Full text of Treasury Bulletin : December 1986

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DEPARTMENT OF THE TREASURY
FINANCIAL

MANAGEMENT SERVICE

OFFICE OF THE COMMISSIONER

WASHINGTON,

D.C.

20226

FIRST-CLASS MAIL
& FEES PAID

POSTAGE
Department

OFFICIAL BUSINESS
PENALTY FOR PRIVATE USE, $300

of the Treasurji

Permit No. G-4

Fall

Issue

TREASURY

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

»
Dec

4}^^
Fiscal

1986

1

)EPARTHc

Compiled by
Financial

Service

Management

TREASURY

Compiled by

Office of the Secretary
Department of the Treasury

Financial
Service

Washington, D.C.

The Treasury Bulletin Is
US Government

for sale

by the Superintendent of Documents,
Washington, D.C, 20402

Printing Office,

Management

©@[ji]S©[]i]'8^

FALL ISSUE

D FOURTH QUARTER, FISCAL 1986
^^^^

FINANCIAL OPERATIONS
FEDERAL FISCAL OPERATIONS

Analysis

-

FFO-1.

Sumnary of fiscal operations

5

-budget and off-budget results
On-budget and off-budget receipts by source

6

Chart

-

Chart

-

1986

9

On-budget and off-budget outlays by agency

-

3

7

Budget receipts by source

-

FFO-3.

fiscal

On

-

FFO-2.

Budget results for the fourth quarter,

10

FEDERAL OBLIGATIONS
FO-1.

-

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

12

FO-2.

-

Gross obligations incurred outside the Federal

13

Government by department or agency

ACCOUNT OF THE U.S. TREASURY
UST-1.

Elements of changes

-

in

Federal Reserve and tax and loan note account balances

15

FEDERAL DEBT
FD-1.

-

Summary of Federal debt

16

FD-2.

-

Interest-bearing public debt

16

FD-3.

-

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

17

FD-4.

FD-6.

-

Debt subject to statutory limitation

19

18

19

Chart

-

Average length of the marketable debt

20

Chart

-

Private holdings of Treasury marketable debt by maturity

21

FD-7.

-

Treasury holdings of securities Issued by Government corporations and other agencies

22

TREASURY FIKANCIHG OPERATIONS

23

PUBLIC DEBT OPERATIONS
PDO-1.

-

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

PDO-2.

-

Offerings of bills

27

PDO-3.

-

Public offerings of marketable securities other than regular weekly Treasury bills

29

PDO-4.

-

Allotments by Investor classes on subscriptions for public marketable securities

31

25

U.S. SAVINGS BONDS AND NOTES

SBN-1.

-

Sales and redemptions by series, cumulative

33

SBh-2.

-

Sales and redemptions by period, all

33

SBK-3.

-

Sales and redemptions by period*

series of savings bonds and notes combined

series E, EE, H, and HH

34

OHNERSHIP OF FEDERAL SECURITIES
OFS-1,

-

Distribution of Federal securities by class of investors and type of Issues

35

OFS-2.

-

Estimated ownership of public debt securities by private investors

35

MARKET BID YIELDS ON TREASURY SECURITIES
HBY-1.

Chart

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

-

Yields of Treasury securities

-

36
37

AVERAGE YIELDS OF LONG-TERM BONOS
AY-1.

-

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

38

Chart

-

Average yields of long- term Treasury, corporate, and municipal bonds

39

INTERNATIONAL STATISTICS
INTERIIATIOIIAL FINAKCIAL STATISTICS

reserve assets

43

IFS-l.

-

U.S.

IFS-2.

-

Selected U.S. liabilities to foreigners

IFS-3.

-

Konmarketable U.S. Treasury bonds and notes issued to official institutions and other residents of foreign countries.

44

IFS-4.

-

Weighted average of exchange rate changes for the dollar

45

44

CAPITAL HOVEHEHTS

LIABILITIES TO FOREIGNERS REPORTEO BV BANKS IN THE UNITED STATES
CH-I-1. - Total liabilities by type of holder
CM-1-2. - Total liabilities by type, payable in dollars
CH-I-3.

-

Total

liabilities by country

- Total liabilities by type and country
CLAIHS ON FOREIGNERS REPORTED BV BANKS IN THE UNITED STATES

CM-I-4.

47
48
49
50

CH-II-1.

-

Total

claims by type

51

CM-Il-2.

-

Total

claims by country

52

CH-II-3.

-

Total

claims on foreigners by type and country reported by banks in the United States

53

SUPPLEBENTABV LIABILITIES AND CLAIHS DATA REPORTED BY BANKS IN THE UNITED STATES
CM-III-1. - Dollar claims on nonbank foreigners
CM-III-2. - Dollar liabilities to, and dollar claims on, foreigners in countries and areas not regularly reported separately,.

54
55

©©mftciDilfi^
Page

LIABILITIES TO, AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING BUSINESS ENTERPRISES

IN

THE UNITED STATES

CH-IV-1.

-

Total

liabilities and claims by type

56

CM-IV-2.

-

Total

HabllUles

57

liabilities by type and country

by country

CH-IV-3.

-

Total

CM-IV-4,

-

Total claims by country

CM-IV-S.

-

Total claims by type and country

TRANSACTIONS

IN

58
sg
60

LONG-TERM SECURITIES BY FOREIGNERS REPORTED BY BANKS AND BROKERS

IN

THE UNITED STATES

CM-V-1,

-

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

61

CH-V-2.

-

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

61

CM-V-3.

-

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

62

CH-V-4.

-

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

latest date

63

CH-V-5.

-

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

latest year

64

FOREIGM CURRENCY POSITIONS
SUMMARY POSITIONS
FCP-I-1.

-

Nonbanking firms'

FCP-I-2.

-

Weekly bank positions

positions

66
66

CANADIAN DOLLAR POSITIONS
FCP-II-1.

-

Nonbanking firms'

FCP-II-2.

-

Weekly bank positions

positions

67

67

GERMAN MARK POSITIONS

positions

FCP-III-1.

-

Nonbanking firms'

FCP-III-2.

-

Weekly bank positions

68
68

JAPANESE YEN POSITIONS
FCP-IV-1.

-

Nonbanking firms' positions

69

FCP-IV-2.

-

Weekly bank positions

69

SWISS FRANC POSITIONS

positions

FCP-V-1.

-

Nonbanking firms'

FCP-V-2.

-

Weekly bank positions

70
70

STERLING POSITIONS
FCP-VI-1,

-

Nonbanking firms'

FCP-VI-2.

-

Weekly bank positions

positions

71
71

U.S. DOLLAR POSITIONS ABROAD

FCP-VII-1.

-

Nonbanking firms'

FCP-VII-2.

-

Weekly bank foreign office positions

foreign subsidiaries'

positions.

72
72

EXCHANGE STABILIZATION FUND
ESF-1.

-

Balance sheet

74

ESF-2.

-

Income and expense.

74

SPECIAL REPORTS
TRUST FUNDS
Civil

service retirement and disability fund

Federal

78

disability insurance trust fund

79

insurance trust fund

Federal

hospital

Federal

old-age and survivors Insurance trust fund

Federal

supplementary medical insurance trust fund

National

80
ei

82

service life insurance fund

82

Railroad retirement account

83

Unemployment trust fund

84

Investments of specified trust accounts In public debt securities and agency securities by issue,

85

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Note.--Deta1 Is of figures nay not add to totals because of rounding.

Abbreviations and symbol:

r

represents Revised,

p

Preliminary, n.a. Hot available.

t

Includes funds transferred from others.

[^DDi]SlDi]©DilD @[p(iiri]tiD®[Ii]l

BUDGET RESULTS FOR THE FOURTH QUARTER, FISCAL

1986

Summary
A deficit of $3.7 billion for the month of September brought the entire fiscal 1986 deficit to $220.7
billion. This was substantially narrower than the
midsession estimate, $230.2 billion, of 2y2 months
ago, but far wider than earlier official estimates,
including the initial $180 billion estimate for fiscal
1986 released in February 1985.
September, receipts came in at $78 billion, up
5.7 percent from a year earlier. Outlays of $8^%
billion in the month were up 9.6 percent from a year
earlier, the largest year-over-year increase of any
In

month

of fiscal 1986, with part of that representing

shifts of

funds into September that normally would
in fiscal 1987.

have been spent

The outlays total of $81^4 billion in September
was pushed up by some special factors the shift of

—

revenue sharing payment into September
from October and payments to multilateral development banks which normally are made in October. In
total, such shifting of funds added about $1 h billion
to the September total. Defense spending was up
sharply 10.8 percent from a year earlier after a
modest increase in August. Spending was up on a
year-to-year basis this September across a number
of other agencies as well, in many cases reversing
declines in August. There was one more working day
this September than a year earlier, and that may
account for much of the pattern.
the

final

—

—

[In millions]

July-September
Total on-budg«t and otf-budget rasulU:
Total receipts

On-budget receipts
Off-budget receipts
Total outlays

On-budget outlays
Off-budget outlays
Total surplus (+) or deficit (-)
On-budget surplus {+) or deficit
Otf-budget surplus (+) or deficit

Means

(-)
(-)

of financing:

Borrowing trom the public
Reduction ot cash and monetary assets, increase
Other means
Total on-budget

and off-budget financing

(-)

Excise taxes.— Excise tax receipts of $8 billion
1986 quarter were $0.7 billion
below the year earlier level. This decline occurred as
a result of the sharp drop in oil prices, which virtually
eliminated receipts from the windfall oil profits tax. In
general, receipts from other excise tax were up from
for the April-June

year earlier levels.

Estate and

—

Net estate and gift taxes
the third quarter of fiscal 1986, a
$0.2 billion increase over the second quarter in 1 986
and the same quarter in 1985.

were $1.9

gift taxes.

billion for

Customs

duties.

[In

Individual income taxes
Corporation income taxes
Employment taxes and contributions
Unemployment insurance
Contributions for other insurance and retirement
Excise taxes
Estate and gift taxes

Customs

Miscellaneous receipts.— Miscellaneous

re-

Deposits of Federal Reserve earnings
billion due primarily to the decline
in short-term interest rates while other miscellaneous
receipts increased by a negligible amount.

$0.5

billion.

decreased by $0.5

billions ot dollars]

April

45,12

duties

Miscellaneous receipts
Total budget receipts

receipts net of re-

ceipts for the third quarter of fiscal 1986 were less
than receipts for the same quarter a year earlier by

Third-Ouartcr Fiscal 19S6 Nat Budgat Racalpta, by Sourca

Source

—Customs

funds were $3.3 billion for the third quarter of fiscal
1986, an increase from the $3.1 billion for the
previous quarter. Import demand continues to be
strong in comparison to 1985.

91.45

May

FEDERAL FISCAL OPERATIONS
Table FFO-1.
[In millions of

dolUrs.

Source:

- Summary

of Fiscal Operations

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

Means of financing
net transactions

—

Total on-budget and off-budget results

Fiscal year
or month

Total

receipts

On-budget
receipts

Off-budget
receipts

Total

outlays

On-budget
outlays

Off -budget

outlays

Total

FEDERAL FISCAL OPERATIONS

6

CD
00

<
00
O)

CO
cc

<

LJJ

>•
_l

<
o
CO

CO

CO
LU
CC
\LU

O
Q
m

O
Q

LU
CD

Q
00

z

o

FEDERAL FISCAL OPERATIONS
Table FFO-2.
[In

mllHons

of dollars.

- Onbudget and
Income taxes

Individual

Fiscal year
or month

Off-budget Receipts by Source

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

Social Insurance
taxes and contributions

8
FEDERAL FISCAL OPERATIONS
Table FFO-2.

- Onbudget and
[In

Social insurance
taxes and
contributions

—

Excise taxes

Airport and airxay trust fund

Con.

Fiscal year
or month

Off-budget Receipts by Source-Continued

minions of dollars]

lung disability
trust fund

Highway trust fund

Blacic

Net

Net
social

insurance
taxes and
contributions

1982
1963
1984
1985
1986

201.498
208.994
239,376
265,163
283,901

2.165
2,501
2,856
2,743

1987 (Est.).

304,640

n.a.

1985-Sept. ..
Oct....
Nov
Dec
198e-Jan
Feb
Mar
Apr. ...
Hay
June. .
July...
Aug
Sept...

21,977
19,565
20,145
19,656
26,002
22,040
22,785
31,756
28.745
24,399
21,564
23,738
23,507

263
270
260

Fiscal 1986.

283,901

134

131

235
233
187
232
245
230
261
248
211

1

Gross

Miscellaneous

Gross

Refunds

Net

FEDERAL FISCAL OPERATIONS

rr

0)

CO S
i
DQ 15
CD

>

a. 5

^

*;,

CE

f

LU

f

O
^
DQ

8

^

CO

10
FEDERAL FISCAL OPERATIONS

- Onbudget and Off-budget

Table FFO-3.
[In

Fiscal year
or month

minions of dollars.
Legislative
branch

The
judiciary

Executive
Office
of the

President

1982
1983
1984
1985
1986

1.367
1.437
1.579
1,610
1.665

710
787
866
966
1.069

1987 (Est.)

2,003
122
140
129
171
125
133

1985-Sept
Oct
Nov
Dec

1986-Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Fiscal

1986

143
lie
131

Outlays by Agency

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

Funds appropriated

Agricul-

to the

partment

ture De-

Commerce
Department

Defense Departjrent

Military

President

8.055
8,080
11,080
12,050
11,377

45,700
52,404
42.015
55.523
58.666

2.054
1,925
1,894
2,140
2,084

180.741
204.430
220.840
245.371
265.636

17.927
18.891
19.540
18.831
20.480

1.202

11.497

42.371

2,102

274.382

20.922

66
98
74
102
76
108
74
129
75

1.424
1.858

167
163

21,018
21.243
21.569
23,184
20,249
20.659
23,370
22.234
23.105
21.842
23.034
21.858
23.288

1.761
1,721
1.733
1.744
1.733
1.648
1.665
1.685
1.676
rl.701
1.699
1.708
1.771

265.636

20,480

224

71

141
107
103

70
106
87

1.665

1.069

95
94
95
111

107

7

783

7

1.6D0

3.134
5.269
6,321
5,182
5,697
3,546
4,114
5,763
5,444
3.749
4.537
3.290
5.758

11.377

58.666

581
10
11
9
8
7

9
ID

10

Education
Department

Civil

1.253
6 DO
-97
1,173
652
1,472
665
836

223
202
112
119
164

269
151

179
206
139
158

14.808

Energy
Department

11
FEDERAL FISCAL OPERATIONS
Table FFO-3.

- On-budget and
[In ml

Off-budget Outlays by Agency-Continued
nions of dollars]

FEDERAL OBLIGATIONS
"Obligations" are the basis on which the use of funds is controlled
They are recorded at the point at which the
In the Federal Government.
Government makes a firm coranltment to acquire goods or services and are
the first of the four key events order, delivery, payment, and conSLBipt1on"«h1ch characterize the acquisition and use of resources.
In
general, they consist of orders placed, contracts awarded, services
received, and similar transactions requiring the disbursement of money.

—

The ob11gat1ona1 stage of Governnent transactions is a strategic
point in gauging the lopact of the Government's operations on the
national econorriy, since It frequently represents for business firms the
Government cocrmitment which stimulates business investment, including
Inventory purchases and employment of labor.
Disbursements may not
occur for months after the Government places its order, but the order
itself usually causes innediate pressure on the private econoniy.

Table FO-1.

- Gross

Obligations are classified according to a uniform set of categories
based upon the nature of the transaction without regard to Its ultlnate
purpose.
All payments for salaries and wages, for exaople, are reported
as personnel condensation, whether the personal services are used In
current operations or in the construction of capital items.
Federal agencies often do business with one another; in doing so,
the "buying" agency records obligations, and the 'performing" agency
In table FO-1, obligations Incurred within the
records reimbursements.
Government are distinguished from those incurred outside the Government.
Table FO-2 shows only those incurred outside.

Obligations Incurred Within and Outside the Federal Government
by Object Class, as of June 30, 1986

[In mjllions of dollars.

