For use at 12:00 p.m., eastern time
                                       R




                                       September 18, 2014




      FEDERAL RESERVE STATISTICAL RELEASE




                      Z.1
         Financial Accounts
         of the United States

        Flow of Funds, Balance Sheets,
   and Integrated Macroeconomic Accounts




           Second Quarter 2014




BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
      FEDERAL RESERVE STATISTICAL RELEASE




                      Z.1
         Financial Accounts
         of the United States

        Flow of Funds, Balance Sheets,
   and Integrated Macroeconomic Accounts



           Second Quarter 2014




BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
                                                                                                                                i


          Recent Developments in Household Net Worth and
                    Domestic Nonfinancial Debt
The net worth of households and nonprofits rose $1.4             mortgages). Net originations of home mortgages
trillion to $81.5 trillion during the second quarter of          continued to be weak, while consumer credit grew at a
2014. The value of directly and indirectly held corporate        solid pace.
equities increased $1.02 trillion and the value of real
estate expanded $230 billion.                                    Nonfinancial business debt rose at an annual rate of 6.3
                                                                 percent in the second quarter, about in line with the
Domestic nonfinancial debt outstanding was $40.6                 increase in the first quarter. As in recent years,
trillion at the end of the second quarter of 2014 , of           corporate bonds accounted for most of the increase.
which household debt was $13.3 trillion, nonfinancial
business debt was $11.65 trillion, and total government          State and local government debt rose at an annual rate
debt was $15.6 trillion.                                         of 1.2 percent in the second quarter, after decreasing at a
                                                                 1.3 percent annual rate in the first quarter.
Domestic nonfinancial debt growth2 was 3.8 percent at
a seasonally adjusted annual rate in the second quarter of       Federal government debt rose at an annual rate of 2.5
2014, a touch lower than the previous quarter.                   percent in the second quarter, slower than the pace of
                                                                 growth in the first quarter.
Household debt increased an annual rate of 3.6 percent
in the second quarter (excluding charge -offs of home



 Household Net Worth and Growth of Domestic Nonfinancial Debt
                                                                                                       2
                                                              Growth of domestic nonfinancial debt
                     Household                                                                  State and
                               1
        Year         net worth             Total         Households          Business          local govts.         Federal
 2005                 61,886                  9.0               11.2               8.1                5.8               7.0
 2006                 66,393                  8.4               10.2               9.8                3.9               3.9
 2007                 66,803                  8.2                7.0              12.4                5.5               4.9
 2008                 56,526                  6.2                1.1               5.8                0.6              24.2
 2009                 58,269                  3.3                0.0               -4.3               4.0              22.7
 2010                 62,484                  4.1               -1.1               -0.9               2.3              20.2
 2011                 63,698                  3.6               -0.2               3.0               -1.7              11.4
 2012                 69,523                  5.0                1.6               4.8               -0.2              10.9
 2013                 78,868                  3.8                1.6               5.1               -1.3               6.5


 2012:     Q1         65,860                  5.1                1.1               4.0                0.0              12.6
           Q2         66,046                  5.5                2.7               3.7                2.1              11.6
           Q3         68,241                  3.8                0.6               4.2               -0.2               8.4
           Q4         69,523                  5.2                1.9               7.0               -2.6               9.3
 2013:     Q1         72,290                  4.1                0.8               3.5                1.9               9.1
           Q2         73,814                  3.0                1.6               4.9               -0.2               3.5
           Q3         76,160                  3.5                3.1               7.0               -3.7               2.6
           Q4         78,868                  4.4                0.7               4.5               -3.3              10.5
 2014:     Q1         80,102                  4.3                2.2               6.2               -1.3               6.0
           Q2         81,493                  3.8                3.6               6.3                1.2               2.5
 1. Shown on table B.100, which includes nonprofit organizations. Billions of dollars; amounts outstanding end of period, not
    seasonally adjusted
 2. Percentage changes calculated as seasonally adjusted flow divided by previous quarter’s seasonally adjusted level, shown
    at an annual rate.
ii
                                                                                                          iii


