Full text of Treasury Bulletin : December 1985

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LIBRARY
ROOM 5030
MAY

1

1986

TREASURY DEPARTMENT

DEPARTMENT OF THE TREASURY
FINANCIAL

MANAGEMENT SERVICE

OFFICE OF THE COMMISSIONER

WASHINGTON,

D.C.

20226

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DEPARTMENT OF THE TREASURY
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i

Fall

!

1

8

r

Issue
'

TREASURY

Office of the Secretary
Department of the Treasury
Washington, D.C.

E

*

<£™
:q
Fiscal

1985

TF.EASJ*"

Compiled by
Financial
Service

Management

TREASURY

Compiled by

Office of the Secretary
Department of the Treasury
Washington, D.C.

The Treasury Bulletin is
U.S. Government

Financial
Service

for sale

by the Superintendent of Documents,
Washington, D C 20402

Printing Office,

Management

©©La^LfLlfe
FALL ISSUE

D FOURTH QUARTER, FISCAL 1985

FINANCIAL OPERATIONS

Page

FEDERAL FISCAL OPERATIONS
FFO-1.

FFO-2.

4

Budget receipts by source

-

Chart

3

Summary of fiscal operations
Budget and off-budget results

-

-

Chart

Budget receipts by source

-

Budget outlays by agency

-

FFO-3.

FEDERAL OBLIGATIONS
FO-1.

-

FO-2.

-

Gross obligations incurred within and outside the Federal Government by object class
Gross obligations incurred outside the Federal Government by department or agency

10
11

ACCOUNT OF THE U.S. TREASURY
Elements of changes in Federal Reserve and tax and loan note account balances

-

UST-1.

13

FEDERAL DEBT
FD-1.

-

FD-2.

-

Interest-bear ing public debt

FD-3.

-

FD-4.

-

FD-5.

-

Government account series
Interest-bearing securities issued by Government agencies
Maturity distribution and average length of marketable interest-bearing public debt held by private investors

FD-6.

-

Debt subject to statutory limitation

I7

FD-7.

-

Treasury holdings of securities issued by Government corporations and other agencies

18

Summary of Federal debt

l

fe

17

PUBLIC DEBT OPERATIONS

PDO-1.

-

Treasury financing operations
Maturity schedule of interest-bearing marketable public debt securities other than regular weekly and 52-week
Treasury bills outstanding

PDO-2.

-

Offerings of bills

PDO-3.

-

PDO-4.

-

-

Article

22

Public offerings of marketable securities other than regular weekly Treasury bills
Allotments by investor classes on subscriptions for public marketable securities

SAVINGS BONDS AND NOTES

U.S.

1.

-

SBN-2.

-

Sales and redemptions by series, cumulative
Sales and redemptions by period, all series of savings bonds and notes combined

SBN-3.

-

Sales and redemptions by period,

SBN-

24

26

series

E,

EE,

H,

28
29

and HH

OWNERSHIP OF FEDERAL SECURITIES
OFS-1.

-

OFS-2.

-

Distribution of Federal securities by class of investors and type of issues
Estimated ownership of public debt securities by private investors

30
30

MARKET BID YIELDS ON TREASURY SECURITIES

Chart

Treasury market bid yields at constant maturities, bills, notes, and bonds

-

MBY-1.

31

32

Yields of Treasury securities

-

AVERAGE YIELDS OF LONG-TERM BONDS
AY-1.

-

Chart

-

Average yields of long-term Treasury, corporate, and municipal bonds by period
Average yields of long-term Treasury, corporate, and muni ci pal bonds

INTERNATIONAL STATISTICS
INTERNATIONAL FINANCIAL STATISTICS
IFS-1.

-

U.S. reserve assets

37

IFS-2.

-

38

IFS-3.

-

Selected U.S. liabilities to foreigners
Nonmarketable U.S. Treasury bonds and notes issued to official

IFS-4.

-

Weighted average of exchange rate changes for the dollar

institutions and other residents of foreign countries.

38

CAPITAL MOVEMENTS

LIABILITIES TO FOREIGNERS REPORTED BY 8ANKS IN THE UNITED STATES
- Total liabilities by type of holder
CM-I-2. - Total liabilities by type, payable in dollars

CM-I-1.
CM -1-3.

-

Total

liabilities by country

CM-I-4.

-

Total

liabilities by type and country
IN THE UNITED STATES

2
a 3
4 4

CLAIMS ON FOREIGNERS REPORTED BY BANKS
CM-II-1.

-

Total

claims by type

CM-II-2.

-

Total

claims by country

claims on foreigners by type and country reported by banks in the United States
SUPPLEMENTARY LIABILITIES AND CLAIMS DATA REPORTED BY BANKS IN THE UNITED STATES
CM-III-1. - Dollar claims on nonbank foreigners
separately..
CM-III-2. - Dollar liabilities to, and dollar claims on, foreigners in countries and areas not regularly reported
LIABILITIES TO, AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING BUSINESS ENTERPRISES IN THE UNITED STATES

CM-II-3.

-

Total

CM-IV-1.

-

Total

liabilities and claims by type

CM-IV-2.

-

Total

liabilities by country

CM-IV-3.

-

Total

liabilities by type and country

CM-IV-4.

-

Total

claims by country

CM-IV-5.

-

Total

claims by type and country

4 6
4 7

48

49

52

54

©@[JDft©ffi]fc
Page

TRANSACTIONS

LONG-TERM SECURITIES BY FOREIGNERS REPORTED BY BANKS AND BROKERS

IN

IN

THE UNITED STATES

CM-V-1.

-

Foreign purchases and sales of long-term domestic securities 6y type

55

CM-V-2.

-

Foreign purchases and sales of long-term foreign securities by type

55

CM-V-3.

-

Net foreign transactions in long-term domestic securities by type and country

56

CM-V-4.

-

Foreign purchases and sales of long-term securities, by type and country, latest date

57

CM-V-5.

-

Foreign purchases and sales of long- term securities, by type and country, latest year

58

FOREIGN CURRENCY POSITIONS
SUMMARY POSITIONS

positions

FCP-I-1.

-

Nonbanking firms'

FCP-I-2.

-

Weekly bank positions

60

60

CANADIAN DOLLAR POSITIONS
FCP-II-1.

-

Nonbanking firms' positions

61

FCP-1 1-2.

-

Weekly bank positions

61

GERMAN MARK POSITIONS
FCP-III-1.

-

Nonbanking firms'

FCP-III-2,

-

Weekly bank positions

positions

62

62

JAPANESE YEN POSITIONS

positions

FCP-IV-1.

-

Nonbanking firms'

FCP-IV-2.

-

Weekly bank positions

63

63

SWISS FRANC POSITIONS

FCP-V-1,

-

Nonbanking firms'

FCP-V-2.

-

Weekly bank positions

positions

64

64

STERLING POSITIONS
FCP-VI-1.

-

Nonbanking firms'

FCP-VI-2.

-

Weekly bank positions

U.S.

positions

65

65

DOLLAR POSITIONS ABROAD

FCP-VII-1.

-

Nonbanking firms'

FCP-vlI-2.

-

Weekly bank foreign office positions

foreign subsidiaries'

positions

66
66

EXCHANGE STABILIZATION FUND
ESF-1.

-

Balance sheet

68

ESF-2.

-

Income and expense

68

CASH MANAGEMENT/DEBT COLLECTION
CASH MANAGEMENT INITIATIVES

Treasury Assumes New Collection and Deposit Author ity
Reform '88 Cash Management

72
72

SPECIAL REPORTS
TRUST FUNDS
Civil

service retirement and disability fund

Federal

disability Insurance trust fund

Federal

hospital

76
77

insurance trust fund

78

Federal old-age and survivors insurance trust fund

79

supplementary medical insurance trust fund

80

Federal

National

service life insurance fund

80

Railroad retirement account

81

Unemployment trust fund

82

Investments of specified trust accounts in public debt securities and agency securities by issue
U.S. CURRENCY AND COIN OUTSTANDING AND

Note.--Deta1

1

s

of figures may not add

Abbreviations and symbol:

r

IN

to

CIRCULATION

86

totals because of rounding.

represents Revised,

p

83

Preliminary, n.a. Not available.

t

Includes funds transferred from others.

D@BD!

FEDERAL FISCAL OPERATIONS
Table FFO-1.

- Summary

of Fiscal Operations

Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government]

[In millions of dollars.

Budget and off-budget results

Means of financing
Borrowing from the public

— Federal

— net

securities

transactions
Cash and monetary assets (deduct)

Budget
Fiscal year
or month

Net

Net

receipts

outlays

(1)

Other

(3)

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FEDERAL FISCAL OPERATIONS
Table FFO-2.
[In millions of dollars.

- Budget

Receipts by Source

Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government]

Social insurance
taxes and contributions

FEDERAL FISCAL OPERATIONS

- Budget

Table FFO-2.

Receipts

by Source-Continued

[In millions of dollars]

Social insurance
taxes and
contributions

—

Excise taxes
'

i

r

por

Con.

Fiscal year
or month

1982
1983
1984
1985

182,720
201,131
208,994
241,902
268,805

25
67
2,165
2,501
2,856

1986 (Est.).

287,164

n.a.

1984-Sept...
Oct
Nov

18,639

Dec...
1985-Jan
Feb
Mar
Apr.
May
June. ..
July...
Aug.
Sept...

Fiscal 1985.

dn

:

a

i

rway

trust

t

um:

Black lung disability
trust fund

Highway trust fund

Gross

Net
social

insurance
taxes and
contributions

1981

t

Refunds

Miscellaneous

FEDERAL FISCAL OPERATIONS

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CM

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CN

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CM

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8

FEDERAL FISCAL OPERATIONS
Table FFO-3.
[In millions of dollars.

Fiscal year
or month

Legislative
branch

1981
1982
1983
1984
1985

1,209
1.362
1,438
1,584
1,610

1986 (Est.)

1,715

1984-Sept
Oct
Nov
Dec

1985-Jan
Feb
Mar
Apr
May
June
July
Aug

Sept
Fiscal

1985

110
145
116
94
173
112
128
129
131

165

The
judiciary

637
705
787

866
966

69
79
67
96
66
60
99
119
75
63
74

149
141

103

122

66

1,610

- Budget

Outlays by Agency

Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government]

Executive
Office

Funds appropriated

of the

to the

President

President

Agriculture Department

Commerce
Department

Defense Department

Military

7.010
6,073
5,427
8,538
11,277

26,030
36,213
46,384
37,482
49,596

2,226
2,045
1.929
1.892
2,140

156,035
182,850
205,011
220,805
244.054

3,148
2,971
2.945
3.072
18,844

14,604

42,188

2,060

259,395

20,724

10

811
1,672
1.243
962

11
8

1,269
605

7

677

9

689
937
393

186
175
162
180
199
141
158
174
150
248

1,227
1,424

2,496
4,602
4,175
5,057
5,634
3,959
3.874
5,212
3.221
3.053
3.822
3,872
3,113

158
167

18,354
18,707
20,259
19.508
18.912
19,216
21,039
19,597
21,492
20,247
21,478
22,580
21.018

303
1,602
1,341
697
1,680
1,620
1,667
1,660
1,687
1,656
1,754
1,719
1,761

11,277

49,596

2,140

244.054

18,844

96
95
94
95
111

11
9

9
7

14
9

179

228

Education
Department

Civil

15.088

Energy
Department

9
FEDERAL FISCAL OPERATIONS
Table FFO-3.

- Budget

Outlays by Agency-Continued

[In millions of dollars]

)

FEDERAL OBLIGATIONS
"Obligations" are the basis on which the use of funds is controlled
Government.
They are recorded at the point at which the
Government makes a firm commitment to acquire goods or services and are
the first of the four key events order, delivery, payment, and conIn
sumption—which characterize the acquisition and use of resources.
general, they consist of orders placed, contracts awarded, services
received, and similar transactions requiring the disbursement of money.
In the Federal

—

Obligations are classified according to a uniform set of categorie:
based upon the nature of the transaction without regard to Its ultlmati
All payments for salaries and wages, for example, are reporter
purpose.
as personnel compensation, whether the personal services are used 1
current operations or In the construction of capital Items.
I

Federal agencies often do business with one another; 1n doing so
"buying" agency records obligations, and the "performing" agenc
records reimbursements.
In table FO-1, obligations Incurred within thi
Government are distinguished from those Incurred outside the Government. Table FO-2 shows only those incurred outside.
the

The obUgatlonal stage of Government transactions is a strategic
point In gauging the impact of the Government's operations on the
national economy, since It frequently represents for business firms the
Government commitment which stimulates business investment, Including
Disbursements may not
inventory purchases and employment of labor.
occur for months after the Government places its order, but the order
Itself usually causes Immediate pressure on the private economy.

Table FO-1.

- Gross Obligations

Incurred Within and Outside the Federal Government by Object Class, as of June 30, 1985

[In millions of dollars.

Source:

Standard Form 225, Report on Obligations, from agencies]
Gross obligations incurred

J

Object class

Personal services and benefits:

Personnel compensation
Personnel benefits
Benefits for former personnel

11,781

78,972
16,838
5,983

81,966
49,567

667
1,862
3,468
466
30,756
19,357

3,776
4,431
10,311
1,113
112.722
68,924

56,386
8,939
39,926

6,280
2,204
38

62,665
11,143
39,964

124.964
248,119
127,213

15,575
1,312
28,703

140,539
249,430
155.916
587

4

-162
8,400

78,972
5,056
5,983

Contractual services and supplies:
Travel and transportation of persons.
Transportation of things
Rent, communications, and utilities..
Printing and reproduction
Other services
Supplies and materials

3,108
2,569
6,843
647

Acquisition of capital assets:
Equipment
Lands and structures
Investments and loans
Grants and fixed charges:
Grants, subsidies, and contributions.
Insurance claims and indemnities
Interest and dividends
Refunds

587

Other:

Undistributed U.S. obligations

-165
992

Gross obligations incurred 1/

841,671

Un vouchered

1/ For Federal budget presentation a concept of "net obligations
This concept eliminates transactions
incurred" is generally used.

within the Government and revenue and reimbursements from the public
which by statute may be used by Government agencies without appropriation action by the Congress.
Summary figures on this basis
follow.
(Data are on the basis of Reports on Obligations

7,408

presentation and therefore may differ somewhat from the Budget of the U.S.
Government.
971,552
Gross obligations incurred (as above)
Deduct:
Advances, reimbursements, other income, etc
Of f se tti ng recei p ts
Net obligations incurred

-135,718
-125,072
710,762

11
FEDERAL OBLIGATIONS
Table FO-2.

— Gross

Obligations Incurred Outside the Federal Government by Department or Agency, as of June 30, 1985
[In

minions

of dollars.

