Description of table L.231 - Identified Miscellaneous Financial Claims - Part II

Identified miscellaneous claims include an assortment of asset and liability instruments. Part II includes items that individually appear on the balance sheets of only a few sectors and are therefore not treated as separate instrument categories. Those items are further explained below.

1. Nonofficial foreign currency holdings are assets of the federal government and monetary authority sectors and liabilities of the rest of the world sector. Official foreign currency holdings, which are included in U.S. official reserve assets, are excluded here (shown on tables F.200 and L.200). Holdings by the monetary authority sector are reciprocal currency arrangements (swap lines) with foreign central banks.

2. Postal Savings System deposits are liabilities of the Postal Savings System, which was established by congressional mandate in 1910. Through the system, individuals were able to establish and contribute to savings accounts at local post offices. The system was closed by statute in 1966, and the federal government liability for outstanding deposits was discontinued in the third quarter of 1985.

3. Deposits at Federal Home Loan Banks are deposits held by U.S.-chartered depository institutions at the Federal Home Loan Banks, which are part of the sector for government-sponsored enterprises.

4. Deferred and unpaid life insurance premiums are the assets reported by life insurance companies as deferred and uncollected premiums. In the flow of funds accounts, they are a liability of the sector for households and nonprofit organizations.

5. Life insurance company reserves are reserves set aside by life insurance companies, other than life insurance or pension fund reserves, to cover accident and health policies, policyholders' dividend and coupon accumulations and dividends, and contract claims. In the flow of funds accounts, these liabilities are assets of the sector for households and nonprofit organizations.

6. Policy payables are liabilities of property-casualty insurance companies for unearned premium reserves, reserves for incurred claims, and reserves for loss-adjustment expenses. In the flow of funds accounts, these liabilities are assets of the sectors for households and nonprofit organizations, nonfinancial corporate business and nonfinancial noncorporate business.

7. Unallocated insurance company contracts are guaranteed investment contracts and variable annuities administered by life insurance companies for private pension funds where the funds are not allocated to specific plan participants. These items are assets of the private pension fund sector and liabilities of the life insurance company sector; they are excluded from the pension reserve liabilities of the life insurance companies.

8. Pension fund contributions payable are employer contributions owed to pension funds by the sector for nonfinancial corporate business.

9. Securities borrowed (net) are liabilities of the funding corporation sector to the security brokers and dealers sector for cash collateral when security dealers borrow (and lend) securities to cover short sales or delivery failure. As part of the borrowing transactions, the dealers provide cash collateral, which is held in custodial accounts (part of the funding corporation sector) until they return the borrowed securities. The value of the collateral is assumed to be equal to the value of securities borrowed less the value of securities lent.

10. Nonmarketable government securities are Treasury securities held in intragovernmental accounts for a number of federal government retirement funds. Nonmarketable securities do not trade on a normal market of exchange. These securities are liabilities of the federal government and assets of the federal government retirement fund sector, which includes the civil service retirement and disability fund, the Railroad Retirement Board, the judicial retirement fund, the military retirement fund, and the foreign service retirement and disability fund.

11. Retiree health-care funds include the Uniform Services Retiree Health Care Fund and the Postal Service Retiree Health Benefits Fund, which are liabilities of the federal government sector and assets of the household and nonprofit sector for retiree health-care benefits.



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