Board of Governors of the Federal Reserve System

Financial Accounts Guide


Release Highlights

With each Z.1 release, major data and structural revisions are highlighted at the beginning of the publication. This page consolidates these highlights in a searchable format for all releases beginning with 2004q1.

294 entries in Financial Accounts Release Highlights

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Date Highlights Count
2015q4Effective federal funds rate: A memo item showing the effective federal funds rate in percent is now included on the federal funds and security repurchase agreements instrument table (L.207). The effective federal funds rate is a weighted average of rates on brokered trades, annualized using a 360-day year.1
2015q4FHLB advances: Federal home loan bank (FHLB) advances are now shown separately from other government-sponsored enterprise (GSE) loans on the other loans and advances instrument table (tables F.216 and L.216). FHLB advances to insurance companies are broken down further into loans to life insurance companies, property and casualty insurance companies, and captive insurance companies that are affiliated with finance companies and real estate investment trusts (REITs). Also, equity in the FHLB held by these sectors is now shown on the identified miscellaneous financial claims - part 1 instrument table (tables F.232 and L.232).2
2015q4New Enhanced Financial Accounts projects: Two new Enhanced Financial Accounts (EFA) projects: (1) State and Local Government Defined Benefit Pension Plans: State-level Detail, and (2) Depository Institutions: Mortgage and Consumer Loan Portfolios by Probability of Default have been added to our EFA page at www.federalreserve.gov/apps/fof/efa/enhanced-financialaccounts.htm.3
2015q4Expansion of international data submissions: The "International Data Submissions" page of the "Financial Accounts Guide" includes five new tables and SDMX files for IMF Financial Soundness Indicators (FSIs). These include Table 1. Data Report Form for FSIs and Underlying Series, Annex 5. Sectoral Financial Statement: Other Financial Corporations - Balance Sheet, Annex 6. Sectoral Financial Statement: Nonfinancial Corporations - Income and Expense Statement, Annex 7. Sectoral Financial Statement: Nonfinancial Corporations - Balance Sheet, and Annex 8. Sectoral Financial Statement: Households.4
2015q4FEDS Notes: A number of new FEDS notes are now available: "Introducing Section 529 Plans into the U.S. Financial Accounts and Enhanced Financial Accounts" (Madeline McCullers and Irina Stefanescu), "Saving for College and Section 529 Plans" (Simona Hannon, Kevin Moore, Max Schmeiser, and Irina Stefanescu), "State and Local Pension Funding in the Enhanced Financial Accounts" (Matthew Hoops, Paul Smith, and Irina Stefanescu), "Funding Agreem ent-backed Securities in the Financial Accounts of the United States" (Elizabeth Holmquist and Maria Perozek), and "Corporate Equities by Issuer in the Financial Accounts of the United States" (Damian Thomas, Missaka Warusawitharana, and Rick Ogden).5
2015q3Enhanced Financial Accounts Updates: The EFA initiative is an ambitious and long-term effort to enhance the "Financial Accounts" by providing additional detail and disaggregation, higher-frequency data, and additional documentation and analysis of financial data, in order to improve our picture of financial intermediation and activity in the United States. The website provides further information on the initiative, preliminary data, and documentation for the EFA projects, which will be updated periodically as data become available. http://www.federalreserve.gov/apps/fof/efa/enhanced-financialaccounts.htm.6
2015q3New Enhanced Financial Accounts Projects: Two new EFA projects will be released in the next few weeks, including one project on U.S. money market mutual funds showing additional detail and one project showing assets of 529 college savings plans by state and plan type.7
2015q3Integrated Macroeconomic Accounts (IMA) financial subsectors: In conjunction with the Bureau of Economic Analysis, five new IMA financial subsector tables are now available with annual data beginning in 2001. These tables cover the following subsectors: Central Bank (table S.61.a), Depository Institutions (table S.62.a), Insurance Companies (table S.63.a), Pension Funds (table S.64.a), and Other Financial Business (table S.65.a).8
2015q3New detail on the market value of domestic corporations: New detail has been added to the corporate equities level table (table L.223) to show the split between publicly traded and closely held equity issues of nonfinancial corporate business and financial corporations. Also, new memo items show the market value of total domestic publicly traded equity and total domestic closely held equity which is now split between S corporations and C corporations. Data for these new items begin in 1996:Q4. A forthcoming FEDS Note will provide additional information.9