                                   Release Highlights
                                  Second Quarter 2014
                Topic                                           Description
Annual revision of the national     The statistics in this publication reflect the annual revisions to
income and product accounts         the national income and product accounts (NIPAs) from
                                    1999:Q1 forward released by the Bureau of Economic Analysis
                                    (BEA) of the Department of Commerce on July 30, 2014, and
                                    subsequent inform ation for 2014:Q2 released on August 28,
                                    2014. The August 2014 issue of the Survey of Current Business
                                    provides details on the major features of this annual revision.
Fixed 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.
Seasonal adjustment                 Seasonal factors for quarterly flows have been recalculated for
                                    the period 2004:Q1 forward. The seasonal factors were
                                    generated using the X-12-ARIMA seasonal adjustment program
                                    by the U.S. Census Bureau.
Rest of the world comprehensive     Revisions to the rest of the world sector (tables F.106 and
revision                            L.106) reflect new estimates of the U.S. international
                                    transactions accounts (ITAs) and the U.S. international
                                    investment position (IIP) accounts released by BEA for 1999
                                    through 2013. With this revision, BEA introduced a new
                                    presentation of the ITAs as part of a comprehensive
                                    restructuring to bring the international accounts into closer
                                    alignment with new international statistical guidelines detailed in
                                    the International Monetary Funds' Balance of Payments and
                                    International Investment Position Manual, 6th edition. BEA's
                                    changes are detailed in the July 2014 Survey of Current
                                    Business.
Direct investment table             U.S. direct investment abroad and foreign direct investment in
                                    the U.S. are no longer treated as part of the identified
                                    miscellaneous financial claims instrument category. Starting
                                    with this publication, a new instrument table "Direct Investment"
                                    (tables F.229 and L.229) presents these items. This table also
                                    shows additional detail on direct investment including
                                    asset/liability-basis presentations and alternative valuations
                                    made available with BEA's recent revision of the International
                                    Economic Accounts. A forthcoming FEDS note by will provide
                                    additional information.
Defined contribution retirement     State and local government employee retirement funds (tables
funds for state and local           F.118 and L.118) have been expanded to include defined
government employees                contribution (DC) plans. These DC plans consist of 403(b) and
                                    457 plans. Previously, only defined benefit (DB) plans were
                                    reported for this sector. A forthcoming FEDS note will provide
                                    additional information.
iv
                Topic                                             Description
 Public pension supplemental tables   Detail on defined benefit (DB) and defined contribution (DC)
                                      pension plans for the public sectors are now available on
                                      supplementary tables. State and local government employee
                                      retirement DB plans are shown on tables F.118.b and L.118.b
                                      and DC plans are shown on tables F.118.c and L.118.c.
                                      Similarly, federal government employee retirement DB plans are
                                      shown on tables F.119.b and L.119.b and DC plans are shown
                                      on tables F.119.c and L.119.c.
 Nonfinancial corporate bonds         Net issuance of corporate bonds (tables F.102, F.212, L.102,
                                      L.212, and B.102) by the nonfinancial corporate business s ector
                                      has been revised from 1995:Q2 forward to reflect new
                                      methodology and data sources. The amounts outstanding are
                                      calculated using a perpetual inventory method.
                                      International data submission tables in the “Financial Accounts
 SDDS plus international
                                      Guide”, previously located under “All Tables,” have been moved
 submissions (SDMX)
                                      to a new page, “International Data Submissions.” This page
                                      includes two new tables: General Government Total Gross Debt
                                      and Sectoral Balance Sheets, required by the International
                                      Monetary Fund (IMF) for adherence to the SDDS Plus
                                      initiative. It also includes the four matrices (tables 610, 620,
                                      710, and 720) produced for the OECD. SDMX files for these six
                                      tables are available on the “International Data Submissions”
                                      page.
 FEDS Notes                           More in-depth discussion of selected topics relevant to the
                                      “Financial Accounts of the United States” are now available in
                                      FEDS Notes. The following notes are currently available: “The
                                      Federal Debt-Limit Standoff of 2013 in the Financial Accounts of
                                      the United States” (Ivan Vidangos), “Repurchase Agreements in
                                      the Financial Accounts of the United States” (Elizabeth
                                      Holmquist and Josh Gallin), and “Enhanced Financial Accounts”
                                      (Josh Gallin and Paul Smith). Topics for forthcoming FEDS
                                      Notes include pension entitlements, direct investment, home
                                      mortgage charge-offs, and defined contribution retirement funds
                                      for state and local government employee. FEDS Notes are
                                      available on the Federal Reserve Board’s website at
                                      www.federalreserve.gov/econresdata/notes/feds -notes/default.html.
                                      A link to the FEDS Notes website is available on the home page
                                      of the “Financial Accounts Guide.” Links to the appropriate
                                      FEDS Notes are also available in the table descriptions of the
                                      “Financial Accounts Guide.”
                                                                                                                             v


