietors' net income is
transferred to the household sector as part of
personal income.
Line 6 less line 3.

144

Guide to the Flow of Funds Accounts

F.102. Farm Business-Continued

Code

1991 value
(billions
of dollars)

9. Fixed residential investment by
farm business

135012001

1.3

10. Fixed nonresidential investment
by farm business

135013003

10.4

11. Change in inventories of farm
business

135020003

.1

12. Net financial investment by farm
business

135000005

11.3

13. Net acquisition of financial assets
by farm business

134090005

2.2

14. Change in checkable deposits and
currency held by farm business

133020003

.2

15. Change in total miscellaneous
assets of farm business

133090005

2.0

Component


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Federal Reserve Bank of St. Louis

Explanation
Investment in residential structures by farm
business, valued at historical cost, from BEA
Wealth Data Tape (section 5, sum of series 2 and
4). Data are annual; series is converted to quarterly
using quarterly data on NIPA total residential
investment (FOF series 195012001, table F.1,
line 9).
Estimated as sum of SCB, NIPA table 5.6, line 18,
Purchases of private nonresidential farm structures,
and NIPA table 5.8, line 26, Agricultural
machinery, except tractors (unpublished quarterly
data for both series provided by BEA), with the
sum multiplied by ratio of farm business investment
in nonresidential equipment and structures, from
BEA Wealth Data Tape (section 3, series 100), to
the sum of the two NIPA table lines cited above for
the previous complete year.
SCB, NIPA table 1.1, line 14, Change in business
inventories, farm.
Line 13 less line 18.

Sum of lines 14 and 15.

Level from Economic Indicators of the Farm
Sector, National Financial Summary, table 51,
Other financial assets, excluding household assets.
Data are annual; series is converted to quarterly by
K-L method. Unadjusted flow is the change in the
level.
Sum of lines 16 and 17.

Table EJ02

145

F.102.-Continued

Component

Code

1991 value
(billions
of dollars)

16. Change in receivables owed to
farm business by other insurance
companies

133076003

1.9

Level from Best's Aggregates and Averages,
Property-Casualty, table on Consolidated Industry
Totals, Liabilities, surplus and other funds, sum of
line 1, Losses; line 2, Loss adjustment expenses;
and line 9, Unearned premiums. This liability is
allocated as assets of the household sector, farm
business, nonfarm noncorporate business, and
nonfarm nonfinancial corporate business using the
distribution, by line of business, of premiums
written by stock companies. Data are annual; series
is converted to quarterly by K-L method.
Unadjusted flow is the change in the level.

17. Change in equity in Federal
Intermediate Credit Banks and
Federal Land Banks held by farm
business

133092003

.2

Level from Farm Credit System quarterly
information statement, Capital paid in. Farm
portion estimated from percentage of total loans
and mortgages made to farms. Unadjusted flow is
the change in the level.

18. Net increase in liabilities of farm
business

134190005

-9.2

Sum of lines 19, 23, and 24.

19. Change in credit market debt of
farm business

134102005

.9

Sum of lines 20, 21, and 22.

20. Change in farm mortgages

893065603

-.8

Level from FR Bulletin, table 1.54, line 5, Farm.
Unadjusted flow is the change in the level.

21. Change in outstanding bank
loans, not elsewhere classified, to
farm business

133168000

1.7

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Loans to finance agricultural production and other
loans to farmers (series RCON1590). Unadjusted
flow is the change in the level.

22. Change in outstanding other loans
to farm business

133169005

*

Sum of lines 22a and 22b.

22a. Change in loans to farm
business held by the U.S.
government

133169203

-1.4

Level from Treasury Bulletin, table FAFR-1, Direct
and guaranteed loans outstanding, CCC storage and
equipment loans; plus, from FrnHA table on Loans
Outstanding, Total loans; less Total mortgages held
by FrnHA, as calculated by the FR Board,
Mortgage and Consumer Finance Section.
Unadjusted flow is the change in the level.

22b. Change in loans to farm
business held by Federal
Intermediate Credit Banks

403069130

1.4

Level from Farm Credit System quarterly
information statement for farm credit agencies,
note 4, Loans to agricultural producers. Unadjusted
flow is the change in the level.


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Federal Reserve Bank of St. Louis

Explanation

146

Guide to the Flow of Funds Accounts

F.102.

Farm Business-Continued
Component

23. Change in trade debt of farm
business
23a. Change in non-real-estate debt
of farm business

24. Proprietors' net investment in
unincorporated farm business


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Federal Reserve Bank of St. Louis

Code

1991 value
(billions
of dollars)

Explanation

133170005

-.6

Line 23a less lines 21 and 22.

134140003

1.1

Level from Economic Indicators of the Farm
Sector, National Financial Summary, table 52,
Non-real-estate debt of the farm sector, including
operator households. Data are annual; series is
converted to quarterly by K-L method. Unadjusted
flow is the change in the level.

133180005

-9.5

Sum of lines 8 and 13, less lines 6, 19, and 23.


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Federal Reserve Bank of St. Louis

148

Guide to the Flow of Funds Accounts

Table F.103 Nonfarm Noncorporate Business
The nonfarm noncorporate business sector
comprises partnerships (businesses that file
Internal Revenue Service form 1065); sole
proprietorships (businesses that file IRS
schedule C); tax-exempt cooperatives such as
rural electrification, rural telephone, and
farmer marketing cooperatives; and individu­
als who receive rental income on nonresiden­
tial structures and report the income on IRS
schedule E. Data for the sector are primarily
estimates based on summary reports published
in the IRS Statistics of Income Bulletin (Son.
Typically, figures from the SOI are available
with a lag of about two years. The sector
statement for nonfarm noncorporate business

--

Billions of dollars

l
2

3
4
5
6
7
8

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

21
22
23
24
25

26
27
28
29

-

F.103

does not have a discrepancy. Rather, the differ­
ence between sources and uses is considered
proprietors' net investment (line 29) which, in
principle, represents equity retained or
removed from the sector. In tum, proprietors'
net investment appears under acquisition
of financial assets in the household sector
table (table F.100).

Nonfar■ Noncorporate Business

------------------------------------------------------------

-------��-��---------------- --1988 _
1990
1991
_ ____ ����-----______
___________
Net inco■e w/ IVA and CCAdj
116110005
325.6
339.9
360.2
370.6
l
116300005
Gross svg. = capital consuap.
87.2
94.6
98.8
101.7
2
116300005
Gross invest■ent
87.2
94.6
98.8
101.7
3
Capital expenditures
115050005
101.8
105.7
97.0
4
76.6
Fixed capital
115019005
100.5
104.l
96.8
5
77.l
Residential construction
115012001
21.2
20.7
20.l
15.5
6
Plant and equipaent
115013005
79.2
83.4
76.8
7
61.6
Change in inventories
115020003
1.3
-.5
1.6
.2
8
Net financial investaent
-14.6
115000005
11.1
1.8
9
25.l
Net acq. of financial assets
114090005
40.6
27.4
10.4
9.8
10
Checkable dep. & currency
113020003
7.7
-.5
4.3
1.0
11
Ti■e deposits
113035003
9.3
8.6
.7
-.6
12
U.S. govt. securities
113061003
.5
1.4
1.0
1.4
13
Consu■er credit
113066005
.3
M
M
.3
14
Hortgages
113065005
-2.2
2.3
2.6
3.2
15
Trade credit
113070003
11.8
7.7
4.9
5.6
16
Hiscellaneous assets
113090005
8.8
7.7
6.7
5.7
17
Insurance receivables
113076003
4.8
3.8
3.1
2.6
18
Equity in spons.ags. Cl)
113092003
.0
.l
M
.1
19
Other
113093005
4.0
3.8
3.7
20
3.0
Net increase in liabilities
114190005
55.2
38.5
8.6
15.3
21
Credit ■arket instruaents
114102005
61.8
50.4
26.7
23.6
Hortgages
22
113165005
38.0
-8.4
35.6
15.5
23
Bank loans n.e.c.
113168005
4.4
-14.3
2.6
2.9
Other loans
24
113169005
19.3
-.8
12.2
8.3
25
Taxes payable
113178203
2.9
4.7
.6
26
.4
Trade debt
113170003
4.2
7.0
3.2
Hiscellaneous liabilities
27
2.1
113190005
8.8
9.4
9.2
Proprietor net invest•ent.
28
7.8
113180005
-22.5
-1.9
33.0
31.l
29
Cl) Shares in FICBs, Banlcs for Cooperatives, and Federal Land Banks.


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Federal Reserve Bank of St. Louis

Table F.103

149

F.103. Nonfarm Noncorporate Business
Code

1991 value
(billions
of dollars)

116110005

370.6

Sum of lines l a and l b, less line le. Net income of
nonfarm noncorporate business is transferred to the
household sector as part of personal income.

l a. Noncorporate business income

116111103

332.2

SCB, NIPA table 1.14, tine 13, Nonfarm
proprietors' income with inventory valuation and
capital consumption adjustments. Data are
seasonally adjusted; unadjusted flow set equal to
seasonally adjusted flow.

1b. Rental income of persons

116112103

-10.4

SCB, NIPA table 1.14, line 17, Rental income of
persons with capital consumption adjustment. Data
are seasonally adjusted; unadjusted flow set equal
to seasonally adjusted flow.

le. Imputed rental income

116113103

-48.8

SCB, NIPA table 8.18, line 94, Rental income of
persons with capital consumption adjustment. Data
are annual; series is converted to quarterly by K-L
method.

116300005

101.7

Line 2a less lines 2b, 2c, and 2d, and less line 2e
net of 2f.

2a. Capital consumption
allowances, with capital
consumption adjustment, for all
sectors allocated such
allowances

896300003

626.1

SCB, NIPA table 1.9, line 5, Consumption of fixed
capital. Data are seasonally adjusted; unadjusted
flow set equal to seasonally adjusted flow.

2b. Capital consumption allowances
on nonresidential equipment
and structures owned by
nonprofit organizations
(household sector)

156300103

24.1

SCB, NIPA table 8.18, line 103, Consumption of
fixed capital, Rental value of buildings and
equipment owned and used by nonprofit
institutions serving individuals. Data are annual;
series is converted to quarterly by K-L method.

2c. Capital consumption allowances
on residential structures owned
by the household sector

156300203

97.5

Capital consumption allowances on owneroccupied nonfarm residential structures, valued
at current cost, from BEA Wealth Data Tape
(section 1, series 401, category 4). Data are annual;
series is converted to quarterly by ratio method,
using NIPA total capital consumption allowances
(FOF series 896300003, table F.l , line 61) as the
denominator.

96300003

383.0

Component
I. Net income of nonfarm
noncorporate business, with
inventory valuation and capital
consumption adjustments

2. Gross saving of nonfarm
noncorporate business, equal to
capital consumption allowances

2d. Capital consumption
allowances, with capital
consumption adjustment, for
corporate business


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Explanation

SCB, NIPA table 1.16, line 2, Consumption of
fixed capital. Data are seasonally adjusted;
unadjusted flow set equal to seasonally adjusted
flow.

150

Guide to the Flow of Funds Accounts

F.103.

Nonfarm Noncorporate Business--Continued

Component

Code

1991 value
(billions
of dollars)

2e. Capital consumption
allowances, with capital
consumption adjustment, for
farm business (corporate and
noncorporate)

136300003

21.4

Quarterly data provided by BEA. Annual totals
published in SCB, NIPA table 8.21, line 6,
Consumption of fixed farm capital.

2f. Capital consumption allowances
for corporate farms

136300103

1.6

SCB, NIPA table 6.22C, line 3, Farms. Data are
annual; series is converted to quarterly by K-L
method.

3. Gross investment by nonfarm
noncorporate business

116300005

101.7

4. Capital expenditures of nonfarm
noncorporate business

115050005

76.6

Sum of lines 5 and 8.

5. Fixed capital expenditures of
nonfarm noncorporate business

115019005

77.1

Sum of lines 6 and 7.

6. Fixed residential investment by
nonfarm noncorporate business

115012001

15.5

Investment in residential structures by sole
proprietorships and partnerships, valued at
historical cost, from BEA Wealth Data Tape
(section 5, series 31). Data are annual; series is
converted to quarterly using quarterly data on NIPA
total residential investment (FOF series 195012001,
table F.1, line 9).

7. Fixed nonresidential investment
by nonfarm noncorporate
business

115013005

61.6

Sum of lines 7a and 7b, less line 7c and less
93 percent of line 7d.

7a. Fixed investment in
nonresidential equipment by
farm and nonfarm noncorporate
business, households, and
nonprofit organizations

165013203

61.4

Investment in nonresidential equipment by all
noncorporate sectors, valued at historical cost, from
BEA Wealth Data Tape (section 3, series 146). Data
are annual; series is converted to quarterly by ratio
method, using NIPA total investment in
nonresidential plant and equipment (FOF series
895013001, table F.1, line 15) as the denominator.

7b. Fixed investment in
nonresidential structures by
farm and nonfarm noncorporate
business, households, and
nonprofit organizations

165013603

47.2

Investment in nonresidential structures by all
noncorporate sectors, valued at hi torical cost, from
BEA Wealth Data Tape (section 3, series 147). Data
are annual; series is converted to quarterly by ratio
method, using NIPA total investment in
nonresidential plant and equipment (FOF eries
895013001, table F.l , line 15) as the denominator.


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Explanation

Sum of lines 4 and 9. Also equal to line 2.

Table E103

151

F.103.-Continued
Code

1991 value
(billions
of dollars)

7c. Fixed nonresidential investment
by nonprofit organizations
(household sector)

155013003

37.4

SCB, NIPA table 8.18, line 124, Net purchases of
buildings and equipment owned and used by
nonprofit institutions serving individuals. Data are
annual; series is converted to quarterly by K-L
method.

7d. Fixed nonresidential investment
by farm business

135013003

10.4

Estimated as sum of SCB, NIPA table 5.6, line 18,
Purchases of private nonresidential farm structures,
and NIPA table 5.8, line 26, Agricultural
machinery, except tractors (unpublished quarterly
data for both series provided by BEA), with the
sum multiplied by ratio of farm business investment
in nonresidential equipment and structures, from
BEA Wealth Data Tape (section 3, series 100), to
the sum of the two NIPA table lines cited above for
the previous complete year.

8. Change in inventories of nonfann
noncorporate business

115020003

-.5

Unadjusted flow equal to the ratio of noncorporate
current-dollar inventory stock (provided by BEA)
to total nonfarm current-dollar inventory stock
(SCB, NIPA table 5.12, line 3), multiplied by
Change in nonfarm business inventories (from
SCB, NIPA table 5.10, line 3).

9. Net financial investment by
nonfann noncorporate business

115000005

25.1

10. Net acquisition of financial assets
by nonfann noncorporate
business

114090005

9.8

Sum of lines 11, 12, 13, 14, 15, 16, and 17.

11. Change in checkable deposits and
currency held by nonfann
noncorporate business

113020003

1.0

Level is FOF Section estimate based on SOI data
for partnerships and sole proprietorships. Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

12. Change in large time deposits
held by nonfarm noncorporate
business

113035003

- .6

Level is FOF Section estimate based on SOI data
for partnerships and sole proprietorships. Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

13. Change in U.S. government
securities held by nonfann
noncorporate business

113061003

1.4

Level is FOF Section estimate based on SOI data
for partnerships and sole proprietorships. Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

Component


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Federal Reserve Bank of St. Louis

Explanation

Line 10 less line 21.

152

Guide to the Flow of Funds Accounts

F.103. Nonfarm Noncorporate Business--Continued

Code

1991 value
(billions
of dollars)

14. Change in consumer credit held
by nonfarm noncorporate
business

113066005

*

Line 14a plus 20 percent of the difference between
line 14b and the sum of lines 14c and 14d.

14a. Change in installment
consumer credit held by
nonfarm noncorporate
business

113066100

*

Level is 0.75 multiplied by %Noncorp multiplied
by (1 - %Captive) multiplied by retailer consumer
credit, where %Noncorp is the ratio of noncorporate
business receipts to total business receipts derived
from SOI data; %Captive is the ratio of captive
finance company consumer receivables to total
retailer consumer credit calculated using data from
the FR Board quinquennial survey of finance
companies and from the FR Board, Mortgage and
Consumer Finance Section; and retailer consumer
credit is as published in the FR Board monthly
G.19 statistical release, Consumer Installment
Credit, table on Consumer Installment Credit
Outstanding, Not seasonally adjusted, Major
holders, Retailers. Unadjusted flow is the change in
the level.

14b. Change in noninstallment
consumer debt of the
household sector

153166200

-6.1

Level from FR Board, Mortgage and Consumer
Finance Section, unpublished data. Unadjusted flow
is the change in the level.

14c. Change in noninstallment
consumer credit held by
U.S.-chartered commercial
banks

723066203

-6.0

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Loans to individuals for household, family, and
other personal expenditures (sum of series
RCON2008 and RCON2011), less installment
consumer credit held by U.S.-chartered commercial
banks as estimated from survey data by FR Board,
Mortgage and Consumer Finance Section.
Unadjusted flow is the change in the level.

14d. Change in noninstallment
consumer credit held by
savings and loan associations
and mutual savings banks

493066203

-.5

15. Change in mortgages held by
nonfarm noncorporate business

113065005

-3.2

113065103

-.2

Component

15a. Change in home mortgages
held by nonfarm noncorporate
business


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Federal Reserve Bank of St. Louis

Explanation

Level estimated by FR Board, Mortgage and
Consumer Finance Section, as 5 percent of total
consumer credit provided by thrift institutions,
excluding credit unions, from quarterly Report of
Condition for mutual savings banks and from Thrift
Financial Report. Unadjusted flow is the change in
the level.

Sum of lines 15a, 15b, 15c, and 15d.
Level is FOP Section estimate based on SOI data
for partnerships and sole proprietorships. Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

Table EJ03

153

F.103.-Continued
Component

Code

1991 value
(billions
of dollars)

15b. Change in multifamily
mortgages held by nonfarm
noncorporate business

113065403

-.5

Level is FOF Section estimate based on SOI data
for partnerships and sole proprietorships. Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

15c. Change in commercial
mortgages held by nonfarm
noncorporate business

113065503

-2.6

Level is FOF Section estimate based on SOI data
for partnerships and sole proprietorships. Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

15d. Change in farm mortgages
held by nonfarm noncorporate
business

113065603

*

16. Change in trade credit held by
nonfann noncorporate business

113070003

5.6

Level is FOF Section estimate based on SOI data
for partnerships and sole proprietorships. Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

17. Change in total miscellaneous
assets of nonfann noncorporate
business

113090005

5.7

Sum of lines 18, 19, and 20.

18. Change in receivables owed to
nonfann noncorporate business
by other insurance companies

113076003

2.6

Level from Best's Aggregates and Averages,
Property-Casualty, table on Consolidated Industry
Totals, Liabilities, surplus and other funds, sum of
line 1, Losses; line 2, Loss adjustment expenses;
and line 9, Unearned premiums. This liability is
allocated as assets of the household sector, farm
business, nonfarm noncorporate business, and
nonfarm nonfinancial corporate business using the
distribution, by line of business, of premiums
written by stock companies. Data are annual;
series is converted to quarterly by K-L method.
Unadjusted flow is the change in the level.

19. Change in equity in Banks for
Cooperatives held by nonfann
noncorporate business

113092003

*


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Federal Reserve Bank of St. Louis

Explanation

Level is FOF Section estimate based on SOI data
for partnerships and sole proprietorships. Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

Level from Farm Credit System quarterly
information statement, Capital paid in. Nonfarm
noncorporate business proportion estimated to be
equal to the ratio of loans made to nonfarm
noncorporate business to total loans. Unadjusted
flow is the change in the level.

154

Guide to the Flow of Funds Accounts

F.103.

Nonfarm Noncorporate Business-Continued

Component

Code

1991 value
(billions
of dollars)

Explanation

20. Change in unidentified
miscellaneous assets of nonfarm
noncorporate business

113093005

3.0

Line 20a less line 20b.

20a. Change in reported other
assets of nonfarm
noncorporate business

113093003

9.1

Level is FOF Section estimate based on SOI data
for partnerships and sole proprietorships. Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

20b. Ad hoc adjustment for loans
from owners to nonfarm
noncorporate business

113168903

6.0

Level is FOF Section estimate of loans owed to
proprietors or partners. Adjustment is designed to
reconcile estimates of total loans based on SOI
data for partnerships and sole proprietor hips with
data for business loans from quarterly Reports
of Condition for banks. Unadjusted flow is the
change in the level.

21. Net increase in liabilities of
nonfarm noncorporate business

114190005

-15.3

Sum of lines 22, 26, 27, 28, and 29.

22. Change in credit market debt of
nonfarm noncorporate business

114102005

-23.6

Sum of lines 23, 24, and 25.

23. Change in mortgage debt of
nonfarm noncorporate business

113165005

-8.4

Sum of lines 23a and 23b.

23a. Change in reported mortgage
debt of nonfarm noncorporate
business

113165003

-8.4

Level is FOF Section estimate based on SOI data
for partnerships and ole proprietor hip . Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

23b. Ad hoc adjustment to account
for reallocation of Statistics
of Income liability categories
for nonfarm noncorporate
business between mortgages
and bank loans

113165883

.0

24. Change in outstanding bank
loans, not elsewhere classified, to
nonfarm noncorporate business

113168005

-14.3

24a. Change in outstanding
reported bank loans, not
elsewhere classified, to
nonfarm noncorporate
business

113168003

-8.3


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Federal Reserve Bank of St. Louis

Level is FOF Section estimate. Unadju ted flow is
the change in the level.

Line 24a less lines 20b and 23b.

Level is FOF Section e timate based on SOI data
for partner hip and ole proprietor hips. Data are
annual; series i converted to quarterly by K-L
method. Unadju ted flow is the change in the level.

Table F.103

155

F.103.-Continued

Component

Code

1991 value
(billions
of dollars)

25. Change in outstanding other loans
to nonfarm noncorporate business

113169005

-.8

Sum of line 25a, line 25b, 50 percent of line 25c,
50 percent of line 25d, and 50 percent of line 25e.

25a. Change in loans to nonfarm
noncorporate business held by
the U.S. government

113169203

.1

Level from Treasury Bulletin, table FAFR-1,
Direct and guaranteed loans outstanding, portions
of loans from GSA, SBA, and REA; from the
monthly statement of the Federal Financing Bank,
portions of loans to REA; and, from BEA, total
CCC loans on tobacco. Percentage allocation
determined by type of program. Unadjusted flow
is the change in the level.

25b. Change in loans to nonfarm
noncorporate business held by
Banks for Cooperatives

403069113

1.4

25c. Change in business loans held
by savings and loan
associations

453069403

-7.0

Level from Thrift Financial Report, schedule SC,
Commercial loans (series SVGL0655). Unadjusted
flow is the change in the level.

25d. Change in business loans held
by finance companies

613069500

-.9

Level from FR Board, Mortgage and Consumer
Finance Section, internal quarterly statement of
assets and liabilities of domestic finance com­
panies, accounts receivable, gross, business (also
published in FR Bulletin, table 1.51, line 3).
Excludes securitized loans. Unadjusted flow is the
change in the level.

25e. Change in business loans held
by issuers of securitized credit
obligations

673069503

3.3

Level from FR Board, Mortgage and Consumer
Finance Section, monthly G.20 statistical release,
Finance Companies, Securitized business assets.
Unadjusted flow is the change in the level.

26. Change in taxes payable by
nonfarm noncorporate business

113178203

.4

Level is FOF Section estimate based on SOI data
for partnerships and sole proprietorships. Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

27. Change in trade debt of nonfarm
noncorporate business

113170003

2.1

Level is FOF Section estimate based on SOI data
for partnerships and sole proprietorships. Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.


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Federal Reserve Bank of St. Louis

Explanation

Level from Farm Credit System quarterly
information statement for farm credit agencies,
note 4, Loans outstanding to cooperatives.
Unadjusted flow is the change in the level.

156

Guide to the Flow of Funds Accounts

F.103. Nonfarm Noncorporate Busines.r-Continued
Code

1991 value
(billions
of dollars)

28. Change in total miscellaneous
liabilities of nonfarm
noncorporate busin�

113190005

7.8

Line 28a, plus line 28b multiplied by the per­
centage calculated by subtracting line 28c from
100 percent (equals estimated foreign direct
investment in nonfarm noncorporate real estate).

28a. Change in unidentified
miscellaneous liabilities of
nonfarm noncorporate
business

113193003

8.0

Level is FOF Section estimate based on SOI data
for partnerships and sole proprietorships. Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

28b. Investment in U.S. real estate
by foreign direct investors

265014003

-.7

Annual flow and fourth-quarter level from SCB,
August issues, article on "Foreign Direct
Investment in the United States; Detail for
Historical-Cost Position and Balance of Payments
Flows," table 17, Real estate. Levels for other
quarters obtained by adding flow to preceding
level. Before 1982, estimated from periodic
benchmark surveys of foreign direct investment
in the U.S.

28c. Foreign direct investment in
nonfarm nonfinancial
corporate real estate as a
percentage of foreign direct
investment in real estate

105119993

71.0%

Since 1979, based on annual data provided by
BEA; for earlier periods, 1979 percentage.

29. Proprietors' net investment in
nonfarm noncorporate busin�

113180005

-1.9

Sum of lines 4 and 10, less lines 2, 22, 26, 27,
and 28.

Component


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Federal Reserve Bank of St. Louis

Explanation


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Federal Reserve Bank of St. Louis

158

Guide to the Flow of Funds Accounts

Table F.104 Nonfarm Nonfinancial Corporate Business
The nonfarm nonfinancial corporate business
sector includes all private domestic corpora­
tions except corporate farms, which are part of
the farm business sector, and financial institu­
tions, which are shown separately. The sector
also includes real estate management corpora­
tions and, through consolidated reporting,
holding companies and closed-end investment
companies. The nonfinancial corporate sector
is the largest component of the total nonfinan­
cial business sector and alone accounts for
roughly one-half of all net private investment
in the U.S. economy. Figures for investment
and depreciation, as well as data on corporate
profits and other elements of cash flow, are
from the national income and product
accounts (NIPA) published in the Survey of
Current Business (SCB). The sector has well

over $2 billion of credit market debt outstand­
ing in the form of bonds, mortgages, commer­
cial paper, and loans from banks and nonbank
financial intermediaries. The information on
credit market debt comes from securities
markets reports, industry trade association
releases, bank Reports of Condition, and
finance company surveys. An important
source of information for all assets and for
non-credit-market liabilities, such as trade
payables, of nonfinancial corporations is the
Quarterly Financial Report for Manufactur­
ing, Mining, and Trade Corporations (QPR),

published by the Bureau of the Census. In
addition, the sector's assets and liabilities are
benchmarked to annual data for corporations
that appear in the Statistics of Income (SOI),
published by the Internal Revenue Service.

F.104

Nonfar■ Nonfinancial CorPorate Business

-

FOF Code

-----------------------------------

Billions of dollars

l Profits before tax (book)
2 - Profit tax accruals
3 - Dividends
4 = U.S. undistributed profits

106060005
106231005
106120005
106006005

8 + Fgn. earnir:'!1s ret. abroad
9 + Inv. valuation adjust■ent
10 = Total internal funds + IVA

266006001
105020601
106000105

5 + Capital consuaption adj.
6 + Depreciation charges, HIPA
7 = U.S. internal funds, book

11 Gross invest■ent
12 Capital expenditures Cl)
Fixed invest■ent
13
Residential construction
14
Plant and equip■ent
15
Inventory change + IVA
16
Hineral rts. fro■ U.S. govt.
17


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Federal Reserve Bank of St. Louis

106310005
106300005
106000305

105090005
105050005
105019005
105012001
105013005
105020005
105030003

--------------------------------------------------1988
1989
1990
1991
-----------------------------------------------256.l
101.3
81.l
73.6

43.0
295.l
411.7
19.9
-27.3
404.3

369.8
394.4
365.0

1.6
363.3
26.2
3.3

232.4
99.l
101.2
32.2

37.4
315.1
384.6

32.8
-17.5
399.9

379.9
406.0
373.4
1.6
371.7
30.3
2.4

232.l
92.3
117.8
22.0

206.2
80.7
116.5

8.9

l
2
3
4

45.7
-14.2
407.5

48.3
3.1
416.5

8
9
10

27.0
327.0
376.0

17.8
338.5
365.1

378.5
395.1

400.4
363.9
370.9
1.1
369.8

388.5

1.4
387.1
3.1
3.5

-9.8

2.8

5
6
7

11

12
13

14
15
16
17

159

Table E104

Billions of dollars

18
19

20
21
22
23
24
25
26
27
28

29
30
31

32
33
34
35
36
37
38
39

40
41
42
43
44
45

46
47
48
49
SO
51
52

53
54
55
56
57

F.104

Net financial invest■ent
Net acq. of financial assets

Liquid assets
Checkable dep. and curr.
Time deposits
Honey mkt. fund shares
Security RPs
Foreign deposits
U.S. govt. securities
Tax-exempt securities
Commercial paper

Consumer credit
Hutual fund shares
Trade credit

Hiscellaneous assets
Foreign dir. invest. (2)
Insurance receivables
Equity in sponsored ags.
Other

Net increase in liabilities
Net funds raised in ■kts.
Net new equity issues
Debt instru■ents
Tax-exe■pt debt (3)
Corporate bonds (2)
Hortgages
Bank loans n.e.c.
Commercial paper

Other loans
Savings&loan assns.
Finance companies
U.S. govern■ent
Accept.liab.to banks
Foreign
SCO issuers

Taxes payable
Trade debt
H'iscellaneous liabilities
Fgn. dir. invest. in US
Pen. fund contr. payable

58 Discrepancy

Nonfar■ Nonfinancial Corporate Business--Continued
FOF Code

1988

1989

1990

1991

105000005
104090005

-24.6
159.8

-26.1
106.2

-16.6
87.3

36.6
64.0

8.2

-4.1
4.4
6.0
-.6
5.4

104001005
103020005
103035000
105034003
102050000
103091005
103061005
103062003
103069100

103066005
103064203
103070005
103090005
103092005
103076003
123092003
103093005

104190005
104102005
103164003

104104005
103162005
103163005
103165005
103168005
103169705

103169255
103169405
103169505
103169203
103169605
263068003
103169515

103178000
103170005
103190005
103192005
573076003

23.9
17.0
14.0
-3.3

-11.2
-2.7
1.5
.4

6.5
-2.7
68.3
63.8

5.8

10.2
llf
47.9

184.4
69.3
-129.5
198.8
.2

103.l
19.5
36.9
11.9

27.2
1.3
15.8
-1.0
llf
11.1
.0
1.7
59.l
54.2
50.9
3.3

5.7
-3.8
-2.2
.5

2.1
-1.6
44.5

55.5
21.0
14.6
llf
19.9

17.6
-1.9
-4.1
10.2
-1.9
12.0
3.9
-2.0
1.5

3.2
-1.3
11.3

56.5
27.7
14.3
llf
14.5

132.3
49.4
-124.2

103.9
23.4
-63.0

28.0
-1.1
13.1
-.4
3.2
12.8
.3

23.3
-4.0
11.6

173.6
-.9
73.8
17.0
34.2
21.4

-3.1
30.5
55.4
51.9
3.5

86.4
-.3
47.1
4.8
1.8
9.7
- .8

-6.6
21.4
1.7

-1.0
40.3
41.1.
40.7
.4

He111oranda:
59 Trade credit net of trade debt
60 Earnings rec. fro■ abroad

107005005

34.4

20.0

29.0

103075005
266120001

97.5%
50.4%

13.9
26.7

101.5%
42.7%

-29.0
20.0

Cl) Capital outlays on book basis:
63 Inventory change, NIPA
64 Less: Inv. val. adjust■ent
65 = Inventory change before IVA

105050005 106000105
104104005 105050005

9.2
29.2

105020005
105020601
105020015

26.2
-27.3
5.3.5

30.3
-17.5
47.8

61 Capital outlays/internal funds
62 Cr. ■kt. borrowing/cap. exp.

66 Total cap. expend. before IVA
67 Less: US internal funds, book

105050205
106000305

-.8

2.7
-11.6
29.3
26.7
14.l
.5

-11.9
27.S
18.7
18.3

.4
-1.2
78.6
-8.4
-24.9
-18.4

20
21
22
23
24
25
26
27
28

29
30
31

32
33
34
35
36

37
38
39

40
41
42
43
44
45

-25.5
-3.5
-.4
-.8
-5.9
-16.5
1.7

51
52

16.l

58

-10.0
10.7
8.0
3.6
4.4

46
47
48
49

so

53
54
55
56
57

96.9%
21.8%

-22.3
18.2

87.3%
.1%

59
60

3.1
-14.2
17.3

-9.8
3.1
-12.9

63
64
65

61
62

421.7
411.7

423.5
384.6

409.3
376.0

360.8
365.l

66
67

10.l

38.9

33.3

-4.4

68

(2) Corporate bonds inc;lude net issues by Netherlands Antillean financial
subsidiaries; U.S. direct investaent abroad excludes net inflows fro■
those bond issues.
(3) Industrial revenue bonds. Issued by state and local governaents
to finance private invest■ent and secured in interest and
principal by the industrial user of the funds.


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Federal Reserve Bank of St. Louis

44.3
10.4
3.7
5.2
-3.8
6.9
20.5
1.8
-.4

18

19

160

Guide to the Flow of Funds Accounts

F.104. Nonfarm Nonfinancial Corporate Business

Component

Code

1991 value
(billions
of dollars)

1. Profits before tax, at book value,
originating from domestic
operations of nonfarm
nonfinancial corporate business

106060005

206.2

la. Undistributed profits of all
corporations, excluding
inventory valuation and capital
consumption adjustments, at
book value

96006001

64.2

l b. Dividends paid by all
corporations

96120001

146.5

SCB, NIPA table 1.14, line 25, Dividends.

le. Tax liabilities to U.S. and state
and local governments

96231001

124.1

SCB, NIPA table 1.14, line 23, Profits tax liability.

l d. Undistributed profits of
corporate farms, at book value

136006003

-.1

SCB, NIPA table 6.21C, line 4, Farms. Data are
annual; series is converted to quarterly by K-L
method.

l e. Dividends paid by corporate
farms

136120003

.8

SCB, NIPA table 6.20C, line 4, Farms. Data are
annual; series is converted to quarterly by K-L
method.

l f. Tax liabilities of corporate
farms

136231003

.4

SCB, NIPA table 6. l 8C, line 4, Farms. Data are
annual; series is converted to quarterly by K-L
method.

lg. Undistributed profits of
financial corporations, at book
value

796006001

7.1

SCB, NIPA table 1.16, line 14, Undistributed
profits of all corporate business, less line 32,
Undistributed profits of nonfinancial corporate
business.

lb. Dividends paid by financial
corporations

796120001

11.0

SCB, NIPA table 1.16, line 13, Dividends paid by
all corporate business, less line 31, Dividends paid
by nonfinancial corporate business.

li. Tax liabilities of financial

796231001

42.9

SCB, NIPA table 1.16, line 11, Profits tax liability
of all corporate business, less line 29, Profits tax
liability of nonfinancial corporate business.

2. Profit tax accruals for nonfarm
nonfinancial corporate business

106231005

80.7

Line 1c less lines 1f and 1i.

3. Dividends paid by nonfarm
nonfinancial corporate business

106120005

116.5

4. Undistributed profits retained by
domestic operations of nonfarm
nonfinancial corporate business

106006005

8.9

corporations


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Explanation
Sum of lines l a, l b, and le, less lines ld through
li, 8, and 60.

SCB, NIPA table 1.14, line 26, Undistributed
profits.

Line l b less lines l e, lb, and 60.

Line 1 less lines 2 and 3; also line 1a less lines 1d,
l g, and 8.

Table F.104

161

F.104.-Continued
Component

Code

1991 value
(billions
of dollars)

S. Capital consumption adjustment
for nonfarm nonfinancial
corporate business

106310005

17.8

5a. Capital consumption adjustment
for corporations

96310003

8.5

SCB, NIPA table 1.14, line 28, Capital
consumption adjustment.

5b. Capital consumption adjustment
for corporate farms

136310103

1.6

Special BEA tabulation of capital consumption
adjustment for corporate farms.

5c. Capital consumption adjustment
for financial corporations

796310003

-11.0

SCB, NIPA table 1.16, line 16, Capital consump­
tion adjustment for all corporate business, less
line 34, Capital consumption adjustment for
nonfinancial corporate business.

106300005

338.5

Line 6a less lines 6b through 61.

96300003

383.0

SCB, NIPA table 1.16, line 2, Consumption of
fixed capital. Data are seasonally adjusted;
unadjusted flow set equal to seasonally adjusted
flow.

6b. Capital consumption
allowances, with capital
consumption adjustment, for
corporate farms

136300103

1.6

SCB, NIPA table 6.22C, line 3, Farms. Data are
annual; series is converted to quarterly by K-L
method.

6c. Capital consumption allowances
for federally sponsored credit
agencies

406300103

3.1

Capital consumption allowances on nonresidential
equipment and structures owned by nondepository
credit institutions, valued at current cost, from
BEA Wealth Data Tape (section 2, series 546,
category 4), multiplied by the ratio of two levels:
(1) total financial assets of federally sponsored
credit agencies and (2) the sum of total financial
assets of federally sponsored credit agencies,
finance companies, small business investment
corporations (FOF Section estimate), and mortgage
bankers (FOF Section estimate). Data are annual;
series is converted to quarterly by ratio method,
using NIPA total capital consumption allowances
(FOF series 896300003, table F. l , line 61) as the
denominator.

6d. Capital consumption allowances
for Federal Reserve Banks

716300103

.1

Capital consumption allowances on nonresidential
equipment and structures owned by FR Banks,
valued at current cost, from BEA Wealth Data
Tape (section 2, series 540, category 4). Data are
annual; series is converted to quarterly by ratio
method, using NIPA total capital consumption
allowances (FOF series 896300003, table F.1,
line 61) as the denominator.

6. Capital consumption allowances,
with capital consumption
adjustment, for nonfarm
nonfinancial corporate business
6a. Capital consumption allowances
for corporate business


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Explanation
Line 5a less lines 5b and 5c.

162

Guide to the Flow of Funds Accounts

F.104. Nonfarm Non.financial Corporate Business-Continued

Code

1991 value
(billions
of dollars)

6e. Capital consumption allowances
for depository institutions in the
U.S. and U.S.-affiliated areas

706300103

24.2

6f. Capital consumption allowances
for bank holding companies

736300103

.2

Capital consumption allowances on nonresidential
equipment and structures owned by holding and
other investment offices, valued at current cost,
from BEA Wealth Data Tape (section 2, series
561, category 4), multiplied by bank holding
company ratio. Ratio calculated as book value
of fixed assets of bank holding companies
(FOF series 735013103, table F.114, line 13d)
divided by nonresidential equipment and structures
owned by holding and other investment offices,
valued at historical cost, from BEA Wealth Data
Tape (section 2, series 147, category 3). Data are
annual; series is converted to quarterly by ratio
method, using NIPA total capital consumption
allowances (FOF series 896300003, table F.1,
line 61) as the denominator.

6g. Capital consumption allowances
for life insurance companies

546300103

3.7

Capital consumption allowances on nonresidential
equipment and structures owned by insurance
carriers, valued at current cost, from BEA Wealth
Data Tape (section 2, series 552, category 4),
multiplied by the ratio of two levels: (1) total
financial assets of life insurance companies and
(2) the sum of total financial assets of life
insurance companies, private pension funds, and
other insurance companies. Data are annual; series
is converted to quarterly by ratio method, using
NIPA total capital consumption allowances (FOF
series 896300003, table F.1, line 61) as the
denominator.

6h. Capital consumption allowances
for other insurance companies

516300103

1.4

Capital consumption allowances on nonresidential
equipment and structures owned by insurance
carriers, valued at current cost, from BEA Wealth
Data Tape (section 2, series 552, category 4),
multiplied by the ratio of two levels: (1) total
financial assets of other insurance companies and
(2) the sum of total financial assets of life
insurance companies, private pension funds, and
other insurance companies. Data are annual; series
is converted to quarterly by ratio method, u ing
NIPA total capital consumption allowances (FOF
series 896300003, table F.1, line 61) as the
denominator.

Component


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Federal Reserve Bank of St. Louis

Explanation
Capital consumption allowances on nonresidential
equipment and structures owned by all depository
institutions, valued at current cost, from BEA
Wealth Data Tape (section 2, series 543,
category 4). Data are annual; series is converted to
quarterly by ratio method, using NIPA total capital
consumption allowances (FOF series 896300003,
table F.1, line 61) as the denominator.

Table F.104

163

F.104.-Continued
Code

1991 value
(billions
of dollars)

6i. Capital consumption allowances
for private pension funds

576300103

3.3

Capital consumption allowances on nonresidential
equipment and structures owned by insurance
carriers, valued at current cost, from BEA Wealth
Data Tape (section 2, series 552, category 4),
multiplied by the ratio of two levels: (1) total
financial assets of private pension funds and
(2) the sum of total financial assets of life
insurance companies, private pension funds, and
other insurance companies. Data are annual; series
is converted to quarterly by ratio method, using
NIPA total capital consumption allowances (FOP
series 896300003, table F.1, line 61) as the
denominator.

6j. Capital consumption allowances
for finance companies

616300103

5.3

Capital consumption allowances on nonresidential
equipment and structures owned by nondepository
credit institutions, valued at current cost, from
BEA Wealth Data Tape (section 2, series 546,
category 4), less capital consumption allowances
on nonresidential equipment and structures owned
by federally sponsored credit agencies, valued at
current cost (FOP series 406300103, table F.107,
line 1b). Data are annual; series is converted to
quarterly by ratio method, using NIPA total capital
consumption allowances (FOP series 896300003,
table F.1, line 61) as the denominator.

6k. Capital consumption allowances
for real estate investment trusts

646300103

1.0

Capital consumption allowances on nonresidential
equipment and structures owned by holding and
other investment offices, valued at current cost,
from BEA Wealth Data Tape (section 2, series
561, category 4), multiplied by the ratio of two
levels: (1) nonresidential equipment and structures
owned by REITs, at book value, and (2) nonresi­
dential equipment and structures owned by holding
and other investment offices, valued at historical
cost, from BEA Wealth Data Tape (section 2,
series 147, category 3). Nonresidential equipment
and structures of REITs at book value estimated
as 56 percent of property owned (FOP series
645019003, table F.128, line 6b); estimate assumes
that two-thirds of the property is nonresidential,
with 83 percent of the value of nonresidential
property assumed to be attributable to equipment
and structures, and the rest to land. Data are
annual; series is converted to quarterly by ratio
method, using NIPA total capital consumption
allowances (FOP series 896300003, table F.1,
line 61) as the denominator.

Component


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Federal Reserve Bank of St. Louis

Explanation

164

Guide to the Flow of Funds Accounts

F.104.

Nonfann Nonfinancial Corporate Busines.r-Continued

Component

Code

199 1 value
(billions
of dollars)

Explanation

61. Capital consumption allowances
for security brokers and dealers

666300103

.7

7. U.S. internal funds (domestic cash
flow) of nonfann nonfinancial
corporate business, at book value

106000305

365.1

8. Foreign earnings of nonfann
nonfinancial corporate business
retained abroad

266006001

48.3

9. Inventory valuation adjustment
for nonfann nonfinancial
corporate business

105020601

3.1

10. Internal funds of nonfann
nonfinancial corporate business,
after inventory valuation
adjustment

106000105

4 16.5

Sum of lines 7, 8, and 9.

11. G� investment by nonfarm
nonfinancial corporate business

105090005

400.4

Sum of lines 12 and 18.

12. Capital expenditures of nonfann
nonfinancial corporate business

105050005

363.9

Sum of lines 13, 16, and 17. Capital expenditures
at book value are shown as a memorandum item
in line 66.

13. Fixed investment by nonfann
nonfinancial corporate business

105019005

370.9

Sum of lines 14 and 1 5.

14. Fixed residential investment by
nonfann nonfinancial corporate
business

105012001

1.1


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Federal Reserve Bank of St. Louis

Capital consumption allowances on nonresidential
equipment and structures owned by security and
commodity brokers, valued at current cost, from
BEA Wealth Data Tape (section 2, series 549,
category 4). Data are annual; series is converted to
quarterly by ratio method, using NIPA total capital
consumption allowances (FOF series 896300003,
table F.1, line 6 1) as the denominator.

Sum of lines 4, 5, and 6.

SCB, NIPA table 1.14, line 26, Undistributed
profits, less NIPA table 1.16, line 14, Undistributed profits.
SCB, NIPA table 1.16, line 33, Inventory
valuation adjustment.

Investment in residential structures by corporate
business (assumed to be all nonfinancial), valued
at historical cost, from BEA Wealth Data Tape
(section 5, series 29). Data are annual; series is
converted to quarterly using quarterly data on
NIPA total residential investment (FOF series
19 5012001, table F.l, line 9).

Table F. l 04

l 65

F.104.-Continued

Code

1991 value
(billions
of dollars)

Explanation

15. Fixed nonresidential investment
by nonfarm nonfinancial
corporate business

105013005

369.8

Line 15a less lines 15b through 151; less 7 percent
of line 15m; and less 67 percent of line 15n.

15a. Fixed nonresidential
investment by all sectors

895013001

541.1

SCB, NIPA table 1.1, line 8, Gross private
domestic investment, nonresidential.

15b. Fixed investment in
nonresidential equipment by
farm and nonfarm
noncorporate business,
households, and nonprofit
organizations

165013203

61.4

Investment in nonresidential equipment by all
noncorporate sectors, valued at historical cost,
from BEA Wealth Data Tape (section 3,
series 146). Data are annual; series is converted
to quarterly by ratio method, using NIPA total
investment in nonresidential plant and equipment
(FOF series 895013001, table F.1, line 15) as the
denominator.

15c. Fixed investment in
nonresidential structures by
farm and nonfarm
noncorporate business,
households, and nonprofit
organizations

165013603

47.2

Investment in nonresidential structures by all
noncorporate sectors, valued at historical cost,
from BEA Wealth Data Tape (section 3,
series 147). Data are annual; series is converted
to quarterly by ratio method, using NIPA total
investment in nonresidential plant and equipment
(FOF series 895013001, table F.1, line 15) as the
denominator.

15d. Fixed nonresidential
investment by federally
sponsored credit agencies

405013003

4.0

Investment in nonresidential equipment and
structures by nondepository credit institutions,
valued at historical cost, from BEA Wealth Data
Tape (section 4, series 261), multiplied by the ratio
of two levels: (1) total financial assets of federally
sponsored credit agencies and (2) the sum of total
financial assets of federally sponsored credit
agencies, finance companies, small business
investment corporations (FOF Section estimate),
and mortgage bankers (FOF Section estimate).
Data are annual; series is converted to quarterly
by ratio method, using NIPA total investment in
nonresidential plant and equipment (FOF series
895013001, table F.1, line 15) as the denominator.

15e. Fixed nonresidential
investment by Federal Reserve
Banks

715013003

.2

Investment in nonresidential equipment and
structures by FR Banks, valued at historical
cost, from BEA Wealth Data Tape (section 4,
series 249). Data are annual; series is converted
to quarterly by ratio method, using NIPA total
investment in nonresidential plant and equipment
(FOF series 895013001, table F.1, line 15) as the
denominator.

Component


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Federal Reserve Bank of St. Louis

166

Guide to the Flow of Funds Accounts

F.104.

Nonfarm Nonflnancial Corporate Busineg..-Continued

Component

Code

1991 value
(billions
of dollars)

15f. Fixed nonresidential
investment by depository
institutions in the U.S. and
U.S.-affiliated areas

705013003

35.2

15g. Fixed nonresidential
investment by bank holding
companies

735013003

.1

Investment in nonresidential equipment and
structures by holding and other investment offices,
valued at historical cost, from BEA Wealth Data
Tape (section 4, series 291), multiplied by bank
holding company ratio. Ratio calculated as book
value of fixed assets of bank holding companies
(FOF series 735013103, table F.114, line 13d)
divided by nonresidential equipment and structures
owned by holding and other investment offices,
valued at historical cost, from BEA Wealth Data
Tape (section 2, series 147, category 3). Data
are annual; series is converted to quarterly by
ratio method, using NIPA total investment in
nonresidential plant and equipment (FOF series
895013001, table F.1, line 15) as the denominator.

15h. Fixed nonresidential
investment by life insurance
companies

545013003

6.5

Investment in nonresidential equipment and
structures by insurance carriers, valued at
historical cost, from BEA Wealth Data Tape
(section 4, series 273), multiplied by the ratio of
two levels: (1) total financial assets of life
insurance companies and (2) the sum of total
financial assets of life insurance companies, other
insurance companies, and private pension funds.
Data are annual; series is converted to quarterly
by ratio method, using NIPA total investment in
nonresidential plant and equipment (FOF series
895013001, table F.1, line 15) as the denominator.

15i. Fixed nonresidential
investment by other insurance
companies

515013003

2.4

Investment in nonresidential equipment and
structures by insurance carriers, valued at
historical cost, from BEA Wealth Data Tape
(section 4, series 273), multiplied by the ratio of
two levels: (1) total financial assets of other
insurance companies and (2) the sum of total
financial assets of life insurance companies, other
insurance companies, and private pension funds .
Data are annual; series is converted to quarterly
by ratio method, using NIPA total investment in
nonresidential plant and equipment (FOF series
895013001, table F.1, line 15) as the denominator.


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Explanation
Investment in nonresidential equipment and
structures by all depository institutions, valued at
historical co�t, from BEA Wealth Data Tape
(section 4, series 255). Data are annual; series is
converted to quarterly by ratio method, using
NIPA total investment in nonresidential plant and
equipment (FOF series 895013001, table F.1,
line 15) as the denominator.

Table F. l 04

167

F.104.-Continued
Code

1991 value
(billions
of dollars)

15j. Fixed nonresidential
investment by private pension
funds

575013003

5.8

Investment in nonresidential equipment and
structures by insurance carriers, valued at
historical cost, from BEA Wealth Data Tape
(section 4, series 273), multiplied by the ratio of
two levels: (1) total financial assets of private
pension funds and (2) the sum of total financial
assets of life insurance companies, other insurance
companies, and private pension funds. Data
are annual; series is converted to quarterly by
ratio method, using NIPA total investment in
nonresidential plant and equipment (FOF series
895013001, table F.1, line 15) as the denominator.

15k. Fixed nonresidential
investment by finance
companies

615013003

6.8

Investment in nonresidential equipment and
structures by nondepository credit institutions,
valued at historical cost, from BEA Wealth Data
Tape (section 4, series 261), less investment in
nonresidential equipment and structures, valued
at historical cost, by federally sponsored credit
agencies (FOF series 405013003, table F.107,
line 2). Data are annual; series is converted to
quarterly by ratio method, using NIPA total
investment in nonresidential plant and equipment
(FOF series 895013001, table F. l , line 15) as the
denominator.

151. Fixed nonresidential
investment by security brokers
and dealers

665013003

.4

Investment in nonresidential equipment and
structures by security and commodity brokers,
valued at historical cost, from BEA Wealth Data
Tape (section 4, series 267). Data are annual;
series is converted to quarterly by ratio method,
using NIPA total investment in nonresidential
plant and equipment (FOF series 895013001,
table F.1, line 15) as the denominator.

15m. Fixed nonresidential
investment by farm business

135013003

10.4

Component


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Explanation

Estimated as sum of SCB, NIPA table 5.6, line 18,
Purchases of private nonresidential farm struc­
tures, and NIPA table 5.8, line 26, Agricultural
machinery, except tractors (unpublished quarterly
data for both series provided by BEA), with
the sum multiplied by ratio of farm business
investment in nonresidential equipment and
structures, from BEA Wealth Data Tape (section 3,
series 100), to the sum of the two NIPA table lines
cited above for the previous complete year.

168

Guide to the Flow of Funds Accounts

F.104. Nonfarm Nonfinancial Corporate Business-Continued
Component

Code

1991 value
(billions
of dollars)

Explanation

15n. Fixed investment by real estate
investment trusts

645013003

16. Change in inventories, with
inventory valuation adjustment
(current cost of inventory
change), of nonfarm nonfinancial
corporate business

105020005

-9.8

16a. Change in inventories of the
nonfarm business sectors

125020001

-10.3

16b. Change in inventories of
nonfarm noncorporate
business

115020003

-.5

Unadjusted flow equal to the ratio of noncorporate
current-dollar inventory stock (provided by BEA)
to total nonfarm current-dollar inventory stock
(SCB, NIPA table 5.12, line 3), multiplied by
Change in nonfarm business inventories (from
SCB, NIPA table 5.10, line 3).

17. Mineral rights purchased from
the U.S. government by nonfarm
nonfinancial corporate business

105030003

2.8

Monthly Treasury Statement, table 5,
Undistributed offsetting receipts, Rents and
royalties on the outer continental shelf lands.
Treated by the Department of the Treasury as a
negative outlay.

18. Net financial investment by
nonfarm nonfinancial corporate
business

105000005

36.6


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Federal Reserve Bank of St. Louis

.6

Investment in nonresidential equipment and
structures by holding and other investment offices,
valued at historical cost, from BEA Wealth Data
Tape (section 4, series 291), multiplied by the ratio
of two levels: (1) nonresidential equipment and
structures owned by REITs, at book value, and
(2) nonresidential equipment and structures owned
by holding and other investment offices, valued at
historical cost, from BEA Wealth Data Tape
(section 2, series 147, category 3). Nonresidential
equipment and structures of REITs at book value
estimated as 56 percent of property owned (FOF
series 645019003, table F.128, line 6b); estimate
assumes that two-thirds of the property is
nonresidential, with 83 percent of the value of
nonresidential property assumed to be attributable
to equipment and structures, and the rest to land.
Data are annual; series is converted to quarterly
by ratio method, using NIPA total investment in
nonresidential plant and equipment (FOF series
895013001, table F.1, line 15) as the denominator.

Line 16a less line 16b.

SCB, NIPA table 1.1, line 13, Change in business
inventories, nonfarm.

Line 19 less line 37.

Table El04

169

F.104.-Continued
Component

Code

1991 value
(billions
of dollars)

19. Net acquisition of financial assets
by nonfann nonfinancial
corporate business

104090005

64.0

Sum of lines 20, 29, 30, 31, and 32.

20. Change in liquid assets of
nonfann nonfinancial corporate
business

104001005

44.3

Sum of lines 21, 22, 23, 24, 25, 26, 27, and 28.

21. Change in checkable deposits and
currency held by nonfarm
nonfinancial corporate business

103020005

10.4

Line 21a less lines 21b, 22, and 25.

21a. Change in deposits and
currency held by nonfarm
nonfinancial corporate
business

103020000

21.0

Level from FR Bulletin, table 1.49 (currently
suspended), line 2, Cash. Includes currency, U.S.
demand and time deposits, and foreign deposits.
Since 1986:Ql, value has been an FOF Section
estimate based on quarterly data from the QFR,
multiplied by the most recent SOI/QFR benchmark
ratio for total deposits held. Unadjusted flow is the
change in the level.

21b. Change in cash held by mutual
funds before 1963

653020103

.0

22. Change in large time deposits
held by nonfarm nonfinancial
corporate business

103035000

3.7

Level is FOF Section estimate based since 1986:Ql
on quarterly data from the QFR, multiplied by the
most recent SOI/QFR benchmark ratio for time
deposits held. Unadjusted flow is the change in the
level.

23. Change in money market mutual
fund shares held by nonfarm
nonfinancial corporate business

103034003

5.2

Level from Mutual Fund Fact Book, section 6,
table on Assets of Fiduciary, Business, and
Institutional Investors in Taxable Money Market
Funds, Business corporations; plus section 6, table
on Assets of Fiduciary, Business, and Institutional
Investors in Tax-Exempt Money Market Funds,
Business corporations. Data are annual; series is
converted to quarterly by K-L method. Unadjusted
flow is the change in the level.


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Federal Reserve Bank of St. Louis

Explanation

Value has been zero since 1962:Ql. Before 1965,
cash held by mutual funds was included with
corporate cash holdings.

170

Guide to the Flow of Funds Accounts

F.104. Nonfarm Nonfinancial Corporate Business-Continued

Component

Code

1991 value
(billions
of dollars)

24. Change in outstanding loans held
by nonfarm nonfinancial
corporate business under security
repurchase agreements

102050000

-3.8

25. Change in foreign deposits held
by nonfarm nonfinancial
corporate business

103091005

6.9

Line 25a less line 25b.

25a. Change in foreign deposits
held by U.S. private sectors

263191003

1.5

Unadjusted flow and level from SCB, USIT
table 8, sum of line 17, Deposits, and line 18,
Negotiable and readily transferable instrument
(mostly certificates of deposit); plus USIT table 7,
line A5, Deposits, all flows with sign reversed.

25b. Change in foreign deposits
held by money market mutual
funds

633091003

-5.4

Level from Trends in Mutual Fund Activity,
table C, Eurodollar certificates of deposit.
Unadjusted flow is the change in the level.

103061005

20.5

Line 26a less line 24.

103061000

16.7

Level from FR Bulletin, table 1.49 (currently
suspended), line 3, U.S. government securitie .
Since 1986:Ql, value has been an FOF Section
estimate based on quarterly data from the QFR,
multiplied by the most recent SOI/QFR benchmark
ratio for U.S. government ecuritie held.
Unadju ted flow is the change in the level.

27. Change in tax-exempt securities
held by nonfarm nonfinancial
corporate business

103062003

1.8

Level is FOF Section e timate ba ed partly on data
from the QFR. Unadjusted flow is the change in
the level.

28. Change in open market paper
held by nonfarm nonfinancial
corporate business

103069100

-.4

Level is FOF Section e timate that, ince 1986:Ql.
has been based on quarterly data from the QFR,
multiplied by the most recent SOI/QFR benchmark
ratio for commercial paper held. Unadjusted flow
is the change in the level.

26. Change in U.S. government
securities held by nonfarm
nonfinancial corporate business,
excluding loans held under
security repurchase agreements

26a. Change in U.S. government
ecurities held by nonfarm
nonfinancial corporate
bu ines


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Federal Reserve Bank of St. Louis

Explanation
After 1983, value estimated by FOF Section; since
1986:Ql, estimate based on quarterly data from
the QFR, multiplied by the most recent SOI/QFR
benchmark ratio for repurchase agreement loans.
For 1978-83, level based on supplement for large
banks from quarterly Report of Condition for
U.S.-chartered commercial banks. Level through
1977 from occasional surveys. Unadjusted flow is
the change in the level.

Table F.104

171

F.104.-Continued

Code

1991 value
(billions
of dollars)

103066005

-.8

Line 29a less lines 29b through 29h, plus 80 per­
cent of the difference between line 29i and the
sum of lines 29j and 29k.

29a. Change in installment
consumer debt of the
household sector

153166100

-6.5

Level from FR Board, Mortgage and Consumer
Finance Section, monthly G.19 statistical release,
Consumer Installment Credit, table on Consumer
Installment Credit Outstanding, Not seasonally
adjusted, Total. Unadjusted flow is the change in
the level.

29b. Change in installment
consumer credit held by
nonfarm noncorporate
business

113066100

*

Level is 0.75 multiplied by %Noncorp multiplied
by (1 - %Captive) multiplied by retailer consumer
credit, where %Noncorp is the ratio of noncor­
porate business receipts to total business receipts
derived from SOI data; %Captive is the ratio of
captive finance company consumer receivables to
total retailer consumer credit calculated using data
from the FR Board quinquennial survey of finance
companies and from the FR Board, Mortgage and
Consumer Finance Section; and retailer consumer
credit is as published in the FR Board monthly
G.19 statistical release, Consumer Installment
Credit, table on Consumer Installment Credit
Outstanding, Not seasonally adjusted, Major
holders, Retailers. Unadjusted flow is the change
in the level.

29c. Change in installment
consumer credit held by
US-chartered commercial
banks

723066100

-7.5

Level from FR Board, Mortgage and Consumer
Finance Section, monthly G.19 statistical release,
Consumer Installment Credit, table on Consumer
Installment Credit Outstanding, Not seasonally
adjusted, Major holders, Commercial banks.
Unadjusted flow is the change in the level.

29d. Change in installment
consumer credit held by
savings and loan associations
and mutual savings banks

493066103

-6.7

Level from FR Board, Mortgage and Consumer
Finance Section, monthly G.19 statistical release,
Consumer Installment Credit, table on Consumer
Installment Credit Outstanding, Not seasonally
adjusted, Major holders, Savings institutions. Data
collected from quarterly Report of Condition for
mutual savings banks and from Thrift Financial
Report. Unadjusted flow is the change in the level.

29e. Change in installment
consumer credit held by credit
unions

473066100

- .8

Level from FR Board, Mortgage and Consumer
Finance Section, monthly G.19 statistical release,
Consumer Installment Credit, table on Consumer
Installment Credit Outstanding, Not seasonally
adjusted, Major holders, Credit unions. Unadjusted
flow is the change in the level.

Component
29. Change in consumer credit held
by nonfarm nonfinancial
corporate business


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Federal Reserve Bank of St. Louis

Explanation

172

Guide to the Flow of Funds Accounts

F.104. Nonfarm Nonfinancial Corporate Busines.r-Continued
Code

1991 value
(billions
of dollars)

29f. Change in installment
consumer credit held by
finance companies other than
captive finance companies

613066100

-12.0

29g. Change in installment
consumer credit held by
captive finance companies

613066120

-.1

Level from FR Board, Mortgage and Consumer
Finance Section, installment consumer credit held
by all retailers multiplied by ratio of consumer
credit held by captive retail finance companies
(from FR Board quinquennial survey of finance
companies) to consumer credit held by all retailers.
Ratio is smoothed between quinquennial surveys.
Unadjusted fl.ow is the change in the level.

29h. Change in consumer credit
held by issuers of securitized
credit obligations

673066003

21.7

Level from FR Board, Mortgage and Consumer
Finance Section, monthly G.19 statistical release,
Consumer Installment Credit, table on Consumer
Installment Credit Outstanding, Not seasonally
adjusted, Major holders, Pools of securitized
assets. Unadjusted fl.ow is the change in the level.

29i. Change in noninstallment
consumer debt of the
household sector

153166200

-6.1

Level from FR Board, Mortgage and Consumer
Finance Section, unpublished data. Unadjusted
fl.ow is the change in the level.

29j. Change in noninstallment
consumer credit held by
U.S.-chartered commercial
banks

723066203

-6.0

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Loans to individuals for household, family, and
other personal expenditures (sum of series
RCON2008 and RCON2011), less installment
consumer credit held by U.S.-chartered commercial
banks as estimated from survey data by FR Board,
Mortgage and Consumer Finance Section.
Unadjusted fl.ow is the change in the level.

29k. Change in noninstallment
consumer credit held by
savings and loan associations
and mutual savings banks

493066203

-.5

Component


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Federal Reserve Bank of St. Louis

Explanation
Level from FR Board, Mortgage and Consumer
Finance Section, monthly G.19 statistical release,
Consumer Installment Credit, table on Consumer
Installment Credit Outstanding, Not seasonally
adjusted, Major holders, Finance companies.
Unadjusted fl.ow is the change in the level.

Level estimated by FR Board, Mortgage and
Consumer Finance Section, as 5 percent of total
consumer credit provided by thrift institutions,
excluding credit unions, from quarterly Report of
Condition for mutual savings banks and from
Thrift Financial Report. Unadjusted fl.ow is the
change in the level.

Table F.104

173

F.104.-Continued

Component

Code

1991 value
(billions
of dollars)

Explanation

30. Net purchases of mutual fund
shares by nonfarm nonfinancial
corporate business

103064203

2.7

31. Change in trade credit held by
nonfarm nonfinancial corporate
business

103070005

-11.6

31a. Change in trade debt owed
to nonfarm nonfinancial
corporate business by
borrowers other than the
U.S. government

103070000

-5.9

Level is FOF Section estimate from calculations
of working capital for nonfinancial corporations,
receivables due from other than the U.S.
government. See FR Bulletin, table 1.49 (currently
suspended), line 4, Notes and accounts receivable.
Since 1986:Q1, value has been an FOF Section
estimate based on quarterly data from the QFR,
multiplied by the most recent SOI/QFR benchmark
ratio for receivables. Unadjusted flow is the
change in the level.

31b. Change in trade debt owed
to nonfarm nonfinancial
corporate business by the
U.S. government

103070313

-6.5

Level is FOF Section estimate from calculations
of working capital for nonfinancial corporations,
receivables due from the U.S. government. See
FR Bulletin, table 1.49 (currently suspended),
line 4, Notes and accounts receivable. Since
1986:Q1, value has been an FOF Section estimate
based on quarterly data from the QFR, multiplied
by the most recent SOI/QFR benchmark ratio
for receivables. Unadjusted flow is the change in
the level.

32. Change in total miscellaneous
assets of nonfarm nonfinancial
corporate business

103090005

29.3

Sum of lines 33, 34, 35, and 36.


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Year-end market-value level from Mutual Fund
Fact Book, section 6, table on Assets of Fiduciary,
Business, and Institutional Investors in Equity,
Bond, and Income Funds, Business corporations.
Series converted to quarterly market-value level
by K-L method. Quarterly book value estimated
by dividing market-value level by 1 plus the
quarterly percentage change, expressed in decimal
form, in the NYSE composite index (average for
week containing last day of quarter). Unadjusted
flow is the change in the book-value level.

Sum of lines 31a and 31b, less line 29.

174

Guide to the Flow of Funds Accounts

F.104. Nonfarm Nonflnancial Corporate Business-Continued
Component

Code

1991 value
(billions
of dollars)

33. Direct investment abroad by U.S.
nonfarm nonfinancial corporate
business

103092005

26.7

Sum of lines 33a and 33b, less lines 33c through
33g.

33a. U.S. direct investment abroad,
valued at current cost

263192003

27.1

Unadjusted flow from SCB, USIT table 5, line 14,
Capital with current-cost adjustment. Fourth­
quarter level from SCB, International Investment
Position of the U.S., table 3, line 17, Direct
investment abroad, at current cost. Levels for other
quarters obtained by adding flow to preceding
level.

33b. Net issuance of bonds by
Netherlands Antillean financial
subsidiaries of U.S.
corporations

263063103

1.1

Unadjusted flow and level provided by BEA. Flow
series appears occasionally in USIT articles in
SCB, in text table "Transactions with Netherlands
Antillean Finance Affiliates." Intercompany debt
flows series used as a proxy for net bond
transactions. Before 1978, this series includes
Eurobond transactions of Delaware subsidiaries
operating abroad. Since the fourth quarter of 1992,
this series has had a value of zero for both levels
and flows .

33c. Direct investment abroad by
U.S.-chartered commercial
banks

723092103

-1.0

Since 1982, based on tabulations provided by
BEA; before 1982, estimated by FOF Section
from periodic BEA benchmark surveys of U.S.
direct investment abroad.

33d. Direct investment abroad by
U.S. life insurance companies

543092003

.2

Since 1982, based on tabulations provided by
BEA; before 1982, estimated by FOF Section
from periodic BEA benchmark surveys of U.S.
direct investment abroad.

33e. Direct investment abroad by
U.S. other insurance
companies

513092003

.2

Since 1982, based on tabulations provided by
BEA; before 1982, estimated by FOF Section
from periodic BEA benchmark surveys of U.S.
direct investment abroad.

33f. Direct investment abroad by
U.S. finance companies

613092003

2.1

Since 1982, based on tabulations provided by
BEA; before 1982, estimated by FOF Section
from periodic BEA benchmark surveys of U.S.
direct investment abroad.

33g. Direct investment abroad by
U.S. security brokers and
dealers

663092003

.1

Since 1982, based on tabulations provided by
BEA; before 1982, estimated by FOF Section
from periodic BEA benchmark surveys of U.S.
direct investment abroad.


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Federal Reserve Bank of St. Louis

Explanation

Table El04

175

F.104.-Continued
Code

1991 value
(billions
of dollars)

34. Change in receivables owed to
nonfann nonfinancial corporate
business by other insurance
companies

103076003

14.1

35. Change in equity in the Federal
National Mortgage Association
held by nonfann corporate
business

123092003

.5

36. Change in unidentified
miscellaneous assets of nonfarm
nonfinancial corporate business

103093005

-11.9

36a. Change in current assets of
nonfarm nonfinancial
corporate business

104040000

44.9

Level from FR Bulletin, table 1.49 (currently
suspended), line 1, Current assets. Since 1986:Ql,
value has been an FOF Section estimate based
on quarterly data from the QFR, multiplied by
the most recent SOI/QFR benchmark ratio for
current assets. Unadjusted flow is the change in the
level.

36b. Change in inventories of
nonfinancial corporations, at
book value

105020000

16.0

Level from FR Bulletin, table 1.49 (currently
suspended), line 5, Inventories. Since 1986:Ql,
value has been an FOF Section estimate based on
quarterly data from the QFR, multiplied by the
most recent SOI/QFR benchmark ratio for
inventories held. Unadjusted flow is the change
in the level.

37. Net increase in liabilities of
nonfarm nonfinancial corporate
business

104190005

27.5

Sum of lines 38, 53, 54, and 55.

38. Net funds raised in markets by
nonfann nonfinancial corporate
business

104102005

18.7

Sum of lines 39 and 40.

Component


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Federal Reserve Bank of St. Louis

Explanation
Level from Best's Aggregates and Averages,
Property-Casualty, table on Consolidated Industry
Totals, Liabilities, surplus and other funds, sum of
line 1, Losses; line 2, Loss adjustment expenses;
and line 9, Unearned premiums. This liability is
allocated as assets of the household sector, farm
business, nonfarm noncorporate business, and
nonfarm nonfinancial corporate business using the
distribution, by line of business, of premiums
written by stock companies. Data are annual;
series is converted to quarterly by K-L method.
Unadjusted flow is the change in the level.
Level from balance sheet for FNMA, Total
stockholders' equity less Retained earnings.
Unadjusted flow is the change in the level.

Line 36a less lines 21a, 26a, 27, 28, 31a, 31b, 34,
and 36b.

176

Guide to the Flow of Funds Accounts

F.104. Nonfarm Nonfinancial Corporate Business-Continued
Code

1991 value
(billions
of dollars)

39. Net issuance of equities by
nonfarm nonfinancial corporate
business

103164003

18.3

40. Change in credit market debt of
nonfarm nonfinancial corporate
business

104104005

.4

41. Change in outstanding tax-exempt
securities issued on behalf of, and
owed by, nonfarm nonfinancial
corporate business (industrial
revenue bonds)

103162005

-1.2

41a. Gross issuance of tax-exempt
securities owed by nonfarm
nonfinancial corporate
business

103162263

6.3

Unadjusted flow from commercial sources
via FR Board, Capital Markets Section,
Corporate-backed tax-exempt bonds. Level
obtained by adding flow to preceding level.

41b. Retirements of tax-exempt
securities owed by nonfarm
nonfinancial corporate
business

103162273

7.4

Unadjusted flow calculated by FOF Section from
Government Finances and from gross issuance of
debt owed by nonfarm nonfinancial corporate
business (FOF series 103162263, line 41a, above).
Level obtained by adding flow to preceding level.

42. Change in corporate bond
liabilities of nonfarm nonfinancial
corporate business, including
securities sold by their
Netherlands Antillean financial
subsidiaries

103163005

78.6

42a. Gross issuance of bonds by
nonfarm nonfinancial
corporate business

103163263

170.1

42b. Retirements of bonds by
nonfarm nonfinancial
corporate business

103163273

91.5

Component


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Federal Reserve Bank of St. Louis

Explanation
Unadjusted flow calculated by FR Board, Capital
Markets Section, using data from commercial
sources. Level is FOF Section estimate based on
current market value of all shares outstanding.
Sum of lines 41, 42, 43, 44, 45, and 46.

Line 41a less line 41b.

Line 42a less line 42b.

Unadjusted flow estimated by FR Board, Capital
Markets Section, using data from commercial
sources. Level obtained by adding flow to
preceding level.
Unadjusted flow, for years through 1981, based on
SEC data; since then, value has been an FOF
Section estimate based on data from unpublished
sources. Level obtained by adding flow to
preceding level.

Table E104

177

F.104.-Continued
Code

1991 value
(billions
of dollars)

103165005

-8.4

Sum of changes in home mortgage debt
(construction loans on one- to four-family
residential properties, estimated as 40 percent of
line 14), multifamily mortgage debt (construction
loans on multifamily residential properties, also
estimated as 40 percent of line 14), and
commercial mortgage debt (equal to line 43a, less
the sum of line 43b, 67 percent of line 43c, and the
change in commercial mortgage debt of nonfarm
noncorporate business). The change in commercial
mortgage debt of nonfarm noncorporate business is
equal to the sum of lines 43d and 43e; less the sum
of line 43f and 30 percent of line 43g; and less
line 43h net of line 43i, net of 33 percent of
line 43c, and net of the change in multifamily
mortgage debt of nonfarm nonfinancial corporate
business.

43a. Change in commercial
mortgages

893065503

-9.0

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Unadjusted flow is the change in the level.

43b. Change in commercial
mortgage debt of nonprofit
organizations (liability of the
household sector)

153165503

10.6

Level is FOF Section estimate based on capital
expenditures of nonprofit organizations.
Unadjusted flow is the change in the level.

43c. Change in mortgage debt of
real estate investment trusts

643165003

.6

43d. Change in reported mortgage
debt of nonfarm noncorporate
business

113165003

-8.4

43e. Ad hoc adjustment to account
for reallocation of Statistics
of Income liability categories
for nonfarm noncorporate
business between mortgages
and bank loans

113165883

.0

Level is FOF Section estimate. Unadjusted flow is
the change in the level.

43f. Statistics of Income-based
adjustment to the change in
reported home mortgage debt
of nonfarm noncorporate
business

113165103

.0

Level is FOF Section adjustment to benchmark
SOI data for partnerships and sole proprietorships.
Data are annual; series is converted to quarterly by
K-L method. Unadjusted flow is the change in the
level.

Component
43. Change in mortgage debt of
nonfann nonfinancial corporate
business


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Federal Reserve Bank of St. Louis

Explanation

Level from REIT Watch, Industry Balance Sheet,
Liabilities, Mortgages. Unadjusted flow is the
change in the level.
Level is FOF Section estimate based on SOI data
for partnerships and sole proprietorships. Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

178

Guide to the Flow of Funds Accounts

F.104.

Nonfarm Non.financial Corporate Business-Continued

Component

Code

1991 value
(billions
of dollars)

Explanation

43g. Fixed residential investment
by nonfarm noncorporate
business

115012001

15.5

Investment in residential structures by sole
proprietorships and partnerships, valued at
historical cost, from BEA Wealth Data Tape
(section 5, series 31). Data are annual; series is
converted to quarterly using quarterly data on
NIPA total residential investment (FOF series
195012001, table F.1, line 9).

43h. Change in multifamily
mortgages

893065403

-1.8

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Unadjusted flow is the change in the level.

43i. Change in multifamily
mortgage debt of the U.S.
government

313165403

.0

Level from Monthly Treasury Statement, table 6,
schedule B, sum of DOD Family housing and
Homeowners assistance mortgages and Coast
Guard Family housing mortgages, less U.S.
government investment account holdings of
mortgages. The latter value is supplied by the
Department of the Treasury as unpublished detail
for table 6, schedule D; the value has been equal
to zero since July 1985. Unadjusted flow is the
change in the level.

44. Change in bank loans, not
elsewhere classified, to nonfarm
nonfinancial corporate business

103168005

-24.9

44a. Ad hoc adjustment for loans
from owners to nonfarm
noncorporate business

113168903

6.0

Level is FOF Section estimate of loans owed to
proprietors or partners. Adjustment is de igned to
reconcile estimates of total loans based on SOI
data for partnerships and sole proprietor hip with
data for business loans from quarterly Report of
Condition for banks. Unadjusted flow is the change
in the level.

44b. Change in domestic
commercial and industrial
loans and commercial paper
held by U.S.-chartered
commercial banks

723068100

-49.8

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, um of schedule
RC-C, Commercial and industrial loans to U.S.
addressees (series RCON1763), and schedule
RC-D, Commercial paper held in trading accounts
(RCON1027). The commercial and indu trial loan
component include nonfinancial commercial
paper. Unadjusted flow is the change in the level.


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Federal Reserve Bank of St. Louis

Sum of lines 43e and 44a through 44f; less
60 percent of line 44g; and less lines 44h, 44i, 44j,
and 44k. The full amount of line 44g is not
deducted because commercial paper issued by
nonfarm nonfinancial corporations is included with
bank loans on the quarterly Report of Condition
for U.S.-chartered commercial banks (line 44b,
below); the remaining 40 percent of line 44g i the
estimated share of the commercial paper that i
issued by nonbank financial institutions.

Table R104

179

F,104.-Continued
Code

1991 value
(billions
of dollars )

44c. Change in domestic lease
financing receivables held by
U.S.-chartered commercial
banks

723069300

-1.6

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Lease financing receivables of U.S. addressees
(series RCON2182). Unadjusted flow is the
change in the level.

44d. Change in commercial and
industrial loans held by
foreign banking offices in the
U.S.

753068100

18.0

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule C, sum of Commercial and industrial
loans to U.S. addressees (series RCONl 763),
Commercial and industrial loans to non-U.S.
addressees (RCONl 764 ), Acceptances of U.S.
banks (RCONl 756), and Acceptances of foreign
banks (RCONl 757); for Edge Act and agreement
corporations, schedule B, sum of Commercial and
industrial loans to U.S. addressees (RCON1761)
and Commercial and industrial loans to non-U.S.
addressees (RCONl 762); and for New York State
investment companies, schedule A, sum of line 4a,
Commercial and industrial loans to U.S. addressees
(RCON1761), and line 4b, Commercial and
industrial loans to non-U.S. addressees
(RCON1762). Unadjusted flow is the change in
the level.

44e. Change in commercial and
industrial loans held by bank
holding companies

733068103

-1.9

Level from FR Y-9LP report, schedule PC, sum of
Loans (series BHCP0364 ) and Lease financing
receivables (BHCP2165), both net of unearned
income. Unadjusted flow is the change in the level.

44f. Change in total loans and
leases held by banks in
U.S.-affiliated areas

74 306874 3

-2.3

Year-end level from Reports of Condition: for
banks located in U.S.-affiliated areas, schedule
RC-C, Total loans and leases, net of unearned
income (series RCON2122); and for branches of
U.S. banks located in U.S.-affiliated areas, Total
loans and leases, net (RCON2122). Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

44g. Change in commercial paper
held by U.S.-chartered
commercial banks

723069703

.2

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, sum of schedule
RC-C, Memorandum item, Commercial paper
included in loan categories, not held in trading
accounts (series RCON1496), and schedule RC-D,
Commercial paper held in trading accounts
(RCON1027). Unadjusted flow is the change in
the level.

44h. Change in outstanding
reported bank loans, not
elsewhere classified, to
nonfarm noncorporate
business

113168003

-8.3

Level is FOF Section estimate based on SOI data
for partnerships and sole proprietorships. Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

Component


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Federal Reserve Bank of St. Louis

Explanation

180

Guide to the Flow of Funds Accounts

F.104. Nonfarm Nonfinancial Corporate Business-Continued
Component

Code

1991 value
(billions
of dollars)

Explanation

44i. Change in commercial and
industrial loans to foreigners
held by foreign banking offices
in the U.S.

753068283

1.9

44j. Change in open market paper
held by foreign banking offices
in the U.S.

753069600

-1.0

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule C, sum of Acceptances of U.S. banks
(series RCON1756), Acceptances of foreign banks
(RCONl 757), and Memorandum item, Holdings of
commercial paper (RCFD1496); and for New York
State investment companies, schedule A,
Memorandum item, Holdings of commercial paper
and own acceptances (RCON3362). Unadjusted
flow is the change in the level.

44k. Change in total mortgages
held by banks in U.S.-affiliated
areas

743065003

.6

Year-end level from Reports of Condition: for
banks located in U.S.-affiliated areas, schedule
RC-C, Loans secured by real estate (sum of series
RCON1415, RCON1420, RCON1797,
RCON5367, RCON5368, RCON1460, and
RCON1480); and for branches of U.S. banks
located in U.S.-affiliated areas, schedule RC-C,
Loans secured by real estate (RCFN1410). Data
are annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

4S. Change in commercial paper
liabilities of nonfarm nonfinancial
corporate busin�

103169705

-18.4

Line 45a less line 45b.

45a. Change in commercial paper
liabilities of all nonfinancial
borrowers

293169700

-12.8

Level from FR Bank of New York, Market
Reports Division, monthly commercial paper
release, table I, (outstandings issued by)
Nonfinancial companies, Directly and dealer­
placed. Unadjusted flow is the change in the level.

45b. Change in commercial paper
liabilities of foreign
nonfinancial companies to U.S.
residents

263169703

5.5


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Federal Reserve Bank of St. Louis

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule C, Commercial and industrial loans to
non-U.S. addressees (series RCON1764); for
Edge Act and agreement corporations, schedule B,
Commercial and industrial loans to non-U.S.
addressees (RCONl 762); and for New York State
investment companies, schedule A, line 4b,
Commercial and industrial loans to non-U.S.
addressees (RCONl 762). Unadjusted flow is the
change in the level.

Level from FR Bank of New York, Market
Reports Division, monthly commercial paper
release, table I, (outstandings issued by)
Nonfinancial companies, Foreign. Unadjusted
flow is the change in the level.

Table F.104

181

F.104.-Continued
Component

Code

1991 value
(billions
of dollars)

46. Change in other loans to nonfarm
nonfinancial corporate business

103169255

-25.5

47. Change in loans to nonfarm
nonfinancial corporate business
held by savings and loan
associations

103169405

-3.5

Estimated as 50 percent of line 47a.

453069403

-7.0

Level from Thrift Financial Report, schedule SC,
Commercial loans (series SVGL0655). Unadjusted
flow is the change in the level.

103169505

-.4

Estimated as 50 percent of line 48a.

613069500

-.9

Level from FR Board, Mortgage and Consumer
Finance Section, internal quarterly statement of
assets and liabilities of domestic finance
companies, accounts receivable, gross, business
(also published in FR Bulletin, table 1.51, line 3).
Excludes securitized loans. Unadjusted flow is the
change in the level.

49. Change in loans to nonfarm
nonfinancial corporate business
held by the U.S. government

103169203

-.8

Level from Treasury Bulletin, table FAFR-1,
Direct and guaranteed loans outstanding, portions
of loans from EDA, SBA, and the Departments of
Commerce and Defense; and, from the monthly
statement of the Federal Financing Bank, portions
of loans to GSA, SBA, Small Business Investment
Corporation, U.S. railroads, Amtrak, NASA, REA,
and other agencies. Percentage allocation
determined by type of program. Unadjusted flow is
the change in the level.

SO. Change in acceptance liabilities of
nonfarm nonfinancial corporate
business to banks

103169605

-5.9

Sum of lines 50a and 50b.

50a. Change in acceptance
liabilities of the nonfarm
business sectors to
U.S.-chartered commercial
banks

123169723

-2.0

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-M,
Customers' liability to this bank on acceptances
outstanding, U.S. addressees (series RCFD2103).
Unadjusted flow is the change in the level.

47a. Change in business loans held
by savings and loan
associations

48. Change in loans to nonfarm
nonfinancial corporate business
held by finance companies
48a. Change in business loans held
by finance companies


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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 47, 48, 49, 50, 51, and 52.

182

Guide to the Flow of Funds Accounts

F.104.

Nonfarm Nonftnancial Corporate Business-Continued

Component

Code

1991 value
(billions
of dollars)

50b. Change in acceptance
liabilities of the nonfann
business sectors to foreign
banking offices in the U.S.

123169753

-3.9

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule RAL, Customers' liability to this branch
or agency on acceptances outstanding, U.S.
addressees (series RCFD2156); for Edge Act and
agreement corporations, 67 percent of Customers'
liability on acceptances outstanding (RCFD2155);
and for New York State investment companies,
line 7a, Customers' liabilities to this investment
company on acceptances outstanding, U.S.
addressees (RCON2156). Unadjusted flow is the
change in the level.

51. Change in outstanding foreign
loans to U.S. nonbanking concerns

263068003

-16.5

Unadjusted flow from SCB, sum of USIT table 7,
line B2, Financial liabilities, and USIT table 9,
line B26, Banks' custody liabilities, payable in
dollars, less USIT table 9, line B27, Negotiable
and readily transferable instruments (mostly
certificates of deposit). Fourth-quarter level from
SCB, International Investment Position of the U.S.,
table 3, line 41. Levels for other quarters obtained
by adding flow to preceding level.

