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Guide to the Flow of Funds Accounts  Board of Governors of the Federal Reserve System  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Guide to Flow of Funds Accounts �£�  Board of Governors of the Federal Reserve System, Washington, D.C.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  H/!J  2SS  .A4Z3S   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  588 596 600 602 614 626   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Part 1  Introduction to the Guide and Description of the Row ofFunds Accounts   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Board of Governors of the Federal Reserve System Publications Services Washington, DC 20551 Telephone (202) 452-3245   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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-   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  -.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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  ]  ]  ]  ]  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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  J  Discrepancies  19   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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).   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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).   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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.  https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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,.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Part2  Derivation of the Flow ofFunds Accounts   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Format ofthe Tables   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Proprietors' investment in unincorporated business  Private and nonofficial foreign deposits; Federal Home Loan Bank deposits   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Explanation Sum of lines 61 and 70.   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Explanation   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Explanation   https://fraser.stlouisfed.org 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  -   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Explanation   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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-   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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)   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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)   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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  *   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Explanation   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   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 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Explanation   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   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. 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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)   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Explanation  Estimated as equal to line 1.   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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-   https://fraser.stlouisfed.org 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).   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   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-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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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.   https://fraser.stlouisfed.org 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.   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 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   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 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.   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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-   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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).   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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).   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Explanation   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Explanation   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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)   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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,   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   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 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.   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 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   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, 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   https://fraser.stlouisfed.org 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)   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   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 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis  Explanation   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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)   https://fraser.stlouisfed.org 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.   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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  "::>   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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  https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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   https://fraser.stlouisfed.org 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 the change in the level.  29m. 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.  29n. Change in tax-exempt securities held by state and local government retirement funds  223062003  .1  Level at end of fiscal year f