                                           Explanatory Notes

                                                              liability in existence at a point in time. In the “Financial
Financial Accounts of the United States
                                                              Accounts,” the levels are reported as of the end of each
The Statistical Release Z.1, “Financial Accounts of the       calendar quarter. In the SNA2008, the change in the
United States” are organized into the following sections:     level from one period to the next is called the “economic
                                                              flow”, and can be decomposed into three broad
    ■    Matrices summarizing flows and levels across         elements: transactions, which measure the exchange of
         sectors, and tables summarizing credit market        assets; revaluations, which measure changes in market
         borrowing, gross domestic product (GDP),             value of untraded assets; and other changes in volume,
         national income, saving, and so on                   which measure discontinuities or breaks in time series
    ■    Flow of funds, by sector and financial               due to disaster losses or a change in source data or
         instrument                                           definition.
    ■    Levels of financial assets and liabilities, by
         sector and financial instrument                      In the “Financial Accounts,” “flow of funds” refers to
    ■    Balance sheets, including nonfinancial assets,       the exchange of assets, corresponding to the SNA
         and changes in net worth for households and          definition of transactions, that is, “flow tables” in the
         nonprofit organizations, nonfinancial corporate      “Financial Accounts” are equivalent to “transaction
         businesses, and nonfinancial noncorporate            tables” in the SNA terminology. In practice, other
         businesses                                           volume changes are relatively rare, and revaluations
    ■    Supplementary tables providing additional            only occur for series carried at market value (such as
         detail on selected sectors                           corporate equities and mutual fund shares), so for many
    ■    Integrated Macroeconomic Accounts                    series the change in the level is equal to the flow.

The Integrated Macroeconomic Accounts (IMA) relate            Growth Rates
production, income, saving, and capital formation from
                                                              Growth rates calculated from levels will include
the national income and product accounts (NIPA) to
changes in net worth from the “Financial Accounts” on a       revaluations and other changes in volume. To isolate
                                                              the effect of transactions on growth of a given asset or
sector-by-sector basis. The IMA are published jointly
                                                              liability, users should calculate the ratio of the flow in a
by the Federal Reserve Board and the Bureau of
                                                              given period to the level in the preceding period.
Economic Analysis and are based on international
guidelines and terminology as defined in the System of
                                                              Growth rates in table D.1 are calculated by dividing
National Accounts (SNA1993, revised in 2008).
                                                              seasonally adjusted flows from table D.2 by seasonally
                                                              adjusted levels at the end of the previous period from
Federal Reserve Board staff have taken many steps over
the past several years to conform the “Financial              table D.3. Growth rates calculated from changes in
Accounts” with the SNA guidelines. Nonetheless, a few         unadjusted levels printed in table L.2 may differ from
                                                              those in table D.1.
important differences remain. In particular, in the
“Financial Accounts”:
                                                              Seasonal Adjustment
    ■    The purchase of consumer durables is treated as
                                                              Seasonal factors are recalculated and updated every
         investment rather than as consumption.
    ■                                                         year, and these revised factors are first published in the
         Nonfinancial noncorporate business (which are
                                                              September release of second-quarter data. All series that
         often small businesses) are shown in a separate
                                                              exhibit significant seasonal patterns are adjusted. The
         sector rather than being included in the
                                                              seasonal factors are generated using the X-12-ARIMA
         household sector.
    ■                                                         seasonal adjustment program from the U.S. Census
         Most debt securities are recorded at book value
                                                              Bureau, estimated using the most recent 10 years of
         rather than market value.
                                                              data. Because the effects of the recent financial crisis
                                                              resulted in large outliers in some series that would have
Concepts of Level and Flow in the SNA                         distorted the estimated seasonal factors, seasonal factors
and the Financial Accounts                                    for some series were extrapolated using pre-crisis data.
                                                              Seasonally adjusted levels shown in table D.3 are
The level of an asset or liability (also referred to as the
                                                              derived by carrying forward year-end levels by
stock or outstanding) measures the value of the asset or
                                                              seasonally adjusted flows.
vi

