For use at 12:00 p.m., eastern time 

March 8, 2012 

FEDERAL RESERVE statistical release

Z.1 

 

Flow of Funds Accounts 

of the United States

Flows and Outstandings

Fourth Quarter 2011

Board of Governors of the Federal Reserve System, Washington DC 20551
CFlow of Funds Summary Statistics 

Fourth Quarter 2011 

Debt of the domestic nonfinancial sectors expanded 

at a seasonally adjusted annual rate of 5 percent in 

the fourth quarter of 2011, about 1⁄2 percentage point 

more than the pace registered in the third quarter. 

 

Household debt increased at an annual rate of 1⁄4 

percent in the fourth quarter, the first increase since 

the second quarter of 2008. Consumer credit rose at 

an annual rate of 7 percent in the fourth quarter, the 

fifth consecutive quarterly increase. Home mortgage 

debt declined 11⁄2 percent in the fourth quarter, the 

smallest decline since the end of 2009. 

Nonfinancial business debt rose at an annual rate of 

41⁄2 percent in the fourth quarter, 1 percentage point 

higher than its third-quarter pace. Corporate bonds 

outstanding and business loans increased while 

commercial mortgage debt continued to decline. 

State and local government debt declined at an 

annual rate of 1 percent in the fourth quarter. For 

2011 as a whole, state and local debt declined almost 

2 percent, its first annual decrease since 1996. 

Federal government debt rose at an annual rate of 13 

percent in the fourth quarter. For all of 2011, federal 

debt rose 111⁄2 percent, the smallest annual increase 

since 2007. 

At the end of 2011, the level of domestic 

nonfinancial debt outstanding was $38.3 trillion, of 

which household debt was $13.2 trillion, nonfinancial 

business debt was $11.6 trillion, and total 

government debt was $13.5 trillion. 

Household net worth—the difference between the 

value of assets and liabilities—was $58.5 trillion at 

the end of 2011, about $1.2 trillion more than at the 

end of the third quarter. For 2011 as a whole, 

household net worth fell close to 3⁄4 percent, the first 

annual decrease since 2008. 

Growth of Domestic Nonfinancial DebtP

1

P

Percentage changes; quarterly data are seasonally adjusted annual rates 

 Total Households Business State and 

local govts. Federal 

2002 7.4 10.6 3.0 11.1 7.6 

2003 8.1 12.0 2.2 8.3 10.9 

2004 9.2 11.0 6.5 11.9 9.0 

2005 9.2 11.1 9.0 5.5 7.0 

2006 8.7 10.0 11.1 3.7 3.9 

 

2007 8.5 6.7 13.6 5.4 4.9 

2008 6.0 0.1 6.2 0.7 24.2 

2009 3.1 -1.7 -2.4 3.9 22.7 

2010 4.1 -2.1 0.7 2.2 20.2 

2011 3.7 -0.9 4.2 -1.9 11.4 

2010:Q1 3.5 -3.1 -0.1 2.4 20.6 

 Q2 3.9 -2.2 -1.3 -0.5 22.5 

 Q3 3.7 -2.2 1.8 2.1 16.0 

 Q4 4.9 -0.7 2.5 4.8 16.4 

 