Source: Standard Form 225. Report on Obligations, from agencies]

Gross obligations incurred

Object class
t.'ithin

Personal services and benefits:

Personnel compensation
Personnel benefits
Benefits for former personnel

96.022
5.682

96.022
19,846

586

586

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

3.325
5.344
7.450
634
85.604
47.406

571
1.267
3.500
473
30,718
15.300

3.897
6.610
10.951
1,106
116.322
62,706

55.517
10,374
30.901

5.663
2.031

61.180
12.405
30,930

95.236
263.753
129.862
624

15.132

Acquisition of capital assets:
Equipment
Lands and structures
Investments and loans

29

Grants and fixed charges:
Grants, subsidies, and contributions.
Insurance claims and indemnities
Interest and dividends
Refunds

*

31.639

110,368
263.754
161.501
623

Other:

Unvouchered
Undistributed U.S. obligations

Gross obligations incurred 1/

U

-1,293
21.265

858.292

Less than $600,000.
For Federal budget presentation a concept of "net obligations
incurred" is generally used.
This concept eliminates transactions
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

2

7.021

-1.291
28,286

985,803

presentation and therefore may differ somewhat from the Budget of the U.S.
Government.
Gross obligations incurred (as above)
985.803
Deduct:
Advances, reimbursements, other income, etc
-143.274
-129.921
Offsetting receipts
Net obligations incurred

712,608

13
FEDERAL OBLIGATIONS
Table FO-2.

- Gross

Obligations Incurred Outside the Federal Government

by Department or Agency, as of June 30, 1986
[In

minions of dollars.

Source:

Standard Form 225. Report on ObMgations, from agencies]

Personal services and benefits

Benefits

Classification

Personnel
compen-

Personnel
benefits

sat ion

U

Legislative branch
The judiciary
T.
Executive Office of the President
Funds appropriated to the President:
International security assistance
International development assistance
Other
Agriculture Department:
Commodity Credit Corporation
Other
Commerce Department

Defense Department:
Military:
Department of the Army
Department of the tJavy
Department of the Air Force
Defense agencies

348
171
2
7

38

1.934
706

23,877
17,972
14.287
1.929

Total mill tary

Civil

Education Department
Energy Department
Health and Human Services, except Social
Security
Health and Human Services, Social Security
(off-budget)
Housing and Urban Development Department,,.
Interior Department
Justice Department
Labor Department
State Department
Transportation Department
Treasury Department:
Interest on the public debt
Interest on refunds, etc
General revenue sharing
Other
Environmental Protection Agency
General Services Administration
National Aeronautics and Space
Administration
Office of Personnel Management
Small Business Administration
Veterans Administration
Other Independent agencies:
Postal Service
Tennessee Valley Authority
Other
Total

122

453

292
1,424
1,125
470
428
2.324

2

585
5.026
71

for

former
personnel

Contractual services and supplies
Travel and
transporta tion
of persons

Transportatlon of
things

Rent, communicatlons,

and
utilities

Printing
and
reproduction

Other
services

Supplies
and
materials

14

FEDERAL OBLIGATIONS
Table FO-2.

- Gross

Government
1986— Continued

Obligations Incurred Outside the Federal

by Department or Agency, as of June 30,
[In

minions of doTUrs]
Grants and fixed charges

Acquisition of
capital assets

Classification

Equipment

Lands
and
structures

Investments
and
loans

Grants,

15
ACCOUNT OF THE

U.S.

TREASURY

SOURCE «HD AVAILABILITY OF THE BALANCE IK 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
Major infortiatlon sources include the Dally Balance Wire
accounts.
received from the Federal Reserve banks and branches, and electronic
transfers through the Treasury Financial Comnunications System.
As the
balances in the accounts at the Federal Reserve banks become depleted,
they are restored by calling in (vi thdrawing) 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 iiplemented 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
Depositaries that wish to retain funds deposited in their tax
program.
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
financial
business
under
a
uniform procedure applicable to all
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 occasion, to the extent authorized by the Treasury,
financial institutions are permitted to deposi t 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 comnini ties in which they arise until
In this
such time as the Treasury needs the funds for its operations.
way the Treasury is able to neutralize the effect of its fluctuating
institution reserves and the
Option financial
operations on Note
econosQT.

Option.

Table UST-1.

- Elements

of

Changes

in

Federal Reserve and Tax and Loan Note Account Balances

[In m-tllions of dollars.

Source:

Financial Management Service]

16
FEDERAL DEBT
Table FD-1.
[In millions of dollars.

Source:

- Summary

of Federal

Debt

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

Amount outstanding

Securities held by:
Government accounts

End of
fiscal year
or month

Nov
Dec

1986-Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

1,142,035
1,377.211
1.572,267
1,823,103
2,125,304

4,952
4,675
4,481
4,366
4,217

1,827,470
1,836,210
1,904,542
1,950,293
1.966.846
1.983.428
1,991,098
2,012,556
2,035,634
2,063,627
2,078,696
2,098,625
2,129,522

1985-Sept
Oct

Agency
securities

:,:«6,987
1.381,886
1.576.748
1,827,470
2,129,522

1982
1983
1984
1985
1986

Public
debt
securi-

1,823,103
1,831,849
1,900.186
1,945,942
1,962,552
1.979,143
1,986,816
2,008,271
2,031,350
2,059,349
2,074,472
2,094,406
2,125,304

4,366
4,362
4.356
4,351
4,294
4,286
4,282
4,285
4,284
4,278
4,224
4,219
4,217

Table FD-2.
[In millions of dollars.

End Of

-

The public

Public
debt
securities

Agency
securities

Public
debt
securities

217.640
240,116
264,159
317,612
383,919

216,404
239,023
263,084
316.545
382,859

1,236
1,092
1,075
1.067
1,061

929,346
1,141,770
1,312,589
1.509.857
1,745,602

925,631
1.138.188
1,309,183
1.506,558
1,742,445

3.716
3.582
3,406
3,299
3,156

317,612
314,963
337.432
349,922
353,814
354,385
353,615
360,660
365,978
375,471
375,560
375,211
383,919

316,545
313,898
336,369
348.859
352,752
353,326
352,557
369.796
364,914
374,410
374,499
374,151
382,859

1,067
1,065
1,064
1,063
1.062
1,060
1,058
1,064
1,064
1,061
1,061
1,061
1,061

1,509,857
1,521,247
1,567,110
1,600.371
1.613.032
1,629,042
1,637,483
1,661,696
1,669,656
1,688,156
1,703,136
1,723.414
1,745,602

1,506,558
1,517,951
1,563,817
1,597.083
1.609.800
1.625,817
1,634,259
1,648,475
1,666,436
1,684,939
1,699,973
1,720,255
1,742,445

3.299
3,297
3,292
3.288
3,232
3,226
3,224
3,221
3,220
3,217
3,163
3,158
3,156

Interest-Bearing Public Debt

Source: N^inthly Statement of the Public Debt of the United States]

Agency
securities

17

FEDERAL DEBT
Table
[In

mmions

of dollars.

Airport and
End of
fiscal year
or month

FD— 3. — Government

Account Series

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

18
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

19
FEDERAL DEBT
Table FD-5.

-

Maturity Distribution and Average Length of Marketable

Interest-Bearing Public Debt Held by Private Investors
[In

End of
fiscal year
or month

milUons of dollars.
Amount
outstanding
privately
held

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

Maturi ty classes

Within
1 year

1-5

years

5-10
years

10-20
years

20 years
and over

Average

20

FEDERAL DEBT

21
FEDERAL DEBT

22
FEDERAL DEBT
Table FD-7.

-

Treasury Holdings of Securities Issued by Government Corporations and Other Agencies

[In millions of dollars.

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

23
TREASURY FINANCING OPERATIONS, JULY SEPTEMBER 1986

Auction of 2-Year Notes
the Treasury announced that it would auction $10,000 million
of 2-year notes to refund $8,978 million of notes maturing July 31. 1986. and
The notes offered were Treasury Notes
to raise about 51,025 million new cash.
of Series AC-1988. dated July 31, 1986. due July 31. 1988. with interest
payable on January 31 and July 31 until maturity.
An interest rate of 6-5/8
percent was set after the determination as to which tenders were accepted on a
yield auction basis.
On

July

16

Tenders for the notes were received until 1 p.m. EDST, July 23, and
totaled $34,417 million, of which $10,122 million was accepted at a yield of
6.67 percent, price 99.917, which represented the full range of accepted
bids.
Competitive tenders at 6.67 percent were allotted 76 percent.
Nonconpetitive tenders were accepted in full at the average yield, 6.67
percent.
These totaled $579 million.
Competitive tenders accepted from
private investors totaled $9,543 million.
In

process,

foreign and international monetary authorities.
An additional $1,253 million
was accepted from Government accounts and Federal Reserve banks for their own
account.

52-Heek Bills
On June 27 tenders were invited for approximately $9,500 million of 364The
day Treasury bills to be dated July 10. 1986, and to mature July 9. 1987.
issue was to refund $8,514 million of 52-week bills maturing July 10 and to
Tenders were opened on July 8.
They
raise about $975 mi 1 1 ion of new cash.
totaled $24,131 million, of which $9,509 million was accepted, including $364
million of noncompetitive tenders from the public and $2,200 million of the
bills issued to Federal Reserve banks for themselves and as agents for foreign
An additional $161 million was issued
and international monetary authorities.
to Federal Reserve banks as agents for foreign and international monetary
authorities for new cash. The average bank discount rate was 5.98 percent.

addition to the $10,122 million of tenders accepted in the auction
$365 million was awarded to Federal Reserve banks as agents for

AUGUST
August Quarterly Financing

TREASURY DIRECT

July 30 the Treasury announced that it would sell to the public at
auction, under competitive and noncompetitive bidding, up to $9,500 million of
3-year notes of Series S-1969, $9,500 million of 9-year 9-month 7-3/8 percent
notes of Series C-1996. and $9,000 million of 29-year g-month 7-1/4 percent
bonds of 2016 to refund $14,290 million of publicly held Treasury securities
maturing August 15 and to raise about $13,700 million new cash.

On July 30, 1986, the Treasury announced that it would implement the new
TREASURY DIRECT book-entry securities
system for the August
automated
quarterly financing.
Beginning with the August 15 Issues, all new issues of
marketable Treasury notes and bonds were to be made in book-entry form only.
The last note or bond available in registered form was the 2-year note issued
The issue of coupon securities had been discontinued after
July 31. 1986.
December 31. 1982.

On

An interest rate of 6-5/8 percent was set on the notes of Series S-1989
after the determination as to which tenders were accepted on a yield auction
basis.
The notes of Series S-1989 were dated August 15. 1986. due August 15,
1989, with interest payable on February 15 and August 15 until maturity.

Tenders for the notes of Series S-1989 were received until 1 p.m. EDST.
August 5, and totaled $24,737 million, of which $9,532 million was accepted at
yields ranging from 6.69 percent, price 99.826, up to 6.74 percent, price
Tenders at the high yield were allotted 77 percent.
99.692.
Noncompetitive
tenders were accepted in full at the average yield, 6.73 percent, price
These totaled $617 million.
99.719.
Competitive tenders accepted from
private investors totaled $8,915 million.
In addition to the $9,532 million of tenders accepted 1n the auction
process. $578 million was accepted from Federal Reserve banks as agents for
foreign and International
monetary authorities, and $2,587 million was
accepted from Government accounts and Federal Reserve banks for their own
account.

The 7-3/8 percent notes of Series C-1996 were an additional issue of
notes dated Hay 15, 1986. due May 15. 1996. with interest payable on November
15 and f^y 15 until maturity.
Accrued interest of $18.43750 per $1,000,
covering the period from May 15 to August 15, 1986, was payable for each
accepted tender.

Tenders for the notes of Series C-1996 were received until 1 p.m. EDST.
August 6, and totaled $19,292 million, of which $9,523 million was accepted at
yields ranging from 7.44 percent, price 99.521. up to 7.48 percent, price
99.248.
Tenders at the high yield were allotted 70 percent.
Noncompetitive
tenders were accepted in full at the average yield, 7.47 percent, price
These totaled $270 million.
99.316.
Competitive tenders accepted from
private Investors totaled $9,523 million.
In addition to the $9,523 million of tenders accepted in the auction
process, $5 million was awarded to Federal Reserve banks as agents for foreign
and International monetary authorities.
An additional $1,000 million was
accepted from Government accounts and Federal Reserve banks for their own
account.

The notes of Series C-1996 may be held in STRIPS form.
amount required is $1,600,000.

The minimum par

The 7-1/4 percent bonds of 2016 were an additional issue of bonds dated
Hay 15. 1986, due Hay 15, 2016. with Interest payable on November 15 and May
15 until maturity.
Accrued interest of $18,125 per $1,000. covering the
period from May 15 to August 15. 1986. was payable for each accepted tender.

Tenders for the bonds were received until 1 p.m. EDST, August 7, and
totaled $17,250 million, of which $9,005 million was accepted at yields
ranging from 7.59 percent, price 95.975, up to 7.65 percent, price 95.297.
Tenders at the high yield were allotted 58 percent.
Noncompetitive tenders
These
were accepted in full at the average yield. 7.63 percent, price 95.522.
totaled $195 million.
Competitive tenders accepted from private Investors
totaled $8,810 million.
In addition to the $9,005 million of tenders accepted in the auction
process, $500 million was accepted from Government accounts and Federal Reserve banks for their own account.

The bonds of 2016 may be held in STRIPS form,
required is $800,000.

The minimum par amount

Auction of 2-Year Notes

of

On August 13 the Treasury announced that it would auction $9,750 million
2-year notes to refund $9,001 million of publicly held notes maturing
71
IQfifi
anrt
tn rpic(i ahniit tl nnfl millinn n^w ra^h.
Thp nntp^

Aiiniict

Tenders for the notes were received until 1 p.m. EDST. August 20, and
totaled $31,080 million, of which $10,035 million was accepted at yields
ranging from 6.19 percent, price 99.880, up to 6.22 percent, price 99.824.
Noncompetitive tenders
Tenders at the high yield were allotted 22 percent.
were accepted in full at the average yield, 6.21 percent, price 99.843.
These
totaled $566 million.
Competitive tenders accepted from private investors
totaled $9,469 million.
In addition to the $10,035 million of tenders accepted in the auction
process, $485 million was accepted from Federal Reserve banks as agents for
foreign and international monetary authorities, and $858 million was accepted
from Government accounts and Federal Reserve banks for their own account.

Auction of 5-Year 2-Month Notes
On August 19 the Treasury announced that it would auction $8,000 million
of 5-year 2-month notes to raise new cash.
The notes offered were Treasury
Notes of Series L-1991. dated September 3. 1986. due November 15. 1991, with
An interest rate
interest payable on M.ay 15 and November 15 until maturity.
of 6-1/2 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 27, and
totaled $22,588 mi lion, of which $8,017 million was accepted at yields
ranging from 6.48 percent, price 100.047. up to 6.52 percent, price 99.873.
Tenders at the high yield were allotted 41 percent.
Noncompetitive tenders
These
were accepted in full at the average yield. 6.51 percent, price 99.916.
totaled $256 million.
Competitive tenders accepted from private investors
totaled $7,761 million.
1

In addition to the $8,017 million of tenders accepted in the auction
process, $325 million was awarded to Federal Reserve banks as agents for
foreign and international monetary authorities.

52-Heek Bills
On July 25 tenders were invited for approximately $9,500 million of 364day Treasury bills to be dated August 7, 1986, and to mature August 6. 1987.
The issue was to refund $8,778 million of 52-week bills maturing August 7 and
Tenders were opened on July 31.
to raise about $725 million of new cash.
They totaled $38,164 million, of which $9,602 million was accepted, including
$298 million of noncompetitive tenders from the public and $2,100 million of
the bills issued to Federal Reserve banks for themselves and as agents for
foreign and international monetary authorities.
An additional $550 million
was Issued to Federal Reserve banks as agents for foreign and international
The average bank discount rate was 5.82
monetary authorities for new cash.
percent.

24
TREASURY FINANCING OPERATIONS, JULY-SEPTEMBER 1986

SEPTEHBER
Auction of 2-Year and 4-Year Notes
September 16 the Treasury announced that it would sell to the public
at auction, under competitive and noncompetitive bidding, up to $10,000
minion of 2-year notes of Series AE-1988 and $7,500 million of 4-year notes
of Series Q-1990 to refund $14,391 million of securities maturing September 30
The Department of the Treasury
and to raise about $3,100 million of new cash.
also announced on September 16 that the 7-year note which would normally be
offered at the same time was being postponed pending action by Congress on
Accordingly, the September 16
legislation to raise the statutory debt limit.
announcement contained only the 2-year and 4-year note Issues.
On

An interest rate of 6-3/8 percent was set on the notes of Series AE-198B
after the determination as to which tenders were accepted on a yield auction
The notes of Series AE-1988 were dated September 30, 1986, due
basis.
September 30, 1988, with interest payable on March 31 and September 30 until
maturity.

Tenders for the notes of Series AE-1988 were received until 1 p.m. EDST,
September 23, and totaled $29,889 million, of which $10,071 million was
accepted at yields ranging from 6.42 percent, price 99.917, up to 6.44
Tenders at the high yield were allotted 66 percent.
percent, price 99.880.
Noncompetitive tenders were accepted in full at the average yield. 6.44
Competitive tenders
These totaled $610 million.
percent, price 99.880.
accepted from private Investors totaled $9,461 million.
In addition to the $10,071 million of tenders accepted in the auction
process, $580 million was accepted from Federal Reserve banks as agents for
foreign and international monetary authorities, and $834 million was accepted
from Government accounts and Federal Reserve banks for their own account.