Data Revisions                                                 Each input and calculated series in the Z.1 is identified
                                                               according to a unique string of patterned numbers and
Data shown for the most recent quarters are based on           letters. The series structure page of the guide provides a
preliminary and potentially incomplete information. A          breakdown of what the letters and numbers represent in
summary list of the most recent data available for each        the series mnemonics. The relationships between
sector is provided in a table following these notes.           different components of a series (for example, levels,
Nonetheless, when source data are revised or estimation        seasonally adjusted annual rate flows, unadjusted flows,
methods are improved, all data are subject to revision.        revaluations, other changes in volume, seasonal factors,
There is no specific revision schedule; rather, data are       and so on) are also described on the series structure
revised on an ongoing basis. In each release of the            page.
“Financial Accounts,” major revisions are highlighted at
the beginning of the publication.
                                                               Production Schedule
                                                               The “Financial Accounts” are published online and in
Discrepancies
                                                               print 4 times per year, about 10 weeks following the end
The data in the “Financial Accounts” come from a large         of each calendar quarter. The publication and the guide
variety of sources and are subject to limitations and          are available online here:
uncertainty due to measurement errors, missing
information, and incompatibilities among data sources.         www.federalreserve.gov/releases/Z1
The size of this uncertainty cannot be quantified, but its
existence is acknowledged by the inclusion of                  This website also provides coded tables and historical
“statistical discrepancies” for various sectors and            annual tables beginning in 1945 that correspond with the
financial instruments.                                         tables published in this release. There are also
                                                               compressed ASCII files of quarterly data for seasonally
The discrepancy for a given sector is defined as the           adjusted flows, unadjusted flows, outstandings, balance
difference between the aggregate value of the sector’s         sheets, debt (tables D.1, D.2, and D.3), supplementary
sources of funds and the value of its uses of funds. For a     tables, and the IMA.
financial instrument category, the discrepancy is defined
as the difference between the measurement of funds             In addition, the data are available as customizable
raised through the financial instrument and funds              datasets through the Federal Reserve Board’s Data
disbursed through that instrument. The relative size of        Download Program (DDP) here:
the statistical discrepancy is one indication of the quality
of the underlying source data. Note that differences in        www.federalreserve.gov/datadownload/Choose.aspx?rel=Z.1
seasonal adjustment procedures sometimes result in
quarterly discrepancies that partially or completely
                                                               Print Subscription Information
offset each other in the annual data.
                                                               The Federal Reserve Board charges a fee for
The Financial Accounts Guide                                   subscriptions to print versions of statistical releases.
                                                               Inquiries regarding print versions should be directed to
Substantially more detail on the construction of the           the following office:
“Financial Accounts” is available in the “Financial
Accounts Guide,” which provides interactive, online            Publications Services, Stop 127
documentation for each data series. The tools and              Board of Governors
descriptions in the guide are designed to help users           of the Federal Reserve System
understand the structure and content of the “Financial         20th Street and Constitution Avenue, N.W.
Accounts.” The guide allows users to search for series,        Washington, DC 20551
browse tables of data, and identify links among series         (202) 452-3245
within these accounts. It also provides descriptions of
each of the published tables and information on the
source data underlying each series.

The guide is not part of the quarterly release, but it is
continually updated and kept consistent with the most
recently published data. The guide and the data from the
“Financial Accounts” are available free of charge at the
following link:

www.federalreserve.gov/apps/fof/
                                                                                                        vii