2011:Q1 2.3 -1.9 4.1 -3.3 7.9 

 Q2 3.0 -0.6 4.4 -3.5 8.6 

 Q3 4.4 -1.2 3.6 0.0 14.1 

 Q4 4.9 0.3 4.6 -1.0 13.1 

1. Changes shown are on an end-of-period basis. 

 
Table of Contents 

Title Table Page 

Flow of Funds Accounts, Fourth Quarter 2011 1 

Availability of Data for Latest Quarter 4 

Credit Market Debt Growth by Sector D.1 7 

Credit Market Borrowing by Sector D.2 8 

Credit Market Debt Outstanding by Sector D.3 9 

Flows Levels

Title Table Page Table Page 

Summaries 

Total Credit Market Borrowing and Lending F.1 10 L.1 61 

Credit Market Borrowing by Nonfinancial Sectors F.2 11 L.2 62 

Credit Market Borrowing by Financial Sectors F.3 11 L.3 62 

Credit Market Borrowing, All Sectors, by Instrument F.4 12 L.4 63 

Total Liabilities and Its Relation to Total Financial Assets F.5 12 L.5 63 

Distribution of Gross Domestic Product F.6 13 

Distribution of National Income F.7 14 

Saving and Investment F.8 15 

Net Capital Transfers F.9 16 

Derivation of Measures of Personal Saving F.10 17 L.10 64 

 
Flows Levels

Title Table Page Table Page

Sectors 

Households and Nonprofit Organizations F.100 18 L.100 65 

Nonfinancial Business F.101 19 L.101 66 

Nonfinancial Corporate Business F.102 20 L.102 67 

Nonfinancial Noncorporate Business F.103 21 L.103 68 

Farm Business (Discontinued) 

State and Local Governments F.105 22 L.105 69 

Federal Government F.106 23 L.106 69 

Rest of the World F.107 24 L.107 70 

Financial Business F.108 25 L.108 71 

 Monetary Authority F.109 26 L.109 72 

 U.S.-Chartered Commercial Banks F.110 27 L.110 73 

 Foreign Banking Offices in U.S. F.111 28 L.111 74 

 Bank Holding Companies F.112 29 L.112 75 

 Banks in U.S.-Affiliated Areas F.113 29 L.113 75 

 Savings Institutions F.114 30 L.114 76 

 Credit Unions F.115 31 L.115 77 

 Property-Casualty Insurance Companies F.116 31 L.116 77 

 Life Insurance Companies F.117 32 L.117 78 

 Private Pension Funds F.118 32 L.118 78 

 State and Local Government Employee Retirement Funds F.119 33 L.119 79 

 Federal Government Retirement Funds F.120 33 L.120 79 

 Money Market Mutual Funds F.121 34 L.121 80 

 Mutual Funds F.122 34 L.122 80 

 Closed-End and Exchange-Traded Funds F.123 34 L.123 80 

 Government-Sponsored Enterprises F.124 35 L.124 81 
Flows Levels

Title Table Page Table Page

 Agency- and GSE-Backed Mortgage Pools F.125 35 L.125 81 

 Issuers of Asset-Backed Securities F.126 36 L.126 82 

 Finance Companies F.127 36 L.127 82 

 Real Estate Investment Trusts F.128 37 L.128 83 

 Security Brokers and Dealers F.129 38 L.129 84 

 Funding Corporations F.130 38 L.130 84 

Instruments 

U.S. Official Reserve Assets and SDR Allocations F.200 39 L.200 85 

Special Drawing Rights (SDRs) Certificates and Treasury Currency F.201 39 L.201 85 