An interest rate of 6-3/4 percent was set on the notes of Series Q-1990
after the determination as to which tenders were accepted on a yield auction
The notes of Series 0-1990 were dated September 30, 1986, due
basis.
September 30, 1990, with interest payable on March 31 and September 30 until
maturity.

Tenders for the notes of Series Q-1990 were received until 1 p.m. EDST,
September 24, and totaled $18,773 million, of which $7,517 million was
accepted at yields ranging from 6.84 percent, price 99.690, up to 6.89
Tenders at the high yield were allotted 27 percent.
percent, price 99.518.
Noncompetitive tenders were accepted In full at the average yield, 6.87 perCompetitive tenders accepted
These totaled $352 million.
cent, price 99.586.
from private investors totaled $7,165 million.
In addition to the $7,517 million of tenders accepted in the auction
process. $465 million was accepted from Federal Reserve banks as agents for
foreign and International monetary authorities, and $200 million was accepted
from Government accounts and Federal Reserve banks for their own account.

52-Heek Bills
On August 22 tenders were Invited for approximately $9,500 million of
364-day Treasury bills to be dated September 4, 1986, and to mature September
The issue was to refund $8,806 million of 52-week bills maturing
1987.
3,
Tenders were opened on
September 4 and to raise about $700 million new cash.
They totaled $27,588 million, of which $9,501 million was acAugust 28.
cepted. Including $299 million of noncompetitive tenders from the public and
$2,200 million of the bills Issued to Federal Reserve banks for themselves and
The average
as agents for foreign and international monetary authorities.
bank discount rate was 5.33 percent.

25
PUBLIC DEBT OPERATIONS
Table

PDO-1. -

Maturity Schedule of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly

and 52-Week Treasury
[In

Bills

Outstanding, Sept. 30, 1986

millions of dollars.
Source: Monthly Statement of the Public Cebt of the United States.
and Office of Government Finance and Market Analysts In the Office of the Secre t ary]
Amoun

t

of maturities

Amount of ma turl

Held by
Date
of final
matur 1 ty

Oct.

Gov't
accounts and
Federal Reserve banks
U.S.

Descr ption
1

Issue
date

Total

All

other
1 nvestor

t1

es

Held by
Date
of final
s

maturl ty

De scr

i

pti on

I

s

sue

date

Total

U.S. Gov't
accounts and
federal Reserve banks

Al

other
investors

26
PUBLIC DEBT OPERATIONS
Table PDO-1.

Maturity Schedule of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly

and 52-Week Treasury

Bills

Outstanding, Sept. 30, 1986-Continued

[In millions of dollars]

Amount of maturities

Date
of final
maturi ty

Description

27
PUBLIC DEBT OPERATIONS
Table PDO-2.
[Dollar amounts In millions.

Description of new Issue

Maturity
date

-

Offerings of Bills

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

Number of
days to
maturity 1/

Amounts of bids accepted
Amount of
bids
tendered

Total

On com-

On noncom-

amount

petitive
basis 2/

petltlve
basis 3/

Amount
maturing on
issue date
of new

offering

Regular weekly:
tI3-iMek and ze-aeek)
1986-June

5

12
19

26

July

3

10
17

24
31

Aug.

7

14

21
28

Sept.

4

11

18

25

1986-Sept.
Dec.
Sept.
Dec.
Sept.
Dec.
Sept.
Dec.
Oct.

19e7-Jan.
1986-Oct.
1987-Jan.
19e6-Qct.
1987-Jan.
1986-Oct.
1987-Jan.
1986-Oct.
1987-Jan.
1986-Nov.
1987-Feb.
1986-Nov.
19e7-Feb.
1986-Nov.
19e7-Feb.
1986-Nov.
1987-Feb.
1986-Dec.
19e7-Mar.
1986-Dec.
1987-Mar.
1986-Dec.
1987-Mar.
1986-Dec.
19e7-Mar.

52-Keek:

1985-Sept.
Oct.

5
3

31

Nov.
Dec.

1986-Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

29
26
23
20
20
17
15
12
10
7

4

1986-Sept.
Oct.
Oct.
Nov.
Dec.

1987-Jan.
Feb.
Mar.
Apr.
Hay
June
July
Aug.
Sept.

4

Total

unmatured
issues outstanding after
new Issues

28
PUBLIC DEBT OPERATIONS
Table PDO-2.

-

Offerings of Bills-Continued

On total bids accepted

Issue

date

Average
price per
hundred

Average
discount
rate
(percent)

On competitive bids accepted

Average
investment
rate
(percent)

High

V

Discount
rate
(percent)

6.52
6.72
6.50
6.69
6.29
6.47
6.27
6.41
6.17
6.23
6.02
6.11
5.95
6.06
5.88
6.03
6.03
6.16
5.86
5.98
5.76
5.84
5.80
5.90
5.47
5.58
5.26
5.38
5.39
5.58
5.30
5.57
5.40
5.62

6.33
6.42
6.32
6.41
6.12
6.20
6.10
6.14
6.00
5.97
5.86
5.86
5.79
5.80
5.72
5.77
5.87
5.90
5.70
5.74
5.61
5.61
5.65
5.65
5.32
5.36
5.12
5.17
5.25
5.36
5.17
5.34
6.25
5.40

98.400
96.754
98.402
96.759
98.453
96.866
98.458
96.879
98.483
96.965
98.519
97.037
98.536
97.068
98.554
97.083
98.516
97.017
98.559
97.098
98.562
97.164
98.572
97.144
98.640
97.290
98.706
97.386
98.673
97.290
98.693
97.300
98.658
97.270

7.91

7.37
7.35
7.51
7.34
7.10
7.31
7.20
6.63
5.95
6.17
6.62
6.00
5.82
5.34

92.548
92.568
92.407
92.578
92.801
92.609
92.720
93.296
93.984
93.761
93.306
93.933
94.115
94.601

Price per
hundred

scount
rate
(percent)
Di

Price per
hundred

Regular veekly;
1986-June

5..

12..
19..

26..

July

3..

10..
17..

24..
31..
Aug.

7..
14..

21..
28..

Sept.

4..

11..
18..

25..

.400
.759
.405
770
456
876
.461
884
486
.970
.521
.043
539
068
.554
083
519
022
.559
.103
.584
.169
574
.144
640
295
.706
386
675
.295
.696
300
.658
275

6.33
6.41
6.31
e.39
6.11
e.i8
6.09
6.13
5.99
5.96
5.85
5.85
5.78
5.80
5.72
5.77
s.ee
5.89
5.70
5.73

5.12
5.17
5.24
5.35
5.16
5.34
5.25
5.39

6.29
6.41
6.26
6.34
6.07

V6.17
6.07
6.11
5.96

W5.94
5.84
5.83
5.75
5.78

2/5.70
5.76
5.81
5.85
5.69
5.72
5.55
5.56

^/5.61
5.62
5.29
5.32

2/5.11
10/5.15

98.410
96.759
98.418
96.795
98.466
96.881
98.466
96.894
98.493
96.981
98.524
97.053
98.547
97.078
98.559
97.088
98.531
97.043
98.562
97.108
98.597
97.189
98.582
97.159
98.648
97.310
98.708
97.396
98.683
97.305
98.698
97.310
98.669
97.280

52-«eek:

1985-Sept.
Oct.
Nov.
Dec.

1986-Jan.
Feb.
Mar.
Apr.
Hay
June
July
Aug.
Sept.

5..
3..

31..
29..
26..
23..
20..
20..
17..
15..
12..
10..
7..
4..

92.558
92.589
92.407
92.589
92.842
92.609
92.730
93.317
93.994
93.761
93.337
93.954
94.115
94.611

U

7.87
8.08
7.87
7.57
7.85

5.94
6.17
6.59
5.98
5.82
5.33

7.71
7.06
6.31
6.56
7.03
6.35
6.18
5.63

The 13-week bills represent additional issue of bills with an
original maturity of 26 weeks or 52 weeks.
bills issued on or after May 2, 1974, includes amounts
2J For
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

V

stipulated in each offering announcement.
4/ Equivalent coupon-issue yield.

y

W

7.35
7.32
7.50
7.32
7.03

21/7.30
7.17
6.59
5.93
6.16
6.55

22/5.96
5.80
5.31

92.568
92.599
92.417
92.599
92.872
92.619
92.750
93.337
94.004
93.772
93.377
93.974
94.136
94.631

Except $100,000,000 at 6.12 percent and $200,000 at 6.16 percent.
Except $325,000 at 5.92 percent.

7/ Except $325,000 at 5.68 percent.

¥/ Except $935,000 at 5.58 percent.
9/ Except $4,100,000 at 5.09 percent and $440,000 at 5.10 percent.
Except $4,500,000 at 5.12 percent.
11/ Except $700,000 at 7.27 percent and $486,000 at 7.29
iTT/

percent.
12/ Except $1,000,000 at 5.94 percent.

29

PUBLIC DEBT OPERATIONS
Table PDO-3.

-

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

Date subscrli

In

mllUoni.

Source:

Bureau of the Public DebtJ

PUBLIC DEBT OPERATIONS
Table PDO-3.

-

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

Date subscrip

31
PUBLIC DEBT OPERATIONS
Table PDO-4.

-

Allotments by Investor Classes on Subscriptions for Public Marketable Securities
Part A

-

Other than

Bills

PUBLIC DEBT OPERATIONS
Table PDO-4.

-

Allotments by Investor Classes on Subscriptions for Public Marketable Securities-Continued
Part B

-

Bills

Other than Regular Weekly Series

[Dollar amounts in minions.

Source:

Subscription and allotment reports]

33
U.S.

SAVINGS BONDS AND NOTES

Series CE 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 fron
E and EE savings bonds and savings notes.
Series E was on sale fron Hay 1,
Mar. 1, 1935, through Apr. 30. 1941.
through Dec. 31. 1979 (through June 1980 to payroll savers
1941,
only).
Series F and G were sold from Hay 1. 1941, through Apr. 30,
1952.
Series H was sold from June 1, 1952. through Dec. 31, 1979.
Scries HH bonds were sold for cash fron Jan, 1, 1980, through Oct. 31,
1982. Series J and K were sold fro* May 1, 1952. through Apr. 30, 1957.

Table

SBN-1. - Sales and Redemptions

U.S. savings notes were on sale Kay 1, 1967, through June 30,
The notes were eligible for purchase by individuals with the
1970.
The principal terms
siRiltaneous purchase of series E savings bonds.
and conditions for purchase and reden)tion and Inforniation on investment
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,

1986

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

[In millions of dollars.

Amount outstanding
Accrued
discount

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

Savings notes
Total

3.949

Sales plus
accrued
discount

Redemptions

\J

Interestbearing debt

Matured
non-interestbearing debt

34

U.S.

Table

SBN-3. -

SAVINGS BONDS AND NOTES

Sales and Redemptions by Period, Series

E,

EE, H,

and HH

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

[In rrilliofis of dollars.

Redemptions
Sales

Accrued
discount

Sales plus
accrued
discount

Series

Fiscal years:

1941-84
1985
1986

218 ,081
5.025
8,301

Calendar years:
1941-83
1984
1985

1985-Sept
Oct
Nov
Dec

1986-Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

215.038
3,988
5

.444

460
481
446
442
575
520
600
744

849
638
762
1.143
1,101

83,947

Sales
price

Total

E

and EE

Accrued
discount

Exchange of
E bonds for
H and HH bonds

Amount outstanding

Interestbearing debt

Matured
non-interestbearing debt

35
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]

Interest-bearing public debt securities
Total
Federal

End of
fiscal year
or month

198?
1963
1984
1985
1986

Held by U.S. Government accounts

Total
outstanding

securities
outstanding

Marketable

Public
issues
held by
Federal
Reserve
banks

Nonmarketable

1,576,748
1,627,470
2,129,522

1.140.883
1.375.751
1.559.570
1.821.010
2.122.684

216.404
239.023
263.084
316.545
382.859

4,994
6.134
20.844

208.460
233.136
258,090
310,411
362,015

134.393
155.423
155.018
169.702
190.751

1,627,470
1,836,210
1 ,904 542
950 ,293
1
1,966,646
1,963.428
1.991,098
2.012,556
2,035,634
2.063.627
2,076,696
2,098.625
2.129.522

1.821.010
1.829.685
1.666.844
1.943.402
1.960.129
1.976.744
1.984.224
2.005.889
2.019.773
2.056.726
2.071.976
2.081,961
2,122.664

316.545
313.696
336.370
346.659
352.752
353.326
352.557
359.796
364.914
374.410
374,499
374,151
362,659

6,134
14,824
20,322
20,381
20,194
20,148
20,183
20,313
20.276
6.158
6.102
19.464
20.844

310.411
299.074
316.048
328.478
332,558
333.178
332.374
339.483
344.638
368.252
368.398
354.687
362.015

169.702
168.705
169.166
161.327
187.843
164.724
184.807
181.834
181.992
183.649
183.446
185.937
190.751

1,146,967
381, 866

1,

198S-Sept
Oct
Nov
Dec
1986-Jan
Feb
Mar
Apr
Nay
June
July
Aug
Sept

,

,

Interest-bearing pubHc debt securities
End of
fiscal year
or month

— Con.

Matured
public
debt
and debt
bearing no
interest

Held by private investors

Marketable

Total

Nonmarketable

Agency securities
Held by
U.S. Government
accounts and
Federal Reserve
banks

Total

outstanding

Held by
private
investors

1962
1983
1964
1985
1986

790.086
981.305
,141.466
,334.763
,549.074

662.065
862.690
1.016.544
1.184.343
1.352.734

108.001
118.615
124.925
150.420
196.340

12.696
2.093
2.619

4,952
4.675
4.461
4.366
4.217

1.340
1.196
1.179
1.171
1.165

3.612
3.479
3,302
3,195
3,052

1985-Sept.
Oct..
Nov..

,334.763
,347.262
,363.306
,413.216
,419,534
,436,694
,446,660
,464,259
,472.667
,498,467
,514,031
,521.873
,649.074

1.184.343
1.192.090
1.221.979
1.236.945
1.241.622
1.259.222
1.267.846
1.279,806
1,284.956
1.308.222
1.321.152
1.326.434
1.352.734

150,420
155,191
161,327
177,271
177.712
179,472
179.014
184,453
187.909
190.245
192.679
195.439
196.340

2.093
1.964
11.342
2.540
2.423
2.399
2.592
2.381
11.576
2.624
2,496
12,445
2,619

4.366
4.362
4.356
4.351
4.294
4.286
4.262
4.285
4.284
4.276
4,224
4.219
4.217

1.171
1.169
1.167
1.167
1.166

3,195
3.193
3.189
3.164
3.128
3.122
3.120
3.117
3.116
3.113
3.059
3.054
3,052

Dec.
1986-Jan..
Feb..
Mar..
Apr.
May..
June.
July.
Aug.
Sept.

Table OFS — 2-

—

1.164
1,162
1.168
1.168
1.165
1,165
1.165
1.165

Estimated Ownership of Public Debt Securities by Private Investors

U

in billions of dollars.
Source: Office of Government
Finance and Market Analysis in the Office of the Secretary]

[Par values

Nonbank investors

Individuals 3/
End of

Dec,
1977-June.

Dec,
1978-June.

Dec,
1979-June.

Dec,
1960-June.

Dec,
1961-June.

Dec,
1962-Mar..
June.,
Sept.

Dec,
1983-Mar..
June.,
Sept.

Dec,
1984-Mar.
June.
Sept.

Dec,
19e5-Mar..
June.,
Sept.
Dec...

19e6-Har..
June.,
Sept.

U

Commer-

privately

cial

held

1976-June.