52. Change in loans to nonfann
nonftnandal corporate busin�
held by issuers of securltized
credit obligations

103169515

1.7

Estimated as 50 percent of line 52a.

673069503

3.3

Level from FR Board, Mortgage and Consumer
Finance Section, monthly G.20 statistical release,
Finance Companies, Securitized business assets.
Unadjusted flow is the change in the level.

103178000

-10.0

52a. Change in business loans held
by issuers of securitized credit
obligations

53. Change in taxes payable by
nonfarm nonftnandal corporate
business


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Federal Reserve Bank of St. Louis

Explanation

Level is FOF Section estimate; since 1986:Q l, it
has been based on quarterly data from the QFR,
multiplied by the most recent SOI/QFR benchmark
ratio. Unadjusted flow is the change in the level.

Table Rl04

183

F.104.-Continued

Component

Code

1991 value
(billions
of dollars)

54. Change in trade debt of nonfarm
nonfinancial corporate busineM

103170005

10.7

54a. Change in trade debt owed to
lenders other than the U.S.
government by nonfarm
nonfinancial corporate
business

103170000

9.9

Level is from FR Bulletin, table 1.49 (currently
suspended), line 8, Notes and accounts payable.
Since 1986:Ql, value has been an FOF Section
estimate based on quarterly data from the QFR,
multiplied by the most recent SOI/QFR benchmark
ratio for payables. Unadjusted flow is the change
in the level.

54b. Change in trade credit owed to
the U.S. government by
nonfarm nonfinancial
corporations

313070003

-5.0

Since 1986:Ql, value has been an FOF Section
estimate based on quarterly data from the QFR,
multiplied by the most recent SOI/QFR benchmark
ratio for payables. Through 1985:Q4, level was an
FOF Section estimate from calculations of
working capital for nonfinancial corporations,
payables owed to the U.S. government by
nonfinancial corporations. See FR Bulletin,
table 1.49 (currently suspended), line 8, Notes and
accounts payable. Unadjusted flow is the change
in the level.

55. Change in total miscellaneous
liabilities of nonfann nonfinancial
corporate busineM

103190005

8.0

Sum of lines 56 and 57.

56. Foreign direct investment in U.S.
nonfarm nonfinancial corporate
busineM

103192005

3.6

Line 56a, plus the product of line 56b and the
percentage shown in line 56c, less lines 56d
through 56h.

56a. Foreign direct investment in
the U.S., valued at current cost

263092003

11.5

Unadjusted flow from SCB, USIT table 5, line 55,
Capital with current-cost adjustment. Fourth­
quarter level from SCB, International Investment
Position of the U.S., table 3, line 35, Direct
investment in the U.S., at current cost. Levels for
other quarters obtained by adding flow to
preceding level.

56b. Investment in U.S. real estate
by foreign direct investors

265014003

-.7

Annual flow and fourth-quarter level from SCB,
August issues, article on "Foreign Direct
Investment in the United States; Detail for
Historical-Cost Position and Balance of Payments
Flows," table 17, Real estate. Levels for other
quarters obtained by adding flow to preceding
level. Before 1982, estimated from periodic
benchmark surveys of foreign direct investment
in the U.S.


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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 54a and 54b, less line 50.

184

Guide to the Flow of Funds Accounts

F.104.

Nonfarm Nonfinancial Corporate Business-Continued

Code

1991 value
(billions
of dollars)

56c. Foreign direct investment in
nonfarm nonfinancial
corporate real estate as a
percentage of foreign direct
investment in real estate

105119993

71.0%

Since 1979, based on annual data provided by
BEA; for earlier periods, 1979 percentage.

56d. Foreign direct investment in
foreign banking offices in the
U.S.

753192103

1.9

Since 1982, based on tabulations provided by
BEA; before 1982, estimated by FOF Section
from periodic BEA benchmark surveys of U.S.
direct investment abroad.

56e. Foreign direct investment in
U.S. life insurance companies

543192003

2.7

Since 1982, based on tabulations provided by
BEA; before 1982, estimated by FOF Section
from periodic BEA benchmark surveys of foreign
direct investment in the U.S.

56f. Foreign direct investment in
U.S. other insurance
companies

513192003

1.5

Since 1982, based on tabulations provided by
BEA; before 1982, estimated by FOF Section
from periodic BEA benchmark surveys of foreign
direct investment in the U.S.

56g. Foreign direct investment in
U.S. finance companies

613192003

2.1

Since 1982, based on tabulations provided by
BEA; before 1982, estimated by FOF Section
from periodic BEA benchmark surveys of U.S.
direct investment abroad.

56h. Foreign direct investment in
U.S. security brokers and
dealers, including foreign
direct investment in U.S. real
estate

663192003

-.9

Since 1982, based on tabulations provided by
BEA; before 1982, estimated by FOF Section
from periodic BEA benchmark surveys of U.S.
direct investment abroad.

S7. Change in contributions payable
to private pension funds by
nonfarm nonfinancial
corporations

573076003

4.4

Level from DOL tabulation of submissions of
IRS/DOIJPBGC Form 5500, Annual Return/
Report of Employee Benefit Plan, line 34b( 1),
Receivables, employer contributions. Data are
annual and appear with a lag of several years;
series is converted to quarterly and estimated for
current periods using proprietary Trust Universe
Comparison Service data on employee benefit
plans obtained from Wilshire Associates.
Unadjusted flow is the change in the level.

S8. Discrepancy for nonfarm
nonfinancial corporate busineu,
equal to internal funds plus
inventory valuation adjustment
lea groM investment

107005005

16.l

Line 10 less line 11; also the sum of lines 10 and
37, less lines 12 and 19. The discrepancy is a use
of funds in the FOF accounts.

Component


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Federal Reserve Bank of St. Louis

Explanation

Table Rl04

F.104.--Continued

1991 value
(billions
of dollars)

Component

Code

S9. Change in trade credit less change
in trade debt of nonfann
nonfinancial corporate business

103075005

-22.3

60. Earnings received from abroad by
nonfann nonfinancial
corporations

266120001

18.2

SCB, NIPA table 1.14, line 25, Dividends, less
NIPA table 1.16, line 13, Dividends.

61. Capital outlays as a percentage of
internal funds of nonfann
nonfinancial corporate business

Percentage

87.4%

Line 12 divided by line 10, multiplied by 100.

62. Credit market borrowing as a
percentage of capital expenditures
of nonfann nonfinancial
corporate business

Percentage

.1%

Line 40 divided by line 12, multiplied by 100.

63. Change in inventories, with
inventory valuation adjustment
(current cost of inventory
change), of nonfann nonfinancial
corporate business

105020005

-9.8

Same as line 16.

64. Inventory valuation adjustment
for nonfann nonfinancial
corporate business

105020601

3.1

Same as line 9.

6S. Change in inventories of nonfann
nonfinancial corporate business
before inventory valuation
adjustment

105020015

-12.9

Line 63 less line 64.

66. Memo: Capital expenditures of
nonfann nonfinancial corporate
business before inventory
valuation adjustment

105050205

3(i().8

Sum of lines 13, 17, and 65.

67. U.S. internal funds of nonfann
nonftnancial corporate business,
at book value

106000305

365.1

Same as line 7.

68. Financing gap of nonfann
nonftnancial corporate business
(the excess of capital expenditures
over U.S. internal funds)

105005305

-4.4


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Federal Reserve Bank of St. Louis

Explanation
Line 31 less line 54.

Line 66 less line 67.

185

186

Guide to the Flow of Funds Accounts

Table F.105 State and Local Government General Funds
The state and local government general funds
sector comprises the government operations
of the fifty states, their political subdivisions,
and the District of Columbia, including debt­
issuing authorities, enterprises, and trusts
funds. The sector does not include employee
retirement funds, which are shown in the state
and local government retirement funds sector.
Data on receipts and expenditures of the sec­
tor are from the national income and product

Billions of dollars

accounts and are published in the Survey of
Current Business (SCB); data on financial
assets and liabilities are taken from Govern­
ment Finances, published by the Bureau of the
Census.

F.105 State and local Governaent General Funds Cl)

FOF Code
1988
1989
1991---------1990
----------------------------------------------------------------1 Receipts, NIPA basis
Tax receipts
2
Social insurance receipts
3
Grants-in-aid
received
4

5 Expenditures, NIPA basis
Purch. of goods and services
6
Net interest and transfers
7

8 Net surplus, NIPA basis
9 - Retire11ent credit to HH
10 = Gross saving

11 Net financial investaent
Net acq. of financial assets
12
Checkable dep. and curr.
13
Ti1te deposits
14
Security RPs
15
16
17
18
19
20
21

Credit ■arket instruaents
U.S. govt. securities
Treasury issues
Agency issues
Tax-exeapt securities
Kortgages

23
24
25
26
27
28

Net increase in liabilities
Credit ■arket borrowing
Tax-exe■pt securities
Short-tar■
Other
U.S. gover1111ent loans

22

Taxes receivable

Trade debt
29
30 Discrepancy

Z06tlOH5
Zl6Ztl315
Zl6611H3
Z06413101

Zl69tHl5
Zl6911Hl
Zl64HH5

Zt616llt5
ZZU900t5
Z96Mtlt5

ZOSttOto5
Zl4tCJIH5
Z13120tt5
Zl3t300t5
Zl2t50ot5

631.3
468.1
51.9
111.3

593.0
531.7
61.3

38.4
64.9
-26.6

-5.7
45.4
2.0
-3.5
24.7

214H20t5
Zl3061005
213161105
Zl3161705
213162015
Zl31651t5

18.6
13.0
37_.7
-24.7
1.6
4.0

214190115
204lt20t5
203162005
213162400
213162215
213169203

51.2
48.9
52.2
9.9
42.4
-3.3

zt3t71815

203170083
207115005

3.6

Cl) E■ployee retire■ent funds are included in the insurance sector.


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Federal Reserve Bank of St. Louis

2.2

-20.8

681.5
508.5
54.8
11a.z

636.7
573.6
63.1

44.8
72.1
-27.3

-34.9
31.0
-.6
-.a
10.9

17.9
7.1
16.1
-9.0
2.0
a.a

3.5

65.9
63.2
63.4
-.3
63.7
-.2

2.7
7.6

7241.3
539.7
57.4
132.3

777.8
563.9
60.6
153.3

1
2
3
4

31.1
66.0
-35.9

17.2
56.7
-39.6

9
10

699.Z
616.8
az.5

-43.7
7.7
-1.1
-1.1
-16.2

26.2
18.3
3.7
14.6
2.5
5.3
-.3

51.4
48.3
47.4
6.7
40.7
.9

3.1
7.8

760.7
643.Z
117.5

5
6
7

-40.9
-1.2
5.1
-7.5
-14.9

11

-.1

22

16.3
12.3
-2.0
14.4
.5
3.4

39.7
38.5
38.2
6.8
31.3
.4

1.1
1.3

12
13
14
15

16
17
18
19
20
21

23
24
25
26
27
28

29
30

Table F.105

187

F.105. State and Local Government General Funds
Code

1991 value
(billions
of dollars)

1. Receipts of state and local
governments, NIPA basis

206010005

777.8

Sum of lines 2, 3, and 4.

2. Tax receipts of state and local
governments

206200305

563.9

Sum of lines 2a, 2b, and 2c.

2a. Personal tax and nontax receipts
of state and local governments

206210001

145.4

SCB, NIPA table 3.3, line 2, Personal tax and
nontax receipts.

2b. Indirect business tax and nontax
accruals owed to state and local
governments

206240001

397.0

SCB, NIPA table 3.3, line 7, Indirect business tax
and nontax accruals.

2c. Corporate profit tax accruals
owed to state and local
governments

206231001

21.5

SCB, NIPA table 3.3, line 6, Corporate profits tax
accruals.

3. Social insurance receipt� of state
and local governments

206601003

60.6

SCB, NIPA table 3.3, line 11, Contributions for
social insurance.

4. Grants-in-aid to state and local
governments from the U.S.
government

206403001

153.3

SCB, NIPA table 3.3, line 12, Federal
grants-in-aid.

S. Expenditures of state and local
governments, NIPA basis

206900005

760.7

Sum of lines 6 and 7.

6. Purchases of goods and services
by state and local governments

206901001

643.2

SCB, NIPA table 1.1, line 22, Government
purchases, state and local.

7. Net interest paid and transfer
payments made by state and local
governments

206400005

117.5

Sum of lines 7a, 7b, and 7c, less lines 7d and 7e.

7a. Net interest paid by state and
local governments

206130001

-48.4

SCB, NIPA table 3.3, line 18, Net interest paid.

7b. Transfer payments to persons
made by state and local
governments

206401001

198.0

SCB, NIPA table 3.3, line 17, Transfer payments
to persons.

7c. Subsidies less current surplus of
state and local government
enterprises

206402003

-22.7

SCB, NIPA table 3.3, line 22, Subsidies less
current surplus of government enterprises.

Component


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Federal Reserve Bank of St. Louis

Explanation

188

Guide to the Flow of Funds Accounts

F.105. State and Local Government General Funds-Continued
Component

Code

1991 value
(billions
of dollars)

Explanation

7d. Net dividends received by state
and local governments

206120001

9.5

SCB, NIPA table 3.3, line 21, Dividends received
by government.

7e. Wage accruals less
disbursements by state and local
governments

206700003

.0

SCB. NIPA table 3.3, line 25, Wage accruals less
disbursements.

8. Net surplus of state and local
governments, NIPA basis

206061105

17.2

Line 1 less line 5.

9. Change in pension fund reserve
liabilities of state and local
government retirement funds,
equal to their net acquisition of
financial amets

224090005

56.7

Equal to line 9a. Subtracting this series transfers a
portion of state and local government saving to the
household sector. An equal amount is added to
household saving as part of table F.100, line 6,
Credits from government insurance. This
adjustment is made in order to maintain
consistency with the treatment of private pension
fund reserves.

224090003

56.7

Level at end of fiscal year from Finances of
Employee-Retirement Systems of State and Local
Governments, table 1, sum of Cash and deposits,
Securities, and Other investments. Data are annual;
series is converted to quarterly using data from
Finances of Selected Public Employee Retirement
Systems, table 1, Total cash and security holdings.
Unadjusted flow is the change in the level.

10. G� saving of state and local
government general funds

206000105

-39.6

Line 8 less line 9.

11. Net financial investment by state
and local government general
funds

205000005

-40.9

Line 12 less line 23.

12. Net acquisition of financial amets
by state and local government
general funds

214090005

-1.2

9a. Change in reported total assets
of state and local government
retirement funds


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Federal Reserve Bank of St. Louis

Sum of lines 13, 14, 15, 16, and 22.

Table El05

189

F.10S.-Continued
1991 value
(billions
of dollars)

Component

Code

13. Change in checkable deposits and
currency held by state and local
government general funds

213020005

5.1

Line 13a less lines 13b and 13c.

13a. Change in transaction deposits
held by state and local
governments at U.S.-chartered
commercial banks

723128000

5.3

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-E,
Total transaction accounts of states and political
subdivisions in the U.S. (series RCON2203).
Unadjusted flow is the change in the level.

13b. Change in mail float on state
and local government demand
deposits

903028003

.0

Level at end of fiscal year calculated by FOF
Section from Government Finances; series is
converted to quarterly by K-L method. Unadjusted
flow is the change in the level.

13c. Change in checkable deposits
and currency held by state and
local government retirement
funds

223020003

.3

Level is FOF Section estimate based on
unpublished data provided by Bureau of the
Census from material collected for Finances of
Selected Public Employee Retirement Systems.
Unadjusted flow is the change in the level.

213030005

-7.5

14a. Change in time deposits held
by state and local governments

203030000

-10.0

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-E,
Total nontransaction accouµts of states and
political subdivisions in the U.S. (series
RCON2530). Unadjusted flow is the change in the
level.

14b. Change in reported cash
balances held by state and
local government retirement
funds

223024003

-2.2

Level at end of fiscal year from Finances of
Employee-Retirement Systems of State and Local
Governments, table 1, Cash and deposits. Data are
annual; series is converted to quarterly by FOF
Section using data from Finances of Selected
Public Employee Retirement Systems, table 1,
Cash and deposits. Unadjusted flow is the change
in the level.

212050005

-14.9

Sum of lines 15a and 15b, less lines 13a and 14a,
plus line 13b.

204000003

-23.9

Level at end of fiscal year calculated by FOF
Section from Government Finances; series is
converted to quarterly by K-L method. Unadjusted
flow is the change in the level.

14. Change in time deposits held by
state and local government
general funds

1S. Change in outstanding loans held
by state and local government
general funds under security
repurchase agreements
15a. Change in cash and deposits
held by state and local
governments


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Federal Reserve Bank of St. Louis

Explanation

Line 14a less line 14b, plus line 13c.

190

Guide to the Flow of Funds Accounts

F.10S. State and Local Government General Funds-Continued
Code

1991 value
(billions
of dollars)

204000093

4.3

16. Change in credit market 1mets of
state and local government
general funds

214002005

16.3

Sum of lines 17, 20, and 21.

17. Change in U.S. government
securities held by state and local
government general funds

213061005

12.3

Sum of lines 18 and 19.

18. Change in U.S. Treasury securities
held by state and local
government general funds

213061105

-2.0

Sum of lines 18a, 18b, and 18c, less line 18d.

18a. Change in U.S. Treasury
securities held by state and
local governments

203061103

17.0

Level at end of fiscal year calculated by FOF
Section from Government Finances; series is
converted to quarterly by K-L method. Unadjusted
flow is the change in the level.

18b. Adjustment to account for
differences between
Department of the Treasury
and Bureau of the Census in
reporting value of U.S.
Treasury securities held by
state and local governments

203061903

.0

18c. Change in nonmarketable U.S.
Treasury securities issued to
state and local government
general funds (SLGS)

213061120

-1.1

Level from Monthly Statement of the Public Debt,
table 1, Interest-bearing debt, Nonmarketable,
State and local government series. Unadjusted
flow is the change in the level.

18d. Change in U.S. Treasury
securities held by state and
local government retirement
funds

223061103

17.9

Level at end of fiscal year from Finances of
Employee-Retirement Systems of State and Local
Governments, table 1, U.S. Treasury securities.
Data are annual; series is converted to quarterly
using data from Finances of Selected Public
Employee Retirement Systems, table 1, U.S.
Treasury securities. Unadjusted flow is the change
in the level.

Component
15b. Adjustment to cash and
deposits held by state and local
governments to account for
certificates of deposit


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Explanation
Level is FOF Section estimate based on data
provided by Bureau of the Census. Unadjusted
flow is the change in the level.

FOF estimate based on data from Government
Finances and from Department of the Treasury.
Unadjusted flow is the change in the level.

Table E105

191

F.105.-Continued
Code

1991 value
(billions
of dollars)

213061705

14.4

Sum of lines_ 19a, 19b, 19c, and 19d, less lines 9a,
13, 14, 15, 18, 20, and 21, plus line 18c.

19a. Change in reported total assets
of state and local governments

204090003

85.7

Level at end of fiscal year calculated by FOF
Section from Government Finances; series is
converted to quarterly by K-L method. Unadjusted
flow is the change in the level.

19b. Adjustment to reported total
assets of state and local
governments to account for
industrial revenue bonds

204090073

33.1

Level is FOF Section estimate based on data
provided by Bureau of the Census. Unadjusted
flow is the change in the level.

19c. Adjustment to reported total
assets of state and local
governments to account for
market value effects

204090083

.5

Level is FOF Section estimate based on data
provided by Bureau of the Census. Unadjusted
flow is the change in the level.

19d. Adjustment to reported total
assets of state and local
governments to account for
cash overstatements

204090093

-62.6

Level is FOF Section estimate based on data
provided by Bureau of the Census. Unadjusted
flow is the change in the level.

20. Change in tax-exempt securities
held by state and local
government general funds

213062005

.5

Line 20a less line 20b.

20a. Change in tax-exempt
securities held by state and
local governments

203062003

.7

Level at end of fiscal year from Government
Finances; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

20b. Change in tax-exempt
securities held by state and
local government retirement
funds

223062003

.1

Level at end of fiscal year from Finances of
Employee-Retirement Systems of State and Local
Governments, table 1, State and local government
securities. Data are annual; series is converted to
quarterly using data from Finances of Selected
Public Employee Retirement Systems, table 1,
State and local government securities. Unadjusted
flow is the change in the level.

213065005

3.4

Sum of lines 21a, 21b, 21c, and 21d.

213065100

2.0

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are from HUD quarterly Survey of
Mortgage Lending Activity. Unadjusted flow is the
change in the level.

Component

19. Change in U.S. government
agency securities held by state
and local government general
funds

21. Change in mortgages held by
state and local government
general funds
21a. Change in home mortgages
held by state and local
government general funds


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Federal Reserve Bank of St. Louis

Explanation

192

Guide to the Flow of Funds Accounts

F.10S. State and Local Government General Funds-Continued
1991 value
(billions
of dollars)

Component

Code

21b. Change in multifamily
mortgages held by state and
local government general
funds

213065403

.4

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are from HUD quarterly Survey of
Mortgage Lending Activity. Unadjusted flow is the
change in the level.

21c. Change in commercial
mortgages held by state and
local government general
funds

213065503

.9

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are from HUD quarterly Survey of
Mortgage Lending Activity. Unadjusted flow is the
change in the level.

21d. Change in farm mortgages
held by state and local
government general funds

213065603

*

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are from HUD quarterly Survey of
Mortgage Lending Activity. Unadjusted flow is the
change in the level.

22. Change in taxes receivable by
state and local government
general funds

203078005

-.1

Sum of lines 2c and 22a, less line 22b.

22a. Change in taxes payable by
nonfarm noncorporate
business

113178203

.4

22b. Corporate tax payments to
state and local government
general funds

206233100

22.0

Unadjusted flow from Government Finances,
table 2, Revenue, General revenue from own
sources, Taxes, Corporation net income, State and
local governments. Data are annual; series is
converted to quarterly using data on tax accruals.
Level obtained by adding flow to preceding level.

23. Net increase in liabilities of state
and local government general
funds

214190005

39.7

Sum of lines 24 and 29.

24. Change in credit market debt of
state and local government
general funds

204102005

38.5

Sum of lines 25 and 28.

25. Change in outstanding tax-exempt
securities �ued by state and local
government general funds

203162005

38.2

Sum of lines 26 and 27.


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Federal Reserve Bank of St. Louis

Explanation

Level is FOF Section estimate based on SOI data
for partnerships and sole proprietorships. Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

Table E105

193

F.10S.-Continued

1991 value
(billions
of dollars)

Component

Code

26. Change in outstanding short-term
tax-exempt securities �ued by
state and local government
general funds

203162400

6.8

27. Change in outstanding tax-exempt
securities, other than short-term,
�ued by state and local
government general funds

203162205

31.3

27a. · Gross issuance of long-term
tax-exempt debt by private
domestic nonfinancial sectors

253162263

159.4

Unadjusted flow from commercial sources via
FR Board, Capital Markets Section, Gross
offerings of long-term municipal securities, sum
of taxable and tax-exempt bonds. Level obtained
by adding flow to preceding level.

27b. Gross issuance of tax-exempt
debt to finance student loans
(liability of the household
sector)

153162203

3.7

Unadjusted flow from commercial sources via
FR Board, Capital Markets Section, Gross
offerings of tax-exempt bonds to finance student
loans. Data are annual; series is converted to
quarterly by K-L method. Level obtained by
adding flow to preceding level.

27c. Gross issuance of tax-exempt
debt on behalf of nonprofit
hospitals (liability of the
household sector)

153162503

14.5

27d. Gross issuance of tax-exempt
securities owed by nonfarm
nonfinancial corporate
business

103162263

6.3

Unadjusted flow from commercial sources via
FR Board, Capital Markets Section, Corporatebacked tax-exempt bonds. Level obtained by
adding flow to preceding level.

27e. Retirements of tax-exempt
debt owed by the household
sector

153162273

9.4

Unadjusted flow calculated by FOF Section from
Government Finances, and from gross issuance of
debt to finance student loans (FOF series
153162203, line 27b above) and nonprofit
hospitals (FOF series 153162503, line 27c above).
Level obtained by adding flow to preceding level.

27f. Retirements of tax-exempt
securities owed by nonf�
nonfinancial corporate
business

103162273

7.4

Unadjusted flow calculated by FOF Section from
Government Finances and from gross issuance of
debt owed by nonfarm nonfinancial corporate
business (FOF series 103162263, line 27d above).
Level obtained by adding flow to preceding level.


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Federal Reserve Bank of St. Louis

Explanation
Level calculated by FR Board, Capital Markets
Section, using data from commercial sources.
Unadjusted flow is the change in the level.

Gross issuance of long-term tax-exempt
obligations of state and local government general
funds (line 27a less lines 27b, 27c, and 27d) less
retirements of long-term tax-exempt obligations of
state and local government general funds (line 27a
less lines 27e and 27f and less line 27g net of
line 28), plus change in defeased debt (equal to
line 18c).

Unadjusted flow from commercial sources via
FR Board, Capital Markets Section, Gross
offerings of tax-exempt bonds for hospitals. Level
obtained by adding flow to preceding level.

194

Guide to the Flow of Funds Accounts

F.10S. State and Local Government General Funds-Continued
Code

1991 value
(billions
of dollars)

204102203

40.4

Level at end of fiscal year from Government
Finances. Annual flow is the change in the level,
converted to quarterly by FOP Section using
pattern of gross issues of tax-exempt obligations
(FOP series 253162263, line 27a above). Excludes
defeased debt. Level obtained by adding flow to
preceding level.

28. Change in loans to state and local
government general funds held by
the U.S. government

203169203

.4

Level from Treasury Bulletin, table FAFR-1,
Direct and guaranteed loans outstanding, portions
of loans from EDA, REA, SBA, TVA, and the
Departments of Commerce, Education,
Transportation, and HUD, plus total loans to the
District of Columbia government; and, from the
monthly statement of the Federal Financing Bank,
FFB loans to HUD for new communities.
Percentage allocation determined by type of
program. Unadjusted flow is the change in the
level.

29. Change in trade debt of state and
local government general funds

203170003

1.1

Level estimated by FOP Section as 12 percent of
Purchases of goods and services, excluding
compensation of employees (SCB, NIPA table 3.3,
line 15). Data are annual; series is converted to
quarterly by K-L method. Unadjusted flow is the
change in the level.

30.

207005005

1.3

Line 10 less line 11. The discrepancy is a use of
funds in the FOP accounts.

Component
27g. Change in reported total debt
of state and local government
general funds, including loans
held by the U.S. government

Discrepancy for state and local
government general funds, equal
to gross saving less net financial
investment


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Federal Reserve Bank of St. Louis

Explanation


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Federal Reserve Bank of St. Louis

196

Guide to the Flow of Funds Accounts

Table F.106 U.S. Government
The U.S. government sector consists of all
federal government agencies and funds that
are in the unified budget, including the civil
service and railroad retirement funds, insur­
ance funds, and the Exchange Stabilization
Fund; the District of Columbia government,
however, is in the state and local government
general funds sector. Also included in the U.S.
government sector are government-owned
corporations and agencies, such as the Export­
Import Bank, that issue securities individually.
Federally sponsored credit agencies, many of
which were formerly part of the U.S. govern­
ment, are in a separate sector, as are the Fed­
eral Reserve (FR) System and certain mone­
tary accounts of the Treasury, which form the
monetary authority sector. The U.S. govern­
ment sector is shown on a consolidated basis;
therefore, the total securities liability reported
in the flow of funds accounts is smaller
than the official public debt, which includes
securities held by agencies within the U.S.
government.
Data on the U.S. government sector for the
flow of funds accounts come mainly from the
national income and product accounts (NIPA)
and the Department of the Treasury. Gross
saving is derived from the NIPA, but it differs


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Federal Reserve Bank of St. Louis

from the NIPA series in two major ways: In
the flow of funds accounts, gross saving for
the U.S. government (1) excludes the change
in reserve liabilities for employee life insur­
ance and retirement funds (in . the flow of
funds accounts this amount is assigned to the
household sector, to provide treatment parallel
to that of private insurance and pension funds)
and (2) includes receipts from the sale or
leasing of mineral rights. Data showing net
financial investment and related detail are
obtained from Treasury Department
publications-the Monthly Treasury Statement

of Receipts and Outlays of the United States
Government (referred to herein as the Monthly
Treasury Statement, or MTS) and the Trea­
sury Bulletin. Activity of the Resolution Trust

Corporation (RTC) is reflected in the data in
the MTS.

Table F.106

F.106

197

U.S. Goverrwant

---------------------------------------------------------------------------------------------------------------1988
FOF Code
1989
1990
1991
------------------------------------------------------------------------------Billions of dollars

1 Receipts, NIPA basis
2
Personal taxes
3
Corp. profits tax accruals
4
Indirect taxes
5
Social insurance receipts

6·Expanditures, NIPA basis
7
Goods and services
a
Transfers, etc.
9
Net interest

10
11
12
13

Nat surplus, NIPA basis
- Insurance credits to tit
+ Mineral rights sales
• Gross saving

14 Nat financial investaent
15
Nat acq. of financial assets
16
G9ld, SDRs I fgn. exch.
17
Checkable dep. & currency
18
Tiaa deposits

316010005
316210001
316231005
316240001
316601001

1,273.6
426.4
670.6
176.6

1,332.7
447.3
698.5
186.9

315000005
314090005
313011005
313020005
313031003

-190.4
-2.9
1.4
9.0
-.2

-186.6
10.3
· 12.7
-14.2
-.1

-182.7
65.3
.8
4.8
.1

-263.8
49.6
-2.6
27.4
.1

316061105
315154005
105030003
316000005

26
27

Net increase in liabilities
Treasury curr. I SOR ctfs.

314190005
313112003

28

Z9

32
33
34

Credit ■arket instrla8f'lts
Savings bonds
Other Treasury issues
Agency issues and ■tgs.

life I retiraaant reserves
Trade debt
Miscellaneous

35 Discrepancy

Ma■orandua:
36 U.S. govt. cash balance


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Federal Reserve Bank of St. Louis

1,122.3
473.4
102.5
78.2
468.2

1,181.6
401.6
615.3
164.7

314002005
313061703
3130651)05
313069005

30
31

1,107.lt
482.6
114.1
66.0
444.9

1,109.0
387.0
576.0
146.0

Credit ■arket instru■ents
Fad. agency securities
Mortgages
Other loans
Taxes receivable
Trade credit
Miscellaneous

1,059.3
461.9
117.1
61.9
418.5

316900005
316901001
316400205
316132001

19
20
21
22
23
24
ZS

972.4
UO.l
111.0
60.9
390.4

313078005
313070003
313090005

-136.6
20.0
3.3
-153.3

-10.6

.o

-1.1
-9.6
-4.7
.2
2.1

-166.2
22.0
3.5
-184.7

.o

33.7

-3.8
3.4
15.4

-6.6
-1.a
34.Z

-3.l

-.8
-2.3

.o

35.6
-1.9

187.5
.5

196.9
4.1

248.0
2.5

20.0
2.3
9.6

21.2
9.2
16.2

22.0
-6.3
-17.1

-5.9

a.3

314102005
313161403
313161105
313161755

155.1
8.5
129.2
17.4

317005005

37.1

314000105

10.4

313154005
313170005
313190005

-122.3
21.2
2.4
-141.0

146.4
8.Z
136.6
1.6

45.6

-210.4
25.6
2.8
-233.3

10.0

.o

15.4
-5.4

-16.4
-5.0
36.1

313.4
Ill

1
2
3
4
5

6
7.
a
9

10
11
12
13

14
15
16
17
18

19
20
21
22

23
24
25
26
27

8.Z

278.2
11.9
280.1
-13.8

28
29
30
31

-2.0

30.6

35

246.9
8.5
230.3

ZS.6
-4.7
14.3

14.5

32
33
34

36

198

Guide to the Flow of Funds Accounts

F.106. U.S. Government
Component

Code

1991 value
(billions
of dollars)

1. Receipts of the U.S.government,
NIPA basis

316010005

1,122.3

2. Personal tax and nontax receipts
of the U.S.government

316210001

473.4

SCB, NIPA table 3.2, line 2, Personal tax and
nontax receipts.

3. Total profit tax accruals owed to
the U.S.government, including
accruals by Federal Reserve
Banks

316231005

102.5

Line 3a less line 3b.

3a. Tax liabilities to U.S. and state
and local governments

96231001

124.1

SCB, NIPA table 1.14, line 23, Profits tax liability.

3b. Corporate profit tax accruals
owed to state and local
governments

206231001

21.5

SCB, NIPA table 3.3, line 6, Corporate profits tax
accruals.

4. Indirect business tax and nontax
accruals owed to the U.S.
government

316240001

78.2

SCB, NIPA table 3.2, line 9, Indirect business tax
and nontax accruals.

S. Social insurance receipts of the
US.government

316601001

468.2

6. Expenditures of the U.S.
government, NIPA basis

316900005

1,332.7

7. Purchases of goods and services
by the U.S.government

316901001

447.3

SCB, NIPA table 1.1, line 19, Government
purchases, Federal.

8. Transfers and other payments
made by the U.S.government

316400205

698.5

Sum of lines Sa, Sb, and Sc, less line 8d.

Sa. Grants-in-aid to state and local
governments from the U.S.
government

206403001

153.3

SCB, NIPA table 3.3, line 12, Federal
grants-in-aid.

Sb. Transfer payments m�de by the
U.S. government

316401001

522.0

SCB, NIPA table 3.2, line 18, Transfer payments
(net).

Sc. Subsidies less current surplus of
U.S. government enterprises

316402001

23.2


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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 2, 3, 4, and 5.

SCB, NIPA table 3.2, line 13, Contributions for
social insurance.
Sum of lines 7, 8, and 9.

SCB, NIPA table 3.2, line 27, Subsidies less
current surplus of government enterprises.

Table EJ06

199

F.106.-Continued
Component

Code

1991 value
(billions
of dollars)

Explanation

8d. Wage accruals less
disbursements by the U.S.
government

316700003

-.1

9. Net interest paid by the U.S.
government

316132001

186.9

10. Net surplus of the U.S.
government, NIPA basis

316061105

-210.4

11. Change in liabilities of the U.S.
government for life insurance and
retirement reserves

313154005

25.6

Sum of lines 1 l a, 1 l b, and 1 l c. Subtracting this
series transfers a portion of U.S. government
saving to the household sector. An equal amount is
added to household saving as part of table F.100,
line 6, Credits from government insurance. This
adjustment is made in order to maintain
consistency with the treatment of private life
insurance and retirement reserves.

11a. Change in life insurance
reserve liabilities of the U.S.
government

313140003

.1

Level from Budget of the U.S. Government, part 4,
Department of Veterans Affairs, Trust Funds,
National service life insurance, U.S. government
life insurance, and Veterans special life insurance,
total assets. Adjusted to calendar-year basis and
converted to quarterly series using K-L method.
Unadjusted flow is the change in the level.

11b. Change in federal employee
retirement reserve liabilities of
the U.S. government

313151000

24.3

Level from Monthly Treasury Statement, table 6,
schedule D, Civil service retirement and disability
fund: Public debt securities. Unadjusted flow is the
change in the level. The complete financial
statement for the civil service fund appears in the
December issue of the Treasury Bulletin.

1 lc. Change in railroad retirement
reserve liabilities of the U.S.
government

313152000

1.2

Level from Monthly Treasury Statement, table 6,
schedule D, Railroad Retirement Board.
Unadjusted flow is the change in the level. The
complete financial statement for the retirement
board appears in the December issue of the
Treasury Bulletin.

12. Mineral rights purchased from
the U.S. government by nonfarm
nonfinancial corporate business

105030003

2.8

Monthly Treasury Statement, table 5,
Undistributed offsetting receipts, Rents and
royalties on the outer continental shelf lands.
Treated by the Department of the Treasury as a
negative outlay.


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Federal Reserve Bank of St. Louis

SCB, NIPA table 3.2, line 30, Wage accruals less
disbursements.

SCB, NIPA table 3.2, line 22, Net interest paid.

Line 1 less line 6.

200

Guide to the Flow of Funds Accounts

F.106.

U.S. Government-Continued

Code

1991 value
(billions
of dollars)

13. G� saving of the U.S.
government

316000005

-233.3

Line 10 less line 11, plus line 12.

14. Net financial investment by the
U.S. government

315000005

-263.8

Line 15 less line 26.

1S. Net acquisition of financial �ts
by the U.S. government

314090005

49.6

Sum of lines 16, 17, 18, 19, 23, 24, and 25.

16. Net acquisition of gold, special
drawing rights, and official
foreign exchange by the U.S.
government, plus net change in
position in the International
Monetary Fund

313011005

-2.6

Line 16a less line 16b, plus lines 16c, 16d, l 6e,
and 50 percent of line 16f.

16a. Change in U.S. holdings of
monetary gold

883011203

.0

16b. Change in monetary gold held
by the monetary authority

713011203

16c. Change in U.S. holdings of
special drawing rights

313011303

.2

Level from FR Bulletin, table 3.12, line 3, Special
drawing rights. Unadjusted flow from SCB, USIT
table 1, line 36, Special drawing rights.

16d. Change in U.S. position in the
International Monetary Fund

263111403

.4

Level from FR Bulletin, table 3.12, line 4, Reserve
position in IMF. Unadjusted flow from SCB, USIT
table 1, line 37, Reserve position in the IMF, with
sign reversed.

16e Change in deposits held by the
International Monetary Fund
at Federal Reserve Banks

713111403

*

16f. Net acquisition of foreign
currencies by U.S. official
agencies

263111503

-6.3

Component


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Federal Reserve Bank of St. Louis

*

Explanation

Level from FR Bulletin, table 3.12, line 2, Gold
stock, inclu<4ng Exchange Stabilization Fund.
Unadjusted flow from SCB, USIT table 1, line 35,
Gold.
Level from FR Bulletin, table 1.18, line 1, Gold
certificate account. Unadjusted flow is the change
in the level.

Level provided by FR Bank of New York.
Unadjusted flow is the change in the level.
Level from FR Bulletin, table 3.12, line 5, Foreign
currencies. Unadjusted flow from SCB, USIT
table 1, line 38, Foreign currencies, with sign
reversed.

Table RJ06

201

F.106.-Continued

Component

Code

1991 value
(billions
of dollars)

17. Change in checkable deposits and
currency held by the U.S.
government

313020005

27.4

Sum of lines 17a and 17b, less line 18 and less
50 percent of line l 6f.

17a. Change in reported cash
balance held by the U.S.
government

313024000

16.6

Level from Monthly Treasury Statement, table 6,
Means of Financing the Deficit, U.S. Treasury
operating cash. Unadjusted flow is the change in
the level.

17b. Change in other cash and
monetary assets of the U.S.
government

313026003

7.8

Level from Monthly Treasury Statement, table 6,
Means of Financing the Deficit, Other cash and
monetary assets. Unadjusted flow is the change in
the level.

18. Change in small time and savings
deposits held by the U.S.
government

313031003

.1

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-E,
Nontransaction deposits owed to the U.S.
government (series RCON2520). Unadjusted flow
is the change in the level.

19. Change in credit market &Mets of
the U.S. government

314002005

10.0

20. Change in outstanding loans to
the Farmers Home
Administration held by the
Federal Financing Bank (included
with U.S. government agency
securities)

313061703

.0

21. Change in mortgages held by the
U.S. government

313065005

15.4

21a. Change in home mortgages
held by the U.S. government,
excluding the Federal
Financing Bank

323065103

-.9

21b. Change in home mortgages
held by the Federal Financing
Bank

343065103

.0


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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 20, 21, and 22.

Value has been zero since June 1974; before then,
level was derived from FmHA table on Loans
Outstanding.

Sum of lines 21a through 21h.
Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Also see FR Bulletin, table 1.54, sum of lines
24, 27, 32, and 35, Mortgage debt held by GNMA,
FmHA, FHA and VA, and Resolution Trust
Corporation, on one- to four-family residences.
Unadjusted flow is the change in the level.
Value has been zero since 1986:Q4.

202

Guide to the Flow of Funds Accounts

F.106. U.S. Government-Continued
Component

Code

1991 value
(billions
of dollars)

21c. Change in multifamily
mortgages held by the U.S.
government, excluding the
Federal Financing Bank

323065403

8.9

21d. Change in multifamily
mortgages held by the Federal
Financing Bank

343065403

.0

21e. Change in commercial
mortgages held by the U.S.
government, excluding the
Federal Financing Bank

323065503

7.7

21f. Change in commercial
mortgages held by the Federal
Financing Bank

343065503

.0

21g. Change in farm mortgages
held by the U.S. government,
excluding the Federal
Financing Bank

323065603

-.4

21h. Change in farm mortgages
held by the Federal Financing
Bank

343065603

.0

22. Change in other loans held by the
U.S.government

313069005

-5.4

22a. Change in loans to the
household sector, excluding
loans on U.S. government life
insurance policies, held by the
U.S. government

153169203

2.2


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Federal Reserve Bank of St. Louis

Explanation
Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Also see FR Bulletin, table 1.54, sum of lines
25, 28, and 32, Mortgage debt held by GNMA,
FmHA, and FHA and VA on multifamily
residences. Unadjusted flow is the change in the
level.
Value has been zero since 1986:Q4.

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Also see FR Bulletin, table 1.54, line 29,
Mortgage debt held by FmHA on commercial
properties. Unadjusted flow is the change in the
level.
Value has been zero since 1986:Q4.

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Also see FR Bulletin, table 1.54, line 30,
FmHA, farm. Unadjusted flow is the change in the
level.
Value has been zero since 1986:Q4.

Sum of lines 22a through 22h, less lines 22i
and 22j.
Level from Treasury Bulletin, table FAFR-1,
Direct and guaranteed loans outstanding, portions
of Department of Education loans for college
housing, HHS loans, HUD loans, Department of
Energy loans, and VA loans excluding mortgages
and life insurance loans; and, from the monthly
statement of the Federal Financing Bank, total
loans to HHS for health maintenance and medical
facilities funds. Percentage allocation determined
by type of program. Unadjusted flow is the change
in the level.

Table F. l 06

203

F.106.-Continued
Component

Code

1991 value
(billions
of dollars)

22b. Change in loans on U.S.
government life insurance
policies to the household
sector (asset of the U.S.
government)

313069403

*

22c. Change in loans to farm
business held by the U.S.
government

133169203

-1.4

22d. Change in loans to nonfarm
noncorporate business held by
the U.S. government

113169203

.1

Level from Treasury Bulletin, table FAFR-1,
Direct and guaranteed loans outstanding, portions
of loans from GSA, SBA, and REA; from the
monthly statement of the Federal Financing Bank,
portions of loans to REA; and, from BEA, total
CCC loans on tobacco. Percentage allocation
determined by type of program. Unadjusted flow
is the change in the level.

22e. Change in loans to nonfarm
nonfinancial corporate
business held by the U.S.
government

103169203

-.8

Level from Treasury Bulletin, table FAFR-1,
Direct and guaranteed loans outstanding, portions
of loans from EDA, SBA, and the Departments of
Commerce and Defense; and, from the monthly
statement of the Federal Financing Bank, portions
of loans to GSA, SBA, Small Business Investment
Corporation, U.S. railroads, Amtrak, NASA, REA,
and other agencies. Percentage allocation
determined by type of program. Unadjusted flow
is the change in the level.

22f. Change in loans to state and
local government general
funds held by the U.S.
government

203169203

.4

Level from Treasury Bulletin, table FAFR-1,
Direct and guaranteed loans outstanding, portions
of loans from EDA, REA, SBA, TVA, and the
Departments of Commerce, Education,
Transportation, and HUD, plus total loans to the
District of Columbia government; and, from the
monthly statement of the Federal Financing Bank,
FFB loans to HUD for new communities.
Percentage allocation determined by type of
program. Unadjusted flow is the change in the
level.

22g. Net acquisition of foreign
assets, other than official
reserve assets, by the U.S.
government

264191000

-3.4


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Federal Reserve Bank of St. Louis

Explanation
Level from Treasury Bulletin, table FAFR-1,
Direct and guaranteed loans outstanding,
Department of Veterans Affairs, National service
life insurance fund and Veterans special life
insurance fund. Unadjusted flow is the change in
the level.
Level from Treasury Bulletin, table FAFR-1,
Direct and guaranteed loans outstanding, CCC
storage and equipment loans; plus, from FmHA
table on Loans Outstanding, Total loans; less total
mortgages held by FmHA, as calculated by the
FR Board, Mortgage and Consumer Finance
Section. Unadjusted flow is the change in the level.

Unadjusted flow from SCB, USIT table 1, line 39,
U.S. government assets, other than official reserve
assets, net, with sign reversed. Fourth-quarter level
from SCB, International Investment Position of the
U.S., table 1, line 10, U.S. government assets, other
than official reserve assets. Levels for other
quarters obtained by adding flow to preceding
level.

Guide to the Flow of Funds Accounts

204

F.106.

U.S. Government-Continued

Code

1991 value
(billions
of dollars)

22h. Change in loans to federally
sponsored credit agencies held
by the U.S. government

403169203

*

Level from monthly statement for Federal
Financing Bank, Loans to SLMA. Unadjusted flow
is the change in the level.

22i. Net nonofficial acquisition of
foreign currencies and
short-term assets by the U.S.
government

313091003

1.0

Unadjusted flow from SCB, USIT table 1, line 42,
U.S. foreign currency holdings and U.S. short­
term assets, net, with sign reversed. Fourth-quarter
level from SCB, International Investment Position
of the U.S., table 3, line 14, U.S. foreign currency
holdings and U.S. short-term assets. Levels for
other quarters obtained by adding flow to
preceding level.

22j Change in U.S. equity in the
International Bank for
Reconstruction and
Development and other
international organizations

313092203

1.5

Unadjusted flow from SCB, USIT table 4, line
A24, Capital subscriptions and contributions to
international financial institutions, excluding the
IMF. Level obtained by adding flow to preceding
level.

313078005

-16.4

23a. Accruals of tax liabilities of
corporations to the U.S.
government

316231001

81.8

SCB, NIPA table 3.2, line 8, Corporate profits taX
accruals, Other.

23b. Corporate tax payments to the
U.S. government

316233100

98.1

Monthly Treasury Statement, table 3, Budget
receipts, Corporation income taxes. Excludes
payments by FR System.

313070003

-5.0

Since 1986:Q l , value has been an FOF Section
estimate based on quarterly data from the QFR.
multiplied by the most recent SOI/QFR benchmark
ratio for payables. Through 1985:Q4, level was
an FOF Section estimate from calculations of
working capital for nonfinancial corporations,
payables owed to the U.S. government by
nonfinancial corporations. See FR Bulletin,
table 1.49 (currently suspended), line 8, Notes and
accounts payable. Unadjusted flow is the change
in the level.

Component

23. Change in busineu taxes
receivable by the U.S. government

24. Change in trade credit owed to
the U.S. government by nonfann
nonfinandal corporations


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Federal Reserve Bank of St. Louis

Explanation

Line 23a less line 23b.

Table R106

205

F.106.-Continued
Code

1991 value
(billions
of dollars)

313090005

36.1

25a. Change in equity in federally
sponsored credit agencies held
by the U.S. government

313092303

.0

Equity has been retired; value has been zero since
1968:Q4.

25b. Change in unidentified
miscellaneous assets of the
U.S. government

313093003

33.6

Unadjusted flow from Monthly Treasury
Statement, table 5, Other independent agencies
(FDIC and RTC), Outlays, less Change in RTC
holdings of mortgages, from FR Board, Mortgage
and Consumer Finance Section, internal Mortgage
Debt Holdings file. Level obtained by adding flow
to preceding level.

26. Net increase in liabilities of the
U.S. government

314190005

313.4

27• Change in liabilities of the U.S.
government for U.S. Treasury
currency and special drawing
rights certificates

313112003

*

28. Change in credit market debt of
the U.S. government

314102005

278.2

29. Change in savings bond liability
of the U.S. government (asset of
the household sector)

313161403

11.9

Component
25. Change in total miscellaneous
�ts of the U.S. government


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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 22i, 22j, 25a, and 25b.

Sum of lines 27, 28, 32, 33, and 34.

Level from Monthly Treasury Statement, table 6,
Means of Financing the Deficit, SOR certificates
issued to FR Banks, plus table 6, schedule A,
Seigniorage (flow used to change value
outstanding); plus Monthly Statement of the Public
Debt of the U.S., table ID, Other debt, U.S. notes
and National and FR Bank notes assumed by the
U.S. Unadjusted flow is the change in the level.
Sum of lines 29, 30, and 31.

Level from Monthly Statement of the Public Debt,
table I, U.S. savings bonds plus U.S. savings notes;
plus table ID, Non-interest-bearing debt, Matured
debt, U.S. savings bonds. Unadjusted flow is the
change in the level.

206

Guide to the Flow of Funds Accounts

F.106.

U.S. Government-Continued

Code

1991 value
(billions
ofdollars)

30. Change in outstanding securities
issued by the U.S. Treasury,
excluding U.S. savings bonds

313161105

280.1

Sum oflines 30a and 30b.

30a. Change in outstanding public
debt securities issued by the
U.S. Treasury

313161100

280.1

Level from Monthly Treasury Statement, table 6,
Means ofFinancing the Deficit, Borrowing from
the public, net ofpremiums and discounts; less
p.s. savings bonds (FOF series 313161403,
line 29 above), Securities ofagencies included in
the U.S. budget (FOF series 313161703, line 31a
below), and Government mortgage liabilities
(FOF series 313165403, line 31d below); plus
SBA participation certificates omitted from the
Monthly Treasury Statement (unpublished detail
provided by the Congressional Budget Office).
Unadjusted flow is the change in the level.

30b. Change in special U.S.
Treasury securities held by
Federal Home Loan Banks

403061773

.0

31. Changes in outstanding securities
issued by agencies included in the
U.S. budget and in mortgages
owed by the U.S. government

313161755

-13.8

Sum oflines 31a, 31b, 31c, and 31d.

31a. Change in outstanding
securities issued by agencies
included in the U.S. budget

313161703

-13.8

Level from Monthly Treasury Statement, table 6,
schedule B, Agency securities issued, under
special financing authorities, by Export-Import
Bank, FDIC, BLM, USPS, and TVA; less U.S.
government investment account holdings of
agency securities (unpublished detail for table 6,
schedule D, provided by the Department ofthe
Treasury). Series excludes mortgages. Unadjusted
flow is the change in the level.

31b. Change in outstanding
Commodity Credit
Corporation certificates of
interest issued by the U.S.
government

313169311

.0

Value has been zero since June 1970.

31c. Change in outstanding loan
participation certificates,
excluding Commodity Credit
Corporation certificates of
interest, issued by the U.S.
government

313169333

.0

Level from Monthly Treasury Statement, table 6,
schedule B, Participation certificates issued by the
Export-Import Bank (value has been zero since
February 1982) plus GNMA participation
certificates; less U.S. government investment
account holdings ofparticipation certificates. The
latter value is supplied by the Department of the
Treasury as unpublished detail for table 6,
schedule D. Unadjusted flow is the change in the
level.

Component


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Federal Reserve Bank of St. Louis

Explanation

Value now zero; level originally from Monthly
Statement ofthe Public Debt.

Table R 106

207

F,106.-Continued
1991 value
(billions
of dollars)

Component

Code

31d. Change in multifamily
mortgage debt of the U.S.
government

313165403

.0

32. Change in liabilities of the U.S.
government for life insurance and
retirement reserves

313154005

25.6

See line 11.

33. Change in trade debt of the U.S.
government

313170005

-4.7

Sum of lines 33a, 33b, and 33c.

33a. Change in trade debt owed by
the U.S. government to
nonfarm noncorporate
business

313170113

.2

Level is FOF Section estimate based on SOI data
for partnerships and sole proprietorships. Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

33b. Change in trade debt owed to
nonfarm nonfinancial
corporate business by the U.S.
government

103070313

-6.5

Level is FOF Section estimate from calculations of
working capital for nonfinancial corporations,
receivables due from the U.S. government. See
FR Bulletin, table 1.49 (currently suspended),
line 4, Notes and accounts receivable. Since
1986:Ql, value has been an FOF Section estimate
based on quarterly data from the QFR, multiplied
by the most recent SOI/QFR benchmark ratio for
receivables. Unadjusted flow is the change in the
level.

33c. Change in liabilities, other
than securities, of the U.S.
government to foreigners

263070313

1.6

Unadjusted flow from SCB, USIT table 4, line C.1,
U.S. government liabilities other than securities,
total, net increase. Data also appear in USIT
table 1, line 53. Fourth-quarter level from SCB,
International Investment Position of the U.S.,
table 3, line 30, Other U.S. government liabilities.
Levels for other quarters obtained by adding flow
to preceding level.


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Federal Reserve Bank of St. Louis

Explanation
Level from Monthly Treasury Statement, table 6,
schedule B, sum of DOD Family housing and
Homeowners assistance mortgages and Coast
Guard Family housing mortgages, less U.S.
government investment account holdings of
mortgages. The latter value is supplied by the
Department of the Treasury as unpublished detail
for table 6, schedule D; the value has been equal
to zero since July 1985. Unadjusted flow is the
change in the level.

208

Guide to the Flow of Funds Accounts

F.106.

U.S. Government-Continued

Code

1991 value
(billions
of dollars)

313190005

14.3

34a. Change in liability of the U.S.
government for Postal Savings
System deposits

313131003

.0

Series discontinued in 1985:Q3; value is now zero.

34b. Change in unidentified
miscellaneous liabilities of the
U.S. government, excluding
the Financing Corporation

313193000

15.0

U nadjusted flow from Monthly Treasury
Statement, table 6, Means of Financing the Deficit,
Accrued interest payable to the public, less
Miscellaneous asset accounts, with smoothing over
fiscal year by FOF Section if necessary. There is
no level for this series.

34c. Change in unidentified
miscellaneous liabilities of the
Financing Corporation
(liabilities of the U.S.
government)

313193103

-.7

Since September 1988, used for FICO liabilities;
level equal to net obligations plus capital stock,
less listed assets. Value for 1989:Q3 includes an
adjustment of -$5 billion for RTC claims on
savings and loan associations. Unadjusted flow is
the change in the level.

35. Discrepancy for the U.S.
government, equal to gross saving
less gross investment

317005005

30.6

Sum of lines 10 and 12, less lines 11 and 14. Toe
discrepancy is a use of funds in the FOF accounts.

36. Memo: U.S. government cash
balance

314000105

14.5

Sum of lines 18, 36a, 36b, 36c, and 36d.

36a. Change in U.S. Treasury cash
holdings (liability of the
monetary authority)

713123203

.1

36b. Change in liability of Federal
Reserve Banks for the U.S.
Treasury general account

713123730

8.7

Level from FR Bulletin, table 1.18, Liabilities,
line 24, U.S. Treasury-general account. Also
found in Monthly Treasury Statement, table 6,
Means of Financing the Deficit, U.S. Treasury
operating cash, FR account. Unadjusted flow is the
change in the level.

36c. Change in transaction deposits
held by the U.S. government at
U.S.-chartered commercial
banks

723123200

-2.2

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-E,
Transaction accounts of the U.S. government
(series RCON2202). Unadjusted flow is the change
in the level.

36d. Change in demand notes owed
to the U.S. government by
U.S.-chartered commercial
banks

723123300

7.7

Level from quarterly Report of Condition for
U.S.-chartered commercial banks schedule RC,
Demand notes issued to the U.S. Treasury (series
RCON2840). Unadjusted flow is the change in the
level.

Component
34. Change in total miscellaneous
liabilities of the U.S. government


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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 34a, 34b, and 34c.

Level from FR Bulletin, table 1.11, line 16,
Treasury cash holdings. Unadjusted flow is the
change in the level.


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Federal Reserve Bank of St. Louis

Guide to the Flow of Funds Accounts

210

Table F.107 Federally Sponsored Credit Agencies
Federally sponsored credit agencies provide
credit to specific sectors of the economy. The
agencies include Federal Home Loan Banks
(FHLBs), Federal National Mortgage Associa­
tion (FNMA), Federal Home Loan Mortgage
Corporation (FHLMC), Student Loan Market­
ing Association (SLMA), Farm Credit Sys­
tem, Financing Corporation (FICO), and Res­
olution Finance Corporation (Refcorp). Most
of the agencies were formerly part of the U.S.
government, but federal ownership equity has
been retired and they are now considered pri­
vate financial institutions. However, the agen­
cies maintain legal ties to the U.S. govern­
ment, in some cases by having board members

-----------------------

F.107

who are federal officials or by maintaining
emergency lines of credit with the U.S. Trea­
sury, or both. For this reason, the security
issues of the agencies are identified as U.S.
government agency obligations in the flow of
funds accounts. Data for this sector are com­
piled from balance sheet figures published by
the individual agencies.

Federally Sponsored Credit Agencies Cl)

Billions of dollars

FOF Code

1 Gross saving
2 Fixed nonres. investaent

3 Net acq. of financial assets
Checkable dep. and currency
4
Fed. funds & security RPs
5

6
7
8
9
10

11

12

13
14
15
16
17
18

Credit ■arket instrU11ents
U.S. governaent securities
Hortgages
Home
Hultifa■ily
Far11
Open market paper

Other loans
Student loans CSLHA)
Loans to far■ers CFICB)
Loans to coops CBC)
FHLB loans to thrifts
Hiscellaneous assets

19 Net increase in liabilities
Credit market instru■ents
20
Sponsored agency issues(2)
21
U.S. govern■ent loans
22
Hiscellaneous liabilities
23
24 Discrepancy

406000105
405013003

-------------------------------------------------83
1989
1990
1991
------19-----------------------------------------

404090005
403020000
402050003
404002005
403061005
403065003
403065105
403065403
403065603
403069600

403069255
403069150
403069130
403069113
403069200
403093005

404190005
404102005
403161703
403169203
403190005

407005005

Federal Ho11e Loan Banks, Federal National Hortgage Assn.,
Federal Home Loan Hortgage Corp.,Student Loan Harketing
Assn., Federal Land Banks, Federal Inter■ediate Credit Banks,
Banks for Cooperatives, the Financing Corp., and the Resolution
Funding Corporation.
(2) Such issues are classified as U.S. governaent securities.
(l)


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Federal Reserve Bank of St. Louis

3.6

4.0

•

46.7

6.6

37.1
5.9

8.9

9.7
1.1
-1.9
.4

21.9
2.8
-2.3
1.6
19.7
3.0

4.4
4.3

32.1
-1.3
28.0
-.5
-7.4
9.7
9.0
2.5
-1.8
2.9
-5.7
3.4
1.9

•

-u.o

5.9

4.3
4.0

23.1
-.2
6.9

16.4
30.2
5.7
5.4
1.2
-.9
.5

-20.0
4.1
.3
.2
-24.7
-.1

46.0
44.9
44.9
.0

25.2
25.2
6.3

.o

21.6
17.0
17.l
-.1

-1.1

-.4

-1.1

1.1

31.5

4.6

5.1
4.0

1

z

19.l
-.7
-1.1

3
4
5

15.8

9
10

14.2
22.6
16.7

6
7
8

1.4
-.5
7.1

12

-38.0
6.8

18

-32.2
3.0
1.4
1.4
16.9
9.1
9.2
M

7.8

-1.1

11

13
14
15
16
17

19

20
Zl
22
23
24

Table F.107

211

F.107. Federally Sponsored Credit Agencies

Code

1991 value
(billions
of dollars)

406000105

5.1

Sum of lines l a and l b.

l a. Undistributed profits of
federally sponsored credit
agencies

406006003

2.1

Special tabulation of undistributed profits of
federally sponsored credit agencies, provided by
BEA. Quarterly data available once a year.

1b. Capital consumption allowances
for federally sponsored credit
agencies

406300103

3.1

Capital consumption allowances on nonresidential
equipment and structures owned by nondepository
credit institutions, valued at current cost, from
BEA Wealth Data Tape (section 2, series 546,
category 4), multiplied by the ratio of two levels:
(1) total financial assets of federally sponsored
credit agencies and (2) the sum of total financial
assets of federally sponsored credit agencies,
finance companies, small business investment
corporations (FOF Section estimate), and mortgage
bankers (FOF Section estimate). Data are annual;
series is converted to quarterly by ratio method,
using NIPA total capital consumption allowances
(FOF series 896300003, table F.1, line 61) as the
denominator.

2. Fixed nonresidential investment
by federally sponsored credit
agencies

405013003

4.0

Investment in nonresidential equipment and
structures by nondepository credit institutions,
valued at historical cost, from BEA Wealth Data
Tape (section 4, series 261), multiplied by the ratio
of two levels: (1) total financial assets of federally
sponsored credit agencies and (2) the sum of total
financial assets of federally sponsored credit
agencies, finance companies, small business
investment corporations (FOF Section estimate),
and mortgage bankers (FOF Section estimate).
Data are annual; series is converted to quarterly
by ratio method, using NIPA total investment in
nonresidential plant and equipment (FOF series
895013001, table F.1, line 15) as the denominator.

3. Net acquisition of financial assets
by federally sponsored credit
agencies

404090005

19.1

4. Change in checkable deposits and
currency held by federally
sponsored credit agencies

403020000

-.7

Component
1. Gross saving of federally
sponsored credit agencies


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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 4, 5, 6, and 18.

Level from combined statement of condition for
FHLBs (Cash) and from the following periodic
financial statements (Cash and investments, with
cash estimated by FOF Section): Farm Credit
System quarterly information statement for farm
credit agencies, balance sheet for SLMA, quarterly
financial statement for FHLMC, and balance sheet
for FNMA. Unadjusted flow is the change in the
level.

212

Guide to the Flow of Funds Accounts

F.107. Federally Sponsored Credit Agencies-Continued
Code

1991 value
(billions
of dollars)

S. Changes in outstanding federal

402050003

-1.1

Level from combined statement of condition for
FHLBs (unpublished detail on investments) and
from the following periodic financial statements
(Cash and investments, including federal funds
and security repurchase agreements, with the total
of federal funds and security repurchase
agreements estimated by FOF Section): Farm
Credit System quarterly information statement for
farm credit agencies, balance sheet for SLMA,
quarterly financial statement for FHLMC, and
balance sheet for FNMA. Unadjusted flow is the
change in the level.

6. Change in credit market assets of
federally sponsored credit
agencies

404002005

14.2

Sum of lines 7, 8, 12, and 13.

7. Change in U.S. government
securities held by federally
sponsored credit agencies

403061005

22.6

Line 7a less lines 5 and 12.

404001003

28.6

Level from periodic financial statements, Cash
and investments: Farm Credit System quarterly
information statement for farm credit agencies,
balance sheet for SLMA, quarterly financial
statement for FHLMC, balance sheet for FNMA,
combined statement of condition for FHLBs, and
balance sheet for FICO. Unadjusted flow is the
change in the level.

8. Change in mortgages held by
federally sponsored credit
agencies

403065003

16.7

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file, federally related agencies, total. Also see
FR Bulletin, table 1.54, lines 39, 42, and 45,
Federal and related agencies. Unadjusted flow is
the change in the level.

9. Change in home mortgages held
by federally sponsored credit
agencies

403065105

15.8

Line 8 less lines 10 and 11.

Component

funds sold by federally sponsored
credit agencies and in outstanding
loans held by them under security
repurchase agreements

7a. Change in cash and liquid assets
of federally sponsored credit
agencies


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Federal Reserve Bank of St. Louis

Explanation

Table E107

213

F.107.-Continued

1991 value
(billions
of dollars)

Component

Code

10. Change in multifamily mortgages
held by federally sponsored credit
agencies

403065403

1.4

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file, federally related agencies, multifamily. Also
see FR Bulletin, table 1.54, lines 41 and 47,
Federal and related agencies, multifamily.
Unadjusted flow is the change in the level.

11. Change in farm mortgages held
by federally sponsored credit
agencies

403065603

-.5

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file, federally related agencies, farm. Also see
FR Bulletin, table 1.54, line 44, Federal and
related agencies, farm. Unadjusted flow is the
change in the level.

12. Change in open market paper
held by federally sponsored credit
agencies

403069600

7.1

Level from combined statement of condition for
FHLBs, unpublished detail on investments, sum of
Bankers acceptances and Commercial paper.
Unadjusted flow is the change in the level.

13. Change in other loans held by
federally sponsored credit
agencies

403069255

-32.2

14. Change in student loans held by
the Student Loan Marketing
�iation (liability of the
household sector)

403069150

3.0

Level from balance sheet for SLMA, Insured
student loans purchased plus Warehousing
advances. Unadjusted flow is the change in the
level.

15. Change in loans to farm busin�
held by Federal Intermediate
Credit Banks

403069130

1.4

Level from Farm Credit System quarterly
information statement for farm credit agencies,
note 4, Loans to agricultural producers.
Unadjusted flow is the change in the level.

16. Change in loans to nonfarm
noncorporate busin� held by
Banks for Cooperatives

403069113

1.4

Level from Farm Credit System quarterly
information statement for farm credit agencies,
note 4, Loans outstanding to cooperatives.
Unadjusted flow is the change in the level.

17. Change in loans to thrift
institutions held by Federal Home
Loan Banks

403069200

-38.0


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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 14, 15, 16, and 17.

Level from combined statement of condition for
FHLBs, Advances to members. Unadjusted flow
is the change in the level.

214

Guide to the Flow of Funds Accounts

F.107.

Federally Sponsored Credit Agencies-Continued

Code

1991 value
(billions
of dollars)

403093005

6.8

Ninety-nine percent of line 18a less lines 4, 5, and
6. The 1 percent deduction from reported total
assets is the estimated book value of fixed assets.

404090000

19.3

Level from periodic financial statements: Farm
Credit System quarterly information statement for
farm credit agencies, Total assets plus allowance
for loan losses; balance sheet for SLMA and
combined statement of condition for FHLBs, Total
assets; quarterly financial statement for FHLMC
and balance sheet for FNMA, Total assets plus
Unamortized discounts and fees; and balance sheet
for FICO, Net obligations plus capital stock.
Unadjusted flow is the change in the level.

19. Net increase in liabilities of
federally sponsored credit
agencies

404190005

16.9

Sum of lines 20 and 23.

20. Change in credit market debt of
federally sponsored credit
agencies

404102005

9.1

Sum of lines 21 and 22.

21. Change in outstanding securities
issued by federally sponsored
credit agencies

403161703

9.2

Level from periodic financial statements, Total
debentures, notes, and bonds or consolidated net
obligations: Farm Credit System quarterly
information statement for farm credit agencies,
balance sheet for SLMA, quarterly financial
statement for Flll.,MC (includes subordinated
borrowings), balance sheet for FNMA, combined
statement of condition for FHLBs, and balance
sheet for FICO. Unadjusted flow is the change in
the level.

22. Chan&e in loans to federally
sponsored credit agencies held by
the U.S. government

403169203

*

23. Change in total miscellaneous
liabilities of federally sponsored
credit agencies

403190005

7.8

Sum of lines 18a and lines 23a through 23e, less
lines 21, 22, and 23f.

133092003

.2

Level from Farm Credit System quarterly
information statement, Capital paid in. Farm
portion estimated from percentage of total loans_
and mortgages made to farms. Unadjusted flow is
the change in the level.

Component
18. Change in unidentified
miscellaneous assets of federally
sponsored credit agencies

18a. Change in reported total assets
of federally sponsored credit
agencies

23a. Change in equity in Federal
Intermediate Credit Banks and
Federal Land Banks held by
farm business


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Federal Reserve Bank of St. Louis

Explanation

Level from monthly statement for Federal
Financing Bank, Loans to SLMA. Unadjusted
flow is the change in the level.

Table E107

215

F.107.-Continued

Component

Code

1991 value
(billions
of dollars)
.5

Explanation

23b. Change in equity in the
Federal National Mortgage
Association held by nonfarm
corporate business

123092003

23c. Change in equity in Banks for
Cooperatives held by nonfarm
noncorporate business

113092003

23d. Change in equity in federally
sponsored credit agencies held
by the U.S. government

313092303

.0

23e. Change in equity in Federal
Home Loan Banks held by
savings and loan associations

453092003

-.9

Level from combined statement of condition for
FHLBs, Capital stock outstanding. Unadjusted
flow is the change in the level.

23f. Change in net worth of
federally sponsored credit
agencies

405080003

2.2

Level from periodic financial statements: Farm
Credit System quarterly information statement for
farm credit agencies, Capital stock; balance sheet
for SLMA, Stockholders' equity; quarterly
financial statement for FHLMC, Stockholders'
equity; balance sheet for FNMA, Total
stockholders' equity; and combined statement of
condition for FHLBs, Total capital. Unadjusted
flow is the change in the level.

24. Discrepancy for federally
sponsored credit agencies, equal
to gross saving less gross
investment

407005005

-1.1

Sum of lines 1 and 19, less lines 2 and 3. The
discrepancy is a use of funds in the FOP accounts.


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Federal Reserve Bank of St. Louis

*

Level from balance sheet for FNMA, Total
stockholders' equity less Retained earnings.
Unadjusted flow is the change in the level.
Level from Farm Credit System quarterly
information statement, Capital paid in. Nonfarm
noncorporate business proportion estimated to be
equal to the ratio of loans made to nonfarm
noncorporate business to total loans. Unadjusted
flow is the change in the level.
Equity has been retired; value has been zero since
1968:Q4.

216

Guide to the Flow of Funds Accounts

Table F.108 Federally Related Mortgage Pools
The federally related mortgage pools sector
consists of pools of assets, which are mort­
gages held by the Government National Mort­
gage Association (GNMA), Federal National
Mortgage Association (FNMA), Federal
Home Loan Mortgage Corporation (FHLMC),
and Farmers Home Administration (FmHA),
and liabilities, which are securities issued
against the specific packages of mortgages as
collateral. This sector differs from most of the
other sectors in the flow of funds accounts in
that it is not a group of institutions but a set of
legal arrangements. The pooled mortgages
shown as assets of the sector have been
removed from the balance sheets of other sec­
tors, and the security issues are not obligations
of any other sector. The primary acquisitions

F.108

Federally Related Mortgage Pools Cl)

----------------------------------------------FOF Code
-------------Billions of dollars

l Net acq. of 110rtgages

z

3
4

H011e 110rtgages
Hultifaaily 110rtgages

Far■ 110rtgages

5 Net incr. in pool secs. CZ)

of the sector are residential mortgages. The
security liabilities, which are included in U.S.
government agency securities in the flow of
funds accounts, are in large part pass-through
types where purchasers receive interest, amor­
tization, and any principal repayments on the
mortgages.
The obligations issued by the FmHA, called
certificates of beneficial ownership, are held
by the Federal Financing Bank (FFB), an
agency included in the U.S. government sec­
tor. Since the fourth quarter of 1986, however,
information on FmHA certificates has not
been available separately, and they have been
treated as loans from one federal agency to
another; the mortgage pool component of this
obligation has been zero since then.

- ----------------------------------------------------1988
1990
1991
---------------1989
---------------------------------

413065005
413065105
413065405

69.1

s.z
•

120.2
5.6

413065005

74.9

125.a

413065605

74.9

Cl) GNHA, FNHA, FHLMC, and Faraers Hoae Adllinistration pools. Excludes
Federal Financing Bank hQldings of pool securities, Mhich are
included with U.S. goverrwent ■ortgages and other loans.
CZ) Such issues are classified as U.S. govarnaent securities.


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Federal Reserve Bank of St. Louis

125.a

•

150.3
147.3
3.1

133.6
139.3

-.6

3

150.3

133.6

5

•

•

l

z

4

Table E108

217

F.108. Federally Related Mortgage Pools

Component

Code

1991 value
(billions
of dollars)

1. Net acquisition of financial BSRts
by federally related mortgage
pools, equal to change in their
holdings of mortgages

413065005

138.6

Sum of lines 2, 3, and 4.

2. Change in home mortgages held
by federally related mortgage
pools

413065105

139.3

Line 2a less lines 2b, 2c, 2d, 2e, 3, and 4.

2a. Change in mortgages held by
mortgage pools

353065000

138.6

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file, total mortgage pools or trusts excluding
private mortgage conduits. Also see FR Bulletin,
table 1.54, line 48, Mortgage pools or trusts, less
line 63, Private mortgage conduits. Unadjusted
flow is the change in the level.

2b. Change in home mortgages held
by the Federal Financing Bank

343065103

.0

Value has been zero since 1986:Q4.

2c. Change in multifamily
mortgages held by the Federal
Financing Bank

343065403

.0

Value has been zero since 1986:Q4.

2d. Change in commercial
mortgages held by the Federal
Financing Bank

343065503

.0

Value has been zero since 1986:Q4.

2e. Change in farm mortgages held
by the Federal Financing Bank

343065603

.0

Value has been zero since 1986:Q4.

3. Change in multifamily mortgages
held by federally related
mortgage pools

413065405

-.6

Line 3a less line 2c.

3a. Change in multifamily
mortgages held by mortgage
pools

353065403

-.6

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file, multifamily mortgages held by mortgage
pools or trusts, excluding private mortgage
conduits. Also see FR Bulletin, table 1.54, sum of
line 51, GNMA, Multifamily; line 54, FHLMC,
Multifamily; line 57, FNMA, Multifamily; and
line 60, FmHA, Multifamily. Unadjusted flow is
the change in the level.


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Federal Reserve Bank of St. Louis

Explanation

218

Guide to the Flow of Funds Accounts

F.108. Federally Related Mortgage Pools-Continued
Code

1991 value
(billions
of dollars)

413065605

*

Line 4a less line 2e.

4a. Change in farm mortgages held
by mortgage pools

353065603

*

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file, farm mortgages held by mortgage pools or
trusts excluding private mortgage conduits. Also
see FR Bulletin, table 1.54, line 62, FmHA, Farm.
Unadjusted flow is the change in the level.

S. Net increase in liabilities of
federally related mortgage pools,
equal to change in outstanding
mortgage pool securities mued by
them

413065005

138.6

Component

4. Change in farm mortgages held
by federally related mortgage
pools


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Federal Reserve Bank of St. Louis

Explanation

Estimated as equal to line 1.


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Federal Reserve Bank of St. Louis

220

Guide to the Flow of Funds Accounts

Table F.109 Foreign Sector
The foreign sector account measures participa­
tion of foreigners in U.S. capital markets. The
sector is constructed from the foreigners' per­
spective, which results in parallel treatment of
the foreign sector and the domestic sectors in
terms of their roles as suppliers and users of
funds. Thus, both foreign and domestic assets
provide funding in U.S. capital markets, and
both foreign and domestic liabilities represent
uses of funds supplied by U.S. markets. The
perspective in the flow of funds accounts is
the opposite of that published by the Bureau
of Economic Analysis (BEA) in the balance of
payments accounts, which conceptually mea­
sure transactions from the perspective of the
U.S. economy. Thus, a capital transaction will
have a sign in the flow of funds accounts
opposite to that in the balance of payments
accounts.


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Federal Reserve Bank of St. Louis

Coverage of the foreign sector is the same
as that in the balance of payments accounts,
with the important exception of international
banking facilities (IBFs). The balance of pay­
ments accounts treat IBFs as domestic,
whereas in the flow of funds accounts they are
foreign entities because their borrowing from
and lending to U.S. residents is restricted by
law. Several differences exist between the bal­
ance of payments and the flow of funds
accounts in their classification of items; the
most important is the netting of interbank
claims and liabilities in the flow of funds
accounts.

221

Table E109

F.109 Foreign

Billions of dollars
FOF Code
1 Net U.S. exports, NIPA basis
2
Exports of goods & services
3
!■ports of goods & services

4 + Net U.S. factor inco■e Cl)
5
U.S. receipts
6
U.S. pay■ents

7 - Net transfer pay■ents to fgn
8 + Net capital grants received
9
Net fgn. invest■ent in U.S.
CNIPA basis; sign reversed)

10 Net financial invest■ent
11
Net acq. of financial assets
12
Gold and SDRs (2)
13
U.S. checkable dep.
14
U.S. ti■e deposits
15
Net interbank clai■s

16
17
18
19
20
21
22
23
24

25
26

27
28
29
30
31
32
33

34
35
36
37
38

39
40
41
42

Security RPs
U.S. corporate equities
Credit ■arket instrU11ents
U.S. �ovt. securities
Official, net
Private, net
U.S. corporate bonds (3)
loans to US nonbanks
Open ■arket paper

Security credit
Trade credit

Miscellaneous assets
Dir. invest■t.in U.S.C4)
Equity
Reinvested earnings
Interco■pany accounts
Other

Net increase in liabilities
U.S. off. fgn. exchange
& net IHF position
U.S. private deposits

Foreign corporate equities
Credit ■arket instru■ents
Corporate bonds
Bank
To
To
To

43
44
45
46
47
48
49
so
51
52
53
54

55

loans n.e.c.
foreign official
foreign banks
other foreign

Co■■ercial paper
Accept. liabs. to banks
U.S. govern■ent loans

Security debt
Trade debt

Hiscellaneous liabilities
U.S.equity in IBRD, etc.
U.S. govt. deposits
U.S. dir. invst■t. (3,4)
Equity
Reinvested earnings
Interco111>anY accounts
Other

266990005
266902001
266903011

1988

1989

1990

1991

-108.0
444.2
552.Z

-79.7
508.0
587.7

-68.9
557.0
625.9

-21.8
598.2
620.0

-13.3

7.9
128.7
120.9

266400001
313011381
266000105

.o

27.9

118.0

89.4

76.0

265008005
264090005
263011005
263020080
263035003
764116005

126.8
166.1
.1
-.6
3.1
6.9

98.7
186.1
-.5
-.z
-1.9
-7.5

43.1
114.1
-.2
-.3

262050003
263064000
264004005
263061005
263061015
263061025
263063005
263068003
263069603
263067003
263070005
263091085
263092003
263092103
263092205
263092303
263093005
264199005
263111005
263191003
263164003
264104005
263163003
263168005
263163605
263168705
263163805
263169175
263169685

263169205
263167003
263170003

263190005

313092203
313091003
263192005

263192103
263192205
263192305
263193005

17.8

.o

-.1
-.5
96.3
68.7
43.1
25.6
15.9
11.1
.5

.o

3.1

16.0
157.5
141.6
25.6

1.1

6.Z

.o

110.1
67.9
51.9
-6.5
ZZ.5
42.Z

4.0
-3.1

24.8
1.1

-1.8
-.5
.0
-1.3

-.1
-1.4
.7
.5

.9
6.4
6.9

8.7
-Z.4
-5.l
.0
7.4

23.7
Z.4
-.3
10.1
-6.3
11.8
4.5
11.5

-.5

24.4

-.5
-14.5
58.4
33.3
30.Z
3.1
5.5
21.4
-1.8

57.7
57.3
40.4
5.4
11.5
.4
39.3

.o

4.1
7.0
74.1
44.9
1.5
43.3
14.1
12.8
2.3

87.4

.o

17.5
143.5
126.0

.o

-8.9
4.8

50.5
-.z
-1.4
-.5
-18.5
N

10.l
44.7
42.Z
17.l
ZS.I
18.4
-16.5
.6

.o

1.0

10
11
12
13
14
15

16
17
18
19
zo
Zl
22
23
24
ZS
26

27
28
29
30
31
32

z.o
12.6

-5.9
1.5

34
35

71.1

45.7
30.Z
14.1
14.9

13.l
-5.3
-2.3

12.3
-3.Z
-3.7

6.4
-4.4
-5.9

-1.3

5.3

30.7
l.Z
-.1
24.0
-4.5
18.0
10.5
5.6

7
8
9

15.Z
11.5
27.9
-20.0
3.6
3.7

7.4
23.9
Zl.4

.0
3.4

4
5
6

41.1
45.1
57.0
-16.3
4.4
-4.0

17.2
10.Z
4.9

56 Discrepancy CFOF basis) (5)
-8.8
-9.3
267005005
Cl> Consists of net receipts fro■ foreigners of interest, corporate profits,
and e■ployee co■pehsation. Equals difference between GNP and GDP.
(2) U.S. net sales, sign reversed.
(3) Corporate bonds include net issues by Netherlands Antillean financial
subsidiaries; U.S. direct invest■ent abroad excludes net inflows fro■
those bond issues.
(4) Direct invest■ent is valued on a current-cost basis. Excludes
capital gains/losses. Co■ponents of direct invest■ent--equity,
reinvested earnings, and interc0111>anY accOW1ts--are unavailable
prior to 1982.
(5) BOP discrepancy adjusted to national accotaits concepts.


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Federal Reserve Bank of St. Louis

20.8
160.6
139.9

266902105
266902101
266905111

1

2
3

-Z.9
-.5
-Z.7
.4

.o

26.5
1.3
.1
27.6
7.5
19.5
.7
-Z.6
33.0

3.1
-.4
1.0
Z.5

.o

.6
1.5
1.0
28.3
11.7
17.9
-1.3
-30.l
-13.7

33
36
37
38

39
40
41
42

43
44
45
46
47

48
49
50
51
52
53
54
55
56

222

Guide to the Flow of Funds Accounts

F.109. Foreign Sector

Code

1991 value
(billions
of dollars)

1. Net U.S. exports, NIPA basis

266990005

-21.8

Line 2 less line 3.

2. U.S. exports of goods and services

266902001

598.2

SCB, NIPA table 1.1, line 16, Exports of goods
and services.

3. U.S. imports of goods and services

266903001

620.0

SCB, NIPA table 1.1, line 17, Imports of goods
and services.

4. Net U.S. factor income (net
receipts, from foreigners, of
interest, corporate profits, and
employee compensation)

266902105

17.5

5. U.S. receipts of factor income
from foreigners

266902101

143.5

SCB, NIPA table 4.1, line 7, Receipts of factor
income.

6. U.S. payments of factor income to
foreigners

266903101

126.0

SCB, NIPA table 4.1, line 15, Payments of factor
income.

7. Net transfer payments from the
U.S. to foreigners

266400001

-13.3

SCB, NIPA table 4.1, line 16, Transfer payments
(net).

8. Net capital grants received by the
U.S. from foreigners

313011301

.0

9. Net foreign investment in the U.S.
(NIPA measure; sign reversed)

266000105

-8.9

10. Net financial investment in the
U.S. by foreigners

265000005

4.8

11. Net acquisition of U.S. financial
assets by foreigners

264090005

50.5

Sum of lines 12, 13, 14, 15, 16, 17, 18, 25, 26,
and 27.

12. Net purchases of gold and special
drawing rights from the U.S. by
foreigners

263011005

-.2

Sum of lines 12a and 12b, with sign reversed.

12a. Change in U.S. holdings of
monetary gold

883011203

.0

Component


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Line 5 less line 6.

SCB, NIPA table 4.1, line 8, Capital grants
received by the U.S. (net).
Result, with sign reversed, of line 1 plus line 4,
less line 7, plus line 8. Equals, with sign reversed,
NIPA table 4.1, line 20.
Line 11 less line 33.

Level from FR Bulletin, table 3.12, line 2, Gold
stock, including Exchange Stabilization Fund.
Unadjusted flow from SCB, USIT table 1, line 35,
Gold.

Table E 109

223

F.109.-Continued
1991 value
(billions
of dollars)

Explanation

Component

Code

12b. Change in U.S. holdings of
special drawing rights

313011303

.2

13. Change in U.S. checkable deposits
and currency held by foreigners

263020000

-1.4

14. Change in large time deposits
held in the U.S. by foreigners

263035003

-.5

15. Change in net interbank liabilities
of the U.S. commercial banking
sector to banks in foreign
countries

764116005

-18.5

15a. Change in liabilities of
U.S.-chartered commercial
banks to foreign affiliates

723192263

7.4

Level from special Treasury tabulation of TIC
data. Excludes liabilities denominated in foreign
currencies. Unadjusted flow is the change in the
level.

15b. Change in liabilities of foreign
banking offices in the U.S. to
foreign affiliates

753192260

4.6

Level from special Treasury tabulation of TIC
data. Excludes liabilities denominated in foreign
currencies. Unadjusted flow is the change in the
level.

15c. Change in liabilities of U.S.
bank holding companies to
foreign affiliates

733192003

-1.4

Level from special Treasury tabulation of TIC
data. Excludes liabilities denominated in foreign
currencies. Unadjusted flow is the change in the
level.