U.S. Deposits in Foreign Countries F.202 39 L.202 85 

Net Interbank Transactions F.203 40 L.203 86 

Checkable Deposits and Currency F.204 41 L.204 87 

Time and Savings Deposits F.205 42 L.205 88 

Money Market Mutual Fund Shares F.206 42 L.206 88 

Federal Funds and Security Repurchase Agreements F.207 43 L.207 89 

Open Market Paper F.208 43 L.208 89 

Treasury Securities F.209 44 L.209 90 

Agency- and GSE-Backed Securities F.210 45 L.210 91 

Municipal Securities and Loans F.211 46 L.211 92 

Corporate and Foreign Bonds F.212 47 L.212 93 

Corporate Equities F.213 48 L.213 94 

Mutual Fund Shares F.214 48 L.214 94 

Bank Loans Not Elsewhere Classified F.215 49 L.215 95 

Other Loans and Advances F.216 50 L.216 96 
 Flows Levels

Title Table Page Table Page

Total Mortgages F.217 51 L.217 97 

Home Mortgages F.218 52 L.218 98 

Multifamily Residential Mortgages F.219 52 L.219 98 

Commercial Mortgages F.220 53 L.220 99 

Farm Mortgages F.221 53 L.221 99 

Consumer Credit F.222 54 L.222 100 

Trade Credit F.223 54 L.223 100 

Security Credit F.224 54 L.224 100 

Life Insurance and Pension Fund Reserves F.225 55 L.225 101 

Taxes Payable by Businesses F.226 55 L.226 101 

Proprietors' Equity in Noncorporate Business F.227 55 L.227 101 

Total Miscellaneous Financial Claims F.228 56 L.228 102 

 Identified Miscellaneous Financial Claims - Part I F.229 57 L.229 103 

Identified Miscellaneous Financial Claims - Part II F.230 58 L.230 104 

Unidentified Miscellaneous Financial Claims F.231 59 L.231 105 

Sector Discrepancies F.11 60 

Instrument Discrepancies F.12 60 

Balance Reconciliation

Sheet

Title Table Page Table Page 

Balance Sheet and Reconciliation Tables

Households and Nonprofit Organizations B.100 106 R.100 109 

Nonfinancial Corporate Business B.102 107 R.102 110 

Nonfarm Noncorporate Business B.103 108 R.103 111 
Flows Levels

Title Table Page Table Page

Supplementary Tables 

Nonprofit Organizations F.100.a 112 L.100.a 113 

Consolidated Statement for Federal, State, and Local Governments F.106.c 114 L.106.c 115 

Private Pension Funds: Defined Benefit Plans F.118.b 116 L.118.b 117 

Private Pension Funds: Defined Contribution Plans F.118.c 116 L.118.c 117 

Individual Retirement Accounts (IRAs) F.225.i 116 L.225.i 117 

Flow of Funds Matrix for 2011 118 119 

Balance Sheet of Households and Nonprofit Organizations 

 with Equity Detail B.100.e 120 
Flow of Funds Accounts, Fourth Quarter 2011 

This publication presents the Flow of Funds 

Accounts for 2011:Q4. The statistics in the attached 

tables reflect the use of new or revised source data. 

Most significant revisions appear in recent quarters; 

however, new source information resulted in changes 

to data for earlier periods. 

Release Highlights. Major data revisions, structural 

changes, and release enhancements introduced this 

quarter are described below: 

1. Tables in the Z.1 for the farm sector (tables F.104 

and L.104) have been discontinued, but no tables in 

the release have been renumbered. Corporate farms 

are now included with the nonfinancial corporate 

sector (tables F.102, L.102, B.102, and R.102), and 

noncorporate farms are included with the 

nonfinancial noncorporate sector (tables F.103, 

L.103, B.103, and R.103). These changes make the 

tables for the nonfinancial business sectors consistent 

in concept with the tables shown in the Integrated 

Macroeconomic Accounts (IMA). The IMAs are a 

joint publication of the Bureau of Economic Analysis 

and the Federal Reserve Board that presents a full 

sequence of accounts as described in the System of 

National Accounts (SNA). In addition, farm land is 

now included on tables S.4.a, S.4.q, S.5.a, and S.5.q 

in the IMA. The underlying farm series are still 

available as unpublished series from the online 

Federal Reserve Data Download Program (DDP).

2. Starting with 2006:Q1, the U.S. chartered 

commercial banks sector (tables F.110 and L.110) 

and the bank holding companies sector (tables F.112 

and L.112) have been modified to show bank-owned 

life insurance (BOLI) reserves as a separate line item. 

These reserves were formerly included in 

miscellaneous assets. Life insurance reserves of the 

household sector (tables F.100 and L.100) have been 

reduced by the amount of the BOLI assets, leaving 

total life insurance reserve liabilities in the life 

insurance sector (tables F.117 and L.117) unchanged. 

The instrument table for life insurance and pension 

fund reserves (F.225 and L.225) has been modified to 

show the BOLI assets of banks and bank holding 

companies. 

3. For the real estate investment trust (REITS) sector 

(tables F.128 and L.128), separate data for equity 

REITS and mortgage REITS are now available 

through the Federal Reserve Data Download Program 

(DDP). Detail on the calculations can be found in the 

Flow of Funds Guide. 

