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TREASURY BULLETIN

Fall Issue

December 1987
Office of the Secretary
Department of the Treasury

Washington, D.C.

Compiled by
Financial
Service

Management

ADDITIONAL TREASURY RELEASES ON FEDERAL FINANCES

U.S.

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Monthly Treasury Statement of Receipts and Outlays of the United States Government.
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or deficit, and the means of financing the deficit or disposing of the surplus. Prepared
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TREASURY BULLETIN

Office of the Secretary
Department of the Treasury

Washington, D.C.

The Treasury Bulletin is
U.S. Government

for sale

Compiled by
Financial
Service

Management

by the Superintendent of Documents,

Printing Office, Washington, D.C. 20402

/n this issue

Items of Special Interest:

FEDERAL DEBT

Summary of Federal

Debt, Fiscal Years 1960-87 (Page 20)

The first
Bulletin,

in a series of historical supplements
accompanied by a chart.

to regularly

published

statistical tables in the

Treasury

CAPITAL MOVEMENTS

Liabilities to Foreigners (Page 65)

chart, covering the period

comparing

liabilities

1982 through the third quarter of calendar year 1987, graphically

reported by International Banking Facilities and by banks in the United

States.

Claims on Foreigners (Page
A

chart, covering the

70)

period 1982 through the second quarter of calendar year 1987, graphically

comparing claims reported by International Banking

Facilities

and by banks

in the

United

States.

Net

Purchases of Long-Term Domestic Securities by Selected Countries

(Page 82)

chart, covering the period

showing

activity

of Germany

1984 through the third quarter of calendar year 1987, graphically

Switzerland, the United Kingdom, Canada,

and Japan.

Contents
FALL ISSUE, DECEMBER 1987
FINANCIAL OPERATIONS
Page

FEDERAL FISCAL OPERATIONS
Analysis-Budget results

FFO-1 .--Summary

for the fourth quarter, fiscal

987

of fiscal operations

Chart.-Monthly receipts and outlays

FFO-2— On-budget and
Chart— Budget

8
9

off-budget receipts by source

receipts by source

FFO-3— On-budget and

off-budget outlays by agency

FEDERAL OBLIGATIONS
FO-1 -Gross obligations incurred within and outside the Federal Government by object class

FO-2. -Gross obligations incurred outside the Federal Government by department or agency

Chart.-Gross Federal obligations; gross Federal obligations incurred outside the Federal Government

TREASURY

ACCOUNT OF THE

U.S.

UST-1 —Elements

changes

Federal Reserve and tax and loan note account balances

FEDERAL DEBT
Summary

of Federal debt, fiscal years

1960-87

Chart— Federal debt outstanding

-Summary of Federal debt
FD-2— Interest-bearing public debt

FD-1

FD-3.-Government account

FD-4— Interest-bearing
FD-5 -Maturity

securities issued by

distribution

FD-6.-Debt subject

series

Government agencies

and average length

marketable interest-bearing public debt held by private investors

Chart -Average length

of the

Chart-Private holdings

FD-7 -Treasury holdings

marketable debt

Treasury marketable debt by maturity

of securities

25
25

to statutory limitation

issued by Government corporations and other agencies

TREASURY FINANCING OPERATIONS

28
29

PUBLIC DEBT OPERATIONS
PDO-1 —Maturity schedule
Treasury

PDO-2—Offerings
PDO-3. -Public

bills

of interest-bearing

bills

offerings of marketable securities other than regular weekly Treasury

PDO-4. -Allotments by investor classes
U.S.

marketable public debt securities other than regular weekly and 52-week

outstanding

for public

bills

marketable securities

33
35
37
39

SAVINGS BONDS AND NOTES

SBN-1 -Sales and redemptions by
SBN-2 -Sales and redemptions by
SBN-3 -Sales and redemptions by

series, cumulative

period,

all

series of savings

period, series E, EE, H,

and

bonds and notes combined

Contents
Page

OWNERSHIP OF FEDERAL SECURITIES
OFS-1 .--Distribution

of Federal securities by class of investors

0FS-2."Estimated ownership

MARKET
IVIBY-1

of public

44
44

of issues

ON TREASURY SECURITIES

BID YIELDS

.-Treasury market bid yields at constant maturities:

Chart— Yields

and type

debt securities by private investors

bills,

notes,

and bonds

46
47

Treasury securities

AVERAGE YIELDS OF LONG-TERM BONDS
AY-1— Average yields

of long-term Treasury, corporate,

Chart-Average yields

of long-term Treasury, corporate,

and municipal bonds by period

and municipal bonds

48
49

FEDERAL AGENCIES' FINANCIAL REPORTS
FA-2. -Direct

and guaranteed loans

Chart.-Direct and guaranteed loans

INTERNATIONAL STATISTICS

INTERNATIONAL FINANCIAL STATISTICS
IFS-1— U.S. reserve assets
IFS-2 -Selected U.S.

liabilities to

foreigners

IFS-3.-Nonmarketable U.S. Treasury bonds and notes issued

IFS-4— Weighted average

exchange

changes

rate

to official institutions

and other residents

of foreign countries

59
60
60
61

for the dollar

CAPITAL MOVEMENTS
LIABILITIES

TO FOREIGNERS REPORTED BY BANKS

THE UNITED STATES

CM-l-2.-Total

liabilities

by type, payable

CM-l-3. -Total

liabilities

by country

64
65
66
67

CM-l-4— Total

liabilities

by type and country

CM-l-1 .--Total

liabilities

by type of holder

Chart.-Liabilities to foreigners
in

dollars

CLAIMS ON FOREIGNERS REPORTED BY BANKS
CM-ll-1 .-Total

THE UNITED STATES
69
70

daims by type

Ghart.-Claims on foreigners
CM-II-2.-Total
CM-ll-3. -Total

daims by country
daims on foreigners by type and country reported by banks

71
in

SUPPLEMENTARY LIABILITIES AND CLAIMS DATA REPORTED BY BANKS
CM-lll-1. -Dollar claims

CM-lll-2.-Dollar

THE UNITED STATES
73

on nonbank foreigners

liabilities to,

LIABILITIES TO,

the United States

and

dollar

daims

on, foreigners in countries

and areas not

regularly reported separately

AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING BUSINESS ENTERPRISES

THE UNITED STATES
CM-IV-1. -Total

liabilities

and claims by type

Contents
Page
CM-IV-2 -Total

liabilities

by country

CM-IV-3 -Total

liabilities

by type and country

CM-IV-4. -Total daims by country

CM-IV-5. -Total claims by type and country

TRANSACTIONS IN LONG-TERM SECURITIES BY FOREIGNERS REPORTED BY BANKS AND BROKERS
THE UNITED STATES
CM-V-1 -Foreign purchases and sales
CM-V-2. -Foreign purchases and sales

CM-V-3.-Net

foreign transactions

of long-term

80
80

domestic securities by type

of long-term foreign securities by type

long-term domestic securities by type and country

CM-V-4. -Foreign purchases and sales

of long-term securities, by type

and country,

latest date

82
83

CM-V-5 -Foreign purchases and sales

of long-term securities, by type

and country,

latest

year

Chart— Net purchases

of long-term

domestic securities by selected countries

FOREIGN CURRENCY POSITIONS

SUMMARY POSITIONS
FCP-l-1 -Nonbanking firms' positions
FCP-l-2. -Weekly bank positions

86
86

CANADIAN DOLLAR POSITIONS
FCP-ll-1

-Nonbanking firms' positions
bank positions

FCP-ll-2. -Weekly

87
87

GERMAN MARK POSITIONS
FCP-lll-1. -Nonbanking firms' positions

FCP-lll-2.-Weekly bank positions

88
88

JAPANESE YEN POSITIONS
FCP-IV-1 .-Nonbanking

firms' positions

FCP-IV-2.-Weekly bank positions

SWISS FRANC POSITIONS
FCP-V-1 -Nonbanking

firms' positions

FCP-V-2.-Weekly bank positions

90
90

STERLING POSITIONS
FCP-VI-1

-Nonbanking

firms' positions

FCP-VI-2.-Weekly bank positions
U.S.