Source:

Standard Form 225, Report on Obligations, from agencies]

Personal services and benefits

Classification

Contractual services and supplies

FEDERALOBLIGATIONS
Table FO-2.

-

Gross Obligations Incurred Outside the Federal Government

by Department or Agency, as of June 30,

1985— Con.

[In millions of dollars]

Grants and fixed charges
Acqul sition of
capital assets

Classification

Equipment

Lands
and
structures

Investments
and
loans

Grants,
subsidies,
and contri but ions

Insurance
claims
and indemnities

Interest
and

dividends

Refunds

Unvouchered

Undistrib-

ACCOUNT OF THE

U.S.

TREASURY

13

SOURCE AND AVAILABILITY OF THE BALANCE IN THE ACCOUNT OF THE U.S. TREASURY

The operating cash of the Treasury is maintained in Treasury's
accounts with the Federal Reserve banks and branches and in tax and loan
accounts.
Major information sources include the Daily Balance Hire
received from the Federal Reserve banks and branches, and electronic
transfers through the Treasury Financial Communications System.
As the
balances in the accounts at the Federal Reserve banks become depleted,
they are restored by calling In (withdrawing) funds from thousands of
financial institutions throughout the country authorized to maintain tax
and loan accounts.
Under authority of Public Law 95-147, the Treasury implemented a
program on Nov. 2, 1978, to invest a portion of its operating cash in
obligations of depositaries maintaining tax and loan accounts.
Under
the Treasury tax and loan investment program, depositary financial
Institutions select the manner in which they will participate in the
program.
Depositaries that wish to retain funds deposited in their tax
and loan accounts in interest-bearing obligations participate under the
Note Option; depositaries that wish to remit the funds to the Treasury's
account at Federal Reserve banks participate under the Remittance

Deposits to tax and loan accounts occur in the normal course of
business
under
a
uniform procedure applicable to all
financial
Institutions whereby customers of financial Institutions deposit with
them tax payments and funds for the purchase of Government securities.
In most cases the transaction involves merely the transfer of funds from
a customer's account to the tax and loan account in the same financial
institution.
On occasions, to the extent authorized by the Treasury,
financial institutions are permitted to deposit in these accounts
proceeds from subscriptions to public debt securities entered for their
own account as well as for the accounts of their customers.
The tax and loan system permits the Treasury to collect funds
through financial Institutions and to leave the funds In Note Option
depositaries and in the financial communities in which they arise until
such time as the Treasury needs the funds for Its operations.
In this
way the Treasury is able to neutralize the effect of its fluctuation
operations on Note Option financial
institution reserves and the
economy.

Option.

Table

UST— 1. — Elements

of

Changes

in

Federal Reserve and Tax and Loan Note Account Balances

[In millions of dollars.

Source:

Financial Management Service]

Credits and withdrawals
Federal Reserve accounts
Fiscal year
or month

Credits

1984-Sept.
Oct..
Nov..

Dec.
1985- Jan..
Feb..
Mar..
Apr..
May..
June.
July.
Aug.
Sept.

Proceeds from sales of securities

1/

Withdrawals^/
Received
directly

1981
1982
1983
1984
1985

Tax and loan note accounts
3/

Taxes SI

Marketable
issues

Received
through remittance option
tax and loan
deposi taries

1,372,394
1,512,662
1,752,320
1,808,415
2,017,708

80,177
94,732
107,837
125,293
146,759

1,453,153
1,599,939
1,854,575
1,941,748
2,168,806

32,479
89,581

126 ,852
161 115
178 574
157 243
166 ,515
153 020
137 726
214 891
187 364
149 ,801
166 402
175 673
284

11,697
11,411
10,467
12,960
12,136
10.487
12,712
13,375
12.244
13,100
12,570
11,849
13,448

134,063
177,249
190,621
167,104
178,621
165,546
150,681
212,028
216,977
161,544
179,601
186.518
183,215

4,443
7,801
10,633
9.244
8,780
5,535
5,967
6,607
6,144
4,652
7,505
8,582
8,131

Nonmarketable
issues 4/

941
771

949
827
962
55
64
61
70
83
70
83
94
93
82
92
91

79

377,041

Total
credits

Withdrawals
(transfers to
Federal Reserve
accounts)

FEDERAL DEBT
Table FD —
r

In

millions of dollars.

Source:

1.

- Summary

of Federal

Debt

Monthly Treasury Statement of Receipts and Outlays of the United States Government]

15

FEDERAL DEBT
Table FD — 3.
[In millions of dollars.

Airport and
End of
fiscal year
or month

— Government Account

Series

Source: Monthly Statement of the Public Debt of the United States]

16
FEDERAL DEBT
Table FD-4.

-

Interest-Bearing Securities Issued by Government Agencies

[In millions of dollars.
Source: Monthly Treasury Statement of Receipts and Outlays
of the United States Government and Financial Management Service]

End of
fiscal year
or month

17

FEDERAL DEBT
Table FD-5.

-

Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors
[In millions of dollars.

End of
fiscal year
or month

Amount
outstanding
privately
held

Source:

Office of Government Finance and Market Analysis in the Office of the Secretary]

Maturity classes
1-5

Within
1 year

years

5-10
years

10-20
years

20 years

1981
1 982
1983
1984
1985

549,863
682 ,043
862,631
1,017,488
1,185,675

256,187
314,436
379.579
437.941
472.661

182,237
221,783
294,955
332,808
402,766

48,743
75,749
99,174
130,417
159,383

32,569
33,017
40,826
49.664
62,853

30,127
37,058
48,097
66,658
88,012

1984-Sept
Oct

1,017,488
1,054,403
1,062,251
1,081,548
1,099,857
1,110,272
1,106,798
1,121.977
1,145,271
1,138,109
1,171,662
1,347,763
1,185,675

437,941
447,809
447,330
455,801
461,758
462,955
463.882
457,352
467,260
465,310
470.538
571,698
472,661

332.808
354,372
362,598
365,794
372,608
378,690
366,843
385.122
392,430
379,046
401,502
433,292
402.766

130,417
131,895
128.376
136,121
137,280
136,490
143.745
143,704
145.696
153.878
155,237
168,189
159,383

49,664
49.655
52.090
52,068
56.353
54,699
54,722
54,320
58,372
58,362
62,872
71,242
62,853

66,658
70,672
71,857
71,765
71,858
77,438
77,606
81,478
81.513
81,513
81,513
103,342
88,012

Nov

Dec
1985-Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

Average length

and over

4

18

FEDERAL DEBT
Table FD — 7.

—

Treasury Holdings of Securities Issued by Government Corporations and Other Agencies

[In millions of dollars.

End of
fiscal year
or month

1981
1982
1983
1984
1985

157,192
181,245
198,639
211,833

1984-Sept
Oct
Nov
Dec
1985-Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

21

230, 954
1

,833

204,711
209,075
214,440
221,311
210,133
213,954
220.276
222,810
225,115
228,083
227,560
230,954

Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government]

19
TREASURY FINANCING OPERATIONS, JULY-SEPTEMBER 1985

JULY
tfon of

2-Year Notes

Treasury announced that it would auction $9,250 million of
>ar notes to refund $8,369 million of notes maturing July 31, 1985, and to
The notes offered were Treasury Notes of
$875 million new cash.
;e about
es X-1987, dated July 31, 1985, due July 31, 1987. with interest payable
An interest rate of 8-7/8 percent
January 31 and July 31 until maturity.
set after the determination as to which tenders were accepted on a yield
:ion basis.
On July

17 the

Tenders for the notes were received until 1 p.m. EDST, July 24, and
$18,348 million, of which $9,264 mil lion was accepted at yields
ling from 8.94 percent, price 99.883, up to 9.00 percent, price 99.776.
Noncompetitive tenders
lers at the high yield were allotted 50 percent.
accepted in full at the average yield, 8.98 percent, price 99.812. These
Competitive tenders accepted from private investors
iled $1,087 million.
iled $8,177 million.
iled

;

In addition to the $9,264 mi 11 ion of tenders accepted in the auction
process, $330 mil lion was awarded to Federal Reserve banks as agents for
foreign and international monetary authorities.
An additional $479 mi 1 lion
was accepted from Government accounts and Federal Reserve banks for their own
account.

52-Heek Bills
On June 28 tenders were invited for approximately $8,500 million of 364day Treasury bills to be dated July 11, 1985, and to mature July 10, 1986.
The issue was to refund $8,408 million of 364-day bills maturing July 11.
They totaled $22,354 million, of which $8,506
Tenders were opened on July 9.
mi 11 ion was accepted, including $479 mi 11 ion of noncompetitive tenders from
the public and $1,900 million of the bills issued to Federal Reserve banks for
themselves and as agents for foreign and international monetary authorities.
The average bank discount rate was 7.09 percent.

AUGUST
ist

The bonds of 2015 may be held in STRIPS form.
required is $320,000.

Quarterly Financing

July 31 the Treasury announced that it would sell to the public at
;ion, under competitive and noncompetitive bidding, up to $8,500 million of
:ar notes of Series T-1988, $6,750 million of 10-year notes of Series Ci, and
$6,500 million of 30-year bonds of 2015 to refund $12,341 million of
licly held Treasury securities maturing August 15 and to raise about $9,400
ion new cash.

The minimum par amount

On

Auction of 2-Year Notes

An interest rate of 9-1/2 percent was set on the notes of Series T-1988
the determination as to which tenders were accepted on a yield auction
The notes of Series T-1988 were dated August 15, 1985, due August 15,
interest payable on February 15 and August 15 until maturity.
J, with

On August 14 the Treasury announced that it would auction $9,250 million
of 2-year notes to refund $8,356 million of publicly held notes maturing
August 31, 1985, and to raise about $900 million new cash. The notes offered
were Treasury Notes of Series Y-1987, dated August 31, 1985, due August 31,
An
1987, with interest payable on February 28 and August 31 until maturity.
interest rate of 8-7/8 percent was set after the determination as to which
tenders were accepted on a yield auction basis.

Tenders for the notes of Series T-1988 were received until 1 p.m. EDST,
$20,483 million, of which $8,524 million was accepted at
9.51 percent, price 99.974, up to 9.54 percent, price
Tenders at the high yield were allotted 59 percent.
Noncompetitive
198.
in full at the average yield,
9.53 percent, price
lers were accepted
These totaled $1,255 million.
Competitive tenders accepted from
123.
rate investors totaled $7,269 million.

Tenders for the notes were received until 1 p.m. EDST, August 21, and
totaled $19,282 million, of which $9,256 million was accepted at yields
ranging from 8.86 percent, price 100.027, up to 8.91 percent, price 99.937.
Tenders at the high yield were allotted 100 percent.
Noncompetitive tenders
were accepted in full at the average yield, 8.89 percent, price 99.973.
These
totaled $1,107 million.
Competiti ve tenders accepted from private investors
totaled $8,149 million.

auction

In addition to the $9,256 mi 11 ion of tenders accepted in the auction
process, $345 million was accepted from Federal Reserve banks as agents for
foreign and international monetary authorities, and $717 million was accepted
from Government accounts and Federal Reserve banks for their own account.

>r

is.

ist 6, and totaled
Ids ranging from

In

addition

to

the

$8,524

mi 11 ion

of

tenders

accepted

in

the

;ess, $460 million was accepted from Federal Reserve banks as agents for
;ign
and international monetary author i ties, and
$1,825 million was
»pted from Government accounts and Federal Reserve banks for their own
iunt.

An interest rate of 10-1/2 percent was set on the notes of Series C- 1995
the determination as to which tenders were accepted on a yield auction
Is.
The notes of Series C- 1995 were dated August 15, 1985, due August 15,
i, with interest payable on February
15 and August 15 until maturity.

Auction of 5-Year 2-Honth Notes

•r

Tenders for the notes of Series C-1995 were received until 1 p.m. EDST,
7, and totaled $15,795 million, of which $6,758 million was accepted at
Ids ranging from 10.58 percent, price 99.514, up to 10.61 percent, price
Noncompetitive
132.
Tenders at the high yield were allotted 31 percent.
at the average yield, 10.60 percent, price
lers were accepted in full
!92.
These totaled $686 million.
Competitive tenders accepted from
/ate investors totaled $6,072 million.
ist

In addition to the
$6,758 mi 11 ion of tenders accepted in the auction
:ess, $380 mi 11 ion was awarded to Federal Reserve banks as agents for
An additional $800 mi 1 lion
?ign and international monetary authorities.

On August 20 the Treasury announced that it would auction $7,250 million
The notes offered were Treasury
of 5-year 2-month notes to raise new cash.
Notes of Series M-1990, dated September 3, 1985, due November 15, 1990, with
interest payable on May 15 and November 15 until maturity.
An interest rate
of 9-7/8 percent was set after the determination as to which tenders were
accepted on a yield auction basis.

Tenders for the notes were received until 1 p.m. EDST, August 28, and
totaled $23,389 million, of which $7,254 million was accepted at yields
ranging from 9.61 percent, price 99.974, up to 9.63 percent, price 99.894.
Tenders at the high yield were allotted 16 percent.
Noncompetitive tenders
These
were accepted in full at the average yield, 9.62 percent, price 99.934.
totaled $638 mi 11 ion.
Competiti ve tenders accepted from private investors
totaled $6,616 million.

accepted from Government accounts and Federal Reserve banks for their own
Hint.

The notes of Series C-1995 may be held in STRIPS form.
required is $400,000.

The minimum par

In addition to the $7,254 million of tenders accepted in the auction
process, $560 million was awarded to Federal Reserve banks as agents for
foreign and international monetary authorities.

int

An interest rate of 10-5/8 percent was set on the bonds of 2015 after the
jrmination as to which tenders were accepted on a yield auction basis.
The
is were dated August 15,
1985, due August 15, 2015, with interest payable
ebruary 15 and August 15 until maturity.
:

Tenders for the bonds were received unti 1 1 p.m. EDST, August
$15,032 mi Hi on, of which $6,501 million was accepted at
jing from 10.64 percent, price 99.865, up to 10.68 percent, price
Noncompetitive
lers at the high yield were allotted 91 percent.
accepted in full at the average yield, 10.66 percent, price
Competitive tenders accepted from
se
totaled $464 million.
?stors totaled $6,037 million.
iled

;

In addition to the $6,501 million of tenders accepted in the
:ess,
$650 million was accepted from Government accounts and
;rve banks for their own account.

and
yields
99.508.
tenders
8,

99.686.

private

auction
Federal

52-Heek Bills
On July 26 tenders were invited for approximately $8,750 million of 364day Treasury bills to be dated August 8, 1985, and to mature August 7, 1986.
The issue was to refund $8,482 million of 364-day bills maturing August 8 and
Tenders were opened on August 1. They
to raise about $275 million new cash.
totaled $20,456 million, of which $8,758 million was accepted, including $400
million of noncompetitive tenders from the public and $1,700 million of the
bills issued to Federal Reserve banks for themselves and as agents for foreign
The average bank discount rate was
and international monetary authorities.
7.60 percent.

