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.


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522 entries in Financial Accounts Release Highlights

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Date Highlights Count
2024q3Instrument table reorganization and renumbering: Transaction and level instrument tables F.200 and L.200 through F.205 and L.205 have been reorganized and renumbered to align more closely with international guidelines set forth in the System of National Accounts 2008. These changes also align the treatment of monetary gold, special drawing rights (SDRs), other U.S. official reserves, currency, and deposits throughout the Financial Accounts of the United States, including the Integrated Macroeconomic Accounts (tables S.1.a-S.9.a) and international data submissions (https://www.federalreserve.gov/apps/fof/InternationalData.aspx). Additional release highlights provide more information.1
2024q3New monetary gold and special drawing rights (SDRs) tables: New tables for monetary gold and special drawing rights (SDRs) (tables F.200 and L.200) reorganize line items previously published on the now discontinued tables for U.S. official reserve assets and SDR allocations (previously F.200 and L.200). Monetary gold is now presented at market value, consistent with the Bureau of Economic Analysis' (BEA) International Investment Position data. Gold certificates issued by the Treasury to the Federal Reserve are now categorized as miscellaneous financial claims (tables F.234 and L.234). Other official reserve assets have been reclassified to other instrument categories as described in a separate release highlight.2
2024q3Currency and deposits tables renumbered: The instrument tables for currency and deposits have been renumbered as follows: interbank assets and liabilities are now tables F.202 and L.202 (previously F.203 and L.203), checkable deposits and currency are now tables F.203 and L.203 (previously F.204 and L.204), time and savings deposits are now tables F.204 and L.204 (previously F.205 and L.205).3
2024q3New other deposits instrument category: The new instrument category other deposits (tables F.205 and L.205) brings together deposits that are liabilities of institutions other than U.S. depository institutions and are not classified as interbank assets and liabilities. Other deposits include foreign deposits, previously reported on the now discontinued U.S. deposits in foreign countries tables (previously F.203 and L.203); reserve position in the IMF, previously reported on the now discontinued tables U.S. official reserve assets and SDR allocations (previously F.200 and L.200); and Postal Savings System deposits, deposits at Federal Home Loan Banks, and federal government nonofficial foreign currency deposits, previously reported as miscellaneous financial claims (tables F.234 and L.234).4
2024q3New total currency and deposits tables: New transaction and level instrument tables for total currency and deposits (F.201 and L.201) aggregate the tables for interbank assets and liabilities (F.202 and L.202), checkable deposits and currency (F.203 and L.203), time and savings deposits (F.204 and L.204), and other deposits (F.205 and L.205).5
2024q3Interbank assets and liabilities now include monetary authority holdings of official and nonofficial foreign currency deposits: The instrument interbank assets and liabilities (tables F.202 and L.202) now includes monetary authority holdings of official reserve deposits in foreign currency, previously reported in the now discontinued U.S. official reserve assets and SDR allocations instrument category (previously F.200 and L.200). Nonofficial holdings of foreign currencies (swap lines) have also been reclassified from identified miscellaneous financial claims (tables F.234 and L.234) to interbank assets and liabilities.6
2024q3Checkable deposits and currency now include Treasury currency: Treasury currency has been reclassified to the instrument checkable deposits and currency (tables F.203 and L.203) and the data has been updated to reflect the face value of minted coins and outstanding U.S. notes. Treasury currency was previously reported on the discontinued special drawing rights (SDRs) certificates and Treasury currency tables (previously F.201 and L.201). Monetary authority holdings of coin are also included in checkable deposits and currency.7
2024q3New other official reserves detail and reclassification: The category other official reserves, previously reported on the now discontinued U.S. official reserve assets and SDR allocations tables (previously F.200 and L.200), has been reclassified and additional detail has been provided as follows: monetary authority holdings of official foreign currency deposits are reported as interbank assets and liabilities (tables F.202 and L.202), federal government holdings of official foreign currency deposits are reported as other deposits (tables F.205 and L.205), official holdings of foreign securities are reported as foreign bonds (tables F.213 and L.213), and "other" other reserves are reported as security repurchase agreements (tables F.207 and L.207).8
2024q3SDR certificates reclassification: SDR certificates have been reclassified as identified miscellaneous financial claims (tables F.234 and L.234). SDR certificates were previously reported on the now discontinued special drawing rights (SDRs) certificates and Treasury currency tables (previously F.201 and L.201).9