Total

month

banks 2/

376.4
409.5

Savings
bonds 4/

265.0
306.0

101.6

316.3
362.4

91.4
103.5

421.0
461.3

104.9
107.8

96.1

Money
market
funds

local

Foreign
and inter
national

govern-

companii

7/

Corporations 5/

30.5
31.1

29.9
33.3

20.0

34.9
38.1

69.8
78.1

46.4
44.6

50.3
58.1

87.9
109.6

47.9

17.3
17.3

19.9

34.2
40.9

22.1
18.2

26.5
29.6

74.4

70.0
76.1

119.5
133.1

43.2
51.6

20.9
21.4

76.7

97.8
95.0

360.0
413.6

109.0
114.0

516.6
540.5

86.1

86.1

430.5
452.4

115.5
118.0

80.6
79.9

566.2
616.4

97.4
112.1

460.8
504.3

116.5
117.1

73.4
72.5

651.2
694.5

119.7
111.4

531.5
583.1

107.4
110.8

69.2
66.1

733.3
740.9
791.2
848.4

116.1
116.1
117.6
131.4

617.2
624.6
673.4
717.0

112.5
114.1
115.6
116.5

67.5
67.4
67.6
68.3

906.6
946.6
982.7
1.022.6

153.2
171.6
176.3
166.6

753.4
777.0
606.4
833.6

116.7
121.3
128.9
133.4

1.073.0
1,102.2
1.154.1
1,212.5

169.6
162.3
183.0
163.4

663.2
919.9
971.1
1.029.1

1.254.1
1,292.0
1.338.2
1.417.2

195.0
196.3
196.9
192.2

1.473.1
1.502.7
1.553.3

195.1
197.2
212.5

Other
investors 8/

23.3
23.5

69.6
72.0

477.8
508.6

18.1

19.7

114.9
119.0

34,2

78.1

69.7

22.3
24.0

5.3
3.5

14.0
19.3

36.2
42.7

26.4
29.0

9.0
21.5

17.9

96.8

136.6
136.6

136.0
170.5

45.0
46.7
48.0
48.2

32.1

32.5
34.8
39.1

25.7
22.4
38.6

16.9
17.6
21.6

42.6

24.5

99.0
103.3
109.0
116.6

136.1
137.2
140.6
149.5

194.9
197.7
213.2
226.2

66.8
69.7
70.6
71.5

47.9
51.6
58.4
61.9

43.7
47.4
5J.2
56.7

44.8
28.3
22.1
22.8

27.2
32.8
35.9
39.7

123.7
135.2
143.0
150.5

156.2
160.1
160.1
166.3

241.1
251.9
265.0
264.4

136.2
142.2
142.4
143.6

72.2
72.9
73.7
74.5

64.0
69.3
68.7
69.3

60.7
63.4

19.4
14.9
13.6
25.9

42.6
45.3
47.7
50.1

157.7
166.4
P172.4
P179.4

166.3
171.6
175.5
192.9

300.3
P317.1
P351.1
P360.6

1.059.1
1.095.7
1.141.3
1.225.0

145.1
146.7
151.4
154.8

76.4
76.7
78.2
79.8

69.7
72.0
73.2
75.0

26.7
24.8
22.7
25.1

50.8
54.9
59.0
59.0

P189.7
P196.9
P212.6

166.4
200.7
209.8
214.6

P360.0
P386.9
P401.2

1.276.0
1.305.5
1.340.8

157.6
157.2
P156.1

61.4
83.8
67.1

r76.2
r73.9
p69.0

29.9
22.6
24.9

69.6
59.6
P67.0

O.S. savings bonds, series A-F and J. are included at current
redemption value.
Includes domestically chartered banks. U.S. branches and agencies of
foreign banks. New Vork investinent companies majority owned by
foreign banks, and Edge Act corporations owned by domestically
chartered and foreign banks.
3/ Includes partnerships and personal trust accounts.
T/ Includes U.S. savings notes. Sales began Hay 1, 1967. and were
~ discontinued June 30, 1970.
2/

Other
securities

65.0
88.6
93.2
95.6
n.a.

101.2
122.8

n.a.

225.4
r239.8
P256.3

^/ Exclusive of banks and insurance companies.
_6/

Includes State and local pension funds.

7/ Consists of the investment of foreign balances and international
accounts in the United States.
Estimates reflect 1976 benchmark

~

&/

~

from
December 1978 to date.
Includes savings and loan associations, credit unions, nonprofit
Institutions, trutual savings banks, corporate pension trust funds,
dealers and brokers, certain Government deposit accounts, and
Government-sponsored agencies.

36

MARKET BID YIELDS ON TREASURY SECURITIES
Table

MBY-1. - Treasury Market

[Source:
Date

Bid Yields at Constant Maturities,

Office of Government Finance and Market Analysis

In

3-mo.

6-mo.

1-yr.

2-yr.

3-yr.

5-yr.

7.39S
7.47
7.33
7.30
7.29
6.76
6.23
6.33
6.39
6.00
5.68
5.35

7.711
7.68
7.50
7.53
7.47
6.89
6.36
6.47
6.56
6.12
5.79
5.57

8.01?
7.88
7.67
7.73
7.61
7.03
6.44
6.65
6.73
6.27
5.93
5.77

8.86S
8.58
8.15
8.14
7.97

9.25t
8.88
8.40
8.41
8.10
7.30
6.86
7.27
7.41
6.86
6.49
6.62

9.69J
9.28
8.73
8.68
6.34
7.46
7.05
7.52
7.64
7.06
6.80
6.92

7.42
7.39
7.28
7.19
7.24
6.53
6.28
6.49
6.13
5.96
5.31
5.34

7.67
7.63
7.44
7.41
7.36
6.57
6.44
6.70
6.22
6.06
5.38
5.62

7.92
7.85
7.60
7.57
7.43
6.72
6.54
6.88
6.41
6.20
5.52
5.82

8.70
8.46
7.98
7.99

9.06
8.70
8.22
8.25
7.79
7.02
7.02
7.58
7.00
6.81
6.13
6.68

9.47
9.07
8.49
8.53
7.91
7.19
7.17
7.82
7.23
7.02
6.40
6.98

Bills,

the Office of

Notes, and
the

Bonds

Secretary]
20-yr.

7-yr.

10-yr.

lU

10.241
9.78
9.26
9.19
8.70
7.78
7.30
7.71
7.80
7.30
7.17
7.45

10.671
10.24
9.75
9.59
9.08
8.09
7.50

10.501
10.06
9.54
9.40
8.93
7.96
7.39

7.81
7.69
7.29
7.28
7.56

7.52
7.57
7.27
7.33
7.62

10.01
9.59
9.00
9.08
8.13
7.39
7.38
8.05
7.35
7.34
6.95
7.45

10.45
10.07
9.50
9.48
8.34
7.46
7.55
7.90
7.30
7.42
7.12
7.55

10.28
9.86
9.27
9.34
8.27
7.44
7.47
7.74
7.24
7.46
7.21
7.60

_1_/

30-yr.

Monthly average
1985-Oct
Nov
Dec

1986-Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

7.21
6.70
7.07
7.18
6.67
6.33
6.35

10.

9.62
9.11
9.03
8.68
7.67
7.16
7.65
7.75
7.22
7.01
7.28

End of month

1985-Oct
Nov
Dec

1986-Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
*

IJ

7.71
6.92
6.83
7.36
6.81
6.57
6.94
6.38

Rates are from the Treasury yield curve.
On Apr. 30, 19C6, the Treasury announced that it would no
Consequently, the 20-year
longer issue 20-year bonds.

9.82
9.47
8.87
8.88
8.05
7.21
7.26
8.03
7.29
7.22
6.75
7.31

constant maturity 1s now an Interpolation between rates on
10- and 30-year securities,

MARKET BID YIELDS ON TREASURY SECURITIES, SEPT.

37
30,

1986

AVERAGE YIELDS OF LONG-TERM BONDS
Table AY-1.
[Source:

Period

Treasury
30-yr.
bonds 1/

New Aa
corporate
bonds 21

New Aa

municipal
bonds 3/

Average Yields

of

Long-Term Treasury, Corporate, and Municipal Bonds

Office of Government Finance and Market Analysis In the Office of the Secretary]
Treas

AVERAGE YIELDS OF LONG-TERM BONDS

D[jT]ii©l?[]i]S)iiD®[railD

©ft®GD©GD©!

43
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 res dents of
f ore1 gn countries

on

.

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.

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

Table IFS-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
stati sties.

Table IFS-1.

-

U.S.

Reserve Assets

[In millions of dollars]

End of calendar
year or month

INTERNATIONAL FINANCIAL STATISTICS
Table IFS-2.

-

Selected U.S. Liabilities to Foreigners

[in millions

dollars]

of

Liabilities to foreign countries
Official

End of

calendar
year or
month

Total

13)

(11

(4)

1985-Sept.
Oct.
Nov.
Dec.

r

6-Jan.

r

Feb.

r
r

r
r

Mar.
Apr.
May.
June.
July.
Aug.
Sept.

r

.

.
.

p
p

163.885
170,104
174,780
172,463

71,647
79,876
86,065
79,985

67,733
68,514
69,019
77,108

8,750
7.250
5.800
3.550

581,728
578,287
583.120
605,922
598.668
602,990
623,467
633,630
631,653
649,944
660,739
678,392
701.559

173,977
171,945
173,745
172,463
174,279
173,818

,394
.412
,608
,985
,597
,926
.412
,576
.526
,932
,863
,247
,439

5,842
4,632
4,396
7,108
7,470
8,089
8,483
2,345
2,501
4.113
5,561
5.622
7,570

3,550
3.550
3,550
3,550
3,550
3,150
2,750
2,300
1,800
1,800
1.300
1,300
1.300

174 ,382

182,460
183,651
188,252
192,311
196,858
202.901

1

1

(5)

Liabilities
to nonmone-

Llabi 11 ties to
other foreigners

1/

Other
Nonmarke t- readi ly
marketable U.S.
LiabiliTreasury
able
bonds and
abl 1 - ties to
banks 4/
notes
ties 3/

421,624
485.453
545,999
605,922

1982...
1983...
1984...
1985r..

19

Institutions

HarketLlablll- able U.S
Treasury
ties
reported bonds
by banks and
1n U.S.
notes 2/

(6)

15

tary In-

Llablll- MarketNonmarketties
able U.S. able U.S.
Treasury
reported Gov't
by banks bonds
bonds and
notes 6/
Total In U.S.
2/ 5/
(8)

19)

(10)

(U)

ternationand regional organizations
al

(12)

45
INTERNATIONAL FINANCIAL STATISTICS
Table IFS-4.
.

- Weighted Average

of

Exchange Rate Changes for the Dollar

[Percent chanqg 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/

1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985

1,853.3
6.053.9

-4.6
-1.0
-1.0
-4.1

6.6
141.2
446.4

36.9
34.8
35.6
34.3

1986-Jan
Feb
Mar
Apr
Hay

4,538.2
4,738.5
5,053.9
5.451.1
5.867.7
5.914.4
5,882.7
5,907.8
5,928.3
5,930.5

+29.5

34.1
28.6
32.6
30.2
26.6
26.8
25.8

June. . .
July
Aug
Sept. p.
Oct. p..

+5,926.3
+5,896.4
+5,961.6

29.3

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
Calculations are provided for two sets of countries that account
change.
U.S. bilateral trade patterns In
for a major share of U.S. foreign trade.
1972 are used as a convenient, readily available proxy for the assignment
of relative weights to Individual exchange 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
The calculations do not purport to represent
of factors other than trade.
a guide to measuring the Impact of exchange rate changes on U.S.
International transactions.
Exchange rate data used 1n constructing the Indices reported here differ
somewhat from those used In earlier calculations to more accurately reflect
end-of-perlod 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;
(EOl)

21.3
58.9

9.2
21.8
41.9
35.6
Nov
Dec

1/

V

-10.9
-10.3
-14.6
-21.5
-18.4
-15.0
-3.4

1985-Oct

~

Currencies of 46 main
trading countries

E„

Where:

KM/fc,
H

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

E,

Where:

X,/rX)

dollars;

X^/EX is U.S. exports to country 1, 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:
(EQ31

E

Where:

[(E„ • m/m+x)«(-l)]

+

[E, • x/m+x]

m/m+x is U.S. inports as a proportion
of its tot^l 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

Is the weighted average of percentage
Changes in the dollar cost of individual
foreign currencies;

Ep,

M./ZM is U.S. imports from country 1, as
a proportion of total U.S. Imports from
all countries in the set.

•

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

Afc^/J is the percent change in the
foreign currency i cost of dollars; and

• M,/tM)

"aJ/fc^ is the percent change in the dollar
cost of foreign currency 1; and

-Kifc^/S

set.

Austria, 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 4fr IMF member countries which account for approximately
~ 90 percent of U.S. total trade.
2/ Australia,

CAPITAL

MOVEMENTS

INTROOUCTIOM

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,
other
depository
institutions, bank holding companies, securities brokers and dealers, and
nonbanking enterprises in the United States.
Statistics on the principal
types of data by country or geographical 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 "Been revised a number of times to
meet changing conditions and to increase the usefulness of the published
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 Ciovernment 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
affiliates
abroad
of
banks
U.S.
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 United
States to the extent that they are known by reporting institutions to be
acting on behalf of foreigners.
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, other depository institutions, 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.
Entitles that have
reportable liabilities, claims, or securities transactions below specified
exemption levels are exempt from reporting.
Banks, other depository institutions, 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 liabilities and claims items with respect to
foreigners
in
countries
not
shown
separately
on the
monthly
reports.
Quarterly reports are filed with respect to liabilities and claims denominated
in foreign currencies vis- a- vis foreigners.
Effective January 31. 1984, the
specified exemption level a'ppTicable to the monthly and quarterly banking
reports was raised from $10 million to $15 million.
There Is no separate
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.

Quarterly reports are filed by exporters, importers, industrial and commercial concerns, financial Institutions other than banks, other depository
institutions
and
brokers,
and
other
nonbanking
enterprises
If
their
liabilities to, or claims on, unaffiliated foreigners exceed a specified
exemption level on a two quarter-end average basis.
Effective March 31, 1982,
this exemption level was set at $10 million, up from $2 million,
Nonbanking
enterprises also report for each monthend their U.S. dollar-denominated
deposit and certificates of deposit claims of $10 million or more on banks
abroad.

Description of Statistics
Section I presents data on liabilities to foreigners reported by banks,
other depository Institutions, brokers, and dealers in the United States.
Beginning April 1978, the following major changes were made in the reporting

U

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.

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
themsel ves from their custody 1 labi li ties to forei gners; and forei gn 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.
Effective as of January 31, 1985,
savings and loan associations and other thrift Institutions began to file the
TIC banking forms.
Previously they had reported on TIC forms for nonbanking
enterprises.

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 igsi, this claims
coverage was extended to certain items in the hands of brokers and dealers in
the United States.
See notes to section I above concerning the reporting of
thrift Institutions.

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; foreign central
banks, stabilization
funds, and exchange authorities; 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.
Section III includes supplementary statistics on U.S. banks' liabilities
and claims on, foreigners.
The supplementary data on banks' loans and
credl ts to n on bank
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.
to,

Section
IV
shows
the
unaffiliated
liabilities to,
and claims on,
foreigners by exporters,
importers, industrial and commercial
concerns,
financial
institutions other than banks, other depository institutions,
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 their 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
liabilities and claims of
reporting enterprises are distinct from their commercial liabilities and
claims; and items are collected on a time remaining to maturity basis instead
of the original maturity basis used previously.
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 Financial Statistics" section, table
lFS-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.
Also, see notes for section
I
above concerning the reporting of thrift institutions.
The geographi cal breakdown of the data on securi ties transactions shows
the country of domicile of the foreign buyers and sellers of the securities;
the case of outstanding issues, this may differ from the country of the
original issuer.
The gross figures contain some offsetting transactions
between foreigners.
The net figures for total transactions represent transactions by foreigners with U.S. residents; but the net figures for transactions of individual countries and areas may include some transactions
between foreigners of different countries.
in

The data published in these sections do not cover all types of reported
capital movements between the United States and foreign countries.
The principal exclusions are the Intercompany capital transactions of nonbanking
business enterprises in the United 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.

47
CAPITAL
Section

I.

-

Liabilities to Foreigners

Table

CM-l-1. [In

MOVEMENTS
Reported by Banks

Total Liabilities by

Type

in

the United States

of Holder

millions of dollars]
International and
regional 2/

Forei qn countries

Memoranda
liabilities
all foreigners
reported by ItJF's 4/
Total

Official institutions

1/

Banks and other foreigners

Payable

Payable

in

End of

Total

Payable

calendaryear

liabili-

in

or month

ties
(1)

1982
1983
1984
1985

311,900
374,826
415,893
451,094

r

1985-Sept.
Oct.
Nov.
Oec.

r
r
r

r

19e6-Jan.

r

l^eb.

r

Har.
Apr.

r

May
June
July
Aug.
Sept.

r

p

p

to

Payable

Total

dollars

(?)