2015q3Funding agreements backing securities: Funding agreements issued by life insurance companies (tables F.116 and L.116) and held by issuers of asset-backed securities (ABS) (tables F.126 and L.126) are shown explicitly as miscellaneous liabilities of life insurance companies and miscellaneous assets of the ABS issuers sector. These funding agreements are also shown on the table for miscellaneous financial claims - part II (tables F.233 and L.233). These funding agreements are the collateral backing debt securities issued by domestic ABS issuers. A forthcoming FEDS Note will provide additional information.10
2015q3Municipal securities held by private pension funds: Holdings of municipal bonds have been added to the private defined contribution pension plans sector (tables F.118.c, F.118, F.117, L.118.c, L.118, and L.117). Previously these securities had been included in the corporate and foreign bonds instrument category.11
2015q3Nonfinancial noncorporate business benchmark: Data for the noncorporate business sector (tables F.104, L.104, B.104, and R.104) have been revised to reflect new 2013 benchmark statistics from the Internal Revenue Service (IRS) Statistics of Income (SOI).12
2015q3FEDS Notes: Two new FEDS Notes have recently become available: "Federal Debt in the Financial Accounts of the United States" (Marco Cagetti, Matthew Hoops, Susan McIntosh and Rick Ogden) and "U.S. Net Wealth in the Financial Accounts of the United States" (Elizabeth Holmquist and Susan Hume McIntosh).13
2015q2Enhanced Financial Accounts: New pages on the Federal Reserve Board's website have been added for the Enhanced Financial Accounts (EFA) initiative. The EFA initiative is an ambitious and long-term effort to enhance the "Financial Accounts" by providing additional detail and disaggregation, higher-frequency data, and additional documentation and analysis of financial data, in order to improve our picture of financial intermediation and activity in the United States. The website provides further information on the initiative, preliminary data, and documentation for the first EFA projects, including new detail on depository institutions and syndicated loans. More information about these EFA projects is available in two related FEDS Notes, one by Ralf Meisenzahl and one by Paul Smith. Other EFA projects will be added in coming months.14
2015q2Credit market instruments: The financial assets and liabilities previously identified as "credit market instruments" have been reclassified into two new categories: debt securities and loans. All references to the term "credit market instruments" have been removed from the publication. Tables D.1, D.2, and D.3 still include debt securities and loans previously included in credit market instruments, but have been renamed to reflect this change in terminology.15
2015q2Debt securities tables: Two new tables for total debt securities (tables F.208 and L.208) have been added. Debt securities include open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds. On the new tables, debt securities are shown both by instrument and by sectors' liabilities and assets. In addition, total debt securities are shown on each of the sector tables. Due to this change, some items have been removed from the memo section of table L.103 Nonfinancial Corporate Business.16
2015q2Loans tables: Two new tables for total loans (tables F.214 and L.214) have been added. Loans include depository institution loans not elsewhere classified, other loans and advances, home, multifamily residential, commercial, and farm mortgages, and consumer credit. On the new tables, loans are shown both by instrument and by sectors' liabilities and assets. In addition, total loans are shown on each of the sector tables.17
2015q2Security credit: The instrument category "security credit" has been removed from the "Financial Accounts." The concept is now captured in two places: (1) depository institution loans not elsewhere classified, which includes private depository institutions' loans to brokers and dealers for purchasing and carrying securities, and (2) other loans and advances, which includes margin accounts and cash accounts (held by households at broker-dealers). As a result, security credit is now included with loans and contributes to debt as shown on debt summary tables (tables D.1, D.2, and D.3).18