2024q3Changes to miscellaneous financial claims: As described in other release highlights, several items have been reclassified from miscellaneous financial claims (tables F.234 and L.234) to deposit instruments, and gold and SDR certificates have been reclassified from now discontinued tables to miscellaneous financial claims.10
2024q3Credit union multifamily, commercial, and farm mortgages: Beginning 1997:Q1, the credit union sector (tables F.214 and L.114) now shows holdings of multifamily residential mortgages (tables F.219 and L.219), commercial mortgages (tables F.220 and L.220), and farm mortgages (tables F.221 and L.221). These loans were previously included in credit unions' home mortgages before 2022:Q1 and depository institutional loans n.e.c. thereafter.11
2024q3National Income and Product Account annual update: The statistics in this publication reflect the 2024 annual update of the National Income and Product Accounts (NIPAs) released by BEA on September 26, 2024, as well as information for 2024:Q3 released on November 27, 2024. See the October 2024 issue of the Survey of Current Business at https://apps.bea.gov/scb/ for further details.12
2024q3Net capital transfers paid to private pensions: Special financial assistance payments by the Pension Benefit Guaranty Corporation to private pensions, as authorized by the American Rescue Plan Act of 2021, are now recorded as federal government net capital transfers on the tables for private pensions (F.118), and net capital transfers (F.5). This treatment aligns with the 2024 annual update of the NIPAs.13
2024q3Fixed assets annual update: Investment, depreciation, and capital stock data for private and government sectors have been revised beginning 2019:Q1 to reflect updated annual estimates of fixed assets from BEA.14
2024q3Nonfinancial noncorporate business benchmark: Nonfinancial noncorporate business sector data (tables F.104, L.104, B.104, and R.104) have been revised beginning 2022:Q1 to reflect new benchmark data from the Internal Revenue Service (IRS) Statistics of Income (SOI) for 2022.15
2024q2State and local government benchmarking: Asset holdings of state and local governments (tables F.107 and L.107) have been revised from 2003:Q2 forward due to: (1) the incorporation of additional data from the U.S. Census Bureau's annual Survey of State and Local Government Finances on workers' compensation and miscellaneous insurance trust funds, (2) updated financial asset allocation detail from a sample of Comprehensive Annual Financial Reports for 2019:Q2, and (3) improved methodology for estimating quarterly levels, transactions, and revaluations between annual Census benchmarks.16
2024q2Interbank assets and liabilities now reported gross: The interbank assets and liabilities instrument category, previously named "net interbank transactions," (tables F.203 and L.203) has been reorganized to show gross asset and liability positions between private depository institutions, their foreign affiliates, and the monetary authority. In previous publications, interbank transactions between the four U.S. private depository institution sectors and with foreign banks were recorded on a netted basis as interbank liabilities on sector tables. Now, in accordance with System of National Accounts 2008 international guidelines, positions due from other banking institutions are recorded as assets, and positions due to other banking institutions are recorded as liabilities. These changes are reflected in the monetary authority (tables F.109 and L.109), U.S.-chartered depository institutions (tables F.111 and L.111), foreign banking offices in the U.S. (tables F.112 and L.112), banks in U.S.-affiliated areas (tables F.113 and L.113), credit unions (tables F.114 and L.114), and rest of the world (tables F.133 and L.133).17
2024q2Vault cash instrument reclassified: Vault cash has been reclassified from the interbank assets and liabilities instrument category (see the above highlight) to the checkable deposits and currency category (tables F.204 and L.204). This change better aligns the Financial Accounts of the United States with the System of National Accounts 2008 international guidelines, which limit interbank positions to deposits and loans. Vault cash is the cash-on-hand (currency) of private depository institutions for daily transactions.18
2024q2Private pension 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 2022:Q1 to reflect new 2022 plan year data from U.S. Internal Revenue Service/Department of Labor/Pension Benefit Guaranty Corporation Form 5500.19
2024q1Revisions to net issuance of corporate equity in the nonfinancial corporate business sector: Net issuance of corporate equity in the nonfinancial corporate business sector (table F.103) has been revised to include equity issuance of private corporations related to venture capital investment and to improve measurement of equity issuance of private corporations related to private equity investment. Data revisions begin 2008:Q1.20
2024q1Nonfinancial corporate business benchmark: Assets of the nonfinancial corporate business sector (tables F.103, L.103, B.103, and R.103) have been revised from 2022:Q1 forward to reflect new benchmark data from the Internal Revenue Service (IRS) Statistics of Income (SOI) for 2022.21