               Description of Most Recent Data Available

            Sector Table                               Available at time of publication
National income and product          Second estimate, seasonally adjusted, for 2014:Q2. Unadjusted
accounts (NIPA)                      flows since 2012 for the government sectors and since 2006 for
                                     all other sectors are unavailable.
(various tables)
Households and nonprofit             Estimates for this sector are largely residuals and are derived
organizations sector                 from data for other sectors. Availability of data depends on
(tables F.100 and L.100)             schedules for other sectors. Data for consumer credit, which are
                                     estimated directly, are available through 2014:Q2. The source
                                     for nonprofit organizations data (tables F.100.a and L.100.a) is
                                     the Internal Revenue Service Statistics of Income. Data for
                                     nonprofit organizations are available for 1987 through 2000.
Nonfinancial corporate business      Quarterly Financial Report (QFR) of the Census Bureau through
(tables F.102 and L.102)             2014:Q2; Internal Revenue Service Statistics of Income
                                     (IRS/SOI) data through 2012; securities offerings, mortgages,
                                     bank loans, commercial paper, and other loans through
                                     2014:Q2. Corporate farm data through 2013.
Nonfinancial noncorporate business   IRS/SOI data through 2011; bank and finance company loans,
(tables F.103 and L.103)             and mortgage borrowing through 2014:Q2. Noncorporate farm
                                     data through 2013.
State and local governments          Gross offerings and retirements of municipal securities, deposits
(tables F.104 and L.104)             at banks, and nonmarketable U.S. government security issues
                                     through 2014:Q2; total financial assets through 2011:Q2 from
                                     the Census Bureau; breakdown of financial assets through
                                     2011:Q2 from the comprehensive annual financial reports of
                                     state and local governments.
Federal government                   Data from the Monthly Treasury Statement of Receipts and
(tables F.105 and L.105)             Outlays and Treasury data for loan programs and the Troubled
                                     Assets Relief Program (TARP) through 2014:Q2.
Rest of the world                    Balance of payments through 2014:Q2 and International
(tables F.106 and L.106)             Investment Position data through 2014:Q1. NIPA estimates;
                                     bank Call Reports and Treasury International Capital System
                                     data through 2014:Q2.
Monetary authority                   All data through 2014:Q2.
(tables F.108 and L.108)
U.S.-chartered depository            All data through 2014:Q2.
institutions
(tables F.110 and L.110)
Foreign banking offices in U.S.      All data through 2014:Q2.
(tables F.111 and L.111)
Banks in U.S.-affiliated areas       All data through 2014:Q2.
(tables F.112 and L.112)
Credit unions                        All data through 2014:Q2.
(tables F.113 and L.113)
viii
              Sector Table                                Available at time of publication

  Property-casualty insurance          Preliminary data through 2014:Q2.
  companies
  (tables F.114 and L.114)
  Life insurance companies             Preliminary data through 2014:Q2.
  (tables F.115 and L.115)
  Private pension funds                Internal Revenue Service/Department of Labor Form 5500 data
  (tables F.117 and L.117)             through 2012. Investment Company Institute data through
                                       2014:Q1.
  State and local government           Detailed data through 2012:Q2 from the Census Bureau; sample
  employee retirement funds            data through 2014:Q1 from the Census Bureau. Investment
  (tables F.118 and L.118)             Company Institute data through 2014:Q1.
  Federal government retirement        Data from the Monthly Treasury Statement of Receipts and
  funds                                Outlays, the Thrift Savings Plan, and the National Railroad
  (tables F.119 and L.119)             Retirement Investment Trust through 2014:Q2.
  Money market mutual funds            All data through 2014:Q2.
  (tables F.120 and L.120)
  Mutual funds                         All data through 2014:Q2.
  (tables F.121 and L.121)
  Closed-end funds                     All data through 2014:Q2.
  (tables F.122 and L.122)
  Exchange-traded funds                All data through 2014:Q2.
  (tables F.122 and L.122)
  Government Sponsored Enterprises     Data for Fannie Mae, Freddie Mac, FHLB, Farmer Mac, FICO,
  (GSEs)                               FCS, and REFCORP through 2014:Q2.
  (tables F.123 and L.123)
  Agency- and GSE-backed               Data for Fannie Mae, Freddie Mac, Farmer Mac, and Ginnie
  mortgage pools                       Mae through 2014:Q2.
  (tables F.124 and L.124)
  Issuers of asset-backed securities   All data for private mortgage pools, consumer credit, business
  (ABSs)                               loans, student loans, consumer leases, and trade credit
  (tables F.125 and L.125)             securitization through 2014:Q2.
  Finance companies                    All data through 2014:Q2.
  (tables F.126 and L.126)
  Real Estate Investment Trusts        Data from SNL Financial through 2014:Q2.
  (REITs)
  (tables F.127 and L.127)
  Security brokers and dealers         Data for firms filing FOCUS reports through 2014:Q2 and FOGS
  (tables F.128 and L.128)             reports through 2014:Q1.
  Holding companies                    All data through 2014:Q2.
  (table F.129 and L.129)
  Funding corporations                 Estimates for this sector are largely residuals and are derived
  (tables F.130 and L.130)             from data for other sectors.
                                                                                                             ix