15d. Change in deposits held by
U.S.-chartered commercial
banks at foreign banks

723022703

2.9

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-A,
Balances due from banks in foreign countries and
foreign central banks (sum of series RCON0073
and RCON0074). Unadjusted flow is the change in
the level.

l 5e. Change in claims of
U.S.-chartered commercial
banks on international banking
facilities and foreign affiliates

723092260

14.0

Level from special Treasury tabulation of TIC
data. Net claims on IBFs calculated as IBF claims
on foreigners less IBF liabilities to foreigners.
Excludes claims denominated in foreign
currencies. Unadjusted flow is the change in the
level.


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Federal Reserve Bank of St. Louis

Level from FR Bulletin, table 3.12, line 3, Special
drawing rights. Unadjusted flow from SCB, USIT
table 1, line 36, Special drawing rights.

Level from SCB, USIT table 9, sum of line A lO,
U.S. banks' own liabilities, Demand deposit
liabilities to foreign official agencies; and line B12,
U.S. banks' own liabilities, Demand deposit
liabilities to other foreigners. Unadjusted flow is
the change in the level.
Level from special Treasury tabulation of TIC
data. Excludes liabilities denominated in foreign
currencies. Unadjusted flow is the change in the
level.

Sum of lines 15a, 15b, and 15c, less lines 15d
through 15h.

224

Guide to the Flow of Funds Accounts

F.109. Foreign Sector-Continued
Code

1991 value
(billions
of dollars)

15f. Change in deposits held by
foreign banking offices in the
U.S. at foreign banks

753022703

-.1

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule A, sum of Balances due from foreign
branches of U.S. banks (series RCON0073) and
Balances due from other banks in foreign countries
and foreign central banks (RCON1884); for Edge
Act and agreement corporations, schedule A,
Balances due from banks in foreign countries and
foreign central banks (RCON0070); and for New
York State investment companies, schedule C,
line 3, Balances with banks in foreign countries
(RCON0051). Excludes claims of IBFs.
U nadjusted flow is the change in the level.

15g. Change in claims of foreign
banking offices in the U.S. on
foreign affiliates and
international banking facilities

753092260

10.5

Level from special Treasury tabulation of TIC
data, Foreign-related banks' net claims on IBFs
plus gross claims on foreign affiliates. Excludes
claims denominated in foreign currencies.
Unadjusted flow is the change in the level.

15h. Change in claims of U.S. bank
holding companies on foreign
affiliates

733092003

1.8

Level from special Treasury tabulation of TIC
data. Excludes claims denominated in foreign
currencies. Unadjusted flow is the change in the
level.

16. Change in outstanding loans to
the U.S. held by foreigners under
security repurchase agreements

262050003

*

17. Net purchases of U.S. corporate
equities by foreigners

263064000

10.1

Unadjusted flow from SCB, USIT table 6, sum of
line B2, Stocks, net foreign purchases excluding
those by official agencies, and Memorandum
line 4, U.S. stocks purchased by foreign official
agencies. Fourth-quarter level from SCB,
International Investment Position of the U.S.,
table 1, line 40, Corporate stocks held in the U.S.
by other foreigners. Levels for other quarters
obtained by adding flow to preceding level.

18. Change in U.S. credit market
assets of foreigners

264004005

44.7

Sum of lines 19, 22, 23, and 24.

19. Change in U.S. government
securities held by foreigners

263061005

42.2

Sum of lines 20 and 21.

Component


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Federal Reserve Bank of St. Louis

Explanation

Level estimated as 25 percent of SCB, USIT
table 9, line A12, U.S. banks' own liabilities,
Other liabilities to foreign official agencies, plus
line B14, U.S. banks' own liabilities, Other
liabilities to other foreigners. Includes loans to
IBFs. Unadjusted flow is the change in the level.

Table E 109

225

F.109.-Continued
Code

1991 value
(billions
of dollars)

20. Change in U.S. government
securities held by foreign official
institutions

263061015

17.1

Sum of lines 20a and 20b.

20a. Change in U.S. Treasury
securities held by foreign
official institutions

263061113

15.8

Unadjusted flow from SCB, USIT table 1, line 51,
U.S. Treasury securities. Fourth-quarter level from
SCB, International Investment Position of the U.S.,
table 3, line 28, U.S. Treasury securities. Levels for
other quarters obtained by adding flow to
preceding level.

20b. Change in U.S. government
agency securities held by
foreign official institutions

263061713

1.3

Unadjusted flow from SCB, USIT table 1, line 52,
Other U.S. government securities. Fourth-quarter
level from SCB, International Investment Position
of the U.S., table 3, line 29, Other U.S. government
securities. Levels for other quarters obtained by
adding flow to preceding level.

263061025

25. l

Sum of lines 21a and 21b.

21a. Change in U.S. Treasury
securities held by private
foreigners

263061123

16.2

Unadjusted flow from SCB, USIT table 1, line 58,
U.S. Treasury securities. Fourth-quarter level from
SCB, International Investment Position of the U.S.,
table 3, line 37, U.S. Treasury securities. Levels for
other quarters obtained by adding flow to
preceding level.

21b. Change in U.S. government
agency securities held by
private foreigners

263061723

8.8

263063005

18.4

Sum of lines 22a and 22b.

263063003

17.3

Unadjusted flow from SCB, USIT table 6,
line B10, U.S. corporate and other bonds, net,
excluding purchases by foreign official agencies,
less line B12, U.S. federally sponsored agency
bonds, net, excluding purchases by foreign official
agencies, plus Memorandum line 3, U.S. corporate
and other bonds purchased by foreign official
agencies. Level from SCB, International
Investment Position of the U.S., table 1, line 39,
Corporate and other bonds. Level is at market
value.

Component

21. Change in U.S. government
securities held by private
foreigners

22. Net purchases of U.S. corporate
bonds and tax-exempt securities
by foreigners
22a. Net purchases of U.S.
corporate bonds and
tax-exempt securities by
foreigners, other than bonds
sold by Netherlands Antillean
financial subsidiaries


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Federal Reserve Bank of St. Louis

Explanation

Unadjusted flow from SCB, USIT table 6,
line B12, U.S. federally sponsored agency bonds,
net foreign purchases. Level obtained by adding
flow to preceding level.

226

Guide to the Flow of Funds Accounts

F.109.

Foreign Sector-Continued

Component

Code

1991 value
(billions
of dollars)

Explanation

22b. Net issuance of bonds by
Netherlands Antillean financial
subsidiaries of U.S.
corporations

263063103

1.1

Unadjusted flow and level provided by BEA. Flow
series appears occasionally in USIT articles in
SCB, in text table "Transactions with Netherlands
Antillean Finance Affiliates." Intercompany debt
flows series used as a proxy for net bond
transactions. Before 1978, this series included
Eurobond transactions of Delaware subsidiaries
operating abroad. Since the fourth quarter of 1992,
this series has had a value of zero for both levels
and flows.

23. Change in outstanding foreign
loans to U.S. nonbanking concerns

263068003

-16.5

Unadjusted flow from SCB, sum of USIT table 7,
line B2, Financial liabilities, and USIT table 9,
line B26, Banks' custody liabilities, payable in
dollars, less USIT table 9, line B27, Negotiable
and readily transferable instruments (mostly
certificates of deposit). Fourth-quarter level from
SCB, International Investment Position of the U.S.,
table 3, line 41. Levels for other quarters obtained
by adding flow to preceding level.

24. Change in U.S. open market
paper held by foreigners

263069603

.6

Unadjusted flow and level from SCB, USIT
table 9, sum of line A13, Banks' custody liabilities
to foreign official agencies, payable in dollars, and
line B27, Negotiable and readily transferable
instruments, less Memorandum line 8, Negotiable
certificates of deposit held for foreigners.

25. Change in U.S. security credit
held by foreigners

263067003

.0

No longer shown separately from trade credit;
value assumed to be zero.

26. Change in U.S. trade credit held
by foreigners

263070005

1.0

Sum of lines 26a and 26b.

26a. Change in trade credit owed to
foreigners by U.S. private
nonbank borrowers

263070003

-.6

Unadjusted flow and level from SCB, USIT
table 7, line B9, Commercial liabilities. Data
include both trade payables and advance receipts
and other commercial liabilities.

26b. Change in liabilities, other
than securities, of the U.S.
government to foreigners

263070313

1.6

Unadjusted flow from SCB, USIT table 4, line C.1,
U.S. government liabilities other than securities,
total, net increase. Data also appear in USIT
table 1, line 53. Fourth-quarter level from SCB,
International Investment Position of the U.S.,
table 3, line 30, Other U.S. government liabilities.
Levels for other quarters obtained by adding flow
to preceding level.


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Federal Reserve Bank of St. Louis

Table R 109

227

F.109.-Continued
Component

Code

1991 value
(billions
of dollars)

27. Change in total miscellaneous U.S.
�ts of foreigners

263090005

15.2

Sum of lines 28 and 32.

28. Foreign direct investment in the
U.S., valued at current cost

263092003

11.5

Unadjusted flow from SCB, USIT table 5, line 55,
Capital with current-cost adjustment. Fourthquarter level from SCB, International Investment
Position of the U.S., table 3, line 35, Direct
investment in the U.S., at current cost. Levels for
other quarters obtained by adding flow to
preceding level.

29. Foreign direct investment in the
U.S., equity

263092103

27.9

SCB, USIT table 5, line 56, Equity capital.

30. Foreign direct investment in the
U.S., reinvested earnings

263092205

-20.0

31. Foreign direct investment in the
U.S., intercompany accounts

263092303

3.6

SCB, USIT table 5, line 60, Intercompany debt.

32. Change in unidentified
miscellaneous U.S. �ts of
foreigners

263093005

3.7

Line 32a less lines 13, 14, 15a, 15b, 15c, 16, 17,
19, 22a, 23, 24, 25, 26a, 26b, 28, 32b, and 32c.

32a. Change in foreign assets in the
U.S., balance of payments
basis

264090000

67.0

Unadjusted flow from SCB, USIT table 1, line 48,
Foreign assets in the U.S., net. Fourth-quarter level
from SCB, International Investment Position of the
U.S., table 1, line 24, Foreign assets in the U.S.,
with direct investment at current cost. Levels for
other quarters obtained by adding flow to
preceding level.

32b. Change in dollar liabilities of
international banking facilities
to foreigners

264090013

-16.2

Unadjusted flow and level from SCB, USIT
table 9, Memorandum line 1, IBFs' own liabilities,
payable in dollars.

32c. Change in foreign-currency
liabilities of international
banking facilities to foreigners

264090023

4.5

Unadjusted flow and level from SCB, USIT
table 9, line B25, U.S. banks' own liabilities,
payable in foreign currencies (assumed to be
mostly IBF liabilities).

264190005

45.7

Sum of lines 34, 35, 36, 37, 46, 47, and 48.

33. Net increase in U.S. liabilities of
foreigners


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Federal Reserve Bank of St. Louis

Explanation

Line 28 less lines 29 and 31.

228

Guide to the Flow of Funds Accounts

F.109. Foreign Sector-Continued
Component

Code

1991 value
(billions
of dollars)

34. Net acquisition of foreign
exchange by U.S. official agencies
and increase in the U.S. net
position in the International
Monetary Fund

263111005

-5.9

Sum of lines 34a and 34b.

34a. Net acquisition of foreign
currencies by U.S. official
agencies

263111503

-6.3

Level from FR Bulletin, table 3.12, line 5, Foreign
currencies. Unadjusted flow from SCB, USIT
table 1, line 38, Foreign currencies, with sign
reversed.

34b. Change in U.S. position in the
International Monetary Fund

263111403

.4

Level from FR Bulletin, table 3.12, line 4, Reserve
position in IMF. Unadjusted flow from SCB, USIT
table 1, line 37, Reserve position in the IMF, with
sign reversed.

35. Change in foreign deposits held
by U.S. private sectors

263191003

1.5

Unadjusted flow and level from SCB, USIT
table 8, sum of line 17, Deposits, and line 18,
Negotiable and readily transferable instruments
(mostly certificates of deposit); plus USIT table 7,
line A5, Deposits, all flows with sign reversed.

36. Net purchases of foreign
corporate equities by U.S.
residents

263164003

30.2

Unadjusted flow from SCB, USIT table 6, line A2,
Stocks, net U.S. purchases, with sign reversed.
Fourth-quarter level from SCB, International
Investment Position of the U.S., table 1, line 21,
Corporate stocks. Levels for other quarters
obtained by adding flow to preceding level.

37. Change in credit market debt of
foreigners to U.S. residents

264104005

14.1

Sum of lines 38, 39, 43, 44, and 45.

38. Change in bond liabilities of
foreigners to U.S. residents

263163003

14.9

Unadjusted flow from SCB, USIT table 6,
line A13, Bonds, net U.S. purchases, with sign
reversed. Level obtained by adding flow to
preceding level.

39. Change in outstanding loans, not
elsewhere classified, to foreigners
held by the U.S. commercial
banking sector

263168005

3.1


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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 40, 41, and 42.

Table R 109

229

F.109.-Continued

Code

1991 value
(billions
of dollars)

263168605

-.4

Sum of lines 40a and 40b.

40a. Change in loans to foreign
governments and official
institutions held by
U.S.-chartered commercial
banks

723068263

-.4

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Loans to foreign governments and official
institutions (series RCON2081). Unadjusted flow
is the change in the level.

40b. Change in loans to foreign
governments and official
institutions held by foreign
banking offices in the U.S.

753068263

*

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule C, Loans to foreign governments and
official institutions (series RCON2081); for Edge
Act and agreement corporations, schedule B,
Loans to foreign governments and official
institutions (RCON2081); and for New York State
investment companies, schedule A, line 5, Loans
to foreign governments and official institutions
(RCON2081). Unadjusted flow is the change in the
level.

41. Change in outstanding loans to
foreign banks held by the U.S.
commercial banking sector

263168705

1.0

Sum of lines 41a, 41b, and 41c.

41a. Change in loans to borrowers,
other than depository
institutions, held by Federal
Reserve Banks

713068103

.0

Level from FR Bulletin, table 1.18, line 5, Loans
to other than depository institutions. Unadjusted
flow is the change in the level. Value of series has
been zero since 1977:Q4.

41b. Change in loans to banks in
foreign countries held by
U.S.-chartered commercial
banks

723068273

-.9

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Loans to banks in foreign countries (sum of series
RCON1513 and RCON1516). Unadjusted flow is
the change in the level.

4 l c. Change in loans to foreign
banks held by foreign banking
offices in the U.S.

753068273

1.9

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule C, sum of Loans to foreign branches of
U.S. banks (series RCON1513) and Loans to other
banks in foreign countries (RCON1516); for Edge
Act and agreement corporations, schedule B,
Loans to banks in foreign countries (RCON1510);
and for New York State investment companies,
schedule A, line 1b, Loans to banks in foreign
countries (RCON1510). Unadjusted flow is the
change in the level.

Component
40. Change in outstanding loans to
foreign governments and official
institutions held by the U.S.
commercial banking sector


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

230

Guide to the Flow of Funds Accounts

F.109. Foreign Sector-Continued

Code

1991 value
(billions
of dollars)

42. Change in outstanding loans to
foreigners, other than to banks
and official institutions, held by
the U.S. commercial banking
sector

263168805

2.5

42a. Change in commercial and
industrial loans to foreigners
and foreign lease financing
receivables held by
U.S.-chartered commercial
banks

723068283

.6

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
sum of Commercial and industrial loans to
non-U.S. addressees (series RCONl 764) and
Lease financing receivables of non-U.S. addressees
(RCON2183). Unadjusted flow is the change
in the level.

42b. Change in commercial and
industrial loans to foreigners
held by foreign banking offices
in the U.S.

753068283

1.9

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule C, Commercial and industrial loans to
non-U.S. addressees (series RCON1764); for Edge
Act and agreement corporations, schedule B,
Commercial and industrial loans to non-U.S.
addressees (RCON1762); and for New York State
investment companies, schedule A, line 4b,
Commercial and industrial loans to non-U.S.
addressees (RCONl 762). Unadjusted flow is the
change in the level.

263169175

6.4

Sum of lines 43a and 43b.

43a. Change in commercial paper
liabilities of foreign financial
companies to U.S. residents

263169103

.9

Level from FR Bank of New York, Market Reports
Division, monthly commercial paper release,
table I, (outstandings issued by) Financial
companies, Dealer-placed, Foreign. Unadjusted
flow is the change in the level.

43b. Change in commercial paper
liabilities of foreign
nonfinancial companies to U.S.
residents

263169703

5.5

Level from FR Bank of New York, Market Reports
Division, monthly commercial paper release,
table I, (outstandings issued by) Nonfinancial
companies, Foreign. Unadjusted flow is the change
in the level.

263169605

-4.4

Sum of lines 44a and 44b, less lines 44c and 44d.

293169720

-4.6

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC,
Customers' liability to this bank on acceptances
outstanding (series RCON2155). Unadjusted flow
is the change in the level.

Component

43. Change in U.S. commercial paper
liabilities of foreigners

44. Change in foreign acceptance
liabilities to U.S. banks

44a. Change in customers'
acceptance liabilities to
U.S.-chartered commercial
banks


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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 42a and 42b.

Table F.109

231

F.109.-Continued
Code

1991 value
(billions
of dollars)

44b. Change in customers'
acceptance liabilities to
foreign banking offices in the
U.S.

2931(,9750

-5.6

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule RAL, Customers' liability to this branch
or agency on acceptances outstanding, sum of U.S.
addressees (series RCON2156) and Non-U.S.
addressees (RCON2157); for Edge Act and
agreement corporations, Customers' liability on
acceptances outstanding (RCON2155); and for
New York State investment companies,
Customers' liabilities to this investment company
on acceptances outstanding, sum of line 7a, U.S.
addressees (RCON2156), and line 7b, Non-U.S.
addressees (RCON2157). Unadjusted flow is the
change in the level.

44c. Change in acceptance
liabilities of the nonfarm
business sectors to
U.S.-chartered commercial
banks

123169723

-2.0

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-M,
Customers' liability to this bank on acceptances
outs�ding, U.S. addressees (series RCFD2103).
Unadjusted flow is the change in the level.

44d. Change in acceptance
liabilities of the nonfarm
business sectors to foreign
banking offices in the U.S.

123169753

-3.9

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule RAL, Customers' liability to this branch
or agency on acceptances outstanding, U.S.
addressees (series RCFD2156); for Edge Act and
agreement corporations, 67 percent of Customers'
liability on acceptances outstanding (RCFD2155);
and for New York State investment companies,
line 7a, Customers' liabilities to this investment
company on acceptances outstanding, U.S.
addressees (RCON2156). Unadjusted flow is the
change in the level.

45. Change in loans to foreigners held
by the U.S. government

263169205

-5.9

Line 45a less lines 49 and 50.

45a. Net acquisition of foreign
assets, other than official
reserve assets, by the U.S.
government

264191000

-3.4

Unadjusted flow from SCB, USIT table 1, line 39,
U.S. government assets, other than official reserve
assets, net, with sign reversed. Fourth-quarter level
from SCB, International Investment Position of the
U.S., table l, line 10, U.S. government assets, other
than official reserve assets. Levels for other
quarters obtained by adding flow to preceding
level.

46. Change in U.S. security credit
owed by foreigners

263167003

.0

Component


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Federal Reserve Bank of St. Louis

Explanation

No longer shown separately from trade credit;
value assumed to be zero.

232

Guide to the Flow of Funds Accounts

F.109. Foreign Sector-Continued
Code

1991 value
(billions
of dollars)

47. Change in U.S. trade debt of
foreigners

263170003

5.3

48. Change in total miscellaneous U.S.
liabilities of foreigners

263190005

.6

49. Change in U.S. equity in the
International Bank for
Reconstruction and Development
and other international
organizations

313092203

1.5

Unadjusted flow from SCB, USIT table 4,
line A24, Capital subscriptions and contributions
to international financial institutions, excluding the
IMF. Level obtained by adding flow to preceding
level.

50. Net nonofficial acquisition of
foreign currencies and short-term
assets by the U.S. government

313091003

1.0

Unadjusted flow from SCB, USIT table 1, line 42,
U.S. foreign currency holdings and U.S. short-terJD
assets, net, with sign reversed. Fourth-quarter level
from SCB, International Investment Position of the
U.S., table 3, line 14, U.S. foreign currency
holdings and U.S. short-term assets. Levels for
other quarters obtained by adding flow to
preceding level.

51. U.S. direct investment abroad,
valued at current cost, excluding
bonds sold by Netherlands
Antillean financial subsidiaries

263192005

28.3

Sum of lines 22b and 51a. After the fourth quarter
of 1992, flows and levels for line 22b are equal to
zero.

263192003

27 .1

Unadjusted flow from SCB, USIT table 5, line 14,
Capital with current-cost adjustment. Fourth­
quarter level from SCB, International Invesunent
Position of the U.S., table 3, line 17, Direct
investment abroad, at current cost. Levels for other
quarters obtained by adding flow to preceding
level.

263192103

11.7

SCB, USIT table 5, line 15, Equity capital.

Component

51a. U.S. direct investment abroad,
valued at current cost

52. U.S. direct investment abroad,
equity


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Federal Reserve Bank of St. Louis

Explanation
Unadjusted flow and fourth-quarter level from
SCB, sum of USIT table 7, line A12, Commercial
claims, and USIT table 8, line 19, Outstanding
collections and other. Levels for other quarters
obtained by adding flow to preceding level.
Excludes foreign currency claims.
Sum of lines 49, 50, 51, and 55.

Table F.109

233

F.109.-Continued
Code

1991 value
(billions
of dollars)

263192205

17.9

Line 51a less lines 52 and 53a.

263192303

-2.4

SCB, USIT table 5, line 19, lntercompany debt.

54. U.S. direct investment abroad,
intercompany accounts

263192305

-1.3

Sum of lines 22b and 53a. After the fourth quarter
of 1992, flows and levels for line 22b are equal to
zero.

55. Change in unidentified
miscellaneous U.S. liabilities of
foreigners

263193005

-30.1

Sum of lines 11 and 56, less lines 9, 34, 35, 36,
38, 39, 43, 44, 45a, 46, 47, and 51.

56. Discrepancy for the foreign sector,
equal to net foreign investment in
U.S. (NIPA basis; sign reversed)
less net financial investment

267005005

-13.7

Line 9 less line 10. Also equal to the sum of
lines 8, 9, and 56a, less line 56b. This series is the
discrepancy in the balance of payments accounts,
adjusted to NIPA concepts. The discrepancy is a
use of funds in the FOF accounts.

56a. Balance of payments statistical
discrepancy

267005261

-1.1

SCB, USIT table 1, line 63, Statistical discrepancy.
Since January 1978, series excludes all capital
gains and losses related to direct investment. FOF
series differs from published BEA series for
1978-81 because BEA series does not exclude
capital gains and losses related to direct
investment.

56b. Foreign sector current account
balance, balance of payments
basis

266000261

3.7

Component

53. U.S. direct investment abroad,
reinvested earnings
53a. U.S. direct investment abroad,
intercompany debt


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Federal Reserve Bank of St. Louis

Explanation

Unadjusted and adjusted flow from SCB, USIT
table 1, line 69 (with sign reversed), Balance on
current account.

234

Guide to the Flow of Funds Accounts

Table F.110 Monetary Authority
secunt.Ies, which are used in the conduct of
monetary policy through open market opera­
tions. The liabilities of the sector, primarily
currency held by the public and by commer­
cial banks and reserve deposits owed to depos­
itory institutions, are the factors absorbing
reserve funds in Bulletin table 1.11.

The monetary authority consists primarily of
the Federal Reserve (FR) System but also
includes certain monetary accounts of the U.S.
Treasury that are assets of the sector: the
monetary gold stock, the special drawing
rights (SDR) certificate account, and Treasury
currency, which consists of standard silver
dollars, fractional coin, national bank notes,
and currency items in process of retirement.
These items are not part of the U.S. govern­
ment sector. The assets of the monetary
authority are the factors supplying reserve
funds in table 1.11 in the Federal Reserve
Bulletin; the largest asset is U.S. Treasury

F.110

Monetary Authority

---------------------------------------------------------------------------------------------------------------FOF Code
1988
1989
1990
1991
----------------------------------------------------------------------------Billions of dollars

1 Gross saving
2 Fixed nonres. invest■ent

3 Net acq. of financial assets
4
Gold and foreign exchange
Treasury currency
5
SOR certificates
6
7
Federal Reserve float
F.R. loans to dollestic banks
8
Security RPs
9

10
11
12
13
14
15
16

Credit ■arket instru■ents
U.S. governt1ent securities
Treasury securities
Agency issues
Acceptances
Bank loans n.e.c.
Miscellaneous assets

17 Net increase in liabilities
Depository inst. reserves
18
Vault cash of coal. banks
19

20
21
22
23
24

Checkable dep. and currency
Due to U.S. governaent
Due to foreign
Currency outside banks
Miscellaneous liabilities

25 Discrepancy


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

716000105
715013003

.2
.2

714090005
713011005
713012003
713014003

18.4
2.5
.6

713068003
712050000

5.5

713022003

714002105

713061005
713061100
713061703
713069603
713068103
713093005
714190005
713113000
723025000

713120005
713123105
713122605
713125005
713190005

717005005

.0
.5
-1.6

10.5

10.5
11.1
-.6
.0
.0
.4

18.4

-2.4
2.7

18.1
3.3
.1
14.7
.1
.1

-1.5
.2

11.2
12.6
.8

3.5
-.2
-1.7

-4.7

-7.3
-7.3
-6.9
-.4

.o
.o

8.2

11.2
-3.8
1.1

9.5
-2.4
.2
11.7
4.3
-1.7

-2.3

-1.8

27.9
1.3

22.3
-3.2
.7

.2

.8

1.5
1.5
-.3

16.2
8.1

8.1

8.3

-.2
.0

.o

-1.2

27.9
3.1
3.9

25.2
Z-.8
-.2
22.6
-4.3
-2.5

.2

.0

-1.5
N

-2.5

31.l
31.1
31.4
-.3
.0
.0
-2.4

22.3
-9.2
1.0

29.2

8.8

.6
19.8
1.3
-2.0

1
2
3

4

5

6

7

8
9

10
11
12
13
14
15
16

17
18
19

20
21
22
23
24

25

Table F.110

235

F.110. Monetary Authority
Code

1991 value
(billions
of dollars)

716000105

-1.8

Sum of lines l a and lb.

l a. Undistributed profits of Federal
Reserve Banks

716006003

-1.9

Special tabulation of undistributed profits of
FR Banks, provided by BEA. Quarterly data
available once a year.

1b. Capital consumption allowances
for Federal Reserve Banks

716300103

.1

Capital consumption allowances on nonresidential
equipment and structures owned by FR Banks,
valued at current cost, from BEA Wealth Data
Tape (section 2, series 540, category 4). Data are
annual; series is converted to quarterly by ratio
method, using NIPA total capital consumption
allowances (FOF series 896300003, table F.l ,
line 61) as the denominator.

2. Fixed nonresidential investment
by Federal Reserve Banks

715013003

.2

Investment in nonresidential equipment and
structures by FR Banks, valued at historical cost,
from BEA Wealth Data Tape (section 4,
series 249). Data are annual; series is converted
to quarterly by ratio method, using NIPA total
investment in nonresidential plant and equipment
(FOF series 895013001, table F.1, line 15) as the
denominator.

3. Net acquisition of financial assets
by the monetary authority

714090005

22.3

Sum of lines 4, 5 through 10, and 16.

4. Change in gold and foreign
exchange held by the monetary
authority

713011005

-3.2

Sum of line 4a and 50 percent of line 4b, less
line 4c.

4a. Change in monetary gold held
by the monetary authority

713011203

*

4b. Net acquisition of foreign
currencies by U.S. official
agencies

263111503

-6.3

4c. Change in deposits held by the

713111403

*

Component
1. G� saving of the monetary
authority

International Monetary Fund at
Federal Reserve Banks


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Federal Reserve Bank of St. Louis

Explanation

Level from FR Bulletin, table 1.18, line 1, Gold
certificate account. Unadjusted flow is the change
in the level.
Level from FR Bulletin, table 3.12, line 5, Foreign
currencies. Unadjusted flow from SCB, USIT
table 1, line 38, Foreign currencies, with sign
reversed.
Level provided by FR Bank of New York.
Unadjusted flow is the change in the level.

236

Guide to the Flow of Funds Accounts

F.110. Monetary Authority-Continued
1991 value
(billions
of dollars)

Component

Code

5. Change in U.S. Treasury currency
held by the monetary authority

713012003

.7

Level from FR Bulletin, table 1.11, line 14,
Treasury currency outstanding. Unadjusted flow is
the change in the level.

6. Change in special drawing rights
certificates held by the monetary
authority

713014003

.0

Level from FR Bulletin, table 1.18, line 2, Special
drawing rights certificate account. Unadjusted flow
is the change in the level.

7. Change in Federal Reserve float

713022003

-1.5

8. Change in loans to depository
institutions held by Federal
Reserve Banks

713068003

*

9. Change in outstanding loans held
by Federal Reserve Banks under
security repurchase agreements

712050000

-2.5

Level from FR Bulletin, table 1.18: sum of line 6,
Acceptances held under repurchase agreements;
line 8, Federal agency obligations, Held under
repurchase agreements; and line 14, U.S. Treasury
securities, Held under repurchase agreements.
Unadjusted flow is the change in the level.

10. Change in credit market �ts of
the monetary authority

714002105

31.1

Sum of lines 11, 14, and 15.

11. Change in U.S. government
securities held by Federal Reserve
Banks

713061005

31.1

Sum of lines 12 and 13.

12. Change in U.S. Treasury securities
held by Federal Reserve Banks

713061100

31.4

Level from FR Bulletin, table 1.18, line 10, U.S.
Treasury securities, Bought outright. Unadjusted
flow is the change in the level.

13. Change in U.S. government
agency securities held by Federal
Reserve Banks

713061703

-.3

14. Change in bankers acceptances
held by Federal Reserve Banks

713069603

.0

Value of the series has been zero since 1978:Ql .

15. Change in loans to borrowers,
other than depository institutions,
held by Federal Reserve Banks

713068103

.0

Level from FR Bulletin, table 1.18, line 5, Loans
to other than depository institutions. Unadjusted
flow is the change in the level. Value of series has
been zero since 1977:Q4.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Level from FR Bulletin, table 1.11, line 10, Float.
Unadjusted flow is the change in the level.
Level from FR Bulletin, table 1.18, line 4, Loans
to depository institutions. Unadjusted flow is the
change in the level.

Level from FR Bulletin, table 1.18, line 7, Federal
agency obligations, Bought outright. Unadjusted
flow is the change in the level.

Table EllO

237

F.110.-Continued
Code

1991 value
(billions
of dollars)

713093005

-2.4

Line 16a less 50 percent of line 4b and less lines
16b and 16c.

16a. Change in other assets of the
monetary authority

713093003

-5.4

Level from FR Bulletin, table 1.18, sum of line 18,
Other assets denominated in foreign currencies,
and line 19, All other assets. Unadjusted flow is
the change in the level.

16b. Change in bank premises
owned by Federal Reserve
Banks, at book value

715013113

.1

Level from FR Bulletin, table 1.18, line 17, Bank
premises. Unadjusted flow is the change in the
level.

16c. Change in furniture and
fixtures owned by Federal
Reserve Banks, at book value

715013123

.1

Level from Annual Report, Board of Governors of
the FR System, Statistical Tables, table 1, Other
assets, Furniture and equipment, net. Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

17. Net increase in liabilities of the
monetary authority

714190005

22.3

Sum of lines 18, 19, 20, and 24.

18. Change in reserve deposits held
by depository institutions at
Federal Reserve Banks

713113000

-9.2

Level from FR Bulletin, table 1.18, Liabilities,
line 23, Depository institutions. Unadjusted flow
is the change in the level.

19. Change in vault cash held by
U.S.-chartered commercial banks
(liability of the monetary
authority)

723025000

1.0

20. Change in checkable deposit and
currency liabilities of the
monetary authority

713120005

29.2

21. Change in deposits held by the
U.S. government at Federal
Reserve Banks, including
Treasury cash

713123105

8.8

713123203

.1

Component

16. Change in unidentified
miscellaneous assets of the
monetary authority

21a. Change in U.S. Treasury cash
holdings (liability of the
monetary authority)


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-A,
Currency and coin (series RCON0080).
Unadjusted flow is the change in the level.
Sum of lines 21, 22, and 23.

Sum of lines 21a and 21b.

Level from FR Bulletin, table 1.11, line 16,
Treasury cash holdings. Unadjusted flow is the
change in the level.

238

Guide to the Flow of Funds Accounts

F.110. Monetary Authority-Continued

Code

1991 value
(billions
of dollars)

713123730

8.7

713122605

.6

Sum of lines 22a and 22b, less line 4c.

22a. Change in deposits held by
foreign official institutions at
Federal Reserve Banks

713122003

.6

Level from FR Bulletin, table 1.18, Liabilities,
line 25, Foreign-official accounts. Unadjusted
flow is the change in the level.

22b. Change in deposits held by
international organizations at
Federal Reserve Banks

713122103

.0

Level provided by FR Bank of New York.
Unadjusted flow is the change in the level.

23. Change in currency outside banks
(liability of the monetary
authority)

713125005

19.8

Line 23a less line 19.

23a. Change in currency in
circulation (liability of the
monetary authority)

713124000

20.8

Level from FR Bulletin, table 1.11, line 15,
Currency in circulation. Unadjusted flow is the
change in the level.

24. Change in total miscellaneous
liabilities of the monetary
authority

713190005

1.3

25. Discrepancy for the monetary
authority, equal to gross saving
less gross investment

717005005

-2.0

Component
21b. Change in liability of Federal
Reserve Banks for the U.S.
Treasury general account

22. Change in deposits held by
foreigners at Federal Reserve
Banks


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Level from FR Bulletin, table 1.18, Liabilities,
line 24, U.S. Treasury-general account. Also
found in Monthly Treasury Statement, table 6,
Means of Financing the Deficit, U.S. Treasury
operating cash, FR account. Unadjusted flow is
the change in the level.

Line 3 less lines 18, 19, and 20.

Sum of lines 1 and 17, less lines 2 and 3. The
discrepancy is a use of funds in the FOF accounts-


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Federal Reserve Bank of St. Louis

240

Guide to the Flow of Funds Accounts

Table F.111

/

Commercial Banking

The commercial banking sector consists of
four banking groups: U.S.-chartered commer­
cial banks (table F.112), foreign banking
offices in the United States (table F.113),
domestic affiliates of commercial banks (bank
holding companies) (table F.114), and banks

in U.S. possessions (table F.115). Each bank­
ing group is described in the introduction to its
table.

F.111 Coa.ercial lanking Cl)
Billions of dollars

l Gross saving
2 Fixed nonres. invest■ent

3 Net acq. of financial assets
4
Checkable dep.and currency
5
6
7
8

Total bank credit
U.S. govt. securities
Treasury issues
Agency issues

11
12
13
14
15
16

Total loans
Mortgages
Consumer credit
Bank loans n.e.c.
Open ■arket paper
Security credit

9
10

17
18

19
20
21
22

Tax-exempt securities
Corporate bonds

Mutual fund shares
Corporate equities

Cust. liabs. on acceptances
Vault cash
Reserves at Federal Reserve
Miscellaneous assets

23 Net increase in liabilities
Checkable deposits
24
U.S. goverllll8nt
25
26
Foreign
Private do■estic
27
28

29
30

31
32
33
34

35
36
37
38
39
40

S■all ti■e and savings dep.

Large ti■e deposits
Fed. funds and security RPs
Net interbank clai■s
To Federal Reserve
To domestic banks C2)
To foreign banks

Corporate equity issues
Credit ■arket debt
Corporate bonds
Open ■arket paper

Taxes payable
Miscellaneous liabilities

41 Discrepancy

42 Me■o: Cred. ■kt. funds adv.C3)

FOF Code

1988

1989

1990

1991

766000105
765013085

27.4
33.2

39.2
37.3

36.7
35.9

43.2
33.7

l
2

108.9
111.3
60.5
50.8

5
6
7
8

764090005
743028003
764005005
763061005
763061105

763061705

763062005
763063005
764035605
763065805
723066005
763063085
763069175
763067005
723064203
763064185
293169605
723025000
763013005
763090005

179.0
-.6

159.0
21.7
-8.7
30.4

-22.7
11.6
148.4
77.1

33.l
39.9
-1.2
-.5

.o

If

-2.3
2.7
-2.8
23.0

763128005
723123105
763122605
763129705

209.6
16.8
7.3
-.6
10.l

763135005
762150005

42.0
20.8

764190005

723131005

764110005
714010805
904010005
764116005
723164001
764104005
763163005
763169005

723178003
763190005

767005005
764004005

73.l

2.7
-1.2
-3.0
6.9

2.5
2.2
5.1
-2.9

183.0
35.2
-19.6

54.8

-17.8
4.0

161.9
94.7
21.2
41.9
-.2
4.3
-.I
-.1

-2.l
1.1
-3.0
101.2

130.S
61.l
6.9
54.2

-16.4
4.9

83.6
78.3
1.7

2.8

2.8
-2.0

-.3
-2.5

-9.8

3.9
4.2
-23.8

106.0
-.8

3
4

-14.2
7.3

9
10

1.8
2.3

17
18

.4
32.4
-13.5
-27.l
-2.0
10.6

11
12
13
14
15
16

15.9

19
20
21
22

80.0

28

-10.2
1.0

-8.8

-3.4
-.5
.1

115.6
37.8
5.5
-2.0
34.3

23
24
25
26
27

32.l
37.9

-25.l
-25.6

-23.l
-19.3

29
30

1.5
4.8
4.7
.1

2.1
-28.8
-4.8
-24.0

.9
-15.8
4.2
-20.l

35
36
37
38

-.6

19.2

41

-3.8

96.5

-13.8
-1.9
-4.4
-7.S

.2
104.3

157.l

176.8

24.8

104.9
-.1

103.6
22.l
5.3
-.I
16.8

259.6

.2
49.3

Cl) U.S.-chartered co-ercial banks, foreign banking offic�s in U.S.,
do■estic affiliates (Bank Holding CQ11Panies>t and banks in U.S.
possessions. IBF•s are excluded fr011 dotlest1c banking and treated
the sa■e as branches in foreign countries.
C2) Floats and discrepancies in interbank deposits and loans.
(3) Total bank credit Cline 5) less security credit Cline 16)
less ■utual fund shares Cline 17) less corporate equities Cline 18)
plus custo■er liabilities on acceptances Cline 19).


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Federal Reserve Bank of St. Louis

279.8
-.4

-18.4

121.9

27.2
1.2
1.6
24.4

-.2
10.l

125.4

6.2
-1.5
26.2
-18.5

31
32
33
34

If
48.9

39
40

84.0

42

Table F.111

F.111. Commercial Banking

Code

1991 value
(billions
of dollars)

766000105

43.2

Sum of lines l a, l b, le, and l d.

la. Gross saving of U.S.-chartered
commercial banks

726000105

30.4

Table F.112, line 1.

1b. Gross saving of foreign banking
offices in the U.S., equal to
capital consumption allowances

756300103

2.2

Table F.113, line 1.

le. Gross saving of bank holding
companies

736000105

10.5

Table F.114, line 1.

ld. Gross saving of banks in U.S.affiliated areas, equal to capital
consumption allowances

746300103

.1

Table F.115, line 1.

2. Fixed nonresidential investment
by the commercial banking sector

765013005

33.7

Sum of lines 2a, 2b, 2c, and 2d.

2a. Fixed nonresidential investment
by U.S.-chartered commercial
banks

725013005

32.0

Table F.112, line 2.

2b. Fixed nonresidential investment
by foreign banking offices in the
U.S.

755013003

1.3

Table F.113, line 2.

2c. Fixed nonresidential investment
by bank holding companies

735013003

.1

Table F.114, line 2.

2d. Fixed nonresidential investment
by banks in U.S.-affiliated areas

745013003

.2

Table F.115, line 2.

3. Net acquisition of financial �ts
by the commercial banking sector

764090005

106.0

4• Change in checkable deposits and
currency held by banks in U.S.affiliated areas

743020003

-.8

S. Change in bank credit held by the
commercial banking sector

764005005

108.9

Sum of lines 6, 9, 10, 11, 17, and 18.

6• Change in U.S. government
8ecurities held by the commercial
hanking sector

763061005

111.3

Sum of lines 7 and 8.

Component
1. G� saving of the commercial
banking sector


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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 4, 5, 19, 20, 21, and 22.

Table F.115, line 4.

241

242

Guide to the Flow of Funds Accounts

F.111. Commercial Banking-Continued
Component

Code

1991 value
(billions
of dollars)

7. Change in U.S. Treasury securities
held by the commercial banking
sector

763061105

60.5

Sum of lines 7a, 7b, 7c, and 7d.

7a. Change in U.S. Treasury
securities held by U.S.-chartered
commercial banks

723061100

50.3

Table F.112, line 6.

7b. Change in U.S. Treasury
securities held by foreign
banking offices in the U.S.

753061103

9.4

Table F.113, line 5a.

7c. Change in U.S. Treasury
securities held by bank holding
companies

733061100

.3

Table F.114, line 6.

7d. Change in U.S. government
securities held by banks in U.S.affiliated areas

743061003

.4

Table F.115, line 6.

763061705

50.8

Sum of lines 8a, 8b, and 8c.

8a. Change in U.S. government
agency securities, including
mortgage-backed securities,
held by U.S.-chartered
commercial banks

723061705

46.3

Table F.112, line 7.

8b. Change in U.S. government
agency securities held by
foreign banking offices in the
U.S.

753061703

4.0

Table F.113, line 5b.

8c. Change in U.S. government
agency securities held by bank
holding companies

733061700

.5

Table F.114, line 7.

9. Change in tax-exempt securities
held by the commercial banking
sector

763062005

-14.2

Sum of lines 9a, 9b, and 9c.

9a. Change in tax-exempt securities
held by U.S.-chartered
commercial banks

723062003

-14.1

Table F.112, line 8.

9b. Change in tax-exempt securities
held by foreign banking offices
in the U.S.

753062003

.0

Table F.113, line 6.

8. Change in U.S. government
agency securities held by the
commercial banking sector


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Table Elll

F.111.-Continued
Component
9c. Change in tax-exempt securities
held by banks in U.S.-affi.liated
areas

Code

1991 value
(billions
of dollars)

Explanation

743062003

-.1

Table F.115, line 7.

10. Change in corporate and foreign
bonds held by the commercial
banking sector

763063005

7.3

Sum of lines 10a, 10b, 10c, and 10d.

10a. Change in corporate and
foreign bonds held by
U.S.-chartered commercial
banks

723063003

4.0

Table F.112, line 9.

10b. Change in corporate and
foreign bonds held by foreign
banking offices in the U.S.

753063003

3.7

Table F.113, line 7.

10c. Change in corporate and
foreign bonds held by bank
holding companies

733063000

-.5

Table F.114, line 8.

1Od. Change in corporate and
foreign bonds held by banks in
U.S.-affi.liated areas

743063005

.1

Table F.115, line 8.

11. Change in total loans held by the
commercial banking sector

764035605

.4

Sum of lines 12, 13, 14, 15, and 16.

12. Change in mortgages held by the
commercial banking sector

763065005

32.4

Sum of lines 12a, 12b, and 12c.

12a. Change in total mortgages
held by U.S.-chartered
commercial banks

723065005

23.0

Table F.112, line 11.

12b. Change in commercial
mortgages held by foreign
banking offices in the U.S.

753065503

8.8

Table F.113, line 9.

12c. Change in total mortgages
held by banks in U.S.-affiliated
areas

743065003

.6

723066005

-13.5

13· Change in consumer credit held
by U.S.-chartered commercial
hanks


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Table F.115, sum of lines 9 and 10.

Table F.112, line 12.

243

244

Guide to the Flow of Funds Accounts

F.111. Commercial Banking-Continued

Component

Code

1991 value
(billions
of dollars)

14. Change in loans, not elsewhere
classified, held by the commercial
banking sector

763068005

-27.1

Sum of lines 14a, 14b, 14c, and 14d.

14a. Change in loans, not elsewhere
classified, held by U.S.chartered commercial banks

723068005

-51.6

Table F.112, line 13.

14b. Change in loans, not elsewhere
classified, held by foreign
banking offices in the U.S.

753068005

29.3

Table F.113, line 10.

14c. Change in commercial and
industrial loans held by bank
holding companies

733068103

-1.9

Table F.114, line 9.

14d. Change in loans, not elsewhere
classified, held by banks in
U.S.-affiliated areas

743068105

-3.0

Table F.115, line 11.

15. Change in open market paper
held by the commercial banking
sector

763069175

-2.0

Sum of lines 15a and 15b.

15a. Change in open market paper
held by U.S.-chartered
commercial banks

723069175

-1.0

Table F.112, line 14.

15b. Change in open market paper
held by foreign banking offices
in the U.S.

753069600

-1.0

Table F.113, line 11.

16. Change in security credit held by
the commercial banking sector

763067005

10.6

Sum of lines 16a and 16b.

16a. Change in security credit held
by U.S.-chartered commercial
banks

723067003

2.2

Table F.112, line 15.

16b. Change in security credit held
by foreign banking offices in
the U.S.

753067100

8.4

Table F.113, line 12.

723064203

1.8

Table F.112, line 16.

17. Net purchases of mutual fund
shares by U.S.-chartered
commercial banks


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Table Rlll

F.111.-Continued
Component

18. Net purchases of corporate
equities by the commercial
banking sector

Code

1991 value
(billions
of dollars)

Explanation

763064105

2.3

Sum of lines 18a and 18b.

18a. Net purchases of corporate
equities by U.S.-chartered
commercial banks

723064105

2.2

Table F.112, line 17.

18b. Net purchases of corporate
equities by foreign banking
offices in the U.S.

753064003

*

Table F.113, line 13.

19. Change in customers' acceptance
liabilities to banks

293169605

-10.2

19a. Change in customers'
acceptance liabilities to
U.S.-chartered commercial
banks

293169720

-4.6

Table F.112, line 18.

19b. Change in customers'
acceptance liabilities to
foreign banking offices in the
U.S.

293169750

-5.6

Table F.113, line 14.

20. Change in vault cash held by
U.S.-chartered commercial banks
(liability of the monetary
authority)

723025000

1.0

Table F.112, line 19a.

21. Change in reserve deposits held
by the commercial banking sector
at Federal Reserve Banks

763013005

-8.8

Sum of lines 21a and 21b.

21a. Change in reserve deposits
held by U.S.-chartered
commercial banks at Federal
Reserve Banks

723013005

-8.5

Table F.112, line 19b less line 19d, and less
line 21b below.

21b. Change in reserve deposits
held by foreign banking offices
in the U.S. at Federal Reserve
Banks

753013003

-.3


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Sum of lines 19a and 19b.

Table F.113, line 15.

245

246

Guide to the Flow of Funds Accounts

F.111. Commercial Banking-Continued
Component

Code

1991 value
(billions
of dollars)

22. Change in total miscellaneous
assets of the commercial banking
sector

763090005

15.9

Sum of lines 22a, 22b, 22c, and 22d.

22a. Change in total miscellaneous
assets of U.S.-chartered
commercial banks

723090005

-4.4

Table F.112, line 20.

22b. Change in unidentified
miscellaneous assets of foreign
banking offices in the U.S.

753093005

15.6

Table F.113, line 16.

22c. Change in total miscellaneous
assets of bank holding
companies

733090005

5.3

Table F.114, line 10.

22d. Change in unidentified
miscellaneous assets of banks
in U.S.-affiliated areas

743093005

-.6

Table F.115, line 12.

23. Net increase in liabilities of the
commercial banking sector

764190005

115.6

24. Change in checkable deposit
liabilities of the commercial
banking sector

763120005

37.8

25. Change in checkable deposits held
by the U.S. government at
U.S.-chartered commercial banks

723123105

5.5

26. Change in checkable deposits held
by foreigners in the commercial
banking sector

763122605

-2.0

Sum of lines 26a and 26b.

723122605

-2.2

Table F.112, line 24.

26a. Change in checkable deposits
held by foreigners at
U.S.-chartered commercial
banks


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Sum of lines 24, 28, 29, 30, 31, 35, 36, 39, and 40.

Sum of lines 25, 26, and 27.

Table F.112, line 23.

Table Rlll

247

F.111.-Continued

Component

Code

1991 value
(billions
of dollars)

Explanation
Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule E, Deposit liabilities and credit balances
of Individuals, partnerships, and corporations,
Non-U.S. addressees (series RCON1642), Banks
in foreign countries (sum of RCON1646 and
RCON1647), and Foreign governments and
official institutions (RCON1649); for Edge Act
and agreement corporations, sum of schedule C,
Deposit liabilities owed to individuals,
partnerships, and corporations, Non-U.S.
addressees (RCON2244), Foreign governments
and official institutions (RCON2216), and Banks
in foreign countries (RCON2213); and for New
York State investment companies, schedule F,
line la, Deposit and credit liabilities of individuals,
partnerships, and corporations, Non-U.S.
addressees (RCON2283), line 3, Foreign
governments and official institutions (RCON2288),
and line 5, Banks in foreign countries
(RCON2293). Unadjusted flow is the change
in the level.

753122603

.2

763129705

34.3

Sum of lines 27a and 27b.

27a. Change in checkable deposits
held by private domestic
sectors at U.S.-chartered
commercial banks

723129205

34.3

Table F.112, line 25.

27b. Change in checkable deposits
held by domestic sectors at
foreign banking offices in the
U.S.

753129205

*

28- Change in small time and savings
deposit liabilities of U.S.-chartered
commercial banks

723131005

80.0

29- Change in large time deposit
liabilities of the commercial
hanking sector

763135005

-23.1

Sum of lines 29a and 29b.

723135005

-73.1

Table F.112, line 27.

26b. Change in checkable deposits
held by foreigners at foreign
banking offices in the U.S.

27 • Change in checkable deposits held
by private domestic sectors in the
commercial banking sector

29a. Change in large time deposit
liabilities of U.S.-chartered
commercial banks, net of those
owed to the commercial
banking sector


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Table F.113, line 18, less line 26b above.

Table F.112, line 26.

248

Guide to the Flow of Funds Accounts

F.111. Commercial Banking-Continued
Code

1991 value
(billions
of dollars)

29b. Change in large time deposit
liabilities of foreign banking
offices in the U.S., net of those
owed to the commercial
banking sector

753130005

50.0

30. Changes in outstanding federal
funds bought by the commercial
banking sector and in outstanding
loans to the sector under security
repurchase agreements, net of
changes in funds sold by the
sector and in loans held by the
sector under such agreements

762150005

-19.3

Sum of lines 30a, 30b, and 30c.

30a. Changes in outstanding federal
funds bought by U.S.-chartered
commercial banks and in
outstanding loans to them
under security repurchase
agreements, net of changes
in funds sold by them to the
commercial banking sector
and in loans held by them
under such agreements with
the commercial banking sector

722150005

-27.1

Table F.112, line 28.

30b. Changes in outstanding federal
funds bought by foreign
banking offices in the U.S.
from nonbank sources and in
outstanding loans to them
from nonbank sources under
security repurchase
agreements

752150000

8.8

Table F.113, line 20.

30c. Changes in outstanding loans
to bank holding companies
under security repurchase
agreements, net of changes in
loans held by them under such
agreements

732150005

-.9

Table F.114, line 15.

31. Change in interbank liabilities of
the commercial banking sector

764110005

6.2

Sum of lines 32, 33, and 34.

32. Change in interbank liabilities of
the commercial banking sector to
the monetary authority

714010005

-1.5

Component


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Table F.113, line 19.

Table F.112, sum of lines 30 and 31.

Table E111

249

F.111.-Continued

Component

Code

1991 value
(billions
of dollars)

33. Change in net interbank liabilities
of the commercial banking sector
to domestic banks

904010005

26.2

34. Change in net interbank liabilities
of the U.S. commercial banking
sector to banks in foreign
countries

764116005

-18.5

34a. Change in net interbank
liabilities of U.S.-chartered
commercial banks to foreign
banks

724116005

-9.5

Table F.112, line 33.

34b. Change in net interbank
liabilities of foreign banking
offices in the U.S. to foreign
banks

754116005

-5.8

Table F.113, line 22.

34c. Change in net interbank
liabilities of U.S. bank holding
companies to foreign affiliates

734116205

-3.2

Table F.114, line 18.

3S. Net issuance of corporate equities
by U.S.-chartered commercial
banks

723164003

.9

Table F.112, line 35.

36. Change in credit market debt of
the commercial banking sector

764104005

-15.8

37. Change in corporate bond
liabilities of the commercial
hanking sector

763163005

4.2

37a. Change in corporate bond
liabilities of U.S.-chartered
commercial banks

723163003

.9

Table F.112, line 36.

37b. Change in corporate bond
liabilities of bank holding
companies

733163003

3.3

Table F.114, line 19.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Table F.112, sum of lines 19a, 19b, 25c, 25d, 26c,
and 32a, less lines 19d and 20b; plus table F.113,
sum of lines 18b and 19b, less lines 15, 16b, and
16e. This series also appears on table F.203,
line 21.

Sum of lines 34a, 34b, and 34c.

Sum of lines 37 and 38.

Sum of lines 37a and 37b.

250

Guide to the Flow of Funds Accounts

F.111. Commercial Banking-Continued
Code

1991 value
(billions
of dollars)

38. Change in open market paper
liabilities of the commercial
banking sector

763169005

-20.1

38a. Change in acceptance
liabilities of U.S.-chartered
commercial banks

723169600

-4.7

Table F.112, line 34.

38b. Change in acceptance
liabilities of foreign banking
offices in the U.S.

753169600

-9.6

Table F.113, line 24.

38c. Change in commercial paper
liabilities of bank holding
companies

733169175

-5.8

Table F.114, line 20.

39. Change in taxes payable by
U.S.-chartered commercial banks

723178003

*

Table F.112, line 37.

40. Change in total miscellaneous
liabilities of the commercial
banking sector

763190005

48.9

Sum of lines 40a, 40b, 40c, and 40d.

40a. Change in total miscellaneous
liabilities of U.S.-chartered
commercial banks

723190005

30.2

Table F.112, line 38.

40b. Change in total miscellaneous
liabilities of foreign banking
offices in the U.S.

753190005

21.7

Table F.113, line 25.

40c. Change in unidentified
miscellaneous liabilities of
bank holding companies

733193005

.1

Table F.114, line 21.

40d. Change in total miscellaneous
liabilities of banks in U.S.affiliated areas, equal to their
net increase in liabilities

744190005

-3.1

Table F.115, line 13.

767005005

19.2

Sum of lines 41a, 41b, 4 l c, and 41d; also the
sum of lines 1 and 23, less lines 2 and 3. The
discrepancy is a use of funds in the flow of funds
accounts.

727005005

17.6

Table F.112, line 41.

Component

41. Discrepancy for the commercial
banking sector, equal to gross
saving less gross investment

41a. Discrepancy for U.S.-chartered
commercial banks, equal to
gross saving less gross
investment


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Sum of lines 38a, 38b, and 38c.

Table F.111

F.111.-Continued

Component

Code

1991 value
(billions
of dollars)

41b. Discrepancy for foreign
banking offices in the U.S.,
equal to gross saving less
gross investment

757005005

1.4

Table F.113, line 26.

41c. Discrepancy for bank holding
companies, equal to gross
saving less gross investment

737005005

.1

Table F.114, line 24.

41d. Discrepancy for banks in
U.S.-affiliated areas, equal to
gross saving less gross
investment

747005005

*

764004005

84.0

Sum of lines 42a, 42b, 42c, and 42d.

42a. Change in outstanding credit
market funds advanced by
U.S.-chartered commercial
banks

724004005

38.9

Table F.112, line 42.

42b. Change in outstanding credit
market funds advanced by
foreign banking offices in the
U.S.

754004005

48.5

Table F.113, line 27.

42c. Change in outstanding credit
market funds advanced by
bank holding companies

734004005

-1.5

Table F.114, line 4.

42d. Change in outstanding credit
market funds advanced by
banks in U.S.-affiliated areas

744002005

-1.9

Table F.115, line 5.

42. Memo: Credit market funds
advanced by the commercial
banking sector


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Table F.115, line 16.

251

Guide to the Flow of Funds Accounts

252

Table F.112 U.S.-Chartered Commercial Banks
U.S.-chartered commercial banks are located
within the fifty states and the District of
Columbia and are required to file a Report of
Condition with a federal regulator. The sec­
tor's assets and liabilities are reported on a
consolidated basis; that is, all intra-sector
deposit and loan balances are netted out. For­
eign branches and foreign subsidiaries of
banks in this sector are not included in the

Billions of dollars

consolidation; their assets and liabilities are
included in the foreign sector statement. In
recent years, about 90 percent of commercial
bank deposits and bank credit have been in the
U.S.-chartered commercial bank sector. Data
are taken directly from the Reports of Condi­
tion, which are published each quarter by the
Federal Financial Institutions Examination
Council (FFIEC).

f.112 U.S.-Chartered Coaaercial Banks

---------------------------------------------------------------------------------------------------------------198a
FOF Code
1989
1991
-----------------------------------------------------------------------------1990
1 Gross saving
2 fixed nonres. investaent

3 Net acq. of financial assets
4
Total bank credit
5
U.S. govt. securities
Treasury issues
6
Agency issues
7

8
9

10
11
12
13
14
15

16
17
18
19
Z0

Tax-exeapt securities
Corporate bonds

Total loans
Mortgages
ConsU11er credit
Bank loans n.e.c.
Open ■arket paper
Security credit

Mutual fund shares
Corporate equities

Cust. liab. on acceptances
Vault cash I res. at F.R.
Miscellaneous assets

726000105
725013005

724090005
724005005
723061005
723061100
723061705

723062003
723063003

724035605
723065005
723066005
723068005
723069175
723067003

723064203
723864105

293169720
723020005
723090085

17.7
32.1

127.9
129.8
19.8
-9.4
29.3
-22.7
13.0

119.6
68.4
33.1
19.Z
-.7
-.4
.o
.o

-3.1
1.0

.z

27.8
36.2

160.S
154.8
34.0
-20.3
54.2
-17.8
2.0

136.9
- 85.8
21.2
26.2
-.6
4.2
-.1
-.1

-5.2
-1.8
12.7

21 Net increase in liabilities
ZZ
Checkclt1le deposits
U.S. govern■ent
23
Foreign
24
Private do■estic
25

724190005
723120005
723123105
723122605
723129205

166.6
15.8
7.3
-.6
9.1

149.S
-3.5
-3.4
-.3
.2

27
28

723135005
722150005

35.Z
16.3

24.0
35.6

26

29
30
31
32
33

34
35
36
37
38
39
40

S■all ti■e I svgs.deposits

large ti■e deposits
Fed. f\.Slds I sec. RPs, net
Net interbank liabilities
Federal Reserve float
Borrowing at F.R. banks
To do■estic banking
To foreign banks

Acceptance liabilities
Corporate equities
Corporate bonds
Taxes payable
Miscellaneous liabilities
Inv. by do■• affiliates
Other

41 Discrepancy

42 HetlO:


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Credit ■kt. funds adv.

723131005

724110005
713022003
713068003
724112005
724116005

723169600
723164003
723163003
723178003
723190005
723194003
723193005

727005005
724004005

73.1

1.3
.5
-1.6
.l
Z.4

-3.3
Z.5
-.3

96.5

-Zl.7
-.2
-1.7
-14.0
-5.8

25.7
Zl.3
4.4

-5.3
1.5
2.8
.z
19.4
8.6
10.8

127.1

145.7

.z

24.3

-19.3

24.1
34.6

99.1
91.2
54.5
1.7
52.8

-16.4
3.9
51.9
62.1
1.7
-7.2
.8
-S.4

-.3
-2.S

-4.1
8.1
4.1

107.9
21.7
5.3
-.4
16.8

121.9

-20.s
-33.7
9.4
l.S
-.3
-9.9
18.1

30.4
32.0

z

-14.1
4.0

8
9

33.3
49.8
96.6
50.3
46.3

-40.8
23.0
-13.S
-51.6
-1.0

1

3
4
5
6
7

z.z

10
11
12
13
14
·15

-4.6
-7.S
-4.4

18
19
20

1.8

z.z

sz.s
37.6
S.5

16
17

34.3

21
22
23
24
ZS

-73.1
-27.1

27
28

-z.z

80.0

7.8
-1.5

•

18.8
-9.5

-4.7
.9
.9

26

29
30
31
32
33

-4.4
2.1
4.2
-.2
7.4
S.4
2.1

30.Z
19.4
10.9

34
35
36
37
38
39
40

95.Z

38.9

42

-1.7

•

17.6

41

Table F.112

253

F.112. U.S.-Chartered Commercial Banks
Code

1991 value
(billions
of dollars)

726000105

30.4

Line l a net of lines lb through lf; plus line lg net
of lines lh through ls; plus 50 percent of line lt.

1a. Capital consumption allowances
for depository institutions in the
U.S. and U.S.-affiliated areas

706300103

24.2

Capital consumption allowances on nonresidential
equipment and structures owned by all depository
institutions, valued at current cost, from BEA
Wealth Data Tape (section 2, series 543,
category 4). Data are annual; series is converted to
quarterly by ratio method, using NIPA total capital
consumption allowances (FOF series 896300003,
table F.1, line 61) as the denominator.

1b. Capital consumption allowances
for foreign banking offices in
the U.S.

756300103

2.2

Capital consumption allowances on nonresidential
equipment and structures owned by depository
institutions, valued at current cost, from BEA
Wealth Data Tape (section 2, series 543,
category 4), multiplied by the ratio of two levels:
(1) total financial assets of foreign banking offices
in the U.S. and (2) total financial assets of all
depository institutions in the U.S. and U.S.­
affiliated areas. Data are annual; series is converted
to quarterly by ratio method, using NIPA total
capital consumption allowances (FOF series
896300003, table F.1, line 61) as the denominator.

le. Capital consumption allowances

746300103

.1

Capital consumption allowances on nonresidential
equipment and structures owned by depository
institutions, valued at current cost, from BEA
Wealth Data Tape (section 2, series 543,
category 4), multiplied by the ratio of two levels:
(1) total financial assets of banks in U.S.-affiliated
areas and (2) total financial assets of all depository
institutions in the U.S. and U.S.-affiliated areas.
Data are annual; series is converted to quarterly by
ratio method, using NIPA total capital consump­
tion allowances (FOF series 896300003, table F.1,
line 61) as the denominator.

ld. Capital consumption allowances
for savings and loan
associations

456300103

.5

Capital consumption allowances on nonresidential
equipment and structures owned by depository
institutions, valued at current cost, from BEA
Wealth Data Tape (section 2, series 543,
category 4), multiplied by share of savings and
loan associations in depository institution total
(percentage share for savings and loan associations
is FOF Section estimate based on unpublished data
from Bureau of the Census). Data are annual;
series is converted to quarterly by ratio method,
using NIPA total capital consumption allowances
(FOF series 896300003, table F.1, line 61) as the
denominator.

Component
1. Gross saving of U.S.-chartered
commercial banks

for banks in U.S.-affiliated areas


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Federal Reserve Bank of St. Louis

Explanation

254

Guide to the Flow of Funds Accounts

F.112.

U.S.-Chartered Commercial Banks-Continued

Component

Code

1991 value
(billions
of dollars)

Explanation

l e. Capital consumption allowances
for mutual savings banks

466300103

.1

Capital consumption allowances on nonresidential
equipment and structures owned by depository
institutions, valued at current cost, from BEA
Wealth Data Tape (section 2, series 543,
category 4), multiplied by share of mutual savings
banks in depository institution total (percentage
share for mutual savings banks is FOF Section
estimate based on unpublished Bureau of the
Census data). Data are annual; series is converted
to quarterly by ratio method, using NIPA total
capital consumption allowances (FOF series
896300003, table F.1, line 61) as the denominator.

If. Capital consumption allowances
for credit unions

476300103

.5

Capital consumption allowances on nonresidential
equipment and structures owned by depository
institutions, valued at current cost, from BEA
Wealth Data Tape (section 2, series 543,
category 4), multiplied by share of credit unions in
depository institution total (percentage share for
credit unions is FOF Section estimate based on
unpublished Bureau of the Census data). Data are
annual; series is converted to quarterly by ratio
method, using NIPA total capital consumption
allowances (FOF series 896300003, table F.1,
line 61) as the denominator.

l g. Undistributed profits of
financial corporations, at book
value

796006001

7.1

SCB, NIPA table 1.16, line 14, Undistributed
profits of all corporate business, less line 32,
Undistributed profits of nonfinancial corporate
business.

l h. Undistributed profits of
federally sponsored credit
agencies

406006003

2.1

Special tabulation of undistributed profits of
federally sponsored credit agencies, provided by
BEA. Quarterly data available once a year.

Ii. Undistributed profits of Federal
Reserve Banks

716006003

-1.9

Special tabulation of undistributed profit of
FR Banks, provided by BEA. Quarterly data
available once a year.

lj. Undistributed profits of bank
holding companies

736006000

10.3

FR Y-9LP report, chedule PI, Income or loss
before undistributed income of ubsidiaries and
associated companies (series BHCP0496). Report
gives year-to-date earnings, so figures for previous
quarters in same year are subtracted from total
shown on form to obtain value for current quarter.

l k. Undistributed profits of savings
and loan associations

456006003

-4.1

Special tabulation of undistributed profits of
savings and loan associations, provided by BEA.
Quarterly data available once a year.

11. Undistributed profits of mutual
savings banks

466006003

.2


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Federal Reserve Bank of St. Louis

Special tabulation of undistributed profits of
mutual savings banks, provided by BEA. Quarterly
data available once a year.

Table F.112

255

F.112.-Continued

Component

Code

1991 value
(billions
of dollars)

Explanation

lm. Undistributed profits of credit
unions

476006003

.5

Special tabulation of undistributed profits of credit
unions, provided by BEA. Quarterly data available
once a year.

In. Undistributed profits of life
insurance companies

546006003

-4.0

Special tabulation of undistributed profits of life
insurance companies, provided by BEA. Quarterly
data available once a year.

l o. Undistributed profits of other
insurance companies

516006003

.6

Ip. Undistributed profits of finance
companies

616006003

2.5

lq. Undistributed profits of mutual
funds

656006003

-12.0

Ir. Undistributed profits of real
estate investment trusts

646006003

-.8

l s. Undistributed profits of security
brokers and dealers

666006003

-1.4

1 t. Capital consumption adjustment

796310003

-11.0

725013005

32.0

Line 2a less lines 2b through 2f.

705013003

35.2

Investment in nonresidential equipment and
structures by all depository institutions, valued at
historical cost, from BEA Wealth Data Tape
(section 4, series 255). Data are annual; series is
converted to quarterly by ratio method, using
NIPA total investment in nonresidential plant and
equipment (FOF series 895013001, table F.1,
line 15) as the denominator.

for financial corporations

2. Fixed nonresidential investment
by U.S.-chartered commercial
banks

2a. Fixed nonresidential investment
by depository institutions in the
U.S. and U.S.-affiliated areas


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Federal Reserve Bank of St. Louis

Special tabulation of undistributed profits of
nonlife insurance companies excluding private
pension plans, provided by BEA. Quarterly data
available once a year.
Special tabulation of undistributed profits of credit
agencies not elsewhere classified, provided by
BEA. Quarterly data available once a year.
Special tabulation of undistributed profits of
mutual funds, provided by BEA. Quarterly data
available once a year.
Special tabulation of undistributed profits of
REITs, provided by BEA. Quarterly data available
once a year.
Special tabulation of undistributed profits of
security and commodity brokers, provided by
BEA. Quarterly data available once a year.
SCB, NIPA table 1.16, line 16, Capital
consumption adjustment for all corporate business,
less line 34, Capital consumption adjustment for
nonfinancial corporate business.

256

Guide to the Flow of Funds Accounts

F.112. U.S.-Cbartered Commercial Banks-Continued
Code

1991 value
(billions
of dollars)

2b. Fixed nonresidential investment
by foreign banking offices in the
U.S.

755013003

1.3

Investment in nonresidential equipment and
structures by depository institutions, valued at
historical cost, from BEA Wealth Data Tape
(section 4, series 255), multiplied by the ratio of
two levels: (1) total financial assets of foreign
banking offices in the U.S. and (2) total financial
assets of all depository institutions in the U.S. and
U.S.-affiliated areas. Data are annual; series is
converted to quarterly by ratio method, using
NIPA total investment in nonresidential plant and
equipment (FOP series 895013001, table F.1,
line 15) as the denominator.

2c. Fixed nonresidential investment
by banks in U.S.-affiliated areas

745013003

.2

Investment in nonresidential equipment and
structures by depository institutions, valued at
historical cost, from BEA Wealth Data Tape
(section 4, series 255), multiplied by the ratio of
two levels: (1) total financial assets of banks in
U.S.-affiliated areas and (2) total financial assets
of all depository institutions in the U.S. and U.S.­
affiliated areas. Data are annual; series is
converted to quarterly by ratio method, using
NIPA total investment in nonresidential plant and
equipment (FOP series 895013001, table F.1,
line 15) as the denominator.

2d. Fixed nonresidential investment
by savings and loan
associations

455013003

.7

Investment in nonresidential equipment and
structures by depository institutions, valued at
historical cost, from BEA Wealth Data Tape
(section 4, series 255), multiplied by share of
savings and loan associations in depository
institution total (percentage share for savings and
loan associations is FOP Section estimate based
on unpublished data from Bureau of the Census).
Data are annual; series is converted to quarterly
by ratio method, using NIPA total investment in
nonresidential plant and equipment (FOP series
895013001, table F.1, line 15) as the denominator.

2e. Fixed nonresidential investment
by mutual savings banks

465013003

.1

Investment in nonresidential equipment and
structures by depository institutions, valued at
historical cost, from BEA Wealth Data Tape
(section 4, series 255), multiplied by share of
mutual savings banks in depository institution
total (percentage share for mutual savings banks
is FOP Section estimate based on unpublished
data from Bureau of the Census). Data are annual;
series is converted to quarterly by ratio method,
using NIPA total investment in nonresidential
plant and equipment (FOF series 895013001,
table F.1, line 15) as the denominator.

Component


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Federal Reserve Bank of St. Louis

Explanation

Table Ell2

251

F.112.-Continued
Component

Code

1991 value
(billions
of dollars)

Explanation

475013003

.7

3. Net acquisition of financial �ts
by U.S.-chartered commercial
banks

724090005

33.3

Sum of lines 4. 18. 19. and 20.

4. Change in total bank credit held
by U.S.-chartered commercial
banks

724005005

49.8

Sum of lines 5. 8. 9. 10. 16. and 17.

S. Change in U.S. government
securities held by U.S.-chartered
commercial banks

723061005

96.6

Sum of lines 6 and 7.

6. Change in U.S. Treasury securities
held by U.S.-chartered
commercial banks

723061100

50.3

Level from quarterly Report of Condition for
U.S.-chartered commercial banks. sum of
schedule RC-B. U.S. Treasury securities not held
in trading accounts (series RCON0400). and
schedule RC-D. U.S. Treasury securities held in
trading accounts (RCONlOlO). Unadjusted flow
is the change in the level.

7• Change in U.S. government
agency securities, including
mortgage-backed securities, held
by U.S.-chartered commercial
banks

723061705

46.3

Sum of lines 7a and 7b.

7a. Change in U.S. government
agency securities held by
U.S.-chartered commercial
banks

723061703

37.3

Level from quarterly Report of Condition for
U.S.-chartered commercial banks. sum of schedule
RC-B. U.S. government agency and corporation
obligations. other than government-guaranteed
mortgage-backed securities. not held in trading
accounts (sum of series RCON3764. RCON3765.
and RCON3766). and schedule RC-D. U.S.
government agency and corporation obligations
held in trading accounts (RCON1020). Unadjusted
flow is the change in the level.

2f. Fixed nonresidential investment
by credit unions


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Federal Reserve Bank of St. Louis

Investment in nonresidential equipment and
structures by depository institutions. valued at
historical cost. from BEA Wealth Data Tape
(section 4. series 255). multiplied by share of
credit unions in depository institution total
(percentage share for credit unions is FOF Section
estimate based on unpublished data from Bureau
of the Census). Data are annual; series is
converted to quarterly by ratio method. using
NIPA total investment in nonresidential plant and
equipment (FOF series 895013001. table F.1.
line 15) as the denominator.

258

Guide to the Flow of Funds Accounts

F.112.

U.S.-Chartered Commercial Banks-Continued

Component

Code

1991 value
(billions
of dollars)

Explanation

723061753

9.0

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-B,
U.S. government-issued or -guaranteed certificates
of participation in pools of residential mortgages
not held in trading accounts (sum of series
RCON3760 and RCON3762). Unadjusted flow is
the change in the level.

8. Change in tax-exempt securities
held by U.S.-chartered
commercial banks

723062003

-14.1

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, sum of schedule
RC-B, Securities issued by states and political
subdivisions in the U.S., not held in trading
accounts (sum of series RCON3767, RCON3768,
and RCON3769); schedule RC-C, Taxable and
tax-exempt obligations of states and political
subdivisions in the U.S., not held in trading
accounts (sum of RCON2033 and RCON2079);
and schedule RC-D, Securities issued by states
and political subdivisions in the U.S., held in
trading accounts (RCON1025). Unadjusted flow
is the change in the level.

9. Change in corporate and foreign
bonds held by U.S.-chartered
commercial banks

723063003

4.0

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, sum of schedule
RC-B, Domestic debt securities, other than private
pool securities, not held in trading accounts (sum
of series RCON5361 and RCON5363); Foreign
debt securities, not held in trading accounts
(RCON3635); and schedule RC-D, Other bonds,
notes and debentures, Certificates of deposit, and
Other assets, held in trading accounts (sum of
RCON1045, RCON1026, and RCON1029). Level
is at book value. Unadjusted flow is the change in
the level.

10. Change in total loans held by
U.S.-chartered commercial banks

724035605

-40.8

Sum of lines 10a through 101, plus line 15.

10a. Change in reported total
consumer credit held by
U.S.-chartered commercial
banks

723066000

-11.8

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Loans to individuals for household, family, and
other personal expenditures (sum of series
RCON2008 and RCON201 l ). Unadjusted flow is
the change in the level.

7b. Change in mongage-backed
securities held by U.S.-chartered
commercial banks


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Federal Reserve Bank of St. Louis

Table F.112

259

F.112.-Continued
Code

1991 value
(billions
of dollars)

lOb. Change in loans to households
held by U.S.-chartered
commercial banks

723068200

-2.8

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, sum of schedule
RC-C, 50 percent of All other loans (series
RCON1564), and schedule RC, 5 percent of the
sum of Federal funds sold (RCON0276) and
Securities purchased under agreements to resell
(RCON0277). The 5 percent ratio is based on the
proportion of all federal funds sold by large
commercial banks that is bought by others (that is,
by entities other than commercial banks in the U.S.
and nonbank security brokers and dealers), as
reported in the FR Board H.4.2 statistical release,
Weekly Consolidated Condition Report of Large
Commercial Banks in the U.S. Unadjusted flow is
the change in the level.

1Oc. Change in loans to farm
business held by U.S.chartered commercial banks

133168000

1.7

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Loans to finance agricultural production and other
loans to farmers (series RCON1590). Unadjusted
flow is the change in the level.

1Od. Change in domestic
commercial and industrial
loans and commercial paper
held by U.S.-chartered
commercial banks

723068100

-49.8

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, sum of schedule
RC-C, Commercial and industrial loans to U.S.
addressees (series RCONl 763), and schedule
RC-D, Commercial paper held in trading accounts
(RCON1027). The commercial and industrial loans
component includes nonfinancial commercial
paper. Unadjusted flow is the change in the level.

lOe. Change in reported total
mortgages held by
U.S.-chartered commercial
banks

723065000

26.8

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Loans secured by real estate (sum of series
RCON1415, RCON1420, RCON1797,
RCON5367, RCON5368, RCON1460, and
RCON1480). Unadjusted flow is the change in the
level.

lOf. Change in loans to foreign
governments and official
institutions held by
U.S.-chartered commercial
banks

723068263

-.4

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Loans to foreign governments and official
institutions (series RCON2081). Unadjusted flow
is the change in the level.

l 0g. Change in loans to banks in
foreign countries held by
U.S.-chartered commercial
banks

723068273

-.9

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Loans to banks in foreign countries (sum of series
RCON1513 and RCON1516). Unadjusted flow is
the change in the level.

Component


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Federal Reserve Bank of St. Louis

Explanation

260

Guide to the Flow of Funds Accounts

F.112. U.S.-Chartered Commerdal Banks--Continued

Component

Code

1991 value
(billions
of dollars)

Explanation

1Oh. Change in commercial and
industrial loans to foreigners
and foreign lease financing
receivables held by
U.S.-chartered commercial
banks

723068283

.6

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
sum of Commercial and industrial loans to
non-U.S. addressees (series RCON1764) and
Lease financing receivables of non-U.S. addressees
(RCON2183). Unadjusted flow is the change
in the level.

lOi. Change in loans to financial
institutions, other than
depository institutions, held by
U.S.-chartered commercial
banks

683168720

-2.9

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
50 percent of All other loans (series RCON1564)
(mainly loans to finance companies). Unadjusted
flow is the change in the level.

lOj. Change in loans to savings and
loan associations held by
U.S.-chartered commercial
banks

453168003

-.8

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Loans to other depository institutions in the U.S.
(series RCON1517). Unadjusted flow is the
change in the level.

10k. Change in domestic lease
financing receivables held by
U.S.-chartered commercial
banks

723069300

-1.6

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Lease financing receivables of U.S. addressees
(series RCON2182). Unadjusted flow is the
change in the level.

101. Change in bankers acceptances
held by U.S.-chartered
commercial banks

723069603

-1.2

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, sum of schedule
RC-C, Acceptances of other banks, not held in
trading accounts (sum of series RCON1756 and
RCON l 757), and schedule RC-D, Bankers
acceptances, held in trading accounts
(RCON1028). Unadjusted flow is the change
in the level.

11. Change in total mortgages held by
U.S.-chartered commercial banks

723065005

23.0

Sum of lines 1 l a through 1 l e, less lines 1 l f
and l lg.

11a. Change in home mortgages
held by the commercial
banking sector

763065100

30.2

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are derived from quarterly
Reports of Condition. Unadjusted flow is the
change in the level.

1 l b. Change in private mortgage
pool securities held by
U.S.-chartered commercial
banks

723065773

.3

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-B,
All holdings of private certificates of participation
in pools of residential mortgages (series
RCON0408). Unadjusted flow is the change
in the level.


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Federal Reserve Bank of St. Louis

Table F.112

261

F,112.-Continued
1991 value
(billions
of dollars)

Component

Code

1 l c. Change in multifamily
mortgages held by the
commercial banking sector

763065403

.4

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are derived from quarterly
Reports of Condition. Unadjusted flow is the
change in the level.

11d. Change in commercial
mortgages held by the
commercial banking sector

763065503

.3

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are derived from quarterly
Reports of Condition. Unadjusted flow is the
change in the level.

l le. Change in farm mortgages
held by the commercial
banking sector

763065600

1.2

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are derived from quarterly
Reports of Condition. Unadjusted flow is the
change in the level.

l l f. Change in commercial
mortgages held by foreign
banking offices in the U.S.

753065503

8.8

Level from quarterly Report of Condition for
U.S. branches and agencies of foreign banks,
schedule C, Loans secured by real estate (series
RCON1410). Unadjusted flow is the change
in the level.

l l g. Change in total mortgages
held by banks in U.S.­
affiliated areas

743065003

.6

l2. Change in consumer credit held
by U.S.-cbartered commercial
hanks

723066005

-13.5

12a. Change in installment
consumer credit held by
US-chartered commercial
banks

723066100

-7.5


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Federal Reserve Bank of St. Louis

Explanation

Year-end level from Reports of Condition: for
banks located in U.S.-affiliated areas, schedule
RC-C, Loans secured by real estate (sum of series
RCON1415, RCON1420, RCON1797,
RCON5367, RCON5368, RCON1460, and
RCON1480); and for branches of U.S. banks
located in U.S.-affiliated areas, schedule RC-C,
Loans secured by real estate (RCFN1410). Data
are annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

Sum of lines 12a and 12b.

Level from FR Board, Mortgage and Consumer
Finance Section, monthly G.19 statistical release,
Consumer Installment Credit, table on Consumer
Installment Credit Outstanding, Not seasonally
adjusted, Major holders, Commercial banks.
Unadjusted flow is the change in the level.

262

Guide to the Flow of Funds Accounts

F.112. U.S.-Chartered Commercial Banks-Continued

Component

Code

1991 value
(billions
.of dollars)

12b. Change in noninstallment
consumer credit held by
U.S.-chartered commercial
banks

723066203

-6.0

13. Change in loans, not elsewhere
classified, held by U.S.-chartered
commercial banks

723068005

-51.6

14. Change in open market paper
held by U.S.-chartered
commercial banks

723069175

-1.0

723069703

.2

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, sum of schedule
RC-C, Memorandum item, Commercial paper
included in loan categories, not held in trading
accounts (series RCON1496), and schedule RC-D,
Commercial paper held in trading accounts
(RCON1027). Unadjusted flow is the change
in the level.

15. Change in security credit held by
U.S.-chartered commercial banks

723067003

2.2

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, sum of schedule
RC-C, Loans for purchasing or carrying securities
(series RCON1545), and schedule RC, 25 percent
of the sum of Federal funds sold (RCON0276)
and Securities purchased under agreements to
resell (RCON0277). The 25 percent ratio is based
on the proportion of all federal funds sold by large
commercial banks that is bought by nonbank
security brokers and dealers, as reported in the
FR Board H.4.2 statistical release, Weekly
Consolidated Condition Report of Large
.
Commercial Banks in the U.S. Unadjusted flow 1s
the change in the level.

16. Net purchases of mutual fund
shares by U.S.-chartered
commercial banks

723064203

1.8

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-B,
Investments in mutual funds (series RCON3637) .
Unadjusted flow is the change in the level.

14a. Change in commercial paper
held by U.S.-chartered
commercial banks


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Federal Reserve Bank of St. Louis

Explanation
Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Loans to individuals for household, family, and
other personal expenditures (sum of series
RCON2008 and RCON201l ), less installment
consumer credit held by U.S.-chartered
commercial banks as estimated from survey data
by FR Board, Mortgage and Consumer Finance
Section. Unadjusted flow is the change in the level.

Line 10 less lines 11, 12, 14, and 15.

Sum of lines 101 and 14a.

Table F.112

263

F.112.-Continued
Code

1991 value
(billions
of dollars)

723064105

2.2

Line 17a less line 17b.

17a. Net purchases of corporate
equities, including stock in
Federal Reserve Banks, by
U.S.-chartered commercial
banks

723064103

2.5

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-B,
Equity securities other than mutual fund shares
(sum of series RCON3639 and RCON3642).
Unadjusted flow is the change in the level.

17b. Change in liability of the
monetary authority to
U.S.-chartered commercial
banks for stock in Federal
Reserve Banks

713164003

.2

Level from FR Bulletin, table 1.18, line 30,
Capital paid in. Unadjusted flow is the change in
the level.

18. Change in customers' acceptance
liabilities to U.S.-chartered
commercial banks

293169720

-4.6

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC,
Customers' liability to this bank on acceptances
outstanding (series RCON2155). Unadjusted flow
is the change in the level.

19. Changes in vault cash and
reserves held by U.S.-chartered
commercial banks at Federal
Reserve Banks

723020005

-7.5

Sum of lines 19a and 19b, less lines 19c and 19d.

19a. Change in vault cash held by
U.S.-chartered commercial
banks (liability of the
monetary authority)

723025000

1.0

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-A,
Currency and coin (series RCON0080).
Unadjusted flow is the change in the level.

19b. Change in reserve deposits
held by depository institutions
at Federal Reserve Banks

713113000

-9.2

Level from FR Bulletin, table 1.18, Liabilities,
line 23, Depository institutions. Unadjusted flow
is the change in the level.

19c. Change in reserve deposits
held by foreign banking offices
in the U.S. at Federal Reserve
Banks

753013003

-.3

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule A, Balances due from FR Banks (series
RCFD0090); and for Edge Act and agreement
corporations, schedule A, Balances due from
FR Banks (RCFD0090). Unadjusted flow is the
change in the level.

