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 POSTAGE AND FEES PAID DEPARTMENT OF THE TREASURY TREAS-553 U.S.MAIL OFFICIAL BUSINESS PENALTY FOR PRIVATE USE, S300 FIRST CLASS $%?^[y\^ ® C*J 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) 00 0> < 00 O) CO DC < LU > < o CO LL CO~ 3 CO LU CC hLU o Q DO O Q LU O Q Z) in = tD 00000000 O O) CO N (D B 't N o o 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 c cd ID 00 CD E c i_ CD > o O co CD "5 CD N- co O) D 03 CO DC < LU > _l < o 'E CD x: co "3 O DC CO I LU CO o Q. DC O o CO > CD CO Ig_ LU o LU DC CD DC c CD E CD -CO- CO 3 CO 03 CD ILU .C o O =) CD c o CD O o CO o CO o o CD CO CO CO <M CO = o o CO o CO CM o CO CN o * CM o CO CM O O CM O 00 O CD O ^r O CM O o o CO o CO o "* o CM o o O o CO o CO o o CM o 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 ?; ,«!^..!!!: 'Si!!..! »••. RR i;:K!S:l! R:::: iTW, To:::: iT-^R, RR RR : . S:::: Feb. Feb. Feb. 15.... 15.... 28.... ™ ":::: i j/js/;; .... »o" "otl 7-5 8, -A t-6 2-5 ::^ Zl 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:, .! '-bj : 8/15/85 10.928 1.82 Note 9-1/2, -T P : 8-3/4,-6 5 "::.. . 15 14-5/8, -C s 5 . ;5/B,-0^ Note Note »"•• , D 1, . -l/'« -; RR RR !•- IT-^U. RR : S!:!;r,:E : 1!:::: S'.; "& l5:::: 3 6 ic'/il/Ii -fii 9.103 " ' 1.139 ,_366 ^ 1/13/82 3.508 171 3.337 'i..!,'.! I:?R 35-5 '/'"J" i:«| "» »" e: 11/15/78 3.445 5;s?;S5 ^ ::i!:!:: i!--J!iii- RR ,«' WI! S! II- w/^ SK, ":::: RR RR RR RR JS: i!:J'/.R3 K"".-i $.:::"»»-;* l R? !„ il::::4.!lja5 »° :: " :::: . 15 "j'a'n g ,; ... : ili::: 13 ,. B Note %oRr....R:: : , 2.306 , - Note 1/81 /8, C 9 21 J/ o ^ 5 _ ™»f j.*. 3010 97 .R, 35°. .JiS J82 5i81e . ,>» ^ . ; B, „.... ,,.«« ». 14-1/4, i _i/ ii i .« 2 l=sH 7/09/80 B5 1.504 12 il2; 7.956 600 800 692 23 „ , "-'- '- "- =-r«— 8/15/85 /7J „,„„ Bo „ d Bo „„ 2=Hi 1.492 j i.,.»., Bond Bond 1/06/82 9/29/82 «0M B , „„ a 1/M/i , ?«S«i ir.»s r:j -•-•••'Totai-: ™. — "" •=• „ Bo „ a 1.759 88 ,.ili T94 _^ 3.007 1.671 2^ 4.318 —— 57 — 5-8 ^« - 5/»"/» !'/«'/" '•- iKS"/!! ll/n/BO «.;» 5.701 632 .?:"": »:"» ^.^'« !« J.000 rltHI 4,20. ^Tumh,,,-,.- .ona 3, /.o 2.,,4 K-lW^fe ^ :'! ""•"" 'St., ^ !!^!" ..-«.. •- •/• ... Bona 7 20 9 s-SJ 5,069 !,:$,:. RR .;!S«? the _ .i5.o3-o 8 ,.3/.. M E..i6..7-.. MS,......-i. ""».•-» »-»'« 09 -14 12-1/2, 4 22 ^|13 1>5 „ 2 ? HI V\\ 82o 3^ K „s j..» 4^-^ 11 ! . S W» ^ "' iiHi »» .mm ^^ 14.755 ,666 Hi I^Il-WB— dS 1 ^^ & 2.159 ^ — '•"' Bond ^i!',!: 8/15/84 I-!S! 5.128 IH ::c!!;: it:?" i.hs £M§ Eond 2/15/85 12.668 899 11.769 --^R^-RR .^^ ».iu i.sas .^ i 2/11-1/4, '"- _ -"^iL K:?...:::! ' !:!:i,:o 2015 2.068 4,239 2.156 ?i U/.5/79 !:"» of |n _ ...d 5.500 V 4.22. 4.261 6,15/75 4/02/85 7/02/85 .5.0,-0,10-3/8, —^ ; ^ ]4t 2007 no,. 12 : Bond Bond Bond : '".» Treasury note. i gn- tar g eted See table eligible for stripping. TO-3/4, «!'. , ore . . /»» ••»«, » . .«- " '- 5. :t"! ?:g 5:«! «""» /12 , . : a - "SI, .5.00-05 8-./,, 2.950 . : r.'.v.'.v.-M® j/io/84 .643 ^ ri J 6; ^ » 4.000 13 . 3/ Au »_ 4 1.488 1.699 110 Ki •• »•••«:!...?::! J!»!(!!tWS JJ> „, p 7.156 13 51 1>501 1.750 1.485 1.753 1 .753 4/02/81 8/16/76 7/02/81 Bona Bond B.na Total IS:::: S.1 *h JJ .. 5 „»,.. Bond 13-3/8, Jv ja Note BS 1 J:Ji! >' 10 . ^ ,$#'. ,,,.., „ 8ona >/«,_„A 2 . .... .... | »».;» R ^- i:".? f : K.« » &* S 3 §" J'J,;» «»;»• »« ""''•»"•»!! 5.512 is .WSJ »« XD . "0. : 1/04/8. a ..si Bona Note This Item is a ;::: ' 1/ l.E ,e 5m 11-3/. ,-0 T/ This security £3 jj".;: -. .2/31/84^808^ '.'/..JSS '?;ri?:!...:.r : 4.482 ,, i: 4 *!:"«» : 680 »« 7 ? "Sa'n 5.162 .,...r . 8,563 2/15/83 -« 1 ,'. I:. 2.135 „„te 4 sijjsi. - 1/05/81 5/17/82 am -"•' ^j^ _»s .|.. nS "0 i/S«Si - y,. i}li^- RS R:-'!L::TM'/^ RJ: Note III' Re'. 15 ,mW 11/15/84 Note - ,.a 5.... . 5.759 ,:!l. 10.7,8 abi \k ;;"•• 2.705 ji. 5.032 11°.". 5 '/3°0/»5 11 a, ay . 8 10-1/8I-C SHS :: | 1.070 IS"" "-I/4W !„o' » «. 2.710 js; 5.040 15.... ::: 11 *.4« ">5/8 5 Apr' li Hay 12/02/82 Feb L »."£ 6.751 3,390 47 K" Note »ote : ^ 645 mB ; 12-3/8, -C ' 2.415 \lV,lll ,c :::: ..§ «« 9.166 3.437 10.087 2/15/84 12/02/el 2/28/85 L".' i*ffi ft;,:i °" g": R:I|| j'$!j «..m u Vr,!:< ..rr i: . .a - '•»» :::: 5. :: «» iS:::: i 1 , .;;»« :;: 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