(3)

141

71.647
79,876
86,065
79,985

71,647
79,876
86,065
79,985

-

434,135 82,394
430,898 81,412
434,723 83,608
451,094
79,985
446.781
81.597
451.341
80,926
462,369 81,412
464,820 86,576
465,892 88,526
481.427
91.932
493,796
95,863
510,596 100,247
528,823 104,500

82,394
81,412
83,608
79,985
81.597
80,926
81,412
86,576
88,526
91.932
95,863
100,247
104,500

-

-

-

-

Payable

Payable

in

dollars

foreign
currencies ]_/

Total

dollars

(5)

(6)

(71

(6)

(9)

235,307
288,940
325,354
365,285

230,487
283,774
316,787
349,920

4,820
5,167
8,567
15,365

4,946
6,010
4.473
5.824

4,922
5,957
4,454
5,821

3

344,090
342,536
343,071
365,285
357.694
360,572
375,689
374,705
372,803
385.977
393,882
405,020
421,209

331,292
329,738
330,273
349,920
342.329
345,207
354,369
353,385
351,483
361,977
369,882
381,020
397,209

12,798
12,798
12,798
15,365
15.365
15.365
21,320
21,320
21,320
24,001
24,001
24,001
24,001

7,651
6,950
8,045
5,824
7.490
9.843
5,267
3,539
4,563
3,518
4,051
5,329
3,114

7,467
6,766
7,860
5,821
7.487
9,840
5,223
3,495
4,519
3,441
3,974
5,253
3,038

184
184
184

in

Total

1/ Includes Bank for International Settlements.
T/ Principally the International Bank for Reconstruction and
Development and the Inter-American Development Bank.
3/ Data as of preceding quarter for non-quarter-end months.
£/ Establishment of International Banking Facilities (IBF's)
permitted beginning December 1981.

Payable

in

in

foreign
currencies 2'

in

foreign
currencies V
(10)

24
53
20

3
3
3

44
44

44
76
76
76
76

Payable
in

dollars

(U)

foreign
currencies 2'
(12)

122,630
154,722
170,736
183,375

2,717
2,365
4,549
10,191

173,736
173,897
172,425
183,375
179.262
182,610
183,375
182,107
183.298
182,334
183,459
187,960
196,801

7,621
7,621
7,621
10,191
10.191
10,191
14,840
14,840
14.840
15,636
15,536
15,536
15,536

Note. --Total liabilities include liabilities previously classified as either "short term" or "long term" on the Treasury reports
filed by banks.
The maturity distinction was discontinued with
new reports filed as of Apr. 30. 1978. and historical series adjusted accordingly.
See introductory text to Capital Movements
tables for discussion of changes in reporting.

48

CAPITAL
Table

CM-l-2. -

MOVEMENTS

Total Liabilities by Type, Payable

Part A

-

Foreign Countries

[In millions of dollars]

in

Dollars

49
CAPITAL MOVEMENTS
Table

CM-l-3. -

Total Liabilities by Country

[Position at end of period In inllTlons of dollars]

Country
1983

CAPITAL MOVEMENTS
Table

CM-l-4- -

1986, Preliminary

Total Liabilities by Type and Country, as of Sept- 30,
[Position 1n mflllons of floHars]

Total

Liabilities payable in dollars

liabilities

Payable

Payable

in

Total

Banks'
Custody
foreign own lia- liabilDeposits
curren- bilities ities
Demand Time
c1es _1/
in

dollars

Country

Liabilities to
HemoLiabilall other foreigners
randum
ities to
banks'
ShortOther
NegotlDeposits
ShortOther
own
term U.S. liabil- able
CD's
term U.S. llabiT- foreign Demand Time _2/ Treasury ities
obTigaheld
Treasury ities
offices
tions
for all
obligafortions

To foreign official
institutions and
unaffiliatea foreign banks

Totals

_2/

eigners

Europe:
Austria

Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
rrar.ce

Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazil
British west Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
fJetherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
Total Latin America
and Caribbean

(12)

(13)

(14)

(15}

(4}

(5)

(6)

(7)

(P)

(9)

1,149
7.044

1,106
6.132

4?

913

720
5,438

386
694

128
245

353
1.616

259
437

243
1.214

37

30
36

7

26

4

12

10

-

3

*

34

2

23

6

-

94

389
263
8.461
106

94
144

104
51

83
48

72
100

12,878

2.380

12.516

21

-

23

13

1

5

*

2

2

444

914

1,736

1.053

160

197

53

50

32

14

63

317
228

80

156
18

21

2.580
1.178

1.600
1.320

2
104

13
•

2.042
1.130

116
1.584
667

5
-

4

-

10

70

16

63

99

5

-

6

*

77
53
158

36

577
410

22.437

483
407
21,339
107

5.361
623
258
8.820

3

1.098
50
648
*
•

4,952

286
285

4141

Canada

(11)

(3)

German Democratic Republic.
158
Germany
6.009
Greece
623
Hungary
258
Italy
9.106
Netherlands
6.236
Norway
596
Poland
Portugal
768
Romania
91
Spain
2.103
Sweden
1.307
Switzerland
29.673
448
Turkey
united Kingdom
90,335
U.S.S.R
91
Yugoslavia
562
Other Europe
3.006
Total Europe

(10)

(2)

(1)

575

21

757

11

91

-

2.083
1.295
29.209
448
86,209
84

20

561

2.729

82.100 173.732

4.072

1.289

498
42
458

542
252
5,714

81

60

2

6

3,106
1.322

3.630
465

99
465
173
150

'36

110

738
80
1.897
765
5.068
371
76.342
83

530
24.140

1

17

•

-

551

10

33

120

-

12

466
•

4,127
8
*

19

21
54

76

-

11

11

16

-

186

158
235

311
217
2,063
127
18.985

93

5

76

9.867

760
154
961

613
18.841
43
1.923

5-1215
56

28

2

1

•

2.322

165

32

43

10

'

*

1

-

3

3

106
117

64

28

11

•

14

53

13

2

31

3.673

124

23
271

*

1,648

19

210

155

79

2

•

74

255
228

135

32

24

3

180
174
53

-

1

6

•

*

37

26

344

4

139

*

2

7

-

*

*

253

896

12

63

67

81

1

7

1

2,218

7

193
5.304

847

139
36
166

542

452

234

71

16

11

24

1

47,583

527

620

1.495

1.736

-

3

3

*

263

9

16

•

9

1

12.379
60

4

11

11

167

1,802

927

92

l.OU

600

116
713

95

23

136

39

20

123

S.368 117.845

55.888

5,006

31.257

40,180

26,724

59.454

1.617

4,235

2,163

3.097

2,919

277

3

•

25,712

24,150

1,561

18,934

5,217

232

3,188

3,732

1.245

6,499

366

7,760

784

343

452

6,105
69.743
2.265
5.420
62.680
2.446
3.384

6.069
69.119
2.199
5,359
60.918
2.426
3.373

36

4.392
61,763
1.708
3,848
47.099
2.199
2.636

1.677
7.356
491
1,512
13.819
227
737

96
28

1.124

666

3.420

52.048

57

9.975

1.168

289
173

601
649
1,716
765
1.405
1.667

46
226

60
145

83
406
50
307
316

164
3,436
330

952

64

18
157
107

55

495
5,628
179
562
15.913
140
604

58

370

28
6.818
723
679

33
10

23
25

75

75
1.260
1.129

-

74

1

1

1.266
1.144

6
15

1,252
1,099

8

89

30

187

187

•

155

27
29

13.613
5.368
6.538
1.256
249
1.594
11.872

13.138
4.765
6.416
1.253
243
1.589
11.780

476
603
122

92

12.237
4.542
5.756
1.232
242
1.522
10.094

4.890

4.830

60

4.539

3.966 166.388

200.094 196.128

624
66
61

1.762
20
11

3
7

4

33
901

14

146

49
1,222
106
140
415

29
18

44

74
33

85
20
113

*

-

1

-

1

73

243
42

-

12

15

34

5

157
118

711
864

3

10

1

29
28

12

32

13

9

19

73

-

1

8
'

-

246
2.611
825

1,315
224
239
108

9.142
1,223
3,426
1.056

266
108
360

876

471

32

7

7

223
660

169
30
83

947
125
797

21

28

9

*

137
1.326

-

1.686

25
41
266

187
317
339
20
62
143

1.521

291

17S

416

124

29.740

1.731

22,748

19

39
270
349
109
229

1,446
3.219
939

67

313
32.660

142

9

16
3
*

14

•
2

94

8

332

156
6

1

28

117

-

*

*

153
1.027

985
6.314

31
15

32
197

12

454

66
660

119

204

217

520

3.037

13

12S

99

4.942

25,506

89,859

5,795

37,242

1.392

6.912

2.300

-

386
4.411
399

*

1

*

7,307
392

39

19

4,428

188
300
789

195
175
513

14.577
449

1.774

Asia:
China:

Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
Pakistan
Phi ippines
Singapore
Syria
Thailand
Other Asia
1

1,947
16.137
10.741
656
1.611
2.113
48.080
287
1
389
.

1

569
591
.405

1.947
16.132
9.339
651

1.611
2.109
39,955
1 282
388
568
,

1

*
5

1.402
5
1

4

8.125
5
1

1

591
.400

1.928
8,710
8.547
328
1.192
1.266
23.892
642
385
408

•
5

1

7.422
791
324

419
843
16.064
640

156
.016

3

160
435
384

28

23
125

14

33

260
389

500
2.183

55

31

44

500

32
48
525

142
336
575
58
182

903

232
263
824

166
65

105
56

-

35

17

57

-

135

303

50

12

11

26
116
129

3

16
45

62

11

93

1.656

423
347
3.917

569

2.608

171
28

60
527
156
24
130

111

70

241

26

20.414
238

19

21

9.076

318

79

79

-

79

9

33

-

4

-

9

1,101

1.100

2

441

659

100

6

652

122

59

28

843

843

-

129

23

65

-

351

1

746
65
308
47
310

97

65
351

9.394

5,132

3.943
1

d4

Total Asia

Africa:
Egypt
Ghana
Liberia

Morocco
South Africa
Zaire
Other Africa
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
Hiddle Eastern regional
Total International
and regional

Grand total
•

91

91

-

364
80
2.423

328
00
2.400

36

4.216

348

95

74

1

9

12

*

90
27

83

'

4

9

5

-

43

5

41

-

3

2

36

220

44

23
155

'

-

9

4

7

II

12

10

14

6

3

5

I

97

169

122

•

35

24

6

7
-

41

41

26

I

1

•

j/19

8

10

29

85

75

-

75

5

16

1

4

23

2.267

133

479

942

2/94

96
46
470

4,156

60

3,817

339

614

1,355

205

741

205

264

460

2,897
724

2.786
640

111
85

979

1.807

61
65

42

309
119

164

136
33

43
107

8

36
30

14

6

1.686
106

469

131

3,622

3.426

196

1,938

126

48

1,794

428

633

171

150

10

66

15

24,061 369.880 131.768 11,200

69,081

85.731

66,391 187,563

10,005

55.710

4,519

11.449

6,131

525,709 501,647

1,797

1.759

j09....

1.488

17

^_

-

357

-

7

1

-

•

*

-

-

•

-

-

406

-

-

3
•

-

-

5

1

43
929
46
23

-

*

'

-

-

-

-

-

-

-

-

-

173

1.236

218

1,398

;

7

4

^

Z

411

24.137 371.601 133.085 11.372

70.319

85.949

67.789 187.563

10,012

55.714

4.519

11,449

6.543

38

1,372

189

-

167

387
21

38
118

1.194

189

8

162
20

1,010

972

38

103

869

5

35

1

91

91

-

39

11

34

26

26

-

1

1

*
•

1

I

-

1

-

1

3.114

3.038

76

1.721

1,317

528.823 504.685

2

52
24

Less than $500,000.
1/ As of the end of June 1986.
7/ Excludes negotiable time certificates of deposit, which are

^__

included in "Other liabilities."
3/ U.S. Treasury bills and certificates held in custody for the account of oilexporting countries In "Other Asia" and "Other Africa" amount to $5,350 million.

51
CAPITAL MOVEMENTS
Section

II.

- Claims

on Foreigners Reported by Banks

Table

CM-ll-1. -

in

the United States

Total Claims by Type

[Position at end of period In millions of dollars]

Calendar
year
1983
Type of claim
Total

claims

Payable

In

43«.505
dollars

Banks' own claims on foreigners.
Foreign public borrowers
Unaffiliated foreign banks:
Oeposi ts
Other
Own foreign offices
All other foreigners

Claims of banks' domestic
customers
Oeposi ts
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_l_/
Payable in dollars
Payable in foreign currencies
:

Customer liability on acceptances...
Claims with remaining
maturity of 1 year or less:
On foreign public borrowers
On all other unaffiliated
foreigners
Claims with remaining
maturity of more than 1 year;
On foreign public borrowers
On all other unaffiliated
foreigners

1984

Deer

June

p

CAPITAL
Table CM-ll-2.

-

MOVEMENTS
Total Claims by Country

[Position at end of period 1n mtnions of dollars]
Ca

Country

lendar

53
CAPITAL MOVEMENTS
Table CM-ll-3.

-

Banks

Total Claims on Foreigners by Type and Country Reported by
in the United States, as of June 30, 1986

[Position at end of period in nillions of dollars]
Reporting banks' own claims

Country
Total
claims

CAPITAL MOVEMENTS
Section

III.

- Supplementary

Liabilities

Table CM-lll-1.

-

and Clainns Data Reported by Banks
Dollar Claims on

in

the United States

Nonbank Foreigners

[Position at end of period in crillions of dollars]
Dollar claims of U.S. offices

dollar
cl a ms on nonbank foreigners
Tota

End of calendar
year or month

1

i

U.S. -based
banks
(2)

1981
1982
1983
1984
1985

r

Nov.
Dec.

1986-Jan.

r.
r

r

r.
r.

Feb. r.
Mar. r.
Apr ...
Hay
June.
July p.
Aug
p
.

.

.

\J

13)

Dollar claims of
U. S .-based banks'
major foreign
branches 21
(4)

165.730
186.923
199.950
191.928
176,182

19e5-Aug.
Sept.
Oct

2/

U.S. agencies
and branches of
foreign banks \J

43,656
64,543
76,113
75,952
67,839

36,645
42,493
44,970
43,062
42,853

85,429
79,887
78,867
72,914
65,490

182,886
181,720
178,683
177,713
176,182
174,845
174,384
175,251
172,998
172,456
170,219
167,630
166,842

71,432
69.904
69,084
68.239
67.839
68,477
66,441
67,271
66,204
66,232
65,903
64.730
63,200

42,844
43,202
42,351
42,394
42.853
42.089
43,744
43,460
43,411
42,819
43,077
43,074
42,489

68,610
68,614
67,148
67,080
65,490
64,279
64,199
64,520
63,383
63,405
61,239
59,826
61,153

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

55
CAPITAL MOVEMENTS
Table CM-lll-2.

-

Dollar Liabilities

to,

and Dollar Claims on, Foreigners

in

Countries

and Areas Not Regularly Reported Separately
[Position at end of period in milMons of dollars]
Total

Country

1

iabi Titles

Calendar year

Total
Ca

1

banks'

enda

r

own claims

year
June

Other Europe:
Cyprus
Iceland
Ireland
Monaco
Other Latin America and Caribbean:
Barbados
Belize
Bolivia
Costa Rica
Dominican Republic
El Salvador
French West Indies and
French Guiana
Guyana
Haiti
Honduras
Nicaragua
Paraguay
Suriname
Other Asia:

Afghanistan
Bangladesh
Brunei
Burma

Cambodia (formerly Kampuchea)...
Jordan
Macao
Nepal
Sri Lanka

Vietnam
Yemen
Yemen

(Aden)
(Sana)

Other Africa:
Angola
Burundi
Cameroon
Ethiopia, includinq Eritrea
Guinea
Ivory Coast (Cote d'lvoire)
Kenya
Madagascar
Mauritania
Mauritius
Mozambique
Niger
Rwanda
Sudan
Tanzania
Tuni

si a

Uganda
Zambia
other:
New Hebrides
New Zealand
Papua New Guinea
U.S. Trust Territory of
the Pacific Islands

All

67

p

56
CAPITAL
Section

IV.

-

Liabilities to,

MOVEMENTS

and Claims on, Foreigners Reported by Nonbanking Business Enterprises
Table

CM-tV-1. -

in

the United States

Total Liabilities and Claims by Type

[Position at end of period In millions of dollars]

Calendar year

1985

Sept.r
Type of liability or claim
Total

liabilities

Payable in dollars
Financial
Commer cia 1
Trade payables
Advance receipts and other
:

Payable in foreign currencies
Financial
Commercial
Trade payables
Advance receipts and other
:

Total claims

Payable In dollars
Financial:
Deposits
Other
Commercl al
Trade receivables
Advance payments and other.

Payable in foreign currencies..
Financial
Deposits
Other
Commerc 1 a 1
Trade receivables
Advance payments and other.
:

27.512

24.280
8,856

25,3 46

29,357

24.574

25.256

1966

^__

Dec.r

27.2 30

Mar.

June

p

57
CAPITAL
Table

CM-IV-2. -

MOVEMENTS

Total Liabilities by Country

[Position at end of period In millions of dollars]

Calendar year
Sept.