91
91

DOLLAR POSITIONS ABROAD

FCP-VII-1 -Nonbanking firms' foreign subsidiaries' positions

FCP-VII-2 -Weekly bank foreign office positions

92
92

EXCHANGE STABILIZATION FUND
ESF-1. -Balance sheet

ESF-2.~lncome and expense

95
95

Contents
SPECIAL REPORTS
Page

TRUST FUNDS
Civil

service retirement

and

disability

fund

100

Federal disability insurance trust fund

101

Federal hospital insurance trust fund

102

Federal old-age and survivors insurance trust fund

103

Federal supplementary medical insurance trust fund

104

National service

life

105

insurance fund

106

Railroad retirement account

Unemployment

trust

fund

Investments of specified

U.S.

trust

accounts

public debt securities

CURRENCY AND COIN OUTSTANDING AND

Note.~De tails

of figures

Abbreviations:

may

not

add

to totals

because

and agency

CIRCULATION

of rounding.

represents Revised, p Preliminary, n.a. Not available.

securities

by Issue

108
Ill

Financial Operations

FEDERAL FISCAL OPERATIONS
INTRODUCTION
Background

collections.

Section 114 of the Budget and Accounting Procedures Act of
(31 use. 3513a) requires the Secretary of the Treasury to
prepare reports on the financial operations of the U.S. Government.

following major categories: (1) budget receipts and (2) offsetting
collections. Budget receipts are collections from the public that result

1950

The

three Federal fiscal operations (FFO) tables are
published quarterly and cover 5 years of data, estimates for 2 years,
detail for 13 months, and fiscal year-to-date data. The tables are
designed to provide a summary of data relating to Federal fiscal
operations reported by Federal entities and disbursing officers, and
daily reports from the Federal Reserve banks. These reports detail
accounting transactions affecting receipts and outlays of the Federal
Government and off-budget Federal entities, and their related effect
first

liabilities of the U.S. Government. Data used in the
preparation of tables FFO-1, FFO-2, and FFO-3 is derived from the
Monthly Treasury Statement of Receipts and Outlays of the United
States Government.

on the assets and

Budget authority usually takes the forni of "appropriations'
which permit obligations to be incurred and payments to be made.
Most appropriations for current operations are made available for
obligation only during a specified fiscal year (annual appropriations).

Some

are for a specified longer period (multiple-year appropriations).
Others, including most of those for construction, some for research,
and many for trust funds, are made available for obligation until the
amount appropriated has been expended or until the objectives have
been attained (no-year appropriations).

Budget authority can be made available by Congress for
and disbursement during a fiscal year from a succeeding
year's appropriations (advance funding). For many education
programs. Congress provides forward funding-budget authority
made available for obligation in one fiscal year for the financing of
ongoing grant programs during the succeeding fiscal year. When
advantageous to the Federal Government, an appropriation is
provided by Congress that will become available 1 year or more
beyond the fiscal year for which the appropriation act is passed
(advance appropriations) Included as advance appropriations are
appropriations related to multiyear budget requests.
obligations

Rece/pfs.-Receipts reported

the tables are classified into the

from the exercise of the Government's sovereign or governmental
powers, excluding receipts offset against outlays. These collections,
also called governmental receipts, consist mainly of tax receipts
(including social insurance taxes), receipts from court fines, certain
licenses, and deposits of earnings by the Federal Reserve System.
Refunds of receipts are treated as deductions from gross receipts.
Offsetting collections are from other

They

are

classified

offsetting

into

two

major

When budget

is made available by Congress for a
any part not obligated during that period
expires and cannot be used later. Congressional actions that extend
the availability of unobligated amounts that have expired or would
otherwise expire are known as reappropriations. The amounts
involved are counted as new budget authority in the fiscal year of the
legislation in which the reappropriation action is included, regardless
of when the amounts were originally appropriated or when they
would otherwise lapse.

authority

categories:

(1)

offsetting

and

credited to appropriations or fund accounts,

collections

receipts

(i.e.,

amounts deposited

(2)

receipt accounts).