                                     List of Data Tables

                                         Title                                        Table           Page

Summaries

Flow of Funds Matrix – Flows                                                                          1
Flow of Funds Matrix – Assets and Liabilities                                                         2
Credit Market Debt Growth by Sector                                                   D.1             3
Credit Market Borrowing by Sector                                                     D.2             4
Credit Market Debt Outstanding by Sector                                              D.3             5
Total Credit Market Borrowing and Lending                                             F.1             6
Credit Market Borrowing by Nonfinancial Sectors                                       F.2             7
Credit Market Borrowing by Financial Sectors                                          F.3             7
Credit Market Borrowing, All Sectors, by Instrument                                   F.4             8
Total Liabilities and Its Relation to Total Financial Assets                          F.5             8
Credit Market Debt Outstanding                                                        L.1             9
Credit Market Debt Owed by Nonfinancial Sectors                                       L.2         10
Credit Market Debt Owed by Financial Sectors                                          L.3         10
Credit Market Debt, All Sectors, by Instrument                                        L.4         11
Total Liabilities and Its Relation to Total Financial Assets                          L.5         11
Distribution of Gross Domestic Product                                                F.6         12
Distribution of National Income                                                       F.7         13
Saving and Investment                                                                 F.8         14
Net Capital Transfers                                                                 F.9         15
Derivation of Measures of Personal Saving                                             F.10        16
Assets and Liabilities of the Personal Sector                                         L.10        17

                                                                       Flows                 Levels
                             Title                             Table           Page   Table           Page

Sectors

Households and Nonprofit Organizations                         F.100            18    L.100            68
Nonfinancial Business                                          F.101            19    L.101            69
  Nonfinancial Corporate Business                              F.102            20    L.102            70
  Nonfinancial Noncorporate Business                           F.103            21    L.103            71
State and Local Governments                                    F.104            22    L.104            72
Federal Government                                             F.105            23    L.105            73
x

    Sectors

    Rest of the World                                         F.106   24   L.106   74
    Financial Business                                        F.107   25   L.107   75
      Monetary Authority                                      F.108   26   L.108   76
      Private Depository Institutions                         F.109   27   L.109   77
         U.S.-Chartered Depository Institutions               F.110   28   L.110   78
         Foreign Banking Offices in U.S.                      F.111   29   L.111   79
         Banks in U.S.-Affiliated Areas                       F.112   30   L.112   80
         Credit Unions                                        F.113   30   L.113   80
      Property-Casualty Insurance Companies                   F.114   31   L.114   81
      Life Insurance Companies                                F.115   32   L.115   82
      Private and Public Pension Funds                        F.116   33   L.116   83
         Private Pension Funds                                F.117   34   L.117   84
         State and Local Government Employee Retirement
             Funds                                            F.118   35   L.118   85
         Federal Government Employee Retirement Funds         F.119   35   L.119   85
      Money Market Mutual Funds                               F.120   36   L.120   86
      Mutual Funds                                            F.121   36   L.121   86
      Closed-End and Exchange-Traded Funds                    F.122   36   L.122   86
      Government-Sponsored Enterprises                        F.123   37   L.123   87
      Agency- and GSE-Backed Mortgage Pools                   F.124   37   L.124   87
      Issuers of Asset-Backed Securities                      F.125   38   L.125   88
      Finance Companies                                       F.126   38   L.126   88
      Real Estate Investment Trusts                           F.127   39   L.127   89
      Security Brokers and Dealers                            F.128   40   L.128   90
      Holding Companies                                       F.129   41   L.129   91
      Funding Corporations                                    F.130   42   L.130   92


    Instruments

    U.S. Official Reserve Assets and SDR Allocations          F.200   43   L.200   93
    Special Drawing Rights (SDRs) Certificates and Treasury
    Currency                                                  F.201   43   L.201   93
    U.S. Deposits in Foreign Countries                        F.202   43   L.202   93
    Net Interbank Transactions                                F.203   44   L.203   94
    Checkable Deposits and Currency                           F.204   45   L.204   95
    Time and Savings Deposits                                 F.205   46   L.205   96
    Money Market Mutual Fund Shares                           F.206   46   L.206   96
                                                                                           xi