20
TREASURY FINANCING OPERATIONS, JULY-SEPTEMBER 1985

SEPTEMBER
Auctfon of 2-Year Notes
On September
mil lion of 2-year
maturing September
notes offered were
due September 30,
until maturity.
An
as to which tenders

Treasury announced that it would auction $9,250
11
notes to refund $8,372 mi 11 ion of publicly held notes
The
30, 1985, and to raise about $875 million new cash.
Treasury Notes of Series Z-1987, dated September 30, 1985,
1987, with interest payable on March 31 and September 30
interest rate of 9 percent was set after the determination
were accepted on a yield auction basis.
the

Tenders for the notes were received until 1 p.m. EDST, September 18, and
totaled $18,084 mi 11 ion, of which $9,255 mi 11 ion was accepted at yields
ranging from 9.05 percent, price 99.910, up to 9.13 percent, price 99.767.
Tenders at the high yield were allotted 21 percent.
Noncompetitive tenders
were accepted in full at the average yield, 9.11 percent, price 99.803.
These
Competi ti ve tenders accepted from private investors
totaled $1,404 mi lion.
totaled $7,851 million.
1

In addition to the $6,782 million of tenders accepted in the aucti
process, $140 million was accepted from Federal Reserve banks as agents f
foreign and international monetary authorities.
An additional $350 milli'
was also accepted from Federal Reserve banks for their own account in exchar,
for Treasury bills that had been issued September 30 to refund maturing note

1

interest rate of 9-3/4 percent was set on the notes of Series G-1S'
after the determination as to which tenders were accepted on a yield aucti.
basis.
The notes of Series G-1992 were dated November 1, 1985, due Octot
15, 1992, with interest payable on April 15 and October 15 until maturity.
An

Tenders for the notes of Series G-1992 were received until 1 p.m. ES
October 30, and totaled $19,972 million, of which $6,274 million was accepl
at 9.75 percent, price 100.000, which represented the full range of accept
bids.
Competitive tenders at 9.75 percent were allotted 76 percerl.
Noncompetitive tenders were accepted in full at the average yiel d, 9 t \
percent.
These totaled $651 mi 1 lion.
Competitive tenders accepted fr
1

private investors totaled $5,623 million.

addition to the $9,255 mi lion of tenders accepted in the
process, $740 million was accepted from Government accounts and
Reserve banks for their own account.
In

1

auction
Federal

An addi tional $350 mi 11 ion of maturing notes held by Federal Reserve
banks was refunded by the issuance of short-term Treasury bills, which were
eventually exchanged for the same amount of 3-year 11-month notes on November
To avoid exceeding the public debt limit, additional amounts were not
1.
i ssued
to Federal Reserve banks as agents for foreign and international
monetary authorities.

Auction of 3-Year 11-Month Notes, 6-Year 11-Month Notes, and 19-Year 9-Month
Bonds
On September 17 the Treasury announced that the auctions of 4-year notes,
7-year notes, and 20-year 1-month bonds, which normally would have been held
the fol lowing week, were being postponed pending congressional action on
legislation to raise the statutory debt limit.

On October 28 the Treasury announced that it would sell to the public at
auction, under competitive and noncompetitive bidding, up to $6,750 million of
3-year 11-month notes of Series N-1989, $6,250 mi 11 ion of 6-year 11 -month
notes of Series G-1992, and $4,750 million of 19-year 9-month 10-3/4 percent
bonds of 2005, the three issues totaling $17,750 million, to raise new cash.
An interest rate of 9-3/8 percent was set on the notes of Series N-1989
after the determination as to which tenders were accepted on a yield auction
The notes of Series N-1989 were dated November 1, 1985, due September
basis.
30, 1989, with interest payable on March 31 and September 30 until maturity.

Tenders for the notes of Series N-1989 were received until 1 p.m. EST,
October 29, and totaled $34,352 million, of which $6,782 million was accepted
at 9.47 percent, price 99.695, which represented the full range of accepted
bids.
Competitive tenders at 9.4 7 percent were allotted 67 percent.
Noncompetitive tenders were accepted in full at the average yield, 9.47
percent.
These totaled $792 million.
Competi ti ve tenders accepted from
private investors totaled $5,990 million.

The 10-3/4 percent bonds of 2005 were an additional issue of the bor,
dated July 2, 1985, due August 15, 2005, with interest payable on February
and August 15 until maturity.
Accrued interest of $36.72798 per $1,C
(covering the interest from July 2, 1985, to November 4, 1985) was payable f
each accepted tender.
The bonds will become eligible for STRIPS on Februe
The minimum par amount will be $800,000.
18, 1986.

Tenders for the bonds of 2005 were received until 1 p.m. EST, October :
and totaled $12,386 million, of which $4,755 million was accepted at yiel'
ranging from 10.40 percent, price 102.809, up to 10.49 percent, pri
Tenders at the high yield were allotted 49 percent.
102.046.
Noncompetiti
tenders were accepted in full at the average yield, 10.47 percent, pri
These totaled $304 mi 11 ion.
102.215.
Competitive tenders accepted fr
private investors totaled $4,451 million.
\

52-Week Bills
On August 23 tenders were invited for approximately $8,750 million
364-day Treasury bills to be dated September 5, 1985, and to mature Septemb
The issue was to refund $8,442 million of 364-day bills maturi
1986.
4,
September 5 and to raise about $300 million new cash.
Tenders were opened
August 29.
They totaled $23,751 million, of which $8,779 million w
accepted, including $416 million of noncompetitive tenders from the public a
$2,235 million of the bills issued to Federal Reserve banks for themselves a
as agents for foreign and international monetary authorities.
An addition
$5 mi Hi on was i ssued to foreign official institutions for new cash.
T
average bank discount rate was 7.36 percent.

Cash Management Bills
On August 27 tenders were
invited
for approximately $3,000 million
16-day bills to be issued September 3, 1985, representing an additional amou
The issue was
of bills dated March 21, 1985, maturing September 19, 1985.
raise new cash.
Tenders were opened on August 29.
They totaled $23,9
The average bank discount ra
million, of which $3,004 million was accepted.
was 7.31 percent.

I

«»
21
PUBLIC DEBT OPERATIONS

PDO-

Table

- Maturity Schedule

1

and 52-Week Treasury

-

ft^c.ur:

"»

"

Uv't

U.S.

S

"

"-

:

"R„.

31....

III:

II::::

B

i ii

7

l

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'Si!!..!

»••.

RR

i;:K!S:l!

R::::

iTW,

To::::

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RR
RR

:

.

S::::

Feb.
Feb.
Feb.

15....
15....
28....

™

"::::

i

j/js/;;

....

»o"
"otl

7-5 8, -A
t-6
2-5

::^

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Note
n,-b
!! i/» i__N.,e

5

;

.0:093
2.387
5,384
8.187

77

uo,

?

,

9'.353

616
245

1.771
5.139
6.922

1,265
lt

!:"'»

.60

^812

KU

BiffiS

WB

';;

:

r,:

j/'iS/'is

s:, .!

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:

8/15/85

10.928

1.82

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9-1/2, -T
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8-3/4,-6

5

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15

14-5/8, -C

s

5

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Note

»"••
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1,
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RR

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:

1!::::

S'.;

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l5::::

3

6

ic'/il/Ii

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9.103

"

'

1.139
,_366

^

1/13/82

3.508

171

3.337

'i..!,'.!

I:?R

35-5

'/'"J"

i:«|

"»

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11/15/78

3.445

5;s?;S5

^

::i!:!::

i!--J!iii-

RR

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WI!

S!

II-

w/^

SK,

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K"".-i
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il::::4.!lja5

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g

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13 ,. B

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%oRr....R::

:

,

2.306

,

-

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1/81

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C

9

21
J/
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^

5

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j.*.

3010

97

.R,

35°.

.JiS

J82

5i81e

.

,>»

^
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„....

,,.««

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14-1/4,
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2

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7/09/80
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1.504

12

il2;

7.956

600
800

692

23 „

,

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8/15/85

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„,„„

Bo „ d
Bo „„

2=Hi
1.492
j

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Bond
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1/06/82
9/29/82

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B

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1/M/i ,

?«S«i

ir.»s

r:j

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Bo „ a

1.759

88

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3.007

1.671

2^
4.318

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5/»"/»
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ll/n/BO

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5.701

632

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J.000

rltHI

4,20.

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.ona

3,

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2.,,4

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^i!',!:
8/15/84

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5.128

IH

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it:?"

i.hs

£M§

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2/15/85

12.668

899

11.769

--^R^-RR .^^

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i.sas

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2/11-1/4,

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2.068
4,239

2.156
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4.22.
4.261

6,15/75
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1.750
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1.753
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4/02/81
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S.1

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JJ

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13-3/8,

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5.759

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2.415

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9.166
3.437
10.087

2/15/84
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.;;»«

:;:

Nov.

.

5,759

5,328

».™

KR
Hay

332

Jl

1/04/85

133

»-

,„.,,„..,

p

RN

S:

664

B

.-;/«

:::

„,,

3

!§!•!?••;

»:!"*"'

:

:

Note
Note
Note

10-7/8J-H
12-3/41-D
lOt-S

3;::::

"; 8

,:

SS

ii;::--:Sir

!

.,/.!,..

;= iW.m

-

,, 93

;
:

'J.

™

£..

a:

«

:

:

'
?:

[-/Bt-AB

I""

„"'
!«:

'..i

IWA

10.062

:a-

£

_

tors

20S
:

„.... 13-3/4,

a

note

::::--.

£»

4

./is,'.

9

,,-=,.,-0

5,461

7/09/84

NoTe

-F

Total

j

.0

13-3/.,

.

a i£|p s

|

9

Ti

S:

Be _

serve banks

1992

'

,1/30/84

B

•

i.3

Note

OS""

I:!!'

S

1.

5:! ,5
1,196

afc"
s;

is
9.208

.,.,
11/15/71

'to'.,-.-

.;

3:

Bond

••••

"&

,.

6-1/81

:

-

5:

S38
4/30/84

-

H:::: IR-i/IR.
5

»n »

Note

-

il\>

:

8.532

RR

B..:.aiiSi

Nov

596

9.228

C

g
S

R:
X R
R

*Hi

1/31/84

30

I

.^'-^Wtt-T^l

Note

«I

8.321
3,259

758
171

^^

Total

Issue

Description
Descnptio

o

_

I

1

9,079
3.430

.0-5/8,-0

S""iSC
«-I

Ap^

|

11/30/83
12/31/81

note
Note

Held b y
All
Cov't
other
accounts ana

maturity

—-T.

10-1/2J-AB
14-1/BJ-K

30....
31....

Hoy.
Dec

„

.,

U.S.

JtM,..,

other
investors

.

1 Eiii

^:;.;: r-

„

TTT

accounts ana
Feaeral Reserve banks

Total

Issue
date

Description

,;;

;;

',,ri

r:,

I

Nel

°!„
',,„
maturity

Bills

:-^;.rj°;i-;jr ^ ^ri^^^-i,:--:r^^:
ties

__
Date
final
f

than Regular Weekly
Marketable Public Debt Secunt.es Other
Outstanding, Sept 30, 1985

of Interest-Bearing

Monthly Statement of
_,,„

„

ec0 „ e

J-J«
I

,11

Deb, o( the united States
eligible for STRIPS on Nov. 16, 1985.

the

Public

PUBLIC DEBT OPERATIONS
Table
[Dollar amounts in millions.

PDO-2. - Offerings

Amounts of bids accepted

Description of new issue

Maturity
date

of Bills

Source: Monthly Statement of the Public Debt of the United States and allotments]

Number of
days to
maturity 1/

Amount of
bids
tendered

Total

On com-

On noncom-

amount

petitive
basis 2/

petitive
basis 3/

Amount
maturing on
issue date
of new

offering

Regular weekly:
(13-week and 26-week)
1985-June

6

13

20
27

July

5

11
18

25
Aug.

1

8

15

22
29
Sept.

5

12

19

26

1985-Sept.
Dec.
Sept.
Dec.
Sept.
Dec.
Sept.
Dec.
1985-Oct.
1986-Jan.
1985-Oct.
1986-Jan.
1985-Oct.
1986-Jan.
1985-Oct.
1986-Jan.
1985-Oct.
1986-Jan.
1985-Nov.
1986-Feb.
1985-Nov.
1986-Feb.
1985-Nov.
1986-Feb.
1985-Nov.
1986-Feb.
1985-Dec.
1986-Mar.
1985-Dec.
1986-Mar.
1985-Dec.
1986-Mar.
1985-Dec.
1986-Mar.

52-week:

1984-Sept.
Oct.
Nov.
Nov.
Dec.

1985-Jan.
Feb.

Mar.
Apr.
May
June
July
Aug.
Sept.

5

1985-Sept.

4

Oct.
Oct.
Nov.
Dec.
1986-Jan.
Feb.
Mar.
Apr.
May

1

29
27
24
21
21
18
16
13
11
8
5

June
July
Aug.
Sept.

5

Total

unmatured
issues outstanding after
new issues

23

PUBLIC DEBT OPERATIONS
Table PDO-2.
On total

Issue

date

Average
price per
hundred

-

Offerings of Bills-Continued

bids accepted

Average
discount
rate
(percent)

competitive bids accepted
Average
investment
rate _£/
(percent)

Discount
rate
(percent)

Price per
hundred

Discount
rate
(percent)

Price per
hundred

Regular weekly:
1985-June

6..

13..

20..
27..
July

5..

11..
18..

25..
Aug.

1..

8..

15..
22..
29..

Sept.

5..

12..
19..

26..