19d. Change in reserve deposits
held by savings and loan
associations at Federal
Reserve Banks

453013003

-.5

Level from FR Board, internal Money File,
Savings and loan association reserves at FR Banks
(series 1383). Series based on depository
institution data collected periodically. Unadjusted
flow is the change in the level.

Component

17. Net purchases of corporate
equities by U.S.-chartered
commercial banks


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Explanation

264

Guide to the Flow of Funds Accounts

F.112.

U.S.-Chartered Commercial Banks-Continued

Code

1991 value
(billions
of dollars)

723090005

-4.4

Sum of lines 17b and 20a, l�ss lines 5, 8, 9, 10, 16,
17, 18, and 20b through 20f. Direct investment
abroad by U.S.-chartered commercial banks,
line 20g, is subtracted from the change in reported
total assets, line 20a, in the calculation of the
change in unidentified miscellaneous assets of
U.S.-chartered commercial banks (FOF
723093005, shown in table F.231, line 27). It is
added to the change in unidentified miscellaneous
assets to obtain the change in total miscellaneous
assets shown in this line.

20a. Change in reported total assets
of U.S.-chartered commercial
banks

724090720

36.1

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, sum of schedule
RC, Cash and balances due from depository
institutions (series RCONOOlO), Securities
(RCON0390), Federal funds sold and Securities
purchased under agreements to resell (sum of
RCON0276 and RCON0277), Premises and fixed
assets (RCON2145), Other real estate owned
(RCON2150), Investment in unconsolidated
subsidiaries and associated companies
(RCON2130), Intangible assets (RCON2143), and
Other assets (RCON2160); and schedule RC-H,
Net due from own foreign offices, Edge Act and
agreement corporations, and IBFs (RCON2163).
Unadjusted flow is the change in the level.

20b. Changes in cash and deposits
held by U.S.-chartered
commercial banks at
depository institutions

723020000

-16.4

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-A,
Cash and balances due from depository institu­
tions (series RCONOOlO). Unadjusted flow is the
change in the level.

20c. Changes in outstanding federal
funds sold by U.S.-chartered
commercial banks and in
outstanding loans to the
commercial banking sector
from U.S.-chartered
commercial banks, including
loans held under security
repurchase agreements

723068720

-.1

Component
20. Change in total miscellaneous
assets of U.S.-chartered
commercial banks


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, sum of schedule
RC-C, Loans to commercial banks in the U.S.
(series RCON1505), and schedule RC, 70 percent
of the sum of Federal funds sold (RCON0276)
and Securities purchased under agreements to
resell (RCON0277). The 70 percent ratio is based
on the proportion of all federal funds sold by large
commercial banks that is bought by commercial
banks in the U.S., as reported in the FR Board
H.4.2 statistical release, Weekly Consolidated
Condition Report of Large Commercial Banks in
the U.S. Unadjusted flow is the change in the level.

Table F.112

265

F.112.--Continued
Code

1991 value
(billions
of dollars)

20d. Change in net balances held by
U.S.-chartered commercial
banks at affiliated and
foreign-related offices

723092003

5.7

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-H,
Net due from own foreign offices, Edge Act and
agreement corporations, and IBFs (series
RCON2163). Unadjusted flow is the change
in the level.

20e. Change in fixed assets of
U.S.-chartered commercial
banks, at book value

725013103

6.4

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC,
sum of Premises and fixed assets (series
RCON2145) and Other real estate owned
(RCON2150). Unadjusted flow is the change
in the level.

20f. Change in outstanding funds
owed by foreign banking
offices in the U.S. to their
domestic affiliates

753191723

.0

20g. Memo: Direct investment
abroad by U.S.-chartered
commercial banks

723092103

-1.0

Since 1982, based on tabulations provided by
BEA; before 1982, estimated by FOF Section
from periodic BEA benchmark surveys of U.S.
direct investment abroad.

21. Net increase in liabilities of
U.S.-chartered commercial banks

724190005

52.5

Sum of lines 22, 26, 27, 28, 29, and 34 through 38.

22. Change in checkable deposit
liabilities of U.S.-chartered
commercial banks

723120005

37.6

Sum of lines 23, 24, and 25.

Component


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule M, sum of Gross owed to related
branches and agencies in the U.S. in the same state
as the reporting office (series RCON3007) and
Gross owed to related branches and agencies in the
U.S. in other states (RCON3009); for Edge Act
and agreement corporations, schedule D, sum of
Gross owed to affiliates domiciled in the U.S.,
including to offices of parent bank (RCFD3037),
to U.S. offices of this Edge Act corporation
(RCFD3039), and to U.S. offices of other affiliated
organizations (RCFD3041); and for New York
State investment companies, schedule M, line 1,
Gross owed to related banking institutions
domiciled in the U.S. (RCON3003). Unadjusted
flow is the change in the level.

266

Guide to the Flow of Funds Accounts

F.112. U.S.-Chartered Commercial Banks-Continued

Component

Code

1991 value
(billions
of dollars)

23. Change in checkable deposits held
by the U.S. government at
U.S.-chartered commercial banks

723123105

5.5

23a. Change in transaction deposits
held by the U.S. government at
U.S.-chartered commercial
banks

723123200

-2.2

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-E,
Transaction accounts of the U.S. government
(series RCON2202). Unadjusted flow is the
change in the level.

23b. Change in demand notes owed
to the U.S. government by
U.S.-chartered commercial
banks

723123300

7.7

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC,
Demand notes issued to the U.S. Treasury (series
RCON2840). Unadjusted flow is the change
in the level.

24. Change in checkable deposits held
by foreigners at U.S.-chartered
commercial banks

723122605

-2.2

Sum of lines 24a and 24b, less lines 24c, 24d,
and 24e.

24a. Change in U.S. checkable
deposits and currency held by
foreigners

263020000

-1.4

Level from SCB, USIT table 9, sum of line AlO,
U.S. banks' own liabilities, Demand deposit
liabilities to foreign official agencies; and
line B12, U.S. banks' own liabilities, Demand
deposit liabilities to other foreigners. Unadjusted
flow is the change in the level.

24b. Change in deposits held by the
International Monetary Fund
at Federal Reserve Banks

713111403

*

24c. Change in deposits held by
foreign official institutions at
Federal Reserve Banks

713122003

.6

Level from FR Bulletin, table 1.18, Liabilities,
line 25, Foreign--0fficial accounts. Unadjusted
flow is the change in the level.

24d. Change in deposits held by
international organizations at
Federal Reserve Banks

713122103

.0

Level provided by FR Bank of New York.
Unadjusted flow is the change in the level.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Sum of lines 23a and 23b.

Level provided by FR Bank of New York.
Unadjusted flow is the change in the level.

Table R112

267

F.112.-Continued
Component
24e. Change in checkable deposits
held by foreigners at foreign
banking offices in the U.S.

Code

1991 value
(billions
of dollars)

Explanation

753122603

.2

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule E, Deposit liabilities and credit balances
of Individuals, partnerships, and corporations,
Non-U.S. addressees (series RCON1642), Banks
in foreign countries (sum of RCON1646 and
RCON1647), and Foreign governments and
official institutions (RCON1649); for Edge Act
and agreement corporations, sum of schedule C,
Deposit liabilities owed to individuals,
partnerships, and corporations, Non-U.S.
addressees (RCON2244), Foreign governments
and official institutions (RCON2216), and Banks
in foreign countries (RCON2213); and for New
York State investment companies, schedule F,
line l a, Deposit and credit liabilities of
individuals, partnerships, and corporations,
Non-U.S. addressees (RCON2283), line 3,
Foreign governments and official institutions
(RCON2288), and line 5, Banks in foreign
countries (RCON2293). Unadjusted flow is the
change in the level.

25. Change in checkable deposits held
by private domestic sectors at
U.S.-chartered commercial banks

723129205

34.3

Sum of lines 25a and 25b, less lines 23a, 24, 25c,
25d, and 30.

25a. Change in total transaction
deposit liabilities of
U.S.-chartered commercial
banks

723126000

22.9

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-E,
Total transaction accounts (series RCON2215).
Unadjusted flow is the change in the level.

25b. Special cash items bias
correction for deposit
liabilities of U.S.-chartered
commercial banks

723129993

.0

25c. Change in cash items in
process of collection held by
U.S.-chartered commercial
banks

723022000

-6.9

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-A,
Cash items in process of collection and unposted
debits (series RCON0020). Unadjusted flow is the
change in the level.

25d. Change in transaction deposit
liabilities of U.S.-chartered
commercial banks to the
commercial banking sector

723120720

1.3

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-E,
Total transaction accounts of commercial banks in
the U.S. (series RCON2206). Unadjusted flow is
the change in the level.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Adjustment required because the data on the
money supply for 1959:Q4 through 1973:Ql
overstated cash items in process of collection.
Deposits generating these cash items had not been
included in the gross deposit data entering into the
calculation of the money supply. For discussion of
the adjustment, see "Money Stock Measures and
Related Data," in Banking and Monetary Statistics,
1941-1970, p. 6.

Guide to the Flow of Funds Accounts

268

F.112.

U.S.-Chartered Commercial Banks-Continued

Component

Code

1991 value
(billions
of dollars)

26. Change in small time and savinp
deposit liabilities of U.S.-chartered
commercial banks

723131005

80.0

26a. Change in total nontransaction
deposit liabilities of
U.S.-chartered commercial
banks

723139000

6.7

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-E,
Total nontransaction accounts (series RCON2385).
Unadjusted flow is the change in the level.

26b. Change in retail repurchase
agreement liabilities of
U.S.-chartered commercial
banks

723139703

*

Level from FR Board, internal Money File,
Commercial bank retail repurchase agreements
(series 279). Series based on depository institution
data collected periodically. Unadjusted flow is the
change in the level.

26c. Change in nontransaction
deposit liabilities of
U.S.-chartered commercial
banks to the commercial
banking sector

723130723

-.1

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, Total
nontransaction accounts of commercial banks
in the U.S. (sum of series RCON2347 and
RCON2348). Unadjusted flow is the change
in the level.

27. Change in large time deposit
liabilities of U.S.-chartered
commercial banks, net of those
owed to the commercial banking
sector

723135005

-73.1

Line 27a less line 26c.

27a. Change in large time deposit
liabilities of U.S.-chartered
commercial banks·

723135000

-73.2

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-E,
Memoranda, sum of Time certificates of deposit
of $100,000 or more (series RCON6645) and
Open-account time deposits of $100,000 or more
(RCON6646). Unadjusted flow is the change
in the level.

28. Changes in outstanding federal
funds bought by U.S.-chartered
commercial banks and in
outstanding loans to them under
security repurchase agreements,
net of changes in funds sold by
them to the commercial banking
sector and in loans held by them
under such agreements with the
commercial banking sector

722150005

-27.1

Sum of lines 28a and 28b, less lines 20c, 26b, 28c,
28d, and 31.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Sum of lines 26a and 26b, less lines 26c and 27.

Table F.112

269

F,112.-Continued
Code

1991 value
(billions
of dollars)

28a. Changes in outstanding federal
funds bought by U.S.-chartered
commercial banks, in
outstanding loans to them
under security repurchase
agreements, and in other
liabilities for money borrowed
by them

723168720

-14.5

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC,
sum of Federal funds purchased (series
RCON0278), Securities sold under agreements to
repurchase (RCON0279), and Other borrowed
money (RCON2850). Unadjusted flow is the
change in the level.

28b. Changes in outstanding federal
funds bought by foreign
banking offices in the U.S., in
outstanding loans to them
under security repurchase
agreements, and in other
liabilities for money borrowed
by them

753168003

-18.5

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule RAL, sum of Federal funds purchased
and securities sold under agreements to
repurchase, With U.S. branches and agencies of
o.ther foreign banks (series RCON2317), With
other commercial banks in the U.S. (RCON2318),
and With others (RCON2820), plus schedule P,
sum of Amounts owed to U.S. offices of
nonrelated U.S. banks (RCON3312), to U.S.
branches and agencies of nonrelated foreign banks
(RCON3313), to foreign branches of nonrelated
U.S. banks (RCON3314), and to foreign offices of
nonrelated foreign banks (RCON3315); for Edge
Act and agreement corporations, sum of Federal
funds purchased and securities sold under
agreements to repurchase (RCON2800) and Other
borrowed money (RCON2850); and for New York
State investment companies, sum of line 12,
Federal funds purchased and securities sold under
agreements to repurchase (RCON2800), and
schedule L, line 1, Other liabilities for borrowed
money owed to banks in the U.S. (RCON2868).
Unadjusted flow is the change in the level.

28c. Changes in outstanding federal
funds bought by foreign
banking offices in the U.S.
from nonbank sources and in
outstanding loans to them
from nonbank sources under
security repurchase
agreements

752150000

8.8

Level from quarterly Report of Condition for U.S.
branches and agencies of foreign banks, schedule
RAL, Federal funds purchased and securities sold
under agreements to repurchase with others
(series RCON2820). Unadjusted flow is the
change in the level.

Component


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

270

Guide to the Flow of Funds Accounts

F.112. U.S.-Chartered Commercial Banks-Continued

Code

1991 value
(billions
of dollars)

28d. Changes in outstanding federal
funds sold by foreign banking
offices in the U.S. and in
outstanding loans to the
commercial banking sector
from foreign banking offices in
the U.S., including loans held
under security repurchase
agreements

753068723

-14.7

29. Change in net interbank liabilities
of U.S.-chartered commercial
banks

724110005

7.8

30. Change in Federal Reserve float

713022003

-1.5

Level from FR Bulletin, table 1.11, line 10, Float.
Unadjusted flow is the change in the level.

31. Change in loans to depository
institutions held by Federal
Reserve Banks

713068003

*

Level from FR Bulletin, table 1.18, line 4, Loans
to depository institutions. Unadj�sted flow is the
change in the level.

32. Change in net interbank liabilities
of U.S.-chartered commercial
banks to banks in the U.S.

724112005

18.8

Sum of lines 19, 25c, 25d, 26c, 28c, 28d, 32a, 32b,
32c, and 32d, less lines 20b, 20f, 28b, and 32e.

32a. Change in deposits held by
U.S.-chartered commercial
banks at foreign banks

723022703

2.9

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-A,
Balances due from banks in foreign countries and
foreign central banks (sum of series RCON0073
and RCON0074). Unadjusted flow is the change
in the level.

Component


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks, sum
of schedule RAL, Federal funds sold and securities
purchased under agreements to resell to
commercial banks in the U.S. (series RCON1632)
and to U.S. branches and agencies of other foreign
banks (RCON1631), and schedule C, Loans to
commercial banks in the U.S. (including their
IBFs) (sum of RCON1506 and RCON1507); for
Edge Act and agreement corporations, sum of
Federal funds sold and securities purchased under
agreements to resell (RCON1350) and
schedule A, Loans to commercial banks in the U.S.
(RCON1505); and for New York State investment
companies, sum of line 5, Federal funds sold and
securities purchased under agreements to resell
(RCON1350), and schedule A, line l a, Loans to
commercial banks in the U.S. (RCON1505).
Unadjusted flow is the change in the level.

Sum of lines 30, 31, 32, and 33.

Table Ell2

271

F,112.-Continued
Component

Code

1991 value
(billions
of dollars)

Explanation

32b. Change in gross funds owed
by banks in the U.S. to foreign
banking offices in the U.S.

753091723

.0

32c. Change in large time deposits
held by bank holding
companies at U.S.-chartered
commercial banks

733035003

-2.2

Level from FR Y-9LP report, schedule PC, Cash
and balances due from unrelated depository
institutions (series BHCP0010). Unadjusted flow
is the change in the level.

32d. Change in liabilities of U.S.
bank holding companies to
foreign affiliates

733192003

-1.4

Level from special Treasury tabulation of TIC
data. Excludes liabilities denominated in foreign
currencies. Unadjusted flow is the change in the
level.

32e. Change in outstanding
short-term funds borrowed by
bank holding companies

733169003

-3.6

Level from FR Y-9LP report, schedule PC, Other
borrowings with an original maturity of one year
or less (series BHCP2332). Unadjusted flow is the
change in the level.

724116005

-9.5

Line 33a less lines 32a and 33b.

33a. Change in liabilities of
U.S.-chartered commercial
banks to foreign affiliates

723192263

7.4

33b. Change in claims of
U.S.-chartered commercial
banks on international banking
facilities and foreign affiliates

723092260

14.0

33• Change in net interbank liabilities
of U.S.-chartered commercial
hanks to foreign banks


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule M, sum of Gross due from related
branches and agencies in the U.S. in same state as
the reporting office (series RCFD3008) and Gross
due from related branches and agencies in the U.S.
in other states (RCFD3010); for Edge Act and
agreement corporations, schedule D, Gross due
from affiliates domiciled in the U.S., sum of U.S.
offices of parent bank (RCFD3038), U.S. offices
of this Edge Act corporation (RCFD3040), and
U.S. offices of other affiliated organizations
(RCFD3042); and for New York State investment
companies, schedule M, line 1, column B, Gross
due from related depository institutions domiciled
in the U.S. (RCON3004). Unadjusted flow is the
change in the level.

Level from special Treasury tabulation of TIC
data. Excludes liabilities denominated in foreign
currencies. Unadjusted flow is the change in the
level.
Level from special Treasury tabulation of TIC
data. Net claims on IBFs calculated as IBF claims
on foreigners less IBF liabilities to foreigners.
Excludes claims denominated in foreign
currencies. Unadjusted flow is the change in the
level.

272

Guide to the Flow of Funds Accounts

F.112. U.S.-Chartered Commercial Banks-Continued

Component

Code

1991 value
(billions
of dollars)

34. Change in acceptance liabilities of
U.S.-chartered commercial banks

723169600

-4.7

35. Net issuance of corporate equities
by U.S.-chartered commercial
banks

723164003

.9

Unadjusted flow from quarterly report of income
for U.S.-chartered commercial banks, schedule
RI-A, Sale, conversion, acquisition, or retirement
of capital stock, net (series RIAD4346). Report
gives year-to-date issuance, so figures for previous
quarters in same year are subtracted from total
shown on form to obtain value for current quarter.
Series has no level.

36. Change in corporate bond
liabilities of U.S.-chartered
commercial banks

723163003

.9

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC,
Subordinated notes and debentures (series
RCFD3200). Unadjusted flow is the change
in the level.

37. Change in taxes payable by
U.S.-chartered commercial banks

723178003

*

38. Change in total miscellaneous
liabilities of U.S.-chartered
commercial banks

723190005

30.2

Sum of lines 39 and 40.

39. Investment in U.S.-chartered
commercial banks by bank
holding companies

723194003

19.4

Level from FR Y-9LP report, schedule PC-A, sum
of Equity investments in bank subsidiaries and
associated banks (sum of series BHCP3239,
BHCP3238, and BHCP4485) and Nonequity
investments in and receivables due from bank
subsidiaries and associated banks (sum of
BHCP0533 and BHCP0534). Unadjusted flow is
the change in the level.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC,
Bank's liability on acceptances executed and
outstanding (series RCON2920). Unadjusted flow
is the change in the level.

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-G,
Net deferred income taxes (if credit balance)
(series RCFD3049), less schedule RC-F, Net
deferred income taxes (if debit balance)
(RCFD2148). Unadjusted flow is the change
in the level.

Table R112

273

F.11 2.-Continued

Component

Code

1991 value
(billions
of dollars)

40. Change in unidentified
miscellaneous liabilities of
U.S.-chartered commercial banks

723193005

10.9

40a. Change in net funds owed by
U.S.-chartered commercial
banks to foreign branches and
international banking facilities

723192003

6.8

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-H,
Net amounts due to own foreign offices, Edge Act
and agreement subsidiaries, and IBFs (series
RCON2941). Unadjusted flow is the change
in the level.

40b. Change in net worth of
U.S.-chartered commercial
banks

725080003

-.6

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, total assets less
total liabilities, calculated by FOF Section.
Unadjusted flow is the change in the level.

41. Discrepancy for U.S.-chartered
commercial banks, equal to �
saving less � investment

727005005

17.6

Sum of lines 1 and 21, less line 2 and 3. The
discrepancy is a use of funds in the FOF accounts.

42. Memo: Change in outstanding
credit market funds advanced by
U.S.-chartered commercial banks

724004005

38.9

Sum of lines 5, 8, 9, 11, 12, 13, 14, and 18.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Line 20a less lines 23b, 25a, 25b, 26a, 28a, 32b,
34, 36, 37, 40a, and 40b.

274

Guide to the Flow of Funds Accounts

Table F.113 Foreign Banking Offices in the United States
The foreign banking offices sector comprises
four groups of banks that are foreign-related
or that engage exclusively in international
business: (1) branches and agencies of foreign
banks that are not incorporated separately
from their parents, are located in the United
States, and engage in U.S. banking business;
(2) Edge Act and agreement corporations,
which are U.S. subsidiaries of either domestic
or foreign banks and are established by such
banks to engage in international business;
(3) New York State Investment Companies,
which are banking offices owned by one or
more foreign banks and are chartered by the
State of New York; and (4) American Express
Bank, the international banking subsidiary of
American Express Corporation. Domestically

chartered U.S. banks owned by foreign banks
are part of the U.S.-chartered commercial bank
sector rather than the foreign banking offices
sector. Data for the sector are obtained from
Reports of Condition submitted quarterly:
Branches and agencies and American Express
Bank file the FFIEC 002 report, New York
State Investment Companies file the FR 2886a
report, and Edge Act and agreement corpora­
tions file the FR 2886b report.

F.113 Foreign Banking Offices in the U.S. Cl)

----------------------------------------Billions of dollars

-----I Gross saving

2 Fixed nonres. invest11ent

3 Net acq. of financial assets
4
Total bank credit
5
U.S. govt. securities
6
Tax-exempt securities
7
Corporate bonds

8
9
10
11
12
13

14
15
16

Total loans
Mortgages
Bank loans n.e.c.
Open market paper
Security credit
Corporate equities

Cust. liab. on acceptances
Reserves at Fed. Reserve
Miscellaneous assets

17 Net increase in liabilities
Checkable deposits
18
19
Time deposits
Fed. funds & sec. RPs, net
20

21
22
23

24
25

Net interbank liabilities
To foreign banks
To domestic banks

Acceptance liabilities
Miscellaneous liabilities

26 Discrepancy
27 Memo:
(1)

Credit mkt. funds adv.

FOF Code

-------------------------------------------------------1988
1989
1990
1991
-------------------------------------------------------

756300103
755013003

754090005
754005005
753061005
753062003
753063003

754035605
753065503
753068005
753069600
753067100
753064003

293169750
753013003
753093005

754190005
753120005
753130005
752150000

1.5

1.8
l.O

2.2
1.3

1
2

.I

72.2
62.5
13.4
.0

3.7

4
5
6

28.l
8.1

6.2
37.6
6.9
.0
2.9

7

22.6
8.1

27.7
15.3

45.4
8.8

8

-.I

.4

31.4
28.6

1.2
.0

-.7

20.5
-.5
M

.7

-1.1
3.2

.8

93.6
23.8

.o

I.I

14.0
.1

M

6.9
2.0
3.4
.0

29.3
-1.0
8.4
M

3.1

-5.7

66.8

-5.6

-25.8

15.6

M

31.9
1.0

94.0

5.0

4.8

.2

-.3

3

9
10

11

12
13

14
15
16

17

6.7

72.8

2.3

-4.6
8.4

50.0
8.8

19
20

2.7

-3.6

753169600
753190005

.5
14.0

8.4

6.4
5.9
.4

-5.8
7.5

23

78.0

-.9
-3.0

-9.6
21.7

754004005

29.4

26.7

28.4

754110005
754116005
754112005

757005005

Branches and agencies of foreign banks, Edge Act and Agree11ent
corporations, New York investment companies, and American
Express Bank.


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Federal Reserve Bank of St. Louis

l.O
.7

6.8

4.5

2.3

.7

-.3

8.1

l.O

1.2

.4

1.3

.2

1.6

l.4
48.5

18

21
22

24
25
26

27

Table F.113

275

F.113. Foreign Banking Offices in the United States

Component

Code

1991 value
(billions
of dollars)

1. Gross saving of foreign banking
offices in the U.S., equal to capital
consumption allowances

756300103

2.2

Capital consumption allowances on nonresidential
equipment and structures owned by depository
institutions, valued at current cost, from BEA
Wealth Data Tape (section 2, series 543,
category 4), multiplied by the ratio of two levels:
(1) total financial assets of foreign banking offices
in the U.S. and (2) total financial assets of all
depository institutions in the U.S. and
U.S.-affiliated areas. Data are annual; series is
converted to quarterly by ratio method, using
NIPA total capital consumption allowances (FOF
series 896300003, table F.1, line 61) as the
denominator.

2. Fixed nonresidential investment
by foreign banking offices in the
U.S.

755013003

1.3

Investment in nonresidential equipment and
structures by depository institutions, valued at
historical cost, from BEA Wealth Data Tape
(section 4, series 255), multiplied by the ratio of
two levels: (1) total financial assets of foreign
banking offices in the U.S. and (2) total financial
assets of all depository institutions in the U.S. and
U.S.-affiliated areas. Data are annual; series is
converted to quarterly by ratio method, using
NIPA total investment in nonresidential plant and
equipment (FOF series 895013001, table F.1,
line 15) as the denominator.

3. Net acquisition of financial assets
by foreign banking offices in the
U.S.

754090005

72.2

Sum of lines 4, 14, 15, and 16.

4. Change in total bank credit
Provided by foreign banking
offices in the U.S.

754005005

62.5

Sum of lines 5, 6, 7, 8, and 13.

S. Change in U.S. government
securities held by foreign banking
offices in the U.S.

753061005

13.4

Sum of lines 5a and 5b.

753061103

9.4

Sa. Change in U.S. Treasury
securities held by foreign
banking offices in the U.S.


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Federal Reserve Bank of St. Louis

Explanation

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule RAL, U.S. Treasury securities (series
RCFD0260); for Edge Act and agreement
corporations, U.S. Treasury securities and
obligations of U.S. government agencies and
corporations (RCON0550); and for New York
State investment companies, line 2, U.S. Treasury
securities (RCON0260). Unadjusted flow is the
change in the level.

276

Guide to the Flow of Funds Accounts

F.113. Foreign Banking Offices in the United States-Continued
Component

Code

1991 value
(billions
of dollars)

5b. Change in U.S. government
agency securities held by
foreign banking offices in the
U.S.

753061703

4.0

6. Change in tax-exempt securities
held by foreign banking offices in
the U.S.

753062003

.0

7. Change in corporate and foreign
bonds held by foreign banking
offices in the U.S.

753063003

3.7

8. Change in total loans held by
foreign banking offices in the U.S.

754035605

45.4

9. Change in commercial mortgages
held by foreign banking offices in
the U.S.

753065503

8.8


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Federal Reserve Bank of St. Louis

Explanation
Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule RAL, U.S. government agency and
corporation obligations (series RCFD0371); and
for New York State investment companies, line 3,
Obligations of other U.S. government agencies and
corporations (RCON0371). Unadjusted flow is the
change in the level.

Level formerly taken from Reports of Condition
for foreign-related banks. Series has not been
reported since 1985:Q4 and is assumed to be
equal to zero.
Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule RAL, Other bonds, notes, debentures,
and corporate stock (including state and local
securities) (series RCON0373); for Edge Act and
agreement corporations, Other bonds, notes, and
debentures (RCON0385); and for New York State
investment companies, line 4, Other bonds, notes,
debentures, and corporate stock (including state
and local securities) (RCON0374). Level is at
book value. Unadjusted flow is the change
in the level.
Sum of lines 9, 10, 11, and 12.

Level from quarterly Report of Condition for U.S.
branches and agencies of foreign banks,
schedule C, Loans secured by real estate (series
RCON1410). Unadjusted flow is the change
in the level.

Table F.113

277

F.113.-Continued
Component

Code

1991 value
(billions
of dollars)

10. Change in loans, not elsewhere
classified, held by foreign banking
offices in the U.S.

753068005

29.3

Sum of lines 10a through lOe, less line 11.

lOa. Change in commercial and
industrial loans held by
foreign banking offices in the
U.S.

753068100

18.0

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule C, sum of Commercial and industrial
loans to U.S. addressees (series RCONl 763),
Commercial and industrial loans to non-U.S.
addressees (RCONl 764), Acceptances of U.S.
banks (RCONl 756), and Acceptances of foreign
banks (RCON1757); for Edge Act and agreement
corporations, schedule B, sum of Commercial and
industrial loans to U.S. addressees (RCONl 761)
and Commercial and industrial loans to non-U.S.
addressees (RCONl 762); and for New York State
investment companies, schedule A, sum of line 4a,
Commercial and industrial loans to U.S.
addressees (RCON1761), and line 4b,
Commercial and industrial loans to non-U.S.
addressees (RCONl 762). Unadjusted flow is the
change in the level.

10b. Change in loans to individuals
held by foreign banking offices
in the U.S.

753068203

1.4

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule RAL, Federal funds sold and securities
purchased under agreements to resell with U.S.
branches and agencies of other foreign banks
(series RCON1631), plus schedule C, All other
loans (RCON1885); for Edge Act and agreement
corporations, schedule B, All other loans including
lease financing receivables (RCON2089); and for
New York State investment companies, schedule
A, line 6, All other loans, including overdrafts
(RCON2083). Unadjusted flow is the change
in the level.

lOc. Change in loans to foreign
governments and official
institutions held by foreign
banking offices in the U.S.

753068263

*

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule C, Loans to foreign governments and
official institutions (series RCON2081); for Edge
Act and agreement corporations, schedule B,
Loans to foreign governments and official
institutions (RCON2081); and for New York State
investment companies, schedule A, line 5, Loans
to foreign governments and official institutions
(RCON2081). Unadjusted flow is the change
in the level.


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Federal Reserve Bank of St. Louis

Explanation

278

Guide to the Flow of Funds Accounts

F.113. Foreign Banking Offices in the United States-Continued

Component

Code

1991 value
(billions
of dollars)

Explanation

10d. Change in loans to foreign
banks held by foreign banking
offices in the U.S.

753068273

1.9

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule C, sum of Loans to foreign branches of
U.S. banks (series RCON1513) and Loans to other
banks in foreign countries (RCON1516); for Edge
Act and agreement corporations, schedule B,
Loans to banks in foreign countries (RCON1510);
and for New York State investment companies,
schedule A, line 1 b, Loans to banks in foreign
countries (RCON1510). Unadjusted flow is the
change in the level.

10e. Change in loans to nonbank
financial institutions held by
foreign banking offices in the
U.S.

753068690

7.0

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule C, sum of Loans to other depository
institutions in the U.S. (series RCON1517) and
Loans to other financial institutions (RCONI520);
and for New York State investment companie ,
schedule A, line 1c, Loans to other financial
institutions (RCON1520). Unadjusted flow is the
change in the level.

11. Change in open market paper
held by foreign banking offices in
the U.S.

753069600

-1.0

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule C, sum of Acceptances of U.S. banks
(series RCONI756), Acceptances of foreign
banks (RCONl 757), and Memorandum item,
Holdings of commercial paper (RCFD1496); and
for New York State investment companie ,
schedule A, Memorandum item, Holdings of
commercial paper and own acceptances
(RCON3362). Unadjusted flow is the change
in the level.

12. Change in security credit held by
foreign banking offices in the U.S.

753067100

8.4

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule RAL, Federal funds sold and securities
purchased under agreements to resell with others
(series RCON1390), plus schedule C, Loan for
purchasing or carrying securities (RCO 1545);
and for New York State investment companies,
schedule A, line 2, Loans for purchasing or
carrying securities (RCON1545). Unadjusted
flow is the change in the level.

13. Net purchases of corporate
equities by foreign banking offices
in the U.S.

753064003

*

Level from quarterly Report of Condition for Edg
Act and agreement corporations, Equity intere ts
in nonaffiliated companies ( erie RCO 0399).
Unadjusted flow is the change in the level.


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Federal Reserve Bank of St. Louis

e

Table F.113

279

F,113.-Continued

Component

Code

1991 value
(billions
of dollars)

14. Change in customers' acceptance
liabilities to foreign banking
offices in the U.S.

293169750

-5.6

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule RAL, Customers' liability to this branch
or agency on acceptances outstanding, sum of U.S.
addressees (series RCON2156) and Non-U.S.
addressees (RCON2157); for Edge Act and
agreement corporations, Customers' liability on
acceptances outstanding (RCON2155); and for
New York State investment companies,
Customers' liabilities to this investment company
on acceptances outstanding, sum of line 7a, U.S.
addressees (RCON2156), and line 7b, Non-U.S.
addressees (RCON2157). Unadjusted flow is the
change in the level.

15. Change in reserve deposits held
by foreign banking offices in the
U.S. at Federal Reserve Banks

753013003

-.3

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule A, Balances due from FR Banks (series
RCFD0090); and for Edge Act and agreement
corporations, schedule A, Balances due from
FR Banks (RCFD0090). Unadjusted flow is the
change in the level.

16. Change in unidentified
miscellaneous assets of foreign
banking offices in the U.S.

753093005

15.6

Line 16a less lines 5, 6, 7, 9, 10, 11 through 15,
and 16b through 16i.

754090003

67.2

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule RAL, Total assets (series RCON2170)
less Net due from related depository institutions
(RCFD2154), plus schedule M, Gross due from
non-U.S.-domiciled offices of related depository
institutions (sum of RCON3173, RCON3175,
RCON3177, and RCON3179), plus schedule C,
Unearned income on loans (RCFD2123); for Edge
Act and agreement corporations, Total assets
(RCON2170) less Net claims on affiliates
(RCON2142), plus schedule B, Unearned income
on loans and leases (RCON2123), plus schedule D,
Gross due from affiliates domiciled outside the
U.S. (sum of RCFD3044, RCFD3046, and
RCFD3048); and for New York State investment
companies, line 10, Total assets (RCON2170), less
line 9, Net due from related banking institutions in
the U.S. and in foreign countries (RCON2154),
plus schedule A, line 7, Unearned income on loans
(RCON2123), plus schedule M, line 2, Gross due
from related banking institutions domiciled outside
the U.S. (RCON3018). Unadjusted flow is the
change in the level.

16a. Change in reported total assets
of foreign banking offices in
the U.S., excluding gross
amounts owed by related
offices in the U.S.


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Federal Reserve Bank of St. Louis

Explanation

280

Guide to the Flow of Funds Accounts

F.113.

Foreign Banking Offices in the United States-Continued

Code

1991 value
(billions
of dollars)

16b. Change in demand deposits
held by foreign banking offices
in the U.S. at banks in the U.S.

753020720

-.5

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule A, Memorandum item,
Non-interest-bearing balances due from
commercial banks in the U.S. (series RCON0050);
for Edge Act and agreement corporations, schedule
A, Balances due from depository institutions
in the U.S. (RCON0082); and for New York S tate
investment companies, schedule C, line 2,
Demand balances with commercial banks in the
U.S. (RCON0050). Unadjusted flow is the change
in the level.

16c. Change in cash items in
process of collection held by
foreign banking offices in the
U.S.

753022003

-.4

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule A, Cash items in process of collection
and unposted debits (series RCON0020); for Edge
Act and agreement corporations, schedule A, Cash
items in process of collection, unposted debits,
and currency and coin (RCON0022); and for New
York State investment companies, schedule C,
line 1, Cash items in process of collection and
unposted debits (RCON0020). Unadjusted flow is
the change in the level.

16d. Change in deposits held by
foreign banking offices in the
U.S. at foreign banks

753022703

-.1

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule A, sum of Balances due from foreign
branches of U.S. banks (series RCON0073) and
Balances due from other banks in foreign countries
and foreign central banks (RCON1884); for Edge
Act and agreement corporations, schedule A,
Balances due from banks in foreign countries and
foreign central banks (RCON0070); and for New
York State investment companies, schedule C,
line 3, Balances with banks in foreign countries
(RCON0051). Excludes claims of IBFs.
Unadjusted flow is the change in the level.

16e. Change in large time deposits
held by foreign banking offices
in the U.S. at banks in the U.S.

753035003

-.4

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule A, sum of Balances due from U.S.
branches and agencies of other foreign banks
(series RCON0083) and Balances due from other
depository institutions in the U.S. (RCON0085),
less Memorandum item, Non-interest-bearing
balances due from commercial banks in the U.S.
(RCON0050); and for New York State investment
companies, schedule C, line 4, All other cash and
balances due from depository institutions
(RCON0052). Excludes balances of IBFs.
Unadjusted flow is the change in the level.

Component


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Federal Reserve Bank of St. Louis

Explanation

Table F.113

281

F.113.-Continued

Code

1991 value
(billions
of dollars)

16f. Changes in outstanding federal
funds sold by foreign banking
offices in the U.S. and in
outstanding loans to the
commercial banking sector
from foreign banking offices in
the U.S., including loans held
under security repurchase
agreements

753068723

-14.7

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks, sum
of schedule RAL, Federal funds sold and securities
purchased under agreements to resell to
commercial banks in the U.S. (series RCON1632)
and to U.S. branches and agencies of other foreign
banks (RCON1631), and schedule C, Loans to
commercial banks in the U.S. (including their
IBFs) (sum of RCON1506 and RCON1507); for
Edge Act and agreement corporations, sum of
Federal funds sold and securities purchased under
agreements to resell (RCON1350) and
schedule A, Loans to commercial banks in the
U.S. (RCON1505); and for New York State
investment companies, sum of line 5, Federal
funds sold and securities purchased under
agreements to resell (RCON1350), and schedule
A, line 1a, Loans to commercial banks in the U.S.
(RCON1505). Unadjusted flow is the change
in the level.

16g. Change in gross funds owed
by banks in the U.S. to foreign
banking offices in the U.S.

753091723

.0

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule M, sum of Gross due from related
branches and agencies in the U.S. in same state as
the reporting office (series RCFD3008) and Gross
due from related branches and agencies in the U.S.
in other states (RCFD3010); for Edge Act and
agreement corporations, schedule D, Gross due
from affiliates domiciled in the U.S., sum of U.S.
offices of parent bank (RCFD3038), U.S. offices of
this Edge Act corporation (RCFD3040), and U.S.
offices of other affiliated organizations
(RCFD3042); and for New York State investment
companies, schedule M, line 1, column B, Gross
due from related depository institutions domiciled
in the U.S. (RCON3004). Unadjusted flow is the
change in the level.

16h. Change in claims of foreign
banking offices in the U.S. on
foreign affiliates and
international banking facilities

753092260

10.5

16i. Change in fixed assets of
foreign banking offices in the
U.S., at book value

755013103

.5

754190005

72.8

Component

17· Net.mcr
1 1ties
· liabT
· of
ease m

foreign banking offices in the U.S.


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Federal Reserve Bank of St. Louis

Explanation

Level from special Treasury tabulation of TIC
data, Foreign-related banks' net claims on IBFs
plus gross claims on foreign affiliates. Excludes
claims denominated in foreign currencies.
Unadjusted flow is the change in the level.
Unadjusted flow and level estimated from periodic
benchmark surveys of foreign direct investment in
the U.S., with FOP Section interpolations for
intervening years.

Sum of lines 18, 19, 20, 21, 24, and 25.

282

Guide to the Flow of Funds Accounts

F.113.

Foreign Banking Offices in the United States-Continued

Component

Code

1991 value
(billions
of dollars)

Explanation
Line 18a less lines 16c and 18b .

753120005

.2

18a. Change in total transaction
deposit liabilities of foreign
banking offices in the U.S.

753126003

-.4

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule E, Total deposits and credit balances
(series RCON1653); for Edge Act and agreement
corporations, schedule C, Total deposits
(RCON2215); and for New York State investment
companies, schedule F, line 7, Total deposits and
credit balances in transaction accounts
(RCON2297). Unadjusted flow is the change
in the level.

18b. Change in transaction deposit
liabilities of foreign banking
offices in the U.S. to the
commercial banking sector

753120723

-.1

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule E, sum of Transaction accounts and
credit balances owed to U.S. branches and
agencies of other foreign banks (series
RCON1643) and Transaction accounts and credit
balances owed to other commercial banks in the
U.S. (RCON1645); for Edge Act and agreement
corporations, schedule C, Deposits in transaction
accounts owed to commercial banks in the U.S.
(RCON2206); and for New York State investment
companies, schedule F, line 4, Deposits and credit
balances of commercial banks in the U.S. in
transaction accounts (RCON2291). Unadjusted
flow is the change in the level.

19. Change in large time deposit
liabilities of foreign banking
offices in the U.S., net of those
owed to the commercial banking
sector

753130005

50.0

Line 19a less line 19b.

19a. Change in total time and
savings deposit liabilities of
foreign banking offices in the
U.S.

753139003

69.3

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule E, Total nontransaction accounts (se ries
RCON2385); for Edge Act and agreement
corporations, schedule C, Total deposits in
nontransaction accounts (RCON2385); and for
New York State investment companies,
schedule F, line 7, Total deposits and credit
balances in nontransaction accounts (RCON2298).
Unadjusted flow is the change in the level.

18. Change in checkable deposit
liabilities of foreign banking
offices in the U.S.


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Federal Reserve Bank of St. Louis

Table F.113

283

F.113.-Continued

Code

1991 value
(billions
of dollars)

753130723

19.3

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule E, sum of Nontransaction accounts owed
to U.S. branches and agencies of other foreign
banks (series RCON2347) and Nontransaction
accounts owed to other commercial banks in the
U.S. (RCON2348); for Edge Act and agreement
corporations, schedule C, Nontransaction accounts
owed to commercial banks in the U.S.
(RCON2550); and for New York State investment
companies, schedule F, line 4, Deposits and credit
balances of commercial banks in the U.S. in
nontransaction accounts (RCON2292). Unadjusted
flow is the change in the level.

20. Changes in outstanding federal
funds bought by foreign banking
offices in the U.S. from nonbank
sources and in outstanding loans
to them from nonbank sources
under security repurchase
agreements

752150000

8.8

Level from quarterly Report of Condition for U.S.
branches and agencies of foreign banks, schedule
RAL, Federal funds purchased and securities sold
under agreements to repurchase with others
(series RCON2820). Unadjusted flow is the
change in the level.

21 . Change in net interbank liabilities
of foreign banking offices in the
U.S.

754110005

1.6

Sum of lines 22 and 23.

22. Change in net interbank liabilities
of foreign banking offices in the
U.S. to foreign banks

754116005

-5.8

22a. Change in liabilities of foreign
banking offices in the U.S. to
foreign affiliates

753192260

4.6

Component
19b. Change in nontransaction
deposit liabilities of foreign
banking offices in the U.S. to
the commercial banking sector


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Federal Reserve Bank of St. Louis

Explanation

Line 22a less lines 16d and 16h.

Level from special Treasury tabulation of TIC
data. Excludes liabilities denominated in foreign
currencies. Unadjusted flow is the change in the
level.

284

Guide to the Flow of Funds Accounts

F.113.

Foreign Banking Offices in the United States-Continued

1991 value
(billions
of dollars)

Explanation

Component

Code

23. Change in net interbank liabilities
of foreign banking offices in the
U.S. to banks in the U.S.

754112005

7.5

23a. Changes in outstanding federal
funds bought by foreign
banking offices in the U.S., in
outstanding loans to them
under security repurchase
agreements, and in other
liabilities for money borrowed
by them

753168003

-18.5

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule RAL, sum of Federal funds purchased
and securities sold under agreements to
repurchase, With U.S. branches and agencies of
other foreign banks (series RCON2317), With
other commercial banks in the U.S. (RCON23 l 8),
and With others (RCON2820), plus schedule P,
sum of Amounts owed to U.S. offices of
nonrelated U.S. banks (RCON3312), to U.S.
branches and agencies of nonrelated foreign banks
(RCON3313), to foreign branches of nonrelated
U.S. banks (RCON3314), and to foreign offices of
nonrelated foreign banks (RCON3315); for Edge
Act and agreement corporations, sum of Federal
funds purchased and securities sold under
agreements to repurchase (RCON2800) and Other
borrowed money (RCON2850); and for New York
State investment companies, sum of line 12,
Federal funds purchased and securities sold under
agreements to repurchase (RCON2800), and
schedule L, line 1, Other liabilities for borrowed
money owed to banks in the U.S. (RCON2868).
Unadjusted flow is the change in the level.

23b. Change in outstanding funds
owed by foreign banking
offices in the U.S. to their
domestic affiliates

753191723

.0

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule M, sum of Gross owed to related
branches and agencies in the U.S. in the same state
as the reporting office (series RCON3007) and
Gross owed to related branches and agencies
in the U.S. in other states (RCON3009); for Edge
Act and agreement corporations, schedule D, surn
of Gross owed to affiliates domiciled in the U.S.,
including to offices of parent bank (RCFD3037),
to U.S. offices of this Edge Act corporation
(RCFD3039), and to U.S. offices of other affiliated
organizations (RCFD3041); and for New York
State investment companies, schedule M, line 1,
Gross owed to related banking institutions
domiciled in the U.S. (RCON3003). Unadjusted
flow is the change in the level.


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Federal Reserve Bank of St. Louis

Sum of lines 18b, 19b, 23a, and 23b, less lines
16b, 16e, 16f, 16g, and 20.

Table F.113

285

F.113.-Continued
Component

Code

1991 value
(billions
of dollars)

24. Change in acceptance liabilities of
foreign banking offices in the U.S.

753169600

-9.6

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule RAL, Branch or agency liability on
acceptances executed and outstanding (series
RCFD2920); for Edge Act and agreement
corporations, Liability on acceptances executed
and outstanding (RCON2920); and for New York
State investment companies, line 14, Investment
company liabilities on acceptances executed and
outstanding (RCON2920). Unadjusted flow is the
change in the level.

25. Change in total miscellaneous
liabilities of foreign banking
offices in the U.S.

753190005

21.7

Line 16a less lines 18a, 19a, 22a, 23a, 23b, and 24.
Foreign direct investment in foreign banking
offices in the U.S., line 25a, is subtracted from the
change in reported total assets, line 16a, in the
calculation of the change in unidentified
miscellaneous liabilities of foreign banking offices
in the U.S. (FOF series 753193005, shown in
table F.231, line 10). It is added to the change in
unidentified miscellaneous liabilities to obtain the
change in total miscellaneous liabilities shown in
this line.

753192103

1.9

Since 1982, based on tabulations provided by
BEA; before 1982, estimated by FOF Section from
periodic BEA benchmark surveys of U.S. direct
investment abroad.

26. Discrepancy for foreign banking
offices in the U.S., equal to gross
saving less gross investment

757005005

1.4

Sum of lines 1 and 17, less lines 2 and 3. The
discrepancy is a use of funds in the FOF accounts.

27 • Memo: Change in outstanding
credit market funds advanced by
foreign banking offices in the U.S.

754004005

48.5

25a. Memo: Foreign direct
investment in foreign banking
offices in the U.S.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Sum of lines 5, 6, 7, 9, 10, 11, and 14.

286

Guide to the Flow of Funds Accounts

Table F.114 Domestic Affiliates of Commercial Banks (BHCs)
Domestic affiliates of commercial banks, or
bank holding companies (BHCs), are parent
companies of banks. Included in this table are
only those BHCs that (1) have total consoli­
dated assets of $150 million or more or
(2) own more than one subsidiary bank. BHCs
report their assets and liabilities to the Federal
Reserve (FR) Board on form FR Y-9LP;
aggregated data from this report are the
source of information for this sector in the
flow of funds accounts. The major assets of
BHCs are their net investments in their subsid-

F.114

iaries; at the end of 1991, BHCs' net invest­
ment in their bank subsidiaries totaled
$227 billion, and net investment in all other
subsidiaries was $41 billion. BHCs, which are
funded primarily through the issuance of
bonds and commercial paper, also hold small
amounts of loans and securities.

D011estic Affiliates of Commercial Banks CBHCs)

Billions of dollars
FOF Code
1988
1989
1991
-----------------------------------------------------------------------1990
l Gross saving
2 Fixed nonres. investment
3 Net acq. of financial assets
4
5
6
7
8
9
10
11
12
13

Credit market instruments
U.S. govt. securities
Treasury issues
Agency issues
Corporate bonds
Bank loans n.e.c.
Miscellaneous assets
Inv.in bank subsidiaries
Inv. in finance co.subs.
Other

14 Net increase in liabilities
15

Fed. funds & sec. RPs, net

16
17
18
19
20

Net interbank claims
To domestic banks
To foreign banks
Corporate bonds
Commercial paper

21
22
23

Miscellaneous liabilities
Equity, etc.
Other

24 Discrepancy


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Federal Reserve Bank of St. Louis

736000105
735013003
734090005
734004005
733061005
733061100
733061700
733063000
733068103
733090005
723194003
613194005
733093005
734190005
732150005
734110005
734112205
734116205
733163003
733169175
733193005
733164005
733193105
737005005

8.6
.2
18.l
-. I
.l
IE
IE

.l
-.3

9.7
.2
23.7
2.8
.4
.l
.3
.8
1.6

10.7
.l

10.5
.l

-4.9

3.8

-2.8
-.2
-.5
-1.9
-.2

-1.5
.8
.3
.5
-.5
-1.9

-.6

18.2
21.3
-2.5
-.7

IO.I

9.6

2.2

-2.2
5.4
-20.8
13.2

5.3
19.4
-14.4
.2

14.l

-15.5

-6.6

-.4

-.9

11.4

.0
-3.6
-5.4
l.7
5.4
-.2
8.1
7.3
.8
IE

20.9
8.6

Jf

3.0
1.2
1.8
1.9
4.4

.4
-9.0
-18.7

-3.2
-.I
-3.2
3.3
-5.8

4.9
.6
4.3

1.2
-1.5
2.7

.1
5.2
-5.1

M

11.0

IE

.1

l
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

Table F.114

287

F,114. Domestic Affiliates of Commercial Banks (BHCs)
Code

1991 value
(billions
of dollars)

736000105

10.5

Sum of lines l a and l b.

l a. Undistributed profits of bank
holding companies

736006000

10.3

FR Y-9LP report, schedule PI, Income or loss
before undistributed income of subsidiaries and
associated companies (series BHCP0496). Report
gives year-to-date earnings, so figures for previous
quarters in same year are subtracted from total
shown on form to obtain value for current quarter.

lb. Capital consumption allowances
for bank holding companies

736300103

.2

Capital consumption allowances on nonresidential
equipment and structures owned by holding and
other investment offices, valued at current cost,
from BEA Wealth Data Tape (section 2,
series 561, category 4), multiplied by bank
holding company ratio. Ratio calculated as book
value of fixed assets of bank holding companies
(FOF series 735013103, line 13d below) divided
by nonresidential equipment and structures owned
by holding and other investment offices, valued at
historical cost, from BEA Wealth Data Tape
(section 2, series 147, category 3). Data are annual;
series is converted to quarterly by ratio method,
using NIPA total capital consumption allowances
(FOF series 896300003, table F.1, line 61) as the
denominator.

2. Fixed nonresidential investment
by bank holding companies

735013003

.1

Investment in nonresidential equipment and
structures by holding and other investment offices,
valued at historical cost, from BEA Wealth Data
Tape (section 4, series 291), multiplied by bank
holding company ratio. Ratio calculated as book
value of fixed assets of bank holding companies
(FOF series 735013103, line 13d below) divided
by nonresidential equipment and structures owned
by holding and other investment offices, valued at
historical cost, from BEA Wealth Data Tape
(section 2, series 147, category 3). Data are annual;
series is converted to quarterly by ratio method,
using NIPA total investment in nonresidential plant
and equipment (FOF series 895013001, table F.1,
line 15) as the denominator.

3· Net acq
uisition of financial assets
b y bank holding companies

734090005

3.8

4· Change in outstanding credit
lllarket funds advanced by bank
holding companies

734004005

-1.5

Component
1. Gross saving of bank holding
companies


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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 4 and 10.

Sum of lines 5, 8, and 9.

288

Guide to the Flow of Funds Accounts

F.114. Domestic Affiliates of Commercial Banks (BHCs)-Continued

Component

Code

1991 value
(billions
of dollars)

Explanation

5. Change in U.S. government
securities held by bank holding
companies

733061005

.8

Sum of lines 6 and 7.

6. Change in U.S. Treasury securities
held by bank holding companies

733061100

.3

Level from FR Y-9LP report, schedule PC, U.S.
Treasury securities (series BHCP0400).
Unadjusted flow is the change in the level.

7. Change in U.S. government
agency securities held by bank
holding companies

733061700

.5

Level from FR Y-9LP report, schedule PC,
Securities of U.S. government agencies and
corporations and securities issued by states and
political subdivisions (series BHCP6791).
Unadjusted flow is the change in the level.

8. Change in corporate and foreign
bonds held by bank holding
companies

733063000

-.5

Level from FR Y-9LP report, schedule PC, Other
debt and equity securities (series BHCP1299).
Level is at book value. Unadjusted flow is the
change in the level.

9. Change in commercial and
industrial loans held by bank
holding companies

733068103

-1.9

Level from FR Y-9LP report, schedule PC, sum
of Loans (series BHCP0364) and Lease financing
receivables (BHCP2165), both net of unearned
income. Unadjusted flow is the change in the level.

10. Change in total miscellaneous
assets of bank holding companies

733090005

5.3

11. Investment in U.S.-chartered
commercial bank subsidiaries by
bank holding companies

723194003

19.4


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Federal Reserve Bank of St. Louis

Sum of lines 11, 12, and 13.

Level from FR Y-9LP report, schedule PC-A, sum
of Equity investments in bank subsidiaries and
associated banks (sum of series BHCP3239,
BHCP3238, and BHCP4485) and Nonequity
investments in and receivables due from bank
subsidiaries and associated banks (sum of
BHCP0533 and BHCP0534). Unadjusted flow is
the change in the level.

Table F.114

289

F,114.-Continued

Code

1991 value
(billions
of dollars)

613194005

-14.4

12a. Investment in financial
subsidiaries by bank holding
companies

733094000

6.8

Level from FR Y-9LP report, schedule PC-A, sum
of Equity investments in bank subsidiaries and
associated banks (sum of series BHCP3239,
BHCP3238, and BHCP4485), Equity investments
in nonbank subsidiaries and associated nonbank
companies (sum of BHCP1273, BHCP0087, and
BHCP0536), Nonequity investments in and
receivables due from bank subsidiaries and
associated banks (sum of BHCP0533 and
BHCP0534), and Nonequity investments in and
receivables due from nonbank subsidiaries and
associated nonbank companies (sum of
BHCP0537 and BHCP0538). Unadjusted flow is
the change in the level.

12b. Change in claims of U.S. bank
holding companies on foreign
affiliates

733092003

1.8

Level from special Treasury tabulation of TIC
data. Excludes claims denominated in foreign
currencies. Unadjusted flow is the change in the
level.

733093005

.2

Line 13a less lines 5, 8, 9, 11, 12, 12b, 13b, 13c,
and 13d.

13a. Change in reported total assets
of bank holding companies

734090000

4.4

Level from FR Y-9LP report, schedule PC, Total
assets (series BHCP2170), less schedule PC-A,
Equity investments in subsidiary bank holding
companies and associated bank holding companies
(sum of BHCP0201, BHCP0202, and BHCP0203)
and Nonequity investments in and receivables due
from subsidiary bank holding companies and
associated bank holding companies (sum of
BHCP0204 and BHCP0205). Unadjusted flow is
the change in the level.

13b. Change in outstanding loans
held by bank holding
companies under security
repurchase agreements

732050003

1.0

Level from FR Y-9LP report, schedule PC,
Securities purchased under agreements to resell
(series BHCP0277). Unadjusted flow is the
change in the level.

13c. Change in large time deposits
held by bank holding
companies at U.S.-chartered
commercial banks

733035003

-2.2

Level from FR Y-9LP report, schedule PC, Cash
and balances due from unrelated depository
institutions (series BHCPOOIO). Unadjusted flow
is the change in the level.

13d. Change in fixed assets of bank
holding companies, at book
value

735013103

.1

Component
12. Investment in finance company
subsidiaries by bank holding
companies

13. Change in unidentified
miscellaneous assets of bank
holding companies


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Federal Reserve Bank of St. Louis

Explanation
Line 12a less lines 11 and 12b.

Level from FR Y-9LP report, schedule PC,
Premises, furniture, fixtures, and equipment
(series BHCP2145). Unadjusted flow is the
change in the level.

290

Guide to the Flow of Funds Accounts

F.114.

Domestic Affiliates of Commercial Banks (BHCs)-Continued

Code

1991 value
(billions
of dollars)

14. Net increase in liabilities of bank
holding companies

734190005

-6.6

15. Change in outstanding loans to
bank holding companies under
security repurchase agreements,
net of changes in loans held by
them under such agreements

732150005

-.9

Line 15a less line 13b.

15a. Change in outstanding loans
to bank holding companies
under security repurchase
agreements

732150003

*

Level from FR Y-9LP report, schedule PC,
Securities sold under agreements to repurchase
(series BHCP0279). Unadjusted flow is the
change in the level.

16. Change in total net interbank
liabilities of bank holding
companies

734110005

-3.2

17. Change in net interbank liabilities
of bank holding companies to
banks in the U.S.

734112205

- .1

17a. Change in outstanding
short-term funds borrowed by
bank holding companies

733169003

-3.6

Level from FR Y-9LP report, schedule PC, Other
borrowings with an original maturity of one year
or less (series BHCP2332). Unadjusted flow is the
change in the level.

17b. Change in liabilities of U.S.
bank holding companies to
foreign affiliates

733192003

-1.4

Level from special Treasury tabulation of TIC
data. Excludes liabilities denominated in foreign
currencies. Unadjusted flow is the change in the
level.

18. Change in net interbank liabilities
of U.S. bank holding companies to
foreign affiliates

734116205

-3.2

Line 17b less line 12b.

Component


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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 15, 16, 19, 20, and 21.

Sum of lines 17 and 18.

Line 17a less lines 13c and 17b.

Table F.114

291

F.114.-Continued

Code

1991 value
(billions
of dollars)

19. Change in corporate bond
liabilities of bank holding
companies

733163003

3.3

20. Change in commercial paper
liabilities of bank holding
companies

733169175

-5.8

Sum of lines 20a and 20b.

20a. Change in directly placed
commercial paper liabilities of
bank holding companies

733169100

-6.1

Level from FR 2416 report, Memorandum item,
Commercial paper outstanding issued by related
institutions of the reporting bank, issued directly
(series WRBK2423). Unadjusted flow is the
change in the level.

20b. Change in dealer-placed
commercial paper liabilities of
bank holding companies

733169703

.3

Level from FR 2416 report, Memorandum item,
Commercial paper outstanding issued by related
institutions of the reporting bank, issued through
commercial paper brokers and dealers (series
WRBK2421). Unadjusted flow is the change
in the level.

21. Change in unidentified
miscellaneous liabilities of bank
holding companies

733193005

.1

Sum of lines 22 and 23.

22. Change in equity accounts of
hank holding companies

733164005

5.2

735080003

15.5

Level from FR Y-9LP report, schedule PC, Total
equity capital (series BHCP3210), less schedule
PC-A, Equity investments in subsidiary bank
holding companies and associated bank holding
companies (sum of BHCP0201, BHCP0202, and
BHCP0203) and Nonequity investments in and
receivables due from subsidiary bank holding
companies and associated bank holding companies
(sum of BHCP0204 and BHCP0205). Unadjusted
flow is the change in the level.

733193105

-5. l

Line 3 less lines 15, 16, 19, 20, and 22a.

Component

22a. Change in net worth of bank
holding companies

23 Cha
nge in other liabilities of bank
•
holding companies


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Federal Reserve Bank of St. Louis

Explanation
Level from FR Y-9LP report, schedule PC, sum of
Other borrowed funds with an original maturity of
greater than one year (series BHCP0368),
Mandatory convertible securities (sum of
BHCP3290 and BHCP3293), and Subordinated
notes and debentures (BHCP4062). Unadjusted
flow is the change in the level.

Line 22a less line 1a.

292

Guide to the Flow of Funds Accounts

F.114. Domestic Affiliates of Commercial Banks (BHCs)-Continued

Component
24. Discrepancy for bank holding
companies, equal to gross saving
less gross investment


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Federal Reserve Bank of St. Louis

Code

1991 value
(billions
of dollars)

737005005

.1

Explanation
Sum of lines 1 and 14, less lines 2 and 3. The
discrepancy is a use of funds in the FOF accounts.


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Federal Reserve Bank of St. Louis

Guide to the Flow of Funds Accounts

294

Table F.115 Banks in U.S. Possessions (U.S.-Affiliated Insular Areas)
Reef, Midway Island, Navassa Island,
Palmyra, and Walce Atoll.
Banks in U.S.-affiliated insular areas are
considered part of the United States in balance
of payments statistics published by the Bureau
of Economic Analysis (BEA) but are consid­
ered foreign entities in U.S. financial statistics
published by the Federal Reserve (FR) Board.
As a result, deposit liabilities of this sector are
not included in the U.S. monetary aggregates.
Data on the assets and liabilities of the
sector are obtained once a year from quarterly
and annual Reports of Condition, including the
Foreign Branch Report of Condition (FFIEC
030).

This table (historically named Banlcs in U.S.
Possessions) covers commercial banks char­
tered in U.S.-affiliated insular areas and
branches of U.S.-chartered banks operating in
these areas; for conciseness, these areas are
called "U.S.-affiliated areas" in the tables
throughout this guide. Data for the branches
are not included in the statistics for U.S.­
chartered commercial banks or foreign bank­
ing offices in the United States.
U.S.-affiliated insular areas with local popu­
lations are the U.S. territories of American
Samoa, Guam, and the U.S. Virgin Islands; the
Commonwealth of the Northern Mariana
Islands and the Commonwealth of Puerto
Rico; two freely associated states-the Repub­
lic of the Marshall Islands and the Federated
States of Micronesia; and the Trust Territory
of the Pacific Islands (Palau). U.S.-affiliated
insular areas that are uninhabited or have only
a military presence are Balcer Island, Howland
Island, Jarvis Island, Johnston Atoll, Kingman

F.115

Banks in U.S. Possessions

Billions of dollars
FOF Code
------------------

1990
1991
----------1988
----------1989
----------------------------------

1 Gross saving
2 Fixed nonres. invest111ent

746300103
745013003

3 Net acq. of financial assets
4
Checkable dep.and currency

744090005
743020003

1.6
-.6

744002005
743061003
743062003
743063005
743065103
743065505
743068105

.7
.6
.1
-.9
.2

743093005

1.4

744190005
743191003
743193105

1.5
.5
l.O

747005005

-.1

5
6
7
8
9
10
11
12

Credit 11arket instru111ents
U.S. govt. securities
Tax-exempt securities
Corporate bonds
Home mortgages
Commercial mortgages
Bank loans n.e.c.

Hiscellaneous assets

13 Net incr. in liabilities
Deposit liabilities
Hiscellaneous liabilities

14
15

16 Discrepancy


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

.1
.2

.4

.4

1
2

.1
.2

.1
.2

.1
.2

2.1
-.4

4.5
-. 1

-3.2
-.8

1.6
.7

4.5
.4

.1
.2
.5
.1

.2
.7
3.3

-1.9
.4
-.1
.1
-.4
1.1
-3.0

.8

.1

-.6

12

2.0
.7
1.3

4.4
4.5
-.1

-3.1
-3.0
-.1

13
14
15

-.2

-.2

!If

!If

!If

!If

3
4
5
6
7
8
10

11

16

Table F.115

295

F,115. Banks in U.S. Possessions (U.S.-Affiliated Insular Areas)
1991 value
(billions
of dollars)

Component

Code

1. Gross saving of banks in
U.S.-affiliated areas, equal to
capital consumption allowances

746300103

.1

Capital consumption allowances on nonresidential
equipment and structures owned by depository
institutions, valued at current cost, from BEA
Wealth Data Tape (section 2, series 543,
category 4), multiplied by the ratio of two levels:
(1) total financial assets of banks in U.S.-affiliated
areas and (2) total financial assets of all depository
institutions in the U.S. and U.S.-affiliated areas.
Data are annual; series is converted to quarterly by
ratiq method, using NIPA total capital
consumption allowances (FOF series 896300003,
table F.1, line 61) as the denominator.

2. Fixed nonresidential investment
by banks in, U.S.-affiliated areas

745013003

.2

Investment in nonresidential equipment and
structures by depository institutions, valued at
historical cost, from BEA Wealth Data Tape
(section 4, series 255), multiplied by the ratio of
two levels: (1) total financial assets of banks in
U.S.-affiliated areas and (2) total financial assets
of all depository institutions in the U.S. and
U.S.-affiliated areas. Data are annual; series is
converted to quarterly by ratio method, using
NIPA total investment in nonresidential plant and
equipment (FOF series 895013001, table F.1,
line 15) as the denominator.

3. Net acquisition of financial assets
by banks in U.S.-affiliated areas

744090005

-3.2

4. Change in checkable deposits and
currency held by banks in
U.S.-affiliated areas

743020003

-.8

S. Change in outstanding credit
market funds advanced by banks
in U.S.-affiliated areas

744002005

-1.9


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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 4, 5, and 12.

Year-end level from Reports of Condition: for
banks located in U.S.-affiliated areas, schedule RC,
Cash and balances due from depository institutions
(sum of series RCON0081 and RCON0071); and
for branches of U.S. banks located in U.S.-affiliated
areas, sum of Cash and cash items in process of
collection (RCFN0022), Balances due from U.S.
banks (RCFN0033), and Balances due from
foreign banks (RCFN0034). Data are annual;
series is converted to quarterly by K-L method.
Unadjusted flow is the change in the level.
Sum of lines 6, 7, 8, 9, 10, and 11.

296

Guide to the Flow of Funds Accounts

F.115. Banks in U.S. P�ions (U.S.-Affiliated Insular Areas)--Continued

Component

Code

1991 value
(billions
of dollars)

Explanation
Year-end level from Reports of Condition: for
banks located in U.S.-affiliated areas, schedule
RC-B, sum of U.S. Treasury securities (series
RCON0400) and U.S. government agency and
corporation obligations (sum of RCON3760,
RCON3762, RCON3764, RCON3765, and
RCON3766), plus schedule RC-D, sum of U.S.
Treasury securities (RCON1010) and U.S.
government agency and corporation obligations
(RCON1020); and for branches of U.S. banks
located in U.S.-affiliated areas, Securities and
obligations of U.S. government and states and
political subdivisions in the U.S. (RCFN6597).
Data are annual; series is converted to quarterly
by K-L method. Unadjusted flow is the change
in the level.

6. Change in U.S. government
securities held by banks in
U.S.-afflliated areas

743061003

.4

7. Change in tax-exempt securities
held by banks in U.S.-aflillated
areas

743062003

-.1

8. Change in corporate and foreign
bonds held by banks in
U.S.-affiliated areas

743063005

.1

Line 8a less lines 6 and 7.

744004743

.4

Year-end level from Reports of Condition: for
banks located in U.S.-affiliated areas, schedule RC,
Securities (series RCON0390); and for branches
of U.S. banks located in U.S.-affiliated areas,
Securities (sum of RCFN6597 and RCFN0423).
Data are annual; series is converted to quarterly
by K-L method. Unadjusted flow is the change
in the level.

8a. Change in total securities held
by banks in U.S.-affiliated areas


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Federal Reserve Bank of St. Louis

Year-end level from Report of Condition for
banks located in U.S.-affiliated areas, sum of
schedule RC-B, Securities issued by states and
political subdivisions (sum of series RCON3767,
RCON3768, and RCON3769), schedule RC-C,
Obligations (other than securities and leases) of
states and political subdivisions in the U.S. (sum
of RCON2033 and RCON2079), and schedule
RC-D, Securities issued by states and political
subdivisions in the U.S. (RCON1025). Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

Table F.115

297

F.115.-Continued
Component

Code

1991 value
(billions
of dollars)

9. Change in home mortgages held
by banks in U.S.-affiliated areas

743065103

-.4

Year-end level from Reports of Condition: for
banks located in U.S.-affiliated areas, schedule
RC-C, sum of Loans secured by one- to
four-family residential properties (sum of series
RCON1797, RCON5367, and RCON5368) and
schedule RC-B, All holdings of private certificates
of participation in pools of residential mortgages
(RCON0408); and for branches of U.S. banks
located in U.S.-affiliated areas, Loans secured by
real estate (RCFN1410). Data are annual; series is
converted to quarterly by K-L method. Unadjusted
flow is the change in the level.

10. Change in commercial mortgages
held by banks in U.S.-affiliated
areas

743065505

1.1

Line 10a less line 9.

10a. Change in total mortgages
held by banks in U.S.-affiliated
areas

743065003

.6

743068105

-3.0

Line 11a less line 10a.

743068743

-2.3

Year-end level from Reports of Condition: for
banks located in U.S.-affiliated areas, schedule
RC-C, Total loans and leases, net of unearned
income (series RCON2122); and for branches of
U.S. banks located in U.S.-affiliated areas, Total
loans and leases, net (RCON2122). Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

11. Change in loans, not elsewhere
classified, held by banks in
U.S.-affiliated areas
I la. Change in total loans and
leases held by banks in
U.S.-affiliated areas


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Federal Reserve Bank of St. Louis

Explanation

Year-end level from Reports of Condition: for
banks located in U.S.-affiliated areas, schedule
RC-C, Loans secured by real estate (sum of series
RCON1415, RCON1420, RCON1797,
RCON5367, RCON5368, RCON1460, and
RCON1480); and for branches of U.S. banks
located in U.S.-affiliated areas, schedule RC-C,
Loans secured by real estate (RCFN1410). Data
are annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

298

Guide to the Flow of Funds Accounts

F.115. Banks in U.S. Possessions (U.S.-Affiliated Insular Areas)--Continued

Code

1991 value
(billions
of dollars)

743093005

-.6

12a. Change in reported total assets
of banks in U.S.-affiliated
areas

744090743

-3.1

Year-end level from Reports of Condition: for
banks located in U.S.-affiliated areas, schedule RC,
Total assets (series RCON2170); and for branches
of U.S. banks located in U.S.-affiliated areas, Total
assets (RCFN2170). Data are annual; series is
converted to quarterly by K-L method. Unadjusted
flow is the change in the level.

12b. Change in fixed assets of
banks in U.S.-affiliated areas,
at book value

745013103

.1

Year-end level from Reports of Condition: for
banks located in U.S.-affiliated areas, schedule RC,
Premises and fixed assets (series RCON2145);
and for branches of U.S. banks located in
U.S.-affiliated areas, Premises and fixed assets
(RCFN2145). Data are annual; series is converted
to quarterly by K-L method. Unadjusted flow
is the change in the level.

13. Net increase in liabilities of banks
in U.S.-affiliated areas, equal to
change in their total
miscellaneous liabilities

744190005

-3.1

Sum of lines 14 and 15.

14. Change in deposit liabilities of
banks in U.S.-affiliated areas

743191003

-3.0

Year-end level from Reports of Condition: for
banks located in U.S.-affiliated areas, schedule
RC-E, Total deposits (series RCON2200); and for
branches of U.S. banks located in U.S.-affiliated
areas, Total deposits (sum of RCFN2623,
RCFN2625, and RCFN2238). Data are annual;
series is converted to quarterly by K-L method.
Unadjusted flow is the change in the level.

15. Change in miscellaneous liabilities
of banks in U.S.-affiliated areas

743193105

-.1

745080003

*

747005005

*

Component
12. Change in unidentified
miscellaneous assets of banks in
U.S.-affiliated areas

15a. Change in net worth of banks
in U.S.-affiliated areas

16. Discrepancy for banks in U.S.affiliated areasequwto gross
saving less gross investment


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Federal Reserve Bank of St. Louis

Explanation
Line 12a less lines 4, 6, 7, 8, 1 l a, and 12b.

Line 12a less lines 14 and 15a.
Year-end level from Report of Condition for banks
located in U.S.-affiliated areas, schedule RC, Total
equity capital (series RCON3210). Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

Sum of lines 1 and 13, less lines 2 and 3. The
discrepancy is a use of funds in the FOF accounts-


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Federal Reserve Bank of St. Louis

300

Guide to the Flow of Funds Accounts

Table F.116 Private Nonbank Financial Institutions
Private nonbank financial institutions consist
of the following sectors: savings and loan
associations (table F.118), mutual savings
banks (table F.119), credit unions (table
F.120), life insurance companies (table F.121),
other insurance companies (table F.122), pri­
vate pension funds (table F.123), state and
local government employee retirement funds

F.116

(table F.124), finance companies (table F.125),
mutual funds (table F.126), money market
mutual funds (table F.127), real estate invest­
ment trusts (table F.128), security brokers and
dealers (table F.129), and issuers of securi­
tized credit obligations (table F.130). Each
sector is described in the introduction to its
table.

Private Nonbank Financial Institutions (1)

Billions of dollars
FOF Code

1988

1989

1990

1991

1 Gross saving
2 Fixed nonres. investment
3 Multifamily resid. invest.

696000105
695013005
645012205

4 Net acq. of financial assets
Checkable dep.and currency
5
Time and savings deposits
6
Honey market fund shares
7
8
Security RPs
9
Foreign deposits

694090005
693020005
793030005
583034005
692050005
633091003

1.7
22.9
.3

-6.2
24.1
.2
501.1
2.0
10.8
3.7
20.1
-3.3

-6.1
24.7
.2

-7.5
24.1
.2

318.8
14.7
-22.9
15.9
6.8
.7

4
5
6
7
8
9

-1.6
28.0

479.1
-5.2
22.3
7.5
-3.8
-5.4
16.7
104.6

10
11

395.7
113.9
18.9
113.3
47.6
18.4
83.6

18.8
-1.7
279.9
156.7
36.7
85.9
-49.7
12.3
38.0

261.8
259.8
35.7
82.5
-91.4
1.7
-26.5

-1.0
2.8
44.7

-I.I
-3.7
2.0
9.5

16.3
1.9
62.8

-.5

19
20
21
22

519.1
-13.8
90.1
40.4
229.0
38.5
1.2

334.2
-106.6
70.3
2.1
190.4
67.9
7.6

480.2
-92.3
41.3
2.9
264.5
150.5
-1.0

23
24
25
26
27
28
29

48.5
39.2
.3
1.2
32.6
-24.7

7.3
53.5
.6
3.2
-11.9
-38.0

7.2
1.5
.2
-5.3
50.2

35.2
-5.3
.5
10.l
66.6

-15.6

-30.8

10
11

Mutual fund shares
Corporate equities

583064205
693064105

12
13
14
15
16
17
18

Credit market instruments
U.S. govt. securities
Tax-exempt securities
Corporate and fgn. bonds
Mortgages
Consumer credit
Other loans

694004005
693061005
693062005
693063005
693065005
693066005
693069005

19
20
21
22

Reserves at Fed. Reserve
Security credit
Trade credit
Miscellaneous assets

453013003
663067203
513070003
693090005

23 Net increase in liabilities
Thrift deposits
24
25
Honey market fund shares
Security RPs
26
27
Insur. & pension reserves
28
Mutual fund shares
29
Corporate equity issues

694190005
493139005
634000005
692150005
583154005
653164005
693164105

30
31
32
33
34
35

Credit market instr.uR1ents
Corporate bonds
Mortgages
Bank loans n.e.c.
Open market paper
Fed. Home Loan Bk. loans

694104005
693163005
643165003
693168005
683169175
403069200

36
37
38
39
40

Security credit
Trade debt
Taxes payable
Proprietor net investment
Miscellaneous liabilities

663167005
663170003
693178005
663180005
693190005

41 Discrepancy

697005005

486.1
6.4
6.3
1.6
8.3
8.1
6.6
-2.1
402.2
34.0
18.8
134.4
126.4
10.1
78.5
.4
1.7
6.8
39.8
476.1
67.5
21.9
2.7
199.0
6.1
1.6
89.5
11.1
.3
.6
57.8
19.7
1.3
4.3
.5
6.8
75.1
-31.5

Cl) Thrifts, insurance and pension funds, and other financial institutions.


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Federal Reserve Bank of St. Louis

-.8

64.3
42.1
If
1.9
31.2
-11.0
16.6
6.3
.3
3.8
42.5
-12.5

1
2
3

12
13
14
15
16
17
18

30
31
32
33
34
35
36
37
38
39
40
41

Table F.116

F.116. Private Nonbank Financial Institutions
Component

Code

1991 value
(billions
of dollars)

1. Gross saving of private nonbank
financial institutions

696000105

-7.5

Sum of lines l a through lj.

l a. Gross saving of savings and
loan associations

456000105

-3.7

Table F.118, line 1.

1b. Gross saving of mutual savings
banks

466000105

.3

Table F.119, line 1.

le. Gross saving of credit unions

476000105

1.0

Table F.120, line 1.

1d. Gross saving of life insurance
companies

546000105

-.3

Table F.121, line 1.

le. Gross saving of other insurance
companies

516000105

-.8

Table F.122, line 1.

lf. Gross saving of private pension

576300103

3.3

Table F.123, line 1.

lg. Gross saving of finance
companies

616000105

5.1

Table F.125, line 1.

lh. Gross saving of mutual funds

656006003

-12.0

Table F.126, line 1.

li. Gross saving of real estate

646000105

.2

Table F.128, line 1.

lj. Gross saving of security brokers
and dealers

666000105

-.7

Table F.129, line 1.

695013005

24.1

2a. Fixed nonresidential investment
by savings and loan
associations

455013003

.7

Table F.118, line 2.

2b. Fixed nonresidential investment
by mutual savings banks

465013003

.1

Table F.119, line 2.

2c. Fixed nonresidential investment
by credit unions

475013003

.7

Table F.120, line 2 .

2d. Fixed nonresidential investment
by life insurance companies

545013003

6.5

Table F.121, line 2.

2e. Fixed nonresidential investment
by other insurance companies

515013003

2.4

Table F.122, line 2.

2f. Fixed nonresidential investment
by private pension funds

575013003

5.8

Table F.123, line 2.

funds, equal to capital
consumption allowances

investment trusts

2· Fixed nonresidential investment
by private nonbank financial
institutions


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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 2a through 2i.

301

302

Guide to the Flow of Funds Accounts

F.116.

Private Nonbank Financial Institutions-Continued

Component

Code

1991 value
(billions
of dollars)

Explanation

2g. Fixed nonresidential investment
by finance companies

615013003

6.8

Table F.125, line 2.

2h. Fixed nonresidential investment
by real estate investment trusts

645013015

.4

Table F.128, line 2.

2i. Fixed nonresidential investment
by security brokers and dealers

665013003

.4

Table F.129, line 2.

3. Fixed multifamily residential
investment by real estate
investment trusts

645012205

.2

Table F.128, line 3.

4. Net acquisition of financial assets
by private nonbank financial
institutions

694090005

479.1

5. Change in checkable deposits and
currency held by private nonbank
financial institutions

693020005

-5.2

5a. Change in checkable deposits
and currency, excluding
deposits at Federal Reserve
Banks, held by savings and
loan associations

453020005

1.8

Table F.118, line 4.

5b. Change in checkable deposits
and currency held by mutual
savings banks

463020003

.2

Table F.119, line 4.

5c. Change in checkable deposits
and currency held by credit
unions

473020000

.6

Table F.120, line 4.

5d. Change in checkable deposits
and currency held by life
insurance companies

543020000

.5

Table F.121, line 4.

5e. Change in checkable deposits
and currency held by other
insurance companies

513020003

-1.1

Table F.122, line 4.

5f. Change in checkable deposits
and currency held by private
pension funds

573020003

-.5

Table F.123, line 4.


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Federal Reserve Bank of St. Louis

Sum of lines 5, 6, 7, 8, 9, 10, 11, 12, 19, 20, 21,
and 22.

Sum of lines 5a through 5k.

Table F.116

F,116.-Continued
Component

Code

1991 value
(billions
of dollars)

Explanation

5g. Change in checkable deposits
and currency held by state and
local government retirement
funds

223020003

.3

Table F.124, line 2.

5h. Change in checkable deposits
and currency held by finance
companies

613020003

1.2

Table F.125, line 4.

5i. Change in checkable deposits
and currency held by mutual
funds

653020003

3.6

Table F.126, line 3.

5j. Change in checkable deposits
and currency held by money
market mutual funds

633020003

-11.6

Table F.127, line 2.

5k. Change in checkable deposits
and currency held by security
brokers and dealers

663020003

-.1

Table F.129, line 4.

793030005

22.3

6a. Change in large time deposits
held by savings and loan
associations

453035003

-.3

Table F.118, line 5.

6b. Change in time deposits held by
credit unions

473030005

5.0

Table F.120, line 5.

6c. Change in large time deposits
held by private pension funds

573035003

8.0

Table F.123, line 5.

6d. Change in large time deposits
held by state and local
government retirement funds

223035005

-2.5

Table F.124, line 3.

6e. Change in large time deposits
held by money market mutual
funds

633035003

12.0

Table F.127, line 3.

583034005

7.5

Sum of lines 7a and 7b.

543034003

6.9

Table F.121, line 5.

6. Change in time and savings
deposits held by financial sectors

7 · Change
in money market mutual
fund shares held by insurance
companies and pension funds
7 a. Change in money market
mutual fund shares held by life
insurance companies


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Federal Reserve Bank of St. Louis

Sum of lines 6a through 6e.

303

304

Guide to the Flow of Funds Accounts

F.116. Private Nonbank Financial Institutions-Continued
1991 value
(billions
of dollars)

Component

Code

7b. Change in money market
mutual fund shares held by
private pension funds

573034003

.5

8. Changes in outstanding federal
funds sold by private nonbank
financial institutions and in loans
held by them under security
repurchase agreements

692050005

-3.8

Sum of lines 8a through 8e.

8a. Changes in outstanding federal
funds sold by savings and loan
associations and in loans held
by them under security
repurchase agreements

452050005

-7.1

Table F.118, line 6.

8b. Changes in outstanding federal
funds sold by mutual savings
banks and in loans held by them
under security repurchase
agreements

462050003

.5

Table F.119, line 5.

8c. Changes in outstanding federal
funds sold by credit unions and
in loans held by them under
security repurchase agreements

472050000

-1.4

Table F.120, line 8.

8d. Change in outstanding loans
held by other insurance
companies under security
repurchase agreements

512050003

-5.1

Table F.122, line 5.

8e. Change in outstanding loans
held by money market mutual
funds under security repurchase
agreements

632050003

9.3

Table F.127, line 4.

633091003

-5.4

Table F.127, line 5.

583064205

16.7

Sum of lines 10a and 10b.

543064203

8.5

9. Change in foreign deposits held
by money market mutual funds

10. Net purchases of mutual fund
shares by insurance companies
and pension funds
10a. Net purchases of mutual fund
shares by life insurance
companies


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Federal Reserve Bank of St. Louis

Explanation
Table F.123, line 6.

Table F.121, line 6.

Table F.116

F,116.-Continued
Component

Code

1991 value
(billions
of dollars)

Explanation
Table F.123, line 7.

573064203

8.3

693064105

104.6

l l a. Net purchases of corporate
equities by mutual savings
banks

463064003

-.4

Table F.119, line 6.

l l b. Net purchases of corporate
equities, other than mutual
fund shares, by life insurance
companies

543064105

15.4

Table F.121, line 7.

1 l c. Net purchases of corporate
equities by other insurance
companies

513064003

9.3

Table F.122, line 6.

l l d. Net purchases of corporate
equities, other than mutual
fund shares, by private pension
funds

573064105

11.9

Table F.123, line 8.

l l e. Net purchases of corporate
equities by state and local
government retirement funds

223064003

22.0

Table F.124, line 4.

1 l f. Net purchases of corporate
equities by mutual funds

653064000

44.6

Table F.126, line 4.

l l g. Net purchases of corporate
equities by security brokers
and dealers

663064003

1.8

Table F.129, line 5.

694004005

261.8

Sum of lines 13, 14, 15, 16, 17, and 18.

693061005

259.8

Sum of lines 13a through 13m.

453061103

-4.1

lOb. Net purchases of mutual fund
shares by private pension
funds

11. Net purchases of corporate
equities by private nonbank
financial institutions

12· Chang
e in credit market assets of
Private nonbank financial
institutions
13• Change U.S. government
in
securities held by private
nonbank financial institutions
13 a. Change in U.S. Treasury
securities held by savings and
loan associations


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Federal Reserve Bank of St. Louis

Sum of lines 1 l a through 1 l g.