Collections credited to appropriation or fund accounts normally can

he used without appropriation action by Congress. These occur in
two instances: (1) when authorized by law, amounts collected for
materials or services are treated as reimbursements to appropriations and (2) in the three types of revolving funds (public enterprise,
intragovernmental, and trust); collections are netted
spending, and outlays are reported as the net amount.

against

Offsetting receipts In receipt accounts cannot be used without
being appropriated. They are subdivided into two categories: (1)
proprietary receipts-these collections are from the public and they
are offset against outlays by agency and by function, and (2)
intragovernmental funds-these are payments into receipt accounts
from governmental appropriation or fund accounts. They finance
operations within and between Government agencies and are
credited with collections from other Government accounts. The
transactions may be intrabudgetary when the payment and receipt
both occur within the budget or from receipts from off-budget Federal
entities in those cases where payment is made by a Federal entity
whose budget authority and outlays are excluded from the budget
totals.

Intrabudgetary

transactions

are

categories: (1) interfund transactions,
specific period of time,

Government accounts

the public that are of a business-type or market-oriented nature.

one fund group
account

where

subdivided

into

three

where the payments are from

(either Federal funds or trust funds) to

a receipt

the other fund group; (2) Federal intrafund transactions,
the payments and receipts t)oth occur within the Federal fund
in

group; and (3) trust intrafund transactions, where the payments and
receipts both occur within the trust fund group.

deducted from budget authority
by subfunction, or by agency. There are four
types of receipts, however, that are deducted from budget totals as
Offsetting receipts are generally

and outlays by

function,

They are: (1) agencies' payments
payments by off-budget Federal entities) as employers
into employees retirement funds, (2) interest received by trust funds,
(3) rents and royalties on the Outer Continental Shelf lands, and (4)
undistributed offsetting receipts.

Out/ays.-Obligations generally are liquidated by the issuance of
checks or the disbursement of cash; such payments are called
outlays. In lieu of issuing checks, obligations also may be liquidated
(and outlays recorded) by the accrual of interest on public issues of
Treasury debt securities (including an increase in the redemption
value of bonds outstanding); or by the issuance of bonds, delsentures, notes,

monetary

credits, or electronic

other interest (i.e., interest collected on Outer Continental Shelf
money in deposit funds when such money Is transferred into the
budget).

payments. Refunds of

as reductions of collections, rather
than as outlays. However, payments for earned-income tax credits in
excess of tax liabilities are treated as outlays rather than as a
reduction in receipts. Outlays during a fiscal year may tie for
payment of obligations incurred in prior years or in the same year.
Outlays, therefore, flow in part from unexpended balances of prior
year budget authority and in part from budget authority provided for
the year in which the money is spent. Total outlays include both
budget and off-budget outlays and are stated net of offsetting
collections generally are treated

(including

entities. -The Federal Government has used
budget concept as the foundation for its budgetary
analysis and presentation since 1969. This concept calls for the
budget to include all of the Government's fiscal transactions with the
public. Starting in 1971, however, various laws have been enacted
under which several Federal entities have been removed from the
budget or created outside the budget. Other laws have moved

Off-budget Federal

the

unified

certain off-budget Federal entities onto the budget.
law, the off-budget Federal entities consist of the

Under current

two social security

FEDERAL FISCAL OPERATIONS
trust funds,

Federal old-age and survivors Insurance and Federal

and net miscellaneous

receipts by source.

disability insurance.

entities are federally owned and
transactions are excluded from tfie budget totals

The off-budget Federal
controlled, but

tfieir

under provisions of law. Wfien an
outlays,

and surplus or

budget outlays, or
included

tfie

deficit

entity is off-budget,

are not included

its

receipts,

budget receipts,

budget deficit; its budget autfiority is not
budget autfiority for tfie budget; and its

totals of

Table FF0-3.~0n-budget and Off-budget Outlays by Agency

Congress
[generally]

obligate the

[usually]

provides

budget

which

authority

the form of appropriations, then

Federal agencies

Government funds to make outlays. The amounts in this
a breakdown of on-budget and off-budget outlays by

table represent

receipts, outlays, and surplus or deficit ordinarily are not subject to
the targets set by the congressional budget resolution.

agency.