98.223
96.380
98.177
96.284
98.299
96.512
98.215
96.340
98.250
96.440
98.251
96.461
98.215
96.360
98.172
96.284
98.172
96.259
98.155
96.198
98.195
96.279
98.195
96.320
98.193
96.355
98.200
96.309
98.175
96.264
98.188
96.299
98.279
96.436

7.03
7.16
7.21
7.35
6.73
6.90
7.06
7.24
7.00
7.08
6.92
7.00
7.06
7.20
7.23
7.35
7.23
7.40
7.30
7.52
7.14
7.36
7.14
7.28
7.07
7.21
7.12
7.30
7.22
7.39
7.17
7.32
6.81
7.05

7.26
7.55
7.45
7.74
6.94
7.25
7.29
7.62
7.22
7.44
7.14
7.36
7.29
7.58
7.47
7.74
7.47
7.79
7.54
7.93
7.37
7.75
7.37
7.66
7.30
7.59
7.35
7.69
7.46
7.78
7.40
7.71
7.02
7.41

7.06
7.18
7.23
7.36
6.75
6.91
7.10
7.24
7.01
7.09
6.94
7.01
7.07
7.20
7.24
7.36
7.24
7.41
7.30
7.53
7.15
7.38
7.15
7.30
7.08
7.22
7.14
7.23
7.40
7.18
7.33
6.85
7.08

98.215
96.370
98.172
96.279
98.294
96.507
98.205
96.340
98.248
96.435
98.246
96.456
98.213
96.360
98.170
96.279
98.170
96.254
98.155
96.193
98.193
96.269
98.193
96.309
98.191
96.350
98.195
96.304
98.172
96.259
98.185
96.294
98.268
96.421

89.040
89.565
90.445
91.139
91.527
91.517
91.446
90.657
91.466
91.972
92.740
92.831
92.316
92.558

10.84
10.32
9.45
8.74
8.38
8.39
8.46
9.24
8.44
7.94
7.18
7.09
7.60
7.36

11.98
11.36
10.33
9.50
9.08
9.09
9.17
10.08
9.15
8.57
7.70
7.60
8.18
7.91

10.84
10.32
9.48
8.84
8.39
8.40
8.46
9.27
8.44
7.95
7.19
7.10
7.61
7.37

89.040
89.565
90.415
91.139
91.517
91.507
91.446
90.627
91.466
91.962
92.730
92.821
92.305
92.548

7.31

6.97
5/7.14
7.17
7.34
6.70
6.88

~

7.01
7.19
_6/6.98
7.06

7/6.88
"8/6.97

7.05
7.18
7.21
7.33

7.22
7.38
7.29
7.51

911.12
7.36
10/7.10
TT/7.27
7.05
7.20
12/7.09
7.29
7.18
13/7.38
7.14
7.31
14/6.71
T5"/7.00

98.238
96.390
98.188
96.289
98.306
96.522
98.228
96.365
98.255
96.450
98.261
96.476
98.218
96.370
98.177
96.294
98.175
96.269
98.157
96.203
98.200
96.279
98.205
96.325
98.198
96.360
98.208
96.315
98.185
96.269
98.195
96.304
98.304
96.461

52-week
1984-Sept.
Oct.
Nov.
Nov.
Dec.

1985-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

6..
4..
1..

29..
27..
24..
21..
21..
18..
16..
13..
11..
8..
5..

The 13-week bills represent additional issue of bills with an
original maturity of 26 weeks or 52 weeks.
issued on or after May 2, 1974, includes amounts
exchanged on noncompetitive basis by Government accounts and
Federal Reserve banks.
For 13-week bills 26-week and 52-week bills tenders for $1,000,000 or
less from any one bidder are accepted in full at average price or
accepted competitive bids; for other issues, the corresponding amount is
stipulated in each offering announcement.
4/ Equivalent coupon-issue yield.
T/ Except $1,500,000 at 7.11 percent and 11,500, 000 at 7.12 percent.
%l Except $1,700,000 at 6.93 percent.
II

21 For bills

V

7/

""

8/

J/
10/

IT/
Til
Til
Til
Til
16/

10.83
10.31
9.40
8.71
8.34
8.36
8.45
9.22

8.43
16/7.93
7.16
7.07
7.58
7.35

89.050
89.575
90.496
91.169
91.567
91.547
91.456
90.678
91.476
91.982
92.760
92.851
92.336
92.568

Except $8,000,000 at 6.83 percent, $805,000 at 6.
cent, and $1,000,000 at 6.86 percent.
Except $1,000,000 at 6.95 percent.
Except $740,000 at 7.09 percent.
Except $525,000 at ,'.04 percent.
Except $50,000 at 7.12 percent.
Except $1,000,000 at 7.07 percent.
Except $125,000 at 7.21 percent.
Except $1,000,000 at 6.67 percent.
Except $1,000,000 at 6.98 percent.
Except $1,000,000 at 7.89 percent.

PUBLIC DEBT OPERATIONS
Table

PDO-3 -

Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills
[Dollar amounts in millions.

Date subscrip-

Source: Bureau of the Public Debt]

PUBLIC DEBT OPERATIONS
Table PDO-3.

-

Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills-Continued
[Dollar amounts in millions]

Date subscrip-

25

PUBLIC DEBT OPERATIONS
Table PDO-4.

-

Allotments by Investor Classes on Subscriptions for Public Marketable Securities
Part A
fin millions of dollars.

- Other
Source:

than

Bills

'

Subscription and allotment reports]

PUBLIC DEBT OPERATIONS

28
U.S.

SAVINGS BONDS AND NOTES

Series EE bonds, on sale since Jan. 1, 1980, are the only savings
Series HH bonds are issued in exchange for series
bonds currently sold.
Series A-D were sold from
E and EE savings bonds and savings notes.
Series E was on sale from May 1,
Har. 1, 1935, through Apr. 30, 1941.
1979 (through June 1980 to payroll savers
1941, through Dec.
31,
Series F and G were sold from Hay 1, 1941, through Apr, 30,
only).
Series H was sold from June 1, 1952, through Dec. 31, 1979.
1952.
Series HH bonds were sold for cash from Jan. 1, 1980, through Oct. 31,
1982. Series J and K were sold from May 1, 1952, through Apr. 30, 1957.

Table

SBN-1. - Sales and Redemptions

U.S. savings notes were on sale May 1, 1967, through June 30,
The notes were eligible for purchase by Individuals with the
1970.
simultaneous purchase of series E savings bonds.
The principal terms
and conditions for purchase and redemption and information on Investnent
yields of savings notes appear In the Treasury Bulletins of March 1967
and June 1968; and the Annual Report of the Secretary of the Treasury
for fiscal year 1974.

by Series,

Cumulative through Sept.

30,

1985

Source: Monthly Statement of the Public Debt of the
United States; Market Analysis Section, United States Savings Bonds Division]

[In millions of dollars.

Amount outstandin

Accrued
discount

Savings bonds:
Series A-D 2/
Series E, ET, H, and HH.
Series F and G
Series J and K

Savings notes
Total

3,949

Sales plus
accrued
discount

Redemptions 1/

Interestbearing debt

Matured
non-interestbearing debt

U.S.

Table SBN-3.

-

29

SAVINGS BONDS AND NOTES

Sales and Redemptions by Period, Series E, EE, H, and

HH

[In millions of dollars.

Source: Monthly Statement of the Public Debt of the
United States; Market Analysis Section, United States Savings Bonds Division]

Redemptions
Accrued
discount

Period

Sales plus
accrued
discount

Sales
price

Series

Fiscal years:

1941-83
1984
1 985

214,174
3
5

,907
.025

Calendar years:
1941-82
1983
1984

1984-Sept
Oct
Nov
Dec

1985-Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

211,112
3,926
3,988
285
325
308
317
415
395
430

493
474
388
506
513
460

8,645

E

and EE

Accrued
discount

Exchange of
bonds for
and HH bonds

E
H

Amount outstanding
Interestbearing debt

Matured
non-interestbearing debt

.

30
OWNERSHIP OF FEDERAL SECURITIES
Table OFS-1.

-

Distribution of Federal Securities by Class of Investors and Type of Issues
[In millions of dollars.

Source:

Financial Management Service]
Intore;, t-hf .ari nr

End of
fiscal year
or month

Total
Federal

securities
outstanding

1,003,942

1961
1982
1983
1984
1985

1984-Sept.
Oct..
Nov..

Dec
1985-Jan..
Feb..
Mar..
Apr.
May..
June.
July.
Aug..
Sept..

Total

public nebt securities

Held by U.S. Covernnent accounts

outstanding
(Jonmarketable

Public
issues
held by
Federal
Reserve
banks

31

MARKET BID YIELDS ON TREASURY SECURITIES
Table

MBY-1. - Treasury Market

[Source:

Bid Yields at Constant Maturities, Bills, Notes, and Bonds*
Office of Government Finance and Market Analysis in the Office of the Secretary]
1-yr.

Honthly average
1984-0ct
Nov
Dec

1985-Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

.

10.12*
8.92
8.34
8.02
8.55
8.82
8.22
7.73
7.17
7.31

7.36
7.33

End of month

1984-Oct
Nov
Dec

1985-Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

9.35
8.74
8.12
8.33
8.81
8.46
8.12
7.37
7.04
7.52
7.37
7.26

10.52?

2-yr.

3-yr.

5-yr

7-yr.

10-yr.

20-yr.

30-yr.

32
MARKET BID YIELDS ON TREASURY SECURITIES,
in

SEPT. 30, 1985

33

AVERAGE YIELDS OF LONG TERM BONDS
Table AY — 1.

— Average

[Source;

Treasury

New Aa

20-yr.
bonds 1/

corporate
bonds 2/

Yields of Long-Term Treasury, Corporate, and Municipal

New Aa
municipal
bonds 3/

Treasury

New Aa

New Aa

Treasury

New Aa

20-yr.
bonds 1/

corporate
bonds 2/

municipal
bonds 3/

20-yr.
bonds

corporate
bonds 2/

1/

MONTHLY SERIES—AVERAGES OF DAILY OR WEEKLY SERIES

1974
Jan..
Feb..
Mar..
Apr.
May..
June.

7. 48?

7.46
7.73
e.oi
8.14
8.10

8.321
8.21
8.60
9.04
9.39
9.59

5. 19?

5.25
5.42
5.61
5.89
5.92

Dec.

8.26
8.60
8.60
8.37
7.99
7.91

10.18
10.30
10.44
10.29
9.22
9.47

Jan.
Feb..
Mar..
Apr.
May..
June.

7.88
7.71
7.99
8.36
8.22
8.04

9.17
8.84
9.48
9.81
9.76
9.27

6.50
6.30
6.69
6.85
6.96
6.59

July.
Aug.
Sept.
Oct..
Nov..

8.17
8.50
8.57
8.35
8.28
8.23

9.56
9.71
9.89
9.54
9.48
9.59

6.70
6.88
6.91
6.79
6.67
6.62

8.01
8.03
7.97
7.86
8.13
8.03

8.97
8.71
8.73
8.6B
9.00
8.90

6.32
6.17
6.34
5.97
6.38
6.39

8.00

8.76
8.59
8.37
8.25
8.17
7.90

6.36
6.01
5.87
5.91
5.97
5.41

July.
Aug.
Sept.
Oct..
Nov..

6.75
6.55
6.64
6.33
6.33
6.86

1975

Dec.

1976
Jan..
Feb..
Mar..
Apr.

.

May..
June.
July.
Aug.
Sept.
Oct..
Nov.

Dec.

7.91

7.78
7.70
7.64
7.30

Bonds

Office of Government Finance and Market Analysis in the Office of the Secretary]

7.481

New Aa
municipal
bonds 3/

Treasury
20-yr.
bonds 1/

New Aa

corporate
bonds 2/

New Aa
municipal
bonds 3/

34
AVERAGE YIELDS OF LONG-TERM BONDS

o

37
INTERNATIONAL FINANCIAL STATISTICS

The tables in this section are designed to provide data
U.S. reserve assets and liabilities and other statistics
related to the U.S. balance of payments and international
financial position.

Table IFS-3 shows U.S. Treasury nonmarketable bonds and
notes issued to official institutions and other residents of
foreign countries.

Table IFS-1 shows the reserve assets of the United States,
including its gold stock, special drawing rights held in the
Special Drawing Account in the International Monetary Fund,
holdings of convertible foreign currencies, and reserve position in the International Monetary Fund.

in exchange

on

Table IFS-4 presents a measure of weighted-average changes
rates between the U.S. dollar and the currencies of
certain other countries.

Table 1 FS- 2 brings together statistics on liabilities to
foreign official institutions, and selected liabilities to all
other foreigners, which are used in the U.S. balance of payments
statistics.

Table IFS-1.

-

U.S.

Reserve Assets

[In millions of dollars]

End of ca 1 endar
year or month

-

INTERNATIONAL FINANCIAL STATISTICS
Table IFS-2.

-

Selected U.S. Liabilities to Foreigners

[In millions

dollars]

of

Liabilities to foreign countries
Official institutions

End of

endar
year or
month
ca

1

Total
(1)

(2)

(3)

(4)

(5)

Liabilities to
other foreigners

1/

MarketLi a b i 1 i - able U.S. Nonma rketties
Treasury
able U.S.
reported bonds
Treasury
bonds and
by banks and
in U.S.
notes 2/
notes

Other
readi ly
marketable
1

i

a

bi

1

i

ties 3/
(6)

Liabilities
nonmone-

to

.

Liabili- MarketNo nma r ketable U.S. able U.S.
reported Gov't
Treasury
by banks bonds
bonds and
Total in U.S.
notes _6/
2/
5/
ties

Liabilities

to

banks 4/

(8}

(9)

(10)

(11)

tary i nterna tiona 1
and reg i onal or-

ganizations
(12)

39

INTERNATIONAL FINANCIAL STATISTICS
Table IFS-4.

- Weighted Average

of

Exchange Rate Changes

for the Dollar

[Percent change relative to exchange rates as of end-May 1970]

Trade-weighted average appreciation

(+)

or depreciation (-) of the U.S. dollar 1/ vis-a-vis
End of calendar
year or month

Currencies of
OECD countries 2/

Currencies of 46 main
trading countries 3/

1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984

-16.0
-10.9
-10.3
-14.6
-21.5
-18.4
-15.0
*9.2
+21.8
+41.9

-9.6
-4.6
-1.0
-1.0
-4.1
+6.6
+21.3
+58.9
+141.2
+446.4
+1,853.3

1984-Oct
Nov
Dec
1985-Jan
Feb
Mar
Apr
May
June.
July
Aug
Sept.