Table F.118, line 8.

305

306

Guide to the Flow of Funds Accounts

F.116. Private Nonbank Financial Institutions-Continued

Code

1991 value
(billions
of dollars)

13b. Change in U.S. government
agency securities held by
savings and loan associations

453061705

-39.8

Table F.118, line 9.

13c. Change in U.S. Treasury
securities held by mutual
savings banks

463061103

3.2

Table F.119, line 8.

13d. Change in U.S. government
agency securities held by
mutual savings banks

463061705

-.9

Table F.119, line 9.

13e. Change in U.S. government
securities held by credit unions

473061005

9.7

Table F.120, line 10.

13f. Change in U.S. government
securities held by life
insurance companies

543061005

61.7

Table F.121, line 9.

13g. Change in U.S. government
securities held by other
insurance companies

513061005

25.0

Table F.122, line 8.

13h. Change in U.S. government
securities held by private
pension funds

573061005

32.2

Table F.123, line 10.

13i. Change in U.S. government
securities held by state and
local government retirement
funds

223061005

29.6

Table F.124, line 6.

13j. Change in U.S. government
securities held by mutual
funds

653061003

53.9

Table F.126, line 6.

13k. Change in U.S. government
securities held by money
market mutual funds

633061005

38.6

Table F.127, line 7.

131. Change in U.S. government
securities held by security
brokers and dealers

663061005

39.9

Table F.129, line 7.

13m. Change in U.S. government
agency securities held by
issuers of securitized credit
obligations

673061705

10.6

Table F.130, line 2.

Component


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Federal Reserve Bank of St. Louis

Explanation

Table F.116

F.116.-Continued

Component

Code

1991 value
(billions
of dollars)

14. Change in tax-exempt securities
held by private nonbank financial
institutions

693062005

35.7

14a. Change in tax-exempt
securities held by savings and
loan associations

453062003

-.2

Table F.118, line 10.

14b. Change in tax-exempt
securities held by mutual
savings banks

463062003

-.4

Table F.119, line 10.

14c. Change in tax-exempt
securities held by life
insurance companies

543062003

-2.1

Table F.121, line 12.

14d. Change in tax-exempt
securities held by other
insurance companies

513062003

2.1

Table F.122, line 11.

14e. Change in tax-exempt
securities held by private
pension funds

573062003

.4

Table F.123, line 13.

14f. Change in tax-exempt
securities held by state and
local government retirement
funds

223062003

.1

Table F.124, line 9.

14g. Change in tax-exempt
securities held by mutual
funds

653062005

28.0

Table F.126, line 9.

14h. Change in total net assets of
short-term municipal bond
funds

653062440

6.3

Table F.127, line 10.

14i. Change in tax-exempt
securities held by security
brokers and dealers

663062003

1.6

Table F.129, line 8.

lS. Change in corporate and foreign
bonds held by private nonbank
financial institutions

693063005

82.5

Sum of lines 15a through 15h.

15a. Change in corporate and
foreign bonds held by savings
and loan associations

453063005

-4.3

Table F.118, line 11.

15b. Change in corporate and
foreign bonds held by mutual
savings banks

463063003

1.4

Table F.119, line 11.


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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 14a through 14i.

307

308

Guide to the Flow of Funds Accounts

F.116. Private Nonbank Financial Institutions-Continued

Component

Code

1991 value
(billions
of dollars)

15c. Change in corporate and
foreign bonds held by life
insurance companies

543063005

28.2

Table F.121, line 13.

15d. Change in corporate and
foreign bonds held by other
insurance companies

513063003

8.0

Table F.122, line 12.

15e. Change in corporate and
foreign bonds held by private
pension funds

573063005

25.3

Table F.123, line 14.

15f. Change in corporate and
foreign bonds held by state
and local government
retirement funds

223063005

-.8

Table F.124, line 10.

15g. Change in corporate and
foreign bonds held by mutual
funds

653063003

12.8

Table F.126, line 10.

15h. Change in corporate and
foreign bonds held by security
brokers and dealers

663063003

12.0

Table F.129, line 9.

693065005

-91.4

Sum of lines 16a through 16i.

16a. Change in mortgages held by
savings and loan associations

453065005

-80.2

Table F.118, line 12.

16b. Change in mortgages held by
mutual savings banks

463065005

-14.2

Table F.119, line 12.

16c. Change in home mortgages
held by credit unions

473065105

2.6

Table F.120, line 13.

16d. Change in mortgages held by
life insurance companies

543065005

-2.6

Table F.121, line 14.

16e. Change in commercial
mortgages held by other
insurance companies

513065503

-.4

Table F.122, line 13.

16f. Change in mortgages held by
private pension funds

573065003

3.2

Table F.123, line 15.

16g. Change in mortgages held by
state and local government
retirement funds

223065005

.9

Table F.124, line 11.

16. Change in total mortgages held by
private nonbank financial
institutions


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Table E116

F,116,-C ontinued

Component

1991 value
(billions
of dollars)

Explanation

16h. Change in mortgages held by
finance companies and
mortgage companies

613065000

-.1

Table F.125, line 6.

16i. Change in mortgages held by
real estate investment trusts

643065003

-.7

Table F.128, line 5.

693066005

1.7

Sum of lines 17a through 17e.

17a. Change in reported total
consumer credit held by
savings and loan associations

453066003

-5.3

Table F.118, line 13.

17b. Change in consumer credit
held by mutual savings banks

463066005

-1.8

Table F.119, line 13.

17c. Change in installment
consumer credit held by credit
unions

473066100

-.8

Table F.120, line 14.

17d. Change in installment
consumer credit held by all
finance companies

613066105

-12.0

Table F.125, line 7.

l 7e. Change in consumer credit
held by issuers of securitized
credit obligations

673066003

21.7

Table F.130, line 3.

· Change in other loans and open
lllarket paper held by private
nonbank financial institutions

693069005

-26.5

l 8a. Change in business loans held
by savings and loan
associations

453069403

-7.0

Table F.118, line 14.

l 8b. Change in open market paper
held by savings and loan
associations

453069173

.0

Table F.118, line 15.

l 8c. Change in open market paper
held by mutual savings banks

463069705

-2.8

Table F.119, line 14.

lSd. Change in open market paper
held by life insurance
companies

543069105

-6.9

Table F.121, line 15.

l 7. Change in consumer credit held
by private nonbank financial
institutions

18

Code


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Sum of lines 18a through 181.

309

310

Guide to the Flow of Funds Accounts

F.116. Private Nonbank Financial Institutions-Continued

Component

Code

1991 value
(billions
of dollars)

Explanation

18e. Change in loans on life
insurance policies to the
household sector held by life
insurance companies

543069403

4.8

Table F.121, line 16.

18f. Change in open market paper
held by private pension funds

573069103

-.6

Table F.123, line 16.

18g. Change in open market paper
held by state and local
government retirement funds

223069103

7.1

Table F.124, line 12.

18h. Change in business loans held
by finance companies

613069500

-.9

Table F.125, line 8.

18i. Change in open market paper
held by mutual funds

653069705

-4.4

Table F.126, line 11.

18j. Change in open market paper
held by money market mutual
funds

633069175

-14.8

Table F.127, line 11.

18k. Change in open market paper
held by security brokers and
dealers

663069103

-4.4

Table F.129, line 10.

181. Change in business loans held
by issuers of securitized credit
obligations

673069503

3.3

Table F.130, line 4.

19. Change in reserve deposits held
by savings and loan associations
at Federal Reserve Banks

453013003

-.5

Level from FR Board, internal Money File,
Savings and loan association reserves at FR Bank5
(series 1383). Series based on depository
institution data collected periodically. Unadjusted
flow is the change in the level.

20. Change in security credit
provided to customers and held
by security brokers and dealers

663067203

16.3

Level from SEC tabulation of FOCUS and poGS
reports, sum of Receivables from customers
(series F820) and Receivables from noncustorner�
(F830). Unadjusted flow is the change in the leve ·

21. Change in trade credit held by
other insurance companies

513070003

1.9


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Table F.122, line 14.

Table Ell6

311

F.116.-Continued

Component
22. Change in total miscellaneous
assets of private nonbank
financial institutions

Code

1991 value
(billions
of dollars)

Explanation

693090005

62.8

22a. Change in total miscellaneous
assets of savings and loan
associations

453090005

-24.0

Table F.118, line 17.

22b. Change in unidentified
miscellaneous assets of mutual
savings banks

463093005

-2.1

Table F.119, line 15.

22c. Change in unidentified
miscellaneous assets of credit
unions

473090005

7.4

Table F.120, line 15.

22d. Change in total miscellaneous
assets of life insurance
companies

543090003

11.3

Table F.121, line 17.

22e. Change in identified
miscellaneous assets of other
insurance companies, equal to
their direct investment abroad

513092003

.2

Table F.122, line 15.

22f. Change in total miscellaneous
assets of private pension funds

573090005

15.7

Table F.123, line 17.

22g. Change in total miscellaneous
assets of finance companies

613090005

43.5

Table F.125, line 9.

22h. Change in unidentified
miscellaneous assets of money
market mutual funds

633093005

6.9

Table F.127, line 12.

22i. Change in unidentified
miscellaneous assets of real
estate investment trusts

643093005

.7

Table F.128, line 6.

22j. Change in total miscellaneous
assets of security brokers and
dealers

663090005

3.3

Table F.129, line 12.

694190005

480.2

Sum of lines 24, 25, 26, 27, 28, 29, 30, 36, 37, 38,
39, and 40.

493139005

-92.3

Sum of lines 24a, 24b, and 24c.

453139005

-104.2

23• Net increase in liabilities of
private nonbank financial
institutions
24· Cha
nge in deposit liabilities of
thrift institutions

24a. Change in deposit liabilities of
savings and loan associations


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Federal Reserve Bank of St. Louis

Sum of lines 22a through 22j.

Table F.118, line 19.

312

Guide to the Flow of Funds Accounts

F.116. Private Nonbank Financial Institutions-Continued

Code

1991 value
(billions
of dollars)

24b. Change in deposit liabilities of
mutual savings banks

463139005

-8.6

Table F.119, line 17.

24c. Change in reported total share
and deposit liabilities of credit
unions

473139000

20.5

Table F.120, line 17.

25. Net issuance of money market
mutual fund shares

634000005

41.3

Table F.127, line 13.

26. Change in outstanding
borrowings by private nonbank
financial institutions under
security repurchase agreements

692150005

2.9

26a. Change in outstanding loans to
savings and loan associations
under security repurchase
agreements

452150003

-20.8

Table F.118, line 23.

26b. Changes in outstanding federal
funds bought by mutual
savings banks and in
outstanding loans to them
under security repurchase
agreements

462150003

-1.9

Table F.119, line 21.

26c. Change in outstanding loans to
security brokers and dealers
under security repurchase
agreements, net of change in
loans held by them under such
agreements

662150005

25.7

Table F.129, line 15.

27. Change in liabilities of insurance
companies and pension funds for
life insurance and pension fund
reserves

583154005

264.5

27a. Change in life insurance
reserve liabilities of life
insurance companies

543140003

21.9

Table F.121, line 19.

27b. Change in pension fund
reserve liabilities of life
insurance companies

543150003

81.4

Table F.121, line 20.

27c. Change in liabilities of private
pension funds for pension fund
reserves

574090005

104.5

Component


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Sum of lines 26a, 26b, and 26c.

Sum of lines 27a, 27b, 27c, and 27d.

Table F.123, line 3; equal to net acquisition of
financial assets by private pension funds.

Table F.116

F.116.-Continued
Code

1991 value
(billions
of dollars)

224090005

56.7

28. Net issuance of mutual fund
shares

653164005

150.5

29. Net issuance of corporate equities
by private nonbank financial
institutions

693164105

-1.0

29a. Net issuance ofcorporate
equities by other insurance
companies

513164003

2.4

Table F.122, line 17.

29b. Net issuance ofcorporate
equities by real estate
investment trusts

643164005

2.4

Table F.128, line 8.

29c. Net issuance ofcorporate
equities by security brokers
and dealers

663164003

-5.7

Table F.129, line 14.

30. Change in credit market debt of
Private nonbank financial
institutions

694104005

7.3

Sum oflines 31, 32, 33, 34, and 35.

31. Change in corporate bond
liabilities of private nonbank
financial institutions

693163005

53.5

Sum oflines 31a, 31b, 31c, and 31d.

31a. Change in corporate bond
liabilities ofsavings and loan
associations

453163003

-4.1

Table F.118, line 25.

31b. Change in corporate bond
liabilities offinance companies

613163005

22.0

Table F.125, line 12.

3 lc. Change in corporate bond
liabilities ofreal estate
investment trusts

643163003

*

Table F.128, line 11.

31d. Change in corporate bond
liabilities ofissuers of
securitized credit obligations

673163005

35.6

Table F.130, line 5.

Component
27d. Change in liabilities ofstate
and local government
retirement funds for pension
fund reserves


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Table F.124, line 1; equal to net acquisition of
financial assets by state and local government
retirement funds.

Table F.126, line 12.

Sum oflines 29a, 29b, and 29c.

313

314

Guide to the Flow of Funds Accounts

F.116. Private Nonbank Financial Institutions-Continued

Component

Code

1991 value
(billions
of dollars)

Explanation

32. Change in mortgage debt of real
estate investment trusts

643165003

.6

33. Change in outstanding bank
loans, not elsewhere classified, to
nonbank financial institutions

693168005

3.2

Sum of lines 33a, 33b, and 33c.

33a. Change in outstanding bank
loans, not elsewhere classified,
to savings and loan
associations

453168003

-.8

Table F.118, line 26.

33b. Change in outstanding bank
loans, not elsewhere classified,
to finance companies

613168005

4.8

Table F.125, line 13.

33c. Change in outstanding bank
loans, not elsewhere classified,
to real estate investment trusts

643168005

-.8

Table F.128, line 12.

34. Change in open market paper
liabilities of financial institutions
other than depository institutions

683169175

-11.9

Sum of lines 34a and 34b.

34a. Change in open market paper
liabilities of finance companies

613169175

-12.2

Table F.125, line 14.

34b. Change in open market paper
liabilities of real estate
investment trusts

643169173

.3

Table F.128, line 13.

35. Change in loans to thrift
institutions held by Federal Home
Loan Banks

403069200

-38.0

Sum of lines 35a and 35b.

35a. Change in loans to savings and
loan associations held by
Federal Home Loan Banks

453169200

-34.6

Table F.118, line 27.

35b. Change in loans to mutual
savings banks held by Federal
Home Loan Banks

463169205

-3.5

Table F.119, line 22.

36. Change in security credit owed by
security brokers and dealers

663167005

35.2

Table F.129, line 16.


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Federal Reserve Bank of St. Louis

Table F.128, line 10 .

Table R116

F,116.-Continued
Code

1991 value
(billions
of dollars)

37. Change in trade debt of security
brokers and dealers

663170003

-5.3

38. Change in taxes payable by
private nonbank financial
institutions

693178005

.5

Sum of lines 38a through 38e.

38a. Change in taxes payable by
savings and loan associations

453178003

.2

Table F.118, line 28.

38b. Change in taxes payable by
life insurance companies

543178003

-.1

Table F.121, line 21.

38c. Change in taxes payable by
other insurance companies

513178003

.1

Table F.122, line 18.

38d. Change in taxes payable by
finance companies

613178003

.2

Table F.125, line 15.

38e. Change in taxes payable by
security brokers and dealers

663178003

.2

Table F.129, line 20.

39. Proprietors' net investment in
Unincorporated security brokers
and dealers

663180005

10.1

Table F.129, line 22.

40. Change in total miscellaneous
liabilities of private nonbank
financial institutions

693190005

66.6

Sum of lines 40a through 40h.

40a. Change in unidentified
miscellaneous liabilities of
savings and loan associations

453193005

-.2

Table F.118, line 29.

40b. Change in unidentified
miscellaneous liabilities of
mutual savings banks

463193005

-2.9

Table F.119, line 23.

40c. Change in unidentified
miscellaneous liabilities of
credit unions

473190005

.5

Table F.120, line 21.

40d. Change in total miscellaneous
liabilities of life insurance
companies

543190005

15.3

Table F.121, line 22.

40e. Change in total miscellaneous
liabilities of other insurance
companies

513190005

26.2

Table F.122, line 19.

Component


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Table F.129, line 19.

315

316

Guide to the Flow of Funds Accounts

F.116. Private Nonbank Financial Institutions-Continued

Code

1991 value
(billions
of dollars)

40f. Change in total miscellaneous
liabilities of finance companies

613190005

16.2

Table F.125, line 16.

40g. Change in unidentified
miscellaneous liabilities of real
estate investment trusts

643193003

*

Table F.128, line 14.

40h. Change in total miscellaneous
liabilities of security brokers
and dealers

663190005

11.5

Table F.129, line 21.

41. Sum of private nonbank financial
sector discrepancies

697005005

-30.8

41a. Discrepancy for savings and
loan associations, equal to
gross saving less gross
investment

457005005

2.0

Table F.118, line 30.

41b. Discrepancy for mutual
savings banks, equal to gross
saving less gross investment

467005005

.7

Table F.119, line 24.

41c. Discrepancy for credit unions,
equal to gross saving less
gross investment

477005005

-1.8

Table F.120, line 22.

41d. Discrepancy for life insurance
companies, equal to gross
saving less gross investment

547005005

-14.2

Table F.121, line 23.

4 l e. Discrepancy for other
insurance companies, equal to
gross saving less gross
investment

517005005

-14.4

Table F.122, line 20.

41f. Discrepancy for private
pension funds, equal to gross
saving less gross investment

577005005

-2.6

Table F.123, line 18.

41g. Discrepancy for finance
companies, equal to gross
saving less gross investment

617005005

-2.5

Table F.125, line 17.

41h. Discrepancy for real estate
investment trusts, equal to
gross saving less gross
investment

647005005

2.0

Table F.128, line 15.

Component


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Sum of lines 41a through 41i; also the sum of
lines 1 and 23, less lines 2, 3, and 4. The
discrepancy is a use of funds in the FOF accounts.

Table E116

F.116.-Continued
Component
4 li. Discrepancy for security
brokers and dealers, equal to
gross saving less gross
investment


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Code

1991 value
(billions
of dollars)

667005005

.1

Explanation
Table F.129, line 23.

317

318

Guide to the Flow of Funds Accounts

Table F.117

Thrift Institutions
group, thrift institutions represent all nonbank
depositories.

Th is table s ummarizes data for thrift
institutions-savings and loan associations,
mutual savings banks, and credit un ions. As a

F.117

Thrift Institutions (1)

Billions of dollars
FOF Code

1988

1989

1990

1991

496000105
495013005

3.3
1.7

494090005
493020005
493030005
492050005

123.7
1.0
-3.4
2.6

-1.4
1.6

.2
1.6

-2.3
1.6

1
2

-165.2
2.6
4.7

463064003
494004005
493061005
493062005
493063005

.4
119.0
10.6
.2
7.3

3
4
5
6

88.l
77.0

-10.6
1.2
-4.8
-7.l

-1.5
-151.9
-20.4
.4
-21.l

-.4
-144.9
-31.9
- .6
-3.0

7
8
9
10
11

493065005
493065105
493065405
493065505
463065603

.3
-91.0
-58.9
-.2
-17.1

-147.4
-.3
.4
-.4

-87.2
-47.7
-14.2
-25.2

-91.7
-57.4
-11.9
-22.4

493066105
493066203
453069403
493069175
453013003
493090005

9.9
-1.2
2.6
1.6
.4
3.7

12
13
14
15
16

-7.5
-.5
-7.0
-2.8

23 Net increase in liabilities
Deposits
24
Checkable
25
26
Small time and savings
Large time
27
Security RPs
28
Cr. mkt. instr.
29
Taxes payable
30
Miscellaneous liabilities
31

494190005
493139005
493127005
493131005
493135005
492150005
494102005
453178003
493190005

118.4
67.5

-10.3
-.6
-8.l
-4.6
-1.1
7.5

-18.7

17
18
19
20
21
22

32 Discrepancy

497005005

-3.7

-136.9
-106.6
-3.l
-61.9
-41.6
-14.7
-30.4
-.2
15.0

-160.5
-92.3
8.7
-63.2
-37.8
-22.8
-42.9
.2
-2.6

23
24
25
26
27
28
29
30
31

9.2

.8

32

1 Gross saving
2 Fixed nonres. investment
3 Net acq. of financial assets
Checkable dep.and currency
4
5
Time deposits
6
Security RPs
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

Corporate equities
Credit market instruments
U.S. govt. securities
Tax-exempt securities
Corporate bonds
Mortgages
Home
Multifamily
Commercial
Farm
Consumer install. credit
Consumer noninstall.credit
Other loans(to business)
Open market paper
Reserves at Fed. Reserve
Miscellaneous assets

5.6
5.4

.o

8.3

47.7
11.6
15.8
21.8
.1
13.2

Cl) Savings and loan associations, mutual savings banks, and credit unions.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

-82.1
-.2
-4.8
7.0

M

-1.4

-.3

-2.2
-.4
-.8
7.3
-72.8

-13.8
.4
.3
-14.5
-45.7
-15.5
-.l

2.4
6.3

M

-8.0

M

-.5

Table F.117

F.117. Thrift Institutions
1991 value
(billions
of dollars)

Component

Code

1. Gross saving of thrift institutions

496000105

-2.3

Sum of lines la, lb, and le.

l a. Gross saving of savings and
loan associations

456000105

-3.7

Table F.118, line 1.

1b. Gross saving of mutual savings
banks

466000105

.3

Table F.119, line 1.

le. Gross saving of credit unions

476000105

1.0

Table F.120, line 1.

2. Fixed nonresidential investment
by thrift institutions

495013005

1.6

Sum of lines 2a, 2b, and 2c.

2a. Fixed nonresidential investment
by savings and loan
associations

455013003

.7

Table F.118, line 2.

2b. Fixed nonresidential investment
by mutual savings banks

465013003

.1

Table F.119, line 2.

2c. Fixed nonresidential investment
by credit unions

475013003

.7

Table F.120, line 2.

3. Net acquisition of financial assets
by thrift institutions

494090005

-165.2

4. Change in checkable deposits and
currency held by thrift
institutions

493020005

2.6

Sum of lines 4a, 4b, and 4c.

4a. Change in checkable deposits
and currency, excluding
deposits at Federal Reserve
Banks, held by savings and loan
associations

453020005

1.8

Table F.118, line 4.

4b. Change in checkable deposits
and currency held by mutual
savings banks

463020003

.2

Table F.119, line 4.

4c. Change in checkable deposits
and currency held by credit
unions

473020000

.6

Table F.120, line 4.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Sum of lines 4, 5, 6, 7, 8, 21, and 22.

319

320

Guide to the Flow of Funds Accounts

F.117.

Thrift Institutions-Continued

1991 value
(billions
of dollars)

Component

Code

5. Change in time deposits held by
thrift institutions

493030005

4.7

Sum of lines 5a and 5b.

5a. Change in large time deposits
held by savings and loan
associations

453035003

-.3

Table F.118, line 5.

5b. Change in time deposits held by
credit unions

473030005

5.0

Table F.120, line 5.

6. Changes in outstanding federal
funds sold by thrift institutions
and in loans held by them under
security repurchase agreements

492050005

-8.0

Sum of lines 6a, 6b, and 6c.

6a. Changes in outstanding federal
funds sold by savings and loan
associations and in loans held
by them under security
repurchase agreements

452050005

-7.1

Table F.118, line 6.

6b. Changes in outstanding federal
funds sold by mutual savings
banks and in loans held by them
under security repurchase
agreements

462050003

.5

Table F.119, line 5.

6c. Changes in outstanding federal
funds sold by credit unions and
in loans held by them under
security repurchase agreements

472050000

-1.4

Table F.120, line 8.

7. Net purchases of corporate
equities by mutual savings banks

463064003

-.4

Table F.119, line 6.

8. Change in credit market assets of
thrift institutions

494004005

-144.9

9. Change in U.S. government
securities helcl by thrift
institutions

493061005

-31.9

Sum of lines 9a, 9b, and 9c.

453061005

-43.8

Table F.118, sum of lines 8 and 9.

9a. Change in U.S. government
securities held by savings and
loan associations


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Sum of lines 9, 10, 11, 12, 17, 18, 19, and 20.

Table F.117

F,117.-Continued
1991 value
(billions
of dollars)

Explanation

Component

Code

9b. Change in U.S. government
securities held by mutual
savings banks

463061005

2.3

Table F.119, sum of lines 8 and 9.

9c. Change in U.S. government
securities held by credit unions

473061005

9.7

Table F.120, line 10.

493062005

-.6

Sum of lines 10a and 10b.

10a. Change in tax-exempt
securities held by savings and
loan associations

453062003

-.2

Table F.118, line 10.

lOb. Change in tax-exempt
securities held by mutual
savings banks

463062003

-.4

Table F.119, line 10.

11. Change in corporate and foreign
bonds held by thrift institutions

493063005

-3.0

Sum of lines 1 l a and 1 l b.

11 a. Change in corporate and
foreign bonds held by savings
and loan associations

453063005

--4.3

Table F.118, line 11.

11b. Change in corporate and
foreign bonds held by mutual
savings banks

463063003

1.4

Table F.119, line 11.

12, Change in mortgages held by
thrift institutions

493065005

-91.7

Sum of lines 13, 14, 15, and 16.

13• Change in home mortgages held
by thrift institutions

493065105

-57.4

Sum of lines 13a, 13b, and 13c.

13a. Change in home mortgages
held by savings and loan
associations

453065105

-51.9

Table F.118, sum of lines 12a and 12b, less
line 12c, and less lines 14a and 15a below.
Also table F.217, line 14.

13b. Change in home mortgages
held by mutual savings banks

463065103

-8.1

Table F.119, line 12a.

1 3c. Change in home mortgages
held by credit unions

473065105

2.6

Table F.120, line 13.

10. Change in tax-exempt securities
held by thrift institutions


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Federal Reserve Bank of St. Louis

321

322

Guide to the Flow of Funds Accounts

F.117. Thrift lnstitutions----Continued

Component

Code

1991 value
(billions
of dollars)

14. Change in multifamily mortgages
held by thrift institutions

493065405

-11.9

Sum of lines 14a and 14b.

14a. Change in multifamily
mortgages held by savings and
loan associations

453065403

-10.2

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are derived from Thrift Financial
Report. Unadjusted flow is the change in the level.

14b. Change in multifamily
mortgages held by mutual
savings banks

463065403

-1.7

15. Change in commercial mortgages
held by thrift institutions

493065505

-22.4

Sum of lines 15a and 15b.

15a. Change in commercial
mortgages held by savings and
loan associations

453065503

-18.1

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are derived from Thrift Financial
Report. Unadjusted flow is the change in the level.

15b. Change in commercial
mortgages held by mutual
savings banks

463065503

-4.4

Table F.119, line 12c.

16. Change in farm mortgages held
by mutual savings banks

463065603

*

Table F.119, line 12d.

17. Change in installment consumer
credit held by savings and loan
associations and mutual savings
banks

493066105

-7.5

Sum of lines 17a, 17b, and 17c.

17a. Change in installment
consumer credit held by
savings and loan associations

453066105

-5.1

Table F.221, line 9.

17b. Change in installment
consumer credit held by
mutual savings banks

463066105

-1.6

Table F.221, line 10.

17c. Change in installment
consumer credit held by credit
unions

473066100

-.8

Table F.120, line 14.


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Federal Reserve Bank of St. Louis

Explanation

Table F.119, line 12b.

Table F.117

323

F.117 .-Continued
1991 value
(billions
of dollars)

Component

Code

18. Change in noninstallment
consumer credit held by savings
and loan associations and mutual
savings banks

493066203

-.5

19. Change in business loans held by
savings and loan associations

453069403

-7.0

Table F.118, line 14.

20. Change in open market paper
held by thrift institutions

493069175

-2.8

Sum of lines 20a and 20b.

20a. Change in open market paper
held by savings and loan
associations

453069173

.0

Table F.118, line 15.

20b. Change in open market paper
held by mutual savings banks

463069705

-2.8

Table F.119, line 14.

21. Change in reserve deposits held
by savings and loan associations
at Federal Reserve Banks

453013003

-.5

Table F.118, line 16.

22. Change in total miscellaneous
assets of thrift institutions

493090005

-18.7

Sum of lines 22a, 22b, and 22c.

22a. Change in total miscellaneous
assets of savings and loan
associations

453090005

-24.0

Table F.118, line 17.

22b. Change in unidentified
miscellaneous assets of mutual
savings banks

463093005

-2.1

Table F.119, line 15.

22c. Change in unidentified
miscellaneous assets of credit
unions

473090005

7.4

Table F.120, line 15.

23• Net in
crease in liabilities of thrift
institutions

494190005

-160.5

24. Chan
ge in deposit liabilities of
thrift institutions

493139005

-92.3


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Federal Reserve Bank of St. Louis

Explanation
Level estimated by FR Board, Mortgage and
Consumer Finance Section, as 5 percent of total
consumer credit provided by thrift institutions,
excluding credit unions, from quarterly Report of
Condition for mutual savings banks and from
Thrift Financial Report. Unadjusted flow is the
change in the level.

Sum of lines 24, 28, 29, 30, and 31.

Sum of lines 25, 26, and 27.

324

Guide to the Flow of Funds Accounts

F.117. Thrift Institutions-Continued
Component

Code

1991 value
(billions
of dollars)

Explanation

493127005

8.7

Sum of lines 25a, 25b, and 25c.

25a. Change in checkable deposit
liabilities of savings and loan
associations

453127005

1.8

Table F.118, line 20.

25b. Change in checkable deposit
liabilities of mutual savings
banks

463127003

1.8

Table F.119, line 18.

25c. Change in checkable deposit
liabilities of credit unions

473127000

5.1

Table F.120, line 18.

493131005

-63.2

Sum of lines 26a, 26b, and 26c.

26a. Change in small time and
savings deposit liabilities of
savings and loan associations

453131005

-91.6

Table F.118, line 21.

26b. Change in small time and
savings deposit liabilities of
mutual savings banks

463131005

13.0

Table F.119, line 19.

26c. Change in small time and
savings deposit liabilities of
credit unions

473131005

15.5

Table F.120, line 19.

493135005

-37.8

Sum of lines 27a, 27b, and 27c.

27a. Change in large time deposit
liabilities of savings and loan
associations

453135003

-14.4

Table F.118, line 22.

27b. Change in large time deposit
liabilities of mutual savings
banks

463135005

-23.3

Table F.119, line 20.

27c. Change in large time deposit
liabilities of credit unions

473135000

*

Table F.120, line 20.

25. Change in checkable deposit
liabilities of thrift institutions

26. Change in small time and savings
deposit liabilities of thrift
institutions

27. Change in large time deposit
liabilities of thrift institutions


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Federal Reserve Bank of St. Louis

Table F.117

F.117.-C ontinued

Code

1991 value
(billions
of dollars)

492150005

-22.8

Sum of lines 28a and 28b.

28a. Change in outstanding loans to
savings and loan associations
under security repurchase
agreements

452150003

-20.8

Table F.118, line 23.

28b. Changes in outstanding federal
funds bought by mutual
savings banks and in
outstanding loans to them
under security repurchase
agreements

462150003

-1.9

Table F.119, line 21.

29. Change in credit market debt of
thrift institutions

494102005

-42.9

Sum of lines 29a and 29b.

29a. Change in credit market debt
of savings and loan
associations

454102005

-39.5

Table F.118, line 24.

29b. Change in loans to mutual
savings banks held by Federal
Home Loan Banks

463169205

-3.5

Table F.119, line 22.

30. Change in taxes payable by
savings and loan associations

453178003

.2

Table F.118, line 28.

31• Change in total miscellaneous

493190005

-2.6

3 l a. Change in unidentified
miscellaneous liabilities of
savings and loan associations

453193005

-.2

Table F.118, line 29.

31b. Change in unidentified
miscellaneous liabilities of
mutual savings banks

463193005

-2.9

Table F.119, line 23.

3 le. Change in unidentified
miscellaneous liabilities of
credit unions

473190005

.5

Table F.120, line 21.

Component
28. Change in outstanding
borrowings by thrift institutions
under security repurchase
agreements

liabilities of thrift institutions


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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 31a, 31b, and 3 lc.

325

326

Guide to the Flow of Funds Accounts

F.117. Thrift Institutions-Continued

1991 value
(billions
of dollars)

Component

Code

32. Discrepancy for thrift institutions,
equal to gross saving less gross
investment

497005005

.8

32a. Discrepancy for savings and
loan associations, equal to
gross saving less gross
investment

457005005

2.0

Table F.118, line 30.

32b. Discrepancy for mutual
savings banks, equal to gross
saving less gross investment

467005005

.7

Table F.119, line 24.

32c. Discrepancy for credit unions,
equal to gross saving less
gross investment

477005005

-1.8

Table F.120, line 22.


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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 32a, 32b, and 32c; also the sum of
lines 1 and 23, less lines 2 and 3. The discrepancy
is a use of funds in the FOF accounts.


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Federal Reserve Bank of St. Louis

328

Guide to the Flow of Funds Accounts

Table F.118 Savings and Loan Associations
sured and noninsured, and data were collected
by the former Federal Home Loan Bank Board
(FHLBB). Included in the group were ten
federal savings banks together holding
$18 billion in assets at the end of December
1988 that were insured by the Federal Savings
and Loan Insurance Corporation (FSLIC) but
were also part of the universe of mutual sav­
ings banks; these institutions were excluded
from the savings and loan associations sector
in the flow of funds accounts. Since June
1988, savings and loan associations have been
classified by insurance coverage, and the ten
federal savings banks, now insured by SAIF,
are included in the savings and loan associa­
tions sector.

This sector comprises depository institutions
insured by the Federal Deposit Insurance Cor­
poration's (FDIC) Savings Association Insur­
ance Fund (SAIF). It includes both savings
and loan associations and federal savings
banks; however, most federal savings banks
are insured by the FDIC' s Bank Insurance
Fund (BIF), and those institutions are part of
the mutual savings banks sector (table F.119).
Reports of condition filed quarterly with the
Office of Thrift Supervision are the major
source of data for the savings and loan associ­
ations sector.
Before June 1988, the universe of savings
and loan associations consisted of all operat­
ing savings and loan associations, both in-

F.118

Savings and Loan Associations Cl)

Billions of dollars
FOF Code
1988
----------------------------1989
------------------------1990
----------1991
--------------l Gross saving
2 Fixed nonres. invest11ent

3 Net acq. of financial assets
Checkable dep. & currency
4
Time deposits
5
6
Fed. funds & security RPs

7

8

9

10

11

12
13
14
15
16
17

Credit market instruments
U.S. Treasury securities
U.S. govt. agency secur.
Tax-exempt securities
Corporate and fgn. bonds
Hortgages
Consumer credit
Other loansCto business)
Open market paper
Reserves at Fed. Reserve
Hiscellaneous assets

18 Net increase in liabilities
Deposits
19
Checkable
20
21
Small time and savings
Lar�e time
22
Security RPs
23

24
25
26
27

28
29

Credit 11arket instruments
Corporate bonds
Bank loans n.e.c.
Fed. Home Loan Bk. loans
Taxes payable
Hiscellaneous liabilities

30 Discrepancy
(l)

456000105
455013003

1.3

-3.6

-1.l

-3.7

1

454090005
453020005
453035003
452050005

87.0
-.5

-88.9

-144.Z

3

454002005
453061103
453061705
453062003
453063005
453065005
453066003
453069403

87.4
-8.6
21.7

-143.9

-140.9
-4.l
-39.8

1.7

-93.9
-6.9
-47.0
-.3
-14.7
-17.6
-4.9

-170.9
1.8
-.3
-7.l

.4
-Z.6

-.8
5.3

-1.l

453069173
453013003
453090005

454190005

453139005
453127005
453131005
453135003
452150003
454102005
453163003
453168003
453169200
453178003

453193005

457005005

Savings and loan associations and federal savings
banks insured by SAIF (formerly FSLIC).


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Federal Reserve Bank of St. Louis

.9

llf

Z.l

.3

8.7
60.Z
Z.6
.8

83.8
38.8

5.1
23.9
9.7
13.7
19.9

1.9
.3

17.8

.1

11.4

-2.7

.7
.7

-Z.l
1.9

-2.Z
-1.1

-78.l
-26.Z

-1.3

-8.5
-16.5
-42.8
-14.l
-3.4

-1.1

-9.6

-.1

5.Z

6.4

.7

.z
-.1
-z.z
-.z

-Zl.4
.1
-19.4
-84.l
-10.9
-8.l
.0

.7

-.z

-4.3
-80.Z
-5.3
-7.0

.o

-.5

2.9

-24.0

-135.3
-110.3
-4.9
-78.9
-26.5

-164.5
-104.Z
1.8
-91.6

-29.9
-5.6
-.1
-24.Z

-39.5
-4.l
-.8
-34.6

-12.4

-.z

17.5

7.1

-14.4

-Z0.8

.z
-.z
z.o

2

4
5
6

7

8
9
10
11

12
13

14
15
16

17

18
19

20
21
22
23

24
25
26

27

28
29

30

Table R118

329

F,118. Savings and Loan Associations
1991 value
(billions
of dollars)

Component

Code

1. Gross saving of savings and loan
associations

456000105

-3.7

Sum of lines la and l b.

la. Undistributed profits of savings
and loan associations

456006003

-4.1

Special tabulation of undistributed profits of
savings and loan associations, provided by BEA.
Quarterly data available once a year.

1 b. Capital consumption allowances
for savings and loan
associations

456300103

.5

Capital consumption allowances on nonresidential
equipment and structures owned by depository
institutions, valued at current cost, from BEA
Wealth Data Tape (section 2, series 543,
category 4), multiplied by share of savings and
loan associations in depository institution total
(percentage share for savings and loan associations
is FOF Section estimate based on unpublished
data from Bureau of the Census). Data are annual;
series is converted to quarterly by ratio method,
using NIPA total capital consumption allowances
(FOF series 896300003, table F.1, line 61) as the
denominator.

2· Fixed nonresidential investment
by savings and loan associations

455013003

.7

Investment in nonresidential equipment and
structures by depository institutions, valued at
historical cost, from BEA Wealth Data Tape
(section 4, series 255), multiplied by share of
savings and loan associations in depository
institution total (percentage share for savings and
loan associations is FOF Section estimate based
on unpublished data from Bureau of the Census).
Data are annual; series is converted to quarterly
by ratio method, using NIPA total investment in
nonresidential plant and equipment (FOF series
895013001, table F.1, line 15) as the denominator.

3• Net acquisition of financial assets
by savings and loan associations

454090005

-170.9

453020005

1.8

Line 4a less line 16.

453020003

1.3

Level from Thrift Financial Report, schedule SC,
Cash and non-interest-earning deposits (series
SVGL0626). Unadjusted flow is the change
in the level.

4• Change
in checkable deposits and
cur rency, excluding deposits at
Fe�er al Reserve Banks, held by
savmgs and loan associations

4a. Change in checkable deposits
and currency, including deposits
at Federal Reserve Banks, held
by savings and loan
associations


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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 4, 5, 6, 7, 16, and 17.

Guide to the Flow of Funds Accounts

330

F.118.

Savings and Loan Associations-Continued

Component

Code

1991 value
(billions
of dollars)

Explanation
Level from Thrift Financial Report, schedule SC,
Other interest-earning deposits (series
SVGL0438). Unadjusted flow is the change
in the level.

S. Change in large time deposits
held by savings and loan
associations

453035003

-.3

6. Changes in outstanding federal
funds sold by savings and loan
associations and in loans held by
them under security repurchase
agreements

452050005

-7.1

Sum of lines 6a and 6b.

6a. Changes in outstanding reported
federal funds sold by savings
and loan associations and in
loans held by them under
security repurchase agreements

452050003

-7.1

Level from Thrift Financial Report, schedule SC,
Federal funds sold (series SVGL0439). Includes
some overnight deposits held at FHLBs. Since
March 1990, has not included securities and
deposits held subject to repurchase agreements
because of a change in the reporting form; they are
now included with corporate bonds. Unadjusted
flow is the change in the level.

6b. Adjustment for deposits held by
savings and loan associations at
Federal Home Loan Banks and
reported by the savings and
loans as security repurchase
agreements

453091090

.0

For 1976-89, level was the difference between
deposit liabilities to savings and loan associations,
from combined statement of condition for FHLBS,
and deposits held at FHLBs, as shown on the
Thrift Financial Report (at that time, savings and
loan associations reported deposits at FHLBs that
earned the federal funds rate as securities and
deposits subject to repurchase agreements). As of
1990, both types of deposits have been included
with corporate bonds. Unadjusted flow is the
change in the level.

7. Change in credit market assets of
savings and loan associations

454002005

-140.9

8. Change in U.S. Treasury securities
held by savings and loan
associations

453061103

-4.1


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Federal Reserve Bank of St. Louis

Sum of lines 8, 9, 10, 11, 12, 13, 14, and 15.

Level from Thrift Financial Report, schedule SC,
U.S. government securities (series SVGL0433).
Unadjusted flow is the change in the level.

Table F.118

331

F,118,-Continued

Component

Code

1991 value
(billions
of dollars)

9. Change in U.S. government
agency securities held by savings
and loan associations

453061705

-39.8

Sum of lines 9a and 9b, less line 9c.

9a. Change in U.S. government
agency securities held by
savings and loan associations,
excluding mortgage-backed
securities

453061703

-12.0

Level from Thrift Financial Report, schedule SC,
Federal agency securities (sum of series
SVGL0434 and SVGL0435). For 1987-89, FSLIC
notes were not included in SVGL0434 and had to
be added in. Unadjusted flow is the change in the
level.

9b. Change in mortgage-backed
securities held by savings and
loan associations

453061753

-27.8

Level from Thrift Financial Report, schedule SC,
Mortgage pool securities insured or guaranteed by
an agency or instrument of the U.S. (series
SVGL3598). Unadjusted flow is the change
in the level.

9c. Change in mortgage-backed
securities held by dual-reporting
savings institutions

483061753

.0

Special tabulation by the former FHLBB of
mortgage-backed securities held by FSLIC-insured
thrift institutions that were also members of the
National Association of Mutual Savings Banks
and were therefore included in statistics for both
savings and loan associations and mutual savings
banks. Value has been zero since 1988:Ql.

453062003

-.2

Level from Thrift Financial Report, schedule SC,
State and municipal obligations (series
SVGL0440). Unadjusted flow is the change in the
level.

453063005

-4.3

Line l la less lines 4, 5, 6, 8, 9a, 10, l l b, l l c, 15,
and 16.

l l a. Change in cash, deposits, and
investments held by savings
and loan associations

454001003

-25.5

Level from Thrift Financial Report, schedule SC,
Cash, deposits, and investment securities (series
SVGL0658). Unadjusted flow is the change in the
level.

11b. Change in cash, deposits, and
mvestments held by
?ual-reporting savings
mstitutions

484001003

.0

Special tabulation by the former FHLBB of cash,
deposits, and investments held by FSLIC-insured
thrift institutions that were also members of the
National Association of Mutual Savings Banks
and were therefore included in statistics for both
savings and loan associations and mutual savings
banks. Value has been zero since 1988:Ql.

Ile. Change in deposit
s held by
savings and loan associations
at Federal Home Loan Banks

403191000

1.0

Level from combined statement of condition for
FHLBs, total deposits. Unadjusted flow is the
change in the level.

lO. Chang ·
· ·
e m tax-exempt secunties
held by savings and loan
8Ssociations

lI. Change
in corporate and foreign
bonds held by savings and loan
associations


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Federal Reserve Bank of St. Louis

Explanation

332

Guide to the Flow of Funds Accounts

F.118. Savings and Loan Associations-Continued

Code

1991 value
(billions
of dollars)

453065005

-80.2

Sum of lines 12a and 12b, less line 12c.

12a. Change in reported total
mortgages held by savings and
loan associations

453065013

-82.1

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are from Thrift Financial Report,
schedule SC, sum of Mortgage loans (series
SVGL0446) and Open-end revolving loans
secured by one- to four-family residences
(SVGL2705), less Mortgage loans in process
(SVGL3067). Unadjusted flow is the change
in the level.

12b. Change in private mortgage
pool securities held by savings
and loan associations

453065773

2.0

12c. Change in liabilities of savings
and loan associations for
mortgage loans in process

453165103

.0

13. Change in reported total
consumer credit held by savings
and loan associations

453066003

-5.3

Level from Thrift Financial Report, schedule SC,
Consumer loans (series SVGL0656), less
Open-end revolving loans secured by one- to
four-family residences (SVGL2705). Unadjusted
flow is the change in the level.

14. Change in business loans held by
savings and loan associations

453069403

-7.0

Level from Thrift Financial Report, schedule. SC, d
Commercial loans (series SVGL0655). UnadJUste
flow is the change in the level.

15. Change in open market paper
held by savings and loan
associations

453069173

.0

Since March 1990, open market paper has not
been shown separately on the Thrift Financial
Report; the data are now included with corporate
bonds.

16. Change in reserve deposits held
by savings and loan associations
at Federal Reserve Banks

453013003

-.5

Level from FR Board, internal Money File,
Savings and loan association reserves at FR Banl{S
(series 1383). Series based on depository
institution data collected periodically. Unadjusted
flow is the change in the level.

Component
12. Change in mortgages held by
savings and loan associations


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Federal Reserve Bank of St. Louis

Explanation

Level from Thrift Financial Report, schedule SC,
Mortgage pool securities other than those issued
or guaranteed by an agency or instrument of the
U.S. (series SVGL3599). Unadjusted flow is the
change in the level.
Level from Thrift Financial Report, schedule SC,
Mortgage loans in process (series SVGL3067).
Value in the FOP Section data base has been zero
since September 1982 because loans in process .
have been excluded from mortgage loan categones
since then. Unadjusted flow is the change in the
level.

Table E118

333

F,118,-C ontinued

Code

1991 value
(billions
of dollars)

453090005

-24.0

Line l l c plus line 17a net of 17b; less line 9b net
of 9c, line 1 l a net of l l b, and lines 12, 13, 14, and
17c.

17a. Change in reported total assets
of savings and loan
associations

454090453

-172.4

Level from Thrift Financial Report, schedule SC,
Total assets (including fixed) gross of contra-assets
and valuation allowances (sum of series
SVGL2170, SVGL0451, SVGL0452, SVGL0444,
SVGL0445, SVGL0460, SVGL0466, SVGL0856,
SVGL0873, SVGL2709, SVGL2719, SVGL3068,
and SVGL3601). Since September 1982, has
excluded mortgage loans in process. Unadjusted
flow is the change in the level.

17b. Change in reported total assets
of dual-reporting savings
institutions

484090423

.0

Special tabulation by the former FHLBB of total
assets held by FSLIC-insured thrift institutions
that were also members of the National
Association of Mutual Savings Banlcs and were
therefore included in statistics for both savings
and loan associations and mutual savings banlcs.
Value has been zero since 1988:Ql.

l 7c. Change in fixed assets of
savings and loan associations,
at book value

455013103

-1.6

Level from Thrift Financial Report, schedule SC,
Office premises and equipment (series
SVGL0618). Unadjusted flow is the change
in the level.

454190005

-164.5

Sum of lines 19, 23, 24, 28, and 29.

453139005

-104.2

Sum of lines 20, 21, and 22.

453127005

1.8

Line 20a less line 20b.

443127003

3.6

Level from FR Board, internal Money File, sum
of Other checkable deposits held by savings and
loan associations (sum of series 130, 131, and 132)
and Other checkable deposits held by mutual
savings banks and federal savings banks (sum of
134, 135, and 136). Series based on depository
institution data collected periodically. Unadjusted
flow is the change in the level.

Component
17, Change in total miscellaneous
assets of savings and loan
associations

18

· Net increase in liabilities of
s avings and loan associations

19·

change in deposit liabilities of
savings and loan associations

20. Ch
g in checkable deposit
� s of savin and loan
Iiab�
ilitie
gs
associations
2oa. Change in checkable deposit

li abilities of savings and loan
associations and mutual
savings banks


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Federal Reserve Bank of St. Louis

Explanation

334

Guide to the Flow of Funds Accounts

F.118. Savings and Loan Associations-Continued
Component

Code

1991 value
(billions
of dollars)

Explanation

463127003

1.8

453131005

-91.6

21a. Change in reported total
deposit liabilities of savings
and loan associations

453139003

-104.0

21b. Change in reported total
deposit liabilities of
dual-reporting savings
institutions

483139003

.0

Special tabulation by the former FHLBB of total
deposit liabilities of FSLIC-insured thrift
institutions that were also members of the National
Association of Mutual Savings Banks and were
therefore included in statistics for both savings
and loan associations and mutual savings banksValue has been zero since 1988:Ql.

21c. Change in retail repurchase
agreement liabilities of savings
and loan associations

453139703

-. 2

Level from FR Board, internal Money File (series
381). Series based on depository institution data
collected periodically. Unadjusted flow is the
change in the level.

22. Change in large time deposit
liabilities of savings and loan
associations

453135003

-14.4

Level from Thrift Financial Report, schedule SI,
Deposits with balances greater than $100,000
(sum of series SVGL0987 and SVGL0988).
Unadjusted flow is the change in the level.

23. Change in outstanding loans to
savings and loan associations
under security repurchase
agreements

452150003

-20.8

Level from Thrift Financial Report, schedule SC,
Reverse repurchase agreements (series
SVGL2023). Unadjusted flow is the change
in the level.

24. Change in credit market debt of
savings and loan associations

454102005

-39.5

Sum of lines 25, 26, and 27.

25. Change in corporate bond
liabilities of savings and loan
associations

453163003

-4.1

20b. Change in checkable deposit
liabilities of mutual savings
banks

21. Change in small time and savings
deposit liabilities of savings and
loan associations


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Federal Reserve Bank of St. Louis

Level from quarterly Report of Condition for
savings banks insured by BIF, schedule RC-E,
Total transaction accounts (series RCON2215);
and for federal savings banks insured by SAIF,
assumed to be zero. Unadjusted flow is the change
in the level.

Line 21a net of 21b, less lines 20 and 22, plus
line 21c.
Level from Thrift Financial Report, schedule SC,
Total deposits (series SVGL2339). Unadjusted
flow is the change in the level.

Level from Thrift Financial Report, sched�le 5�•
sum of Mortgage-collateralized securities issue
(sum of series SVGL2113 and SVGL1963) an d
Subordinated debentures (SVGL0686).
Unadjusted flow is the change in the level.

Table F.118

335

F,118,-Continued
1991 value
(billions
of dollars)

Explanation

Component

Code

26, Change in outstanding bank
loans, not elsewhere classified, to
savings and loan associations

453168003

-.8

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
Loans to other depository institutions in the U.S.
(series RCON1517). Unadjusted flow is the
change in the level.

27, Change in loans to savings and
loan associations held by Federal
Home Loan Banks

453169200

-34.6

Level from Thrift Financial Report, schedule SC,
Advances from FHLBs (series SVGL2021).
Unadjusted flow is the change in the level.

28· Change in taxes payable by
savings and loan associations

453178003

.2

Level from Thrift Financial Report, schedule SC,
Accrued taxes (series SVGL2069). Unadjusted
flow is the change in the level.

453193005

-.2

Line 17a net of 17b, less line 12c, line 21a net of
21b, lines 21c, 23, 24, 28, and line 29a net of 29b.

29a. Change in net worth of savings
and loan associations

455080003

-7.9

Level from Thrift Financial Report, schedule SC,
Total equity capital (series SVGL3491).
Unadjusted flow is the change in the level.

29b. Change in reported net worth
of dual-reporting savings
institutions

485080003

.0

Special tabulation by the former FHLBB of total
equity of FSLIC-insured thrift institutions that
were also members of the National Association
of Mutual Savings Banks and were therefore
included in statistics for both savings and loan
associations and mutual savings banks. Value has
been zero since 1988:Ql.

457005005

2.0

Sum of lines 1 and 18, less lines 2 and 3. The
discrepancy is a use of funds in the FOF accounts.

29• Change in
unidentified
miscellaneous liabilities of savings
and loan associations

30· n·•screpancy for savings and loan

�ociations, equal to gross saving
ess gross investment


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Federal Reserve Bank of St. Louis

336

Guide to the Flow of Funds Accounts

Table F.119 Mutual Savings Banks
Mutual savings banks are federally chartered
or state-chartered savings institutions insured
by the Federal Deposit Insurance Corpora­
tion's (FDIC) Bank Insurance Fund (BIF).
Included in the group are about ninety BIF­
insured Massachusetts cooperative banks.
Data for most of the institutions in this
sector are from Reports of Condition filed
with the FDIC; a few BIF-insured savings
banks are members of the Federal Home Loan
Bank system and report to the Office of Thrift
Supervision. The institutions in the sector are
the same as those covered by data published
by the National Council of Savings Institu­
tions (NCSI).

F.119

Before June 1988, mutual savings banks
were defined as institutions that were mem­
bers of NCSI. The group included ten federal
savings banks whose assets totaled $18 billion
at the end of December 1988 and that were
insured by the Federal Savings and Loan
Insurance Corporation (FSLIC). Because the
sector now comprises only savings banks
insured by the BIF, these ten institutions, now
insured by the FDIC's Savings Association
Insurance Fund (SAIF), are included in the
savings and loan associations sector.

Hutual Savings Banks Cl)

Billions of dollars
FOF Code
1988
1989
1991
1990
--------------------------------------------------------------------------l Gross saving
2 Fixed nonres. invest•ent

3 Net acq. of financial assets
4
Checkable dep.and currency
5
Fed. funds & security RPs
6
Corporate equities

7
8
9
10
11
12
13
14
15

Credit market instru11ents
U.S. Treasury securities
U.S. govt. agency secur.
Tax-exempt securities
Corporate and fgn. bonds
Mortgages
Consumer credit
Open market paper
Hiscellaneous assets

16 Net increase in liabilities
17
Deposits
Checkable
18
Small time & savings
19
Large ti111e
20
Security RPs
21
Fed. Home Loan Bank loans
22
Miscellaneous liabilities
23
24 Discrepancy
(1)

466000105
465013003

464090005
463020003
462050003
463064003

464004005
463061103
463061705
463062003
463063003
463065005
463066005
463069705
463093005

464190005
463139005
463127003
463131005
463135005
462150003
463169205
463193005

467005005

Federal and mutual savings banks insured by BIF
(formerly FDIC).


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Federal Reserve Bank of St. Louis

1.2

.I

22.2
1.2
.4
.4
15.3

-1.6
-1.8

1.3

.I

-3.2
-1.4
2.0
.3
-4.8

-.1

-1.2
-1.4

.8
4.9

.7

-1.5
19.7
-.3

21.8
16.4
1.6
13.5
1.3
2.1
1.9
1.4
.7

.I

-2.4
1.7
-2.4

.5
.1
-18.9

-.5
-.4
-1.5

-16.5
-.8

-1.9
.3
-1.7
-7.9
M

.8

-4.6

-2.7

-15.6
-10.1
.1
5.2
-15.4
-2.3
-.5
-2.7

3.8

.1
2.4
1.3
-2.9
-1.4
-2.2
1.6

M

3.7

.3

1

-17.4
.2
.5
-.4

3
4
5
6

.I

-15.5
3.2
-.9
-.4
1.4
-14.2
-1.8
-2.8
-2.1
-16.9

-8.6

1.8
13.0
-23.3
-1.9
-3.5
-2.9
.7

2

7

8
9
10
11
12
13
14
15

16
17
18
19
20
21
22
23
24

Table F.119

337

F,119. Mutual Savings Banks
Component
1. Gross saving of mutual savings
hanks

Code

1991 value
(billions
of dollars)

Explanation

466000105

.3

Sum of lines l a and 1b.

la. Undistributed profits of mutual
savings banks

466006003

.2

Special tabulation of undistributed profits of
mutual savings banks, provided by BEA.
Quarterly data available once a year.

1b. Capital consumption allowances
for mutual savings banks

466300103

.1

Capital consumption allowances on nonresidential
equipment and structures owned by depository
institutions, valued at current cost, from BEA
Wealth Data Tape (section 2, series 543,
category 4), multiplied by share of mutual savings
banks in depository institution total (percentage
share for mutual savings banks is FOP Section
estimate based on unpublished Bureau of the
Census data). Data are annual; series is converted
to quarterly by ratio method, using NIPA total
capital consumption allowances (FOP series
896300003, table F.1, line 61) as the denominator.

2· Fixed nonresidential investment
by mutual savings banks

465013003

.1

Investment in nonresidential equipment and
structures by depository institutions, valued at
historical cost, from BEA Wealth Data Tape
(section 4, series 255), multiplied by share of
mutual savings banks in depository institution
total (percentage share for mutual savings banks is
FOP Section estimate based on unpublished data
from Bureau of the Census). Data are annual;
series is converted to quarterly by ratio method,
using NIPA total investment in nonresidential
plant and equipment (FOP series 895013001,
table F.1, line 15) as the denominator.

3·

464090005

-17.4

463020003

.2

�et acquisition of financial assets
Y mutual savings banks

4· Change
in checkable deposits and
cur rency held by mutual savings
hanks


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Federal Reserve Bank of St. Louis

Sum of lines 4, 5, 6, 7, and 15.

Level from quarterly Report of Condition for
savings banks insured by BIF, schedule RC, Cash
and balances due from depository institutions
(sum of series RCFD0081 and RCFD0071); and
from Thrift Financial Report for federal savings
banks insured by SAIF, schedule SC, Cash and
non-interest-earning deposits (SVGL0626).
Unadjusted flow is the change in the level.

338

Guide to the Flow of Funds Accounts

F.119.

Mutual Savings Banks-Continued
1991 value
(billions
of dollars)

Explanation

Component

Code

5. Changes in outstanding federal
funds sold by mutual savings
banks and in loans held by them
under security repurchase
agreements

462050003

.5

Level from quarterly Report of Condition for
savings banks insured by BIF, schedule RC,
Federal funds sold and securities purchased unde r
agreements to resell (sum of series RCFD0276
and RCFD0277); and from Thrift Financial Report
for federal savings banks insured by SAIF,
schedule SC, Federal funds sold (SVGL0439).
Unadjusted flow is the change in the level.

6. Net purchases of corporate
equities by mutual savings banks

463064003

-.4

Level from quarterly Report of Condition for
savings banks insured by BIF, schedule RC-B,
sum of Investments in mutual funds (series
RCFD3637), Other marketable equity securities
(RCFD3639), and Other equity securities
(RCFD3642); and from Thrift Financial Report for
federal savings banks insured by SAIF, schedule
SC, Equity securities except FHLB stock (at bo ok
value) (SVGL0621). Unadjusted flow is the
change in the level. Another series, FOP
463064075, which has been revalued to market
prices, appears in tables of values outstanding for
corporate equities held by mutual savings banks ,

7. Change in credit market assets of
mutual savings banks

464004005

-15.5

8. Change in U.S. Treasury securities
held by mutual savings banks

463061103

3.2

Level from quarterly Report of Condition for
savings banks insured by BIF, schedule RC-B,
d
U.S. Treasury securities (series RCFD0400); an
s
g
vin
from Thrift Financial Report for federal sa
banks insured by SAIF, schedule SC, U.S.
government securities (SVGL0433). Unadjusted
flow is the change in the level.

9. Change in U.S. government
agency securities held by mutual
savings banks

463061705

-.9

Sum of lines 9a and 9b.

9a. Change in U.S. government
agency securities held by
mutual savings banks,
excluding mortgage-backed
securities

463061703

2.6

Level from quarterly Report of Condition fo r
savings banks insured by BIF, schedule RC-B,
U.S. government agency and corporation
obligations (sum of series RCFD3764,
RCFD3765, and RCFD3766); and from Thrift d
Financial Report for federal savings banks i�s�"t
by SAIF, schedule SC, Federal agency secunue
d
(sum of SVGL0434 and SVGL0435). Unadjuste
flow is the change in the level.


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Federal Reserve Bank of St. Louis

Sum of lines 8, 9, 10 , 11, 12, 13, and 14.

Table F.119

339

F,119,-Continued

Component

Code

1991 value
(billions
of dollars)

9b. Change in mortgage-backed
securities held by mutual
savings banks

463061753

-3.4

Level from quarterly Report of Condition for
savings banks insured by BIF, schedule RC-B,
U.S. government mortgage pools (sum of series
RCFD3760 and RCFD3762); and from Thrift
Financial Report for federal savings banks insured
by SAIF, schedule SC, Mortgage pools insured or
guaranteed by an agency or instrument of the U.S.
(SVGL3598). Unadjusted flow is the change in the
level.

lO. Change in tax-exempt securities
held by mutual savings banks

463062003

-.4

Level from quarterly Report of Condition for
savings banks insured by BIF, schedule RC-B,
sum of Securities issued by states and political
subdivisions (series RCFD0402) and Obligations
other than securities and leases of states and
political subdivisions in the U.S. (sum of
RCFD2033 and RCFD2079); and from Thrift
Financial Report for federal savings banks insured
by SAIF, schedule SC, State and municipal
obligations (SVGL0440). Unadjusted flow is the
change in the level.

ll. Change in corporate and foreign
bonds held by mutual savings

463063003

1.4

Level from quarterly Report of Condition for
savings banks insured by BIF, schedule RC-B, All
other debt securities (sum of series RCFD5361,
RCFD5363, and RCFD3635, plus, for domesticonly savings banks with total assets of less than
$100 million, RCON5462 and RCON5457); and
from Thrift Financial Report for federal savings
banks insured by SAIF, schedule SC, Other
investment securities (SVGL0441). Level is at
book value. Unadjusted flow is the change in the
level.

12· Chan
ge m mortgages held by
lllutuaJ savings banks

463065005

-14.2

hanks


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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 12a, 12b, 12c, and 12d.

340

Guide to the Flow of Funds Accounts

F.119. Mutual Savings Banks-Continued

Code

1991 value
(billions
of dollars)

12a. Change in home mortgages
held by mutual savings banks

463065103

-8.1

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are from quarterly Report of
Condition for savings banks insured by BIF,
schedule RC-C, sum of Real estate loans secured
by one- to four-family residential properties (sum
of series RCON1797 and RCON1798) and a
portion of Construction and land development real
estate loans (RCON1415); and from Thrift
Financial Report for federal savings banks insured
by SAIF, schedule SC, sum of Construction loan s
on one- to four-family residences (SVGL0131),
Permanent mortgages on one- to four-family
residences (sum of SVGL2687 and SVGL2689),
Open-end revolving loans secured by one- to
four-family residences (SVGL2705), and a porti on
of Permanent mortgages on land (SVGL1534).
Unadjusted flow is the change in the level.

12b. Change in multifamily
mortgages held by mutual
savings banks

463065403

-1.7

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are from quarterly Report of
Condition for savings banks insured by BIF,
schedule RC-C, sum of Real estate loans secured
by multifamily residential properties (series
RCON1460) and a portion of Construction and
land development real estate loans (RCON1415);
and from Thrift Financial Report for federal
savings banks insured by SAIF, schedule SC, surn
of Construction loans on residences for five or s
more families (SVGL0109), Permanent mortgage
on residences for five or more families
(SVGL0l 13), and a portion of Permanent
mortgages on land (SVGL1534). Unadjusted floW
is the change in the level.

12c. Change in commercial
mortgages held by mutual
savings banks

463065503

-4.4

Level from FR Board, Mortgage and Consum�r s
Finance Section, internal Mortgage Debt Holding
file. Data in file are from quarterly Report of
Condition for savings banks insured by BIF,
schedule RC-C, sum of Real estate loans secured
by nonfarm nonresidential properties (series
RCON1480) and a portion of Construction and
land development real estate loans (RCON141S),
and from Thrift Financial Report for federal urn
savings banks insured by SAIF, schedule SC, s
of Construction loans on nonresidential propertY
(SVGL0133), Permanent mortgages on
nonresidential property (SVGL0136), and a
portion of Permanent mortgages on land
(SVGL1534). Unadjusted flow is the change
in the level.

Component


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Federal Reserve Bank of St. Louis

Explanation

Table F.119

341

F,119,-Continued
Code

1991 value
(billions
of dollars)

463065603

*

463066005

-1.8

Sum of lines 13a and 13b, less line 13c.

13 a. Change in installment
consumer credit held by
savings and loan associations
and mutual savings banks

493066103

-6.7

Level from FR Board, Mortgage and Consumer
Finance Section, monthly G.19 statistical release,
Consumer Installment Credit, table on Consumer
Installment Credit Outstanding, Not seasonally
adjusted, Major holders, Savings institutions. Data
collected from quarterly Report of Condition for
mutual savings banks and from Thrift Financial
Report. Unadjusted flow is the change in the level.

13b. Change in noninstallment
consumer credit held by
savings and loan associations
and mutual savings banks

493066203

-.5

Level estimated by FR Board, Mortgage and
Consumer Finance Section, as 5 percent of total
consumer credit provided by thrift institutions,
excluding credit unions, from quarterly Report of
Condition for mutual savings banks and from
Thrift Financial Report. Unadjusted flow is the
change in the level.

13c. Change in reported total
consumer credit held by
savings and loan associations

453066003

-5.3

Level from Thrift Financial Report, schedule SC,
Consumer loans (series SVGL0656), less
Open-end revolving loans secured by one- to
four-family residences (SVGL2705). Unadjusted
flow is the change in the level.

Component
12d. Change in farm mortgages
held by mutual savings banks

13, Change in consumer credit eld
h
by mutual savings banks


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are from quarterly Report of
Condition for savings banks insured by BIF,
schedule RC-C, sum of Real estate loans secured
by farm land (series RCON1420) and a portion of
Construction and land development real estate
loans (RCON1415); and from Thrift Financial
Report for federal savings banks insured by SAIF,
schedule SC, a portion of Permanent mortgages
on land (SVGL1534). Unadjusted flow is the
change in the level.

342

Guide to the Flow of Funds Accounts

F.119. Mutual Savings Banks-Continued

Component
14. Change in open market paper
held by mutual savings banks

14a. Change in open market paper
and other loans held by mutual
savings banks

15. Change in unidentified
miscellaneous assets of mutual
savings banks

15a. Change in reported total assets
of mutual savings banks

Code

1991 value
(billions
of dollars)

463069705

-2.8

Line 14a less line 13.

463069003

--4.6

Level from quarterly Report of Condition for
savings banks insured by BIF, schedule RC-C,
sum of Loans to individuals (sum of series
RCFD2008 and RCFD201 l ), Loans to depositor)'
institutions (sum of RCON1505, RCON1517,
and RCON1510), loans to finance agricultural
producers and other loans to farmers (RCFD1590),
Loans to foreign government and official
institutions (RCFD2081), Other loans (sum of
RCFD1545 and RCFD1564), Acceptances of
other banks (sum of RCFD1756 and RCFD1757),
and Commercial and industrial loans (sum of
RCFD1763 and RCFD1764); and from Thrift
Financial Report for federal savings banks insured
by SAIF, schedule SC, Nonmortgage loans
(SVGL1576) less Open-end revolving loans
secured by one- to four-family residences
(SVGL2705). Unadjusted flow is the change
in the level.

463093005

-2.1

Line 15a less lines 4, 5, 6, 7, and 15b.

464090460

-17.9

Explanation

Level from quarterly Report of Condition for
saving banks insured by BIF, schedule RC, total
assets (series RCFD2170); and from Thrift
d
Financial Report for federal savings banks insure
by SAIF, schedule SC, Total assets gross of
valuation allowances (sum of SVGL2170, n.AA
S
SVGL0451, SVGL0452, SVGL0444, SVGL�'
3
7
8
SVGL0460, SVGL0466, SVGL0856, SVGL0 •
SVGL2709, SVGL2719, SVGL3068, and
ss.
SVGL3601). Excludes mortgage loans in proce
Unadjusted flow is the change in the level.

15b. Change in fixed assets of
mutual savings banks, at book
value

16. Net increase in liabilities of
mutual savings banks


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Federal Reserve Bank of St. Louis

465013103

-.5

464190005

-16.9

Level from quarterly Report of Condition for
savings banks insured by BIF, schedule RC, nd
Premises and fixed assets (series RCFD2145); a
from Thrift Financial Report for federal savings
banks insured by SAIF, schedule SC, Office
premises and equipment (SVGL0618).
Unadjusted flow is the change in the level.

Sum of lines 17, 21, 22, and 23.

Table F.119

343

F,119.-Continued
Code

1991 value
(billions
of dollars)

17. Change in deposit liabilities of
mutual savings banks

463139005

-8.6

l8. Change in checkable deposit
liabilities of mutual savings banks

463127003

1.8

19, Change in small time and savings
deposit liabilities of mutual
savings banks

463131005

13.0

Sum of lines 19a and 19b, less lines 18 and 20.

19 a. Change in reported total
deposit liabilities of mutual
savings banks

463139000

-8.6

Level from quarterly Report of Condition for
savings banks insured by BIF, schedule RC,
Deposits (series RCFD2200); and from Thrift
Financial Report for federal savings banks insured
by SAIF, schedule SC, Deposits (SVGL2339).
Unadjusted flow is the change in the level.

19b. Change in retail repurchase
agreement liabilities of mutual
savings banks

463139703

*

Level from FR Board, internal Money File, retail
repurchase agreements due from mutual savings
banks and federal savings banks (series 383).
Series based on depository institution data
collected periodically. Unadjusted flow is the
change in the level.

�hange in large time deposit
liabilities of mutual savings banks

463135005

-23.3

Line 20a less line 20b.

20a. Change in large time deposit
liabilities of savings and loan
associations and mutual
savings banks

443135003

-37.8

Level from FR Board, internal Money File, large
time deposits due from mutual savings banks and
federal savings banks (sum of series 560 and 561)
and from savings and loan associations (566).
Series based on depository institution data
collected periodically. Unadjusted flow is the
change in the level.

20b. Change in large time deposit
liabilities of savings and loan
associations

453135003

-14.4

Level from Thrift Financial Report, schedule SI,
Deposits with balances greater than $100,000
(sum of series SVGL0987 and SVGL0988).
Unadjusted flow is the change in the level.

Component

20 •


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Sum of lines 18, 19, and 20.

Level from quarterly Report of Condition for
savings banks insured by BIF, schedule RC-E,
Total transaction accounts (series RCON2215);
and for federal savings banks insured by SAIF,
assumed to be zero. Unadjusted flow is the change
in the level.

344

Guide to the Flow of Funds Accounts

F.119. Mutual Savings Banks-Continued

Component

Code

1991 value
(billions
of dollars)

21. Changes in outstanding federal
funds bought by mutual savings
banks and in outstanding loans to
them under security repurchase
agreements

462150003

-1.9

Level from quarterly Report of Condition for
savings banks insured by BIF, schedule RC,
Federal funds purchased and securities sold under
agreements to resell (sum of series RCFD0278
and RCFD0279); and from Thrift Financial
Report for federal savings banks insured by SAIF.
schedule SC, Reverse repurchase agreements
(SVGL2023). Unadjusted flow is the change
in the level.

22. Change in loans to mutual savings
banks held by Federal Home
Loan Banks

463169205

-3.5

Line 22a less line 22b.

22a. Change in loans to thrift
institutions held by Federal
Home Loan Banks

403069200

-38.0

Level from combined statement of condition for
FHLBs, Advances to members. Unadjusted flow
is the change in the level.

22b. Change in loans to savings and
loan associations held by
Federal Home Loan Banks

453169200

-34.6

Level from Thrift Financial Report, schedule SC,
Advances from FHLBs (series SVGL2021).
Unadjusted flow is the change in the level.

23. Change in unidentified
miscellaneous liabilities of mutual
savings banks

463193005

-2.9

Line 15a less lines 19a, 19b, 21, 22, and 23a.

23a. Change in net worth of mutual
savings banks

465080003

-1.0

Level from quarterly Report of Condition for
savings banks insured by BIF, schedule RC, To�t
equity capital (series RCFD3210); and from Thfl
Financial Report for federal savings banks insured
by SAIF, schedule SC, Total equity capital
(SVGL3491). Unadjusted flow is the change
in the level.

467005005

.7

Sum of lines 1 and 16, less lines 2 and 3. T he
discrepancy is a use of funds in the FOF accou nts.

24. Discrepancy for mutual savings
banks, equal to gross saving less
gross investment


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Explanation


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Federal Reserve Bank of St. Louis

346

Guide to the Flow of Funds Accounts

Table F.120

Credit Unions
funds with the U.S. Central Credit Union,
whose principal function is to provide whole­
sale financial and payment services to its cor­
porate credit union members and their credit
union constituency. Although U.S. Central's
transactions are mainly with corporate credit
unions and related organizations, it invests in
bank time deposits, federal funds, and securi­
ties purchased under repurchase agreements.
The flow of funds accounts net out intra-sector
transactions, such as the deposits of individual
credit unions with corporate credit unions.
The investments of U.S. Central with institu­
tions outside the credit union sector are added
back to obtain complete totals for the sector. A
similar situation arises with NCUSIF: Feder­
ally insured credit unions pay an annual pre­
mium into the insurance fund, which invests
only in securities issued by or guaranteed by
the U.S. government. For completeness, the
credit unions sector's reported holdings of
U.S. government securities is increased by the
accumulated contributions of insured credit
unions, as shown on NCUSIF' s balance sheet.

Credit unions are federally chartered or state­
chartered savings institutions open to mem­
bers who share a so-called "common bond,"
such as employment, geographic proximity, or
organization membership. Estimates of assets
and liabilities of all credit unions provided
by the Credit Union National Association
(CUNA), a trade association, are the primary
source of data on the credit unions sector in
the flow of funds accounts. Federally and
state-chartered credit unions insured by the
National Credit Union Share Insurance Fund
(NCUSIF) account for almost 90 percent of
the total assets of all credit unions; data on this
group, available from the National Credit
Union Administration, are a secondary source
of information for the flow of funds accounts.
Credit unions function in a generally pyra­
midical structure. Forming the base are the
local and organizational credit unions. These
belong to about forty corporate credit unions,
which accept deposits from and make loans to
member credit unions. The corporate credit
unions, in turn, deposit most of their excess

F.120

Credit Unions

---------------------------------------------------------------------------------------------------------------FOF Code
1988
1989
1990
1991
------------------------------------------------------------------------Billions of dollars

1 Gross saving
2 Fixed nonres. invest11ent

3 Net acq. of financial assets
4
Checkable dep. & currency
5
Time deposits
6
At banks
At savings and loans
7
Fed.funds & security RPs
8
9
10
11
12
13
14
15

Credit market instruments
U.S. govt. securities
Treasury issues
Agency issues
Home mortgages
Consumer credit
Miscellaneous assets

476000105
475013003

474090005
473020000
473030005
473030305
473030400
472050000
474004005
473061005
473061105
473061700
473065105
473066100
473090005

16 Net increase in liabilities
Shares/deposits
17
Checkable
18
Small time & savings
19
Large time
20
Miscellaneous liabilities
21

474190005
473139000
473127000
473131005
473135000
473190005

22 Discrepancy

477005005


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Federal Reserve Bank of St. Louis

.8
.7
14.6
.2
-3.5
-2.1
-1.3
.l
16.3
.8
2.5
-1.7
8.2
7.3
1.4
12.8
12.4
1.5
10.3
.6
.4
-1.6

.9
.7

.9
.7

9.9
.6
-2.7
-.9
-1.8
3.1

1.0
.7

7.7
-2.4
-1.6
-.9
5.3
4.8
1.2

15.7
.0
.4
1.5
-1.l
2.1

23.1
.6
5.0
4.3
.7
-1.4

8.5
3.7
-3.7
7.4
4.9
-.1
4.6

8.0
8.6
1.5
6.4
.7
-.6

11.5
9.7
5.4
4.3
2.6
-.8
7.4

14.0
13.8
1.7
11.8
.3
.2

21.0
20.5
5.1
15.5

-1.6

-1.8

-1.7

*

.5

1
2

3
4

5
6
7
8
9
10
11
12
13
14
15

16
17
18
19
20
21
22

Table F.120

347

F.120. Credit Unions
Code

1991 value
(billions
of dollars)

476000105

1.0

la. Undistributed profits of credit
unions

476006003

.5

Special tabulation of undistributed profits of credit
unions, provided by BEA. Quarterly data available
once a year.

1 b. Capital consumption allowances
for credit unions

476300103

.5

Capital consumption allowances on nonresidential
equipment and structures owned by depository
institutions, valued at current cost, from BEA
Wealth Data Tape (section 2, series 543, category
4), multiplied by share of credit unions in
depository institution total (percentage share for
credit unions is FOF Section estimate based on
unpublished Bureau of the Census data). Data are
annual; series is converted to quarterly by ratio
method, using NIPA total capital consumption
allowances (FOF series 896300003, table F.1,
line 61) as the denominator.

2· Fixed nonresidential investment
by credit unions

475013003

.7

Investment in nonresidential equipment and
structures by depository institutions, valued at
historical cost, from BEA Wealth Data Tape
(section 4, series 255), multiplied by share of
credit unions in depository institution total
(percentage share for credit unions is FOF Section
estimate based on unpublished data from Bureau
of the Census). Data are annual; series is
converted to quarterly by ratio method, using
NIPA total investment in nonresidential plant and
equipment (FOF series 895013001, table F.1,
line 15) as the denominator.

3• Net ac
quisition of financial assets
by credit unions

474090005

23.1

4• Change
in checkable deposits and
currency held by credit unions

473020000

.6

S. Change m time deposits held by
credit unions

473030005

5.0

Component
1. Gross saving of credit unions


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Federal Reserve Bank of St. Louis

Explanation
Sum of lines la and lb.

Sum of lines 4, 5, 8, 9, and 15.

Level from Monthly Credit Union Estimates,
table on National Credit Union Aggregates, Cash.
Unadjusted flow is the change in the level.
Sum of lines 6 and 7.

348

Guide to the Flow of Funds Accounts

F.120. Credit Unions-Continued
Component

Code

1991 value
(billions
of dollars)

6. Change in time deposits held by
credit unions at banks

473030305

4.3

Sum of lines 6a and 6b.

6a. Change in time deposits held by
credit unions at banks,
excluding time deposits held by
the U.S. Central Credit Union

473030300

2.0

Level from Monthly Credit Union Estimates, table
on National Credit Union Aggregates, sum of
Investments and Cash (equals surplus funds),
multiplied by ratio from table on National Credit
Union Ratios, Distribution of surplus funds,
Banks. Series must be calculated from published
ratios. Unadjusted flow is the change in the level.

6b. Change in time deposits held by
the U.S. Central Credit Union

473035003

2.3

Level from the U.S. Central Credit Union Financial
Statements and Commentary, Investments in
certificates of deposit and time deposits.
Unadjusted flow is the change in the level.

7. Change in small time and savings
deposits held by credit unions at
savings and loan associations

473030400

.7

Level from Monthly Credit Union Estimates, table
on National Credit Union Aggregates, sum of
Investments and Cash (equals surplus funds),
multiplied by ratio from table on National Credit
Union Ratios, Distribution of surplus funds,
Savings and loan associations. Series must be
calculated from published ratios. Unadjusted floW
is the change in the level.

8. Changes in outstanding federal
funds sold by credit unions and in
loans held by them under security
repurchase agreements

472050000

-1.4

Level from U.S. Central Credit Union Financial
Statements and Commentary, Federal funds sold
plus Securities purchased from nonmembers under
agreements to resell, less Securities sold su bject
to repurchase. Unadjusted flow is the change
in the level.

9. Change in credit market assets of
credit unions

474004005

11.5

Sum of lines 10, 13, and 14.

10. Change in U.S. government
securities held by credit unions

473061005

9.7

Sum of lines 11 and 12.

11. Change in U.S. Treasury securities
held by credit unions, including
equity in the National Credit
Union Share Insurance Fund

473061105

5.4

Sum of lines l l a and 1 lb.


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Explanation

Table F.120

349

F.120.-Continued

Code

1991 value
(billions
of dollars)

l la. Change in U.S. Treasury
securities held by credit
unions, excluding equity in the
National Credit Union Share
Insurance Fund

473061100

5.3

Level from Monthly Credit Union Estimates, table
on National Credit Union Aggregates, sum of
Investments and Cash (equals surplus funds),
multiplied by ratio from table on National Credit
Union Ratios, Distribution of surplus funds, U.S.
government. Series must be calculated from
published ratios. Unadjusted flow is the change
in the level.

l lb. Change in outstanding capital
contributed by credit unions to
the National Credit Union
Share Insurance Fund

473061203

.2

Level from NCUA Share Insurance Fund Annual
Report, Insured credit unions' accumulated
contributions. Unadjusted flow is the change
in the level.

l2. Change in U.S. government
agency securities held by credit
unions

473061700

4.3

Level from Monthly Credit Union Estimates, table
on National Credit Union Aggregates, sum of
Investments and Cash (equals surplus funds),
multiplied by ratio from table on National Credit
Union Ratios, Distribution of surplus funds,
Agencies. Series must be calculated from
published ratios. Unadjusted flow is the change
in the level.

13· Change in home mortgages held
by credit unions

473065105

2.6

Line 13a less line 14.

474005000

1.8

Level from Monthly Credit Union Estimates, table
on National Credit Union Aggregates, Loans.
Unadjusted flow is the change in the level.

14 Chang
·
e in installment consumer
credit held by credit unions

473066100

-.8

Level from FR Board, Mortgage and Consumer
Finance Section, monthly G.19 statistical release,
Consumer Installment Credit, table on Consumer
Installment Credit Outstanding, Not seasonally
adjusted, Major holders, Credit unions. Unadjusted
flow is the change in the level.

15 · Change
in unidentified
llliscell aneous assets of credit
Unions

473090005

7.4

Sum of line la and 98 percent of line 15a, less
lines 4, 5, 8, 10, 13, and 14. The 2 percent
deduction from reported total assets is the
estimated book value of fixed assets held
by credit unions.

474090470

23.0

Component

13a. Change in loans held by credit
unions

15a. Change in reported total assets
of credit unions


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Federal Reserve Bank of St. Louis

Explanation

Level from Monthly Credit Union Estimates, table
on National Credit Union Aggregates, Total assets.
Unadjusted flow is the change in the level.

350

F.120.

Guide to the Flow of Funds Accounts

Credit Unions-Continued

Component

Code

1991 value
(billions
of dollars)

16. Net increase in liabilities of credit
unions

474190005

21.0

Sum of lines 17 and 21.

17. Change in reported total share
and deposit liabilities of credit
unions

473139000

20.5

Level from Monthly Credit Union Estimates, table
on National Credit Union Aggregates, Savings.
Unadjusted flow is the change in the level.

18. Change in checkable deposit
liabilities of credit unions

473127000

5.1

Level from FR Board, internal Money File, credit
union share drafts (sum of series 138, 139, and
140, less series 145). Series based on depository
institution data collected periodically. Unadjusted
flow is the change in the level.

19. Change in small time and savings
deposit liabilities of credit unions

473131005

15.5

20. Change in large time deposit
liabilities of credit unions

473135000

*

21. Change in unidentified
miscellaneous liabilities of credit
unions

473190005

.5

21a. Change in net worth of credit
unions

475080003

2.0

Level from Monthly Credit Union Estimates, table
on National Credit Union Aggregates, Capital.
Unadjusted flow is the change in the level.

477005005

-1.8

Sum of lines 1 and 16, less lines 2 and 3. The
discrepancy is a use of funds in the FOF accounts-

22. Discrepancy for credit unions,
equal to gross saving less gross
investment


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Federal Reserve Bank of St. Louis

Explanation

Line 17 less lines 18 and 20.

Level from FR Board, internal Money File, large
time deposits due from credit unions (series 571).
Series based on depository institution data
collected periodically. Unadjusted flow is the
change in the level.

Line 15a less lines 17 and 21a.


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Federal Reserve Bank of St. Louis

Guide to the Flow of Funds Accounts

352

Table F.121 Life Insurance Companies
Because these quarter-end figures are avail­
able with a considerable lag, staff members of
the Flow of Funds Section initially estimate
the quarter-end asset levels. Staff members
also estimate quarter-end liability levels when
ACLI estimates are not available. The ACLI
publishes statistics in its Life Insurance Fact
Book and Life Insurance Fact Book Update
and its quarterly release "Distribution of
Investments of U.S. Life Insurance Compa­
nies." The Investment Company Institute pro­
vides data on the sector's holdings of mutual
fund shares and money market funds.