2023q4Financial subsector corporate equity issues at market value: New detail on corporate equity issues outstanding at market value (table L.224) is now available for U.S.-chartered depository institutions, property-casualty insurance companies, life insurance companies, closed-end funds, exchange-traded funds, government-sponsored enterprises, mortgage REITs, securities brokers and dealers, holding companies, and other financial business. Previously, only total financial business sector corporate equity issuance outstanding was available. Additional detail on the split between publicly traded and closely held equity outstanding are also newly available on table L.224. Corresponding sector levels tables for all corporate equity issuing sectors now include line items for total liabilities and equity, total liabilities, and total equity. While transactions in financial sector corporate equities were unaffected for most sectors, estimates of net issues for government-sponsored enterprises have been revised due to new methodology.22
2023q4Corporate equities included in Issuer-to-Holder data: The next release of the Enhanced Financial Accounts Issuer-to-Holder (From-Whom-to-Whom) data will include the corporate equities instrument category. Previously, corporate equities were excluded from the issuer-to-holder dataset due to insufficient detail on financial sector issuance. With the incorporation of corporate equities, the issuer-to-holder dataset now covers all Financial Accounts instrument categories.23
2023q4Nonmarketable Treasury securities reclassified: Nonmarketable Treasury securities have been reclassified from the instrument category for Treasury securities (tables F.210 and L.210), a type of debt security, to other loans and advances (tables F.216 and L.216). This change aligns the Financial Accounts more closely with the System of National Accounts 2008 (SNA) international guidelines under which only negotiable debt instruments, such as marketable Treasury securities, are classified as debt securities. Measures of total debt (tables D.1-D.3), which include loans and debt securities, are unaffected.24
2023q4Central clearing counterparties supplementary table: A new supplementary table (L.132.c) showing financial assets and liabilities levels outstanding for central clearing counterparties (CCPs) has been added to the release. CCPs are included in the other financial business sector (tables F.132 and L.132). A forthcoming FEDS note, "Central Clearing Counterparties in the Financial Accounts of the United States" (Matthew Guse, Matthew Hoops, and Maria Perozek), details the construction of these data.25
2023q4Fraternal insurance companies reclassified: Fraternal insurance companies have been reclassified from the households and nonprofit organizations sector (tables F.101, L.101, B.101, R.101, and B.101.n) to the life insurance companies sector (tables F.116, L.116, F.116.g, L.116.g, F.116.s, and L.116.s) in accordance with System of National Accounts 2008 international guidelines. Historical revisions related to the reclassification extend back to 1987:Q1. While fraternal insurance companies in the United States are nonprofit organizations and file returns with the Internal Revenue Service under Section 501(c)(8) of the Internal Revenue Code, for statistical purposes they are included in the financial sector because they provide insurance services at economically significant prices.26
2023q4Change in net worth tables reformatted: The investment section of the change in net worth tables for the households and nonprofit organizations, nonfinancial corporate business, and nonfinancial noncorporate business sectors (tables R.101, R.103, and R.104, respectively) has been reformatted to align more closely with the presentation of assets and liabilities shown on the sector balance sheets (tables B.101, B.103, and B.104).27
2023q4New table on debt securities statistics added to the "International Data Submissions" page: A new table, Debt Securities Issues by Sector, Currency, Maturity, Interest Rate and Market of Issuance, Stocks at Market Value, has been added to the set of tables for the Bank for International Settlements (BIS) on the Financial Accounts Guide "International Data Submissions" webpage. The table is constructed using Enhanced Financial Accounts Issuer-to-Holder (From-Whom-To-Whom) estimates based on Z.1 Financial Accounts aggregate debt securities holdings data. These tables satisfy Recommendation 7 of the Second Phase of the G20 Data Gaps Initiative (DGI-2) and are submitted to the BIS in SDMX format.28
2023q3Equity REIT reclassification: The equity real estate investment trust (eREIT) sector (previously tables F.129.e and L.129.e) has been reclassified to the nonfinancial corporate business sector (tables F.103, L.103, B.103, R.103, and S.5.a) to better align with the System of National Accounts (SNA 2008) international guidelines. As a result, REITs reported in the domestic financial sector (tables F.129 and L.129) comprise only mortgage REITs (previously tables F.129.m and L.129.m) and the tables have been renamed accordingly. eREIT tables (F.129.e and L.129.e) are no longer separately available.29
2023q3National Income and Product Account comprehensive update: The statistics in this publication reflect the 2023 comprehensive update of the National Income and Product Accounts (NIPAs) released by the Bureau of Economic Analysis (BEA) on September 28, 2023, as well as information for 2023:Q3 released by BEA on November 29, 2023. This comprehensive update includes the reclassification of equity REITs to the nonfinancial business sector as well as updates to treatment of investment funds. See the November 2023 issue of the Survey of Current Business at https://apps.bea.gov/scb/ for further details on the 2023 comprehensive update.30
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