+37.7
+39.8
+41.9
+43.4
+49.5
+44.9
+46.2
+46.8
+45.9
+40.2
+41.0
37.3
+35.6

+1,513.5
+1,690.7
+1,853.3
+2,023.3
+2.253.3
+2,476.5
+2.801.1
+3.088.2
+3.640.5
+3,972.6
+4,154.9
+4,286.3
+4,452.1

-3.4

Oct.

1/

p.

p..

This table presents calculations of weighted average percentage changes in
the rates of exchange between the dollar and certain foreign currencies, in
order to provide a measure of changes in the dollar's general foreign
exchange value broader than a measure provided by any single exchange rate
change.
Calculations are provided for two sets of countries that account
for a major share of U.S. foreign trade.
U.S. bilateral trade patterns in
1972 are used as a convenient, readily available proxy for the assignment
relative
weights
individual
exchange
of
to
rate changes, although such
weights do not provide a full measure of individual currencies' relative
importance in U.S. international transactions because they take no account
of factors other than trade.
The calculations do not purport to represent
a guide to measuring the impact of exchange rate changes on U.S.
international transactions.

Exchange rate data used in constructing the indices reported here differ
somewhat from those used in earlier calculations to more accurately reflect
end-of-period currency values.

The equations used are as follows:

Equation one is used to calculate a trade-weighted average of changes in
the dollar cost of foreign currencies:
(E01)

E

m

=

Where:

EUt/fc,

* M,-/IM)

m is the weighted average of percentage
changes in the dollar cost of individual
foreign currencies;
E

A$/fCj is the percent change in the dollar
cost of foreign currency i; and

MWEM

is U.S. imports from country i, as
proportion of total U.S. imports from
all countries in the set.
a

Equation two is used to calculate a trade-weighted average of changes in
the foreign exchange cost of dollars:
(EQ2)

E

=

x

Where:

1(4^/$

*

Xj/EX!

is the weighted average of percentage
changes in the foreign currency cost of
E

dollars;

AfCj/S is the percent change in the
foreign currency i cost of dollars; and
X^/EX is U.S. exports to country i, as
proportion of total U.S. exports to
all countries in the set.

a

Equation three combines the above export-weighted and import-weighted
averages to provide an overall measure of exchange rate change:
(E03)

E

Where

= t(E

m/nnx)*(-l)]

[E„

x/m+x]

m/m+x is U.S. imports as a proportion
of its total trade with all countries in
the set; and
x/m+x is U.S. exports as a proportion of
its total trade with all countries in the
set.

Belgium-Luxembourg, Canada, Denmark, Finland, France,
Germany, Greece, Iceland, Ireland, Italy, Japan, the Netherlands, New
Zealand, Norway, Portugal, Spain, Sweden. Switzerland, Turkey, and United
Kingdom.
3/ The currencies of 46 IMF member countries which account for approximately
"~
90 percent of U.S. total trade.
2/ Australia, Austria,

.

40
CAPITAL

MOVEMENTS

INTRODUCTION

Background
Data relating to capital movements between the United States and foreign
countries have been collected in some form since 1935.
Reports are filed with
district Federal Reserve banks by commercial banks, bank holding companies,
securities brokers and dealers, and nonbanking enterprises in the United
Statistics on the principal types of data by country or geographical
States.
area are then consolidated and are published in the Treasury Bulletin.
The reporting forms and instructions 1/ used in the Treasury International Capital (TIC) Reporting System have Tieen revised a number of times to
meet changing conditions and to increase the usefulness of the publ ished
statistics.
The most recent, general revision of the report forms became
effective with the banking reports as of April 30, 1978, and with the
nonbanking reports as of December 31, 1978.
Revised forms and instructions
are developed with the cooperation of other Government agencies and the
Federal Reserve System and in consultations with representatives of banks,
securities firms, and nonbanking enterprises.

Basic Definitions
The term "foreigner" as used in the Treasury reports covers all institutions and individuals domiciled outside the United States, including U.S.
citizens domiciled abroad, and the foreign branches, subsidiaries, and other
affi iates
abroad
of
U.S.
banks
and
business
concerns;
the
central
governments,
central
banks,
and other official
institutions of foreign
countries, wherever located; and international and regional organizations,
wherever located.
The term "foreigner" also includes persons in the Urn' ted
States to the extent that they are known by reporting institutions to be
acting on behalf of foreigners.
1

In general, data are reported opposite the foreign country or geographarea in which the foreigner is domiciled, as shown on the records of
reporting institutions.
For a number of reasons, the geographical breakdown
of the reported data may not in all cases reflect the ultimate ownership of
the assets.
Reporting institutions are not expected to go beyond the addresses shown on their records, and so may not be aware of the country of
domicile of the ultimate beneficiary.
Furthermore, U.S. liabilities arising
from deposits of dollars with foreign banks are reported in the Treasury
statistics as liabilities to foreign banks,
whereas the liability of the
foreign bank receiving the deposit may be to foreign official institutions or
to residents of another country.

ical

Data pertaining to branches or agencies of foreign official institutions
are reported opposite the country to which the official institution belongs.
Data pertaining to international and regional organizations are reported
opposite the appropriate international or regional classification except for
the Bank for International Settlements which is included in the classification
"Other Europe."

Reporting Coverage
Reports are required from banks, bank holding companies, International
Banking Facilities (IBF's), securities brokers and dealers, and nonbanking
enterprises in the United States, including the branches, agencies, subsidiaries, and other affiliates in the United States of foreign banking and
nonbanking firms.
Entities that have reportable liabilities, claims, or
securities transactions below specified exemption levels are exempt from
reporting.
ianks and some brokers and dealers file monthly reports covering their
dollar liabilities to, and dollar claims on, foreigners in a number of countries.
Twice a year, as of June 30 and December 31, they also report the same
liabil ities and claims items with respect to foreigners in countries not shown
separaitely on the monthly reports.
Beginning with reports due as of June 30,
1978
quarterly reports are filed with respect to liabilities and claims denomina ted in foreign currencies vi s -a -vi s foreigners.
Effective January 31,
1984
the specified exemption level applicable to the monthly and quarterly
bankinig reports was raised from $10 million to $15 million.
There is no
separa te exemption level for the semiannual reports.

Banks, securities brokers and dealers, and in some instances nonbanking
enterprises report monthly their transactions in securities with foreigners;
the applicable exemption level is $500,000 on the grand total of purchases and
on the grand total of sales during the month covered by the report.

monthend thei
claims of $10 million or more on banks abroad.

Description of Statistics
Section
brokers, and

presents data on liabilities to foreigners reported by banks,
dealers in the United States.
Beginning April 1978, the fol-

I

1/ Copies of the reporting forms and instructions may be obtained from the
Office of Data Management, Office of the Assistant Secretary for International
Affairs, Department of the Treasury, Washington, D.C. 20220, or from district

Federal Reserve banks.

lowing major changes were made in the reporting coverage: Amounts due to
banks
own foreign offices are reported separately; a previous distinction
between short-term and long-term liabilities was eliminated; a separation was
provided of the liabilities of the respondents themselves from their custody
liabilities to foreigners; and foreign currency liabilities are only available
quarterly.
Also, beginning April 1978, the data on liabilities were made more
complete by extending to securities brokers and dealers the requirement to
report certain of their own liabilities and all of their custody liabilities
to foreigners.

Section II presents the claims on foreigners reported by banks in the
United States.
Beginning with data reported as of the end of April 1978, a
distinction was made between banks' claims held for their own account and
claims held for their domestic customers.
The former are available in a
monthly series whereas the latter data are collected on a quarterly basis
only.
Also, the distinction in reporting of long-term and short-term components of
banks' claims was discontinued.
Maturity data began to be
collected quarterly on a time remaining to maturity basis as opposed to the
historic original maturity classification.
Foreign currency claims are also
collected on a quarterly basis only.
Beginning March 1981, this claims
coverage was extended to certain items in the hands of brokers and dealers in
the United States.

Another important change in the claims reporting, beginning with new
quarterly data as of June 30, 1978, was the adoption of a broadened concept of
"foreign public borrower," which replaced the previous category of "foreign
official institution" to produce more meaningful information on lending to the
public sector of foreign countries.
The term "foreign public borrower" encompasses central governments and departments of central governments of foreign
countries and of their possessions; forei gn central
banks, stabi ization
funds, and exchange author ities; corporations and other agencies of central
governments, including development banks, development institutions, and other
agencies which are majority-owned by the central government or its departments; State, provincial, and local governments of foreign countries and their
departments and agencies; and any international or regional organization or
subordinate or affiliated agency thereof, created by treaty or convention
between sovereign states.
1

Section III includes supplementary statistics on U.S. banks'
iabi ities
and claims on, foreigners.
The supplementary data on banks' loans and
to nonbank
foreigners combine selected information from the TIC
reports with data from the monthly Federal Reserve 2502 reports submitted for
major foreign branches of U.S. banks. Other supplementary data on U.S. banks'
dollar liabilities to, and banks' own dollar claims on, countries not regularly reported separately are available semiannually in the May and November
issues of the Treasury Bulletin.
1

1

to,
c

red its

Section IV shows the liabilities to, and claims on,
unaffiliated
foreigners by exporters,
importers,
industrial and commercial
concerns,
financial institutions other than banks and brokers, and other nonbanking
enterprises in the United States.
The data exclude the intercompany accounts
of nonbanking enterprises in the United States with their own branches and
subsidiaries abroad or with thei r foreign parent companies.
(Such transactions are reported by business enterprises to the Department of Commerce on
its direct investment forms.)
The data also exclude claims held through banks
in the United States.
Beginning with data reported as of December 31, 1978,
financial
iabi 1 ities and claims of reporting enterprises are distinct from
their commercial
iabi 1 ities and claims; and i terns are collected on a time
remaining to maturity basis instead of the original maturity basis used
previously.
1

1

Section V contains data on transactions in all types of long-term domestic and foreign securities by foreigners as reported by banks and brokers in
the United States (except nonmarketable U.S. Treasury notes, foreign series;
and nonmarketable U.S. Treasury bonds and notes, foreign currency series,
which are shown in the "International Fi nancial Statistics" section, table
IFS-3).
The data cover new issues of securities, transactions in outstanding
issues, and redemptions of securities.
They include transactions executed in
the United States for the account of foreigners, and transactions executed
abroad for the account of reporting institutions and their domestic customers.
The data include some transactions which are classified as direct
investments in the balance of payments accounts.
The geographical breakdown of the data on securities transactions shows
country of domicile of the foreign buyers and sellers of the securities;
case of outstanding issues, this may differ from the country of the
original issuer.
The gross figures contain some offsetting transactions
between forei gners.
The net figures for total transactions represent transforeigners
actions by
with U.S. residents; but the net figures for transactions of individual countries and areas may include some transactions
between foreigners of different countries.
the
in

the

The data published in these sections do not cover all types of reported
The princapital movements between the United States and foreign countries.
cipal exclusions are the intercompany capital transactions of nonbanking
business enterprises in the Uni ted States with their own branches and
subsidiaries abroad or with their foreign parent companies, and capital transactions of the U.S. Government.
Consolidated data on all types of international capital transactions are published by the Department of Commerce in
its regular reports on the U.S. balance of payments.

41
CAPITAL
Section

I.

-

Liabilities to Foreigners

Table CM — 1—1. -

MOVEMENTS
Reported by Banks

Total Liabilities by

[In millions of

dollars]

in

the United States

Type of Holder

CAPITAL
Table

CM-l-2. -

MOVEMENTS

Total Liabilities by Type, Payable

Part A

—

Foreign Countries

[In millions of dollars]

in

Dollars

43

CAPITAL MOVEMENTS
Table

CM-l-3. -

Total Liabilities by Country

[Position at end of period in

Calendar yea

rril

lions of

dollars]

r

July

Europe
Austria
Belgium-Luxembourg
:

Bui gari

522
,

a

Czechoslovakia
Denmark
Finland
France
German Democratic Republic.
Germany
Greece
Hungary
Italy

Netherlands
Norway
Pol and

Portugal
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugosl avia
Other Europe

Europe

Total

Canada
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazil
British H e s t Indies
Chile
omb
Cuba
Co

1

i

a

Ecuador
Guatemala
Jama ca
i

Mexico
Netherlands Antilles
nama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
Pa

Total Latin America
and Caribbean
Asia:
Chi na:

Mainland
Taiwan
Hong Kong
Indi

a

Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
Pakistan
Philippines
Singapore
Syria
Thailand
Oi 1 -exporti ng countries \f
Other Asia
Asia

Total

Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire

Oil-exporting countries Z!
Other Africa
T.
Total

Af

r

i

ca

Other countries:
Aus tra
a
All other
1

i

Total

other countries....

Total

foreign countries..

International and regional:
International
European regional
Latin American regional...
Asian regional
African regional
Middle Eastern regional...
Total international
and regional

Grand total

Sept.

p

-

44

CAPITAL

TableCM-

-

-4.

MOVEMENTS

Total Liabilities by Type and Country, as of Sept. 30, 1985, Preliminary
(Position in millions of dollars]

liabilities

Total

Liabilities payable
To foreign official

Liabilities to
Liabilother foreigners
a
ities to
in
Banks'
Custody
banks'
Deposits
ShortOther
foreign own lia- liabilDepo si ts
Other
own
term U.S. liabil— Shortcurren- bili ties ities
term U.S. liabil- foreign
riemand
Time 21 Treasury ities
""
cies 1/
Demand Time 21 Treasury
ities
offices
obliga""
obligations
tions
Totals

Payable

Total

in

dollars

11)

Europe:
Austria

Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
Italy

Netherlands
Norway
Poland
Por tuga

767

5,710
37
21

21

832
372
16,002
118

5,637
609

778
351
15,664
118
5,218
603

189

181

9,222
4,751
1,046

9,088
4.569
1,043
43
640
83
2,140
1,668
29,309
516
70,487

44

648
83

2,146
1,696
29,607
517
72,377
37

37

647

647

Total Europe

Canada
Latin America and Caribbean:
Argentina
Bahama s
Bermuda
Brazil
British West Indies
Chile
Colombia
Cuba
Ecuador
Gua tema la

Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
Total Latin America
and Caribbean

5,646

5,639

53 ,952

53 , 660

2,199
5,933
39,512
2,007
2,605

2,124
5,873
38,891
1,992
2, 599

13

13
1.251
1 ,005
144
13,809

1,251
1 009
,

144

14,238
5,050
7.186
1,160
1,577
11,133

4.973
7.163
1.159
332
1,676
11,086

4,216

4,183

338

159,168 157,470

Asia:
China:

Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Leba non
Malaysia
Pakistan
Phi

1 i

pp i ne s

ngapore
Syria
Thailand
Other Asia
Si

Total Asia

Africa:
Egypt
Ghana
Liberia

Morocco
South Africa
Zaire
Other Africa

1,973
6.271

1,973
6.268

8 ,830

7

648
1.358
1,193
26,050
1,659
332
417
564
1 ,606
8,771

,906

646
1.358
1,190
23.583
1,657
331
417
564
1 , 606
8,728

53

53

1,029
16,029

15. 983

76.763

73.291

932
47
329
157
381
115
1,698

932

370
115
1.693

6,542

6,542

64
824
48

64
796
48

12

12

5

5

7,496

7,467

1,029

47
328
157

Total Africa

Other countries:
Australia
All other
Total other countries..
Total

foreign countries

International and regional:
International
European regional
Latin American regional...
Asian regional
African regional
Middle Eastern regional...
Total international
and regional

Grand total

insti tutions and

430.668 420,560

8

1

1

Memorandum

unaffiliated foreign banks

(6)

(2)

775
6,277
45

1

Romania
Spain
Sweden
Switzerland
Turkey
United kingdom
U.S.S.R
Yugoslavia
Other Europe

Payable

(7)

(8)

(9)

(10)

Ne go t i

able
CD's
held
for all

foreigners
f!5)

45
CAPITAL MOVEMENTS
Section

II,

- Claims

on Foreigners Reported by Banks

Table

CM — — 1 II

.

in

the United States

Total Claims by Type

[Position at end of period in millions of dollars]

Calendar
year
1982

Se

p t

.