Europe:
Austria
Belgl um-Luxemt>ourg

40
542

Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary

45
404

37

423

58
391

22

519

404

347

1

1

1

1

2

2
1

2

25

27
241

21

28

40

236

1.280

1,309

223
1.233

225
1.058

1

20

2

1

31
33

81

53
317

1.280

1.2B2

20
78

1,433

61

2

298
1,289

3

5

1

3

4

2

18

9

4

1.036

929

1,110

902

1.095

1,026

37

22

34

52
10
374

70

917
41

774
28

9

1

4

1

56
11

8

7

439
968

Italy

Netherlands
Norway

483
,058
114

512

487
835

410
888

352

366

889

1,010

1,108

246

234

1.176
276

313
1.237
199

73

9

182

137

2

2

3

16

2
4

1

94
52

2

3

2

2

6

97
113
126

58

180

,159

826

915

881

199
136
1.056

53
201
110

52

135

111
116
124

95

214
lie
1.139

1

162

5

55
52

Pol and

Portuga
Romania

27
557

1

24

13

2

2

3

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

5

15

79
137
80
727
13

25

25

6

5

4,445

,128

3,571

4,392

3,565

4,209

4.900

4,693

4,821

3

3

1

3

4

4

7

IS
84

30
92

30
97

19

28
123

Total Europe

10.595

Spal

n

73

12
23
29

22
24

U9

953

Canada
Latin America and Caribbean;
Argenti na
Bahamas
Bermuda
Brazil
British West Indies
Chile
Col ombi

125
1,281

84

87

58

72

72

62

753
80

1.933

1,120
87
117

1.147
109
143
1.246

1.131
81
87
1.858

980
222

1.617

10
77

34
29

76

127
159

1,243

1.059

1,046

2,136

1.735

46

43
98

57

33

11

125

166

83

18
72

36

36
26

14

16

5

6

4

7

4

2

3

953
136
114

524

443
129

446

19
12

131
88

54

a

Cuba
Ecuador
Guatemala
Jamal ca
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean

91

920

30
23
10

24
22

443
274

557

121
52
23
29

158
50
17

12

55
10
10

374

756

556

773

22

117
159
166

203

.465
499

89

4

208

5

25
28
798
127
92
61
7

113
69

45
18
6

11

115
12
10

276
86
15
12

Total Latin America
and Caribbean

Asia:
China:
Kai nland
Ta

i

wa

216
185

232
140
175

240
2,213

32
147
242

130
198

117
36
149
165

205
109

53

165
160
1.941
227

2.704

2.972

3.230

576

667

631

590

3

4

6

4

1

1

1

138

139
10
53

44
13

53

55
50
36

40

12
58
64

244

302

356

264

1

2

4

2

2

37

38

78

54

41

44

7,083

5,672

,348

33

29

.527
49

.543
108

2.191

86

U

107

40
.911
103

159
32

191
274

154

39

1

45
13
11

154
1

31

2.249
77

10,358

Africa:
Egypt
Ghana
Li beria
Morocco
South Africa
Zaire

58
17

160

3

2

1

1

1

1

2

21

14

2

2

2

3

245

147

162

202

192

133

17

1

141

181

7

e

s

_2^/

Total Africa

Other countries:
Austral a
All other
i

Total

other countries

Total

foreign countries..

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

Grand tota

210

184

Asia

Total international
and regional

339
152

91
32

185
150
28
137
187
,238
356

1,886

Philippines
Singapore
Syria
Tl.ai land
Oi -exporti ng countries
Other Asia

Oil-exporting coun tr 1
Other Africa

337
159

24

Mai ay sia
Paki Stan

Total

106

221
139

n

Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon

8

9

7

1

1

345

277

234

265

238

148

55

42

167
46

59

195
108

844

58
CAPITAL
Table

CM-IV-3. -

MOVEMENTS

Total Liabilities by Type and Country, as of June 30, 1986, Preliminary
[Position at end of period

in

millions of aollars]
Financial

liabilities
Commerci al
liabilities

Hablll ties
Payable
in dollars

Europe
Austria
Belgium-Lu.-embourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
Italy
Netherlands
Norway
Poland
Portugal
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe

Payable
in foreign
currencies

:

37
347

11

9

2S8

284

25
58

89

40
136

617

357

3
2

40

225
l.OSS

B9
701

4

4

774

512

28

28
7

7

313
1,237

651

29

199

98

3

3

6

6

52
195
108

34
20

52
161
88

644

561

20
158

Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America and Caribbean

Total

Latin America and Caribbea

7

28
123

26

869
308

26

859

843

134

14
27

27

1.397

1.362

1,259

1

1

27
21

14

10
3

30
66
11
15

30
66

5
2

3
2

1,189
370

464
370

57

57

43

43

6

3.708

Asia:
China:

Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon

Malaysia
Paki Stan

198
120
121
54

107
179

3,284
480
1

43
7

Philippines
Singapore
Syria
Thailand
Other Asia

1.B17

Asia

6.728

Total

Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Other Africa

9

193
57
56

3

15

173
2

240

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

861

5

7

Nexi CO

Netherlands Antilles
Panama

283

346

4.821

Total Europe

Guatemala
Jamaica

403

5

Canada
Latin America and Caribbean;
Argent! na
Bahamas
Bermuda
Brazi 1
British West Indies
Chile
Colombi a
Cuba
Ecuador

284
587
101

22
637
98

42
1

59
CAPITAL MOVEMENTS

60
CAPITAL MOVEMENTS
Table

CM-IV-5. -

Total Claims by Type and Country, as of June 30, 1986

[Position at end of period in millions of dollars]
Financial claims
Total

Total

claims

Europe:
Austria

Spal

n

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

4

4

34

49
18

14

3

3

34
257

2S1

148
28

98
27

48S
255

29

111

40

21
12
40

390
11

11

562
93

51
1

17

459
237
71

5

5

19

18
7

7

172
154

7

2

31

398

177

31
174

S
4

47

314

8.718
55
74
68

Europe

Latin America and Caribbean:

Cuba

1

15

14

3,251

3,249

165

17

75

16
75

5,384

5,359

5,356

61

11
13

11

26
26
30
176
36

26
26
30
175
36

8
6

6
e

106

5

1

Ecuador
Guatemala
Jamaica
Ilex

68

3,275
268

Brazil

British West Indies
Chile
Colombia

75
39
38

496

CO

Netherlands Antilles
Panama
Peru
Trinidad and Tobago

44
194
39
13

1

1

Uruguay
Venezuela
Other Latin America and Caribbean.

7

*

223
247

23
57

Latin America and Caribbean

10.740

Total
Asia:
China:

Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon

Malaysia
Pakistan
Philippines
Singapore
Syria
Thailand

159
123
104

15

IS

2

1

74

8

3

105
191

15
77

15
77

1,345

499

442

Total

Total

48
25
34
142
3

14
69
1

Africa

Other countries:
Australia
All other
Total other countries
Total

Total

foreign countries

international and regional

Grand total

7

8

Asia

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

13

182

Other Asia

Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Other Africa

414
65
5

5

Canada

Argentina
Bahamas
Bermuda

Commercl
claims

50
52
646

Italy

1

Denomi nated
In foreign
currenci es

26
131

142

14
11

Denominated
In dollars

6

39

Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic...
Germany
Greece
Hungary
Netherlands
Norway
Poland
Portuga
Romania

financial
claims

4

28

1

10

10

1

38

36

19
2

165
123
221

al

61
CAPITAL
Section

V.

- Transactions
Table

[In

mllHons

Long-Term Securities by Foreigners Reported by Banks and Brokers

CM-V-1. -

dollars;

of

in

MOVEMENTS

Foreign Purchases and Sales of Long-Term Domestic

neijaUve figures Indicate net sales by foreigners or

Marketable Treasury bonds and notes

a

net outflow of capital

Gov't corporations
and federally sponsored
agencies

the United States

from the United States]

Corporate and other securities

U.S.

Ket foreign purchases

in

Securities by Type

Bonds

Stocks

1/

Foreign countries

Offi-

Calendar
year
or month

Total
(1)

17,319
5.427
21,499
29.047

1982
1983
1984
1985

InternaOther
tlonal
Instiforand retutlons elgners glonal

clal

(2)

(3)

Gross
foreign Gross
purforeign
chases
sales

(4)

(5)

Net
Gross
Net
foreign foreign Gross
foreign
purpurforeign purchases
chases
sales
chases

(6)

(7)

(9)

(8)

(101

Gross
foreign Gross
purforeign
chases
sales
(II)

(12)

Net
Gross
foreign foreign Gross
foreign
purpurchases
chases
sales
(13)

(14)

(15)

14

1986-Jan-Sepp22,3e7
1985-Sept.p.
Oct.r..
Nov.r..

6,547
-362
1,168
Deer.. 6,802
1986-Jan.r.. -2,883
Feb.r..
272
Har.r..
9,765
Apr.r. .
8,658
May
-2,132
June...
3,112
-254
July...
Aug. p..
Sept. p.

U

753
5,096

Data Include transactions In directly placed issues abroad
U.S. corporations and Issues of States and municipalities.

by

Table
[In millions

of

CM— V — 2. —

Ne

t

foreign
purchases

Calendaryear
ormonth

19e6-Jan-Sept.p.
19e5-Sept.r
Oct.r
Nov.r

Deer
1986-Jan.r
Feb.r
Mar.r
Apr
May
June
July
Aug.p
Sept.p

a

net outflow of capital

Foreign bonds

^

from the United States]

Foreign stocks

securities

foreign
purchases

Gross
foreign
purchases

Gross
foreign
sales

foreign
purchases

Gross
foreign
purchases

Gross
foreign
sales

(2)

offoreign
(11

1982
1983
1984
1985

Foreign Purchases and Sales of Long-Term Foreign Securities by Type

dollars; negative figures indicate net sales by foreigners or

(3)

(4)

(5)

(6)

(7)

Net

Net

-7,983
-7.004
-5,031
-7,891
-7,531

-6,642
-3,239
-3,930
-3.996
-4,169

27,167
36,333
56,017
81.214
120,591

33,809
39,572
59,948
85.210
124,760

-1,341
-3,765
-1,101
-3,894
-3,362

7,163
13,281
14.816
20,851
34,520

8.504
17,046
15,917
24,746
37,883

-636
-803
-30
-527

-417
-760

6,833
8,535
8,997
8,437
9,940
10,729
12,700
15,296
13,491
15.632
13,559
14.086
15.157

7,250
9,295
8,725
8,546
9,950
11.774
15,663
16,546
13,303
14,091
13,200
12.854
17.378

-218
-43
-302
-418
100
-772
-1,364
-1.668
-221
-238
404
-83
480

1,564
2,007
2,158
2,743
2,519
2,942
3,710
4,390
3,454
3,775
4,310
4,610
4,811

1,782
2,050
2,460
3.160
2,418
3.714
5,073
6,057
3,675
4,013
3,907
4,694
4,330

91

272
-109
-10

-1,816
-4,326
-2,918

-1.044
-2,963
-1,251

-33
1,302
762
1,149
-1,741

188
1.540
359
1,232
-2,221

CAPITAL MOVEMENTS
Table
[In

minions

CM-V-3. -

of dollars;

Net Foreign Transactions

Long-Term Domestic Securities by Type and Country

in

negative figures indicate net sales by foreigners or

Marketable Treasury
bonds and notes

corpora ti ons
era 1 agency bonds
V

'

a

net outflow of capital

from the United States]

t

Corporate bonds

Corporate stocks

Calendar Jan.
July
July
Calendar Ja
July
Calendar Jan.
Calendar Jan.
July
through through
through through year
through through year
through through year
year
Sept.p
19e5r
Sept.p
198Sr
Sept.p
Sept.p
Sept.p
Sept.p
1985r
igeSr
Sept.p Sept.p

406

63
CAPITAL MOVEMENTS
Table

CM-V-4. -

Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During Third Quarter 1986, Preliminary
[In

ml

Gross purchases b>
Domesti

sec ur

c

<

1 1

Ions of dol Tars]

foreigners

tl

Gross sales b> foreigners
Domestt

es

Marketable
Bonds
Treasof U.S.
ury t
Gov't
Country

Federalcorp.

Europe
Austria
Belgium- Luxembourg
Bulgaria

(2)

1

Federalcorp.

Financ- and fedCorporate
Ing
erally
i other
Tots')
Bank
sponpurbonds S sored
chases notes
agencies Bonds Stocks
(1)

secur ties

c

MarketBonds
able
Treasof U.S.
ury i
Gov't

(3)

(4)

(5)

Financ- and feding
erally

fo reign

secur

1

ties

Bonds Stocks
(7)

(6)

Bank
Total bonds
sales notes
(8}

I

Corporate
other

Foreign
securl ties

i

sponsored

agencies Bonds Stocks
(10)

(9)

(U)

112)

Bonds Stocks
(13)

(M)

:

Czechoslovakia
Denmark
Finland
France
German Oe mo cratlc
Germany
Greece
Hungary

602
4.671

-...-

_____

1

13

68

15

7

35S

11

39

8

8

313

1.311

518

109

4.316

290
1.932

-

116

61

324

1,039

695

76

28

1.396
1.619
4.731

1,165
1.406
2,372

5

2 5

108

76

17

93
367

23
167

12

468

897

80
460

468

1,790

605

11,537

6.883

1.299

2,196

775

2

138

*

-

*

2
-

31

-

5
-

181
98

1.203

1

399

2,304

-

-

1.3 79
1,5 20

26
22

126

5

8

71

7

5.136

1.109
1.408
2,428

378

154

1,212

495

13.562

8,793

315

926

1,133

234

137

51

5

39

•

-

-

-

*

701

211

•

6,039
3.054

4.107
2.934

323

2

88

--

4

Re public

Italy

Netherlands
Norway
Poland
Portugal
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom

__•_*
--5186
108

223
811

27

152

-

..

228

47

48
55
16

*

•

2,728
2,637

125

3

-

'

1

9

8

45
31

324

4.263

59
681

54
41
50 3

7.381 21.327

4,281

14
93

673

3

213

477

•

2

60

47

11

•

-

7

•

-

•

7

•

*

4

1

879
1.573
13.317

654
1,052
7.115

54

7

54
49

96
357
521

14
91
35 5

1,230
1.079
13,228

1.041
935
7.409

80
4

27

6

•

98.801

8,843 17.139

4.226

94,184 56.672

2.049

2.474

•

-

-

•

-

20

264

37

29

22
1,09 5

56.530

1,761

10.302

-

-

•

*

-

228

28

117

8

6

3,264 13.110 18.267 21,387

6,559

1

4,202

6-

2

.-•_*
--61-

226

473
4.179
2.768

-

60

402

65

U.S.S.fi

Yugoslavia
Other Europe

*

-

2.811

2.250

234

144.055 86.952

3,416

-

2.379

7.150

22

484

4,255

2,244

1,003

13,966

36

15

6

4

34

18

1

61

19

1

4,423
6.675

Canada

91.173

79

Europe

1.993

153.760
15.158

Total

3.108
2,732

74
21

57

741

1.626

408
699

232

4,193
4.732

2,981
2,404

124

365

46
231

3

,

7,1 76

•

4,694 16,284 25.948

7_
6,761

272

3,853

1.637

992

3

27
785

9

1

203
503

186

^

,

Latin America and Caribbean:

Argentina
Bahamas
Bermuda
Brazil

34

11

1.397

54

39

Cuba
Ecuador
Guatemala
Jamaica

8

2

23

4

•

478

63

149

463

28

30

24

-

4

1

16

3

•

-91
4*
*.