4. In the Flow of Funds Guide, descriptions of some 

sectors on the Series Structure page now include 

Corresponding 2008 SNA sector identifiers in 

parentheses. 

Explanatory notes for tables D.1, D.2, and D.3. 

Domestic debt comprises credit market funds 

borrowed by U.S. entities from both domestic and 

foreign sources, while foreign debt represents 

amounts borrowed by foreign financial and 

nonfinancial entities in U.S. markets only. Financial 

sectors consist of government-sponsored enterprises, 

agency- and GSE-backed mortgage pools, the 

monetary authority, and private financial institutions. 

Credit market debt consists of debt securities, 

mortgages, bank loans, commercial paper, consumer 

credit, U.S. government loans, and other loans and 

advances; it excludes trade debt, loans for the 

purpose of carrying securities, and funds raised from 

equity sources. This definition is consistent with the 

presentation of credit market borrowing and lending 

on tables F.1 through F.4. Net lending (+) or net 

borrowing (-) on the individual sector tables and the 

matrix is defined as net acquisition of financial assets 

less net increase in liabilities. 

Growth rates in table D.1 are calculated by dividing 

seasonally adjusted flows from table D.2 by 

seasonally adjusted levels at the end of the previous 

period from table D.3. Seasonally adjusted levels in 

flow of funds statistics are derived by carrying 

forward year-end levels by seasonally adjusted flows. 

Growth rates calculated from changes in unadjusted 

levels printed in table L.2 can differ from those in 

table D.1. 

Relation of Flows to Outstandings. Estimates of 

financial assets and liabilities outstanding are linked 

to data on flows. However, figures on outstandings 

contain discontinuities or breaks in series that could 

affect analysis of particular relationships over time. 

Specifically, outstandings in the Flow of Funds 

Accounts are related to flows in the following way: 

Outstanding B

tB = Outstanding Bt-1B+ Flow BtB+ DiscontinuityBtB

where “t” is the time period. 

Discontinuities result from changes in valuation, 

breaks in source data, and changes in definitions. For 

most series, the value of the discontinuity is zero for 

1 
nearly all time periods. However, in a few instances, 

the discontinuity is nonzero for almost all time 

periods, or is quite large in a particular quarter, such 

as a period when there is a sharp increase or decrease 

in equity prices or a major break in source data. 

The discontinuities in a series can distort estimated 

rates of growth in assets and liabilities between 

periods. In order to minimize these distortions, 

percentage changes in assets and liabilities in flow of 

funds releases should be calculated as: 

Percentage change B

tB = (Flow BtB / Outstanding Bt-1B) * 100 

Preliminary Estimates. Figures shown for the most 

recent quarter in these tables are based on 

preliminary and incomplete information. A summary 

list of the principal sources of information available 

when the latest quarter's data were compiled is 

provided in a table following this introduction. The 

distinction between “available” data and “missing” 

data is not between final and preliminary versions of 

data, but rather between those source estimates that 

are fully ready when the latest quarterly publication 

is compiled and those that are not yet completed. 

However, the items that are shown as available are, in 

general, also preliminary in the sense that they are 

subject to revision by source agencies. 

Margins of Uncertainty. Flow of funds statistics are 

subject to uncertainties resulting from measurement 

errors in source data, incompatibilities among data 

from different sources, potential revisions in both 

financial and nonfinancial series, and incomplete data 

in parts of the accounts. The size of these 

uncertainties cannot be quantified in precise 

statistical terms, but allowance for them is explicitly 

made throughout the accounts by the inclusion of 

“discrepancies” for various sectors and instrument 

types. A discrepancy for a sector is the difference 

between its measured sources of funds and its 

measured uses of funds. For an instrument category, 

a discrepancy is the difference between measured 

funds borrowed through the financial instrument and 

measured funds lent through that instrument. The size 

of such discrepancies relative to the main asset or 

liability components is one indication of the quality 

of source data, especially on an annual basis. For 

quarterly data, differences in seasonal adjustment 

procedures for financial and nonfinancial components 

of the accounts sometimes result in discrepancies that 

cancel in annual data. 