The life insurance companies sector encom­
passes all mutual and stock companies
licensed to write life insurance policies in the
United States. Data for the sector come from a
variety of sources. Life insurance companies
file annual statements with the National Asso­
ciation of Insurance Commissioners. The
American Council of Life Insurance (ACLI)
compiles these data and publishes end-of-year
asset and liability statistics. The ACLI also
conducts quarterly surveys of member compa­
nies to estimate levels of assets at the end
of the first, second, and third quarters.

F.121

Life Insurance C011panies

Billions of dollars
FOF Code

1988

1989

1990

1991

546000105
545013003

-.4
6.1

-1.7
6.4

-1.6
6.8

-.3
6.5

544090005
543020000
543034003
543064203
543064105

114.5
-.3
.1
5.7
-3.4

111.2
-.1
11.9
12.6
-5.7

125.9
.5
6.9
8.5
15.4

544004005
543061005
543061100
543061703
543062003
543063005
543065005
543069105
543069403
543090003

103.8
10.2
1.5
8.7
-1.5
69.2
20.3
5.1
.6
8.7

106.4
.5
-.8
-4.1
9.7

18 Net increase in liabilities
Life insurance reserves
19
Pension fund reserves
20
Taxes payable
21
Miscellaneous liabilities
22

544190005
543140003
543150003
543178003
543190005

118.9
24.9
85.0
.1
8.8

93.1
19.5
-5.6
25.1
-.1
53.6
12.6
4.4
3.2
8.0

94.4
26.4
6.2
20.2
3.3
55.8
13.6
-8.9
4.1
-2.0

83.2
61.7
18.6
43.1
-2.l
28.2
-2.6
-6.9
4.8
11.3

105.4
25.3
84.4

23 Discrepancy

547005005

-2.1

117.2
28.4
77.8
.1
10.8

-4.3

118.5
21.9
81.4
-.1
15.3

2.8

-14.2

-14.2

1 Gross saving
2 Fixed nonres. invest11ent
3 Net acq. of financial assets
Checkable dep. & currency
4
Honey mkt. fund shares
5
Mutual fund shares
6
Corporate equities
7
8
9
10
11
12
13
14
15
16
17

Credit market instruaents
U.S. govt. securities
Treasury issues
Agency issues
Tax-exempt securities
Corporate and fgn. bonds
Mortgages
Open market paper
Policy loans
Miscellaneous assets


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Federal Reserve Bank of St. Louis

I(

1
2
3
4
5
6
7

8
9
10
11

12
13

14
15
16
17

18
19
20
21
22
23

Table F.121

F.121.

353

Life Insurance Companies

Component

Code

1991 value
(billions
of dollars)

Explanation

1. Gross saving of life insurance
companies

546000105

-.3

la. Undistributed profits of life
insurance companies

546006003

-4.0

Special tabulation of undistributed profits of life
insurance companies, provided by BEA. Quarterly
data available once a year.

1b. Capital consumption allowances
for life insurance companies

546300103

3.7

Capital consumption allowances on nonresidential
equipment and structures owned by insurance
carriers, valued at current cost, from BEA Wealth
Data Tape (section 2, series 552, category 4),
multiplied by the ratio of two levels: (1) total
financial assets of life insurance companies and
(2) the sum of total financial assets of life
insurance companies, private pension funds, and
other insurance companies. Data are annual; series
is converted to quarterly by ratio method, using
NIPA total capital consumption allowances (FOP
series 896300003, table F.1, line 61) as the
denominator.

2· Fixed nonresidential investment
by life insurance companies

545013003

6.5

Investment in nonresidential equipment and
structures by insurance carriers, valued at
historical cost, from BEA Wealth Data Tape
(section 4, series 273), multiplied by the ratio of
two levels: (1) total financial assets of life
insurance companies and (2) the sum of total
financial assets of life insurance companies, other
insurance companies, and private pension funds.
Data are annual; series is converted to quarterly
by ratio method, using NIPA total investment in
nonresidential plant and equipment (FOP series
895013001, table F.1, line 15) as the denominator.

3• Net acquisition of financial assets
by life insurance companies

544090005

125.9

Sum of lines 4, 5, 6, 7, 8, and 17. Direct
investment abroad by U.S. life insurance
companies, line 17a, is subtracted from the change
in total miscellaneous assets, line 17, in the
calculation of the change in unidentified
miscellaneous assets of life insurance companies
(FOP series 543093005, shown in table F.231,
line 34).

543020000

.5

Level from Distribution of Investments of U.S.
Life Insurance Companies, Cash and other,
apportioned to cash and miscellaneous assets using
the proportional split that existed in 1989:Q4, the
last quarter for which these transaction categories
were reported separately. Unadjusted flow is the
change in the level.

4· Change
in checkable deposits and
currency held by life insurance
colllpanies


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Sum of lines l a and l b.

354

Guide to the Flow of Funds Accounts

F.121.

Life Insurance Companies-Continued

Component

Code

1991 value
(billions
of dollars)

5. Change in money market mutual
fund shares held by life insurance
companies

543034003

6.9

Level from Mutual Fund Fact Book, section 6,
table on Assets of Fiduciary, Business, and
Institutional Investors in Taxable Money Market
Funds, Insurance companies and other financial
institutions; plus section 6, table on Assets of
Fiduciary, Business, and Institutional Investors in
Tax-Exempt Money Market Funds, Insurance
companies and other financial institutions. Data
are annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

6. Net purchases of mutual fund
shares by life insurance
companies

543064203

8.5

Year-end level from Mutual Fund Fact Book,
section 6, table on Assets of Fiduciary, Business,
and Institutional Investors in Equity, Bond, and
Income Funds, Insurance companies and other
financial institutions. Series is converted to
quarterly market-value level by K-L method.
Quarterly book value estimated by dividing
market-value level by 1 plus the quarterly
percentage change, expressed in decimal form, in
the NYSE composite index (average for week
containing last day of quarter). Unadjusted flow
is the change in the book-value level.

7. Net purchases of corporate
equities, other than mutual fund
shares, by life insurance
companies

543064105

15.4

Line 7a less line 6.

7a. Net purchases of mutual fund
shares and corporate equities by
life insurance companies

543064003

23.9

Unadjusted flow from Distribution of Investm�nt�
of U.S. Life Insurance Companies, Stock acquire
during quarter less Stock disposed. Level from
same source, Stocks ( common and preferred).

8. Change in credit market assets of
life insurance companies

544004005

83.2

Sum of lines 9, 12, 13, 14, 15, and 16.

9. Change in U.S. government
securities held by life insurance
companies

543061005

61.7

Sum of lines 10 and 11.

543061100

18.6

Level from Distribution of Investments of U.S.
Life Insurance Companies, U.S. Treasury
securities. Unadjusted flow is the change
in the level.

10. Change in U.S. Treasury securities
held by life insurance companies


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Federal Reserve Bank of St. Louis

Explanation

Table F.121

355

F,12 1,-Continued
Code

1991 value
(billions
of dollars)

11. Change in U.S. government
agency securities held by life
insurance companies

543061703

43.1

Level from Distribution of Investments of U.S.
Life Insurance Companies, U.S. federal agency
securities. Unadjusted flow is the change in the
level.

l2. Change in tax-exempt securities
held by life insurance companies

543062003

-2.1

Level from Distribution of Investments of U.S.
Life Insurance Companies, U.S. state and local
government securities. Unadjusted flow is the
change in the level.

13, Change in corporate and foreign
bonds held by life insurance
companies

543063005

28.2

Sum of lines 13a and 13b.

13a. Change in domestic bonds
held by life insurance
companies

543063880

23.4

Level from Distribution of Investments of U.S.
Life Insurance Companies, Bonds, notes, and
debentures, U.S. Level is at statement value.
Unadjusted flow is the change in the level.

13b. Change in foreign bonds held
by life insurance companies

543063263

4.8

Level from Distribution of Investments of U.S.
Life Insurance Companies, Bonds, notes, and
debentures, foreign. Level is at statement value.
Unadjusted flow is the change in the level.

543065005

-2.6

Sum of lines 1 4a, 14b, 14c, and 14d.

14a. Change in home mortgages
held by life insurance
companies

543065103

-1.5

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are from table on Gross Flow of
Mortgage Loans in the U.S., Total long-term loans
on one- to four-family residences plus a
percentage of Land loans and Construction loans
(percentage is the proportion of long-term loans on
one- to four-family residences to total long-term
loans). Unadjusted flow is the change in the level.

14b . Change in multifamily
�ortgages held by life
insu rance companies

543065403

.6

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are from table on Gross Flow of
Mortgage Loans in the U.S., Total long-term loans
on multifamily residences plus a percentage of
Land loans and Construction loans (percentage is
the proportion of long-term loans on multifamily
residences to total long-term loans). Unadjusted
flow is the change in the level.

Component

14 han
ge in mortgages held by life
· �
insurance companies


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Explanation

356

Guide to the Flow of Funds Accounts

F.121.

Life Insurance Companies-Continued
Code

1991 value
(billions
of dollars)

14c. Change in commercial
mortgages held by life
insurance companies

543065500

-1.0

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are from table on Gross Flow of
Mortgage Loans in the U.S., Total long-term
nonfarm nonresidential loans plus a percentage of
Land loans and Construction loans (percentage i�
the proportion of long-term nonfarm nonresiden�al
loans to total long-term loans). Unadjusted flow is
the change in the level.

14d. Change in farm mortgages
held by life insurance
companies

543065603

-.7

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are from Distribution of
Investments of U.S. Life Insurance Companies,
Mortgages, Farm. Unadjusted flow is the change
in the level.

543069105

-6.9

543069150

*

Level from Distribution of Investments of U.S.
Life Insurance Companies, Corporate securities,
One year or less, sum of U.S. and foreign.
Unadjusted flow is the change in the level.

16. Change in loans on life insurance
policies to the household sector
held by life insurance companies

543069403

4.8

Level from Distribution of Investments of U.S.
Life Insurance Companies, Policy loans.
Unadjusted flow is the change in the level.

17. Change in total miscellaneous
assets of life insurance companies

543090003

11.3

Level from Distribution of Investments of U.S.
Life Insurance Companies, Cash and other,
. g
apportioned to cash and miscellaneous assets usID
the proportional split that existed in l 989:Q4, �e
last quarter for which these transaction categones
were reported separately. Unadjusted flow is the
change in the level.

543092003

.2

Since 1982, based on tabulations provided by
Ill
BEA; before 1982, estimated by FOF Section fro
t
ec
ir
periodic BEA benchmark surveys of U.S. d
investment abroad.

544190005

118.5

Component

15. Change in open market paper
held by life insurance companies
15a. Change in short-term
securities held by life
insurance companies

17a. Memo: Direct investment
abroad by U.S. life insurance
companies

18. Net increase in liabilities of life
insurance companies


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Federal Reserve Bank of St. Louis

Explanation

Line 15a less line 5.

Sum of lines 19, 20, 21, and 22.

Table F.121

357

F,121.-Continued

Code

1991 value
(billions
of dollars)

19, Change in life insurance reserve
liabilities of life insurance
companies

543140003

21.9

Level from Life Insurance Fact Book, Reserves
and Other Obligations, table on Policy Reserves,
Life insurance, plus Supplementary contracts
With life contingencies and Without life
contingencies. Data are annual; series is
converted to quarterly by K-L method.
Unadjusted flow is the change in the level.

20, Change in pension fund reserve
liabilities of life insurance
companies

543150003

81.4

Level from Life Insurance Fact Book, Reserves
and Other Obligations, table on Policy Reserves,
Annuities, individual and group. Data are annual;
series is converted to quarterly by K-L method.
Unadjusted flow is the change in the level.

21. �hange in taxes payable by life
IDsurance companies

543178003

-.1

Level is FOF Section estimate based on data on
insurance company tax accruals from SCB, NIPA
table 6.18C, line 57, Insurance carriers; and on
data on tax payments by all life insurance
companies, from SOI Source Book for
Corporation Income Tax Returns. Data are annual;
series is converted to quarterly by K-L method.
Unadjusted flow is the change in the level.

22• Change in total miscellaneous
liabilities of life insurance
companies

543190005

15.3

Sum of lines 22a, 22b, and 22c, less lines 21 and
22d. Foreign direct investment in U.S. life
insurance companies, line 22e, is subtracted from
the change in other obligations of life insurance
companies, line 22a, in the calculation of the
change in unidentified miscellaneous liabilities of
life insurance companies (FOF series 543193005,
shown in table F.231, line 15). It is added to the
change in unidentified miscellaneous liabilities in
the calculation of the change in total miscellaneous
liabilities shown in this line.

22a. Change in other liabilities of
li fe insurance companies

543193103

11.0

Level from Life Insurance Fact Book, Reserves
and Other Obligations, table on Obligations and
Surplus Funds, Other obligations. Data are annual;
series is converted to quarterly by K-L method.
Unadjusted flow is the change in the level.

22b. Change in liabilities of life
insurance companies for health
insurance reserves

543195103

4.8

Level from Life Insurance Fact Book, Reserves
and Other Obligations, table on Policy Reserves,
Health insurance. Data are annual; series is
converted to quarterly by K-L method. Unadjusted
flow is the change in the level.

Component


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Federal Reserve Bank of St. Louis

Explanation

358

Guide to the Flow of Funds Accounts

F.121.

Life Insurance Companies-Continued

Component

Code

1991 value
(billions
of dollars)

Explanation

22c. Change in liabilities of life
insurance companies for
policy dividend accumulation
reserves

543195203

-.2

22d. Change in liabilities of life
insurance companies for
mandatory ecurities valuation
reserves

543193203

.4

Level from Annual Statement of U.S. Legal
Reserve Life Insurance Companies, Liabilities,
surplus, and other funds, Miscellaneous liabilities,
Asset valuation reserve. Data are annual; series is
converted to quarterly by K-L method. Unadjusted
flow is the change in the level.

22e. Memo: Foreign direct
investment in U.S. life
insurance companies

543192003

2.7

Since 1982, based on tabulations provided by
BEA; before 1982, estimated by FOF Section
from periodic BEA benchmark surveys of foreign
direct investment in the U.S.

547005005

-14.2

Sum of lines 1 and 18, less lines 2 and 3. The
discrepancy is a use of funds in the FOF accounts.

23. Discrepancy for life insurance
companies, equal to gross saving
less gross investment


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Federal Reserve Bank of St. Louis

Level from Life Insurance Fact Book, Reserves
and Other Obligations, table on Obligations and
Surplus Funds, sum of Policy dividend
accumulations and Funds set aside for policy
dividends. Data are annual; series is converted to
quarterly by K-L method. Unadjusted flow is the
change in the level.


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Federal Reserve Bank of St. Louis

360

Guide to the Flow of Funds Accounts

Table F.122 Other Insurance Companies
The other insurance companies sector encom­
passes all companies licensed to write prop­
erty or casualty insurance policies in the
United States. The sector's assets consist pri­
marily of fixed-income securities. Insurance
companies in this sector file annual statements

F.122

with the National Association of Insurance
Commissioners. Data from these statements
are compiled by A.M. Best Company in Best's
Aggregates and Averages, Property-Casualty,
which is the source of most of the data on the
sector in the flow of funds accounts.

Other Insurance Co•panies

Billions of dollars
FOF Code

1988

1989

1990

1991

I Gross saving
2 Fixed nonres. invest111ent

516000105
515013003

3.8
2.4

1.3
2.5

3 Net acq. of financial assets
Checkable dep. & currency
4
5
Security RPs
Corporate equities
6

514090005
513020003
512050003
513064003

45.6

-.3
2.6

-.8
2.4

-.I

41.6
.6

-.I

514004005
513061005
513061103
513061703
513062003
513063003
513065503
513070003
513092003

29.2
9.2
9.0
.2
9.3
10.l
.6
6.8
2.7

7.9

25.6
.5
3.2
-6.9

-5.l
9.3

29.7
14.4
11.0
3.4
.7
13.6
.9
2.8
.6

26.5
14.0
8.0
6.0
2.2
9.9
.4
2.0
.5

34.7
25.0
15.0
10.0
2.1
8.0
-.4
1.9
.2

36.5
2.4

30.6
3.4

28.7
2.4

34.0

27.0

26.2

-6.3

2.2

-14.4

7
8
9
10
11
12
13
14
15

Credit market instruments
U.S. govt. securities
Treasury issues
Agency issues
Tax-exempt securities
Corporate and fgn. bonds
Commercial mortgages
Trade credit
Miscellaneous assets

16 Net increase in liabilities
Corporate equity issues
17
Taxes payable
18
Miscellaneous _liabilities
19
20 Discrepancy


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Federal Reserve Bank of St. Louis

514190005
513164003
513178003
513190005
517005005

3.3
3.6

33.l
I. 7
.l
31.3
-ll.l

.I

.I

39.8

-I.I

.I

I

z
3
4
5
6
7
8
9

10
11
12
13
14
15
16
17
18
19

zo

Table F.122

361

F.122. Other Insurance Companies
1991 value
(billions
of dollars)

Explanation

Component

Code

I. Gross saving of other insurance
companies

516000105

-.8

l a. Undistributed profits of other
insurance companies

516006003

.6

1b. Capital consumption allowances
for other insurance companies

516300103

1.4

Capital consumption allowances on nonresidential
equipment and structures owned by insurance
carriers, valued at current cost, from BEA Wealth
Data Tape (section 2, series 552, category 4),
multiplied by the ratio of two levels: (1) total
financial assets of other insurance companies and
(2) the sum of total financial assets of life
insurance companies, private pension funds, and
other insurance companies. Data are annual; series
is converted to quarterly by ratio method, using
NIPA total capital consumption allowances (FOF
series 896300003, table F.1, line 61) as the
denominator.

le. Capital consumption adjustment

796310003

-11.0

SCB, NIPA table 1.16, line 16, Capital
consumption adjustment for all corporate business,
less line 34, Capital consumption adjustment for
nonfinancial corporate business.

515013003

2.4

Investment in nonresidential equipment and
structures by insurance carriers, valued at
historical cost, from BEA Wealth Data Tape
(section 4, series 273), multiplied by the ratio of
two levels: (1) total financial assets of other
insurance companies and (2) the sum of total
financial assets of life insurance companies, other
insurance companies, and private pension funds.
Data are annual; series is converted to quarterly
by ratio method, using NIPA total investment in
nonresidential plant and equipment (FOF series
895013001, table F.l, line 15) as the denominator.

514090005

39.8

Sum of lines 4, 5, 6, 7, 14, and 15.

513020003

-1.1

Level from Best's Aggregates and Averages,
Property-Casualty, table on Consolidated Industry
Totals, Assets, line 6.1, Cash on hand and on
deposit. Data are annual; series is converted to
quarterly by K-L method. Unadjusted flow is the
change in the level.

for financial corporations

2· Fixed nonresidential investment
by other insurance companies

3•

�et acquisition of financial assets
Y other insurance companies

4. Change Ill checkable deposits and
currency held
by other insurance
companies


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Federal Reserve Bank of St. Louis

Sum of lines la and l b, plus 25 percent of line le.
Special tabulation of undistributed profits of
nonlife insurance companies excluding private
pension plans, provided by BEA. Quarterly data
available once a year.

362

Guide to the Flow of Funds Accounts

F.122.

Other Insurance Companies-Continued
Component

Code

1991 value
(billions
of dollars)

5. Change in outstanding loans held
by other insurance companies
under security repurchase
agreements

512050003

-5.1

Level from Best's Aggregates and Averages,
Property-Casualty, table on Consolidated IndustrY
Totals, Assets, line 6.2, Short-term investments.
Data are annual; series is converted to quarterly
by K-L method. Unadjusted flow is the change
in the level.

6. Net purchases of corporate
equities by other insurance
companies

513064003

9.3

Level from Best's Aggregates and Averages,
Property-Casualty, table on Consolidated IndustrY
Totals, schedule D, sum of line 48, Total preferred
stocks, and line 66, Total common stocks, both at
market value. Unadjusted flow calculated as
change in book-value level of equities, as follows:
market-value level less table on Consolidated
Industry Totals, Underwriting and Investment
Exhibit, part lA, sum of totals (column 7) of
line 2.1, Preferred stocks (unaffiliated); line 2.11.
Preferred stocks of affiliates; line 2.2, Common
stocks (unaffiliated); and line 2.21, Common
stocks of affiliates, total. Data are annual; market
value of series for current quarter is estimated by
multiplying the previous quarter's value by 1
plus the quarterly percentage change, expressed
in decimal form, in the NYSE composite index
(average for week containing last day of quarter)
and adding the unadjusted flow.

7. Change in credit market assets of

514004005

34.7

Sum of lines 8, 11, 12, and 13.

8. Change in U.S. government

513061005

25.0

Sum of lines 9 and 10.

9. Change in U.S. Treasury securities
held by other insurance
companies

513061103

15.0

Level from Best's Aggregates and Averages,
Property-Casualty, table on Consolidated In dus7
5
Totals, schedule D, line 1, U.S. government bon '
to
d
e
book value. Data are annual; series is convert
quarterly by K-L method. Unadjusted flow is the
change in the level.

other insurance companies

securities held by other insurance
companies


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Federal Reserve Bank of St. Louis

Explanation

Table F.122

363

F,122,-Continued
Code

1991 value
(billions
of dollars)

10. Change in U.S. government
agency securities held by other
insurance companies

513061703

10.0

ll. Change in tax-exempt securities
held by other insurance
companies

513062003

2.1

Level from Best's Aggregates and Averages,
Property-Casualty, table on Consolidated Industry
Totals, schedule D, sum of line 5, Bonds of U.S.
states, territories, and possessions, and line 9,
Bonds of political subdivisions of U.S. states,
territories, and possessions; plus a portion of
line 13, U.S. special revenue and special
assessment obligations and all nonguaranteed
obligations of agencies and authorities of
governments and their political subdivisions, all
at book value (residual is put into holdings of
government agency securities). Data are annual;
series is converted to quarterly by K-L method.
Unadjusted flow is the change in the level.

12· Change
in corporate and foreign

513063003

8.0

Level from Best's Aggregates and Averages,
Property-Casualty, table on Consolidated Industry
Totals, schedule D, line 30, Total bonds, less
line 1, U.S. government bonds; line 5, Bonds of
U.S. states, territories, and possessions; line 9,
Bonds of political subdivisions of U.S. states,
territories, and possessions; and line 13, U.S.
special revenue and special assessment obligations
and all nonguaranteed obligations of agencies and
authorities of governments and their political
subdivisions, all at book value. Data are annual;
series is converted to quarterly by K-L method.
Unadjusted flow is the change in the level.

13, Cha
nge ID commercial mortgages

513065503

-.4

Level from Best's Aggregates and Averages,
Property-Casualty, table on Consolidated Industry
Totals, Assets, line 3, Mortgage loans on real
estate (all assumed to be commercial). Data are
annual; series is converted to quarterly using K-L
method. Unadjusted flow is the change in the level.

Component

bonds held by other insurance
companies

held by other
insurance
companies


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Federal Reserve Bank of St. Louis

Explanation
Level from Best's Aggregates and Averages,
Property-Casualty, table on Consolidated Industry
Totals, schedule D, a percentage of line 13, U.S.
special revenue and special assessment obligations
and all nonguaranteed obligations of agencies and
authorities of governments and their political
subdivisions, at book value (residual is put into
state and local government obligations).
Percentage used is FOF Section estimate based on
breakdown of figures previously published. Data
are annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

364

Guide to the Flow of Funds Accounts

F.122. Other Insurance Companies-Continued
Code

1991 value
(billions
of dollars)

14. Change in trade credit held by
other insurance companies

513070003

1.9

Level from Best's Aggregates and Averages,
Property-Casualty, table on Consolidated Industry
Totals, Assets, sum of line 9.1, Premiums and
agents' balances in course of collection; line 9.2,
Premiums, agents' balances, and installments
booked but deferred and not yet due; line 9.3,
Accrued retrospective premiums; and line 11,
Bills receivable, taken for premiums. Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

15. Change in identified
miscellaneous assets of other
insurance companies, equal to
their direct investment abroad

513092003

.2

Since 1982, based on tabulations provided by
BEA; before 1982, estimated by FOF Section frorD
periodic BEA benchmark surveys of U.S. direc t
investment abroad.

16. Net increase in liabilities of other
insurance companies

514190005

28.7

17. Net issuance of corporate equities
by other insurance companies

513164003

2.4

18. Change in taxes payable by other
insurance companies

513178003

.1

Component


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Federal Reserve Bank of St. Louis

Explanation

Sum of lines 17, 18, and 19.

Unadjusted flow from Best's Aggregates and
Averages, Property-Casualty, table on
Consolidated Industry Totals, Cash flow, sum of
line 12.3, Capital paid in, and line 12.4, Surplus
paid in. Data are annual; series is converted to
quarterly by K-L method. Series has no level.
Level is FOF Section estimate based on annual
data on insurance company tax accruals from
SCB, NIPA table 6.18C, line 57, Insurance
carriers; and on data on tax payments by m utual
property and casualty insurance companies an� bY
stock property and casualty insurance compawes
and other insurance companies, from SOI Source
Book for Corporation Income Tax Returns. Data
are annual; series is converted to quarterly by I{- L1
e·
method. Unadjusted flow is the change in the }ev

Table F.122

365

F,l22,-Continued
Component

Code

1991 value
(billions
of dollars)

Explanation

19, Change in total miscellaneous
liabilities of other insurance
companies

513190005

26.2

Sum of lines 19a and 19b.

19a. Change in policy payables
owed by other insurance
companies

513176003

24.7

Level from Best's Aggregates and Averages,
Property-Casualty, table on Consolidated Industry
Totals, Liabilities, surplus and other funds, sum of
line 1, Losses; line 2, Loss adjustment expenses;
and line 9, Unearned premiums. This liability is
allocated as assets of the household sector, farm
business, nonfarrn noncorporate business, and
nonfarrn nonfinancial corporate business using the
distribution, by line of business, of premiums
written by stock companies. Data are annual;
series is converted to quarterly by K-L method.
Unadjusted flow is the change in the level.

l 9b . Foreign direct investment in
U.S. other insurance
companies

513192003

1.5

Since 1982, based on tabulations provided by
BEA; before 1982, estimated by FOF Section
from periodic BEA benchmark surveys of foreign
direct investment in the U.S.

517005005

-14.4

Sum of lines 1 and 16, less lines 2 and 3. The
discrepancy is a use of funds in the FOF accounts.

20 ·

oIs· crepancy for other insurance

o
� mpanies, equal to gross saving
ess gross investment


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Federal Reserve Bank of St. Louis

366

Guide to the Flow of Funds Accounts

Table F.123 Private Pension Funds
The private pension funds sector encompasses
the two broad categories of pension plans­
defined benefit plans and defined contribution
plans-as well as the Federal Employees'
Retirement System (FERS) Thrift Savings
Plan. The sector includes retirement funds of
nonprofit organizations and for-profit single­
employer and multiemployer plans that are
qualified for tax preferences. It does not
include annuities purchased for retirees,
"insured assets" such as guaranteed invest­
ment contracts and bank investment contracts,
or any other assets managed by insurance
companies.
Under a defined benefit plan, an employee
typically receives an annuity at retirement or,
after retirement, upon reaching a specified age.
The size of the annuity in most cases is based
on length of service and employment earn­
ings; the annuity may or may not incorporate
explicit or implicit cost-of-living increases,
and it may be integrated with social security.
Under a defined contribution plan,
employees, and often their employers, make
before-tax contributions to the employees'
accounts. Taxes on contributions and invest­
ment income are deferred until the accrued

F.123

amount is withdrawn at or after retirement.
Examples of a defined contribution plan are
401(k) plans as well as the FERS Thrift Sav­
ings Plan for U.S. government employees.
Table F.123 lists changes in sector assets
but does not list changes in liabilities, because
the sector's financial assets are implicitly
assumed to be owed to the household sector.
Data on the sector are estimated from bench­
mark data submitted on form 5500 by all
private pension sponsors to the Internal Reve­
nue Service, which forwards the forms to the
Department of Labor and the Pension Benefit
Guaranty Corporation. More recent quarterly
estimates are generated by extrapolating the
benchmark data using Trust Universe Com­
parison Service data compiled by Wilshire
Associates. The Federal Retirement Thrift
Investment Board provides data on the FERS
Thrift Savings Plan.

Private Pension Funds Cl)

---------------------------------------------------------------------------------------------------------------FOF Code
1988
1990
--------------------------------------------------------------------1989
-------1991
Billions of dollars

l Gross saving
2 Fixed nonres. investment

3 Net acq. of financial assets
4
Checkable dep. and currency
Time deposits
5
6
Honey mkt. fund shares
7
Mutual fund shares
8
Corporate equities
9
10
11
12
13
14
15
16
17

Credit market instru111ents
U.S. government securities
Treasury issues
Agency issues
Tax-exempt securities
Corporate & foreign bonds
Mortgages
Open market paper
Miscellaneous assets

18 Discrepancy

576300103
575013003

574090005
573020003
573035003
573034003
573064203
573064105
574004005
573061005
573061105
573061703
573062003
573063005
573065003
573069103
573090005

2.3
5.5
24.l
1.4
7.1
1.6
.9
-12.9
18.l
4.0
5.8
-1.8
-.3
2.7
M

11.6
8.0

577005005
-3.1
CU Includes the Federal Einployees• Retirement Syste• Thrift Savings Plan.


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Federal Reserve Bank of St. Louis

2.8
6.0

2.9
5.8

3.3
5.8

50.6
-.7
7.2
4.5
2.5
-13.0

14.8
.1
.3
4.1
6.2
-15.4

104.5
-.5
8.0
.5
8.3
11.9

36.2
23.7
18.8
4.9
.3
17.l
.9
-5.8
14.0

16.6
10.9
10.9
.1
.1
7.0
-1.0
-.4
3.0

60.6
32.2
25.4
6.8
.4
25.3
3.2
-.6
15.7

-2.9

-2.6

-3.2

2
3
4
5
6

7
8
9
10

11

12
13
14
15
16
17

18

Table F.123

367

F,123. Private Pension Funds
1991 value
(billions
of dollars)

Explanation

Component

Code

1. Gross saving of private pension
funds, equal to capital
consumption allowances

576300103

3.3

Capital consumption allowances on nonresidential
equipment and structures owned by insurance
carriers, valued at current cost, from BEA Wealth
Data Tape (section 2, series 552, category 4),
multiplied by the ratio of two levels: (1) total
financial assets of private pension funds and
(2) the sum of total financial assets of life
insurance companies, private pension funds, and
other insurance companies. Data are annual; series
is converted to quarterly by ratio method, using
NIPA total capital consumption allowances (FOP
series 896300003, table F.l , line 61) as the
denominator.

2· Fixed nonresidential investment
by Private pension funds

575013003

5.8

Investment in nonresidential equipment and
structures by insurance carriers, valued at
historical cost, from BEA Wealth Data Tape
(section 4, series 273), multiplied by the ratio of
two levels: (1) total financial assets of private
pension funds and (2) the sum of total financial
assets of life insurance companies, other insurance
companies, and private pension funds. Data are
annual; series is converted to quarterly by ratio
method, using NIPA total investment in
nonresidential plant and equipment (FOF series
895013001, table F.1, line 15) as the denominator.

3· Net ac
quisition of financial assets
by private pension funds

574090005

104.5

573020003

-.5

4' Change
in checkable deposits and
currency held by private pension
funds


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Federal Reserve Bank of St. Louis

Sum of lines 4, 5, 6, 7, 8, 9, and 17.

Level from DOL tabulation of submissions of
IRS/DOL/PBGC Form 5500, Annual
Return/Report of Employee Benefit Plan, line 34a,
Total non-interest-bearing cash; and from Trust
Assets of Financial Institutions, table B-2D,
portions of total assets of Short-term investment
funds and Diversified balanced funds. Data from
both sources are annual and appear with lags of
several years; series is converted to quarterly and
estimated for current periods using proprietary
Trust Universe Comparison Service data on assets
of employee benefit plans obtained from Wilshire
Associates. Unadjusted flow is the change in the
level.

368

Guide to the Flow of Funds Accounts

F.123. Private Pension Funds-Continued
Code

1991 value
(billions
of dollars)

5. Change in large time deposits
held by private pension funds

573035003

8.0

Level from DOL tabulation of submissions of
IRS/DOL/PBGC Form 5500, Annual
Return/Report of Employee Benefit Plan,
line 34c(2), Certificates of deposit; and from Trust
Assets of Financial Institutions, table B-2D,
portions of total assets of Short-term investment
funds and Diversified balanced funds. Data from
both sources are annual and appear with lags of
several years; series is converted to quarterly and
estimated for current periods using proprietary
s
Trust Universe Comparison Service data on asset
_
of employee benefit plans obtained from Wilshi re
Associates. Unadjusted flow is the change in the
level.

6. Change in money market mutual
fund shares held by private
pension funds

573034003

.5

Level from Mutual Fund Fact Book, section 6,
table on Assets of Fiduciary, Business, and
Institutional Investors in Taxable Money Market
Funds, Retirement plans; plus section 6, table on
Assets of Fiduciary, Business, and Institutional
Investors in Tax-Exempt Money Market Funds,
Retirement plans. Data are annual; series is
d
converted to quarterly by K-L method. UnadjuSte
flow is the change in the level.

7. Net purchases of mutual fund
s'iares by private pension funds

573064203

8.3

Year-end level from Mutual Fund Fact Book,
section 6, table on Assets of Fiduciary, Business,
and Institutional Investors in Equity, Bond, and
Income Funds, Retirement plans. Series is
converted to quarterly market-value level by K-L
method. Quarterly book value estimated by
r1
dividing market-value level by 1 plus the quart� y
n
i
l,
JJ
percentage change, expressed in decimal for
ek
e
w
the NYSE composite index (average for
s
containing last day of quarter). Unadjusted floW i
the change in the book-value level.

Component


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Federal Reserve Bank of St. Louis

Explanation

Table F.123

369

F,123,-Continued

Component

Code

1991 value
(billions
of dollars)

S. Net purchases of corporate
equities, other than mutual fund
shares, by private pension funds

573064105

11.9

Sum of lines 8a and 8b.

8a. Net purchases of corporate
equities, other than mutual fund
shares, by private pension
funds, excluding the Federal
Employees' Retirement System
Thrift Savings Plan

573064113

11.6

Level from DOL tabulation of submissions of
IRS/DOL/PBGC Form 5500, Annual
Return/Report of Employee Benefit Plan, sum of
lines 34c(5A) and 34c(5B), Corporate stocks; and
from Trust Assets of Financial Institutions,
table B-2D, sum of total assets of Equity funds,
Foreign equity funds, and Index equity funds, plus
a portion of total assets of Diversified balanced
funds. Data from both sources are annual and
appear with lags of several years; series is
converted to quarterly and estimated for current
periods using proprietary Trust Universe
Comparison Service data on assets of employee
benefit plans obtained from Wilshire Associates.
Level is at market value. Unadjusted flow
estimated from Wilshire Associates data. The
Standard and Poor's 500 Index dividend/price
ratio is used to remove capital gains and to
calculate net contributions.

8b. Net purchases of corporate
equities by the Federal
Employees' Retirement System
Thrift Savings Plan common
stock fund

573064123

.3

574004005

60.6

Sum of lines 10, 13, 14, 15, and 16.

573061005

32.2

Sum of lines 11 and 12.

9• Chan
ge in credit market assets of
Private pension funds
IO. Cha
nge m U.S. government
;ecUrities held by private pension
unds


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Federal Reserve Bank of St. Louis

Explanation

Level, unadjusted flow, and capital gains
provided by the Federal Retirement Thrift
Investment Board from internal data on the
common stock fund.

370

Guide to the Flow of Funds Accounts

F.123. Private Pension Funds-Continued
Component

Code

1991 value
(billions
of dollars)

11. Change in U.S. Treasury securities
held by private pension funds

573061105

25.4

Sum of lines I l a and I l b, less lines 8b and 1 l e.

1 l a. Change in U.S. Treasury
securities held by private
pension funds, excluding the
Federal Employees'
Retirement System Thrift
Savings Plan

573061113

23.1

Level from DOL tabulation of submissions of
IRS/DOL/PBGC Form 5500, Annual
Return/Report of Employee Benefit Plan,
d
line 34c(3), U.S. government securities, multiplie
.
U.S
l
by proportion of Treasury securities to tota
government securities from earlier tabulations;
and from Trust Assets of Financial Institutions,
table B-2D, a portion of total assets of Diversified
balanced funds. Data from both sources are annual
and appear with lags of several years; series is
converted to quarterly and estimated for current
quarters using proprietary Trust Universe
Comparison Service data on employee benefit
plans obtained from Wilshire Associates.
Unadjusted flow is the change in the level .

11b. Change in total assets of the
Federal Employees'
Retirement System Thrift
Savings Plan

574090023

2.8

Level provided by the Federal Retirement Thrift
Investment Board from internal data on total
amount contributed to the plan. Unadjusted flow
is the change in the level.

l c. Change in corporate and
foreign bonds held by the
Federal Employees'
Retirement System Thrift
Savings Plan

573063023

.1

Unadjusted flow provided by the Federal
Retirement Thrift Investment Board from internal
data on total assets of the fixed income fund
(assumed to be invested in corporate bonds).
Level obtained by adding flow to preceding level.

573061703

6.8

Level from DOL tabulation of submissions of
IRS/DOL/PBGC Form 5500, Annual
Return/Report of Employee Benefit Plan, . . d
lie
line 34c(3), U.S. government securities, mul ttp
by proportion of agency issues to total U.S.
government securities from earlier tabulations;
and from Trust Assets of Financial Institutions, d
table B-2D, a portion of total assets of Diverst•fie
al
balanced funds. Data from both sources are annu
and appear wtth lags of several years; series is
converted to quarterly and estimated for curre nt
quarters using proprietary Trust Universe
Comparison Service data on employee bene fit
plans obtained from Wilshire Associates.
Unadjusted flow is the change in the level.

l

12. Change in U.S. government
agency securities held by private
pension funds


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Federal Reserve Bank of St. Louis

Explanation

Table F.123

371

F,l23.-Continued
1991 value
(billions
of dollars)

Explanation

Component

Code

13, Change in tax-exempt securities

573062003

.4

14· Change in corporate and foreign
bonds held by private pension
funds

573063005

25.3

Sum of lines 11c and 14a.

14a. Change in corporate and
foreign bonds held by private
pension funds, excluding the
Federal Employees'
Retirement System Thrift
Savings Plan

573063013

25.1

Level from DOL tabulation of submissions of
IRS/DOL/PBGC Form 5500, Annual
Return/Report of Employee Benefit Plan,
line 34c(4), Corporate debt instruments, multiplied
by proportion of corporate bonds to corporate debt
instruments from earlier tabulations; and from
Trust Assets of Financial Institutions, table B-2D,
sum of total assets of Fixed income funds, Foreign
fixed income funds, and Index fixed income funds,
plus a portion of total assets of Diversified
balanced funds. Level is at book value. Data from
both sources are annual and appear with lags of
several years; series is converted to quarterly using
proprietary Trust Universe Comparison Service
data obtained from Wilshire Associates.
Unadjusted flow is the change in the level.

573065003

3.2

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are from HUD quarterly Survey
of Mortgage Lending Activity. Unadjusted flow
is the change in the level.

held by private pension funds

15. Ch· ange m mortg
ages held by
pr•vate pension funds


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Federal Reserve Bank of St. Louis

Level, for years before 1988, from DOL
tabulations of submissions of IRS/DOL/PBGC
Form 5500, Annual Return/Report of Employee
Benefit Plan, line 13(c)(l). For 1988 on, other
assets, multiplied by proportion of municipal
securities to the sum of municipal securities and
other assets from most recent complete pre-1988
tabulation; and from Trust Assets of Financial
Institutions, table B-2D, total assets of Municipal
bond funds plus a portion of total assets of
Diversified balanced funds. Data from both
sources are annual and appear with lags of several
years; series is converted to quarterly using
proprietary Trust Universe Comparison Service
data on assets of employee benefit plans obtained
from Wilshire Associates. Unadjusted flow is the
change in the level.

Guide to the Flow of Funds Accounts

372

F.123.

Private Pension Funds-Continued

Code

1991 value
(billions
of dollars)

16. Change in open market paper
held by private pension funds

573069103

-.6

17. Change in total miscellaneous
assets of private pension funds

573090005

15.7

17a. Change in contributions
payable to private pension
funds by nonfarm nonfinancial
corporations

573076003

4.4

Level from DOL tabulation of submissions of
IRS/DOL/PBGC Form 5500, Annual
Return/Report of Employee Benefit Plan,
line 34b(l ), Receivables, employer contributions.
Data are annual and appear with a lag of several
years; series is converted to quarterly and
estimated for current periods using proprietary
Trust Universe Comparison Service data on
employee benefit plans obtained from Wilshire
Associates. Unadjusted flow is the change in the
level.

17b. Change in unidentified
miscellaneous assets of private
pension funds

57309300�

11.3

Level from DOL tabulation of submissions of
IRS/DOL/PBGC Form 5500, Annual
Return/Report of Employee Benefit Plan, sum of
r
lines 34b(2)-(4), Receivables other than employe
contributions; line 34c(6), Partnership/joint
venture interests; line 34c(9)(B), Loans to
d
participants-other; line 34a(10), Other loans; an r
e
h
ot
line 34c(17), Other assets, less the portion of
assets allocated to municipal bonds; and from
Trust Assets of Financial Institutions, table B-2D
total assets of Other funds plus a portion of total
assets of Diversified balanced funds. Data fro�
both sources are annual and appear with lags O
d
several years; series is converted to quarterly an
tarY
estimated for current periods using proprie
Trust Universe Comparison Service data from
Wilshire Associates. Unadjusted flow is the
change in the level.

Component


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Federal Reserve Bank of St. Louis

Explanation
Level from DOL tabulation of submissions of
IRS/DOL/PBGC Form 5500, Annual
Return/Report of Employee Benefit Plan,
line 34c(4), Corporate debt instruments, multiplied
by proportion of short-term corporate debt to
corporate debt instruments from earlier
tabulations; and from Trust Assets of Financial
Institutions, table B-2D, total assets of Short-term
investment funds plus a portion of total assets
of Diversified balanced funds. Data from both
sources are annual and appear with lags of several
years; series is converted to quarterly and
estimated for current periods using proprietary
Trust Universe Comparison Service data on
employee benefit plans obtained from Wilshire
Associates. Unadjusted flow is the change in the
level.

Sum of lines 17a and 17b.

Table F.123

F,l23,-Continued
Component
18, Discrepancy for private pension
funds, equal to gross saving less
gross investment


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Federal Reserve Bank of St. Louis

Code

1991 value
(billions
of dollars)

577005005

-2.6

Explanation
Line 1 less line 2. The discrepancy is a use of
funds in the FOF accounts.

373

Guide to the Flow of Funds Accounts

374

Table F.124 State and Local Government Employee Retirement Funds
The state and local government employee
retirement funds sector consists of retirement
systems that are sponsored by a recognized
unit of government as defined by the Bureau
of the Census and whose members are public
employees compensated with public funds.
The sector includes retirement funds of both
state governments and local government enti­
ties, such as counties, municipalities, town­
ships, school districts, and special districts.
Each retirement system is a separately identifi­
able fund, financed at least in part with public
contributions. Excluded from the sector are
pension funds that are supported solely by
employee contributions; also excluded are
assets administered by insurance companies
or the Teachers Insurance and Annuity Associ­
ation that provide public employee retirement
coverage without any contribution or supple­
mental coverage administered by a govern­
ment entity.
The sources of data for the flow of funds
accounts are two Bureau of the Census publi­
cations: Government Finances, an annual

F.124

publication, and "Finances of Selected Pub­
lic Employee Retirement Systems," which
appears quarterly.
In the flow of funds accounts, the net acqui­
sition of. financial assets by this sector is a
source of funds to the household sector
(table F. 100) and is included in the item "cred­
its from government insurance" (line 6). In
the national income and product accounts, in
contrast, saving by the sector is treated as
government saving.
Table F.124 lists changes in assets of the
sector but not changes in liabilities, because
the assets are assumed to be held for the
benefit of the household sector. Financial
flows of the sector do not include payment of
retirement benefits.

State and Local Government Employee Retirement Funds

Billions of dollars
FOF Code
1988
1989
1990
1991
---------------------------------------------------------------------1 Net acq. of financial assets
2
Checkable dep. and currency
3
Time deposits
4
Corporate equities

224090005
223020003
223035005
223064003

5
6

224004005
223061005
223061103
223061703
223062003
223063005
223065005
223069103

7

8
9
10
11
12

Credit market instru111ents
U.S. government securities
Treasury issues
Agency issues
Tax-exempt securities
Corporate & foreign bonds
Mortgages
Open market paper


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Federal Reserve Bank of St. Louis

64.9
.5
3.4
25.9
35.1
15.8
15.5
.3
-.4
21.2
.3
-1.8

72.1
-.3
M

23.7
48.7
13.6
-.2
13.8
M

36.7
-.4
-1.2

66.0
1.5
-3.3
16.8

56.7
.3
-2.5
22.0

51.0
21.7
13.2
8.5
.2
24.6

37.0
29.6

.9

3.7

17.9

11.7
.1
-.8
.9
7.1

1
2
3

4

7
8

9
10

11
12

Table Fl24

375

F,124. State and Local Government Employee Retirement Funds
Component

Code

1991 value
(billions
of dollars)

1. Net acquisition of financial assets
by state and local government
retirement funds

224090005

56.7

2· Change in checkable deposits and
currency held by state and local
government retirement funds

223020003

.3

3• Change in large time deposits
held by state and local
government retirement funds

223035005

-2.5

Line 3a less line 2.

223024003

-2.2

Level at end of fiscal year from Finances of
Employee-Retirement Systems of State and Local
Governments, table 1, Cash and deposits. Data are
annual; series is converted to quarterly by FOF
Section using data from Finances of Selected
Public Employee Retirement Systems, table 1,
Cash and deposits. Unadjusted flow is the change
in the level.

223064003

22.0

Level at end of fiscal year from Finances of
Employee-Retirement Systems of State and Local
Governments, table 1, Corporate stocks. Data are
annual; series is converted to quarterly using data
from Finances of Selected Public Employee
Retirement Systems, table 1, Corporate stocks.
Level is at book value. Unadjusted flow is the
change in the level. Another series, FOF
223064075, which has been revalued to market
prices, appears in tables of values outstanding of
corporate equities held by state and local
government retirement funds.

224004005

37.0

Sum of lines 6, 9, 10, 11, and 12.

223061005

29.6

Sum of lines 7 and 8.

3 a. Change in reported cash
balances held by state and local
government retirement funds

4· Net purc
hases of corporate
equities by state and local
government retirement funds

s.

Change m credit market assets of
state and local government
retiremen
t funds

6, Cha
nge in U.S. government
securi'ties held by state and local
government
retirement funds


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Explanation
Sum of lines 2, 3, 4, and 5.

Level is FOF Section estimate based on
unpublished data provided by Bureau of the
Census from material collected for Finances of
Selected Public Employee Retirement Systems.
Unadjusted flow is the change in the level.

376

Guide to the Flow of Funds Accounts

F.124.

State and Local Government Employee Retirement Funds-Continued
Component

Code

1991 value
(billions
of dollars)

7. Change in U.S. Treasury securities
held by state and local
government retirement funds

223061103

17.9

Level at end of fiscal year from Finances of
Employee-Retirement Systems of State and Local
Governments, table 1, U.S. Treasury securities.
Data are annual; series is converted to quarterly
using data from Finances of Selected Public
Employee Retirement Systems, table 1, U.S.
Treasury securities. Unadjusted flow is the change
in the level.

8. Change in U.S. government
agency securities held by state
and local government retirement
funds

223061703

11.7

Level at end of fiscal year from Finances of
Employee-Retirement Systems of State and Local
Governments, table 1, Federal agency securities.
Data are annual; series is converted to quarterly
using data from Finances of Selected Public
Employee Retirement Systems, table 1, Federal
agency securities. Unadjusted flow is the change 10
the level.

9. Change in tax-exempt securities
held by state and local
government retirement funds

223062003

.1

10. Change in corporate and foreign
bonds held by state and local
government retirement funds

223063005

- .8

10a. Change in reported total assets
of state and local government
retirement funds

224090003

56.7

11. Change in mortgages held by state
and local government retirement
funds

223065005

.9

Sum of lines l l a, l lb, l l c, and l ld.

223065103

.2

Level from FR Board, Mortgage and Consum�r s
g
Finance Section, internal Mortgage Debt Holdin
file. Data in file are from HUD quarterly surveY
of Mortgage Lending Activity. Unadjusted floW
is the change in the level.

11a. Change in home mortgages
held by state and local
government retirement funds


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Federal Reserve Bank of St. Louis

Explanation

Level at end of fiscal year from Finances of
l
Employee-Retirement Systems of State and Loca
t
e
n
Governments, table 1, State and local governm
o
t
d
e
ert
securities. Data are annual; series is conv
quarterly using data from Finances of Selected
Public Employee Retirement Systems, table .1,
d
State and local government securities. UnadJuste
flow is the change in the level.

Line 10a less lines 2, 3, 4, 6, 9, 11, and 12.

Level at end of fiscal year from Finances of
al
Employee-Retirement Systems of State and L��
t
s
Governments, table 1, sum of Cash and depo i
'a1·
Securities, and Other investments. Data are an nu
series is converted to quarterly using data from t
Finances of Selected Public Employee Retire�ens.
Systems, table 1, Total cash and security holding
Unadjusted flow is the change in the level.

Table F.124

377

F.124.-Continued
Code

1991 value
(billions
of dollars)

11b. Change in multifamily
mortgages held by state and
local government retirement
funds

223065403

-.2

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are from HUD quarterly Survey
of Mortgage Lending Activity. Unadjusted flow
is the change in the level.

l lc. Change in commercial
mortgages held by state and
local government retirement
funds

223065503

.9

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are from HUD quarterly Survey
of Mortgage Lending Activity. Unadjusted flow
is the change in the level.

l ld. Change in farm mortgages
held by state and local
government retirement funds

223065603

*

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are from HUD quarterly Survey
of Mortgage Lending Activity. Unadjusted flow
is the change in the level.

223069103

7.1

Level is FOF Section estimate based on
unpublished data provided by Bureau of the
Census from material collected for Finances of
Selected Public Employee Retirement Systems.
Unadjusted flow is the change in the level.

Component

12· Chan
ge in open market paper
held by state and local
government retirement funds


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Federal Reserve Bank of St. Louis

Explanation

378

Guide to the Flow of Funds Accounts

Table F.125 Finance Companies
The finance companies sector includes finan­
cial institutions, other than commercial banks
and thrift institutions, for which the largest
component of assets are sales finance receiv­
ables, personal cash loans to individuals and
families, short- and intermediate-term busi­
ness receivables including leases, or junior
liens on real estate.
Figures for the sector are based on monthly
and quarterly surveys of finance companies
conducted by the Federal Reserve (FR) Board,
which are benchmarked to its quinquennial
survey of finance companies. Data from the
surveys are published in the FR Board
monthly G.20 statistical release, "Finance

F.125

Companies"; however, the G.20 data do not
include information on another group also
included in the sector, captive finance compa­
nies owned by retailers and oil company sub­
sidiaries of gasoline companies. In addition,
mortgage bankers (businesses that originate
and service mortgages) are included in the
sector.

Finance Cot1panies (1)

---------------------------------------------------------------------------------------------------------------FOF Code
1988
1989
1990
1991
--------------------------------------------------------------------------Billions of dollars

l Gross saving
2 Fixed nonres. invest■ent

616000105
615013003

3 Net acq. of financial assets
4
Checkable dep. & currency
5
Credit market instru■ents
6
Mortgages
7
Consumer credit
8
Other loans(to business)
9
Miscellaneous assets

614090005
613020003
614002005
613065000
613066105
613069500
613090005

10 Net increase in liabilities
11
Credit market instru11ents
12
Corporate bonds
13
Bank loans n.e.c.
14
Open market paper

614190005
614102005
613163005
613168005
613169175

Taxes payable
Miscellaneous liabilities

613178003
613190005

15
16

17 Discrepancy
Cl) Includes mortgage co■panies.


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Federal Reserve Bank of St. Louis

617005005

5.4
5.8

6.1
6.3

61.7
.8
49.2
16.3
1.4
31.6
11.7

5.8
6.9

5.1
6.8

73.7
1.0
69.3
43.7
-.7
26.3
3.5

52.8
1.1
41.6
24.2
-5.9
23.3
10.2

62.6
59.7
23.6
4.9
31.2

31.6
1.2
-13.l
-.1
-12.0
-.9
43.5

44.3
35.6
-.6
3.0
33.2

.1
2.8

30.9
14.S,
22.0
4.8
-12.2

.2
8.6

.2
16.2

-9.6

-2.5

SO.I
31.5
-23.S
-2.9
57.9
.1
18.4
-12.0

-11.4

l
2
3
4

5

6
7
8

9

10
11
12
13
14
15
16
17

Table F.125

379

F,125. Finance Companies
Component
1. Gross saving of finance companies

Code

1991 value
(billions
of dollars)

Explanation

616000105

5.1

Sum of lines 1a and 1b, plus 25 percent of line le.

la. Undistributed profits of finance
companies

616006003

2.5

Special tabulation of undistributed profits of credit
agencies not elsewhere classified, provided by
BEA. Quarterly data available once a year.

1b. Capital consumption allowances
for finance companies

616300103

5.3

Capital consumption allowances on nonresidential
equipment and structures owned by nondepository
credit institutions, valued at current cost, from
BEA Wealth Data Tape (section 2, series 546,
category 4), less capital consumption allowances
on nonresidential equipment and structures owned
by federally sponsored credit agencies, valued at
current cost (FOP series 406300103, table F.107,
line 1b). Data are annual; series is converted to
quarterly by ratio method, using NIPA total capital
consumption allowances (FOP series 896300003,
table F.1, line 61) as the denominator.

le. Capital consumption adjustment

796310003

-11.0

2 i ed n
onresidential investment
· :x
Y finance companies

615013003

6.8

3. Net acq u1s1
. 'fion of financial assets
bY finance
companies

614090005

31.6

4· Chan
ge m checkable deposits and
curren
cy
cotnpani held by finance
es

613020003

1.2

614002005

-13.1

for financial corporations

5·

Change m credit
market assets of
financ
e companies


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Federal Reserve Bank of St. Louis

SCB, NIPA table 1.16, line 16, Capital consumption adjustment for all corporate business, less
line 34, Capital consumption adjustment for
nonfinancial corporate business.

Investment in nonresidential equipment and
structures by nondepository credit institutions,
valued at historical cost, from BEA Wealth Data
Tape (section 4, series 261), less investment in
nonresidential equipment and structures, valued at
historical cost, by federally sponsored credit
agencies (FOP series 405013003, table F.107,
line 2). Data are annual; series is converted to
quarterly by ratio method, using NIPA total
investment in nonresidential plant and equipment
(FOP series 895013001, table F.1, line 15) as the
denominator.
Sum of lines 4, 5, and 9.

Level is FOP Section estimate based on most
recent FR Board quinquennial survey of finance
companies. Unadjusted flow is the change in the
level.
Sum of lines 6, 7, and 8.

380

Guide to the Flow of Funds Accounts

F.125.

Finance Companies-Continued

1991 value
(billions
of dollars)

Component

Code

6. Change in mortgages held by
finance companies and mortgage
companies

613065000

-.1

7. Change in installment consumer
credit held by all finance
companies

613066105

-12.0

Sum of lines 7a and 7b.

7a. Change in installment consumer
credit held by finance
companies other than captive
finance companies

613066100

-12.0

Level from FR Board, Mortgage and Consumer
Finance Section, monthly G.19 statistical release,
Consumer Installment Credit, table on Consumer
Installment Credit Outstanding, Not seasonally
adjusted, Major holders, Finance companies.
Unadjusted flow is the change in the level.

7b. Change in installment consumer
credit held by captive finance
companies

613066120

-.1

Level from FR Board, Mortgage and Consu�er
Finance Section, installment consumer credit h eld
by all retailers multiplied by ratio of consumer
credit held by captive retail finance companies
(from FR Board quinquennial survey of financ�
.
.
rs
compames) to consumer credit held by aJI retaile Ratio is smoothed between quinquennial surveys.
Unadjusted flow is the change in the level.

8. Change in business loans held by
finance companies

613069500

-.9

Level from FR Board, Mortgage and Consumer
Finance Section, internal quarterly statement of
assets and liabilities of domestic finance
companies, accounts receivable, gross, busi�es � ­
(also published in FR Bulletin, table 1.51, lin_e )e
th
Excludes securitized loans. Unadjusted flow is
change in the level.

9. Change in total miscellaneous
assets of finance companies

613090005

43.5

8
Sum of lines 9a and 9b, less lines 4, 6, 7a, and ·
Direct investment abroad by U.S. finance
e
companies, line 9c, is subtracted from the ch�go
a
l
u
in reported total assets, line 9a, in the calc UO ts
e
of the change in unidentified miscellaneous ass
5
of finance companies (FOF series 61309300
e
shown in table F.231, line 36). It is added to
o
t
change in unidentified miscellaneous assets
obtain the change in total miscellaneous asse ts
shown in this line.


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Federal Reserve Bank of St. Louis

Explanation
Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holding s
file. Data in file are from: for finance companies,
most recent FR Board quinquennial survey of
finance companies and from internal quarterly
statement of assets and liabilities of domestic
finance companies, Accounts receivable, gross,
Real estate (also published in FR Bulletin,
table 1.51, line 4); for mortgage companies,
Mortgage Bankers Association via HUD quarterly
Survey of Mortgage Lending Activity. Unadjusted
flow is the change in the level.

th

Table F.125

381

F,125,-Continued
Code

1991 value
(billions
of dollars)

9a. Change in reported total assets
of finance companies

614090053

32.1

Level from FR Board, Mortgage and Consumer
Finance Section, internal quarterly statement of
assets and liabilities of domestic finance
companies, Total assets, net, plus Reserves for
unearned income and Reserves for losses (also
published in FR Bulletin, table 1.51). Unadjusted
flow is the change in the level.

9b. Change in mortgages held by
mortgage companies

613065013

-.4

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are from Mortgage Bankers
Association via HUD quarterly Survey of
Mortgage Lending Activity. Unadjusted flow is
the change in the level.

9c. Memo: Direct investment
abroad by U.S. finance
companies

613092003

2.1

Since 1982, based on tabulations provided by
BEA; before 1982, estimated by FOF Section from
periodic BEA benchmark surveys of U.S. direct
investment abroad.

lO. Net in
crease in liabilities of
finance companies

614190005

30.9

Sum of lines 11, 15, and 16.

ll. Chan
ge in credit market debt of
finance companies

614102005

14.5

Sum of lines 12, 13, and 14.

12, C. hang
e ID corporate bond

613163005

22.0

Sum of lines 7b, 9b, and 12a, less lines 13 and 14.

614104053

15.0

Level from FR Board, Mortgage and Consumer
Finance Section, internal quarterly statement of
assets and liabilities of domestic finance
companies, sum of Bank loans, Commercial paper,
and Debt not elsewhere classified (also published
in FR Bulletin, table 1.51). Unadjusted flow is the
change in the level.

Component

liabilities of
finance companies

12 a. Change in reported total credit
market debt of finance
companies


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Federal Reserve Bank of St. Louis

Explanation

382

Guide to the Flow of Funds Accounts

F.125. Finance Companies-Continued

Code

1991 value
(billions
of dollars)

613168005

4.8

Sum of lines 13a and 13b, less 40 percent of line
13c, and less the sum of lines 13d and 13e net of
lines 13f through 13j. The 40 percent portion of
line 13c is deducted because commercial paper is
included with all bank loans shown on the
quarterly Report of Condition for U.S.-chartered
commercial banks; the percentage used here is the
estimated share of the commercial paper that is
issued by nonban.k financial institutions.

13a. Change in loans to financial
institutions, other than
depository institutions, held by
U.S.-chartered commercial
banks

683168720

-2.9

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-C,
50 percent of All other loans (series RCON1 564)
(mainly loans to finance companies). Unadjusted
flow is the change in the level.

13b. Change in loans to nonbank
financial institutions held by
foreign banking offices in the
U.S.

753068690

7.0

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule C, sum of Loans to other depository
institutions in the U.S. (series RCON1517) and
Loans to other financial institutions (RCON1520);
and for New York State investment companies,
schedule A, line le, Loans to other financial
institutions (RCON1520). Unadjusted flow is the
change in the level.

13c. Change in commercial paper
held by U.S.-chartered
commercial banks

723069703

.2

Level from quarterly Report of Condition for
e
U.S.-chartered commercial banks, sum of schedu1
RC-C, Memorandum item, Commercial paper
included in loan categories, not held in trading
accounts (series RCON1496), and schedule RC- D
Commercial paper held in trading accounts
e
(RCON 1027). Unadjusted flow is the change Ill th
level.

13d. Undistributed profits of real
estate investment trusts

646006003

-. 8

Special tabulation of undistributed profits of .
e
REITs, provided by BEA. Quarterly data availabl
once a year.

13e. Change in reported total assets
of real estate investment trusts

644090003

2.4

Level from REIT Watch, Industry Balance Sheet,
Total assets less Mortgage pools. Unadjusted floW
is the change in the level.

13f. Change in corporate bond
liabilities of real estate
investment trusts

643163003

*

Level from REIT Watch, Industry Balance Sheet,
Liabilities, sum of Convertible debt and
Nonconvertible debt. Unadjusted flow is the
change in the level.

13g. Change in mortgage debt of
real estate investment trusts

643165003

Component
13. Change in outstanding bank
loans, not elsewhere classified, to
finance companies


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Federal Reserve Bank of St. Louis

.6

Explanation

t,
Level from REIT Watch, Industry Balance Shee
e
th
is
Liabilities, Mortgages. Unadjusted flow
change in the level.

Table F.125

383

F,125,-Continued

Component

Code

1991 value
(billions
of dollars)

Explanation

13h. Change in open market paper
liabilities of real estate
investment trusts

643169173

l 3i. Change in unidentified
miscellaneous liabilities of real
estate investment trusts

643193003

*

Level from REIT Watch, Industry Balance Sheet,
Liabilities, Other liabilities. Unadjusted flow is the
change in the level.

13j. Change in net worth of real
estate investment trusts

645080003

1.6

Level from REIT Watch, Industry Balance Sheet,
Shareholders' equity. Unadjusted flow is the
change in the level.

14· �hange in open market paper
habilities of finance companies

613169175

-12.2

Sum of lines 14a and 1 4b, less lines 13h, 14c,
14d, and 14e.

14a. Change in directly placed
commercial paper liabilities of
all financial institutions

793169103

-16.6

Level from FR Bank of New York, Market Reports
Division, monthly commercial paper release,
table I, (outstandings issued by) Financial
companies, Directly placed. Unadjusted flow
is the change in the level.

14b. Change in dealer-placed
commercial paper liabilities of
all financial institutions

793169703

-.3

Level from FR Bank of New York, Market Reports
Division, monthly commercial paper release,
table I, (outstandings issued by) Financial
companies, Dealer-placed, Total (including
foreign). Unadjusted flow is the change in the
level.

I4c. Change in commercial paper
liabilities of foreign financial
companies to U.S. residents

263169103

.9

Level from FR Bank of New York, Market Reports
Division, monthly commercial paper release,
table I, (outstandings issued by) Financial
companies, Dealer-placed, Foreign. Unadjusted
flow is the change in the level.

l 4ct. Change in directly placed
commercial paper liabilities of
bank holding companies

733169100

-6.1

Level from FR 2416 report, Memorandum item,
Commercial paper outstanding issued by related
institutions of the reporting bank, issued directly
(series WRBK2423). Unadjusted flow is the
change in the level.

733169703

.3

Level from FR 2416 report, Memorandum item,
Commercial paper outstanding issued by related
institutions of the reporting bank, issued through
commercial paper brokers and dealers (series
WRBK2421). Unadjusted flow is the change
in the level.

l 4e. Change
in dealer-placed
commercial paper liabilities of
bank holding companies


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Federal Reserve Bank of St. Louis

.3

Level from REIT Watch, Industry Balance Sheet,
Liabilities, Commercial paper. Unadjusted flow is
the change in the level.

384

Guide to the Flow of Funds Accounts

F.125. Finance Companies-Continued
Component

Code

1991 value
(billions
of dollars)

Explanation
Level is FOF Section estimate based on data on
tax accruals of nondepository financial institutions
from SCB, NIPA table 6.18C, line 55,
Nondepository institutions; and on data on tax
payments by personal credit institutions, business
credit institutions, other credit agencies plus
financial institutions not included in other
categories, and small business investment
companies, from SOI Source Book for
Corporation Income Tax Returns. Data are annual;
series is converted to quarterly by K-L method.
Unadjusted flow is the change in the level .

15. Change in taxes payable by
finance companies

613178003

.2

16. Change in total miscellaneous
liabilities of finance companies

613190005

16.2

16a. Change in net worth of finance
companies

615080003

.7

Level from FR Board, Mortgage and Consumer
s
Finance Section, from quarterly statement of asset
,
s
and liabilities of domestic finance companie
Capital, surplus, and undivided profits (also
published in FR Bulletin, table 1.51). Unadjusted
flow is the change in the level.

16b. Memo: Foreign direct
investment in U.S. finance
companies

613192003

2.1

Since 1982, based on tabulations provided _by
BEA; before 1982, estimated by FOF Section froJll
periodic BEA benchmark surveys of U.S. direct
investment abroad.

17. Discrepancy for finance
companies, equal to gross saving
less gross investment

617005005

-2.5

Sum of lines 1 and 10, less lines 2 and 3. The
s.
discrepancy is a use of funds in the FOF account


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Federal Reserve Bank of St. Louis

Sum of lines 7b, 9a, and 9b, less lines 12, 13, 14,
15, and 16a. Foreign direct investment in U.S.
finance companies, line 16b, is subtracted from
the change in reported total assets, line 9a, in the
calculation of the change in unidentified
miscellaneous liabilities of finance companies
(FOF series 613193005, shown in table F.231,
line 16). It is added to the change in unidentified
miscellaneous liabilities to obtain the change in
total miscellaneous liabilities shown in this line.


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Federal Reserve Bank of St. Louis

386

Guide to the Flow of Funds Accounts

Table F.126 Mutual Funds
Mutual funds are investment companies that
purchase financial assets, often with specific
investment objectives such as providing cur­
rent income or capital appreciation. Many
mutual funds specialize in certain types of
financial securities; some, for example, hold
primarily municipal securities, while others
hold growth stocks. The value of an individual
investor's share in a mutual fund is deter­
mined by the market value of the underlying
securities. Shareholders receive returns
through dividends, distributions of realized
capital gains, and unrealized capital gains.

The mutual funds sector in the flow of
funds accounts covers all open-end invest­
ment companies (including unit investment
trusts) that report to the Investment Company
Institute (ICI) except money market mutual
funds and limited-maturity municipal bond
funds, which are included in the money mar­
ket mutual funds sector (table F.127). Open­
end funds are permitted to issue an unlimited
number of shares and stand ready to redeem
their shares at net asset value.

F.126

Hutual funds Cl)

Billions of dollars
FOF Code

1988

1989

1990

1991

l Gross saving

656006003
654090005
653020003

-9.9

2 Net acq. of financial assets
Checkable dep. and currency
3

-12.3

-12.0

-12.0

-3.8

26.3
1.3

56.0
.2

138.5
3.6

.3

653064000
654004005
653061003
653061105
653061703
653062005
653063003
653069705

-16.0
11.9
-19.2
-17.7
-1.5
8.0
14.2

12 Net share issues

653164005

1.2
23.8
5.1
5.3
-.2
14.9
5.7
-1.9

14.4
41.4
7.4
4.1
3.2
15.6
13.6
4.9

44.6
90.3
53.9
42.l
11.8
28.0
12.8
-4.4

13 Hemo: Capital gains dividends

656120000

6.1

38.5

67.9

150.5

15.0

8.1

14.l

4
5
6
7

8

9
10
11

(1)

Corporate equities
Credit market instru11ents
U.S. government securities
Treasury issues
Agency issues
Tax-exempt securities
Corporate & foreign bonds
Open market paper

Includes only open-end investment co�panies.


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Federal Reserve Bank of St. Louis

8.9

6.3

2

3

4

5
6
7

8

9

10

11

12
13

Table F.126

387

F.126. Mutual Funds
Code

1991 value
(billions
of dollars)

1. Gross saving of mutual funds,
equal to their undistributed
profits

656006003

-12.0

Special tabulation of undistributed profits of
mutual funds, provided by BEA. Quarterly data
available once a year.

2, Net acquisition of financial assets
by mutual funds

654090005

138.5

Sum of lines 3, 4, and 5.

3. Change in checkable deposits and
currency held by mutual funds

653020003

3.6

Level estimated as Trends in Mutual Fund
Activity, table 1, Total net assets, multiplied by
0.01527. Ratio is historical minimum ratio of cash
to total assets in detailed mutual fund statements
that are no longer available. Unadjusted flow is the
change in the level.

4· Net purchases of corporate
equities by mutual funds

653064000

44.6

Unadjusted flow equal to Trends in Mutual Fund
Activity, table 5A, Totals for ICI reporters, net
purchases; plus ICI Supplementary Data, table on
Composition of Net Assets, Preferred stock,
change from preceding quarter. Level estimated as
equal to Trends in Mutual Fund Activity, table 1,
Total net assets less Holdings of cash and
short-term securities; less table 4B, Long-term
municipal bond, total assets less liquid assets, and
State municipals, total assets less liquid assets;
less ICI Supplementary Data, table on Composition of Net Assets, sum of U.S. government
long-term securities and Other taxable debt.

5· Change
in credit market assets of
rnutual funds

654004005

90.3

Sum of lines 6, 9, 10, and 11.

6· Change in U.S. government
securities held by mutual funds

653061003

53.9

Level from ICI Supplementary Data, table on
Composition of Net Assets, sum of U.S.
government long- and short-term securities.
Unadjusted flow is the change in the level.

7. Chan
ge m U.S. Treasury securities
held by mu
tual funds

653061105

42.1

Line 6 less line 8.

653061703

11.8

Unadjusted flow from Trends in Mutual Fund
Activity, table 5B, GNMA, Net purchases. Level
obtained by adding flow to preceding level.

Component

8· Chan
ge m U.S. government
?ency sec urities held by mutual
Unds


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Federal Reserve Bank of St. Louis

Explanation

388

Guide to the Flow of Funds Accounts

F.126. Mutual Funds-Continued

Component

Code

1991 value
(billions
of dollars)

9. Change in tax-exempt securities
held by mutual funds

653062005

28.0

Sum of lines 9a and 9b.

9a. Change in securities other than
short-term tax-exempt held by
long-term municipal bond funds

653062203

27.5

Unadjusted flow from Trends in Mutual Fund
Activity, sum of table 5B, Long-term municipal
bond, net purchases, and State municipals, net
purchases. Level from same source, table 4B,
Long-term municipal bond, total assets less liquid
assets, plus State municipals, total assets less
liquid assets.

9b. Change in liquid assets of
long-term municipal bond funds

653062400

.5

Level from Trends in Mutual Fund Activity,
table 4B, sum of Long-term municipal bond,
liquid assets, and State municipals, liquid assets .
All liquid assets are assumed to be short-tenn
municipal securities. Unadjusted flow is the
change in the level.

10. Change in corporate and foreign
bonds held by mutual funds

653063003

12.8

Unadjusted flow from Trends in Mutual Fund
Activity, table 5B, Totals for ICI reporters, net
purchases, less Long-term municipal bond, net
purchases, and State municipals, net purchases;_
less ICI Supplementary Data, table on Composi­
tion of Net Assets, sum of U.S. government
long-term securities, change from preceding
quarter, and Preferred stock, change from
preceding quarter. Level obtained by adding floW
to preceding level.

11. Change in open market paper
held by mutual funds

653069705

-4.4

Line l la less lines 3, 6, and 9b.

654000000

53.6

Level from Trends in Mutual Fund Activity,
sum of table 1, Holdings of cash and short-tertn
securities, and ICI Supplementary Data, table 00
Composition of Net Assets, U.S. government
long-term securities. Unadjusted flow is the
change in the level.

12. Net issuance of mutual fund
shares

653164005

150.5

13. Memo: Capital gains dividends
paid by mutual funds

656120000

14.1

11 a. Change in reported cash and
investment securities held by
mutual funds


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Federal Reserve Bank of St. Louis

Explanation

Estimated as line 2 less line 1.
ICI Supplementary Data, table on Annual Equity,
Bond, and Income Fund Supplementary Data, . es
Capital gains distributions. Data are annual; seri
is converted to quarterly by K-L method.


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Federal Reserve Bank of St. Louis

Guide to the Flow of Funds Accounts

390

Table F.127 Money Market Mutual Funds
The money market mutual funds sector is
made up of open-end mutual funds that invest
in short-term, liquid securities to provide
money-market rates of return to investors.
These funds, introduced during the 1970s,
include general funds as well as funds special­
izing in municipal securities that provide
income that is exempt from federal taxes.
Money market mutual funds must comply
with Rule 2a-7 of the Investment Company
Act of 1940, which seeks to limit the risk of
money market mutual funds. Rule 2a-7 places
restrictions on the average maturity of the
fund's portfolio (ninety days or less), holdings
of securities with less than the highest rating

F.127

(no more than 5 percent of assets), and con­
centration of the fund's assets in the securities
of any single issuer (no more than 5 percent of
assets).
Data on money market mutual funds used
in the flow of funds accounts are based on
reports made by the funds to the Investment
Company Institute.

Honey Market Mutual Funds

---------------------------------------------------------------------------------------------------------------FOF Code
1988
1989
1990
1991
--------------------------------------------------------------------------Billions of dollars

l Net acq. of financial assets
Checkable dep. and currency
2
Time deposits
3
4
Security RPs
5
Foreign deposits
6
7
8
9
10
11
12

Credit market instruments
U.S. government securities
Treasury issues
Agency issues
Tax-exempt securities
Open market paper
Miscellaneous

13 Net share issues


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Federal Reserve Bank of St. Louis

6,34000005
633020003
633035003
f,32050003
633091003
634002005
633061005
633061103
633061703
653062440
633069175
633093005
634000005

21.9
1.0
-.8
2.4
8.1
10.7
-11.4
-2.7
-8.6
4.2
17.8
.5
21.9

90.l
-.6
8.5
13.2
-3.3

70.3
11.3
-20.2
4.1
.7

41.3
-11.6
12.0
9.3
-5.4

67.l
5.9
3.2
2.7
3.7
57.5
5.2

80.9
46.5
30.7
15.9
14.3
20.l
-6.4

30.l
38.6
34.6
4.0
6.3
-14.8
6.9

90.l

70.3

41.3

l
2
3

4

5
6
7
8
9
10
11
12
13

Table F.127

391

F,127. Money Market Mutual Funds
Component

Code

1991 value
(billions
of dollars)

1. Net acquisition of financial assets
by money market mutual funds

634000005

41.3

633020003

-11.6

633035003

12.0

Level from Trends in Mutual Fund Activity,
table C, Commercial bank certificates of deposit.
Unadjusted flow is the change in the level.

632050003

9.3

Level from Trends in Mutual Fund Activity,
table C, Repurchase agreements. Unadjusted flow
is the change in the level.

5· Change
in foreign deposits held
by money market mutual funds

633091003

-5.4

Level from Trends in Mutual Fund Activity,
table C, Eurodollar certificates of deposit.
Unadjusted flow is the change in the level.

6 Change i
•
n credit market assets of
money ma rket mutual funds

634002005

30.1

Sum of lines 7, 10, and 11.

633061005

38.6

Sum of lines 8 and 9.

633061103

34.6

Level from Trends in Mutual Fund Activity,
table C, sum of U.S. Treasury bills and Other
Treasury securities. Unadjusted flow is the change
in the level.

633061703

4.0

Level from Trends in Mutual Fund Activity,
table C, Other U.S. securities. Unadjusted flow is
the change in the level.

653062440

6.3

Level from Trends in Mutual Fund Activity,
table A, Total net assets. Unadjusted flow is the
change in the level.

2· Change in checkable deposits and
currency held by money market
mutual funds
3· Change in large time deposits
held by money market mutual

funds

4· Change
in outstanding loans held
by money market mutual funds
under security repurchase
agreements

7. Chan
ge ID U.S. government
secun·r1es held by money market
mutual funds
8, Chan
ge m U.S. Treasury securities
heId y money
market mutual
b
fUnds
9• Cha
nge in U.S. government
agency sec
urities held by money
market mutual
funds
IO. Cha
nge ID total net assets of
shOrt-term municipa
l bond funds


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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 2, 3, 4, 5, 6, and 12.

Level from Trends in Mutual Fund Activity,
table C, Cash reserves. Unadjusted flow is the
change in the level.

392

Guide to the Flow of Funds Accounts

F.127. Money Market Mutual Funds-Continued
Code

1991 value
(billions
of dollars)

633069175

-14.8

11a. Change in bankers acceptances
held by money market mutual
funds

633069603

-2.1

11b. Change in commercial paper
held by money market mutual
funds

633069703

-12.7

633093005

6.9

12a. Change in reported total net
assets of money market mutual
funds

634000003

35.0

Level from Trends in Mutual Fund Activity,
table C, Total net assets. Unadjusted flow
is the change in the level.

13. Net increase in liabilities of money
market mutual funds, equal to
their net share issues

634000005

41.3

Equal to line 1 or to the sum of lines 10 and 12a.

Component
11. Change in open market paper
held by money market mutual
funds

12. Change in unidentified
miscellaneous assets of money
market mutual funds


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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 1 l a and 1 lb.

Level from Trends in Mutual Fund Activity,
table C, Bankers acceptances. Unadjusted flow
is the change in the level.
Level from Trends in Mutual Fund Activity,
table C, Commercial paper. Unadjusted flow
is the change in the level.

Line 12a less lines 2, 3, 4, 5, 7, and 11.


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Federal Reserve Bank of St. Louis

Guide to the Flow of Funds Accounts

394

Table F.128 Real Estate Investment Trusts
Real estate investment trusts (REITs) are
financial institutions that were created by fed­
eral legislation in 1960 to provide funds to the
mortgage market. They are exempt from fed­
eral corporate income tax if the major portion
of their income is from real estate or mort­
gages and if they distribute most of this
income to shareholders. Financial assets of
REITs increased rapidly in the late 1960s,
reached a high in 1974, then fell sharply
before recovering somewhat beginning in the
late 1980s. The major source of funds for

F.128

REITs is equity issues, although they also
borrow in the credit markets. Data on the
sector are from REIT Watch, a monthly publi­
cation of The National Association of Real
Estate Investment Trusts.

Real Estate InvestMent Trusts

Billions of dollars
FOF Code
1988
1989
1991
-----------------------------------------------------1990
---------------------l Gross saving
2 Fixed nonres. investment
3 Multifamily resid. invest.
4 Net acq. of financial assets
Mortgages
5
Miscellaneous assets
6
7 Net increase in liabilities
Corporate equity issues
8
Credit market instruments
9
Mortgages
10
Corporate bonds
11
Bank loans n.e.c.
12
Open market paper
13
14

Miscellaneous liabilities

15 Discrepancy


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Federal Reserve Bank of St. Louis

646000105
645013015
645012205
644090005
643065003
643093005

.2
.6
.3

.1
.5
.2

.1
.4
.2

.2
.4
.2

3.1

-.3
.5

-1.l
-.7
-.5

-.7
.7

-.1

-.6
.8
-1.9
.3
.1
-1.7
-.6

.9
2.2

- .8

644190005
643164005
644104005
643165003
643163003
643168005
643169173

4.4

643193003

-.2

-.1

.5

.6

-.5

M

647005005

1.1
3.6
.3
.2
3.2
-.1

1.8

-1.9
lt

M

-1.9
M

M

2.4
2.4
lt

.6

1
2
3
4
5

6

7
8

9
10

M

11

lt

14

-. 8
.3
2.0

12
13

15

Table R 128

395

F,128. Real Estate Investment Trusts
Code

1991 value
(billions
of dollars)

646000105

.2

la. Undistributed profits of real
estate investment trusts

646006003

-.8

Special tabulation of undistributed profits of
REITs, provided by BEA. Quarterly data available
once a year.

1b. Capital consumption allowances
for real estate investment trusts

646300103

1.0

Capital consumption allowances on nonresidential
equipment and structures owned by holding and
other investment offices, valued at current cost,
from BEA Wealth Data Tape (section 2, series
561, category 4), multiplied by the ratio of two
levels: (1) nonresidential equipment and
structures owned by REITs, at book value, and
(2) nonresidential equipment and structures owned
by holding and other investment offices, valued at
historical cost, from BEA Wealth Data Tape
(section 2, series 147, category 3). Nonresidential
equipment and structures of REITs at book value
estimated as 56 percent of property owned (FOF
series 645019003, table F.128, line 6b); estimate
assumes that two-thirds of the property is
nonresidential, with 83 percent of the value of
nonresidential property assumed to be attributable
to equipment and structures, and the rest to land.
Data are annual; series is converted to quarterly
by ratio method, using NIPA total capital
consumption allowances (FOF series 896300003,
table F. 1, line 61) as the denominator.

645013015

.4

Estimated as 67 percent of line 2a.

645013003

.6

Investment in nonresidential equipment and
structures by holding and other investment offices,
valued at historical cost, from BEA Wealth Data
Tape (section 4, series 291), multiplied by the ratio
of two levels: (1) nonresidential equipment and
structures owned by REITs, at book value, and
(2) nonresidential equipment and structures owned
by holding and other investment offices, valued at
historical cost, from BEA Wealth Data Tape
(section 2, series 147, category 3). Nonresidential
equipment and structures of REITs at book value
estimated as 56 percent of property owned (FOF
series 645019003, table F.128, line 6b); estimate
assumes that two-thirds of the property is
nonresidential, with 83 percent of the value of
nonresidential property assumed to be attributable
to equipment and structures, and the rest to land.
Data are annual; series is converted to quarterly by
ratio method, using NIPA total investment in
nonresidential plant and equipment (FOF series
895013001, table F.1, line 15) as the denominator.

Component

1. Gross saving of real estate
investment trusts

2· Fixed nonresidential investment
by real estate investment trusts
2 a. Fixed investment by real estate
investment trusts


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Federal Reserve Bank of St. Louis

Explanation
Sum of lines l a and lb.

396

Guide to the Flow of Funds Accounts

F.128.

Real Estate Investment Trusts-Continued

Code

1991 value
(billions
of dollars)

3. Fixed multifamily residential
investment by real estate
investment trusts

645012205

.2

4. Net acquisition of financial assets
by real estate investment trusts

644090005

*

Sum of lines 5 and 6.

5. Change in mortgages held by real
estate investment trusts

643065003

-.7

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are from REIT Watch, IndustrY
Balance Sheet, Assets, sum of Construction and
development mortgages, First mortgages on
completed properties, and Second and
wrap-around mortgages. Unadjusted flow is the
change in the level.

6. Change in unidentified
miscellaneous assets of real estate
investment trusts

643093005

.7

6a. Change in reported total assets
of real estate investment trusts

644090003

2.4

Level from REIT Watch, Industry Balance Sheet,
Total assets less Mortgage pools. Unadjusted floW
is the change in the level.

6b. Change in fixed assets of real
estate investment trusts, at book
value

645019003

2.4

Level from REIT Watch, Industry Balance Sheet,
Equity investments, Property owned less
e
Accumulated depreciation. Unadjusted flow is th
change in the level.

7. Net increase in liabilities of real
estate investment trusts

644190005

2.4

Sum of lines 8, 9, and 14.

8. Net issuance of corporate equities
by real estate investment trusts

643164005

2.4

Line 8a less line 1a.

8a. Change in net worth of real
estate investment trusts

645080003

1.6

t,
Level from REIT Watch, Industry Balance Shee
e
Shareholders' equity. Unadjusted flow is th
change in the level.

9. Change in credit market debt of
real estate investment trusts

644104005

*

Sum of lines 10, 11, 12, and 13.

10. Change in mortgage debt of real
estate investment trusts

643165003

Component


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Federal Reserve Bank of St. Louis

.6

Explanation
Line 2a less line 2.

Line 6a less lines 5 and 6b.

et,
Level from REIT Watch, Industry Balance She
e
t
s
h
i
Liabilities, Mortgages. Unadjusted flow
change in the level.