2015q2Treasury securities: The instrument category "Treasury securities" has been expanded to include all marketable and nonmarketable Treasury securities held by the public. Nonmarketable Treasury securities held by federal government employee defined benefit (DB) pension plans are now included, since federal government DB pension plans are considered part of the financial corporations sector in the "Financial Accounts." Detail on the types of marketable and nonmarketable Treasury securities is presented on the Treasury securities instrument tables (tables F.210 and L.210). Due to these additions, federal debt growth has been revised slightly for all time periods. A forthcoming FEDS Note will provide additional information.19
2015q2Derivation of U.S. net wealth table: A new table on the derivation of U.S. net wealth (table B.1) has been added to the summary section of the "Financial Accounts." The calculation of U.S. net wealth includes the value of nonfinancial assets (real estate, equipment, intellectual property products, consumer durables, and inventories) held by households and nonprofit organizations and noncorporate businesses. For the federal government and state and local governments sectors, only structures, equipment, and intellectual property products are included; values for land and nonproduced nonfinancial assets are not available. The measure of U.S. net wealth also includes the market value of domestic nonfinancial and financial corporations, and is adjusted to reflect net U.S. financial claims on the rest of the world. This definition of U.S. net wealth differs from the sum of the net worth of sectors shown in the Integrated Macroeconomic Accounts (IMA). A forthcoming FEDS Note will provide additional information.20
2015q2Student loans: Student loans, shown in the memo section on the consumer credit instrument tables (tables F.222 and L.222), have been revised down beginning in 2006 due to better information on private student loans. More details on this revision can be found in the August 7, 2015 FEDS Note "How Much Student Debt is Out There?" by Jesse Bricker, Meta Brown, Simona Hannon, and Karen Pence.21
2015q2Private pension fund benchmark: Assets of the private pension fund sector (tables F.118, F.118.b, F.118.c, L.118, L.118.b, and L.118.c) have been revised beginning in 2012:Q1 to reflect new data from the U.S. Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500 filed for plan year 2013.22
2015q2Expansion of international data submissions: The "International Data Submissions" page of the "Financial Accounts Guide" includes two new OECD tables and SDMX files for Households' Financial Assets and Liabilities (table 7HH) and Institutional Investors' Assets and Liabilities (table 7II).23
2015q2Annual revision of the national income and product accounts: The statistics in this publication reflect the annual revisions to the national income and product accounts (NIPAs) from 2012:Q1 forward released by the Bureau of Economic Analysis (BEA) of the Department of Commerce on July 30, 2015, and subsequent information for 2015:Q2 released on August 27, 2015. The August 2015 issue of the Survey of Current Business provides details on the major features of this annual revision.24
2015q2Fixed assets: Data for investment and depreciation flows and capital stocks for all sectors have been revised to reflect updated annual estimates of fixed assets from the BEA.25
2015q2Rest of the world sector revision: Revisions to the rest of the world sector (tables F.132 and L.132) reflect new estimates of the U.S. international transactions accounts (ITAs) and the U.S. international investment position (IIP) accounts released by BEA for 2012:Q1 through 2014:Q4. BEA's changes are detailed in the July 2015 Survey of Current Business.26
2015q2Seasonal adjustment: Seasonal factors for quarterly flows have been recalculated for the period 2005:Q1 forward. The seasonal factors are generated using the X-12-ARIMA seasonal adjustment program by the U.S. Census Bureau.27
2015q2Table descriptions: A document containing all of the financial accounts table descriptions has been added to the "All Tables" page of the "Financial Accounts Guide."28
2015q1Detail on 529 Plans: New memo items showing households' assets held in 529 college savings plans and prepaid tuition plans are now included on the balance sheet of households and nonprofit organizations (table B.101). Additionally, table B.101 now includes a memo item for households' assets held in individual retirement accounts (IRAs), which is also shown on the pension entitlements instrument tables (tables F.226 and L.226).29
2015q1Nonfinancial corporate business benchmark: Assets of the nonfinancial corporate business sector (tables F.103, L.103, B.103, and R.103) have been revised from 2013:Q1 forward, to reflect new advance data from the Internal Revenue Service (IRS) Statistics of Income (SOI) for 2013.30
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Last update: March 10, 2016