In 2003 substantial changes were made in the TIC banking data "U.S.
banking liabilities to foreigners" and "U.S. banking claims on foreigners".
(For your information: No changes were made in the data "U.S. transactions with foreigners
in long-term securities".)
Beginning February 2003, a number of changes to the
monthly/quarterly/semiannual TIC banking B-series data collection forms became
effective. The changes in both reporting format and enhancements in data coverage were formulated
by an interagency TIC User Group, which is comprised of representatives of the Department of the
Treasury, the Federal Reserve Board, the Federal Reserve Bank of New York and the Department of
Commerce’s Bureau of Economic Analysis. The reasons for the changes were to comply with
new and expanded international standards for reporting data on portfolio investment; to reduce
reporting burden; to clarify reporting concepts and instructions; and to improve the quality of
the series by closing known gaps in the data. A notice of these changes and a request for public
comments on these changes was published in the Federal Register in 2002, and some modifications
were made in view of the comments.
The changes in format and coverage of the B Forms also result in a
break in the banking data series. Consequently, there are now separate time series for B-series data
reported before February 2003 and the data reported as of February 2003 and thereafter.
A detailed outline of the changes affecting each form
is available immediately below in "Significant Reporting Changes for B-Forms". Overall, coverage has been broadened
to cover the positions of U.S. broker-dealer respondents with their affiliated foreign offices. (Depository
institutions and bank/financial holding companies (BHCs/FHCs) already reported these positions).
Further, the scope of the reports has also been extended to include cross-border brokerage balances
as well as offshore sweep accounts and loans to U.S. residents in “managed” foreign offices of U.S.
April 29, 2003
February 18, 2003
Significant Reporting Changes for B-Forms
(Effective beginning with Reports as of
February 28, 2003)
- Overall Changes
- Brokers and dealers will be required to report most cross-border positions
with affiliates (including positions with affiliates of their parents) which are
not in the form of long-term securities or derivative contracts. (Depository
institutions and bank holding companies/financial holding companies (BHCs/FHCs)
already report these positions.)
- The scope of reportable claims and liabilities of domestic customers of
depository institutions, BHCs/FHCs, brokers and dealers has been expanded.
Customers’ items to be reported include offshore sweep agreements, and loans to
U.S. residents booked at “managed” foreign offices. The titles of the BL-2 and
BQ-1 reports are changed from “Custody” claims and liabilities to “Customers’”
claims and liabilities to reflect the fact that items other than traditional
“custody” items are included.
- The scope of the reporter’s own claims and liabilities has been expanded
and are defined consistently with regulatory reports such as the FR 2950/2951.
It includes all amounts in the reporter’s “Due to/due from” accounts, unless in
an instrument that is specifically excluded.
- A new form, the BQ-3, will be required for those reporters with $4 billion
or more in reportable liabilities on the BL-1 or BQ-2. The form collects data on
- Form BC/BC(SA)
- Claims on foreign official institutions are combined with claims on banks.
- Claims to own foreign offices should be included in either claims on
foreign banks or claims to all other foreigners, and in a separate memorandum
- A new column to separately report negotiable CDs and other short-term
negotiable securities issued by foreign banks.
- A new column to separately report short-term negotiable securities of all
- Elimination of the memorandum row for resale agreements.
- Form BL-1/BL-1(SA)
- The reporting of all negotiable instruments is moved to the BL-2.
- The columns for demand deposits and non-transaction accounts are combined.
- Liabilities to own foreign offices should be included in either
liabilities to foreign banks or liabilities to all other foreigners, and in a
separate memorandum column.
- A memorandum row for non-interest bearing liabilities is added
- The memorandum row for CDs is eliminated.
- The repurchase agreements memorandum row is eliminated from the semiannual
- Form BL-2/BL-2(SA)
- Short-term U.S. agency obligations and other negotiable and readily
transferable instruments are combined.
- Memorandum cells are added to capture liabilities by sector of U.S. debtor
and type instrument.
- Form BQ-1
- Part 1, Reporter’s Own Claims (maturity information) is eliminated.
- New columns to separately report negotiable CDs and other negotiable
- Memorandum rows for commercial paper (included in the other short-term
securities columns) and for claims of U.S. banks are added.
- The IBF memorandum row is eliminated.
- Form BQ-2
- New columns to separately report non-negotiable deposits held by
foreigners and non-negotiable foreign deposits.
- Memorandum items have been added for negotiable CDs, negotiable short-term
securities and positions collateralized through repurchase and reverse
- Foreign currency liabilities of the reporter’s domestic customers must now
be reported in a new Part 2.
- The assets written off memorandum
- Form BQ-3
- Country code 80101 was renamed “Demand deposits”. In conjunction with this
change, columns 2 (Repurchase agreements and other liabilities) and 3 (Loan
liabilities) are no longer applicable and have been shaded.