Table F.128

397

F,l28,-Continued
Component

Code

1991 value
(billions
of dollars)

Explanation

643163003

*

Level from REIT Watch, Industry Balance Sheet,
Liabilities, sum of Convertible debt and
Nonconvertible debt. Unadjusted flow is the
change in the level.

12· Change in
outstanding bank

643168005

- .8

Line 6a less lines 8, 10, 11, 13, and 14.

13 ·

643169173

.3

ll.

�hange in corporate bond
liabilities of real estate investment
trusts

loans, not elsewhere classified, to
real estate investment trusts
�hange in open market paper
li abilities of real estate investment
trusts

14, Chan
ge m
· umdenbfied
•
•
llliscellan eous liabilities
of real
estate investment trusts

1s· n•s· crepancy
for real estate
.

investment trusts equal to gross
saVI· ng less gross '
investment


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Federal Reserve Bank of St. Louis

Level from REIT Watch, Industry Balance Sheet,
Liabilities, Commercial paper. Unadjusted flow
is the change in the level.

643193003

*

Level from REIT Watch, Industry Balance Sheet,
Liabilities, Other liabilities. Unadjusted flow is the
change in the level.

647005005

2.0

Sum of lines 1 and 7, less lines 2, 3, and 4. The
discrepancy is a use of funds in the FOF accounts.

Guide to the Flow of Funds Accounts

398

Table F.129 Security Brokers and Dealers
Security brokers and dealers are firms that buy
or sell securities for a fee, hold an inventory of
the securities for resale, or do both. The firms
included in the sector are those that submit
information to the Securities and Exchange
Commission (SEC) on either of two reporting
forms, FOCUS (Financial and Operational
Combined Uniform Single Report) or FOGS
(Report on Finances and Operations of Gov­
ernment Securities Brokers and Dealers).
Because they are a means of distributing both
new security issues and those on the second­
ary market, brokers and dealers are an impor­
tant link in the transmission of funds from
savers to the ultimate investors. Dealers in
U.S. government securities that stand ready to
buy from or sell to the Federal Reserve Sys-

F.129

tern contribute to the efficient implementation
of monetary policy conducted through open
market operations.
The major assets of the sector are the secu­
rities held for redistribution. Brokers and deal­
ers also provide credit to customers, with
$55 billion outstanding at the end of 1991.
Their operations are financed largely with
security repurchase agreements, bank loans,
and funds left on deposit by customers.

Security Brokers and Dealers

Billions of dollars
FOF Code
1988
1989
1990
-------------------------------------------------------1991
----------------1 Gross saving
2 Fixed nonres. investment
3 Net acq. of financial assets
Checkable dep. & currency
4
Corporate equities
5
6
7
8
9
10

Credit market instruments
U.S. govt. securities
Tax-exempt securities
Corporate and fgn. bonds
Open market paper

11
12

Security credit
Miscellaneous assets

13 Net increase in liabilities
Corporate equity issues
14
Security RPs (net)
15
16
17
18

Security credit
From banks
Customer credit balances

19
20
21
22

Trade debt
Taxes payable
Miscellaneous liabilities
Proprietor net investment

23 Discrepancy


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Federal Reserve Bank of St. Louis

666000105
665013003
664090005
663020003
663064003
664004005
663061005
663062003
663063003
663069103
663067203
663090005
664190005
663164003
662150005
663167005
763067105
663167203
663170003
6631780!)3
663190005
663180005
667005005

1

-3.0
.9

-I.I
.8

-1.2
.6

-.7
.4

-2.0
1.9
.1

100.7
.4
-1.9

25.6
.5
-3.3

70.4
-.1
1.8

-8.2
-17.8
-.8
9.8
.6

96.3
89.9
-.4
3.7
3.0

34.9
37.5
.8
-4.0
.6

49.0
39.9
1.6
12.0
-4.4

6
7
8
9
10

1.7
2.4

-1.0
6.9

-3.7
-2.8

16.3
3.3

12

1.7
-1.2
-13.1

102.5
-3.0
86.1

27.1
3.4
16.8

71.6
-5.7
25.7

16.6
4.3
12.3

7.2
-2.0
9.2

35.2
10.6
24.6

6.3
.1
-7.4
3.8

1.5
.1
3.4
-5.3

-5.3
.2
11.5
10.l

-.2

-.2

.1

1.3
-.5
1.8
4.3
.1
3.5
6.8
-.1

2

3
4
5

11

13
14
15
16
17
18
19

zo
Zl

zz
23

Table F.129

399

F,129. Security Brokers and Dealers

Component

Code

1991 value
(billions
of dollars)

1. Gross saving of security brokers
and dealers

666000105

-.7

l a. Undistributed profits of security
brokers and dealers

666006003

-1.4

1b. Capital consumption allowances
for security brokers and dealers

666300103

.7

Capital consumption allowances on nonresidential
equipment and structures owned by security and
commodity brokers, valued at current cost, from
BEA Wealth Data Tape (section 2, series 549,
category 4). Data are annual; series is converted to
quarterly by ratio method, using NIPA total capital
consumption allowances (FOP series 896300003,
table F.1, line 61) as the denominator.

2· ixed nonresidential investment
:

665013003

.4

Investment in nonresidential equipment and
structures by security and commodity brokers,
valued at historical cost, from BEA Wealth Data
Tape (section 4, series 267). Data are annual;
series is converted to quarterly by ratio method,
using NIPA total investment in nonresidential
plant and equipment (FOP series 895013001,
table F.1, line 15) as the denominator.

3'

664090005

70.4

663020003

-.1

Level from SEC tabulation of FOCUS and FOGS
reports, Cash (series F750) plus Cash segregated
in compliance with federal and other regulations
(F760). Unadjusted flow is the change in the level.

663064003

1.8

Level at market value from SEC tabulation of
FOCUS and FOGS reports, Stocks and warrants
(series F410). Level at book value estimated by
dividing level at market value by 1 plus the
percentage change, expressed in decimal form,
in the NYSE composite index (average for week
containing last day of quarter). Unadjusted flow
is the change in the book-value level.

664004005

49.0

Y security brokers and dealers

�et acquisition of financial assets
Y security brokers and dealers

4· Chan
ge m checkable deposits and
currency he
ld by security brokers
and dealers

s.

Net purchases of corporate
q
: uities by security brokers and
ealers

6· Ch
ange
security 1D credit market assets of
brokers and dealers


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Federal Reserve Bank of St. Louis

Explanation
Sum of lines l a and l b.
Special tabulation of undistributed profits of
security and commodity brokers, provided by
BEA. Quarterly data available once a year.

Sum of lines 4, 5, 6, 11, and 12.

Sum of lines 7, 8, 9, and 10.

400

Guide to the Flow of Funds Accounts

F.129. Security Brokers and Dealers-Continued
Component

Code

1991 value
(billions
of dollars)

7. Change in U.S. government
securities held by security brokers
and dealers

663061005

39.9

Sum of lines 7a and 7b, less lines 7c and 7d.

7a. Change in reported U.S.
government securities held by
security brokers and dealers

663061663

15.8

Level from SEC tabulation of FOCUS and FOGS
reports, U.S. and Canadian government obligations
(series F380). Level is at market value.
Unadjusted flow is the change in the level.

7b. Change in receivables held by
security brokers and dealers

663070663

53,9

Level from SEC tabulation of FOCUS and FOGS
reports, Receivables from brokers or dealers and
clearing organizations (sum of series F770, F780,
F790, F800, and F810). Unadjusted flow is the
change in the level.

7c. Change in accounts payable by
security brokers and dealers

663170663

22.3

Level from SEC tabulation of FOCUS and FO�S
r
reports, Payables to brokers or dealers and clea t(J
15
F
organizations (sum of series F l 490, FI500,
'
).
F1520, F l530, F1540, F1550, F1560, and F157 0
Unadjusted flow is the change in the level.

7d. Change in liabilities of security
brokers and dealers for
securities sold short

664140663

7.4

Level from SEC tabulation of FOCUS and poG
reports, Liability for securities sold not yet
purchased, at market value (series F1620).
Unadjusted flow is the change in the level.

8. Change in tax-exempt securities
held by security brokers and
dealers

663062003

1.6

Level from SEC tabulation of FOCUS and poG
reports, State and municipal government
v lue
obligations (series F390). Level is at market a
Unadjusted flow is the change in the level.

9. Change in corporate and foreign
bonds held by security brokers
and dealers

663063003

12.0

Level from SEC tabulation of FOCUS and poG
reports, sum of Corporate obligations (series
F400), Other securities (F424), and Securitie �
t
owned not readily marketable (F860). Level is a
e
g
an
ch
market value. Unadjusted flow is the
in the level.

10. Change in open market paper
held by security brokers and
dealers

663069103

-4.4

Level from SEC tabulation of FOCUS and poG
reports, Bankers acceptances, certificates of
deposit, and commercial paper (series F370).
Unadjusted flow is the change in the level.

11. Change in security credit
provided to customers and held
by security brokers and dealers

663067203

16.3

Level from SEC tabulation of FOCUS and poG
reports, sum of Receivables from customers ers
(series F820) and Receivables from no�custorvel.
e
(F830). Unadjusted flow is the change m the


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Federal Reserve Bank of St. Louis

Explanation

S

S

S

S

S

Table F.129

401

F.129--Continued
Component
12• Change in total miscellaneous
assets of security brokers and
dealers

Code

1991 value
(billions
of dollars)

Explanation
Line 12a less lines 4, 5, 7a, 7b, 8, 9, 10, 11, 12b,
and 12c. Direct investment abroad by U.S. security
brokers and dealers, line 12d, is subtracted from
the change in reported total assets, line 12a, in the
calculation of the change in unidentified
miscellaneous assets of security brokers and
dealers (FOF series 663093005, shown in table
F.231, line 39). It is added to the change in
unidentified miscellaneous assets to obtain the
change in total miscellaneous assets shown in this
line.

663090005

3.3

l 2a. Change in reported total assets
of security brokers and dealers

664090663

121.1

12b. Change in fixed assets of
security brokers and dealers, at
book value

665013103

-.2

Level from SEC tabulation of FOCUS and FOGS
reports, Property, furniture, equipment, leasehold
improvements, and rights under lease agreements,
at cost (net of accumulated depreciation and
amortization) (series F920). Unadjusted flow is the
change in the level.

12c. Change in outstanding loans
held by security brokers and
dealers under security
repurchase agreements

662050663

21.2

Level from SEC tabulation of FOCUS and FOGS
reports, Securities purchased under agreements to
resell (series F840). Unadjusted flow is the change
in the level.

12d. Memo: Direct investment
abroad by U.S. security
brokers and dealers

663092003

.1

Since 1982, based on tabulations provided by
BEA; before 1982, estimated by FOF Section from
periodic BEA benchmark surveys of U.S. direct
investment abroad.

13. Net
increas . r 1 1t1es
. of
security br e m 1a bT
okers and dealers

664190005

71.6

Sum of lines 14, 15, 16, 19, 20, 21, and 22.

14· Net·
issuan
b securit ce of corporate equities
Y
y brokers and dealers

663164003

-5.7

Level from SEC tabulation of FOCUS and FOGS
reports, sum of Preferred stock (series F1791),
Common stock (Fl 792), and Additional paid-in
capital (Fl 793), less Capital stock in treasury
(Fl 796). Unadjusted flow is the change in the
level.


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Federal Reserve Bank of St. Louis

Level from SEC tabulation of FOCUS and FOGS
reports, Total assets (series F940). Unadjusted
flow is the change in the level.

402

Guide to the Flow of Funds Accounts

F.129. Security Brokers and Dealers-Continued

Component

Code

1991 value
(billions
of dollars)

15. Change in outstanding loans to
security brokers and dealers
under security repurchase
agreements, net of change in loans
held by them under such
agreements

662150005

25.7

Sum of lines 15a and 15b, less lines 12c, 15c,
and 15d.

15a. Change in outstanding loans to
security brokers and dealers
under security repurchase
agreements

662150663

45.2

Level from SEC tabulation of FOCUS and FOGS
reports, Securities sold under repurchase
agreements (series F1480). Unadjusted flow is the
change in the level.

15b. Change in outstanding bank
loans, not elsewhere classified,
to security brokers and dealers

663168663

12.3

Level from SEC tabulation of FOCUS and FOGS
reports, Bank loans payable (sum of series FI460
and F1470). Unadjusted flow is the change in the
level.

15c. Change in security credit held
by U.S.-chartered commercial
banks

723067003

2.2

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, sum of sche.d.u1e
RC-C, Loans for purchasing or carrying secunues
(series RCON1545), and schedule RC, 25 percent
d
of the sum of Federal funds sold (RCON0276) an
l
el
s
re
Securities purchased under agreements to
(RCON0277). The 25 percent ratio is based on
the proportion of all federal funds sold by large
commercial banks that is bought by nonbank
security brokers and dealers, as reported in the
FR Board H.4.2 statistical release, Weekly
Consolidated Condition Report of Large
Commercial Banks in the U.S. Unadjusted floW
is the change in the level.

15d. Change in security credit held
by foreign banking offices in
the U.S.

753067100

8.4

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks: .
schedule RAL, Federal funds sold and secunues
purchased under agreements to resell with others
(series RCON1390), plus schedule C, Loans for
purchasing or carrying securities (RCON15�5);
and for New York State investment comparue s,
schedule A, line 2, Loans for purchasing or
carrying securities (RCON1545). Unadjusted
flow is the change in the level.

16. Change in security credit owed by
security brokers and dealers

663167005

35.2

Sum of lines 17 and 18.

17. Change in security credit
provided by the commercial
banking sector to security brokers
and dealers

763067105

10.6

Sum of lines 15c and 15d.


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Federal Reserve Bank of St. Louis

Explanation

Table F.129

403

F.129--Continued
Code

1991 value
(billions
of dollars)

663167203

24.6

Level from SEC tabulation of FOCUS and FOGS
reports, sum of Payable to customers (sum of
series F1580 and F1590) and Payable to
rioncustomers (sum of F1600 and F1610).
Unadjusted flow is the change in the level.

19 Chan
ge in trade debt of security
•
brokers and dealers

663170003

-5.3

Level from SEC tabulation of FOCUS and FOGS
reports, Notes and mortgages payable (sum of
series F1690 and F1700). Unadjusted flow is the
change in the level.

20, Chan
ge 10 taxes payable by
security brokers and dealers

663178003

.2

Level from SEC tabulation of FOCUS and FOGS
reports, Income taxes payable (series F1650).
Unadjusted flow is the change in the level.

663190005

11.5

2l a. Foreign direct investment in
U.S. security brokers and
dealers, including foreign
direct investment in U.S. real
estate

663192003

-.9

Since 1982, based on tabulations provided by
BEA; before 1982, estimated by FOF Section from
periodic BEA benchmark surveys of U.S. direct
investment abroad.

2lb. Investment in U.S. real estate
by foreign direct investors

265014003

-.7

Annual flow and fourth-quarter level from SCB,
August issues, article on "Foreign Direct
Investment in the United States; Detail for
Historical-Cost Position and Balance of Payments
Flows," table 17, Real estate. Levels for other
quarters obtained by adding flow to preceding
level. Before 1982, estimated from periodic
benchmark surveys of foreign direct investment
in the U.S.

21c · Cha
nge m net worth of
security brokers and dealers

665080003

2.8

Level from SEC tabulation of FOCUS and FOGS
reports, Total ownership equity (series F1800).
Unadjusted flow is the change in the level.

663180005

10.1

Line 21c less lines l a and 14, and less line 21a net
of 21b.

667005005

.1

Sum of lines 1 and 13, less lines 2 and 3. The
discrepancy is a use of funds in the FOF accounts.

Component
18· Chan
ge in credit balances owed to
customers by security brokers
and dealers

21. Chan ·
. _g� m total miscellaneous
Iiabilities of security brokers and
dealers

22• Pr ·
oPnetors' net
investment in
Unincor
porated security brokers
and deal
ers
23 I)·
' lScrepancy fo
r security brokers
and de
aler
less gros s, equal to gross saving
s investment


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Federal Reserve Bank of St. Louis

Explanation

Line 12a, plus line 21a net of 21b, less lines 7c,
7d, 15a, 15b, 18, 19, 20, and 21c.

404

Guide to the Flow of Funds Accounts

Table F.130

Issuers of Securitized Credit Obligations

Issuers of securitized credit obligations
(SCOs) is a sector similar to federally related
mortgage pools, in that the issuers are not a
group of institutions but a set of contractual
arrangements. The SCOs represent claims
against loan assets that have been pooled to
serve as collateral for issues of securities. The
loan assets are removed from the balance
sheets of the lending institutions (usually com­
mercial banks, thrift institutions, and finance
companies), which receive cash proceeds from
SCO offerings. Special-purpose vehicles
(SPVs) are established to hold the loan assets
and issue the SCOs, which are usually
medium- to long-term corporate bonds. Origi­
nators of the loan assets usually continue to
service the loans, thereby earning fee income.

F.130

The principal assets of the SCO sector are
mortgages and mortgage-backed securities,
although in recent years, consumer credit
(automobile and credit card) and some busi­
ness loans have been securitized. All the sec­
tor's mortgage�related assets are classified as
agency securities.
The major source of data on the volume of
securities issued and retired by this sector is
the Trepp/PSA CMO Information Service.

Issuers of Securitized Credit Obligations (SCOs)

--------------------------------------------------------------------------------------------------------------FOF Code
1988
1989
1990
1991
--------------------------------------------------------------------------Billions of dollars

1 Net acq. of financial assets
Agency securities
2
Consumer credit
3
Loans to business
4
Net increase in liabilities
Corporate bonds
5


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Federal Reserve Bank of St. Louis

673163005
673061705
673066003
673069503

32.5
32.5

.o

.0

22.0
.6
20.8
.6

45.2
12.7
29.1
3.4

35.6
10.6
21.7
3.3

673163005

32.5

22.0

45.2

35.6

1

z

3
4

5

Table F.130

405

F,l30. Issuers of Securitized Credit Obligations
Component

Code

1991 value
(billions
of dollars)

1. Net acquisition of financial assets
by issuers of securitized credit
obligations

673163005

35.6

Sum of lines 2, 3, and 4.

673061705

10.6

Estimated as line 2a less line 2b.

2a. Gross bond issuance by issuers
of securitized credit obligations

673163263

35.9

Level from Trepp/PSA CMO data from Trepp
Associates and from data on other gross issues of
collateralized mortgage obligations collected from
public announcements by FR Board, Capital
Markets Section. Unadjusted flow is the change
in the level.

2b. Retirements of bonds
by issuers
of securitized credit obligations

673163273

25.4

Level from Trepp/PSA CMO data from Trepp
Associates and from FOF Section estimates.
Unadjusted flow is the change in the level.

673066003

21.7

Level from FR Board, Mortgage and Consumer
Finance Section, monthly G.19 statistical release,
Consumer Installment Credit, table on Consumer
Installment Credit Outstanding, Not seasonally
adjusted, Major holders, Pools of securitized
assets. Unadjusted flow is the change in the level.

673069503

3.3

Level from FR Board, Mortgage and Consumer
Finance Section, monthly G.20 statistical release,
Finance Companies, Securitized business assets.
Unadjusted flow is the change in the level.

673163005

35.6

2· Change in U.S. government

agency securities held by issuers
of securitized credit obligations

3· Chan
· consumer credit held
. ge m
bY Issuers of securitized credit
obligations

4· Chan
.
ge m
· business loans held by
Is �ers of
securitized credit
:
0 ligations
5· �et
increase in liabilities of
. .
Issuers of
. . secuntIZe
d ered.1t
ob�gatio
ns, equal to change in
their corp
orate bond liabilities


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Federal Reserve Bank of St. Louis

Explanation

Estimated as equal to line 1.

406

Guide to the Flow of Funds Accounts

Table F.200 Gold and Official Foreign Exchange Holdings
This table shows transactions in U.S. official
reserve assets-monetary gold, special draw­
ing rights, official holdings of foreign curren­
cies, and the net U.S. position in the Interna­
tional Monetary Fund (IMF). Net U.S.
acquisitions of monetary gold and special
drawing rights are equal to net sales of these
items by foreigners (on the corresponding lev­
els table, in contrast, they are considered U.S.
assets but not foreign liabilities, in accordance
with international conventions for treatment).

F.200

Official holdings of foreign currencies and the
net U.S. position in the IMF are considered
foreign liabilities (for both flows and levels).
All monetary gold is currently held by the
monetary authority, whereas the other three
types of assets are held by both the monetary
authority and the U.S. government.
Data for the series are taken from the Fed­
eral Reserve Bulletin (FR Bulletin) and the
U.S. international transactions (USIT) tables
in the Survey of Current Business (SCB).

Gold and Official Foreign Exchange Holdings (1)

Billions of dollars
FOF Code
1988
1989
1990
---------------------------------------------------------------1991
---------l Total U.S. reserves

883011005

3.9

883011105
313011105
713011203

25.3

2 U.S. gold stock and SDRs
U.S. govt.: Ex. Stab. Fund
3
Monetary authority (2)
4

2.2

-5.8

-.1
-.1

.5
.5

.2
.2

.2
.2

5 U.S. foreign exchange position
6
Official fgn.currency hldgs.
Treasury
7
Monetary authority
8

263111005
263111503
313011505
713011505

4.0
5.1
2.5
2.5

24.8
25.2
12.6
12.6

2.0
2.7
1.3
1.3

-5.9
-6.3
-3.2
-3.2

-1.0
-1.0

-.5
-.5
.0

-.7
-.7

.4
.4

9
10
11

Net IMF position
U.S. government asset
Monetary authority

263111403
313011405
713011405

M

M

Cl) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which
occurred at various dates beginning January 1970. Transactions in SDRs
are included. Also excluded fro� the table are revaluations of foreign
currency holdings, gold, SDRs, and IMF position. Allocations and
revaluations are reflected in tables on outstandings.
(2) Treasury gold stock.


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Federal Reserve Bank of St. Louis

M

M

M

M

M

z

3

4

5
6
7
8
9

10
11

Table F.200

407

F.20(). Gold and Official Foreign Exchange Holdinp
Code

1991 value
(billions
of dollars)

1. Change in total U.S. international
resenes, excluding changes due to
revaluations and to.allocations of
Special drawing rights

883011005

-5.8

Sum of lines 2 and 5.

l. Net U.S. acquisition of monetary
gold and special drawing rights

883011105

.2

Sum of lines 3 and 4.

3• Net acquisition of monetary gold
and special drawing rights by the
U.S. go vernment

313011105

.2

Sum of lines 3a and 3b, less line 4.

3a. Change in U.S. holdings of
monetary gold

883011203

.0

Level from FR Bulletin, table 3.12, line 2, Gold
stock, including Exchange Stabilization Fund.
Unadjusted flow from SCB, USIT table 1, line 35,
Gold.

3b. Change in U.S. holdings of
special drawing rights

313011303

.2

Level from FR Bulletin, table 3.12, line 3, Special
drawing rights. Unadjusted flow from SCB, USIT
table 1, line 36, Special drawing rights.

4• Change in monetary gold held by
the monetary authority

713011203

*

263111005

-5.9

Sum of lines 6 ang 9.

6• Net acq
uisition of foreign
currencies by U.S. official agencies

263111503

-6.3

Level from FR Bulletin, table 3.12, line 5, Foreign
currencies. Unadjusted flow from SCB, USIT
table 1, line 38, Foreign currencies, with sign
reversed.

7• Net a •
cqws1•t1on of foreign
currencies by the U.S. Treasury

313011505

-3.2

Estimated as 50 percent of line 6.

713011505

-3.2

Estimated as 50 percent of line 6.

Component

5· Net acq
uisition of foreign
exchange by U.S. official agencies
lllld increase in the U.S. net
l>Osition in the International
Monetary Fund

8· Net
.. of foreign
acq uisition
currencies
. by the monetary
811thority


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Federal Reserve Bank of St. Louis

Explanation

Level from FR Bulletin, table 1.18, line 1, Gold
certificate account. Unadjusted flow is the change
in the level.

408

Guide to the Flow of Funds Accounts

F.200. Gold and Official Foreign Exchange Holdings-Continued

Code

1991 value
(billions
of dollars)

263111403

.4

Level from FR Bulletin, table 3.12, line 4,
Reserve position in IMF. Unadjusted flow from
SCB, USIT table 1, line 37, Reserve position
in the IMF, with sign reversed.

10. Net increase in the share of the
U.S. position in the International
Monetary Fund held by the U.S.
government

313011405

.4

Line 9 less line 11.

11. Net increase in the share of the
U.S. position in the International
Monetary Fund held by the
monetary authority

713011405

*

Equal to line 1 l a, with sign reversed.

713111403

*

Level provided by FR Bank of New York.
Unadjusted flow is the change in the level.

Component
9. Change in U.S. position in the
International Monetary Fund

11a. Change in deposits held by the
International Monetary Fund
at Federal Reserve Banks


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Federal Reserve Bank of St. Louis

Explanation


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Federal Reserve Bank of St. Louis

410

Guide to the Flow of Funds Accounts

Table F.201 Treasury Currency and Special Drawing Rights Certificates
U.S. Treasury currency is the stock of cur­
rency for which the U.S. Treasury is the legal
obligor. Since 1966, Treasury currency has
comprised silver dollars and fractional coins,
United States notes, and items in the process
of retirement. Special drawing rights (SDRs)
are certificates issued to Federal Reserve
Banks by the Treasury when it monetizes the
special drawing rights themselves. The first
allocation of SDRs to the United States took
place in 1970, and the first issue of SOR
certificates was made the same year. Trans­
actions in both Treasury currency and SOR
certificates take place only between the Trea­
sury and the monetary authority. The unallo-

cated item (line 4 in the table) arises from
seigniorage.
Data on U.S. government liabilities are
taken from the Monthly Treasury Statement
(MTS) and the Monthly Statement of the
Public Debt; data for holdings of the monetary
authority come from the Federal Reserve
Bulletin (FR Bulletin).

F.201 Treasury Currency sld SOR Certificates

---------------------------------------------------------------------------------------------------------------FOF Code
1988
1989
1990
1991
--------------------------------------------------------------------------1
313112003
l Total U.S. govt. liability
.5
•
4.1
Z.5
z
713012003
Treasury currency
Z
.
Billions of dollars

3
4

SOR certificates
Unallocated assets


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Federal Reserve Bank of St. Louis

713014003
903012005

6
.o
-.1

.a
3.5
-.z

.a
1.5
.z

.7

.o

-.6

l
4

Table F.201

411

F.201. Treasury Currency and Special Drawing Rights Certificates
Component
I. Change in liabilities of the U.S.
government for U.S. Treasury
currency and special drawing
rights certificates

2· Change in U.S. Treasury currency
held by the monetary authority
3

• Change in special drawing rights
certificates held by the monetary
authority

4· Change
in unallocated U.S.
�u ry currency and special
rawtng rights certificates


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Federal Reserve Bank of St. Louis

Code

1991 value
(billions
of dollars)

313112003

*

Explanation
Level from Monthly Treasury Statement, table 6,
Means of Financing the Deficit, SOR certificates
issued to FR Banks, plus table 6, schedule A,
Seigniorage (flow used to change value
outstanding); plus Monthly Statement of the
Public Debt of the U.S., table ill, Other debt, U.S.
notes and National and FR Bank notes assumed
by the U.S. Unadjusted flow is the change in the
level.

713012003

.7

Level from FR Bulletin, table 1.11, line 14,
Treasury currency outstanding. Unadjusted flow
is the change in the level.

713014003

.0

Level from FR Bulletin, table 1.18, line 2, Special
drawing rights certificate account. Unadjusted
flow is the change in the level.

903012005

-.6

Line 1 less lines 2 and 3.

412

Guide to the Flow of Funds Accounts

Table F.202 Insurance and Pension Fund Reserves
Life insurance reserves are accounts estab­
lished by life insurance companies to back
policies issued, including individual and group
annuities and supplementary contracts; they
appear as liability items on the balance sheets
of life insurance companies and the U.S. gov�
ernment and are an asset of the household
sector.
Pension fund reserves are also an asset of
the household sector; they include claims by
households on the total financial assets of pri­
vate and state and local government retire­
ment funds, pension fund reserve liabilities
of life insurance companies, pension fund
reserve liabilities of the U.S. government for
federal employee retirement benefits, and lia­
bilities of the Railroad Retirement Fund. They
do not include reserves of the Social Security
system.
Information on U.S. government liabilities
for insurance and pension fund reserves is

F.202

taken from the Monthly Treasury Statement
(MTS) and the Budget of the US. Government.
Data on private life insurance reserves and
pension fund reserves of life insurance compa­
nies come from th� Life Insurance Fact Book,
published by the American Council of Life
Insurance. The primary source of data on
assets of private pension funds is the tabula­
tion by the U.S. Department of Labor of data
submitted by the funds; data on state and local
government retirement funds come from
annual issues of Finances of Employee­
Retirement Systems of State and Local Gov­
ernments, published by the Bureau of the
Census.

Insurance and Pension fund Reserves

---------------------------------------------------------------------------------------------------------------FOF Code
19&a
1989
1990
1991
----------------------------------------------------------------------------Billions of dollars

Life insurance reserves:

l Net change in liabilities
U.S. i,overnaent
2
Life insurance c011panies
3
4 Net change in assets CHH)
Pension fund reserves:

5 Net change in liabilities
6
U.S. govern11ent
Insurance sector
Life insurance c011Panies
8
Private pension funds
9
St.&loc. govt. rtr. funds
10

11 Net change in assets CHH)


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Federal Reserve Bank of St. Louis

153040005
313140803
543148003

25.3
.3
24.9

28.8
.3
28.4

25.7
.4
25.3

zz.o

.1

Zl.9

153140005

25.3

28.8

25.7

22.0

153050005
313150005
583158005
543150003
574090005
224090005

193.6
19.6
174.0
85.0
24.l
64.9

221.4
20.8
208.5
77.8
58.6
72.l

186.8
21.7
165.l

268.l
25.5
242.6
81.4
104.5
56.7

153050005

193.6

221.4

84.4

14.8

66.1

186.8

268.l

1

z

3
4

s

6

1

a

9

JO

11

Table E202

413

F.202. Insurance and Pension Fund Reserves
Component

Code

1991 value
(billions
of dollars)

1. Change in life insurance reserve
liabilities

153040005

22.0

2· Change in life insurance reserve

313140003

.1

Level from Budget of the U.S. government, part 4,
Department of Veterans Affairs, Trust Funds,
National service life insurance, U.S. government
life insurance, and Veterans special life insurance,
total assets. Adjusted to calendar-year basis and
converted to quarterly series using K-L method.
Unadjusted flow is the change in the level.

3· Change in life insurance reserve
liabilities of life insurance
companies

543140003

21.9

Level from Life Insurance Fact Book, Reserves
and Other Obligations, table on Policy Reserves,
Life insurance, plus Supplementary contracts
With life contingencies and Without life
contingencies. Data are annual; series is converted
to quarterly by K-L method. Unadjusted flow is
the change in the level.

4• Change in life insurance reserve

153040005

22.0

Equal to line 1.

5· �hange
in pension fund reserve

153050005

268.1

6 �han
ge in pension fund reserve
•
liabilities of the U.S. government

313150005

25.5

Sum of lines 6a and 6b.

6a, Change in federal employee
retirement reserve liabilities
of the U.S. government

313151000

24.3

Level from Monthly Treasury Statement, table 6,
schedule D, Civil service retirement and disability
fund: Public debt securities. Unadjusted flow is
the change in the level. The complete financial
statement for the civil service fund appears in the
December issue of the Treasury Bulletin.

6b Change m
. rat· Iroad retrrement
·
·
reserve liabilities of the U.S.
government

313152000

1.2

Level from Monthly Treasury Statement, table 6,
schedule D, Railroad Retirement Board.
Unadjusted flow is the change in the level. The
complete financial statement for the retirement
board appears in the December issue of the
Treasury Bulletin.

583150005

242.6

liabilities of the U.S. government

assets of the household sector

liabilities

7. Cb
�g� in pension fund reserve
U :

a ilities of insura
nce companies
and pen .
sion funds


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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 2 and 3.

Sum of lines 6 and 7.

Sum of lines 8, 9, and 10.

414

Guide to the Flow of Funds Accounts

F.202. Insurance and Pension Fund Reserves-Continued
Code

1991 value
(billions
of dollars)

8. Change in pension fund reserve
liabilities of life insurance
companies

543150003

81.4

9. Change in pension fund reserve
liabilities of private pension
funds, equal to their net
acquisition of financial assets

574090005

104.5

9a. Change in checkable deposits
and currency held by private
pension funds

573020003

-.5

Level from DOL tabulation of submissions of
IRS/DOUPBGC Form 5500, Annual
,
Return/Report of Employee Benefit Plan, line 34a
Total non-interest-bearing cash; and from Trust
Assets of Financial Institutions, table B-2D,
portions of total assets of Short-term investment
funds and Diversified balanced funds. Data frorn
both sources are annual and appear with lags of
several years ; series is converted to quarterly and
estimated for current periods using proprietarY
s
Trust Universe Comparison Service data on as�et
i
fe
s
b
l
of employee benefit plans obtained from Wi
Associates. Unadjusted flow is the change in the
level.

9b. Change in large time deposits
held by private pension funds

573035003

8.0

Level from DOL tabulation of submissions of
IRS/DOUPBGC Form 5500, Annual
Return/Report of Employee Benefit Plan,
st
line 34c(2), Certificates of deposit; and fr om rru
Assets of Financial Institutions, table B-2D,
portions of total assets of Short-term investment
funds and Diversified balanced funds. Data fr0
both sources are annual and appear with lags O
d
several years ; series is converted to quarterly an
estimated for current periods using proprietarY
ts
Trust Universe Comparison Service data on_ as�e
e
lf
s
of employee benefit plans obtained from Wil h
Associates. Unadjusted flow is the change in the
level.

Component

Explanation
Level from Life Insurance Fact Book, Reserves
and Other Obligations, table on Policy Reserves,
Annuities, individual and group. Data are annual;
series is converted to quarterly by K-L method,
Unadjusted flow is the change in the level.

Sum of lines 9a through 9n.

f

9c. Change in money market
mutual fund shares held by
private pension funds


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Federal Reserve Bank of St. Louis

573034003

.5

Level from Mutual Fund Fact Book, section 6,
table on Assets of Fiduciary, Business, and
et
Institutional Investors in Taxable Money Mark n
e
l
Funds, Retirement plans; plus section 6, �b ;
Assets of Fiduciary, Business, and Institution
Investors in Tax-Exempt Money Market Funds,
Retirement plans. Data are annual; series is
ted
converted to quarterly by K-L method. Unadjus
flow is the change in the level.

Table E202

415

F,202,-Continued
Code

1991 value
(billions
of dollars)

9d. Change in U.S. Treasury
securities held by private
pension funds, excluding the
Federal Employees' Retirement
System Thrift Savings Plan

573061113

23.1

Level from DOL tabulation of submissions of
IRS/0O1/PBGC Form 5500, Annual
Return/Report of Employee Benefit Plan,
line 34c(3), U.S. government securities, multiplied
by proportion of Treasury securities to total U.S.
government securities from earlier tabulations;
and from Trust Assets of Financial Institutions,
table B-2D, a portion of total assets of Diversified
balanced funds. Data from both sources are annual
and appear with lags of several years; series is
converted to quarterly and estimated for current
quarters using proprietary Trust Universe
Comparison Service data on employee benefit
plans obtained from Wilshire Associates.
Unadjusted flow is the change in the level.

9e. Change in U.S. government
agency securities held by
private pension funds

573061703

6.8

Level from DOL tabulation of submissions of
IRS/0O1/PBGC Form 5500, Annual
Return/Report of Employee Benefit Plan,
line 34c(3), U.S. government securities, multiplied
by proportion of agency issues to total U.S.
government securities from earlier tabulations;
and from Trust Assets of Financial Institutions,
table B-2D, a portion of total assets of Diversified
balanced funds. Data from both sources are annual
and appear with lags of several years; series is
converted to quarterly and estimated for current
quarters using proprietary Trust Universe
Comparison Service data on employee benefit
plans obtained from Wilshire Associates.
Unadjusted flow is the change in the level.

9f. Change in tax-exempt securities
held by private pension funds

573062003

.4

Level, for years before 1988, from DOL
tabulations of submissions of IRS/0O1/PBGC
Form 5500, Annual Return/Report of Employee
Benefit Plan, line 13(c)(l ) . For 1988 on, other
assets, multiplied by proportion of municipal
securities to the sum of municipal securities and
other assets from most recent complete pre-1988
tabulation; and from Trust Assets of Financial
Institutions, table B-2D, total assets of Municipal
bond funds plus a portion of total assets of
Diversified balanced funds. Data from both
sources are annual and appear with lags of several
years; series is converted to quarterly using
proprietary Trust Universe Comparison Service
data on assets of employee benefit plans obtained
from Wilshire Associates. Unadjusted flow is the
change in the level.

Component


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Federal Reserve Bank of St. Louis

Explanation

Guide to the Flow of Funds Accounts

416

F.202.

Insurance and Pension Fund Reserves-Continued

Code

1991 value
(billions
of dollars)

9g. Change in corporate and foreign
bonds held by private pension
funds, excluding the Federal
Employees' Retirement System
Thrift Savings Plan

573063013

25.1

Level from DOL tabulation of submissions of
IRS/DOL/PBGC Form 5500, Annual Retum/
Report of Employee Benefit Plan, line 34c(4),
Corporate debt instruments, multiplied by
proportion of corporate bonds to corporate debt
instruments from earlier tabulations; and from
Trust Assets of Financial Institutions, table B-2D,
sum of total assets of Fixed income funds, Foreign
fixed income funds, and Index fixed income funds,
plus a portion of total assets of Diversified
balanced funds. Level is at book value. Data from
both sources are annual and appear with lags of .
several years; series is converted to quarterly using
proprietary Trust Universe Comparison Service
data obtained from Wilshire Associates.
Unadjusted flow is the change in the level.

9h. Net purchases of corporate
equities, other than mutual fund
shares, by private pension
funds, excluding the Federal
Employees' Retirement System
Thrift Savings Plan

573064113

11.6

Level from DOL tabulation of submissions of
IRS/DOL/PBGC Form 5500, Annual Retuml
Report of Employee Benefit Plan, sum of lines
34c(5A) and 34c(5B), Corporate stocks; and from
Trust Assets of Financial Institutions, table B-2�,
sum of total assets of Equity funds, Foreign equitY
funds, and Index equity funds, plus a portion of
total assets of Diversified balanced funds. D ata
s
from both sources are annual and appear with lag
ly
rte
of several years; series is converted to qua �
and estimated for current periods using propnetarY
Trust Universe Comparison Service data on_ ass_e:
of employee benefit plans obtained from �1ls�
Associates. Level is at market value. UnadJ ust�he
flow estimated from Wilshire Associates data.
Standard and Poor' s 500 Index dividend/price
ratio is used to remove capital gains and to
calculate net contributions.

9i. Net purchases of mutual fund
shares by private pension funds

573064203

8.3

Year-end level from Mutual Fund Fact Book,
section 6, table on Assets of Fiduciary, Busine�s,
and Institutional Investors in Equity, Bond, an
Income Funds, Retirement plans. Series is
L
converted to quarterly market-value level by }{y
method. Quarterly book value estimated b
Iy
dividing market-value level by 1 plus the quar t��
1
,
m
percentage change, expressed in decimal for
the NYSE composite index (average for week is
containing last day of quarter). Unadjusted floW
the change in the book-value level.

9j. Change in mortgages held by
private pension funds

573065003

3.2

Level from FR Board, Mortgage and Consum�r s
ng
Finance Section, internal Mortgage Debt Holdi
e
u
rv
Y
file. Data in file are from HUD quarterly s
of Mortgage Lending Activity. Unadjusted floW
is the change in the level.

Component


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Federal Reserve Bank of St. Louis

Explanation

Table E202

417

F.202.--continued
Code

1991 value
(billions
of dollars)

9k. Change in open market paper
held by private pension funds

573069103

-.6

Level from OOL tabulation of submissions of
IRS/DOUPBGC Form 5500, Annual
Return/Report of Employee Benefit Plan,
line 34c(4), Corporate debt instruments, multiplied
by proportion of short-term corporate debt to
corporate debt instruments from earlier
tabulations; and from Trust Assets of Financial
Institutions, table B-2D, total assets of Short-term
investment funds plus a portion of total assets of
Diversified balanced funds. Data from both
sources are annual and appear with lags of several
years; series is converted to quarterly and
estimated for current periods_using proprietary
Trust Universe Comparison Service data on
employee benefit plans obtained from Wilshire
Associates. Unadjusted flow is the change in the
level.

91. Change in contributions payable
to private pension funds by
nonfarm nonfinancial
corporations

573076003

4.4

Level from OOL tabulation of submissions of
IRS/DOUPBGC Form 5500, Annual
Return/Report of Employee Benefit Plan,
line 34b(1), Receivables, employer contributions.
Data are annual and appear with a lag of several
years; series is converted to quarterly and
estimated for current periods using proprietary
Trust Universe Comparison Service data on
employee benefit plans obtained from Wilshire
Associates. Unadjusted flow is the change in the
level.

9m. Change in unidentified
miscellaneous assets of private
pension funds

573093003

11.3

9n. Change in total assets of the
Federal Employees' Retirement
System Thrift Savings Plan

574090023

2.8

Component


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Federal Reserve Bank of St. Louis

Explanation

Level from DOL tabulation. of submissions of
IRS/DOUPBGC Form 5500, Annual
Return/Report of Employee Benefit Plan, sum of
lines 34b(2)-(4), Receivables other than employer
contributions; line 34c(6), Partnership/joint
venture interests; line 34c(9)(B), Loans to
participants-other; line 34a(10), Other loans; and
line 34c(17), Other assets, less the portion of other
assets allocated to municipal bonds; and from
Trust Assets of Financial Institutions, table B-2D,
total assets of Other funds plus a portion of total
assets of Diversified balanced funds. Data from
both sources are annual and appear with lags of
several years; series is converted to quarterly and
estimated for current periods using proprietary
Trust Universe Comparison Service data from
Wilshire Associates. Unadjusted flow is the
change in the level.
Level provided by the Federal Retirement Thrift
Investment Board from internal data on total
amount contributed to the plan. Unadjusted flow
is the change in the level.

418

Guide to the Flow of Funds Accounts

F.202. Insurance and Pension Fund Reserves-Continued

Component
10. Change in pension fund reserve
liabilities of state and local
government retirement funds,
equal to their net acquisition of
financial BSRts

1Oa. Change in reported total assets
of state and local government
retirement funds

11. Change in pension fund reserve
BSRts of the household sector


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Federal Reserve Bank of St. Louis

Code

1991 value
(billions
of dollars)

224090005

56.7

Equal to line 10a.

224090003

56.7

Level at end of fiscal year from Finances of
Employee-Retirement Systems of State and LoCal
Governments, table 1, sum of Cash and dePosits, ·
Securities, and Other investments. Data are a nnuaI
series is converted to quarterly using data from
Finances of Selected Public Employee Retire�ent
Systems, table 1, Total cash and security holdin88•
Unadjusted flow is the change in the level.

153050005

268.1

Explanation

Equal to line 5.


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Federal Reserve Bank of St. Louis

420

Guide to the Flow of Funds Accounts

Table F.203 Net Interbank Claims
Net interbank claims are short-term assets and
liabilities of banking and monetary institu­
tions that are used to manage transactions,
assets, and liabilities and to facilitate institu­
tions' operations as intermediaries. They are
used for short-term lending, netting and clear­
ing of transactions cash flows, acquisition of
foreign currencies, maintenance of correspon­
dent balances, managing assets and liabilities,
and adjusting reserves. They are also used to
make quasi-equity investments, especially
between bank holding companies (BHCs) and
their subsidiaries, and between banks operat­
ing in the United States and their international
banking facilities (IBFs) or other affiliated
foreign offices.
Interbank positions exist among the mone­
tary authority, domestically chartered banks,
foreign banking offices in the United States,
bank holding companies, and foreign banks,
including IBFs. This table shows the changes
in positions.
A bank typically has both asset and liability
positions with other banks (on balance sheets,


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Federal Reserve Bank of St. Louis

termed "due from" and "owed to" positions
respectively). However, because changes in
asset and liability positions are frequently
related to each other and fluctuate in tandem,
and because some institutions report only on a
net basis, interbank transactions in the flow of
funds accounts are treated on a net basis. The
data on net positions are often much less vola­
tile than the data on gross positions and pro­
vide better measures of net lending or borrow­
ing during a period. Also, in consolidated
accounts for the banking sector, net interbank
claims for the most part cancel; exceptions are
net positions vis-a-vis the monetary authority
and banks in foreign countries, and floats and
timing discrepancies in reported data.
Data on interbank claims are taken from
several sources: for domestic banks, from quar­
terly Reports of Condition submitted to the
federal regulatory authorities; for the mone­
tary authority, from the Federal Reserve Bulle­
tin (FR Bulletin); and for foreign banks, from
tabulations supplied by the Department of the
Treasury.

421

Table F.203

F.203

Net Interbank Clai■s

��������-�!-�������--------------------------------------------------------------------------------------------FOF Code

1983

1989

1990

1991

774110005
714110005
713113000
723025000

2.9
.3
-2.4
2.7

-16.5
-2.7

34.2
7.0
3.1
3.9

-2.1
-8.2
-9.2
1.0

� Net change in liabilities
Monetary authority
3
Depository inst. reserves
4
Vault cash
5 Co■■ercial banking
6
To ■onetary authority
7
To banks in fgn entries.
8
Liabilities, net
9
U.S. chartered banks
lo
Due to fgn affils.
11
-Due fro■ fgn affils.

764110005
714010005
764116005
764116205
724116205
723192263
723092260

2.7
-1.2
6.9
6.4
2.2
12.1
9.9

-13.8
-1.9
-7.5
-9.4

15
16
17

754116205
753192260
753092260

904010005
724112005
724112205
733035003
754012205
904010005

12
13
14

Do■estic affiliates
Due to fgn. affil.
-Due fro■ fgn. affil.

Fgn. bkg. off. in U.S.
Due to fgn affil.
-Due fro■ fgn. affil.

18
19
20
21
22
23
24
25
26

27
28

29
3301

332
334

��
37
38
39
40
41
42
43

Less: Dep. at fgn. banks
U.S. chartered banks
Fgn. bkg. off. in U.S.

To U.S. banking, net
U.S.-chartered banks
Liabilities
To do■• affiliates
To fgn. off in U.S.
Unallocated
Less, due fro■:
fgn. offices in US
Do■estic affiliates
Do■estic affiliates
Due to U.S. banks
-Due fro■ U.S. banks

Fgn. bkg. off. in U.S.
Due to U.S. banks
-Due fro■ U.S. banks
Hat ch�nge in assets
Fore1gn
Do■estic
Monetary authority
Federal Reserve float
Loans to ■e■ber banks
Co■■ercial banking
Reserves at F.R.
Vault cash

Thrifts: Reserves at F.R.
45 Discrepancy: Floats, etc.


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Federal Reserve Bank of St. Louis

734116205
733192003
733092003

764016205
723022703
753022703

-9.7
-1.6

9
10
11

2.5
.3
-2.2

-3.l
-13.2
-10.1

6.2
7.9
1.7

-5.9
4.6
10.5

15
16
17

-3.0
.1
4.3
.3
7.0
-3.0

-4.4
-14.0
3.6
.1
7.9
-4.4

1.6
-9.9
-7.6
-14.4
5.2
1.6

26.2
18.8

-2.2
-15.6
26.2

21
22
23
24
25
26

-5.4
-5.0
.3

1.2
1.3
.1

11.0
-3.4
-14.4

-.1
-2.3
-2.2

29
30
31

1.7
4.7
3.0

-.4
-.2
-.2

754112005
754112205
754012205

2.3
9.2
7.0

6.0
6.9
-.9
-1.2
.5
-1.6

764010005
763013005
723025000

-.1
-2.8
2.7

904010005

-3.0

453013003

5
6
7

6.2
-1.5
-18.5
-15.7
-6.6
7.4
14.0

9.2
-5.0

894010005
764116005
774010005
714010005
713022003
713063003

1.1

27.2
1.2
24.4
24.0
17.4
14.9
-2.5

754112205
733168725

734112205
733163725
733035003

-3.8

l
2
3
4

.4

-8.1

1.8
-2.2
-4.0

-1.9
-2.3
.4

16.3
1.3

8.4

16.3
7.9

-12.1
-7.5
-4.6
-1.9
-.2
-1.7
-1.9
-3.0
1.1

-.8

-4.4

.4
.5
.1

-.5
-.7
.3

5.7
-3.4

.4
5.7
5.2

32.6
24.4
8.2
1.2
1.5
-.3
8.1

4.2
3.9

-1.1
1.6

-3.2
-1.4
1.8

2.8
2.9
-.1

8.4

-8.1
-2.3

7.5
-8.1
-15.6

-28.2
-18.5
-9.7
-1.5
-1.5
M

-7.8

8

12
13
14

18
19
20

27
28

32
33
34

35
36
37
38
39
40

1.0

41
42
43

26.2

45

-8.8

-.5

44

422

Guide to the Flow of Funds Accounts

F.203. Net Interbank Claims
Code

1991 value
(billions
ofdollars)

1. Change in interbank liabilities

774110005

-2.1

Sum oflines 2 and 5.

2. Change in interbank liabilities of
the monetary authority

714110005

-8.2

Sum oflines 3 and 4.

3. Change in reserve deposits held
by depository institutions at
Federal Reserve Banks

713113000

-9.2

Level from FR Bulletin, table 1.18, Liabilities,
line 23, Depository in�titutions. Unadjusted flow
is the change in the level.

4. Change in vault cash held by
U.S.-chartered commercial banks
(liability of the monetary
authority)

723025000

1.0

Level from quarterly Report ofCondition for
U.S.-cbartered commercial banks, schedule RC-.A,
Currency and coin (series RCON0080).
Unadjusted flow is the change in the level.

5. Change in interbank liabilities of
the commercial banking sector

764110005

6.2

Sum oflines (), 7, and 21.

6. Change in net interbank liabilities
of the commercial banking sector
to the monetary authority

714010005

-1.5

7. Change in net interbank liabilities
of the U.S. commercial banking
sector to banks in foreign
countries

764116005

-18.5

Line 8 less line 18.

8. Change in net interbank liabilities
of the commercial banking sector
to foreign afliliates

764116205

-15.7

Sum oflines 9, 12, and 15.

9. Change in net interbank liabilities
of U.S.-chartered commercial
banks to foreign affiliates

724116205

-6.6

10. Change in liabiUties of
U.S.-cbartered commercial banks
to foreign affiliates

723192263

7.4

Level from special Treasury tabulation ofTl�
data. Excludes liabilities denominated in foref
e
currencies. Unadjusted flow is the change in
level.

11. Change in claims of
U.S.-chartered commercial banks
on international banking facilities
and foreign affiliates

723092260

14.0

Level from special Treasury tabulation of Tl�
data. Net claims on IBFs calculated as IBF cl
on foreigners less IBF liabilities to foreignersExcludes claims denominated in foreign . e
currencies. Unadjusted flow is the change 10 th
level.

Component


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Federal Reserve Bank of St. Louis

Explanation

Sum oflines 39 and 40.

Line 10 less line 11.

Table F.203

423

F,203,-C ontinued
Code

1991 value
(billions
of dollars)

734116205

-3.2

Line 13 less line 14.

13· Change in liabilities of U.S. bank
holding companies to foreign
aflillates

733192003

-1.4

Level from special Treasury tabulation of TIC
data. Excludes liabilities denominated in foreign
currencies. Unadjusted flow is the change in the
level.

14· Change in claims of U.S. bank
holding companies on foreign
affiliates

733092003

1.8

Level from special Treasury tabulation of TIC
data. Excludes claims denominated in foreign
currencies. Unadjusted flow is the change in the
level.

754116205

-5.9

753192260

4.6

Level from special Treasury tabulation of TIC
data. Excludes liabilities denominated in foreign
currencies. Unadjusted flow is the change in the
level.

753092260

10.5

Level from special Treasury tabulation of TIC
data, Foreign-related banks' net claims on IBFs
plus gross claims on foreign affiliates. Excludes
claims denominated in foreign currencies.
Unadjusted flow is the change in the level.

764016205

2.8

Sum of lines 19 and 20.

723022703

2.9

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-A,
Balances due from banks in foreign countries and
foreign central banks (sum of series RCON0073
and RCON0074). Unadjusted flow is the change
in the level.

Component
12, Change in net interbank liabilities
of U.S. bank holding companies to
fo reign affiliates

IS. Ch nge .
'
m net mter
bank Iiabillties
.
a
of foreign banking offices in the
U.S. to foreign affiliates
16• Change
in liabilities of foreign
�anking offices in the U.S. to
oreign affiliates
17 Chan
•
ge in claims of foreign
�anking offices in the U.S. on
oretgn affiliates and international
b anking facilities
18. Ch
ange m deposits held by the
�00Unercial banking sector at
oretgn banks
19. Cb
ange in deposits held by
U·8--chartered commercial banks
at foreign banks


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Federal Reserve Bank of St. Louis

Explanation

Line 16 less line 17.

424

Guide to the Flow of Funds Accounts

F.203. Net Interbank Claims-Continued
1991 value
(billions
of dollars)

Component

Code

20. Change in deposits held by
foreign banking offices in the U.S.
at foreign banks

753022703

-.1

21. Change in net interbank liabilities
of the commercial banking sector
to banks in the U.S.

904010005

26.2

Sum of lines 22, 29, and 32.

22. Change in net interbank liabilities
of U.S.-chartered commercial
banks to banks in the U.S.

724112005

18.8

Line 23 less lines 27 and 28.

23. Change in interbank liabilities of
U.S.-chartered commercial banks
to banks in the U.S.

724112205

8.4

Sum of lines 24, 25, and 26.

24. Change in large time deposits
held by bank holding companies
at U.S.-chartered commercial
banks

733035003

-2.2

25. Change in interbank claims of
foreign banking offices in the U.S.
�m banks in the U.S.

754012205

-15.6

753020720

-.5

25a. Change in demand deposits
held by foreign banking offices
in the U.S. at banks in the U.S.


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Federal Reserve Bank of St. Louis

Explanation
Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule A, sum of Balances due from foreign
branches of U.S. banks (series RCON0073) and .
Balances due from other banks in foreign eountnes
and foreign central banks (RCON1884); for Edge
Act and agreement corporations, schedule A,
Balances due from banks in foreign countries and
foreign central banks (RCON0070); and for NeW
York State investment companies, schedule C,
line 3, Balances with banks in foreign countrie s
(RCON0051). Excludes claims of IBFs.
Unadjusted flow is the change in the level.

Level from FR Y-9LP report, schedule pC, Cash
and balances due from unrelated depository
institutions (series BHCPOOlO). Unadjusted floW
is the change in the level.

Sum of lines 25a, 25b, 25c, and 25d.

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule A, Memorandum item,
Non-interest-bearing balances due from
)
commercial banks in the U.S. (series RCONOOSO '
for Edge Act and agreement corporations,
schedule A, Balances due from depository
institutions in the U.S. (RCON0082); and for
New York State investment companies,
schedule C, line 2, Demand balances with
commercial banks in the U.S. (RCON0050).
Unadjusted flow is the change in the level.

Table E203

425

F.203.-Continued
Component

Code

1991 value
(billions
of dollars)

Explanation

25b. Change in large time deposits
held by foreign banking offices
in the U.S. at banks in the U.S.

753035003

-.4

25c. Changes in outstanding federal
funds sold by foreign banking
offices in the U.S. and in
outstanding loans to the
commercial banking sector
from foreign banking offices in
the U.S., including loans held
under security repurchase
agreements

753068723

'-14.7

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks, sum
of schedule RAL, Federal funds sold and securities
purchased under agreements to resell to
commercial banks in the U.S. (series RCON1632)
and to U.S. branches and agencies of other foreign
banks (RCON1631), and schedule C, Loans to
commercial banks in the U.S. (including their
IBFs) (sum of RCON1506 and RCON1507); for
Edge Act and agreement corporations, sum of
Federal funds sold and securities purchased
under agreements to resell (RCON1350) and
schedule A, Loans to commercial banks in the U.S.
(RCON1505); and for New York State investment
companies, sum of line 5, Federal funds sold and
securities purchased under agreements to resell
(RCON1350), and schedule A, line la, Loans to
commercial banks in the U.S. (RCON1505).
Unadjusted flow is the change in the level.

25d. Change in gross funds owed
by banks in the U.S. to foreign
banking offices in the U.S.

753091723

.0

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule M, sum of Gross due from related
branches and agencies in the U.S. in same state as
the reporting office (series RCFD3008) and Gross
due from related branches and agencies in the U.S.
in other states (RCFD3010); for Edge Act and
agreement corporations, schedule D, Gross due
from affiliates domiciled in the U.S., sum of U.S.
offices of parent bank (RCFD3038), U.S. offices
of this Edge Act corporation (RCFD3040), and
U.S. offices of other affiliated organizations
(RCFD3042); and for New York State investment
companies, schedule M, line l , column B, Gross
due from related depository institutions domiciled
in the U.S. (RCON3004). Unadjusted flow is the
change in the level.


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Federal Reserve Bank of St. Louis

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule A, sum of Balances due from U.S.
branches and agencies of other foreign banks
(series RCON0083) and Balances due from other
depository institutions in the U.S. (RCON0085),
less Memorandum item, Non-interest-bearing
balances due from commercial banks in the U.S.
(RCON0050); and for New York State investment
companies, schedule C, line 4, All other cash and
balances due from depository institutions
(RCON0052). Excludes balances of IBFs.
Unadjusted flow is the change in the level.

426

Guide to the Flow of Funds Accounts

F.203. Net Interbank Claims-Continued
Code

1991 value
(billions
of dollars)

904010005

26.2

Sum of lines 3, 4, 19, and 26a through 26e, less
lines 25a, 25b, 26f, 26g, and 44.

26a. Change in cash items in
process of collection held by
U.S.-chartered commercial
banks

723022000

--6.9

Level from quarterly Report of Condition for
,
U.S.-chartered commercial banks, schedule RC-A
Cash items in process of collection and unp<>��e
debits (series RCON0020). Unadjusted flow 1s
change in the level.

26b. Change in transaction deposit
liabilities of U.S.-chartered
commercial banks to the
commercial banking sector

723120720

1.3

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-E
Total transaction accounts of commercial bankS
in the U.S. (series RCON2206). Unadjusted floW
is the change in the level.

26c. Change in nontransaction
deposit liabilities of
U.S.-chartered commercial
banks to the commercial
banking sector

723130723

-.1

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, Total
nontransaction accounts of commercial bankS
in the U.S. (sum of series RCON2347 and
RCON2348). Unadjusted flow is the change
in the level.

26d. Change in transaction deposit
liabilities of foreign banking
offices in the U.S. to the
commercial banking sector

753120723

-.1

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign bankS,
schedule E, sum of Transaction accounts and . es
c1
credit balances owed to U.S. branches and age;
)
3
of other foreign banks (series RCON164 an to
Transaction accounts and credit balances owed '
5)
other commercial banks in the U.S. (RCONl 64
for Edge Act and agreement corporations,
wed
schedule C, Deposits in transaction accounts o_
,
)
to commercial banks in the U.S. (RCON220?
,
and for New York State investment companies
s
schedule F, line 4, Deposits and credit bal�ce
of commercial banks in the U.S. in transacuon
accounts (RCON2291). Unadjusted flow is the
change in the level.

26e. Change in nontransaction
deposit liabilities of foreign
banking offices in the U.S. to
the commercial banking sector

753130723

19.3

Component

26. Change in unallocated interbank
liabilities of U.S.-chartered
commercial banks


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Federal Reserve Bank of St. Louis

Explanation

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign bankS, wed
schedule E, sum of Nontransaction accounts 0
to U.S. branches and agencies of other forei_gn
banks (series RCON2347) and Nontransac�o�e
accounts owed to other commercial ban ks 10 t
U.S. (RCON2348); for Edge Act and agreeroe�ts
corporations, schedule C, Nontransaction acco
owed to commercial banks in the U.S.
ent
(RCON2550); and for New York State inv es�t
c
d
a
s
companies, schedule F, line 4, Deposit fl:
balances of commercial banks in the U.S. 10 . sted
dU
nontransaction accounts (RCON2292). Una J
flow is the change in the level.

Table F.203

427

F.203.-Continued

Code

1991 value
(billions
of dollars)

26f. Changes in cash and deposits
held by U.S.-chartered
commercial banks at
depository institutions

723020000

-16.4

26g. Change in reserve deposits
held by foreign banking offices
in the U.S. at Federal Reserve
Banlcs

753013003

-.3

754112205

-8.1

Sum of lines 26d, 26e, 27a, and 27b, less line 27c.

753168003

-18.5

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule RAL, sum of Federal funds purchased
and securities sold under agreements to
repurchase, With U.S. branches and agencies of
other foreign banks (series RCON2317), With
other commercial banks in the U.S. (RCON2318),
and With others (RCON2820), plus schedule P,
sum of Amounts owed to U.S. offices of
nonrelated U.S. banks (RCON3312), to U.S.
branches and agencies of nonrelated foreign banks
(RCON3313), to foreign branches of nonrelated
U.S. banks (RCON3314), and to foreign offices of
nonrelated foreign banks (RCON3315); for Edge
Act and agreement corporations, sum of Federal
funds purchased and securities sold under
agreements to repurchase (RCON2800) and Other
borrowed money (RCON2850); and for New York
State investment companies, sum of line 12,
Federal funds purchased and securities sold under
agreements to repurchase (RCON2800), and
schedule L, line 1, Other liabilities for borrowed
money owed to banks in the U.S. (RCON2868).
Unadjusted flow is the change in the level.

Component

27• Change in interbank claims of
U.S.-ch arterect commercial banks
on foreign banking offices in the

Explanation
Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-A,
Cash and balances due from depository institutions
(series RCONOOlO). Unadjusted flow is the change
in the level.
Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule A, Balances due from FR Banks (series
RCFD0090); and for Edge Act and agreement
corporations, schedule A, Balances due from
FR Banks (RCFD0090). Unadjusted flow is the
change in the level.

U.S.

27a. Changes in outstanding federal
funds bought by foreign
banking offices in the U.S., in
outstanding loans to them
under security repurchase
agreements, and in other
liabilities for money borrowed
by them


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Federal Reserve Bank of St. Louis

428

Guide to the Flow of Funds Accounts

F.203. Net Interbank Claims-Continued

Component

Code

1991 value
(billions
of dollars)

Explanation
Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule M, sum of Gross owed to related
branches and agencies in the US. in the same state
as the reporting office (series RCON3007) and
Gross owed to related branches and agencies in the
U.S. in other states (RCON3009); for Edge Act
and agreement corporations, schedule D, sum of
Gross owed to affiliates domiciled in the U.S.,
including to offices of parent bank (RCFD3037),
to U.S. offices of this Edge Act corporation . ·-A
(RCFD3039), and to U.S. offices of other affiliawu
organizations (RCFD3041); and for New York
State investment companies, schedule M, line 1,
Gross owed to related banking institutions
domiciled in the U.S. (RCON3003). Unadjusted
flow is the change in the level.

27b. Change in outstanding funds
owed by foreign banking
offices in the U.S. to their
domestic affiliates

753191723

.0

27c. Changes in outstanding federal
funds bought by foreign
banking offices in the U.S.
from nonbank sources and in
outstanding loans to them
from nonbank sources under
security repurchase
agreements

752150000

8.8

28. Change in interbank claims of
U.S.-chartered commerdal banks
on bank holding companies

733168725

-2.3

Line 28a less line 13.

28a. Change in outstanding
short-term funds borrowed by
bank holding companies

733169003

-3.6

Level from FR Y-9LP report, schedule pC, Qtbef
borrowings with an original maturity of one year
or less (series BHCP2332). Unadjusted flow
is the change in the level.

29. Change in net interbank liabilities
of bank holding companies to
banks in the U.S.

734112205

-.1

30. Change in interbank liabilities of
bank holding companies to
U.S.-chartered commerdal banks

733168725

-2.3

See line 28.

31. Change in large time deposits
held by bank holding companies
at U.S.-chartered commerdal
banks

733035003

-2.2

See line 24.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Level from quarterly Report of Condition fo r u.s.
branches and agencies of foreign banks, sched��
RAL, Federal funds purchased and securities so
under agreements to repurchase with others
(series RCON2820). Unadjusted flow is the
change in the level.

Line 30 less line 31.

Table F.203

429

F,203,-Continued
Component
32• Change
in net interbank liabilities
of foreign banking offices in the
U.S. to banks in the U.S.

Code

1991 value
(billions
of dollars)

Explanation
Line 33 less line 34.

754112005

7.5

754112205

-8.1

See line 27.

754012205

-15.6

See line 25.

35. Chan ·
ge ID net interbank assets

894010005

-28.2

Sum of lines 36 and 37.

3 ·
6

764116005

-18.5

See line 7.

774010005

-9.7

Sum of lines 38, 41, and 44.

714010005

-1.5

Sum of lines 39 and 40.

713022003

-1.5

Level from FR Bulletin, table 1.11, line 10,
Float. Unadjusted flow is the change in the level.

713068003

*

764010005

-7.8

Sum of lines 42 and 43.

763013005

-8.8

Line 3 less line 44.

723025000

1.0

33· Change
in interbank liabilities of
foreign banking offices in the U.S.
to U.S.-chartered commercial
banks
34· Chan
ge in interbank claims of
f0reign banking offices in the U.S.
on banks in the U.S.

i

hange in U.S. interbank assets of
0reign banks

37. Chan · ·
ge ID mterbank assets of the
lllonetary authority and the
co mmercial banking sector,
including reserve deposits held by
savmgs and loan associations
38· Cha
·
· 1Dterbank
nge ID
assets of the
lllonetary authority
39 ·

change in Federal Reserve float

40. Change m
· loans to depository
.
ti
tu
tio
ns held by Federal
:S
eserve Banks
41. Change ID
· interbank assets of the
colllmercial banking sector
42. Change ID reserve deposits held
bY the commercial banking sector
at Federal Reserve
Banks
43· Change in vault
cash held by
U ·chartered commercial banks
t
o ability of the mon ary
et
authority
)

https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Level from FR Bulletin, table 1.18, line 4,
Loans to depository institutions. Unadjusted
flow is the change in the level.

See line 4.

430

Guide to the Flow of Funds Accounts

F.203. Net Interbank Claims-Continued
Code

1991 value
(billions
of dollars)

44. Change in reserve deposits held
by savings and loan associations
at Federal Reserve Banks

453013003

-.5

45. Discrepancy between changes in
interbank liabilities and interbank
assets of the commercial banking
sector, due to timing and
reporting differences and floats

904010005

26.2

Component


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Level from FR Board, internal Money File,
Savings and loan association reserves at FR BankS
(series 1383). Series based on depository .
institution data collected periodically. UnadJUSted
flow is the change in the level.
Line 1 less line 35.


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

432

Guide to the Flow of Funds Accounts

Table F.204

Checkable Deposits and Currency

Checkable deposits comprise demand deposits
at commercial banks and foreign banking
offices in the U.S.; travelers checks issued by
nonbanks; negotiable order of withdrawal
(NOW) accounts and automatic transfer ser­
vice (ATS) accounts at depository institutions;
credit union share drafts; and demand deposit
liabilities of thrift institutions. Currency is U.S.
currency and coin held outside the U.S. Trea­
sury, Federal Reserve Banks, and the vaults of
depository institutions. Total currency out­
standing is known (about $274 billion at the
end of 1991), but holdings by individual sec­
tors must be estimated.

F.204

Information on currency liabilities of the
U.S. Treasury and the monetary authority
comes from the Federal Reserve Bulletin
(FR Bulletin); information on deposit liabili­
ties comes primarily from reports of condition
submitted by depository institutions to the fed­
eral regulatory authorities. Most of the data on
holdings of checkable deposits by individual
sectors are tabulated by trade associations and
government agencies from the balance sheets
of entities that make up the sectors; holdings
of the household sector are the residual after
the holdings of all other sectors have been
subtracted from the total.

Checkable Deposits and Currency

Billions of dollars
--------------------------------------------------------------------------------------------------------------FOF Code
1988
1989
1991
1990
-----------------------------------------------------------------------l Net change in liabilities
2
3
4
5

Monetary authority
U.S. govt. cash & deposits
Foreign deposits
Currency outside banks

6
7
8
9

Commercial banking
U.S. government deposits
Foreign deposits
Private domestic deposits

10
11
12
13

Thrift institutions
Savings and loan assns.
Mutual savings banks
Credit unions

14 Net change in assets
15
16
17
18
1<1
20
21
22

Households
Business
Farm
Nonfarm noncorporate
Corporate
State&local governments
U.S. government
Foreign

23
24
25
26
27
28
29
30
31
32
33
34
35
36

Financial sectors
Sponsored credit agencies
Commercial banking
Savings and loan assns.
Mutual savings banks
Credit unions
Life insurance cos.
Other insurance coMpanies
Private pension funds
St.&loc. govt. rtr. funds
Finance coMpanies
Mutual funds
Honey market autual funds
Brokers and dealers

37

Hail float


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

793120005
713120005
713123105
713122605
713125005
763120005
723123105
763122605
763129205
493127005
453127005
463127003
473127000
793120005
153020005
143020005
133020003
113020003
103020005
213020005
313020005
263020000
793020005
403020000
743020003
453020005
463020003
473020000
543020000
513020003
573020003
223020003
613020003
653020003
633020003
663020003
903020005

43.2

6.1

44.2

75.8

18.l
3.3
.1
14.7

9.5
-2.4
.2
11.7

25.2
2.8
-.2
22.6

29.2
8.8
.6
19.8

16.8
7.3
-.6
10.l

-3.8
-3.4
-.5
.1

22.l
5.3
-.1
16.8

8.3
5.1
1.6
1.5

37.8
5.5
-2.0
34.3

.4
-1.3
.1
1.5

-3.l
-4.9
.1
1.7

8.7
1.8
1.8
5.1

-.8
25.3
.5
7.7
17.0
2.0
9.0
-.6

6.1

44.2

75.8

14.9
.5
.1
4.3
-3.8
-.6
-14.2
-.2

22.4
-2.0
.4
-.5
-1.9
-1.0
4.8
-.3

50.8
11.6
.2
1.0
10.4
5.1
27.4
-1.4

5.8

.4
-1.3
-.4
.7
-1.4
.6
_5
.6
-.7
-.3
1.0
1.3
-.6
.4

14.4
-.2
-.1
.2
-.5
.0
-.1
.5
.1
1.5
1.1
.2
11.3
.5

-6.6
-.7
-.8
1.8
.2
.6
.5
-1.l
-.5
.3
1.2
3.6
-11.6
-.1

5.2

5.8

-11.l

43.2

'IE

-.6
-.5
1.2
.2
-.3
-.1
1.4
.5
.8
.3
1.0
1.9
2.5

z
4
5

6
7
3
9

10
11
12
13
14
15
16
17
18
19

zo
Zl

zz
Z3
z4
25
26
27
23
29
30
31
32
33
34
35
36
37

Table R204

433

FJ04. Checkable Deposits and Currency
Component

Code

1991 value
(billions
of dollars)

1. Change in liabilities of depository
Institutions and the monetary
authority for checkable deposits
a nd currency

793120005

75.8

Sum of lines 2, 6, and 10.

2• Change in checkable deposit and
CUrrency liabilities of the
lllonetary authority

713120005

29.2

Sum of lines 3, 4, and 5.

3

713123105

8.8

Sum of lines 3a and 3b.

3a. Change in U.S. Treasury cash
holdings (liability of the
monetary authority)

713123203

.1

Level from FR Bulletin, table 1.11, line 16,
Treasury cash holdings. Unadjusted flow is the
change in the level.

3b. Change in liability of Federal
Reserve Banks for the U.S.
Treasury general account

713123730

8.7

Level from FR Bulletin, table 1.18, Liabilities,
line 24, U.S. Treasury-general account. Also
found in Monthly Treasury Statement, table 6,
Means of Financing the Deficit, U.S. Treasury
operating cash, FR account. Unadjusted flow
is the change in the level.

713122605

.6

Sum of lines 4a and 4b, less line 4c.

4a. Change in deposits held by
foreign official institutions at
Federal Reserve Banks

713122003

.6

Level from FR Bulletin, table 1.18, Liabilities,
line 25, Foreign-official accounts. Unadjusted
flow is the change in the level.

4h. �hange in deposits held by
international organizations at
Federal Reserve Banlcs

713122103

.0

Level provided by FR Banlc of New York.
Unadjusted flow is the change in the level.

4c. Change in deposits held by the
International Monetary Fund at
Federal Reserve Banlcs

713111403

•

S, Change in cu
rrency outside banks
Oiability of the monetary
authOrity)

713125005

19.8

Line 5a less line 5b.

713124000

20.8

Level from FR Bulletin, table 1.11, line 15,
Currency in circulation. Unadjusted flow is the
change in the level.

· iihange in deposits held by the
.S. government at Federal
Reserve Banks, including
Treasury cash

4

i

• h ange in deposits held by
;�ers at Federal Reserve

5a. Chan ·
. ge m currency m
ClfCulation (liability of the
monetary authority)


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Federal Reserve Bank of St. Louis

Explanation

Level provided by FR Banlc of New York.
Unadjusted flow is the change in the level.

434

Guide to the Flow of Funds Accounts

F.204. Checkable Deposits and Currency-Continued
Code

1991 value
(billions
of dollars)

723025000

1.0

6. Change in checkable deposit
liabilities of the commercial
banking sector

763120005

37.8

Sum of lines 7, 8, and 9.

7. Change in checkable deposits held
by the U.S. government at
U.S.-chartered commercial banks

723123105

5.5

Sum of lines 7a and 7b.

7a. Change in transaction deposits
held by the U.S. government at
U.S.-chartered commercial
banks

723123200

-2.2

Level from quarterly Report of Condition for E
U.S.-chartered commercial banks, schedule RCTransaction accounts of the U.S. government
(series RCON2202). Unadjusted flow is the
change in the level.

7b. Change in demand notes owed
to the U.S. government by
U.S.-chartered commercial
banks

723123300

7.7

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC,
Demand notes issued to the U.S. Treasury
(series RCON2840). Unadjusted flow is the
change in the level.

8. Change in checkable deposits held
by foreigners in the commercial
banking sector

763122605

-2.0

Sum of lines 4c and 22, less lines 4a and 4b .

9. Change in checkable deposits held
by private domestic sectors in the
commercial banking sector

763129205

34.3

Sum of lines 9a, 9b, and 9c, less lines 7a, 8,
and 9d through 9h.

9a. Change in total transaction
deposit liabilities of
U.S.-chartered commercial
banks

723126000

22.9

Level from quarterly Report of Condition for -E
U.S.-chartered commercial banks, schedule Rc ,
Total transaction accounts (series RCON2215)·
Unadjusted flow is the change in the level.

9b. Special cash items bias
correction for deposit liabilities
of U.S.-chartered commercial
banks

723129993

.0

Adjustment required because the data on the
money supply for 1959:Q4 through 1973:<?1
overstated cash items in process of collectton o
Deposits generating these cash items had 0?t i,ee
tbe
included in the gross deposit data entering int_ o
n
calculation of the money supply. For discussio
s
of the adjustment, see "Money Stock Measure
etarY
n
and Related Data," in Banking and Mo
Statistics, 1941-1970, p. 6.

Component
5b. Change in vault cash held by
U.S.-chartered commercial
banks (liability of the monetary
authority)


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-A,
Currency and coin (series RCON0080).
Unadjusted flow is the change in the level.

Table F.204

435

F.204·-C
ontmued
Component

Code

1991 value
(billions
of dollars)

9c. Change in total transaction
deposit liabilities of foreign
hanking offices in the U.S.

753126003

-.4

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule E, Total deposits and credit balances
(series RCON1653); for Edge Act and agreement
corporations, schedule C, Total deposits
(RCON2215); and for New York State investment
companies, schedule F, line 7, Total deposits and
credit balances in transaction accounts
(RCON2297). Unadjusted flow is the change
in the level.

9d . Change in Federal Reserve float

713022003

-1.5

Level from FR Bulletin, table 1.11, line 10, Float.
Unadjusted flow is the change in the level.

9e. Change in cash items in process
of collection held by
U.S.-chartered commercial
hanks

723022000

-6.9

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-A,
Cash items in process of collection and unposted
debits (series RCON0020). Unadjusted flow is the
change in the level.

9f. �hange in
transaction deposit
liabilities of U.S.-chartered
commercial banks to the
commercial banking sector

723120720

1.3

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-E,
Total transaction accounts of commercial banks
in the U.S. (series RCON2206). Unadjusted flow is
the change in the level.

9g. Change
in cash items in process
of collection held by foreign
hanking offices in the U.S.

753022003

-.4

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule A, Cash items in process of collection
and unposted debits (series RCON0020); for Edge
Act and agreement corporations, schedule A,
Cash items in process of collection, unposted
debits, and currency and coin (RCON0022); and
for New York State investment companies,
schedule C, line 1, Cash items in process of
collection and unposted debits (RCON0020).
Unadjusted flow is the change in the level.

753120723

-. 1

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule E, sum of Transaction accounts and
credit balances owed to U.S. branches and
agencies of other foreign banks (series
RCON1643) and Transaction accounts and credit
balances owed to other commercial banks in the
U.S. (RCON1645); for Edge Act and agreement
corporations, schedule C, Deposits in transaction
accounts owed to commercial banks in the U.S.
(RCON2206); and for New York State investment
companies, schedule F, line 4, Deposits and credit
balances of commercial banks in the U.S. in
transaction accounts (RCON2291). Unadjusted
flow is the change in the level.

9h. Ch
.
.
.
. ange m transaction depos1t
liabilities of foreign banking
offices in the U.S. to the
commercial banking sector


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

436

Guide to the Flow of Funds Accounts

F.204. Checkable Deposits and Currency-Continued
Code

1991 value
(billions
of dollars)

10. Change in checkable deposit
liabilities of thrift institutions

493127005

8.7

Sum of lines 11, 12, and 13.

11. Change in checkable deposit
liabilities of savings and loan
BMOCiations

453127005

1.8

Line 11a less line 12.

443127003

3.6

Level from FR Board, internal Money File, sulll of
Other checkable deposits held by savings and 10�
associations (sum of series 130, 131, and 132) an
. s
Other checkable deposits held by mutual sav10 g
5
banks and federal savings banks (sum of 13�, 13
0
t
u�
and 136). Series based on depository insti
�e
data collected periodically. Unadjusted flow is
change in the level.

12. Change in checkable deposit
liabilities of mutual savinp banks

463127003

1.8

Level from quarterly Report of Condition for
savings banks insured by BIF, schedule RC-E,.
Total transaction accounts (series RCON2�•
and for federal savings banks insured by S ' ge
assumed to be zero. Unadjusted fl.ow is the cban
in the level.

13. Change in checkable deposit
liabilities of credit unions

473127000

5.1

t
Level from FR Board, internal Money File, ct
union share drafts (sum of series 138, 139, �
140, less series 145). Series based on depos�to�
institution data collected periodically. UnadJUS
fl.ow is the change in the level.

14. Change in checkable deposits and
currency held by all sectors

793120005

75.8

Sum of lines 15, 16, 20, 21, 22, 23, and 37. AlSO
equal to line 1.

15. Change in checkable deposits and
currency held by the household
sector

153020005

50.8

16,
.
.
15a, t5b
Sum of lines 5, 9, and 10, less lines
20, and 23.

15a. Change in mail fl.oat on private
demand deposits

903029200

2.0

Level is FOF Section estimate based on c��:'ns
in process of collection. Unadjusted flow is
change in the level.

15b. Change in mail fl.oat on state
and local government demand
deposits

903028003

.0

Level at end of fiscal year calculated by p�F
Section from Government Finances; series;· steO
u
converted to quarterly by K-L method. Un �
fl.ow is the change in the level.

Component

11a. Change in checkable deposit
liabilities of savings and loan
associations and mutual
savings banks


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Federal Reserve Bank of St. Louis

Table F.204

437

F,204.-continued
Code

1991 value
(billions
of dollars)

143020005

11.6

133020003

.2

Level from Economic Indicators of the Farm
Sector, National Financial Summary, table 51,
Other financial assets, excluding household assets.
Data are annual; series is converted to quarterly
by K-L method. Unadjusted flow is the change
in the level.

113020003

1.0

Level is FOP Section estimate based on SOI data
for partnerships and sole proprietorships. Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the level.

103020005

10.4

Line 19a less lines 19b and 19c, less line 19d net
of 19e.

103020000

21.0

Level from FR Bulletin, table 1.49 (currently
suspended), line 2, Cash. Includes currency, U.S.
demand and time deposits, and foreign deposits.
Since 1986:Q l , value has been an FOP Section
estimate based on quarterly data from the QPR,
multiplied by the most recent SOUQFR
benchmark ratio for total deposits held.
Unadjusted flow is the change in the level.

103035000

3.7

19c · Chang .
e m cash held by mutuaI
funds before 1963

653020103

.0

Value has been zero since 1962:Ql. Before 1965,
cash held by mutual funds was included with
corporate cash holdings.

19d · Cha
.
.
.
nge m tore1gn
depos1ts
held by U.S. private sectors

263191003

1.5

Unadjusted flow and level from SCB, USIT
table 8, sum of line 17, Deposits, and line 18,
Negotiable and readily transferable instruments
(mostly certificates of deposit); plus USIT table 7,
line A5, Deposits, all flows with sign reversed.

633091003

-5.4

Component
16· Change in checkable deposits and
currency held by all nonfinancial
business
17. Change m
. checkable deposits
. and
currency held by farm business

18. Change m
. checkable deposits and
currency held by nonfarm
noncorporate business

19. Change m
. checkable deposits and
curr ency held by nonfarm
00nfinancial corporate business
I9a. Change in deposits and
currency held by nonfarm
nonfinancial corporate
business

l 9b. Chang
e in large time deposits
held by nonfarm nonfinancial
corporate business

19

e. Change in foreign deposits
held by money market mutual
funds


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
Sum of lines 17, 18, and 19.

Level is FOP Section estimate based since
1986:Ql on quarterly data from the QPR,
multiplied by the most recent SOUQFR
benchmark ratio for time deposits held.
Unadjusted flow is the change in the level.

Level from Trends in Mutual Fund Activity,
table C, Eurodollar certificates of deposit.
Unadjusted flow is the change in the level.

438

Guide to the Flow of Funds Accounts

F.204.

Checkable Deposits and Currency-Continued

Component

Code

1991 value
(billions
of dollars)

20. Change in checkable deposits and
currency held by state and local
government general funds

213020005

5.1

Line 20a less lines 15b and 32.

20a. Change in transaction deposits
held by state and local
governments at U.S.-chartered
commercial banks

723128000

5.3

Level from quarterly Report of Condition for E
U.S.-chartered commercial banks, schedule RCTotal transaction accounts of states and political
subdivisions in the U.S. (series RCON2203).
Unadjusted flow is the change in the level.

21. Change in checkable deposits and
currency held by the U.S.
government

313020005

27.4

Sum of lines 21a and 21b, less line 2 lc and less
50 percent of line 21d.

21a. Change in reported cash
balance held by the U.S.
government

313024000

16.6

Level from Monthly Treasury Statement, table 6•
Means of Financing the Deficit, U.S. TreasllfY .
operating cash. Unadjusted flow is the change 1Il
the level.

21b. Change in other cash and
monetary assets of the U.S.
government

313026003

7.8

Level from Monthly Treasury Statement, Means
of Financing the Deficit, Other cash and mone1
·
assets. Unadjusted flow is the change in the }eve

2 lc. Change in small time and
savings deposits held by the
U.S. government

313031003

.1

Level from quarterly Report of Condition for -E,
U.S.-chartered commercial banks, schedule Rc
Nontransaction deposits owed to the U.S.
ow
government (series RCON2520). Unadjusted fl
is the change in the level.

21d. Net acquisition of foreign
currencies by U.S. official
agencies

263111503

-6.3

Level from FR Bulletin, table 3.12, line 5, foreigll
currencies. Unadjusted flow from SCB, U�IT
table 1, line 38, Foreign currencies, with sign
reversed.