2

6

52
13

-

1

103
25

16
384
45

103

3

*

2

9

2

•

-

--_-52721
]*4**
--3-*

1.050

30
21

172
83

35

190
48

24
481
50

•

1.379
-

British West Indies
Chile
Colombia

*

*

t

*

*

34

157

5

8

76

4

7

1.414

269
1,751
1.161

143

106
97

40
195
132

1.374
338

84
81

103

21

4

6

*

3

Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin Amer ca
and Caribbean

-

385
1.821
1.317

57
24

91

633

47

1

389

3

81
20

1

1

•

_____
**52«
__•..

95

1

609

45

31
94
69

U

21

18

*

1

3

24

•

4

•

8

26
48

4

1

4

54

6

6_

527

4,602

1,035

18

6

•

I

9

1

1

-

*

3

5

-

12
62

•

76

1

5

6

6

7

38

2

•

24
95
34

-

84
59

2

1

1

1.171

1.053

29

8

71

6

2

1,220

1.153

6

12

10

57

5

3

9j

1_5

8

363

675

5,124

1.776

417

J 4, 848

8,049

231

1

Tota 1 Latin Amer ca
and Caribbean

98

1

1

,_

i

16.814

6.260

400

Asia:
China:

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

672
617

4.276

17

31

666
101,835
1,281

15
15

193
165

•

215

8

593
615

368

25

34 9

3

6

18

124

16

1,160

2,365

274

6.866

4,346

72

177

1,092

763

416

•

2

3

6

6

50

30

44

72,531

4.241
223

2.283

5.484 12,258

5,038

58

1

33

4

1

4

2,312

797

25

5

1

57

1

1

37

-

•

*

6

74

•

1

2

3

1

34

35

1

7

-

-

-

1

••
-

•

11

4

58

52

2

2

5

49

2

9

5

873
577
89.855 67,480

*

•

214

1

-

-

21

48 3
41

-

394
2

-

329

217

32

-

1

-

•

-

2

10

38

211

43

4,089 11.304

3.873

1

-

•

*

204
4.4 84

159

6

2

15

17

6

179

167

'

1

14

3

3

3.240

49

69

325

748

62

5.122

4.163

28

66

258

582

36

*

-

-

-

*

-

-

*

-

-

-

*

47

41

-

2

2

-

10,604

7,976

103

311

1,936

214

129.479

90.786

4.936

3.104

9.047

16,113

:

Total

•

20
344

5
-

41

•

*
*

212

Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Other Africa

31

13

2

-

29

•

•

-

I

51

41

63

11^061

7.893

540

801

1.619

139

5,493 116,029 86,019

3.022

1.853

7,177

13,488

4,469

-

-

8

-

*

•

4

146

1

6

-

•

26

•

5

2,427

23

265

506

104

-

2

-

5

2

15
71

..*__
_*2*'
.....

*_
3..

-

-

12

-

-

8

*

10

1

161

2

6

177

19

•

•

19

*

9

31

•

107

•

•

1

-

8

69_

._•__
-.j"*
.....

265

Africa

Other countries
Australia
All other

6

6

511
94

-'163

4

24

315

Total Asia
Af ri ca

468
394

8,665

:

Total

other countries...

Total

foreign countries.

International and regional:
International

Europeanregional
Latin American regional...
Asian regional

93

111

736

-

-

-

30

*

*

35

-

38

4

3
2
4

126

9

475

377

17
12

^

::

I

1

Z

I

i

I

^1^0

907

116

69,068 65,566

2.501

28

270

591

61,7 58

480

42
335

4

3

Afrlcanregional

3

-

-

-

Middle Eastern regional...

4

^

;

;;

62.135

2.096

95

382,761 260,326

10.698

Total international
and regional

Grand total

68,510 66,185

2.062

9

108

64,667

65,469

9
8

1

17.714 37.487 42,803 13,731

S'eo,

496254

.

7

33

9,215

I—
112

7,389 32.795 43,433 12,931

64
CAPITAL
Table

CM-V-5. -

MOVEMENTS

Foreign Purchases and Sales of Long-Term Securities by Type and Country, During Calendar Year 1985
[In millions of dollars]

Gross sales by foreigners

Gross purchases by foreigners

Domestic securl ties

Domestic securities

Marketable
Bonds
Treas- of U.S".

Market-

ury 2
Federal

ury «
Federal

Gov'

corp.
Financ- and fed- Corporate
ing
erally
i other
Total
Bank
sponpurbonds t sored
chases notes
agencies Bonds Stocks

Country

Europe
Austria
916
Belgium-Luxembourg
7,092
Bulgaria
Czechoslovakia
Denmark
3.399
Finland
2.791
France
11.289
•
German OemocraticRepublic
Germany
27.317
Greece
299
*
Hungary
Italy
660
Netherlands
9,215
Norway
4.273
•
Poland
Portugal
24
Romania
Spain
1.043
Sweden
4.038
Switzerland
27.748
Turkey
7
United Kingdom
199.380
*
U.S.S.R
Yugoslavia
25
Other Europe
2.997

(4)

(3)

(2)

(1)

Sends

able
Treas-

of U.S.
Gov' t
corp.
Financ- and fedIng
erally
sponBank

t

(5)

Foreign
securl ties

Bonds Stocks
(7)

(6)

Total bonds
sales notes

i

Foreign
secur ties
i

sored
agencies Bonds Stocks
(10)

(9)

(8)

Corporate
t other

(11)

(12)

Bonds Stocks
[13)

(14)

:

Total

Europe

657

2.704
-

2.181
2,349
5.792

42,674

n Amerl ca and Caribbean:
Argentina
Bahamas
Bermuda
Brazil
British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama

3

34

174

39

10

607

2.284

1.051

187

39
18

195

896

2.802

903
288
1.288

457

31

112
53

20

49
5

-

-

-

•

-

-

16.440

178
10

4.924

3.433

1.565

777

161

10

115

-

-

'

'

145

1

5,424
3.436
1

-

733

2,048
9,583
1

92.831
13

2.400

302.516 146.900

Canada

_,___

259

542

7

1.916
85

•

1

20

152

-

-

*

3

42
65

78
147

636
2.228

1

31

145

37

13

81

394

2.099

5.174

223

2.487
2,641
12,359

1.930
2.348
6.034

23
129
62

34
15

166

7

28

677

3.239

123
1,678

768

-

-

-

*

•

23,099 14.522

.-

*

286

2.814

2,703

1.645

3

280

152

16

•

*

-

-

4
-

106

-

188

615

92

•

30

117

967
48

8,499
2,486

*5,156
2.063

19

205

2,040

190

3

'

26

1

107
459
154

2
-

112

1

24

•

*

-

*

820
1,072
8.823

32
10
149

30
50

86
130

71

42

1.271

10,840

897
1,436

248
954

173.033 94.786

6.641

7.587

17,979 39,007

7,035

_

.

.

_

32

412

27

*

-

25
110

1.081

2.407
23.473

'

*

-

16

16

444

32

12

2.674

2.077

1_7

9,7eQ 266.153142.756

7.656

12
C9

80

1C.466 50,416 42.280 42,tb5

270
945

-

'

678

-

3

__.__
-'183

6.271

5.174 10.765

1.128

•

-

-

162

3

107
135
88

8.905 38.084 19.643 33.645

233

30

1

1.652
1.315

16

23

•

..*.*
-'42*

41

68
406

.__._

863
10,199

13*

30
•

_

1_0_

13.179 40.223 50,640 11,701

4.031

1.424 11,248

6,086

2,803

87

1,322

10,893

6.639

14

44

5 2

1

129

11

3 2

5

49

30

1

24
57

360
93B

1.885
6.375

688

2.224

47
197

5.035
11.656

1.994
4,086

33
34

290
1,059

1.813
4,389

858
1,927

47
160

21
195

19

27

•

48

4

•

3

32

8

905

2.823

1,861

8

62

680

202

20

33
33

246
205

26

15
15

174

6

•

13

3

7

32
24

27
17

8

17

--

4

15

•

•

11

6

15
11

•

20.839

175

5

99

3 6

6.467
13,508

2,464
4,718

43.899 21,027

Lati

97

29

•

3.524
617

2,140

12
15

118

348
46

-

-

31
19

4

..--7

3

1

9

1

251
65
33
23

*

Trinidadand Tobago

-

-

*

7

1
*

•
*

7

-

'
-

•

8

882
13.111
2.365

233
6.959
1.00 7

88
83
62

124
481

283
3.974
682

138

16

493

101

29

53

1,390
329

224

9.784
1,818

5.228

80
66

420

681

51
101

24
97

1

2
•

18

5

15

1

1

2

1

-

49
655

61
158

32
40

1

2

6

29

13
37

81
13

*

1

37
97
101

5

616

417

13

484

\_U

1_2

21

236

75

7

iJO

16

9

41.721

19.008

429

2.474 13.745

5,486

579

33.349 14.6 96

316

4

•

•

2

1

2

34

12

52
•

1

*

_.-__

158
934

Peru

Uruguay
Venezuela
Other Lati n Ameri
and Caribbean

24

"

11

•

•
•

7

"

214
3.6 58

63
99

299

65 3
18

203

7 6

2

•

1

15

20

1

13

68
148

21

4

23

233

4;

2.068 12.028

3.562

139

34

•

ca

Total Lati n Ameri ca
and Caribbean

7_
659

Asia:
China:

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

Asia

2.494

1.713
236

10

430

13.160

6.410

189
44

243

170

•

17
54

749
108

•

31

I

216

144

•

32
17

32

23

•

769

1.666

3.507

619

10.238

5,146
115

194

420

1.858

1.598

1,021

•

3

•

24
49

•

12

1

9
2
6

101

1,910

1,763

435
3.762 17.273

5.840

13

5

5

10
70
78

1

•

96

12

•

2

11

2.852
130.668
534

2,599
96,187
359

16

9

117

4,353

4,764

91

23

4

53

3

78

121
58

2

•

5

-

12
32

138

222

10

122

1

5

2

-

•

2

-

*

107

41

1

7

32

26

1

23,041

21.335

4

128

677

846

51

2

*

*

•

1

-

'

2

4,043 16.579

2.409

150
72

1.440

3,266
2,586
6.742 107,815 77,267
32

10

5

9

923

136

•

237
308
192

133
164
57

11
1

14

2

*

-

*

86

35

1

8

30

9

2

56

457

363

109

-

3
*

20.71319.726
1

•

1

3

52

37

5

137
13

•

2

105

'

1

1

-

*

3
•

*

276

224

-

3

9

40

•

•

10

41

2

31,148

875

1.313

6.086

460

^36

310
256
34.99C 23,665

-

22.177

2.047

2,762

5,845

435

236

5,586

7,147

693

..lil..P p5 130, 746

4.179

5.094 12.302 21,330

7,354

205.556 150.645

12.837 22.648

6

.

Af r1 ca

Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Other Africa
Total Africa
Other countries:
Australia
All other
Total other countries
Total

2

-

*

•

-

2
•

•

-

-

•

-

-

"

120

-

8

104

12

6

127

15

•

•

93

2

*

2

-

.

.

2

160

I

-

3
•

44

27

86

185

-

1

70

1

•

*

1

-

Europeanregional
Latin American regional...
Asian regional
African regional
Middle Eastern regional...

8

nO

\

4.521
436

2.836

44

76

7

14

4.966

Z.911

SO

63

162.677 160.616
493
359
7,272
11
3

46

*_

38

99

599

135

458

21

493

620

62S

18

*_

48

765

414
313

414

3.788

2.535

47

23

2

6_14

66

3

U

786

7^7

417

4.402

2.600

SO

26

1

16,705 61,538 61.156 77,729 20,376 529,203311,842
829
•

7.012

6

2,473
493
286
226

467 162,146161.037
245
'
27
220
8
6.154
6,618

15

5

-

3

*

7

-

:

:

3

:

i

8,255

89

836

3,485

475

3
*

94

236

50

394

•

*

19

1

1

95

-

3

16

4

78

117

70

25

1

59

-

768.763 498.106

1

1

260

28

Grand total

31

2

8.221

-

1

IS

-

170,814 157.673

Less than S500.000.

;

51

46

Iota 1 i nternati onal
and regional

•

•

147
6_1_6

foreign countries.. 597.940 340.433

Interna tional and regional:
International

_.i_.

1

-

*

'

*

250

55

^

14

20_
478

12,288 21,712 76,301 82,736 24,324

8.297
2

109

746

-

-

13

-

1

4

14

75

-

-

-

4
•

2

i

:

:

169.305157,217

8,316

123

753

1,538
243
179
4 36
75

^^

24.960 61.627 81.995 81.214 20.851 698.507469,059

2_

1

2,476

417

5
-

:_
422

20,604 21.836 77.064 85.210 24.746

65
FOREIGN CURRENCY POSITIONS

IimiODUCTIOII

Background

"Majority-owned foreign partnerships" are those organized under the laws
a foreign country In which one or more nonbanking concerns or nonprofit
institutions In the United States, directly or Indirectly, own more than 50
"Majority-owned foreign subsidiaries" are foreign
percent profit interest.
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

Reporting Threshold
The report forms and Instructions used In the collection of bank data
were revlseil effective with reports as of March 16, 19S3, 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.

Comon Definitions and Concepts
The term "United States" means the States of the United States, the
District of Columbia, the Commonwealth of Puerto R1co, American Samoa, Midway
the Virgin Islands, and Wake Island.
The term "foreign" means
Island,
locations other than the "United States."
The term "worldwide" is used to
describe the sum of "United States" and "foreign" data.
Data for the United States include amounts reported by sole proprietorships, partnerships, and corporations in the United States including the
U.S. branches and subsidiaries of foreign nonbanking concerns, in the case of
"nonbanklng 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."
Data for "foreign branches" and "abroad" include amounts reported by the
branches, majority-owned partnerships, and majority-owned subsidiaries of U.S.
banking and nonbanking concerns.
In general, these data do not reflect the
positions of foreign parents or foreign parents' subsidiaries located abroad
through
intercompany
accounts.
The
data
include
the
foreign
except
subsidiaries of a few foreign-owned U.S. -based corporations.

Assets, liabilities, and foreign exchange contract data are reported on
basis 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 delivery 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

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
The exemption level was raised to $3 mi 11 ion on foreign
September 1978.
subsidiary positions on June 30, 1977, and for positions held in the United
The exemption level for nonbanking firms was
States on September 30, 1978.
raised to $100 million on positions 1n 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 1s reached in any
category of assets, liabilities, exchange contracts bought and sold, or the
In general, exemption levels are applied to the
net position in the currency.
entire firm.
In reports on their foreign branches, majority-owned foreign
partnerships, and majority-owned foreign subsidiaries, U.S. banks and nonbanks
dollar-denominated assets, liabilities,
are required to report the U.S.
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 collected on the Treasury foreign currency forms are published in
the Treasury Bulletin in seven sections.
The first section presents a summary
Sections II
of worldwide net positions in all of the currencies reported.
Section VII
through VI each present data on a specified foreign currency.
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.

FOREIGN CURRENCY POSITIONS
Section

I.

Table FCP-l-1.

— Summary Positions
- Nonbanking Firms' Positions^

[In millions of foreign currency

except yen, which
Report
date

Canadian
dollars

German
marks

Japanese
yen

(1)

3/31/66
6/30/86

is

in

units.

billions]
Swiss
francs
(4)

8,836
12,625

12,089
11,591

154
444

-

Table FCP-l-2.

61

-782

Bri tish

pounds
(5)

-514
-515

U.S.
dol lars II
(6)

7,481
9,813

Weekly Bank Positions-

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

tin millions of

Report
date

German
mark s

Canadian
dol lars

Swiss
francs

Bri tish

U.S.

pounds

dollars 4/

(2)

(31

(4)

(5)

.409
408
-95

141
38
66

407
654

132
277

-625
-436
-560
-758
-503

-648
-278
-736
-728
-713

6,165
6.104
6,906
6,471
1,349

1,419
805
-208
659

185
124
105
-12

-611
-324
-245
-66

-600
-655
-433
-175

4,017
5.611
6,535
5,473

-16
-126

1,597
-405
-43
-10

46
136
93

135
190
43
-513

-262
-69
-305
-242

6.594
4,693
5,065
6,616

-150

38

-60

106

346
519
-1,665
-3,006

42

-804
-1,018
-508

-325
-432

-711
-119

-385
183

7,531
6,811
6,243
5,361
7,030

65

-672
-840
-1,193
-1,213

-526
-578
-607
-590

7,966
7,432
8,183
7,441

82
143
114
124

-933
-985
-980
-1,088

-871
-580
-620
-643

8,962
9.024
6,553
6,762

(1)

1/01/86
1/08/86
1/15/86
1/22/86
1/29/86

-253
-163
-99
-160
-78

2/05/86
2/12/86
2/19/86
2/26/86

-55
-138
-74

3/05/86
3/12/86
3/19/86
3/26/86

Japanese
yen

1

85

-45

-160

4/02/86
4/09/86
4/16/86
4/23/86
4/30/86

-146
-88
-206

5/07/86
5/14/86
5/21/86
5/26/86

337
149
278
237

6/04/86
6/11/86
6/18/86
6/25/86

67

-789
58

5,358
293
135
-412

-37
27
34

-1,203

See footnotes following table FCP-VII-2.

3

56

196
169
198
252
160
37

201

(6)

67

FOREIGN CURRENCY POSITIONS
Section

II.

- Canadian

Table FCP-ll-1.
[In

Dollar Positions

- Nonbanking
imlHons

of

Firms' Positions

dollars]
Net

Assets

_2/

Liabn ties
1"

_3^/

Exchange bought

_£/

Exchange so\i«_/

posi1

1

on

S_/

Exchange
rate 6_/

Post

t

i

o n

held in:

(U

(3)

(41

4,796
4.145

791

2,108
4,065

3,414
5,544

2,699
2.031

0.7026
0.7030

United States
United States

51.780
3,681

1/31/86.
2/26/86.

(2)

43,429

817
2,181

2,215
3,343

6,953
1,883

0.7158
0.7158

Abroad
United States

836

0.7158

Worldwide

635

636

55,461

4/30/86.
5/30/66.