June

r

p

Type of claim

444,205

444,042

439,947

431,761

430,963

425,692

394,251
60,172

398,845
61,595

397,317
61,811

396,253
61,241

49,584
80,329
158,750
60,551

47,437
75,007
152,001
59,635

48,379
75,588
156,174
57,109

50,032
72,568
157,798
55,107

48,135
70,358
162,840
53,679

37,162
3,660

37,144
3,458

34,537
4,575

32,916
3,380

33,646
3,806

29,439
2,870

26,064
5,870

26,947
6,555

26,324
7,362

23,907
6,055

23,805
5,732

24,641
5,198

21,064
5,505

8,383
7,707

8,290
7,231

9,277
8,915

9,773
9,546

9,560
9,279

12,443
11,874

13,079
12,639

14,255
14,012

676

1,059

361

144,598
140.744
3,845

167,730
163,830
3,927

178,878
174,132
4,746

Customer liability on acceptances

38,153

37,715

37,185

Claims with remaining
maturity of 1 year or less:
On foreign public borrowers
On all other unaffiliated
foreigners

22.285

25,048

20,538

151,895

152,315

143,156

23,137

32,521

36,596

31,095

35,036

38,646

Total

claims

Payable in dollars
Banks' own claims on foreigners...
Foreign public borrowers
Unaffiliated foreign banks:

Deposits
Other
Own foreign offices
All other foreigners

Claims of banks' domestic
customers
Deposits
Negotiable and readily
transferable instruments
Collections and other
Payable in foreign currencies
Banks' own claims on foreigners...
Claims of banks' domestic
customers

Memoranda
Claims reported by IBF's 1/
Payable in dollars
Payable in foreign currencies

404,398

434,505

435,772

456,052

396,015

426,215

426,496

446,279

355,705
45,422

391,312
57,569

389,334
58,276

409,135
59,922

44,223
77,153
127,293
61,614

47,126
76,711
146,393
63,514

45,903
76,199
149,308
59,648

40,310
2,491

34,903
2,969

30,763
7,056

438,347

:

Claims with remaining
maturity of more than 1 year:
On foreign public borrowers
On all other unaffiliated

foreigners

1/
""

Establishment of International Banking Facilities (IBF's)
beginning December 1981.

permitted

190

37,103

46

CAPITAL
Table

CM— II— 2. -

MOVEMENTS
Total Claims by Country

[Position at end of period in millions of dollars]

Calendar
year
1983

Europe:
Austria

44S

Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
Italy

Netherlands
Norway
Poland
Portuga 1
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.P,

Yugoslavia
Other Europe
Total

Europe

Canada
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazi
Bri ti sh Uest Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico.,
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
1

Total Latin America
and Ca ri bbean
Asia:
China:

Mainland
Ta

i

wa

n

Hong Kong
Indi

a

Indonesia
srae
Japan
Korea
Lebanon
Malaysia
Pa k i stan
Philippines
Singapore
Syria
Thailand
Oil-exporting countries
Other Asia
I

1

Total

1/

Asia

Africa:
Egypt
Gha na

Liberia
Morocco
South Africa
Zaire
Oil-exporting countries
Other Africa

2/

Africa
Other countries:
Australia
Al
other
To ta

1

1

Total other countries....
Total

foreign countries..

International and regional:
International
European regional
Latin American regional...
Asian regional
African regional
Middle Eastern regional...
Total i nterna tional
and regional

Grand total

1983

3

47
CAPITAL
Table

CM — —
II

MOVEMENTS

Total Claims on Foreigners by Type and Country Reported by Banks in the United States, as of June 30, 1985
[Position at end of period in millions of dollars]

48

CAPITAL MOVEMENTS
Section

III.

- Supplementary
Table

Liabilities

CM — III — 1 .

and Claims Data Reported by Banks
Dollar Claims on

in

the United States

Nonbank Foreigners

[Position at end of period 1n millions of dollars]
Dollar claims of U.S. offices

dollar
claims on nonbank foreigners

U.S. -based

U.S. agencies
and branches of

banks

foreign banks

Total

End of calendar
year or month

(1)

1980
1981
1982".'.'.'.'..

1983
1984r

1984-Aug.
Sept

r

Oct.
Nov.
Dec.

r

r

r
r

1985-Jan
Feb
Mar
Apr
May
June.'.'.'.'.'

July
Aug.

1/

2/

(2)

(3)

136.912
165,730
186,923
199,950
190,856

28,751
43,656
64,543
76.113
75,675

28.653
36,645
42,493
44,970
43,029

192,877
192,389
193,316
192,545
190,856
188,008
188,534
187,704
187.409
185,452
185,838
184,156
182,395

75,008
75,117
75,562
76,667
75,675
73,849
74,688
74,014
75,277
73,006
71,931
72,062
71,611

44,108
44,690
43,765
43,320
43,029
42,473
42,835
42,904
41,389
41,889
42,983
42,697
42,590

Beginning December 1981, includes International Banking Facilities (IBF's)
established by foreign-based banks.
Federal Reserve Board data.

V

Dol lar claims of
U.S. -based banks'
major foreign
branches _2/
(4)

79,

49

CAPITAL MOVEMENTS
Table

CM —
in

III

— 2. -

Dollar Liabilities to,

and Dollar Claims

[Position at end of period
Total

in

millions of dollars]

liabilities

Calendar year

Total banks'
Ca

_

June

Other Europe:
Cyprus
Iceland
Ireland
Monaco

Other Latin America and Caribbean
Barbados
Bel ize

Bolivia
Costa Rica
Dominican Republic
El Salvador
French West Indies and
French Guiana
Guyana
Hai ti

Honduras
Nicaragua
Paraguay
Sur

i

name

Other Asia:

Afghanistan
Bangladesh
Brunei
Burma
Jordan
Kampuchea (formerly Cambodia)..
Macao
Nepal
Sri Lanka
Vietnam
Yemen (Aden)
Yemen (Sana)

Other Africa:
Angola
Burundi
Cameroon
Ethiopia, including Eritrea....
Guinea
Ivory Coast
Kenya
Madagascar
Mauritania
Mauritius
Mozambique
Niger
Rwanda
Sudan
Tanzania
Tunisia
Uganda
Zambia
All other:
New Hebrides
New Zealand
Papua New Guinea
U.S. Trust Territory of
the Pacific Islands

on, Foreigners

Countries and Areas Not Regularly Reported Separately

35

p

1

own claims

endar year
June

p

:

50
CAPITAL
Section

IV.

—

Liabilities to,

MOVEMENTS

and Claims on, Foreigners Reported by Nonbanking Business Enterprises
Table

CM-IV-1. -

in

the United States

Total Liabilities and Claims by Type

[Position at end of period in millions of dollars]

Calendar year

1984

June

Type of liability or claim
Total

liabilities

Payable in dollars
Financial
Commercial
Trade payables
Advance receipts and other.
:

Payable in foreign currencies..
Financial
Commerci a
Trade payables
Advance receipts and other.
1

Total

claims

Payable in dollars
Financial:
Deposits
Other
Commerci a 1
Trade receivables
Advance payments and other.

Payable in foreign currencies..
Financial
Deposi ts
Other
Commercial
Trade receivables
Advance payments and other.
:

:

28,618

r

Sept.r

1985

Deer

Mar.

June

p

CAPITAL
Table

CM-IV-2. -

MOVEMENTS

Total Liabilities by Country

[Position at end of period in millions of dollars]

51

CAPITAL
Table

CM- IV — 3. -

MOVEMENTS

Total Liabilities by Type and Country, as of June 30, 1985, Preliminary
[Position at end of period in millions of dollars]
Financial

liabilities
Commerci a 1
liabilities

Total

liabilities
Payabl

Payable
dollars

Total

in

e

in foreign
currencies

(2)

Europe
Austria
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic...
Germany
Greece
Hungary
:

Italy

Netherlands
Norway
Poland
Portugal
Romani a
Spain
Sweden

Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe
Total

45
401

6

5

346

348

36
53

4

3

25

1

1

24

298
1,291

1

89

89

665

746

474

137

584
43

Total

1

2

97
114

116
919

5

36

97
73

566

236

329

116
353

2,801

2,432

368

740

13

13

3,541

1

1

18

18
84

58

44

44

1.120

1.107

1,090

87
117

10
27

27

1,735

1,734

1,662

11

2

2

2

2

2

14
5

1

1

4

3

3

524
113

32
96
37

32
96

1

1

69
22
19

2

312
45

337
159
102
32
154

240
2,109
541
1

44
13
14

264
2

41

121
1
1

2

202
7

313

Africa

Other countries:

Australia
Al
other
1

other countries

Total

foreign countries....

International and regional:
International
European regional
Latin American regional
Asian regional
African regional
Middle Eastern regional
Total

international and regional.

Grand total

94

1

Asia

Total

354
284

2

Asia:
China:

Total

27
13

11

32

597
43

Latin America and Caribbean

Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Other Africa

431
56

11

413
861

Europe

Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
Paki stan
Philippines
Singapore
Syria
Thailand
Other Asia

224

56

Latin America and Caribbean:

Total

209
425
4

905

Canada

Argentina
Bahamas
Bermuda
Brazil
British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Ant i lies
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America and Caribbean.

120

4

395
37

23

11

1

1

677
375

375

511

CAPITAL MOVEMENTS
Table

CM-IV-4. -

Total Claims by Country

'osition at end of period in millions of dollars]

53

54

CAPITAL
Table

MOVEMENTS

CM-IV-5. -

Total Claims by Type and Country, as of June 30, 1985
[Position at end of period in millions of dollars]
Financial

claims

Total

Total
claims

Europe:
Austria

financial
claims

Denomi nated
in dollars

Denomi nated
n f orei gn

i

currencies

Commerci
claims

19

19

Belgium-Luxe mbourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic...
Germany
Greece
Hungary

239

224

Italy

445
337
113

Netherlands
Norway
Poland
Portugal
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe

5

5

4

15

15

46
21

46

42

410

1

456
11

11

542
132

373
44
3

3

37

21
36

42

42

31

4
8

3

155
83

392
80
,688
60
105
31

3
7

Brazil
British Hest Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamai ca

2
*

376

3

.737

210

952

5,293

103
2,167

26

25

2,156

2,156

70

5

3

289

96

96

3,347

3,341

3,340

70

13
13

13

104

23

23

37
44

14
31

821

205

81

253

20
33

40
28

7

7

5

4

7

1

1

324
379

100

56

1

Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America and Caribbean.
ant"

14

30
204
20
32

71

Caribbean

Asia:
China:

Mainland
Taiwan
Hong
India

k

o n g

Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
Pakistan
Philippines
Singapore
Syri

a

Thailand
Other Asia
Total

57
94

17

17

107
211

173

8

10
75
34
62

119

16

687

48

14

155

Australia
Al
other
1

other countries

foreign countries

International and regional:
International
European regional
Latin American regional
Asian regional
African regional
Middle Eastern regional
Total

international and regiona

Grand total

10
32

19
51

Africa

Total

3

81

1

107
281

210

Other countries:

Total

1

3

83

1.240

Asia

Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Other Africa
Total

89
190
222

20
3

78

60

9,000

132

135
64

19
16

Latin America and Caribbean:

Argentina
Bahamas
Bermuda

414
301
72

8

Total Europe

Latin America

1

4

Canada

Total

10

1

10
31

a

1

55
CAPITAL
Section

V.

- Transactions
Table

in

Long-Term Securities by Foreigners Reported by Banks and Brokers

CM-V-1. -

[In millions of dollars;

MOVEMENTS

Foreign Purchases and Sales of Long-Term Domestic

negative figures indicate net sales by foreigners or

a

net outflow

Marketable Treasury bonds and notes

U.S. Gov't corporations
and federally sponsored

Net foreign purchases

agencies

in

the United States

Securities by Type
of

capital

from the United States]

Corporate and other securities

_

Bonds

Stocks

1/

__

Foreign countries

Interna-Gross

OffiCalendar
year
or month

Total
(1)

1981

Other
tional
instiforand retutions eigners gional

cial

(2)

(3)

(4)

Net
Gross
foreign Gross
foreign foreign Gross
purforeign
purforeign purchases
sales
chases
chases
sales
(5)

(6)

(7)

(8)

(9)

Net
Gross
Net
foreign foreign Gross
foreign
purpurforeign purchases
chases
sales
chases
(10)

(11)

(12)

(13)

Gross
foreign Gross
purforeign
chases
sales
(14)

(15)

56
CAPITAL MOVEMENTS
Table
[In

miMions

of

CM-V-3. -

Net Foreign Transactions

in

Long-Term Domestic Securities by Type and Country

dollars; negative figures indicate net sales

Marketable Treasury
bonds and notes

29

t>y

foreigners or

U.S. Gov't corporations
and federal agency bonds

a

net outflow of capital

Corporate bonds

from the United States]
Corpora te stock

s

4

.