22. Change in U.S. checkable deposits
and currency held by foreigners

263020000

-1.4

23. Change in checkable deposits and
currency held by financial sectors

793020005

-6.6


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Federal Reserve Bank of St. Louis

Explanation

,
Level from SCB, USIT table 9, sum of line j\lO
U.S. banks' own liabilities, Demand deposit
liabilities to foreign official agencies; and
line B12, U.S. banks' own liabilities, Dem3:°d
ted
deposit liabilities to other foreigners. UnadJ US
flow is the change in the level.
Sum of lines 24, 25, 26, and 27 through 36.

Table E204

439

F.204.-continued
Component

Code

1991 value
(billions
of dollars)

24. Change in checkable deposits and
currency held by federally
sponsored credit agencies

403020000

-.7

Level from combined statement of condition for
FHLBs (Cash) and from the following periodic
financial statements (Cash and investments, with
cash estimated by FOF Section): Farm Credit
System quarterly information statement for farm
credit agencies, balance sheet for SLMA,
quarterly financial statement for FHLMC, and
balance sheet for FNMA. Unadjusted flow is the
change in the level.

2S. Change in checkable deposits and
currency held by the commerdal
sector (banks in
.S.•aftlllated areas)

743020003

-.8

Year-end level from Reports of Condition: for
banks located in U.S.-affiliated areas, schedule RC,
Cash and balances due from depository institutions
(sum of series RCON0081 and RCON0071); and
for branches of U.S. banks located in U.S.-affiliated
areas, sum of Cash and cash items in process of
collection (RCFN0022), Balances due from U.S.
banks (RCFN0033), and Balances due from
foreign banks (RCFN0034). Data are annual;
series is converted to quarterly by K-L method.
Unadjusted flow is the change in the level.

l6. Change in checkable deposits and
�ncy, excluding deposits at
edera1 Reserve Banks, held by
sav1ngs and loan associations

453020005

1.8

Line 26a less line 26b.

26a. Change in checkable deposits
and currency, including
deposits at Federal Reserve
Banks, held by savings and
loan associations

453020003

1.3

Level from Thrift Financial Report, schedule SC,
Cash and non-interest-earning deposits (series
SVGL0626). Unadjusted flow is the change in the
level.

26h. Change in reserve deposits
held by savings and loan
associations at Federal
Reserve Banks

453013003

-.5

Level from FR Board, internal Money File,
Savings and loan association reserves at FR Banks
(series 1383). Series based on depository
institution data collected periodically. Unadjusted
flow is the change in the level.

27. Change in checkable deposits and
:::ncy held by mutual savinp

463020003

.2

Level from quarterly Report of Condition for
savings banks insured by BIF, schedule RC, Cash
and balances due from depository institutions
(sum of series RCFD0081 and RCFD0071); and
from Thrift Financial Report for federal savings
banks insured by SAIF, schedule SC, Cash and
non-interest-earning deposits (SVGL0626).
Unadjusted flow is the change in the level.

tanking


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Federal Reserve Bank of St. Louis

Explanation

440

Guide to the Flow of Funds Accounts

F.204. Checkable Deposits and Currency-Continued

1991 value
(billions
of dollars)

Component

Code

28. Change in checkable deposits and
currency held by credit unions

473020000

.6

Level from Monthly Credit Union Estima tes,
table on National Credit Union Aggregates, Cash.
Unadjusted flow is the change in the level.

29. Change in checkable deposits and
currency held by life insurance
companies

543020000

.5

Level from Distribution of Investments of U.S.
Life Insurance Companies, Cash and other,
.
apportioned to cash and miscellaneous assets ustnJ
the proportional split that existed in 1989:Q4, _the
last quarter in which these transaction categones
were reported separately. Unadjusted flow is the
change in the level.

30. Change in checkable deposits and
currency held by other insurance
companies

513020003

-1.1

Level from Best's Aggregates and Averages,
Property-Casualty, table on Consolidated IndustrY
Totals, Assets, line 6.1, Cash on band and on
deposit. Data are annual; series is converted to
quarterly by K-L method. Unadjusted flow is the
change in the level.

31. Change in checkable deposits and
currency held by private pension
funds

573020003

-.5

Level from DOL tabulation of submissions of
IRS/DOUPBGC Form 5500, Annual
Return/Report of Employee Benefit Plan, line 348,
Total non-interest-bearing cash; and from Trust
Assets of Financial Institutions, table B-2D,
portions of total assets of Short-term invesonent
funds and Diversified balanced funds. Data froOl
both sources are annual and appear with lags of
several years; series is converted to quarterlY and
estimated for current periods using proprietarY
Trust Universe Comparison Service data on.�ts
of employee benefit plans obtained from wi}shirt
Associates. Unadjusted flow is the change in the
level.

32. Change in checkable deposits and
currency held by state and local
government retirement funds

223020003

.3

Level is FOF Section estimate based on
unpublished data provided by Bureau of the
Census from material collected for Finances of
Selected Public Employee Retirement SysteJilS·
Unadjusted flow is the change in the level.

33. Cbanae in checkable deposits and
currency held by finance
companies

613020003

1.2

Level is FOF Section estimate based on most
recent FR Board quinquennial survey of�
companies. Unadjusted flow is the change 111 the
level.


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Federal Reserve Bank of St. Louis

Explanation

Table R204

441

F.204.--cont1noec1
1991 value
(billions
of dollars)

Explanation

Component

Code

l4. Change in checkable deposits and
CUrrency held by mutual funds

653020003

3.6

Level estimated as Trends in Mutual Fund
Activity, table 1, Total net assets, multiplied by
0.01527. Ratio is historical minimum ratio of cash
to total assets in detailed mutual fund statements
that are no longer available. Unadjusted flow is
the change in the level.

3S. Change In checkable deposits and
Cllrrency held by money market

633020003

-11.6

Level from Trends in Mutual Fund Activity, table
C, Cash reserves. Unadjusted flow is the change
in the level.

663020003

-.1

903020005

-11.1

lllUtual funds

36.

Cbanae

In checkable deposits and
CUrrency held by security broken
lllddealen

37 �
.
In mall float OD demand
deposfts


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Federal Reserve Bank of St. Louis

Level from SEC tabulation of FOCUS and FOGS
reports, Cash (series F750) plus Cash segregated
in compliance with federal and other regulations
(F760). Unadjusted flow is the change in the level.
Sum of lines 3, 5, 7, 9, and 10, less lines 15, 16,
20, 21, and 23.

442

Guide to the Flow of Funds Accounts

Table F.20S Small Time and Savings Deposits
Small time and savings deposits are deposits
that have balances of less than $100,000 at
domestically chartered commercial banks,
savings and loan associations, mutual savings
banks, and credit unions. The category in­
cludes negotiable time certificates of deposit,
passbook savings accounts, and money market
demand accounts at these institutions as well
as individual retirement accounts and Keogh
accounts that are in the form of deposits of
less than $100,000.
The U.S government, state and local gov­
ernments, credit unions, and households are
assumed to be the holders of small time and
savings deposits; businesses are assumed to
hold only large time deposits.

Reports of condition filed with the federal
regulatory authorities are the primary source
of information on deposit liabilities. Data pub­
lished by trade associations and federal agen­
cies are the basis for estimates of holdings by
most of the individual sectors; holdings of the
household sector are the residual after the
holdings of all other sectors have been sub­
tracted from the total.

F.Z05 S..11 Ti• and Savings Deposits

---------------------------------------------------------------------------------------------------------------FOF Code
1988
1919
1991
1991
------------------------------------------------------------------------------

Billions of dollars

1 Net change in liabilities

z

3
4
5

6

Coa.arcial banks
Thrift institutions
Savings and loan assns.
Nutual savings .banks
Credit ooions

7 Net change in assets

a

9

10

11

Households
State and local governaents
U.S. governaent
Credit ooions


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Federal Reserve Bank of St. Louis

793131115

7Z31310l5
ft93131115
ft5313lOl5
463131085
473131H5

793131015

153131085
Z03131H3
313131113
<t7313MH

lZ0.8

73.1

ft7.7

Z3.9
13.5

10.3

lZI.I

115.3
7.1

-.z
-1.3

96.7

96.5

.3

-1.5
Z.ft
6.4

96.7

aa.1

9.9

-.1

-1.1

59.9

lZl.9
-61.9
-78.9

5.Z

11.1
59.9

5.3.6
7.3
.1
-1.1

16.7

l

-63.Z

4

ae.1

-91.6
13.1

15.5

16.7

10.0
5.1

.1

.7

z

3

s.

6
7

a

9
10
11

Table E205

443

FJOs. Small
Tune and Savinp Deposits
1991 value
(billions
of dollars)

Explanation

Component

Code

I. � in small time and savinp
deposit liabilities of depository
Institutions

793131005

16.7

Sum of lines 2 and 3.

• � in small time and savinp
deposit liabilities of U.S.-chartered
tonunercla) banks

723131005

80.0

Sum of lines 2a and 2b, less line 2c.

2 a. Change in total nontransaction
deposit liabilities of
U.S.-chartered commercial
hanks

723139000

6.7

2h. Change in retail repurchase
agreement liabilities of
U.S.-chartered commercial
hanks

723139703

•

2c. <?iange in large time deposit
liabilities of U.S.-chartered
commercial banks

723135000

-73.2

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-E,
Memoranda, sum of Time certificates of deposit of
$100,000 or more (series RCON6645) and
Open-account time deposits of $100,000 or more
(RCON6646). Unadjusted flow is the change
in the level.

3, C
hange in small time and savinp

493131005

-63.2

Sum of lines 4, 5, and 6.

4. C
hange in

453131005

-91.6

Sum of lines 4a and 4b, less line 4c net of 4d, less
lines 4e and 4f.

453139003

-104.0

Level from Thrift Financial Report, schedule SC,
Total deposits (series SVGL2339). Unadjusted
flow is the change in the level.

453139703

-.2

Level from FR Board, internal Money File (series
381). Series based on depository institution data
collected periodically. Unadjusted flow is the
change in the level.

2

d
i
�l>Os t liabilities of thrift
tutions

small time and savings
del>Osit l
iabilities of savinp and
1

oan ISSodations
4 a. Chan .
. ge m reported total depos1t.
liabilities of savings and loan
asSOciations
4b. C hange
in retail repurchase
agreement liabilities of savings
and loan associations


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Federal Reserve Bank of St. Louis

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-E,
Total nontransaction accounts (series RCON2385).
Unadjusted flow is the change in the level.
Level from FR Board, internal Money File,
Commercial bank retail repurchase agreements
(series 279). Series based on depository institution
data collected periodically. Unadjusted flow is the
change in the level.

444

Guide to the Flow of Funds Accounts

F.205. Small 11lne and Savlnp Depoalta-Contlnued
Component

Code

1991 value
(billions
of dollars)

Explanation

4c. Change in checkable deposit
liabilities of savings and loan
associations and mutual savings
banks

443127003

3.6

Level from FR Board, internal Money File, sum
of Other checkable deposits held by savings and
loan associations (sum of series 130, 131, and
132) and Other checkable deposits held by mutua1
savings banks and federal savings banks (sum of
134, 135, and 136). Series based on deposit?l'Y
institution data collected periodically. UnadJUSted
flow is the change in the level.

4d. Change in checkable deposit
liabilities of mutual savings
banks

463127003

1.8

Level from quarterly Report of Condition for
savings banks insured by BIF, schedule RC-E.
Total transaction accounts (series RCON221S);
and for federal savings banks insured by SAIF,
assumed to be uro. Unadjusted flow is the cbaDge
in the level.

4e. Change in large time deposit
liabilities of savings and loan
associations

453135003

-14.4

Level from Thrift Financial Report, schedule SI,
Deposits with balances greater than $100,000
(sum of series SVGL0987 and SVGL0988).
Unadjusted flow is the change in the level.

4f. Change in reported total deposit
liabilities of dual-reporting
savings institutions

483139003

.0

Special tabulation by the former FHLBB of total
deposit liabilities of FSLIC-insured thrift
institutions that were also members of the
National Association of Mutual Savings B�
and were therefore included in statistics for
5
savings and loan associations and mutual savin8
banks. Value bas been urn since 1988:Ql .

5. Cbaqe In small time and savlnp
deposit llabUltles of mutual
savlnp banks

463131005

13.0

Sum of lines Sa and Sb, less line 4d, less line Sc
net of 4e.

Sa. Change in reported total deposit
liabilities of mutual savings
banks

463139000

-8.6

Sb. Change in retail repurchase
agreement liabilities of mutual
savings banks

463139703

•

Level from quarterly Report of Condition for
savings banks insured by BIF, schedule RC�
Deposits (series RCFD2200); and from 1brift
Financial Report for federal savings banks
insured by SAIF, schedule SC, Deposits
(SVGL2339). Unadjusted flow is the change
in the level.


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Federal Reserve Bank of St. Louis

�ia:1

Level from FR Board, internal Money File,
repurchase agreements due from mutual saving
banks and federal savings banks (series 383).
Series based on depository institution data
collected periodically. Unadjusted flow is the
change in the level.

Table R205

445

F.205.-continued
Code

1991 value
(billions
of dollars)

5c. Change in large time deposit
liabilities of savings and loan
associations and mutual savings
banks

443135003

-37.8

6• � in small time and savings
deposit liabilities of credit unions

473131005

15.5

Line 6a less lines 6b and 6c.

6a. Change in reported total share
and deposit liabilities of credit
unions

473139000

20.5

Level from Monthly Credit Union Estimates,
table on National Credit Union Aggregates,
Savings. Unadjusted flow is the change in the
level.

6b. Change in checkable deposit
liabilities of credit unions

473127000

5.1

6c. Change in large time deposit
liabilities of credit unions

473135000

•

· Change in small time and savings
deposjts held by all sectors

793131005

16.7

Sum of lines 8, 9, 10, and 11. Also equal to line 1.

8. �e in small time and savings
deposjts held by the household
sector

153031005

10.0

Line 1 less lines 9, 10, and 11.

203031003

5.8

Level is FOF Section estimate based on total
nontransaction accounts of states and political
subdivisions in the U.S. in the quarterly Report of
Condition for U.S.-chartered commercial banks
(FOF series 203030003, table F.206, line 14a).
Unadjusted flow is the change in the level.

313031003

.1

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-E,
Nontransaction deposits owed to the U.S.
government (series RCON2520). Unadjusted flow
is the change in the level.

Component

7

9

· Change in small time and savings
del>Osits held by state and local
IOvenunent aeneral funds

lO.

Change in small time and savings
del>Osits held by the U.S.
Rovenunent


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Federal Reserve Bank of St. Louis

Explanation
Level from FR Board, internal Money File, large
time deposits due from mutual savings banks and
federal savings banks (sum of series 560 and 561)
and from savings and loan associations (566).
Series based on depository institution data
collected periodically. Unadjusted flow is the
change in the level.

Level from FR Board, internal Money File, credit
union share drafts (sum of series 138, 139, and
140, less series 145). Series based on depository
institution data collected periodically. Unadjusted
flow is the change in the level.
Level from FR Board, internal Money File, large
time deposits due from credit unions (series 571).
Series based on depository institution data
collected periodically. Unadjusted flow is the
change in the level.

446

F.205.

Guide to the Flow of Funds Accounts

Small Time and Savings Deposits-Continued

Component

Code

1991 value
(billions
of dollars)

11. Change in small time and savings
deposits held by credit unions at
savings and loan associations

473030400

.7


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Federal Reserve Bank of St. Louis

Explanation
Level from Monthly Credit Union Estimates,
table on National Credit Union Aggregates, sum
of Investments and Cash (equals surplus funds)�
multiplied by ratio from table on National Credit
Union Ratios, Distribution of surplus funds,
Savings and loan associations. Series must be
calculated from published ratios. Unadjusted flow
is the change in the level.


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Federal Reserve Bank of St. Louis

448

Guide to the Flow of Funds Accounts

Table F.206 Large Time Deposits
Reports of condition filed with the federal
regulatory authorities are the primary source
of information on depository liabilities. Esti­
mates of holdings by most of the individual
sectors are based on data from balance sheets
compiled by trade associations and federal
agencies; holdings of the household sector are
the residual after the holdings of all other
sectors have been subtracted from the total.

Large time deposits arc deposits that have a
stated maturity and balances of $100,000 or
more at the institutions in the commercial
banking sector and at savings and loan associ­
ations, mutual savings banks, and credit
unions. The category includes negotiable time
certificates of deposit. It is assumed that all
time deposits held by businesses arc large
time deposits.

F.206

large Ti• Deposits Cl>

lillions _of_dollars ________________________________ ·-----------------------------------------------------------l Net change in liabilities

Code
19aa
1990
1919
1991
---------------------------Fflf
--------------------------------------------------

79313Sl15

53.6

17.6

6.1

1.1

2
3

eo-rcial banking
Doaestic banks

763135105
723135115

5
6
7

Thrift institutions
Savi�s and loan assns.
Nub.la
savings banks
Credit unions

493135115
453135003
463135005

11.6
9.7
1.3

793135005

53.6

4

I

Foreign banking offices

9 Net change in assets

11
11
12
13
14
15

16
17
11
19
20
21

Households
Business
Nonfar■ noncorporate

Corporate
State I local govemNnts
Foreign

Financial sectors
Savint and loan assns.
Credit unions
Private pension funds
St.&local govt.rtr.funds
Money Nrket funds

753130115

473135081

153135115
143135115
113135113
103035011

213135115
263035003

793035115
453035113
473131305
573035003
223035005

633135103

42.0
35.2

.6

31.3

23.3

9.3
14.0

-14.5
-16.5
1.3
.7

-41.6
-26.5
-15.4
.3

17.6
11.2
6.4

-10.6
3.1
-2.1
7.1
3.4
-.1

1.s

•

CU lar.. tiN deposits •• those issued In aaounts of tlOl,IOI or aore.


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Federal Reserve Bank of St. Louis

-2s.1
-

1.6
-2.2
-11.7
-1.9

7.7

-66.7

32.l
24.1

12.6
-2.1
-.9
7.2

•

20.5
-4.6

-66.7

-32.6
3.4

.7
-4.1
I.It

-.5

-21.1
-.1
1.5
.3
-3.3
-21.Z

-60.9

-23.1
-73.1
50.0

-37.1
-14.lt
-23.3

•

-60.9
-71.1

3.2
-.6
3.7
-13.3
-.5
21.6
-.3
4.3
I.I

-Z.5
12.0

4

s
6
7
a

9

10

11

lZ

14
1s

16
17
1a
19

zo

Zl

Table E206

449

F.206. Larae 1bne Deposits
Code

1991 value
(billions
of dollars)

1. � In larae time deposit
liabUiiies or depository
Institutions

793135005

-(i().9

Sum of lines 2 and 5.

2. � In larae time depollt
llabOiUes or tbe commerdal
banklnaaeetor

763135005

-23.1

Sum of lines 3 and 4.

3• � In larae time depollt
llablllties or U.S.-cbartend
COllunerdal banks, net or thole
owed to the commerdal banking
sector

723135005

-73.1

Line 3a less line 3b.

3a. Change in large time deposit
liabilities of U.S.-cbartered
commercial banks

723135000

-73.2

Level from quarterly Report of Condition for
U.S.-cbartered commercial banks, schedule RC-E,
Memoranda, sum of Time certificates of deposit
of $100,000 or more (series RCON6645) and
Open-account time deposits of $100,000 or more
(RCON6646). U nadjusted flow is the change
in the level.

3b. Change in nontransaction
deposit liabilities of
U.S.-cbartcred commercial
banks to the commercial
banking sector

723130723

-.1

4. !;banae 1n .... time depollt
llahlllil. or forelp banktna
Oftlces In the U.S., net of thole
oWed to the commerdal hanlrlna
lector-

753130005

50.0

Line 4a less line 4b.

753139003

69.3

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule B, Total nontransaction accounts (series
RCON2385); for Edge Act and agreement
corporations. schedule c. Total deposits in
nontransaction accounts (RCON2385); and for
New York State investment companies.
schedule F. line 7. Total deposits and credit
balances in nontransaction accounts (RCON2298).
Unadjusted flow is the change in the level

Component

4a. Change in total time and
savings deposit liabilities of
foreign banking offices in the
U.S.


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Federal Reserve Bank of St. Louis

Explanation

Level from quarterly Report of Condition for
U.S.-cbartcred commercial banks, Total
nontransaction accounts of commercial banks in
the U.S. (sum of series RCON2347 and
RCON2348). U nadjusted flow is the change
in the level.

Guide to the Flow of Funds Accounts

450

F.206.

Large Tune Deposits-Continued

Code

1991 value
(billions
of dollars)

753130723

19.3

5. Change in bqe time deposit
liabilities of thrift institutions

493135005

-37.8

Sum of lines 6, 7, and 8.

6. Change in bqe time deposit
liabilities of savings and loan
associations

453135003

-14.4

Level from Thrift Financial Report, schedule SI,
Deposits with balances greater than $100,00o
(sum of series SVGL0987 and SVGL0988).
Unadjusted flow is the change in the level.

7. Change in bqe time deposit
liabilities of mutual savings banks

463135005

-23.3

Line 7a less line 6.

7a. Change in large time deposit
liabilities of savings and loan
associations and mutual savings
banks

443135003

-37.8

Level from FR Board, internal Money File, Jarg�
time deposits due from mutual savings bankS ;1)
federal savings banks (sum of series 560 and
and from savings and loan associations (566)Series based on depository institution data
collected periodically. Unadjusted flow is the
change in the level.

8. Change in bqe time deposit
liabilities of credit unions

473135000

•

9. Change in bqe time deposits
held by all secton

793135005

-<>0.9

Sum of lines 10, 11, 14, 15, and 16. Also equal
line 1.

10. Change in bqe time deposits
held by the household sector

153035005

-71.8

Line l less lines 11, 14, 15, and 16.

Component
4b. Change in nontransaction
deposit liabilities of foreign
banking offices in the U.S. to
the commercial banking sector


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Federal Reserve Bank of St. Louis

Explanation
Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule E, sum of Nontransaction accounts owed
to U.S. branches and agencies of other foreign
banks (series RCON2347) and Nontransaction
accounts owed to other commercial hanks in the
U.S. (RCON2348); for Edge Act and agreement
corporations, schedule C, Nontransaction accounts
owed to commercial banks in the U.S.
(RCON2550); and for New York State inves� t
companies, schedule F, line 4, Deposits and c t
balances of commercial banks in the U.S. in
nontransaction accounts (RCON2292).
Unadjusted flow is the change in the level.

Level from FR Board, internal Money Fi�e, 1��time deposits due from credit unions (senes
Series based on depository institution data
collected periodically. Unadjusted flow is the
change in the level.
tO

Table E206

451

F-206.-Continued
1991 value
(billions
of dollars)

Explanation

Component

Code

11. Change in large time deposits held
by all nonflnandal business

143035005

3.2

Sum of lines 12 and 13.

12. Change in large time deposits
held by nonfarm noncorporate
business

113035003

-.6

Level is FOF Section estimate based on SOI data
for partnerships and sole proprietorships. Data are
annual; series is converted to quarterly by K-L
method. Unadjusted flow is the change in the
level.

13• Change in large time deposits
held by nonfarm nonftnandal
corporate business

103035000

3.7

Level is FOF Section estimate based since
1986:Q1 on quarterly data from the QFR,
multiplied by the most recent SOI/QFR benchmark
ratio for time deposits held. Unadjusted flow is the
change in the level.

14• Change in large time deposits
held by state and local
IOvernment general funds

213035005

-13.3

Line 14a less lines 14b and 20.

14a. Change in time deposits held
by state and local governments

203030000

-10.0

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-E,
Total nontransaction accounts of states and
political subdivisions in the U.S. (series
RCON2530). Unadjusted flow is the change
in the level.

14b. Change in small time and
savings deposits held by state
and local government general
funds

203031003

5.8

Level is FOF Section estimate based on total
nontransaction accounts of states and political
subdivisions in the U.S. in the quarterly Report of
Condition for U.S.-chartered commercial banks
(FOF series 203030003, line 14a above).
Unadjusted flow is the change in the level.

IS. Change
in large time deposits
held in the U.S. by forelpen

263035003

-.5

Level from special Treasury tabulation of TIC
data. Excludes liabilities denominated in foreign
currencies. Unadjusted flow is the change in the
level.

16.
� in large time deposits
heict by ftnandal secton

793035005

21.6

453035003

-.3

17. C
hange in large time deposits
held by savinp and loan
IS&ociations


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Federal Reserve Bank of St. Louis

Sum of lines 17, 18, 19, 20, and 21.

Level from Thrift Financial Report, schedule SC,
Other interest-earning deposits (series
SVGL0438). Unadjusted flow is the change
in the level.

452

Guide to the Flow of Funds Accounts

Code

1991 value
(billions
of dollars)

18. Cbanae in time deposits held by
credit unions

473030305

4.3

Sum of lines 18a and 18b.

18a. Change in time deposits held
by credit unions at banks,
excluding time deposits held
by the U.S. Central Credit
Union

473030300

2.0

Level from Monthly Credit Union Estimates,
table on National Credit Union Aggregates, swn
of Investments and Cash (equals surplus funds)�
multiplied by ratio from table on National Credit
Union Ratios, Distribution of surplus funds,
Banks. Series must be calculated from published
ratios. Unadjusted flow is the change in the level.

18b. Change in time deposits held
by the U.S. Central Credit
Union

473035003

2.3

Level from the U.S. Central Credit Union
Financial Statements and Commentary,
Investments in certificates of deposit and time
deposits. Unadjusted flow is the change in the
level.

19. Cbanae in larae time deposits
held by private pension funds

573035003

8.0

Level from OOL tabulation of submissions of
IRS/OOIJPBGC Fonn 5500, Annual
Return/Report of Employee Benefit Plan,
t
line 34c(2), Certificates of deposit; and from rrus
Assets of Financial Institutions, table B-2D,
portions of total assets of Short-tenn invesunent
funds and Diversified balanced funds. Data froJil
both sources are annual and appear with lags of
several years; series is converted to quarterly and
estimated for cWTCnt periods using proprietarY
Trust Universe Comparison Service data on ass_ets
of employee benefit plans obtained from Wilsbife
Associates. Unadjusted flow is the change in the
level.

20. Cbanae in larae time deposits
held by state and local
aovenment retirement funds

223035005

-2.5

Line 20a less line 20b.

20a. Change in reported cash
balances held by state and
local government retirement
funds

223024003

-2.2

Level at end of fiscal year from Finances of
Employee-Retirement Systems of State and are
Governments, table 1, Cash and deposits. l)at8
annual; series is converted to quarterly by f()f
Section using data from Finances of Selected
Public Employee Retirement Systems, table 1• e
Cash and deposits. Unadjusted flow is the cbaJIS
in the level.

20b. Change in checkable deposits
and currency held by state and
local government retirement
funds

223020003

.3

Component


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Federal Reserve Bank of St. Louis

Explanation

i.oca1

Level is FOF Section estimate based on
unpublished data provided by Bureau of the f
Census from material collected for FinaDCC5 °
Selected Public Employee Retirement SysteJilS·
Unadjusted flow is the change in the level.

Table E206

453

F-206.-Continued

Component
21. Change in large time deposits
held by money market mutual
funds


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Federal Reserve Bank of St. Louis

Code

1991 value
(billions
of dollars)

633035003

12.0

Explanation
Level from Trends in Mutual Fund Activity,
table C, Commercial bank certificates of deposit.
Unadjusted flow is the change in the level.

454

Guide to the Flow of Funds Accounts

Table F.207 Money Market Mutual Fund Shares
Money market mutual fund shares are claims
issued against the assets of mutual funds that
invest in short-term, liquid assets, including
short-term municipal securities. The price of
one share typically is one dollar. The shares
may be redeemed at any time, although the
mutual funds usually require a minimum bal­
ance for each account. Because the funds often
allow shareholders to write checks against
individual account balances, the value of
shares not in institution-only funds are in­
cluded in M2, a broad measure of money that

is monitored by the Federal Open Market
Committee for purposes of establishing mone­
tary policy; institution-only money market
mutual fund balances are part of the M3
aggregate.
Data on issuance of money market mutual
fund shares and on holdings by most of the
individual sectors come from the Investment
Company Institute; holdings of the household
sector are the residual after the holdings of all
other sectors have been subtracted from the
total.

F.207 Money Market Nutual FIRI Shares

---------------------------------------------------------------------------------------------------------------FOF Code
1988
1989
1990
1991
----------------------------------------------------------------------------Billions of dollars

1 Net change in assets
2 Households
3 Nonfin. corp. business
4
Life insurance cos.
5 Private pension flftls


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

634000005
153034005
103034003
543034003
573034003

21.9
23.5
-3.3
.1
1.6

91.1
as.,
.5
-.a
4.5

70.3
"-2
10.2
11.9

4.1

41.3

za.6

5.2
6.9
.5

1
z
3
4
s

Table F.207

455

F.207. Money Market Mutual Fund Shares

Component

Code

1991 value
(billions
of dollars)

1. Change in money market mutual
fund shares held by all sectors

634000005

41.3

Sum of lines l a and l b.

1 a. Change in reported total net
assets of money market mutual
funds

634000003

35.0

Level from Trends in Mutual Fund Activity,
table C, Total net assets. Unadjusted flow is the
change in the level.

1 b. Change in total net assets of
short-term municipal bond
funds

653062440

6.3

Level from Trends in Mutual Fund Activity,
table A, Total net assets. Unadjusted flow is the
change in the level.

Explanation

2

· Change in money market mutual
fund shares held by the household
sector

153034005

28.6

3

• Change in money market mutual
fund shares held by nonfarm
Donfinandal corporate businea

103034003

5.2

Level from Mutual Fund Fact Book, section 6,
table on Assets of Fiduciary, Business, and
Institutional Investors in Taxable Money Market
Funds, Business corporations; plus section 6, table
on Assets of Fiduciary, Business, and Institutional
Investors in Tax-Exempt Money Market Funds,
Business corporations. Data are annual; series is
converted to quarterly by K-L method.
Unadjusted flow is the change in the level.

4

· Change in money market mutual
fund shares held by life insurance
CODlpanies

543034003

6.9

Level from Mutual Fund Fact Book, section 6,
table on Assets of Fiduciary, Business, and
Institutional Investors in Taxable Money Market
Funds, Insurance companies and other financial
institutions; plus section 6, table on Assets of
Fiduciary, Business, and Institutional Investors in
Tax-Exempt Money Market Funds, Insurance
companies and other financial institutions.
Data are annual; series is converted to quarterly
by K-L method. Unadjusted flow is the change
in the level.

573034003

.5

Level from Mutual Fund Fact Book, section 6,
table on Assets of Fiduciary, Business, and
Institutional Investors in Taxable Money Market
Funds, Retirement plans; plus section 6, table on
Assets of Fiduciary, Business, and Institutional
Investors in Tax-Exempt Money Market Funds,
Retirement plans. Data are annual; series is
converted to quarterly by K-L method.
Unadjusted flow is the change in the level.

5

· ; �e in money market mutual
_
"UIIQ shares held by private
Ptnsion funds


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Federal Reserve Bank of St. Louis

Line 1 less lines 3, 4, and 5.

456

Guide to the Flow of Funds Accounts

Table F.208 Federal Funds and Security Repurchase Agreements
Federal funds and security repurchase agree­
ments are short-term funds obtained by institu­
tions in the commercial banking sector and
other financial institutions (excluding trans­
actions entirely between commercial banking
groups, which are classified as net interbank
claims and included in table F.203.)
Federal funds are immediately available
balances in Federal Reserve Banks borrowed
for periods of one day or longer. A security
repurchase agreement, or "repo," is an agree­
ment to sell an asset, in many cases a U.S.
government security, accompanied by an
agreement that the seller will repurchase the
asset at a later date at a higher price. Repos are
viewed as collateralized loans, with the differ­
ence between the sale price and the repurchase
price of the security constituting the interest
payment.

F.208

Because some sectors do not report federal
funds purchases or sales separately from secu­
rity repurchase agreements, it is not possible
to show net purchases and sales of the two
items individually. The relatively large size of
the discrepancy in the table (line 21) (that is,
the difference between changes in liabilities
and changes in assets on a quarterly basis) is
likely due to differences in the timing of re­
cording of sales and purchases.
Data on borrowing in the two markets come
from reports submitted to the federal regula­
tory authorities; information on asset acquisi­
tion comes from the federal regulatory author­
ities, other federal agencies, trade associations,
and private reporting services.

Federal Funds and Security Repurchase Agr89118f'1ts

------------------------------------------------------------------------------------------------------------FOF Code
1988
1989
1991
1998
-------------------------------------------------------------------------Billions of dollars

1 Net change in liabilities
2
Coaaercial banking (net)
Dollestic banks
3
Foreign bankin9 offices
4
Do■estic affil1atesCBHCs)
5
Savings and loan assns.
6
7
Hutual savings banks
8
Brokers & dealers Cnet)

9 Net change in assets
10
Nonfinanc:ial corporations
11
State and local gover1111ents
12
Foreign
13
Financial sectors
14
Monetary authority
15
Sponsored credit agencies

16
17
18
19
20

Savings and loan assns.
Hutual savings banks
Credit unions
Other insurance co■panies
Honey ■arket f\M'lds

21 Discrepancy-unallocated assets


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Federal Reserve Bank of St. Louis

792150005
762150005
722150005
752150000
732150005
452150003
462150003
662150005

892050005
102050000
212050005
262050003
792050005
712050000
402050003

452050005
462050003
472050000
512050003
632050003
902050005

23.5
20.8
16.3
4.5
.0
13.7
2.1
-13.l
53.3
8.2
24.7
-.1
20.S

s.s
6.6

2.1
.4
.l
3.3
2.4

-29.8

78.3
37.9
35.6
�-3
lit
-42.8
-2.9
86.1

-23.5
-25.6
-33.7
1.4
-.4
-12.4
-Z.3
16.8

-4.l
10.9
4.1
lt3.4
-4.7
21.0

-16.Z
-.5
29.9
16.Z
6.9

54.4

1.9
2.0
3.1
-.l
13.2

23.9

11.3
-1.9

-2.Z
-.4
Z.l
3.2
4.1

-34.8

-16.4
-19.3
-27.1
8.8
-.9
-20.8

l

z

3

4

5
6
7

-1.9

8

-26.t
-3.8
-14.9

9
10

25.7

lit

-7.3
-2.S
-1.1

-7.l
.5
-1.4
-5.l
9.3
9.7

11

12
13
14
15

16
17
18

19

zo
Zl

Table E208

451

FJOB. Federal Funds and Security Repurchase Agreements
Component

Code

1991 value
(billions
of dollars)

1. � In outstanding federal
fllnds bought by all secton and in
OUtstand.ing loans to them under
securtty repurchase agreements

792150005

-16.4

Sum of lines 2, 6, 7, and 8.

2. � In outstanding federal
"1nds bought by the commerdal
sector and in outstanding
loans to the sector under security
l"ePllrcbase agreements, net of
cbanaes in funds sold by the
sector and in loans held by the
sector under such agreements

762150005

-19.3

Sum of lines 3, 4, and 5.

3

722150005

-27.1

Sum of lines 3a and 3b, less lines 3c, 3d, 3e, 3f,
and 4.

723168720

-14.5

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC,
sum of Federal funds purchased (series
RCON0278), Securities sold under agreements to
repurchase (RCON0279), and Other borrowed
money (RCON2850). Unadjusted flow is the
change in the level.

Explanation

!>anktna

• � in outstanding federal
fllnds bought by U.S.-cbartered
COounerdal banks and in
OUtstanding loans to them under
lecurlty repurchase agreements,
net of cbanges in funds sold by
them to the commerdal hanking
sector and In loans held by them
llllder such agreements with the
COounerdal hanking sector
3 a. Changes in outstanding federal
funds bought by U.S.-chartered
commercial banks, in
outstanding loans to them under
security repurchase agreements,
and in other liabilities for
money borrowed by them


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Federal Reserve Bank of St. Louis

458

Guide to the Flow of Funds Accounts

F.208. Federal Funds and Security Repurchase Agreements-Continued
Component
3b. Changes in outstanding federal
funds bought by foreign
banking offices in the U.S., in
outstanding loans to them under
security repurchase agreements,
and in other liabilities for
money borrowed by them

Code

1991 value
(billions
of dollars)

753168003

-18.5

Explanation
Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule RAL, sum of Federal funds purchased
and securities sold under agreements to
repurchase, With U.S. branches and agencies of
other foreign banks (series RCON23 l 7}, With )
other commercial banks in the U.S. (RCON231S ,
and With others (RCON2820), plus schedule P,
sum of Amounts owed to U.S. offices of
nonrelated U.S. banks (RCON3312), to U.S.
branches and agencies of nonrelated foreign
(RCON3313), to foreign branches of nonrela
f
U.S. banks (RCON3314), and to foreign offices 0
e
nonrelated foreign banks (RCON3315); for Edg
Act and agreement corporations, sum of Federal
funds purchased and securities sold under
er
agreements to repurchase (RCON2800) and ()th k
or
Y
ew
N
borrowed money (RCON2850); and for
State investment companies, sum of line 12, n
der
Federal funds purchased and securities sold u
agreements to repurchase (RCON2800), and
d
schedule L, line 1, Other liabilities for borrowe)
money owed to banks in the U.S. (RCON2868
Unadjusted flow is the change in the level.

::S

3c. Change in loans to depository
institutions held by Federal
Reserve Banks

713068003

*

Level from FR Bulletin, table 1.18, line 4, 1,o8J1
e
to depository institutions. Unadjusted flow is th
change in the level.

3d. Changes in outstanding federal
funds sold by U.S.-chartered
commercial banks and in
outstanding loans to the
commercial banking sector
from U.S.-chartered commercial
banks, including loans held
under security repurchase
agreements

723068720

-.1

Level from quarterly Report of Condition for le
du
U.S.-chartered commercial banks, sum of sche
RC-C, Loans to commercial banks in the U.S. nt
(series RCON1505), and schedule RC, 70
an
of the sum of Federal funds sold (RCON027
e
U
s
Securities purchased under agreements to re
(RCON0277). The 70 percent ratio is based 00
the proportion of all federal funds sold by tar��
commercial banks that is bought by conune�
banks in the U.S., as reported in the FR Boar
H.4.2 statistical release, Weekly Consolidated in
Condition Report of Large Commercial_ B� yel.
e
the U.S. Unadjusted flow is the change in the

3e. Change in retail repurchase
agreement liabilities of
U.S.-chartered commercial
banks

723139703


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Federal Reserve Bank of St. Louis

S

pe�t d

*

Level from FR Board, internal Money File,
Commercial bank retail repurchase a�01e�tstioD
(series 279). Series based on depository instt� the
data collected periodically. Unadjusted flow is
change in the level.

Table F.208

459

F,208,-C ontinued

Code

1991 value
(billions
of dollars)

3f. Changes in outstanding federal
funds sold by foreign banking
offices in the U.S. and in
outstanding loans to the
commercial banking sector
from foreign banking offices in
the U.S., including loans held
under security repurchase
agreements

753068723

-14.7

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks, sum
of schedule RAL, Federal funds sold and securities
purchased under agreements to resell to
commercial banks in the U.S. (series RCON1632)
and to U.S. branches and agencies of other foreign
banks (RCON1631), and schedule C, Loans to
commercial banks in the U.S. (including their
IBFs) (sum of RCON1506 and RCON1507); for
Edge Act and agreement corporations, sum of
Federal funds sold and securities purchased under
agreements to resell (RCON1350) and
schedule A, Loans to commercial banks in the U.S.
(RCON1505); and for New York State investment
companies, sum of line 5, Federal funds sold and
securities purchased under agreements to resell
(RCON1350), and schedule A, line la, Loans to
commercial banks in the U.S. (RCON1505).
Unadjusted flow is the change in the level.

Changes in outstanding federal
funds bought by foreign banking
offices in the U.S. from nonbank
SOUrces and in outstanding loans
to them from nonbank sources
under security repurchase
&greements

752150000

8.8

Level from quarterly Report of Condition for U.S.
branches and agencies of foreign banks, schedule
RAL, Federal funds purchased and securities sold
under agreements to repurchase with others
(series RCON2820). Unadjusted flow is the change
in the level.

· Change in outstanding loans to
bank holding companies under
5ecurity repurchase agreements,
net of changes in loans held by
tbern under such agreements

732150005

-.9

Line 5a less line 5b.

5a. Change in outstanding loans to
bank holding companies under
security repurchase agreements

732150003

*

5b. Change in outstanding loans
held by bank holding
companies under security
repurchase agreements

732050003

1.0

Component

4,

5


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Federal Reserve Bank of St. Louis

Explanation

Level from FR Y-9LP report, schedule PC,
Securities sold under agreements to repurchase
(series BHCP0279). Unadjusted flow is the
change in the level.
Level from FR Y-9LP report, schedule PC,
Securities purchased under agreements to resell
(series BHCP0277). Unadjusted flow is the
change in the level.

460

Guide to the Flow of Funds Accounts

F.208. Federal Funds and Security Repurchase Agreements-Continued
Code

1991 value
(billions
of dollars)

6. Change in outstanding loans to
savings and loan associations
under security repurchase
agreements

452150003

-20.8

Level from Thrift Financial Report, schedule SC,
Reverse repurchase agreements (series
SVGL2023). Unadjusted flow is the change in the
level.

7. Changes in outstanding federal
funds bought by mutual savings
banks and in outstanding loans to
them under security repurchase
agreements

462150003

-1.9

Level from quarterly Report of Condition for
savings banks insured by BIF, schedule RC,
Federal funds purchased and securities sold under
agreements to resell (sum of series RCFD()278
and RCFD0279); and from Thrift Fmancial
,
Report for federal savings banks insured by sAif
schedule SC, Reverse repurchase agreements
(SVGL2023). Unadjusted flow is the change
in the level.

8. Change in outstanding loans to
security broken and dealen
under security repurchase
agreements, net of change in loans
held by them under such
agreements

662150005

25.7

Sum of lines 8a and 8b, less lines 8c, 8d, and

8a. Change in outstanding loans to
security brokers and dealers
under security repurchase
agreements

662150663

45.2

Level from SEC tabulation of FOCUS and f()G
reports, Securities sold under repurchase
agreements (series F1480). Unadjusted flow 1s the
change in the level.

8b. Change in outstanding bank
loans, not elsewhere classified,
to security brokers and dealers

663168663

12.3

Level from SEC tabulation of FOCUS and�
reports, Bank ·loans payable (sum of series�•
and F1470). Unadjusted flow is the change 111 the
level.

8c. Change in security credit held
by U.S.-chart.ered commercial
banks

723067003

2.2

Level from quarterly Report of Condition f�
U.S.-chartered commercial banks, sum of sc
RC-C, Loans for purchasing or carrying securi·uest
(series RCON1545), and schedule RC, 2S
of the sum of Federal funds sold (RCON0276)
and Securities purchased under agreements �
resell (RCON0277). The 25 percent ratio is
on the proportion of all federal funds sold by id
commercial banks that is bought by non�
security brokers and dealers, as reported ID the
FR Board H.4.2 statistical release, Weekly
Consolidated Condition Report of Large
w is
Commercial Banks in the U.S. Unadjusted 60
the change in the level.

Component


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

se.

S

perceo

Table R208

461

FJOs.-continued

Component

9

Code

1991 value
(billions
of dollars)

Explanation

8d. Change in security credit held
by foreign banking offices in the
U.S.

753067100

8.4

Level from quarterly Reports of Condition: for
U.S. branches and agencies of foreign banks,
schedule RAL, Federal funds sold and securities
purchased under agreements to resell with others
(series RCON1390), plus schedule C, Loans for
purchasing or carrying securities (RCON1545);
and for New York State investment companies,
schedule A, line 2, Loans for purchasing or
carrying securities (RCON1545). Unadjusted flow
is the change in the level.

Be. Change in outstanding loans
held by security brokers and
dealers under security
repurchase agreements

662050663

21.2

Level from SEC tabulation of FOCUS and FOGS
reports, Securities purchased under agreements to
resell (series F840). Unadjusted flow is the change
in the level.

• � in outstandina federal
fu.ncls sold by all secton and in
OU� loans held by them
1lllcler security repurchase
l&reements

892050005

-26.0

102050000

-3.8

in outstanding loans held
bY state and
local pvemment
Rtnera1 funds under security
repurchase agreements

212050005

-14.9

Sum of lines 1 l a and 11 b, less line 1 lc, less
line 1 ld net of line 1 le.

11a. Change in cash and deposits
held by state and local
governments

204000003

-23.9

Level at end of fiscal year calculated by FOF
Section from Government Finances; series is
converted to quarterly by K-L method.
Unadjusted flow is the change in the level.

l l b. Adjustment to cash and
deposits held by state and local
governments to account for
certificates of deposit

204000093

4.3

10,

�in outstandina loans held
bY nontarm nonftnandal
corporate business under securtty
repllrcbase agreements

11. Change


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Federal Reserve Bank of St. Louis

Sum of lines 10, 11, 12, and 13.

After 1983, value estimated by FOF Section; since
1986:Ql, estimate based on quarterly data from the
QFR, multiplied by the most recent SOI/QFR
benchmark ratio for repurchase agreement loans.
For 1978-83, level based on supplement for large
banks from quarterly Report of Condition for
U.S.-chartered commercial banks. Level through
1977 from occasional surveys. Unadjusted flow is
the change in the level.

Level is FOF Section estimate based on data
provided by Bureau of the Census. Unadjusted
flow is the change in the level.

462

Guide to the Flow of Funds Accounts

F.208. Federal Funds and Security Repurchase Ap-eements-Contlnued
Code

1991 value
(billions
of dollars)

l lc. Change in time deposits held
by state and local governments

203030000

-10.0

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-E'
Total nontransaction accounts of states and
political subdivisions in the U.S. (series
RCON2530). Unadjusted flow is the change
in the level.

l l d. Change in transaction deposits
held by state and local
governments at U.S.-chartered
commercial l:!anks

723128000

5.3

Level from quarterly Report of Condition for
U.S.-chartered commercial banks, schedule RC-E
Total transaction accounts of states and political
subdivisions in the U.S. (series RCON2203).
Unadjusted flow is the change in the level.

11e. Change in mail float on state
and local government demand
deposits

903028003

.0

12. Change in outstanding loans to
the U.S. held by foreigners under
security repurchase agreements

262050003

•

13. Changes in outstanding federal
funds sold by financial sectors and
in loans held by them under
security repurchase agreements

792050005

-7.3

Sum of lines 14, 15, 16, 17, 18, 19, and 20i,anking
Changes in these assets of the commercial
sector arc netted against changes in liabilities lD
lines 2 through Sb.

14. Change in outstanding loans held
by Federal Reserve Banks under
security repurchase agreements

712050000

-2.5

61
Level from FR Bulletin, table 1.18: sum of line
nts;
e
Acceptances held under repurchase agreem
line 8, Federal agency obligations, Held under
utY
repurchase agreements; and line 14, U.S. Treas
s,
nt
e
greem
securities, Held under repurchase a
Unadjusted flow is the change in the level.

1S. Changes in outstanding federal
funds sold by federally sponsored
credit agencies and in outstanding
loans held by them under security
repurchase agreements

402050003

-1.1

Component


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation

Level at end of fiscal year calculated by FOF
Section from Government Finances; series is
converted to quarterly by K-L method.
Unadjusted flow is the change in the level.
Level estimated as 25 percent of SCB, USIT
table 9, line A12, U.S. banks' own liabilities,
Other liabilities to foreign official agencies, plus
line B14, U.S. banks' own liabilities, Other
liabilities to other foreigners. Includes Joans to
IBFs. Unadjusted flow is the change in the leve1·

r
Level from combined statement of condi·uon f od
FHLBs (unpublished detail on investments) ants
from the following periodic financial statemen
(Cash and investments, including federal fun� tal
and security repurchase agreements, with the 0
of federal funds and security repurchase
agreements estimated by FOF Section): Fartn t for
Credit System quarterly information statem�D
farm credit agencies, balance sheet for S�'
quarterly financial statement for FHLMC, � the
balance sheet for FNMA. Unadjusted flow is
change in the level.

Table E208

463

F,208,-Continued

Code

1991 value
(billions
of dollars)

452050005

-7.1

Line 16a less line 16b.

16a. Changes in outstanding
reported federal funds sold by
savings and loan associations
and in loans held by them
under security repurchase
agreements

452050003

-7.1

Level from Thrift Financial Report, schedule SC,
Federal funds sold (series SVGL0439). Includes
some overnight deposits held at FHLBs. Since
March 1990, has not included securities and
deposits held subject to repurchase agreements
because of a change in the reporting form; they
are now included with corporate bonds.
Unadjusted flow is the change in the level.

16b. Adjustment for deposits held
by savings and loan
associations at Federal Home
Loan Banks and reported by
the savings and loans as
security repurchase
agreements

453091090

.0

For 1976-89, level was the difference between
deposit liabilities to savings and loan associations,
as shown on the combined statement of condition
for FHLBs, and deposits held at FHLBs, as shown
on the Thrift Financial Report (at that time,
savings and loan associations reported deposits at
FHLBs that earned the federal funds rate as
securities and deposits subject to repurchase
agreements). As of 1990, both types of deposits
have been included with corporate bonds.
Unadjusted flow is the change in the level.

� in outstanding federal

462050003

.5

Level from quarterly Report of Condition for
savings banks insured by BIF, schedule RC,
Federal funds sold and securities purchased under
agreements to resell (sum of series RCFD0276
and RCFD0277); and from Thrift Financial
Report for federal savings banks insured by SAIF,
schedule SC, Federal funds sold (SVGL0439).
Unadjusted flow is the change in the level.

18. Changes in outstanding federal

472050000

-1.4

Level from U.S. Central Credit Union Financial
Statements and Commentary, Federal funds sold
plus Securities purchased from nonmembers under
agreements to resell, less Securities sold subject
to repurchase. Unadjusted flow is the change
in the level.

19, Change in
outstanding loans held

512050003

-5.1

Level from Best's Aggregates and Averages,
Property-Casualty, table on Consolidated Industry
Totals, Assets, line 6.2, Short-term investments.
Data are annual; series is converted to quarterly
by K-L method. Unadjusted flow is the change
in the level.

Component
16• Cha
nges in outstanding federal
fun ds sold by savings and loan
8SSociation s and in loans held by
them under security repurchase
81reements

17 .

funds sold by mutual savings
hanks and in loans held by them
llncler security repurchase
l&reements

"1nds sold by credit unions and in
loans held by them under security
repllrtbase agreements

bY other
insurance companies
llncler security repurchase
l&reements


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Federal Reserve Bank of St. Louis

Explanation

464

Guide to the Flow of Funds Accounts

F.208. Federal Funds and Security Repurchase Agreements--Coatinued
Component

Code

1991 value
(billions
of dollars)

20. Change in outstanding loans held
by money market mutual funds
under security repurchase
agreements

632050003

9.3

Level from Trends in Mutual Fund Activity,
table C, Repurchase agreements. Unadjusted flow
is the the change in the level.

21. Discrepancy between changes in
liabilities for, and holdinp of,
federal funds transactions and
loans made under security
repurchase agreements, treated as
an unallocated asset

902050005

9.7

Line 1 less line 9.


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Federal Reserve Bank of St. Louis

Explanation


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Federal Reserve Bank of St. Louis

466

Guide to the Flow of Funds Accounts

Table F.209 U.S. Deposits in Foreign Countries
U.S. deposits in foreign countries are deposits
and negotiable certificates of deposit held in
foreign financial institutions by private U.S.
owners. The deposits are not included in sta­
tistics on the U.S. money supply.
Data on deposit liabilities come from U.S.
international transactions tables in the Survey
of Current Business (SCB); figures on hold-

F.209

Billions of dollars

U.S. Deposits in Foreign Countries

FOF Code
1988
1989
1990
1991
-----------------------------------------------------------------------------

1 Total fgn. liability, held by:
Nonfinan. corporate business
Z
3
Honey ■arket funds


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Federal Reserve Bank of St. Louis

ings come from the Investment Company
Institute or are estimated by the staff of the
Flow of Funds Section.

263191003
103091005
633091003

-3.l
-11.z

a.1

1.1
4.4
-3.3

12.6
lZ.O
.7

1.5
6.9
-5.4

l
z
3

Table F.209

467

FJ09. U.S. Deposits in Foreign Countries
Component

Code

1991 value
(billions
of dollars)

I. �hange in foreign deposits held

263191003

1.5

Unadjusted flow and level from SCB, USIT
table 8, sum of line 17, Deposits, and line 18,
Negotiable and readily transferable instruments
(mostly certificates of deposit); plus USIT table 7,
line A5, Deposits, all flows with sign reversed.

2. � in foreign deposits held
Y nontann nonfinancial
corporate businea

103091005

6.9

Line l less line 3.

633091003

-5.4

Y U.S. private sectors

3•

�e in foreign deposits held
Y llloney market mutual funds


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Federal Reserve Bank of St. Louis

Explanation

Level from Trends in Mutual Fund Activity,
table C, Eurodollar certificates of deposit.
Unadjusted flow is the change in the level.

468

Guide to the Flow of Funds Accounts

Table F.210 U.S. Government Securities: Total Net !Mues,
by Sector and Type
U.S. government securities are of four types:
1. Treasury securities, both marketable and
nonmarketable, including savings bonds,
foreign series, and foreign-currency series.
Currently, no foreign-currency issues are
outstanding. Treasury securities sold to
government agencies and trust funds are
not included in the flow of funds accounts;
however, the total of outstanding issues
does include special issues held by feder­
ally sponsored agencies that acquired them
in earlier periods when the agencies were
part of the federal government.
2. Budget agency securities issued by agen­
cies included in the budget of the federal
government other than the Treasury, such
as the Tennessee Valley Authority (TVA),
the U.S. Postal Service (USPS), and the
Export-Import Bank.

3. Securities issued by federally sponsored
credit agencies, such as the Federal
National Mortgage Association (FNMA)
and the Federal Home Loan Banks
(FHLBs).
4. Federally related mortgage-backed securi­
ties issued by the Government National
Mortgage Association (GNMA), FNMA,
the Federal Home Loan Mortgage Corpora­
tion (FHLMC), and the Farmers Home
Administration (FmHA).
Data on issuance of U.S. government securi­
ties come primarily from publications of the
Department of the Treasury and from balance
sheets of the federally sponsored credit
agencies.

F.210 Total Net Issues of U.S. Gover.,..,.t Secw-itles, by Sector and Type
lillions of dollars
_____________________________________________________________________________________________
_ _

-------��-�-------------------!�______.,.,______1990 ______1991___________

1 Total issued by:
Z U.S. goverrwent
3 Spons. agencies I ■tg. pools

893161005
313161005
<tZ3161705

Z74.9
155.1
119.1

7:97.3
146.4
151.1

414.<t
2<t6.9
167.5

<t26.0
278.2
147.8

4
5
6

313161505
313161403
313161105

137.7
8.5
129.2

l".7
1.2
136.6

238.7
1.5
230.3

292.0
11.9
Z80.l

7
8
9
10
11

ly instru.ent:
Treasury issues
Household savings bonds
Treas. axcl. savings bonds
Agency issues
Budget agency issues
Loan participations
Spons. agency issues Cl>
ttortgaga pool secur. Cl>

893161705
313161703
313169305
403161703
413065005

Cl) These issues are included in credit urkat debt of financial
institutions in the flow of FWlds Accouits.


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Federal Reserve Bank of St. Louis

137.2
18.3
-.9
"·9
74.9

152.6
1.6

••

ZS.2
12S.I

175.6
1.2
.o
17.l
150.3

13<t.0
-13.I
.o
9.2
138.6

1
t
3

4

s

6
1

a
9
10
11

Table F.210

469

F.210. U.S. Government Securities: Total Net Issues, by Sector and Type
Component

Code

1991 value
(billions
of dollars)

1. Change in total U.S. government
!iecurities outstanding, including
l&ency securities

893161005

426.0

Sum of lines 2 and 3. Also equal to the sum of
lines 4 and 7.

2. Change in outstanding securities
issued by the U.S. government

313161005

278.2

Sum of lines 5, 6, 8, and 9.

3

423161705

147.8

Sum of lines 10 and 11.

313161505

292.0

Sum of lines 5 and 6.

• C_hanae in savings bond liability
the U.S. government (as.wt of
bou.ebold sector)

313161403

11.9

6. Change in outstanding securities
issued by the U.S. Treasury,
excJucting U.S. savings bonds

313161105

280.1

Sum of lines 6a and 6b.

313161100

280.1

Level from Monthly Treasury Statement, table 6,
Means of Financing the Deficit, Borrowing from
the public, net of premiums and discounts; less
U.S. savings bonds (FOF series 313161403, line 5
above), Securities of agencies included in the U.S.
budget (FOF series 313161703, line 8 below), and
Government mortgage liabilities (FOF series
313165403, table F.216, line 7); plus SBA
participation certificates omitted from the Monthly
Treasury Statement (unpublished detail provided
by the Congressional Budget Office). Unadjusted
flow is the change in the level.

403061773

.0

893161705

134.0

• Change in outstanding securities
issued by federally sponsored
Credit agencies and federally
related mortgage pools

4

• � in outstanding securities
issued by the U.S. Treasury

5

:e

6a. Change in outstanding public
debt securities issued by the
U.S. Treasury

· 6h. Change in special U.S. Treasury
SCcurities held by Federal Home
Loan Banks

7. Chanae in U.S. government
'ltncy securities


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Federal Reserve Bank of St. Louis

Explanation

Level from Monthly Statement of the Public Debt,
table I, U.S. savings bonds plus U.S. savings
notes; plus table m, Non-interest-bearing debt,
Matured debt, U.S. savings bonds. Unadjusted
flow is the change in the level.

Value now zero; level originally from Monthly
Statement of the Public Debt.

Sum of lines 8, 9, 10, and 11.

470

Guide to the Flow of Funds Accounts

F.210. U.S. Government Securities: Total Net luues, by Sector and Type-Continued
Component

Code

1991 value
(billions
of dollars)

8. Change in outstanding securities
�ued by agencies included in the
U.S. budget

313161703

-13.8

9. Change in outstanding loan
participation certificates �ued by
the U.S. government

313169305

.0

Sum of lines 9a and 9b.

9a. Change in outstanding
Comm odity Credit Corporation
certificates of interest issued by
the U.S. government

313169311

.0

Value has been zero since June 1970.

9b. Change in outstanding loan
participation certificates,
excluding Commodity Credit
Corporation certificates of
interest, issued by the U.S.
government

313169333

.0

Level from Monthly Treasury Statement, table
e
schedule B, Participation certificates issued by
Export-Import Bank (value has been zero since
February 1982) plus GNMA participation
certificates; less U.S. government investment e
account holdings of participation certificates.
latter value is supplied by the Department of e
Treasury as unpublished detail for table 6, . e
schedule D. Unadjusted flow is the change in th
level.

10. Change in outstanding securities
issued by federally sponsored
credit agencies (included in credit
market debt of financial
institutions)


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Federal Reserve Bank of St. Louis

Explanation
Level from Monthly Treasury Statement, table 6,
schedule B, Agency securities issued, under
special financing authorities, by Export-ImPort
Bank, FDIC, BLM, USPS, and TVA; less U.S.
government investment account holdings of
agency securities (unpublished detail for table 6,
schedule D, provided by the Department of the
Treasury). Series excludes mortgages. Unadjusted
flow is the change in the level.

!

J;

403161703

9.2

Level from periodic financial statemen!5, �et
debentures, notes, and bonds or consolida
obligations: Farm Credit System quarterly
s,
information statement for farm credit agencie
l
ia
balance sheet for SLMA, quarterly financ
statement for FHLMC (includes subordinaie:, ed
borrowings), balance sheet for FNMA, col11 :
statement of condition for FHLBs; and balaD in
sheet for FICO. Unadjusted flow is the change
the level.

Table E210

471

F,210,-Continued
Component

Code

1991 value
(billions
of dollars)

11. Chan ge in outstanding mortgage
pool securities issued by federally
�lated mortgage pools (included
m credit market debt of
nonfinancial institutions)

413065005

138.6

Line I la less lines I lb, l lc, I Id, and I le. Total
mortgage pool securities issued is estimated to be
equal to the total value of mortgages that have
been pooled.

l la. Change in mortgages held by
mortgage pools

353065000

138.6

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file, total mortgage pools or trusts excluding
private mortgage conduits. Also see FR Bulletin,
table 1.54, line 48, Mortgage pools or trusts, less
line 63, Private mortgage conduits. Unadjusted
flow is the change in the level.

11b. Change in home mortgages
held by the Federal Financing
Bank

343065103

.0

Value has been zero since l 986:Q4.

l Ic. Change in multifamily
mortgages held by the Federal
Financing Bank

343065403

.0

Value has been zero since 1986:Q4.

11d. Change in commercial
mortgages held by the Federal
Financing Bank

343065503

.0

Value has been zero since 1986:Q4.

l le. Change in farm mortgages
held by the Federal Financing
Bank

343065603

.0

Value has been zero since 1986:Q4.


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Federal Reserve Bank of St. Louis

Explanation

472

Guide to the Flow of Funds Accounts

Table F.211 U.S. Government Securities: Total Net Purchases,
by Sector and Type
Total purchases, by all sectors, of U.S. govern­
ment securities, both Treasury issues and
agency issues of various types, equal total
issues shown in table F.210. Data on holdings
by most of the individual sectors come from
the federal regulatory authorities, other fed­
eral agencies, trade associations, and private
reporting services. Information on holdings by
noncorporate business and by security brokers
and dealers is not sufficient to separate their
purchases into Treasury securities and agency
securities; all purchases of U.S. government


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Federal Reserve Bank of St. Louis

securities by these two sectors are included in
totals for purchases of Treasury issues. The
holdings of the household sector are the resid­
ual after the holdings of all other sectors have
been subtracted from the total.

Table E211

F.211
Billions of dollars
-

Total Net Purchases of U.S. Governaent Securities, by Sector and Type

- -------------------------------------------------------------------------------------------------1988
1991
FOF Code
1989
1990
-------------------------------------------------------------------------------

- ------

} Total purchases, by sector
U.S. govt. (agency issues)
Sponsored credit agencies
Treasury issues
5
Agency issues

i

6

7
8
9

10
ll

12
13
14

1S
16
17
18
19
20
21
22
23

24
ZS
26
27

28
29

30
31
32

33
34
3S
36
37
38
39

40
41
42
43
44
4S

46
47
48

49

so

51

sz

53
54

ss
56

57

58

59
60

61
62
63
64
65
66

67
68

473

893061005
313061703
403061005
403061105
40306170:S

274.9
.0
5.9
5.8
.2

10.5
11.l
-.6

Monetary authority
Treasury issues
Agency issues

71�061005
713061100
713061703

Total private do■estic
Treasury issues
Agency issues

873061005
873061505
873061705

189.7
58.8
130.9

Households
Total Treasury issues
Savings bonds
Other Treas. issues
Agency issues

153061005
153061505
313161403
153061105
153061705

Nonfin. corp. business
Treasury issues
Agency issues

103061005
103061105
103061703

Foreign
Treasury issues
Agency issues

Nonfinancial sectors
Treasury issues
Agency issues

263061005
263061105
263061705

253061005
253061505
253061705

68.7
62.0
6.7

-40.9
-46.5
5.5

15
16
17

6.0
5.6
.4

3.9
3.1
.8

20.5
18.9
1.6

24
25
26

.5

21.7
-8.7
30.4

Nonbank financial sectors
Treasury issues
Agency issues

693061005
693061105
693061705

34.0
-14.2
48.2

Hutual savings banks
Treasury issues
Agency issues

463061005
463061103
463061705

-3.4
-1;6
-1.8

life insurance co■panies
Treasury issues
Agency issues

543061005
543061100
543061703

10.2
1.5
8.7

Private pension funds
Treasury issues
Agency issues

573061005
573061105
573061703

4.0
5.8
-1.8

Savings and loan assns.
Treasury issues
Agenci, issues

453061005
453061103
453061705

13.2
-8.6
21.7

Credit unions
Treasury issues
A�ency issues

473061005
473061105
473061700

.8
2.5
-1.7


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Federal Reserve Bank of St. Louis

9
10
11

-2.7
-2.6
-.1

19.8
1.2
.1
.6

Brokers & dealers
SCO issuers (agencies)

42.2
32.1
10.l

18
19
20
21
22

723061005
753061005
733061005
743061003

9.2
9.0
.2

118.l
42.1
76.l

1.4

7.1
16.l
-9.0

35.2
-19.6
54.8
34.0
.1
.4
.7

113.9
112.7
1.2

-53.9
-6.9
-47.0
-2.5
-1.2
-1.4

-2.4
-1.6
-.9

19.5
-5.6
25.1
14.4
11.0
3.4

23.7
18.8
4.9

15.8
l�.5
.3

13.6
-.2
13.8

-11.4
-2.7
-8.6

5.9
3.2
2.7

653061003
653061105
653061703

-19.2
-17.7
-1.5

663061005
673061705

-17.8
32.5

633061005
633061103
633061703

33.3
27.0
6.3

6
7
8

-75.2
-64.8
11.9
-76.7
-10.4

763061005
763061105
763061705

Honey ■arket funds
Treasury issues
Agency issues

-.2

101.7
58.2
8.5
49.7
43.5

Co-ercial banking
Treasury issues
Agency issues

Hutual funds
Treasury issues
Agency issues

31.l
31.4
-.3

8.3

l
2
3
4
5

.o

103.5
18.9
8.2
10.7
84.7

13.0
37.7
-24.7

223061005
223061103
223061703

8.1

22.6
16.5
6.1

123.3
46.2
8.5
37.7
77.1

134.0
81.7
52.3

213061005
213061105
213061705

St.&local govt.rtr.funds
Treasury issues
Agency issues

426.0

330.l
212.l
118.0

State and local govts.
Treasury issues
Agency issues

513061005
513061103
513061703

44.9
29.8
15.l

.o

30.2
24.6
5.6

342.7
178.8
163.9

113061003

Other insurance cos.
Treasury issues
Agency issues

-7.3
-6.9
-.4

414.4

267.2
135.1
132.0

Nonfar■ noncorp. bus.

U.S. co-ercial banks
Foreign bankin9 offices
Do■estic affiliates
Banks in U.S.possessions

297.3
.0
-7.4
-13.3
5.9

5.1
5.3
-.2

89.9
.6

124.9
65.9
59.0

1.0

18.3
3.7
14.6

1.4

12.3
-2.0
14.4

12
13
14

23

27
28
29

61.l
6.9
54.2

111.3
60.5
50.8

30
31
32

156.7
106.0
50.7

259.8
198.1
61.7

37
38
39

54.5
6.9
-.6
.4

-21.5
-.2
-21.4
-2.6
-.8
-1.9

96.6
13.4
.8
.4

-43.8
-4.1
-39.8

33
34
35
36

40
41
42

2.3
3.2
-.9

43
44
45

26.4
6.2
20.2

61.7
18.6
43.1

49
50
51

10.9
10.9
.1

32.2
25.4
6.8

57

3.7
-3.7
7.4

14.0
8.0
6.0

21.7
13.2
8.5

9.7
5.4
4.3

25.0
15.0
10.0

29.6
17.9
11.7

7.4
4.1
3.2

53.9
42.1
11.8

37.5
12.7

39.9
10.6

46.5
30.7
15.9

38.6
34.6
4.0

46
47
48

52
53
54

55
56
58

59
60
61
62
63
64
65
66

67
68

474

Guide to the Flow of Funds Accounts

F.211. U.S. Government Securities: Total Net Purchases, by Sector and Type
Code

1991 value
(billions
of dollars)

1. Change in U.S. government
securities held by all sectors

893061005

426.0

2. Change in outstanding loans to
the Farmers Home
Administration held by the
Federal Financ!!lg Bank (such
loans are considered agency
securities held by the U.S.
government)

313061703

.0

3. Change in U.S. government
securities held by federally
sponsored credit agencies

403061005

22.6

Sum of lines 4 and 5.

4. Change in U.S. Treasury securities
held by federally sponsored credit
agencies

403061105

16.5

Line 4a less lines 4b, 4c, and 5.

4a. Change in cash and liquid assets
of federally sponsored credit
agencies

404001003

28.6

Level from periodic financial statements, Cash
and investments: Farm Credit System quarterly
information statement for farm credit agencies,
balance sheet for SLMA, quarterly financial
statement for FHLMC, balance sheet for
combined statement of condition for FHLBs; an
balance sheet for FICO. Unadjusted flow is the
change in the level.

Component

Explanation
Sum of lines 2, 3, 6, 9, and 12.

Value has been zero since June 1974; before then,
level was derived from FmHA table on Loans
Outstanding.

f'NMAd

4b. Changes in outstanding federal
funds sold by federally
sponsored crec;Jit agencies and
in outstanding loans held by
them under security repurchase
agreements

402050003

-1.1

4c. Change in open market paper
held by federally sponsored
credit agencies

403069600

7.1

"::>


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Federal Reserve Bank of St. Louis

Level from combined statement of condition f�
FHLBs (unpublished detail on investments) an
from the following periodic financial statements
(Cash and investments, including federal funds
and security repurchase agreements, with the
portion of federal funds and security repurchase
agreements estimated by FOF Section): FarIIl for
Credit System quarterly information statemen�
farm credit agencies; balance sheet for SL�•
quarterly financial statement for FHLMC; � e
balance sheet for FNMA. Unadjusted flow is th
change in the level.

°

for
Level from combined statement of condi· 0n til of
su
,
ts
en
FHLBs, unpublished detail on investm
Bankers acceptances and Commercial paper.
Unadjusted flow is the change in the level.

Table E211

415

F.211.-continued
Code

1991 value
(billions
of dollars)

S. Change in U.S. government
agency securities held by federally
sponsored credit agencies

403061703

6.1

6• Change in U.S. government
securtties held by Federal Reserve

713061005

31.1

Sum of lines 7 and 8.

7

713061100

31.4

Level from FR Bulletin, table 1.18, line 10, U.S.
Treasury securities, Bought outright. Unadjusted
flow is the change in the level.

8• Change in U.S.
government
agency securities held by Federal
Reserve Banks

713061703

-.3

9

263061005

42.2

Sum of lines 10 and 11.

263061105

32.1

Sum of lines 10a and 10b.

1Oa. Change in U.S. Treasury
securities held by foreign
official institutions

263061113

15.8

Unadjusted flow from SCB, USIT table 1, line 51,
U.S. Treasury securities. Fourth-quarter level from
SCB, International Investment Position of the U.S.,
table 3, line 28, U.S. Treasury securities. Levels
for other quarters obtained by adding flow to
preceding level.

lOb. Change in U.S. Treasury
securities held by private
foreigners

263061123

16.2

Unadjusted flow from SCB, USIT table 1, line 58,
U.S. Treasury securities. Fourth-quarter level from
SCB, International Investment Position of the U.S.,
table 3, line 37, U.S. Treasury securities. Levels
for other quarters obtained by adding flow to
preceding level.

Component

Explanation
Level from periodic financial statements: Farm
Credit System quarterly information statement for
farm credit agencies; balance sheet for SLMA;
quarterly financial statement for FHLMC; balance
sheet for FNMA; and combined statement of
condition for FHLBs, unpublished detail on
investments. Unadjusted flow is the change in the
level.

Banks

• �e in U.S. Treasury securities
held by Federal Reserve Banks

• Change in U.S. government
securtties held by foreigners

lO, �hange in U.S. Treasury securities
eld by foreigners


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Federal Reserve Bank of St. Louis

Level from FR Bulletin, table 1.18, line 7, Federal
agency obligations, Bought outright. Unadjusted
flow is the change in the level.

416

Guide to the Flow of Funds Accounts

F.211. U.S. Government Securities: Total Net Purchases, by Sector and Type-Continued
Code

1991 value
(billions
of dollars)

263061705

IO.I

I l a. Change in U.S. government
agency securities held by
foreign official institutions

263061713

1.3

U nadjusted flow from SCB, USIT table 1, line 52,
Other U.S. government securities. Fourth-qu�r
level from SCB, International Investment Position
of the U.S., table 3, line 29, Other U.S. govenunent
securities. Levels for other quarters obtained by
adding flow to preceding level.

I l b. Change in U.S. government
agency securities held by
private foreigners

263061723

8.8

Unadjusted flow from SCB, USIT table 6,
line B12, U.S. federally sponsored agency bonds,
net foreign purchases. Level obtained by adding
flow to preceding level.

12. Change in U.S. government
securities held by private
domestic sectors

873061005

330.1

Sum of lines 13 and 14. Also equal to the suJD of
lines 15, 30, and 37.

13. Change in U.S. Treasury securities
held by private domestic sectors

873061505

212.1

Sum of lines 16, 31, and 38.

14. Change in U.S. government
agency securities held by private
domestic sectors

873061705

118.0

Sum of lines 14a, 14b, 14c, and 14d; plus line l 4e
net of lines 14f, 14g, 14h, and 14i; less lines 2, 5•
8, and 11.

14a. Change in outstanding
securities issued by agencies
included in the U.S. budget

313161703

-13.8

Level from Monthly Treasury Statement, table 6•
schedule B, Agency securities issued, under
special financing authorities, by Export-hnPort
Bank, FDIC, BLM, USPS, and TVA; less U.S.
government investment account holdings of
agency securities (unpublished detail for table 6
schedule D, provided by the Department of ��
Treasury). Series excludes mortgages. Un adJU ted
flow is the change in the level.

14b. Change in outstanding
Commodity Credit
Corporation certificates of
interest issued by the U.S.
government

313169311

.0

Component
11. Change in U.S. government
agency securities held by
foreigners


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Federal Reserve Bank of St. Louis

Explanation
Sum of lines 1 l a and 11b.

Value has been zero since June 1970.

Table E211

477

F.211.-Continued
Component

Code

1991 value
(billions
of dollars)

Explanation

14c. Change in outstanding loan
participation certificates,
excluding Commodity Credit
Corporation certificates of
interest, issued by the U.S.
government

313169333

.0

Level from Monthly Treasury Statement, table 6,
schedule B, Participation certificates issued by the
Export-Import Bank (value has been zero since
February 1982) plus GNMA participation
certificates; less U.S. government investment
account holdings of participation certificates. The
latter value is supplied by the Department of the
Treasury as unpublished detail for table 6,
schedule D. Unadjusted flow is the change in the
level.

14d. Change in outstanding
securities issued by federally
sponsored credit agencies

403161703

9.2

Level from periodic financial statements, Total
debentures, notes, and bonds or consolidated net
obligations: Farm Credit System quarterly
information statement for farm credit agencies,
balance sheet for SLMA, quarterly financial
statement for FHLMC (includes subordinated
borrowings), balance sheet for FNMA, combined
statement of condition for FHLBs, and balance
sheet for FICO. Unadjusted flow is the change in
the level.

14e. Change in mortgages held by
mortgage pools

353065000

138.6

14f. Change in home mortgages
held by the Federal Financing
Bank

343065103

.0

Value has been zero since 1986:Q4.

14g. Change in multifamily
mortgages held by the Federal
Financing Bank

343065403

.0

Value has been zero since 1986:Q4.

14h. Change in commercial
mortgages held by the Federal
Financing Bank

343065503

.0

Value has been zero since 1986:Q4.

14i. Change in farm mortgages
held by the Federal Financing
Bank

343065603

.0

Value has been zero since 1986:Q4.

253061005

"-40.9

Sum of lines 16 and 17. Also equal to the sum of
lines 18, 23, 24, and 27.

253061505

-46.5

Sum of lines 19, 23, 25, and 28.

1S. C

hange in U.S. government
::curities held by private
0rnesttc nonfinancial sectors

16 c
· hange in U.S. Treasury securities
held by private domestic
00nflnanciat sectors

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Federal Reserve Bank of St. Louis

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file, total mortgage pools or trusts excluding
private mortgage conduits. Also see FR Bulletin,
table 1.54, line 48, Mortgage pools or trusts, less
line 63, Private mortgage conduits. Unadjusted
flow is the change in the level.

478

Guide to the Flow of Funds Accounts

F.211. U.S. Government Securities: Total Net Purchases, by Sector and Type-Continued
Component

Code

1991 value
(billions
of dollars)

Explanation
Sum of lines 14a through 14e, less lines 2, 5, 8,
11, 14f, 14g, 14h, 14i, 32, and 39.

17. Change in U.S. government
agency securities held by private
domestic nonfinancial sectors

253061705

5.5

18. Change in U.S. government
securities held by the household
sector

153061005

-75.2

Sum of lines 19 and 22.

19. Change in U.S. Treasury securities
held by the household sector

153061505

-64.8

Sum of lines 20 and 21.

20. Change in savings bond liability
of the U.S. government (asset of
the household sector)

313161403

11.9

21. Change in U.S. Treasury
securities, other than U.S. savings
bonds, held by the household
sector

153061105

-76.7

Sum of lines 21a and 21b, less lines 4, 7, 10, 23,
25, 28, 31, and 38.

21a. Change in outstanding public
debt securities issued by the
U.S. Treasury

313161100

280.1

Level from Monthly Treasury Statement, table 6,
Means of Financing the Deficit, Borrowing froJll
the public, net of premiums and discounts; Jes� . s
U.S. savings bonds (table F.210, line 5), secunue
of agencies included in the U.S. budget (ta�le . · s
ue
F.210, line 8), and Government mortgage Iiabili
(table F.216, line 7); plus SBA participation
certificates omitted from the Monthly Treasur}'
Statement (unpublished detail provided by the ·s
Congressional Budget Office). Unadjusted floW 1
the change in the level.

21b. Change in special U.S.
Treasury securities held by
Federal Home Loan Banks

403061773

.0

22. Change in U.S. government
agency securities held by the
household sector

153061705

-10.4

23. Change in U.S. government
securities held by nonfarm
noncorporate business

113061003

1.4


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Federal Reserve Bank of St. Louis

Level from Monthly Statement of the Public Debt,_
s
table I, U.S. savings bonds plus U.S. savings not� ,
e
tur
Ma
plus table ID, Non-interest-bearing debt,
debt, U.S. savings bonds. Unadjusted flow is the
change in the level.

Value now zero; level originally from MonthlY
Statement of the Public Debt.

Line 17 less lines 26 and 29.

Level is FOF Section estimate based on SOI da:e
for partnerships and sole proprietorships. D a�
annual; series is converted to quarterly �y I(- evel.
method. Unadjusted flow is the change in the l

Table F.211

479

F.211.-Continued
Code

1991 value
(billions
of dollars)

24. Change in U.S. government
securities held by nonfann
nonfinancial corporate business,
excluding loans held under
security repurchase agreements

103061005

20.5

Sum of lines 25 and 26.

lS. Change in U.S. Treasury securities
held by nonfann nonfinancial
corporate business

103061105

18.9

Line 25a less lines 25b and 26.

25a. Change in U.S. government
securities held by nonfarrn
nonfinancial corporate
business

103061000

16.7

Level from FR Bulletin, table 1.49 (currently
suspended), line 3, U.S. government securities.
Since 1986:Ql , value has been an FOF Section
estimate based on quarterly data from the QFR,
multiplied by the most recent SOI/QFR
benchmark ratio for U.S. government securities
held. Unadjusted flow is the change in the level.

25b. Change in outstanding loans
held by nonfarrn nonfinancial
corporate business under
security repurchase
agreements

102050000

-3.8

After 1983, value estimated by FOF Section; since
1986:Q1, estimate based on quarterly data from
the QFR, multiplied by the most recent SOI/QFR
benchmark ratio for repurchase agreement loans.
For 1978-83, level based on supplement for large
banks from quarterly Report of Condition for
U.S.-chartered commercial banks. Level through
1977 from occasional surveys. Unadjusted flow is
the change in the level.

l6. Change in U.S. government
agen cy securities held by nonfann
nonftnancial corporate business

103061703

1.6

27 Chang
•
e in U.S. government
securities held by state and local
government general funds

213061005

12.3

Sum of lines 28 and 29.

213061105

-2.0

Sum of lines 28a, 28b, and 28c, less line 59.

203061103

17.0

Level at end of fiscal year calculated by FOF
Section from Government Finances; series is
converted to quarterly by K-L method.
Unadjusted flow is the change in the level.

Component

28

· �hange in U.S. Treasury securities
eld by state and local
government general funds
28a. Change in U.S. Treasury
securities held by state and
local governments


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Federal Reserve Bank of St. Louis

Explanation

Through 1976, level is FOF Section estimate
based on Treasury Surveys of Ownership from
the Treasury Bulletin, with subsequent estimates
based partly on data from the QFR. Unadjusted
flow is the change in the level.

480

Guide to the Flow of Funds Accounts

F.211.

U.S. Government Securities: Total Net Purchases, by Sector and Type-Continued
1991 value
(billions
of dollars)

Component

Code

28b. Adjustment to account for
differences between
Department of the Treasury
and Bureau of the Census in
reporting value of U.S.
Treasury securities held by
state and local governments

203061903

.0

28c. Change in nonmarketable U.S.
Treasury securities issued to
state and local government
general funds (SLGS)

213061 120

-1.1

Level from Monthly Statement of the Public Debt,
table 1, Interest-bearing debt, Nonmarketable,
State and local government series. Unadjusted
flow is the change in the level.

213061705

14.4

Sum of lines 29a, 29b, 29c, and 29d; less
lines 28a, 28b, 29e through 29k, and less 291
net of lines 29m, 29n, and 59.

29a. Change in reported total assets
of state and local governments

204090003

85.7

Level at end of fiscal year calculated by FOF
Section from Government Finances; series is
converted to quarterly by K-L method.
Unadjusted flow is the change in the level.

29b. Adjustment to reported total
assets of state and local
governments to account for
industrial revenue bonds

204090073

33.1

Level is FOF Section estimate based on data
provided by Bureau of the Census. Unadjusted
flow is the change in the level.

29c. Adjustment to reported total
assets of state and local
governments to account for
market value effects

204090083

.5

Level is FOF Section estimate based on data
provided by Bureau of the Census. Unadjusted
flow is the change in the level.

29d. Adjustment to reported total
assets of state and local
governments to account for
cash overstatements

204090093

-62.6

Level is FOF Section estimate based on data
provided by Bureau of the Census. Unadjusted
flow is the change in the level.

29e. Change in cash and deposits
held by state and local
governments

204000003

-23.9

Level at end of fiscal year calculated by F�F
Section from Government Finances; series is
converted to quarterly by K-L method.
Unadjusted flow is the change in the level.

29f. Adjustment to cash and
deposits held by state and local
governments to account for
certificates of deposit

204000093

4.3

29g. Change in tax-exempt
securities held by state and
local governments

203062003

.7

29. Change in U.S. government
agency securities held by state
and local government general

funds


https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Explanation
FOF estimate based on data from Government
Finances and from Department of the Treasury.
Unadjusted flow is the change in the level.

Level is FOF Section estimate based on data
provided by Bureau of the Census. Unadjusted
flow is the change in the level.
Level at end of fiscal year from Govenunent -L
J(
Finances; series is converted to quarterlr by levelmethod. Unadjusted flow is the change 111 the

Table E211

481

F.211.-Continued
Component

Code

1991 value
(billions
of dollars)

29h. Change in home mortgages
held by state and local
government general funds

213065100

2.0

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are from HUD quarterly Survey
of Mortgage Lending Activity. Unadjusted flow is
the change in the level.

29i. Change in multifamily
mortgages held by state and
local government general
funds

213065403

.4

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are from HUD quarterly Survey
of Mortgage Lending Activity. Unadjusted flow is
the change in the level.

29j. Change in commercial
mortgages held by state and
local government general
funds

213065503

.9

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are from HUD quarterly Survey
of Mortgage Lending Activity. Unadjusted flow is
the change in the level.

29k. Change in farm mortgages
held by state and local
government general funds

213065603

*

Level from FR Board, Mortgage and Consumer
Finance Section, internal Mortgage Debt Holdings
file. Data in file are from HUD quarterly Survey
of Mortgage Lending Activity. Unadjusted flow is
the change in the level.

291. Change in reported total assets
of state and local government
retirement funds

224090003

56.7

Level at end of fiscal year from Finances of
Employee-Retirement Systems of State and Local
Governments, table 1, sum of Cash and deposits,
Securities, and Other investments. Data are annual;
series is converted to quarterly using data from
Finances of Selected Public Employee Retirement
Systems, table 1, Total cash and security holdings.
Unadjusted flow is