Availability of Data. Flow of funds statistics are 

updated about ten weeks following the end of a 

quarter. This publication — the Z.1 release — is 

available from the Board's Publications Services. 

Flow of funds data are also available electronically 

through the Internet at the following location: 

www.federalreserve.gov/releases/Z1

This Internet site also provides coded tables and 

historical annual tables beginning in 1945 that 

correspond to the tables published in this release. 

There are also compressed ASCII files of quarterly 

data for seasonally adjusted flows, unadjusted flows, 

outstandings, balance sheets, debt (tables D.1, D.2, 

and D.3), and supplementary tables. 

In addition, these data, as well as data for the 

quarterly and annual Integrated Macroeconomic 

Accounts for the United States tables, are available as 

customizable download datasets through the Data 

Download Program (DDP) at the following location: 

www.federalreserve.gov/datadownload/Choose.aspx?rel=Z.1 

An interactive, web-based guide to the Flow of Funds 

Accounts is available through the Z.1 release page. 

The tools and descriptions within this guide are 

designed to help users explore the structure and 

content of the Z.1 and the Integrated Macroeconomic 

Accounts.

Subscription Information. The Federal Reserve 

Board charges for subscriptions to all statistical 

releases. Inquiries for releases should be directed to: 

Publications Services, Stop 127 

Board of Governors 

of the Federal Reserve System 

20th Street and Constitution Avenue, N.W. 

Washington, DC 20551 

(202) 452-3244 

2 
[THIS PAGE INTENTIONALLY LEFT BLANK] 

3 
Availability of Data for Latest Quarter 

UAvailable at time of publicationU Major items missing U U

1. National income and product 

accounts (NIPA) 

Second estimate, seasonally adjusted, 

for 2011:Q4. 

Unadjusted flows since 2010 for 

the government sectors. 

Unadjusted flows since 2006 for all 

other sectors. 

 2. Households and nonprofit 

organizations sector 

 (tables F.100 and L.100) 

Estimates for this sector are largely residuals and are derived from data for 

other sectors. Availability of data depends on schedules for other sectors. 

Data for consumer credit, which are estimated directly, are available through 

2011:Q4. 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. 

 3. Nonfinancial corporate business 

 (tables F.102 and L.102) 

Quarterly Financial Report (QFR) of 

the Census Bureau through 2011:Q3; 

Internal Revenue Service Statistics of 

Income (IRS/SOI) data through 2009; 

securities offerings, mortgages, bank 

loans, commercial paper, other loans, 

and corporate farms through 2011:Q4. 

Statistics of Income data since 

2009. QFR for 2011:Q4. 

 4. Nonfinancial noncorporate 

business 

 (tables F.103 and L.103) 

IRS/SOI data through 2009; bank and 

finance company loans, mortgage 

borrowing, and noncorporate farms 

through 2011:Q4. 

Statistics of Income data since 

2009. 

 5. State and local governments 

 (tables F.105 and L.105) 

Gross offerings and retirements of 

municipal securities, deposits at banks, 

and nonmarketable U.S. government 

security issues through 2011:Q4; total 

financial assets through 2009:Q2 from 

the Census Bureau; breakdown of 

financial assets through 2004:Q2 from 

the comprehensive annual financial 

reports of state and local governments. 

Total financial assets since 

2009:Q2 and selected financial 

asset detail since 2004:Q2. 

 6. Federal government 

 (tables F.106 and L.106) 

Data from the Monthly Treasury 

Statement of Receipts and Outlays and 

Treasury data for loan programs and the 

Troubled Assets Relief Program 

(TARP) through 2011:Q4. 

None. 

4 
 7. Rest of the world 

 (U.S. international transactions) 

 (tables F.107 and L.107) 

Balance of payments data through 

2011:Q3. NIPA estimates; data from 

bank Reports of Condition and from 

Treasury International Capital System 

through 2011:Q4. 

Balance of payments data for 

2011:Q4. 

 8. Monetary authority 

 (tables F.109 and L.109) 

All data through 2011:Q4. None. 