58
MOVEMENTS

CAPITAL
Table

CM-V-5 -

Foreign Purchases and Sales of Long-Term Securities by Type and Country, During Calendar Year 1984
[In mi
ijrcss

1

lions of dollars]

purchases ty foreigners

ross sales by foreigners

estu

securitie;

i'C""estic

Trea sury I
Federa 1
F
nanci

l"

Total
pur-

er

n g

Bank

bonds
chases notes

Europe
Austria
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Oenmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary

I

(2)

(1)

of U.S.

Gov't
corp.
and f eda

1

1

y

1

Corpora te
other

Foreign
securities

I

sponsored
agencies Bonds Stocks
13}

sec

Marketable
Bonds
Treasof U.S.
ury I
Gov't
Federa
corp
F inane- and f e d -

Marketable
Bonds

(4)

(5)

i

Bank

Bonds Stocks

(8)

(7)

(6)

Tota 1 bonds
sales notes
(9)

Corpora te
1 1 y
I other
sponsored
agencies Bonds Stocks

era

n g

S

(10)

111}

(12)

Forei gn
securi ties

Bonds Stocks
(13)

:

628
3,963

1,194
3.210
8.999
21.6 60
254

To ta

838
2.798
3.969

Tota 1 Latin Ameri ca
and Caribbean

3,067
92

158

1.747

241
247

288
7.857
3.539

148
186
1,366

578
3,527
18,154

88

8.122
4,471

5.271
2,824

478

1,919
17,795

4,664

l,4 4e

14

8

104,685

46,401

1

116
2,953
8,397
105
1,384
130
71

19

1,214
3,?3e
17

618
36
9

1

9

1

6

1

6

*

660
15.158
1.235

256
9,408
350

20

3

41

32
13
61

103
445
1_E_1

30.992

7_

15,284

643

3

1P4

3

6.390
543

2,538
479

89

52

2,132

1,950
18.2 90
205

9,4 50

268
130

5

114

7

3

*

40

Total

other countries...

Total

foreign countries.. 338.811

164, 80j

Total Asia

Africa:
Egypt
Ghana
a

Morocco
South Africa
Zaire
Other Africa
Africa

Other coun tries:
Austral i a
Al 1 other

Total international
and regional
Grand total

,119
,880
,108

12

16,976 11,

20

187

1.257

1

,817

23

.592

30

3

761

18,88 7

International and regional:
International
European regional
Latin American regional...
Asian regional
African regional
Middle Eastern regional...

1,264
3,218

2

98

Total

7

2.937

19,6 62

beri

19
314

1

India

Li

117
1,326

*

Mainland

Philippines
Singapore
Syria
Thailand
Other Asia

49

436

21

236

17

Taiwan
Hong Kong

Pak is tan

221
320

1,365

274

Asia:
China:

Indonesia
Israel
Japan
Korea
Lebanon
Malaysia

54
31

2,678

126

Canada
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazi 1
British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin Ameri ca
and Caribbean

10
52

492

14, 109

Europe

1

5,074

1

Netherlands

Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe

343

28
616

1

Italy

Norway
Poland
Portugal
Romania
Spain
Sweden

206
1,323

551
1,615

*

77,056

69,185

361
91
2, 208

2,089

20
*

79,736

-

71,:' 74

406, 547 236. 081

104
9,401

157
609

1

*

6

5,505 11,564 13,802 23,849

3,566

97,067

4

282
,402
,028

55

5,716

98
1.381

104
1,893

(14)

FOREIGN CURRENCY POSITIONS
INTRODUCTION

Background

"Majority-owned foreign partnerships" are those organized under the laws
a foreign country i n which one or more nonbanking concerns or nonprof i t
institutions in the United States, directly or indirectly, own more than 50
percent profit interest.
"Majority-owned foreign subsidiaries" are foreign
corporations in which one or more nonbanking business concerns or nonprofit
institutions located in the United States, directly or indirectly, own stock
with more than 50 percent of the total combined voting power of all classes of
stock entitled to vote, or more than 50 percent of the total value of all
classes of stock.
of

Data have been collected since 1974 on the foreign currency positions of
banks and nonbanking firms in the United States, and on those of foreign
branches, majori ty-owned forei gn partnerships, and majority-owned foreign
subsidiaries of U.S. banks and nonbanking firms.
Reports cover five major
foreign exchange market currencies and U.S. dollars held abroad.
Reporting
has been required pursuant to title II of Public Law 93-110, an amendment to
the Par Value Modification Act of September 21,
and implementing
1973,
Treasury regulations.
Stati sties on the positions have been pub i shed since
March 1977 beginning with data for December 1975.
1

Reporting Threshold
The report forms and instructions used in the collection of bank data
were revised effective with reports as of March 16, 1983, for the weekly
reports.
The most recent revision of the nonbank foreign currency forms (see
below) became effective as of the last business day of March 1983.

Common Definitions and Concepts
The term "United States" means the States of the United States, the
District of Columbia, the Commonwealth of Puerto Rico, American Samoa, Midway
Island,
the Virgin Islands, and Wake Island.
The term "foreign" means
locations other than the "United States. "
The term "worldwide" is used to
describe the sum of "United States" and "foreign" data.
Data for the Urn" ted States include amounts reported by sole proprietorshi'ps, partnerships, and corporations in the United States including the
U.S. branches and subsidiaries of foreign nonbanking concerns, in the case of
"nonbanking firms
positions," and the agencies, branches, and subsidiaries
located in the United States of foreign banks and banking
institutions, in
the case of the weekly "bank positions."
'

subsidiaries of

a

intercompany
accounts.
The
data
include
few foreign-owned U.S. -based corporations.

ted abroad
the
foreign

Assets, liabilities, and foreign exchange contract data are reported on
the basi s of time remaining to maturity as of the date of the report,
regardless of the original maturity of the instrument involved.
"Spot" means
due for receipt or del i very within 2 business days from the date of the
report.
"Short-term" means maturing in 1 year or less from the date of the
report.

The exemption level applicable to banks and banking institutions was $10
million equivalent through January 1982, when it was raised to $100 million.
The exemption level applicable to nonbanking business concerns and nonprofit
institutions was $1 million equivalent on all nonbank forms from March 1975
through November 1976.
It was raised to $2 million equivalent on the monthly
reports of positions held in the United States from November 1976 through
September 1978.
The exemption level was raised to $3 million on foreign
subsidiary positions on June 30, 1977, and for positions held in the United
States on September 30, 1978.
The exemption level for nonbanking firms was
raised to $100 million on positions in the United States in January 1982 and
on foreign branch and subsidiaries positions in March 1982.

Firms must report their entire foreign currency position in a specified
foreign currency if a specified U.S. dollar equivalent value is reached in any
category of assets, liabilities, exchange contracts bought and sold, or the
net position in the currency.
In general, exemption levels are applied to the
entire firm.
In reports on their foreign branches, majority-owned foreign
partnerships, and majority-owned foreign subsidiaries, U.S. banks and nonbanks
are required to report the U.S.
dollar-denominated assets, liabilities,
exchange contracts bought and sold, and net positions of those branches,
partnerships, and subsidiaries with reportable positions in the specified
foreign currencies.

Description of Statistics
Data col lee ted on the Treasury foreign currency forms are published in
the Treasury Bulletin in seven sections.
The first section presents a summary
of worldwide net positions in all of the currencies reported.
Sections II
through VI each present data on a specified foreign currency.
Section VII
presents the U.S. dollar positions of the foreign branches and subsidiaries of
U.S. firms which are required to report in one or more of the specified

foreign currencies.

59

60
FOREIGN CURRENCY POSITIONS
Section

Summary

I.

Positions

Nonbanking Firms' Positions-

Table FCP-l-1.

foreign currency units,
except yen, which is in billions]

[In millions of

Report
date

Ca nadi

a n

do! lars

German
mark
(2)

3/29/85

s

Japanese
yen

Swiss
francs

Bri tish
pounds

dollars 2/

(3)

(4)

(5)

(6)

U.S.

61

FOREIGN CURRENCY POSITIONS
Section

II.

— Canadian

Table FCP-ll-1.
[In

Dollar Positions

- Nonbanking

Firms' Positions

millions of dollars]

Report

Liabilities

date

3/

Exchange bought^/

(1)

(2)

(3)

1/31/85
2/28/85

r4,297
4,139

1,407
1,419

1,557
2.608

3/29/85

r51,843
r4,92S

r42,442
1,273

1,631
2,439

4/30/85
5/31/85

5,191
5,144

1,369
1,371

2,237
2,656

6/28/85

52,743
4,479

44,021
650

1,306
2,018

57,222

Exchange

(4)

2
4,

so

1

d

^4_/

Net
position
(5)

5/

Exchange
rate 6/
(6)

Position
held in:

2

.

FOREIGN CURRENCY POSITIONS
Section

III.

Table FCP-lll-1.
[In

Report
date

Liabilities

— German Mark Positions
- Nonbanking Firms' Positions 1'
millions of marks]

Exchange bought 4/

3J

Exchange sold

4/

position 5/
(5)

Exchange
rate 6/

Position
held in:

(1)

(2)

(3)

(4)

1/31/85.
2/28/85.

1,304
1,163

4,278
4,058

26,432
25,660

19,283
19,187

4,175
3,578

3.1648
3.3510

United States
United States

3/29/85.

45.141
1,553

43,919

8,992
32,869

25,916
25,372

-15,702
3,794

3.0625
3.0625

Abroad
United States

3.0625

Worldwide

4,327
5,690

3.1230
3.0470

United States
United States

3.0300
3.0300

Abroad
United States

4/30/85.
5/31/85.
6/28/85.

..

5,256

900
1,439

5,194
5,388

46,248
1,756

44,693
5,231

30,645
33,508

n.a.

n.a.

-15,459
4,494

32,445

41,490

10,965

n. a

Table FCP-lll-2.
[In

Liabilities
Report
date
United Foreign
States branch

World- United Foreign
wide
States branch

(1)

(4)

1/02/85..

(2)

9/

Worldwide

22,024
23.869

n.

.

- Weekly Bank

a

Positions

millions of marks]
Exchange bought 10/
United Foreign
States branch
(8)

Worldwide

Exchange sold 10/
United Foreign
States branch
(10)

(11)

Worldwide

Worldwide
Exchange
net
rate 1 /
position 11/
(13)

(14)

.

63

FOREIGN CURRENCY POSITIONS

- Japanese Yen Positions
FCP-IV-1. - Nonbanking Firms' Positions

Section

Table

IV.

[In

Report
date

Net

Liabilities

1/31/85..
2/28/85.

,

6/28/85

3/

Exchange bought

4/

Exchange sold

4/

position _5 /

(1)

(2)

(3)

(4)

(5)

438
400

379
420

710
919

661
837

107
63

rl,794
362

4/30/85..
5/31/85..

billions of yen]
Exchange
r a

te _6/

Position
held

in:

(6)

255.2500
r259.7800

United States
United States

64
FOREIGN CURRENCY POSITIONS
Section

Table

V.

[In

Report
date

1/31/85
2/28/85

Assets 2J

Liabilities

_3/

-

Swiss Franc Positions

FCP-V-1. - Nonbanking

Firms' Positions-7

millions of francs]

Exchange bought

_4/

Exchange sold $J

(1)

(2)

(3)

(4)

n.a.
n.a.

n.a.
n.a.

7,764
9,083

6,654
7,673

Net
posi-

Exchange

t

r a t e _6 /

i

on

(51

-772
-476

_5 /

Position
held in:

(6)

2.6843
2.8695

United States
United States

Abroad
United States

n.a.
n.a.

4/30/85
5/31/85

n.a.
n.a.

n.a.
n.a.

8,396
10,377

6,709
8,983

-619
-882

2.6175
2.5658

United States
United States

6/28/85

n.a.

3,189

414

n.a.

1,133

2.5365

Abroad
United States

65
FOREIGN CURRENCY POSITIONS
Section

Table

VI.

-

Sterling Positions

FCP— VI — 1. — Nonbanking

Firms' Positions

[In mill ions of pounds]

Net

Report
date

1/31/85
2/28/85

Liabilities

Exchange bought

4/

Exchange sold

_4y

position 5/

Exchange
rate 6/

(1)

(2)

(3)

(4)

(5)

16)

978
956

1,063
1,121

2,980
3,061

3,456
3,898

-561
-1,002

1.1259
1.0755

,r22,886
882

5/31/85.

3 /

Position
held in:

.
.

66
FOREIGN CURRENCY POSITIONS
VII. - U.S. Dollar Positions
- Nonbanking Firms' Foreign

Section

Table FCP-VII-1.

Abroad
Subsidiaries' Positions

1/

-

[In millions of dollars]

Report
date

Assets 21

(1)

3/29/85.
6/28/85.

Liabilities

(2)

3/

Exchange bought

(3)

_4_/

Exchange

(4)

s

o

1

d

_4_/

Net
position 5/
(5)

Position
held in:

FOREIGN CURRENCY POSITIONS
Footnotes

1/

to

Tables

Worldwide net positions on the last business day of the calendar quarter
of nonbanking business concerns in the United States and their foreign
Excludes
branches and majority-owned partnerships and subsidiaries.
receivables and installment paper which have been sold or discounted
before maturity, U.S. parent companies' investment in their majorityfixed assets (plant and equipment), and
owned foreign subsidiaries,
capitalized leases for plant and equipment.

2/ Foreign branches and majority-owned partnerships and subsidiaries only.
3/

Weekly worldwide net positions of banks and banking institutions in the
United States, and their foreign branches and majority-owned foreign
subsidiaries.
Excludes capital assets and liabilities.

4/ Foreign branches and majority-owned subsidiaries only.

SECTIONS

—1/

II

THROUGH VII

FCP-I through FCP-VII

majority-owned foreign subsidiaries.
3/

Capitalized plant and equipment leases are excluded.

4/ Includes both spot and forward exchange rates.
5/

Columns

1

and

3

less columns

2

and 4.

Canadian dollar and United
rates on the report date.
Kingdom pound rates are expressed in U.S. do! lars per unit of foreign
currency, all others in foreign units per U.S. dollar.

6/ Representative

7/

Banks and banking institutions in the United
subsidiaries.
branches and majority-owned
branches and majority-owned subsidiaries only.

States and
section

In

JV Excludes capital assets.
9/ Excludes capital

liabilities.

Positions of nonbanking business concerns in the United States and their
In
foreign branches and majority -owned partnerships and subsidiaries.
section VII positions of foreign branches and majority-owned partnerships
and subsidiaries only.

K)/ Includes both spot and forward exchange contracts.

receivables and instal lment paper sold or di scounted before
maturity, fixed assets (plant and equipment), and parents' investment in

12/ See footnote 6.