Instruments

Federal Funds and Security Repurchase Agreements        F.207      47    L.207       97
Open Market Paper                                       F.208      48    L.208       98
Treasury Securities                                     F.209      49    L.209       99
Agency- and GSE-Backed Securities                       F.210      50    L.210      100
Municipal Securities and Loans                          F.211      51    L.211      101
Corporate and Foreign Bonds                             F.212      52    L.212      102
Corporate Equities                                      F.213      53    L.213      103
Mutual Fund Shares                                      F.214      53    L.214      103
Depository Institution Loans Not Elsewhere Classified   F.215      54    L.215      104
Other Loans and Advances                                F.216      55    L.216      105
Total Mortgages                                         F.217      56    L.217      106
  Home Mortgages                                        F.218      57    L.218      107
  Multifamily Residential Mortgages                     F.219      57    L.219      107
  Commercial Mortgages                                  F.220      58    L.220      108
  Farm Mortgages                                        F.221      58    L.221      108
Consumer Credit                                         F.222      59    L.222      109
Trade Credit                                            F.223      60    L.223      110
Security Credit                                         F.224      60    L.224      110
Life Insurance Reserves                                 F.225      61    L.225      111
Pension Entitlements                                    F.226      61    L.226      111
Taxes Payable by Businesses                             F.227      61    L.227      111
Proprietors' Equity in Noncorporate Business            F.228      61    L.228      111
Direct Investment                                       F.229      62    L.229      112
Total Miscellaneous Financial Claims                    F.230      63    L.230      113
  Identified Miscellaneous Financial Claims - Part I    F.231      64    L.231      114
  Identified Miscellaneous Financial Claims - Part II   F.232      65    L.232      115
  Unidentified Miscellaneous Financial Claims           F.233      66    L.233      116
Sector Discrepancies                                    F.11       67
Instrument Discrepancies                                F.12       67

                                                         Balance Sheet    Reconciliation
                            Title                       Table     Page   Table      Page

Balance Sheet and Changes in Net Worth

Households and Nonprofit Organizations                  B.100     117    R.100      120
Nonfinancial Corporate Business                         B.102     118    R.102      121
Nonfarm Noncorporate Business                           B.103     119    R.103      122
xii


                                                                      Flows                   Levels
                            Title                            Table            Page    Table        Page

 Supplementary Tables
 Balance Sheet of Households and Nonprofit Organizations
 with Equity Detail                                                                  B.100.e           123
 Nonprofit Organizations                                    F.100.a           124    L.100.a           125
 Consolidated Statement for Federal, State, and Local
 Governments                                                F.105.c           126    L.105.c           127
 Life Insurance Companies: General Accounts                 F.115.g           128    L.115.g           129
 Life Insurance Companies: Separate Accounts                F.115.s           128    L.115.s           129
 Private Pension Funds: Defined Benefit Plans               F.117.b           130    L.117.b           131
 Private Pension Funds: Defined Contribution Plans          F.117.c           130    L.117.c           131
 Individual Retirement Accounts (IRAs)                      F.226.i           130    L.226.i           131
 State and Local Government Employee Retirement Funds:
 Defined Benefit Plans                                      F.118.b           132    L.118.b           133
 State and Local Government Employee Retirement Funds:
 Defined Contribution Plans                                 F.118.c           132    L.118.c           133
 Federal Government Employee Retirement Funds:
 Defined Benefit Plans                                      F.119.b           134    L.119.b           135
 Federal Government Employee Retirement Funds:
 Defined Contribution Plans                                 F.119.c           134    L.119.c           135
 Equity Real Estate Investment Trusts                       F.127.e           136    L.127.e           137
 Mortgage Real Estate Investment Trusts                     F.127.m           136    L.127.m           137

                                         Title                                        Table        Page

 Integrated Macroeconomic Accounts for the United States

 Total Economy–Current Account                                                        S.1.a        138
 Selected Aggregates for Total Economy and Sectors                                    S.2.a        139
 Households and Nonprofit Institutions Serving Households                             S.3.a        141
 Nonfinancial Noncorporate Business                                                   S.4.a        144
 Nonfinancial Corporate Business                                                      S.5.a        147
 Financial Business                                                                   S.6.a        150
 Federal Government                                                                   S.7.a        153
 State and Local Governments                                                          S.8.a        156
 Rest of the World                                                                    S.9.a        159