9. U.S.-chartered commercial banks 

 (tables F.110 and L.110) 

All data through 2011:Q4. None. 

10. Foreign banking offices in U.S. 

 (tables F.111 and L.111) 

All data through 2011:Q4. None. 

11. Bank holding companies 

 (table F.112 and L.112) 

All data through 2011:Q4. None. 

12. Banks in U.S.-affiliated areas 

 (tables F.113 and L.113) 

All data through 2011:Q4 for 

commercial banks in U.S.-affiliated 

areas. All data through 2010 for 

branches of domestic commercial banks 

located in U.S.-affiliated areas. 

Data since 2010 for branches of 

domestic commercial banks 

located in U.S.-affiliated areas. 

13. Savings institutions 

 (tables F.114 and L.114) 

All data through 2011:Q4. None. 

14. Credit unions 

 (tables F.115 and L.115) 

All data through 2011:Q4. None. 

15. Property-casualty insurance 

companies 

 (tables F.116 and L.116) 

All data through 2011:Q3. Preliminary 

data for 2011:Q4. 

Final data for 2011:Q4. 

16. Life insurance companies 

 (tables F.117 and L.117) 

All data through 2011:Q3. Preliminary 

data for 2011:Q4. 

Final data for 2011:Q4. 

17. Private pension funds 

 (tables F.118 and L.118) 

Internal Revenue Service/Department of 

Labor/Pension Benefit Guaranty 

Corporation Form 5500 data through 

2007. 

Form 5500 data since 2007. 

18. State and local government 

employee retirement funds 

 (tables F.119 and L.119) 

Detailed data through 2008:Q2 from the 

Census Bureau; sample data through 

2011:Q4 from the Census Bureau. 

Detailed data since 2008:Q2. 

19. Federal government retirement 

funds 

 (tables F.120 and L.120) 

Data from the Monthly Treasury 

Statement of Receipts and Outlays, the 

Thrift Savings Plan, and the National 

Railroad Retirement Investment Trust 

through 2011:Q4. 

None. 

5 
20. Money market mutual funds 

 (tables F.121 and L.121) 

All data through 2011:Q4. None. 

21. Mutual funds 

 (tables F.122 and L.122) 

All data through 2011:Q4. None. 

22. Closed-end funds 

 (tables F.123 and L.123) 

All data through 2011:Q4. None. 

23. Exchange-traded funds 

 (tables F.123 and L.123) 

All data through 2011:Q4. None. 

24. Government-sponsored 

enterprises 

 (tables F.124 and L.124) 

Data for Fannie Mae, FHLB, FICO, 

FCS, and REFCORP through 2011:Q4. 

Data for Freddie Mac and Farmer Mac 

through 2011:Q3. 

Data for Freddie Mac and Farmer 

Mac for 2011:Q4. 

25. Agency- and GSE-backed 

mortgage pools 

 (tables F.125 and L.125) 

Data for Fannie Mae, and Ginnie Mae 

through 2011:Q4. Data for Freddie Mac 

and Farmer Mac through 2011:Q3. 

Data for Freddie Mac and Farmer 

Mac for 2011:Q4. 

26. Issuers of asset-backed securities 

(ABSs) 

 (tables F.126 and L.126) 

All data for private mortgage pools, 

consumer credit, business loans, student 

loans, consumer leases, and trade credit 

securitization through 2011:Q4. 

None. 

27. Finance companies 

 (tables F.127 and L.127) 

All data through 2011:Q4. None. 

28. Real estate investment trusts 

(REITs) 

 (tables F.128 and L.128) 

Final data from SNL Financial through 

2011:Q3. 

Final data from SNL Financial 

for 2011:Q4. 

29. Security brokers and dealers 

 (tables F.129 and L.129) 

Data for firms filing FOCUS and FOGS 

reports through 2011:Q4. 

None. 

30. Funding corporations 

 (tables F.130 and L.130) 

Estimates for this sector are largely 

residuals and are derived from data for 

other sectors. 

 

6