2/ Excludes

~

67

11 / Columns 3 and 9 less columns 6 and

12.

their
VII,

foreign
foreign

:

68

EXCHANGE STABILIZATION FUND
Table ESF-1.

- Balances

as of Mar. 31, 1985, and June 30, 1985

^

[In thousands of dollars]
Mar.

Assets, liabilities, and capital

Mar. 31, 1985

1985, through
June 30, 1985
31,

Assets
U.S. dollars:
Held at Federal Reserve Bank of New York.

Held with Treasury:
U.S. Government securities
Other
Special drawing rights^/
Foreign exchange and securities 2/:
German marks
T
Japanese yen
sterling
Pounds
Swiss francs
Argentine australes
Accounts receivable
Total assets

6,901

2,515,332
1,067,000
5,972,913
1,454,803
1,519,593
9,272
12,437
120,684

12,678,935

Liabilities and capital
Current liabilities:
Accounts payable
Advance from U.S. Treasury (U.S. drawing
on IMF)

V

1,067,000

Total current liabilities

Other liabilities:
Special drawing right certificates
Special drawing rights allocations

Total

1,134.362

4,618,000
4,856,790

other liabilities

Capital
Capital account
Net income (loss)

(see table ESF-2)

Total capital
Total

67,362

liabilities and capital

See footnotes at end of table ESF-2.

200,000
1,869,783
2,069,783

250

June 30, 1985

CASH MANAGEMENT INITIATIVES

1

72
Treasury Assumes New Collection and Deposit Authority
On October 1, 1985, the portion of the Deficit Reduction Act known as the
This
collection and deposit legi slation {section 2652} became effective.
legislation gives Treasury new authority in the field of cash management by
allowing Treasury to mandate how agencies will collect their money and the
Agencies not complying
timeframe within which these funds must be deposited.
with the regulations may be charged an amount equal to the interest lost to
the general fund for such noncompliance.

One of the provisions of the new regulation is that agencies will begin
Agencies will be responsible
to conduct their own cash management reviews.
for identifying new cash management opportunities and for making all internal
improvements not requiring the use of a Treasury-assisted mechani sin.
Where
Treasury assistance is required, implementation dates and milestones will be
established in consultation with the agency.
The guidelines necessary for
agencies to perform reviews and internal evaluations are contained in the
recently published Cash Management Review Guide.

Fi seal
As si stan t Secretary.
Representatives from Treasury's lockbox banks
were present to discuss the various cash management mechanisms available for
agency use, and to answer questions about specific agency applications.
Several additional training sessions are planned for calendar year 1986, for
any agencies still requiring assistance in conducting their financial reviews.

Many agencies have been active in the field of cash management for
several years now, and on January 28, 1986, those officials with outstanding
accomplishments will be honored at Treasury's second annual Award Ceremony for
Di stinction
in Cash Management.
These awards are made annual ly to nonTreasury executive branch department and agency employees, and are the highest
awards granted in the Federal Government for outstanding accomplishments in
cash management.
This year, Treasury Secretary Baker will be on hand to
present awards to all recipients.
At last year's ceremony,
23 Federal
employees, representing 14 agencies, received cash awards ranging from $2,000
to
$10,000.
In
addition, the achievements of 15 other officials were
recognized by their recei ving either the Secretary s Certificate or the
Honorary Award for Distinction in Cash Management.
'

A training seminar was held on November 8, 1985, in Washington, O.C., for
agencies,
brief
them on
the
all
to
new
procedures
required by
the
legi slation.
The keynote address was given by Carole J. Dineen, Associate

Director for Management, Office of Management and Budget, formerly Treasury's

Reform '88 Cash Management
Treasury' s Financial Management Service /Federal Finance has lead agency
responsibility by monitoring and reporting progress on Reform '88 cash
management initiatives undertaken by 20 Federal departments and agencies. The
overall goal of the project is to improve Government's payments and collection
systems, with special attention being directed toward identifying additional
application for state-of-the-art technology and expanding the use of other
mechani sms,
such
as
lockboxes,
automated
clearinghouses,
and
cash
concentration systems.

Agencies are providing monthly reports to Treasury on the status of 442
initiatives.
For fiscal years 1983 and 1984, interest savings totaled $176
million and $334 million, respectively.
Projected
fiscal

figures for fiscal 1985 and figures for three quarters
1985 for each of the participating agencies are shown below.

Fiscal 1985 Interest Savings through Three Quarters
[In

thousands of dollars]
Interest savings

Department/agency

Original
goal
(full year)

Agency for International Development
Agriculture
Commerce
Defense
Education
Energy
Environmental Protection Agency
General Services Admin strati on
Health and Human Services
Housing and Urban Development
Interior
Justice
Labor
National Aeronautics and Space Administration.
Railroad Retirement Board
Small Business Administration
State
Transportation
Treasury
Veterans Admin i strati on
i

Tota

1,118
20,843
900
119,800
14,065
8,064
1,720
899
50,956
9,919
5,963
2,261
13,500
4,000
18,855
1,817
946
6,064
138,000
3,844

Actual
interest
(three quarters)

3,039
18,190
849
112,390
13,058
8,949
1,624
211

182,200
9,009
3,875
5,355
20,627
5,694
15,520
1,276
3,008
3,814
96,109
2,677

507,474

of

TRUST FUND REPORTS

76
Civil

[In

minions of dollars.

Service Retirement and Disability Fund

Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government]

Receipts

Fiscal year
or month

77
Federal Disability Insurance Trust Fund
[In millions of dollars.

Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government]

Expenditures other than investments

Receipts
Fiscal year
or month

Total

Appropriations

Deposits
by States

1981
1982
1983
1984
1985

12,992
21,398
21.894
17,812
18,062

11,341
18,856
16,661
14,480
15,200

1,249
2,010
1,931
1,618
1,587

1986 (Est.)

19,256

16,336

1,720

1,278
1,201
1,513
1,591
1,497
1,482
1,880
1,425
1,666
1,630
1,404
1,497

1,041
1,056
1.098
1,384
1,339
1,286
1,577
1,249
1,286
1,333
1,224
1,325

132
104
114
136
113
145
166
129

18,062

15,200

1984-Oct
Nov
Dec
1985-Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

Fiscal 1985

74

239
139
96

Interest
and profits on
investments

268
364
437
558

580

Other

135
168
2,865
1,156
695
714

28
9

180
3

9

16
23

77
32
121

68
35
34

275

115
39
31

3

54

17
11

23
64

7

Total

17,280

Benefit
payments

78
Federal Hospital Insurance Trust Fund
[In millions of dollars.

Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government]

Receipts
Fiscal year
or month

Total

—

79
Federal Old-Age and Survivors Insurance Trust Fund
[In millions of dollars.

Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government]

Receipts
Fiscal year
or month

i

Appropriations

Deposits by
States

*('.Tu]i

Net earnings
on investments

tures other than investments

Benefit
payments

Payments to railroad retirement
account

1981
1982
1983
1984
1985

121,572
126,629
150,489
163,315
182,287

107,280
111,997
116,508
139,380
157,610

11,737
12,249
13,999
14,916
17,651

2,018
1,707
1,299
2,752
3,537

538
676
18,684
6,268
3,489

122,304
137,929
153.892
162.406
171,614

119,413
134,655
148,642
155,852
165.422

1,585
1,793
2.251
2.404
2,310

1986 (Est.)

197.984

171,061

17,886

3,766

5,271

183,779

177,938

2,365

13,628
12,727
14,493
16,308
14,952
14,219
19,428
14,645
16,172
15,767
13,489
16,457

11,078
10,987
11,416
14.606
13,257
13.378
16.246
13,001
13,411
13,669
12,750
13,809

1,981
1,353
1,419
1,404
1.479
652
2.106
1,456
1,238
1,743
683
2,136

226
60
1,225

344

13.401
13.273
14.626
14.045
14,107
14,202
14,105
14,061
16,810
14,595
14,183
14,204

13.116
13,153
13,855
13,746
13,867
13,956
13,837
13,818
13,853
14,306
13,932
13,984

182,287

157,610

17,651

3,537

171,614

165,422

1984-Oct
Nov
Dec
1985- Jan

Feb
Mar
Apr
May
June
July
Aug

Sept
Fiscal 1985

Expenditures other than investments
Continued
Fiscal year
or month

Admi ni strati ve

expenses

79
74
81

98
27
1,455
28
42
144

Transfers to

326
434
218
142
108
978
161

69
326
13

368

80
Federal Supplementary Medical Insurance Trust Fund
[In nillions of dollars.

Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government]

Receipts
Federal

Fiscal year
or month

contributions

Expenditures other than investments
Interest
and profits on
investments

409

12,451
17,627
19,147
22,526
24,576

2,987
3.460
3,834
4,463
5,042

8,747
13,323
14,238
16,811
17,898

484
690
807
1,154

25,426

5,502

18,266

1,111

Dec
1985-Jan
Feb

1,885
1,929
2,446
2,001
2,050

Mar

1,991

Apr
lay
June
Ouly

1,952
1,993
2,456
2,033

Aug

2,

OH

405
415
410
354
505
421
421
421
407
432
427

Sept

1,830

425

1.429
1,467
1.532
1,525
1.559
1,502
1,489
1,502
1,462
1,548
1,528
1,355

24,576

5,042

17,898

1981
1962
1983
1984
19B5
1986 (Est.

I

1984-Oct
l.ov

Fiscal

1985

Total

307
360
385
444
482

9

35
34
31
114

9

-23

33

35
31
53
42
46
43
42

16

13

473

11

16

546
7

12
9

13,240

Benefit
payments

.

81
Railroad Retirement Account
[In millions of dollars.

Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government]

Expenditures other than investments

Receipts

Fiscal year

Appropriations

or month

1981
1982
1983
1984
1985

4,675

1986 (Est.).

1984-Oct
Nov. ...

Dec...
1985-Jan
Feb....
Mar....
Apr. ..
May
June. ..
July...
Aug. . ..
Sept...

Fiscal

1985.

From FOASI
and FOI
trust
funds

Interest
and profits on
investments

Benefit
payments

82
Unemployment Trust Fund
[In nil lions of dollars.

Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government]

Receipts
State
Fiscal year
or month

83
Investments

of Specified Trust

Accounts

in

Public Debt Securities and Agency Securities by Issue, as of Sept. 30, 1985
[In millions of dollars]

Investment securities

Type and rate

Payable
date

Issue

date

Public issues:
Bonds:

6-1/8?
3-1/2
4-1/4
4

7-1/2
4-1/8
3-1/2
8

8-1/4
7-5/8
11-3/4
Total

Government account series:
Certificates:

11/15/86
2/15/90
8/15/87-92
2/1 5/88-93
8/15/88-93
5/1 5/89-94
11/15/98
8/15/96-01
5/15/00-05
2/15/02-07
2/15/05-10

11/15/71

Federal
disability
insurance
trust fund

Federal
hospital
insurance
trust fund

Federal old-age
and survivors
insurance
trust fund

Federal
supplementary
nedical
insurance
trust fund

Rai lroad

retirement
account

Unemployment
trust fund

CURRENCY AND COIN
OUTSTANDING AND IN CIRCULATION
U.S.

:

86
Currency and Coin Outstanding and

U.S.

Circulation

in

[Source: Financial Management Service]

AMOUNTS OUTSTANDING AND IN CIRCULATION

1985

Sept. 30,

Coin 2/
Total

Amounts outstanding
Less amounts held by:
The Treasury
The Federal Reserve banks..
Amounts in circulation

Currency no
longer issued

U.S. notes

Federal Reserve notes 1/

Total

currency and
coin

$222,372,875,291 $206,055,100,393 $205,460,758,739 $322,539,016 $271,802,638

$16,317,774,898

$2,024,703,898 $14,293,071,000

-

509,781,453
516.506,667

356,833,452
157,504,629

152,948,001
359.002,038

293,003,077

271,581,392

15.291,486,778

1,510,365,817

13.781,120,961

34,475,311
33,974,721,175

4,748,443
33,974,690,858

29.535,939

187,337,390,685

172,045,903.907

171,481,319,438

COMPARATIVE TOTALS OF MONEY IN
CIRCULATION— SELECTED DATES

CURRENCY IN CIRCULATION BY DENOMINATION

30,

1985

Amount

Denomination
Federal
Reserve
notes 1/

$3,524,118,605
707,901.130
4,854,682,910
11,137,067,920
51,472,101,640
21,889,014,500

$1

$2
$5

$10
$20
$50
$100
$500
$1,000
$5.000
$10,000
Fractional parts
Partial notes 5/

78 , 122 ,725 ,600

154,129,000
178,877,000
1,815,000
3.470,000
487

Issued on and after July

U.S.
notes

Currency
no longer
issued

$143,481
132,970,666
112.390,810
5,950
3,380

$153, 035,340

172,045,903,907

1,

1929.

7/ Excludes coin sold to collectors at premium prices.
1/ Includes $481,781,898 in standard silver dollars.

38,
25,
20,

Hi
47,488.700

22,

13,000
561,150
094,080
245,760
669.250
415.300
191,000
211,000
45,000
100,000

(in
mi

Sept. 30.
Aug.
31,
Sept. 30,
June
30,
June 30,

June
June
June
June
June
June

30,
30,

1985
1985
1984
1985
1980
1975
1970

1955
1950

Per
capita 4/

llions)

$187,337.4
188,549.3
175,330.6
185,890.8
127,097.2
81,196.4
54,351.0
39,719.8
32.064.6
30,229.3
27,156.3

$782.45
r788.19
r738.81
r778.38
558.28
380.08
265.39
204.14
177.47
182.90
179.03

487
25

115

Total currency

1/

$3,370,939,784
574,917,464
4,703.730.950
11,111,967,890
51,451,852,500
21,877.345.250
78,052,821,600
153,938,000
178,666,000
1,770,000
3,370,000

Fractional
coin

190,929
30,317

544,256,764
34,491,227,842

Sept.

Dollars 3/

Total

171,481,319,438

293,003,077

271,581,392

4/ Based on Bureau of the Census estimates of population.
T/ Represents value of certain partial denominations not presented for

redemption.

"U.S. GOVERNMENT PRINTING OFFICE

:

1

98S- 491-830

:

DEPARTMENT OF THE TREASURY
FINANCIAL

MANAGEMENT SERVICE

OFFICE OF THE COMMISSIONER

WASHINGTON,

D'.C.

20226

OFFICIAL BUSINESS
PENALTY FOR PRIVATE USE, $300

FIRST-CLASS MAIL

POSTAGE & FEES PAID
of the Treasury
Permit No. G-4

Department