Nevertheless, the Balanced Budget and Emergency Deficit
Control Act of 1985 (commonly known as the Gramm-RudmanHollings Act) included the off-budget surplus or deficit in calculating
the deficit targets under that act and in calculating the excess deficit
for purposes of that act. Partly because of this reason, attention has
focused on the total receipts, outlays, and deficit of the Federal
Government instead of the on-budget amounts alone.

Table FF0-4.-Summary of Internal
States and Other Areas

Table FFO-1. -Summary of Fiscal Operations

they consist of prepayments (e.g., estimated tax payments and taxes
withheld by employers for individual income and social security

This annual table provides data on internal revenue collections
and other areas and by type of tax. The amounts
reported are for collections made in a fiscal year beginning in
October and ending the following September.
classified by States

Fiscal year collections

This

table

summarizes the amount

receipts,

total

outlays, total surplus or deficit, transactions in Federal securities

monetary

assets,
operating cash.

and transactions and

balances

total

and

Treasury

Revenue Collections by

span several tax

liability

of payments made with tax returns, and
payments made after tax returns are due or are filed
with delinquent returns or on delinquent accounts).

taxes),

years because

subsequent
payments

(e.g.,

also important to note that these data do not necessarily
Federal tax burden of individual States. The amounts are

reflect the

Table FFO-2.-On-budget and Off-budget Receipts by Source
Budget receipts are taxes and other collections from the public
the exercise of the Government's sovereign or
governmental powers. The amounts in this table represent income
that result from

taxes, social insurance taxes, net contributions for other insurance

and

retirement, excise taxes, estate

and

gift

taxes,

customs

duties.

reported based on the primary filing address furnished by each
taxpayer or reporting entity. For multistate corporations, this address
may reflect only the State where such a corporation reported its
taxes from a principal office rather than other States where income
was earned or where individual income and social security taxes
were withheld. In addition, an individual may reside in one State and
work in another State.

FEDERAL FISCAL OPERATIONS
Budget Results

for the Fourth Quarter, Fiscal

1987

Summary
The Federal budget for the fourth quarter of fiscal 1987
was in deficit by about $28-3/4 billion, a sharp narrowing
from a deficit of $54-1/4 billion in the comparable quarter of
the preceding year. For the entire 1987 fiscal year, the deficit
was $148 billion, off by one-third from a deficit of $221 billion
in the prior fiscal year. The sharp drop in the deficit in fiscal
1 987 reflected a large 1 1 -percent rise in receipts, boosted by
the effects of tax reform, and only a modest increase of 1-1/2
percent in outlays. This was the smallest year-to-year
increase in outlays in more than two decades.
In

the fourth

1987,

quarter of fiscal

receipts

totaled

up 9-3/4 percent from the corresponding
months of fiscal 1986. Outlays in the fourth quarter were
$245-1/2 billion, down 2-1/2 percent from a year earlier.
$216-3/4

billion,

terms of outlays by functional category, spending for
national defense rose less than 1 percent during the fourth
In

was up a little
more than 3 percent for the full fiscal year. The shifting of a
military pay period from September into fiscal 1988 held
down these figures. Spending on agriculture, commerce and
housing credit, energy, and a number of other functions in
the fourth quarter of this fiscal year was below year earlier
expenditures. Full fiscal year spending in most of these
quarter of fiscal 1987 from the year before and

categories was also down from a year earlier. On the other
hand, fourth-quarter spending rose from a year earlier for
social security, income security, veterans' benefits, and
health care, though in each case, increases were less than
anticipated last summer in the midsession review of the
budget. Undistributed offsetting receipts (a negative outlay

and
on Outer Continental Shelf lands, and sales of

including Federal contributions to retirement funds, rents
royalties

major assets) rose appreciably in the fourth quarter from the
year earlier period, and for fiscal 1987 as a whole were up
over 10 percent from fiscal 1986.

pn million*]
July-Sef>tembef

Flacal1»87

On-budgel receipts

$216,846
165.146

$854,143
640.741

Ott-budget receipts

51.702

213.402

Total on-twdget

and off-budget

results:

Total receipts

245,571

1,002.147

On-budget outlays

196,374

808.315

Off-budget outlays

49.197

193.832

Total outlays

-28.725

-148.005

deficit

(-)....