2,998

(5)

(6)

3,748
3,765

605
682

2,218
2,422

3,065
3,172

2,296
2,333

0.7263
0.7244

United States
United States

55,808
4,120

45,661
879

2,171
2,432

2,400
3,066

10,018
2.607

0.7219
0.7219

Abroad
United States

59,928

46,440

12,625

0.7219

Uorldv/ide

Table FCP-ll-2.
[In

-

Weekly Bank Positions

miTlions of dollars]

68

FOREIGN CURRENCY POSITIONS
Section

III.

Table FCP-lll-1.
[In

Report
date

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

Assets ZJ

Liabilities

_3^/

Exchange bought 4/

Exchange sold 4/

posi-

tion5/

Exchange
rate 6/

Position
held in;

(1)

1/31/86
2/28/86
3/31/86.

1,829
2,034

4,469
4,579

29,645
24,029

20.918
15,740

6,067
5,744

2.3875
2.2300

United States
United States

69
FOREIGN CURRENCY POSITIONS
Section

- Japanese Yen Positions
- Nonbanking Firms' Positions ^

IV.

Table FCP-IV-1.
Cln

Report
date

Liabilities

billions of yen]

Exchange bought

3/

Exchange sold

_4/

_£_/

Exchange
rate 6/

posi-

tion5/
(4)

435
335

1/31/86..
2/28/86..
3/31/86.

..

1,850
593

1,890
1,737

1,238
1,194

403
150

192.0500
180.3500

United States
United States

1,607
,064

155

1,867

168
1,453

210
-56

177.6500
177.6500

Abroad
United States

177.6500

Worldwide

I

2,671

599
650

1,097
1,146

2,043
2,679

,787
1,335

2,047
832

held in:

(5)

684
728

2,443

4/30/86..
5/30/86..

Position

237
-96

168.7500
174.5000

United States
United States

275

146

389

2,275

1,717

55

163.2500
163.2500

Abroad
United States

163.2500

1

1,307
2,278

Worldwide

2,880

Table FCP-IV-2.

- Weekly Bank

Positions'

[In bilTi'ons of yen]

World-

Liabilities
Report
United Foreign
date
States branch

World- United Foreign
wide
States branch

(1)

(O

1/01/86..

Exchange bou9h _t

9/

Worldwide
(6)

United Foreign
States branch

1

Exchange sol

/

Worldwide

ted Foreign
States branch
Un

i

d

I

0/

Worldw

i

de

wi de

Exchange
net
posirate 1 I I
tion 11/
(13)

(14)

70

FOREIGN CURRENCY POSITIONS
Section

Table

V.

-

Swiss Franc Positions

FCP-V-1. - Nonbanking
[In millions of

Firms' Positions-'

francs]

Report
date

Assets 2J

Liabilities

V

Exchange bought

_4_/

Exchange sold

(3)

1/31/86
2/28/86

3/31/86...

23
138

3.356
2,792

8.488
9,685

Net
position 5/

Exchange
rate 6/

Position
held in:

(4)

10,513
11.163

_£/

-1.308
-1.176

2.0250
1.8850

United States
United States

71
FOREIGN CURRENCY POSITIONS
Section

VI.

Table FCP-VI-1.
Cln

Report
date

Assets

2./

LI

abi

1

i

ti es _3/

- Sterling Positions
- Nonbanking Firnns'
minions

of

Positions^

pounds]

Exchange bought^/

Exchange sold£/

Net
position_5^/

Exchange
rate_£/

Position
held in:

(1)

3/31/86

.

(3)

(4)

(5)

1.021
874

1/31/86
2/28/86

(2)

1.970
2.089

7,889
8.409

7.257
8,412

-1.218

1.4130
1.4411

United States
United States

21,579
1.017

21.029

1.070

999

621

1.4702

Abroad
United States

-317

(6)

Wor dwi de
1

4/30/86
5/30/86

1.234
847

2.015
1.642

6.888
8.209

6.973
8.596

-866
-1.182

1.5442
1.4747

United States
United States

Abroad
United States

72

73
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
branches and majority-owned partnerships and subsidiaries.
Excludes
receivables and installment paper which have been sold or discounted
before maturity, U.S. parent companies' investment in their majorityowned foreign subsidiaries, fixed assets (plant and equipment), and
capitalized leases for plant and equipment.

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

_4/

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

1/

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

11 Excludes

~

majority-owned foreign subsidiaries.
3/

Capitalized plant and equipment leases are excluded.

4/

Includes both spot and forward exchange rates,

^/ Columns

maturity,

receivables and installment paper sold or discounted before
fixed assets (plant and equipment), and parents' investment in

1

and

3

less columns

2

and 4.

Canadian dollar and United
rates on the report date.
Kingdom pound rates are expressed 1n U.S. dollars per unit of foreign
currency, all others in foreign units per U.S. dollar.

6/ Representative

"

7/

~

Foreign branches and majority-owned subsidiaries only.

SECTIONS II THROUGH VII

""

FCP-I through FCP-VU

Banks and banking Institutions In the United
subsidiaries.
branches and majority-owned
branches and majority-owned subsidiaries only.

_8/

Excludes capital assets.

_9/

States and
section

In

Excludes capital liabilities.

10/

Includes both spot and forward exchange contracts,

\\l Columns 3 and 9 less columns 6 and 12,
12/ See footnote 6.

their
VII,

foreign
foreign

74

EXCHANGE STABILIZATION FUND
Table ESF-1.

- Balances

as of Mar. 31, 1986, and June 30, 1986

[In thousands of dolTars]
Mar.

Assets, liabilities, and capital

Har. 31.

1986

31, 1986, through
June 30, 1986

June 30, 1986

Assets
U.S. dollars:

Held at Federal Reserve Bark of New York.
Held with Treasury:
U.S. Government securities
Other
Special drawing rights^/
Foreign exchange and securities _2/:
German marks
Japanese yen
Pounds sterling
Swiss francs
Ecuadorian sue res
Accounts receivable

25,077

106.694
195,165
1.067.000
7,838,766

(63.467)

374.110

3.087.947
3,195,206
12.370
17,316

236.387
316.606
810
1.727
75.000

126.504

Total assets

(2,359)

15.647,168

131,971

131,698
1,067.000
6,212,876

3,324.334
3.511.812
13.180
19.043
75.000
124.145

16.611.059

LiablKtfes and caplul
Current liabilities:
Accounts payable
Advance from U.S. Treasury {U.S. drawing
on IMF) 2/

64,778

Total current liabilities

4.718.000
5.576.989

100,000
192,526

4,818.000
5.769.515

292,526

10.587.515

200.000
4,020.401

675,919

200.000
4.696.320

4,220.401

(see table ESF-2)

Total capital

Total

(4,554)

676,919

4,896.320

other liabilities

Capital
Capital account
Net income (loss)

60.224

1.067.000

1.131.778

Other liabilities:
Special drawing right certificates
Special drawing rights allocations

Total

(4.554)

1,067.000

liabilities and capital

16.611.059

See footnotes at end of table ESF-2.

Table ESF-2.

- Income and Expense

[In thousands of dollars]

1986.

Year to date
Oct. 1, 1985,

through
June 30. 1986

through
June 30, 1966

Current quarter
Apr.

1.

Incoae and expense:

Profit (loss) on:
Foreign exchange

Adjustment for change in valuation of SDR holdings
and al locations U

78,919

Income from operations
Retained earning adjustment for fiscal
Net

U

1

222.107

37,533
1,517
80.317

110.824
22.812
238.317

675.919

Interest (net charges) on:
Special drawing rights
U.S. Government securities
Foreign exchange

2.015.447

1985 £/.

(3)

ncome

Beginning July 1974, the International Monetary Fund (IMF) adopted
a technique for valuing the special drawing rights (SDRs) based on
a weighted average of exchange rates for the currencies of selected
member countries. The U.S. SDR holdings and allocations are valued
on this basis beginning July 1974.
2/ Excludes foreign exchange transactions for future and spot delivery.
7/ A non-interest-bearing liability to the U.S. Treasury resulting from
the transfer to the Exchange Stabilization Fund of foreign currencies
drawn from the IMF by the United States.

675.919

2.015,444

4/ Represents an adjustment to retained earnings for Income that was
recorded In fiscal 1966 that had been earned in fiscal 1985.

—

Annual balance sheets for fiscal years 1934 through 1940 appear
Note.
1940 Annual Report of the Secretary of the Treasury and those for
Quarterly
succeeding years appear in subsequent reports through 1980.
balance sheets beginning with Dec. 31, 1938. have been published in the
Treasury Bulletin.
Data from Inception to Sept. 30. 1978. may be found
on the statements published in the January 1979 Treasury Bulletin.
in the

TRUST FUND

REPORTS

78
Civil Service
[In

mmtons

of dollars.

Retirement and Disability Fund

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

Receipts

Fiscal year
or month

79
Fsderal Disability Insurance Trust Fund
[In

mnnons

of dolUrs.

Source: Monthly Treasury Sutement of Receipts »nd Outlays of the United States Government]

Receipts
Fiscal year
or month

Appropriations

Deposits
by States

1982
1983
1984
1985
1986

21,398
21,894
17.812
18,062
20,179

18.856
16,661
14.480
15.200
16.075

2.010
1.931
1,618
1.587
1.885

1987 (Est.)

20.246

17.447

1,896

1.387
1.411
2.495
1.779
1.381
1.620
2.249
1.473
2.095
1.534
1.420
1,335

1.165
1.148
1,191
1.580
1.172
1.398
1.927
1,330
1,425
1.280
1.281
1,178

174
197

20.179

16,075

Expenditures other than Investments

1985-Oct
Nov
Dec
1986-Jan
Feb
Mar
Apr
Hay
June
July
Aug
Sept
Fiscal 1986

85
164
168
181
150
136
193
166
128
143

1,885

Total

Interest
and profits on
Investments

364
437
558
580
631

168

2.865
1.1S6
695
1.585
174

26
44
179

1,040

3
10
2
3

32
30
38
169

23
21

7

339
10
10

138
79

-2

1.585

18.035

Benefit
payments

80
Federal Hospital Insurance Trust Fund
[In

minions

of dollars.

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

Receipts
Fiscal year
or month

Total

81
Federal Old-Age and Survivors Insurance Trust Fund
[In

mHHons

of dollars.

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

Expenditures other than Investments

Receipts
Fiscal year
or month

Appropriations

Deposits by
States

Net earnings

Total

on Investments

Benefit
payments

Payments to railroad retirement
account

1982
1983
1984
1985
1986

12S,629
150.489
163. 31S
162.287
193,039

111,997
116,508
139,380
157,610
166,699

12,249
13,999
14,916
17,651
18,224

1,707
1,299
2,752
3,537
3,699

676
18,664
6,266
3,489
4,214

137,929
163.892
162,406
171.614
179.570

134,655
148,642
155,652
165.422
174,363

1,793
2,251
2,404
2,310
2.585

1967 (Est.)

206.265

176,671

19,702

3,987

5,925

191,784

186,637

2,763

13,932
12.861
17.619

1.450
484
1,858
1,990
1.6S9
1.466
1,248
1,186
2,415
1,655
648
2.167

157

12

449
1,159
102
32
22
40
43
1,629
27
13
26

-16
2,203

13,978
16,163
22,312
15,167
19,068
15,369
13,988
13,613

12,313
11.947
12,399
16,655
12.195
14.550
20.136
13,839
14.840
13.451
13,324
11.250

182
92
144
891
97
183
257
3
168

14.224
14,280
14,454
14,842
14,719
14,798
14,734
14,736
17.672
15.326
14,886
14,899

13,970
14,036
14,055
14.541
14.589
14.652
14,562
14,634
14,632
15.142
14.767
14.783

193,039

166,899

18,224

3,699

4.214

179,570

174.363

1985-Oct
Nov
Dec
1986- Jan
Feb
Mar
Apr
Hay
June
July

16 ,929

Aug
Sept

Fiscal

1986

Expenditures other than InvestmentsContinued
Fiscal year
or month

Administrative
expenses

Transfers to

2,585

82
Federal Supplementary Medical Insurance Trust Fund
[In

mnnons

of dollars.

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

Expenditures other than investments
Federal

Fiscal year
or month

contributions

Total

Interest
and profits on
investments

1982
1983
1984
1985
1986

19.147
22.526
24.576
24.999

3,460
3.834
4,463
5,042
5,193

13.323
14.238
16,811
17,698
18,078

484
690
807
1,154
1,229

1987 (Est.)

26.852

6,357

18,517

1.131

2.027
2,021
2.742
1,993
1,956
1,954
1,952
1,932
2,516
1.963
1,974
1,969

427
428
437
441
438
437
430
426
430
433
434
432

1,521
1.528
1.731
1,503
1,475
1,474
1,471
1.457
1.472
1,481
1,485
1,480

37
23
531

U.62;

1985-Oct
Kov
Dec

1986-Jan
Feb
Nar
Apr
May
June
July
Aug
Sept

Fiscal 1986

24,999

18,078

7
6
5
9
7

S72
6
12
14

360
385

482
500

42
42
42
42
38
38
43
42
42
43
43
43

15,559

Benefit
payments

83
Railroad Retirement Account
[In millions of dollars.

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

Receipts

Fiscal year
or month

otal

Expenditures other than investments

Unemployment Trust Fund
[In

minions

of dollars.

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

85
Investments of Specified Trust Accounts

in

Public Debt Securities and Agency Securities

by Issue, as of Sept. 30,

1986

[In cntnions of dollars]

Investment securities

CURRENCY AND COIN
OUTSTANDING AND IN CIRCULATION
U.S.

88
U.S.

Currency and Coin Outstanding and
[Source:

in

Circulation

Financial Management Service]

AMOUNTS OUTSTANDING AND IN CIRCULATION

Sept.

30.

1986

Currency

Coin II

Total

currency and

Federal Reserve notes 1/

Total

coin

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

Currency no
longer Issued

U.S. notes

$241,365,914,000 $224,520,975,102 $223,927,903,737 $322,539,016 $270,532,349

495,010,330
40,246,605,449

34,163,278
39,748,304,821

3,768,360
39,748,265.403

30,203.939

200.624,298,221

184,738,507,003

184,175,869,974

Total

$16,844,938,698

$2,024,703,898 $14,820,235,000

16

460.847.052
498,300.628

352.386,029
137.091,809

108,461.023
361,208,819

292,335,061

270,301.968

15.885.791,218

1.535,226.060

14.350.565,156

$5

Amount

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

$3,638,561,413
723,163,208
5,061.843,790
11,234,893,340
54,400,316.500
24.123.655,250
85.220,424,400
152,962.500
177.401,000
1 805 000
3,480,000
487
,

,

W

184,738.507,003

U.S.

notes

$143,479
132.920,062
112,241,710
5,940
3,380

47,020.400

\l Issued on and after July 1, 1929.
2/ Excludes coin sold to collectors at premiun prices.
T/ Includes $481,781,898 in standard silver dollars.

Currency
no longer
issued

,623.287
12,994
,082,225
,893.540
,206,360
,631,550
,308,000
190.500
208.000

45.000
100.000
487

115

Total currency

$3,485,794,647
590,230,152
4,911,519,855
11.209,993.860
54.380,106,760
24,112,023.700
85,151,096.000
152.772,000
177.193.000
1.760.000
3.380.000

i

1986

Federal
Reserve
notes 1/

$2

i

COMPARATIVE TOTALS OF MONEY IN
CIRCULATION— SELECTED DATES

Denomination

$1

Fractional
coin

190,979
39.402

CURRENCY IN CIRCULATION BY OENOIINATION

Sept. 30,

Dollars 3/

(in

Per
capita 4/

millions)

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

June
June
June
June
June
June
June
June

30,
30,
30,
30,
30.
30,
30.
30.

1986
1986
1985
1985
1980
1975
1970
1965
1960
1955
1950

$200 624.3
201 ,774.7
187 337.4
185 890.8
127 097.2
81 196.4
54 351.0
39 719.8
32 .064.6
30 .229.3
27 156.3

$829.48
r834.89
r7E0.80
778.38
558.28
380.08
265.39
204.14
177.47
182.90
179.03

25

184,175.869,974

292,335,061

V
_5/

270,301,061

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

"U.S. GOVERNMENT PRINTING OFFICE: 1986-l81-78't!'*<

DEPARTMENT OF THE TREASURY
FINANCIAL

MANAGEMENT SERVICE

OFFICE OF THE COMMISSIONER

WASHINGTON,

D.C.

20226

FIRST-CLASS
Department of the

OFFICIAL BUSINESS
PENALTY FOR PRIVATE USE, $300

MAi

POSTAGE & FEES

F

Ire

Permit No. G-4

1987

APR

ICI