-31,230

-167.575

(+) or deficit

(-)....

+2.505

19,570

Total surplus {+) or delidt ()

On-budget surplus () or
Off-budget surplus

Means

of financing

Borrowing Irom the public
Reduction

of operating

cash, increase

21.897
{-)

Other means
Total on-budge(

and off-budget financing

FEDERAL FISCAL OPERATIONS
of corporations for the current liability year,
final

payments

the $0.87

for 1986.

billion

increase

and

to increased

These increases more than
in

offset

directions.

The

reimposition

the

Superfund taxes

creased receipts by an estimated $200
earlier level. Windfall profits tax receipts

refunds.

million

were

Employment taxes and contrlbutions.-Employment
taxes increased from $72.9 billion in the third quarter of fiscal
1986 to $76.8 billion in the same quarter of fiscal 1987.
Moderate growth in the PICA taxable wage base was
responsible for this increase.

Unemployment lnsurance.--Unemployment

insurance
receipts for the April-June 1987 quarter were $10.7 billion,
compared with $10.8 billion for the same quarter a year
earlier. The 1 -percent decline in receipts resulted from
reductions in the State unemployment insurance tax rate in a
number of States. These reductions more than offset
increased taxable wages.

Contributions for other insurance and retirement.Employee contributions by Federal and District of Columbia
worl<ers were $1.2 billion, $0.1 billion more than for the
second quarter of fiscal 1 987 but about the same for the third

still

significant

the third quarter of the 1986 fiscal year but not
April-June quarter of 1987.
in

Estate and

gift

taxes.~Net estate and

gift

in-

over the year
in

the

taxes were $2

the third quarter of fiscal 1987. This is about a $0.2
increase from the previous quarter and a 9-percent

billion for

billion

increase from the third quarter in the prior year. Receipts
continue to be strong despite the employees stock ownership plan estate deduction.

Customs duties.-Customs receipts net of refunds were
$3.9 billion for the third quarter of fiscal 1987. This is an
increase of $0.5 billion from the previous quarter. Of the
increase, $0.3 billion is from higher duty collections and $0.2
billion is reclassified customs user fees. These fees were
reclassified from miscellaneous receipts to customs receipts
in June. User fee collections had been $0.2 billion in the
second quarter and about $50 million in the first quarter of
fiscal 1987.

quarter of fiscal 1986.

Excise taxes. "Excise tax receipts in the April-June 1987
quarter were $8 billion. This is an increase of less than $100
million from the year earlier level. The quarter-to-quarter

change was the

result of several factors

working

opposite

Third.Qu«r1er Rtcal

1M7

Miscellaneous
recelpts.-Miscellaneous
receipts
increased by $0.6 billion from the same quarter last year to
$5.1 billion. The increase was largely due to an increase in
"other miscellaneous receipts' of $0.7 billion. Earnings of the
Federal Reserve banks declined by $0.1 billion.

Net Budget Receipt*, by Source

[In billions o( dollars]

Source

Indlvkjual

Income taxes

Corporation Income taxes

Employment taxes and contributions
Unemployment Insurance
Contributions for other insurance and rellremeni
Excise taxes
Estate and gift taxes
Customs duties

Miscellaneous receipts

Total budget receipts

AprH

71.85

May

FEDERAL FISCAL OPERATIONS
— Summary of Fiscal Operations

Table FFO-1.
[In millions of dollars.

Source: Monthly Treasury Statement of Receipts and Outlays of

tfie

United States Government)

FEDERAL FISCAL OPERATIONS

MONTHLY RECEIPTS AND OUTLAYS
FISCAL YEARS 1986 AND 1987
Source: Monthly Treasury Statement
of the

Receipts and Outlays

United States Government

o
n

s
o
f

D
o
I

a
r

O -85 N D

J -86 F

M A

———————

O N DJ'87F

FISCAL YEARS 1986

AND

1987

T X
M

FEDERAL FISCAL OPERATIONS
Table FFO-2.
Cln millions of dollars.

Source:

- Onbudget and

Off-budget Receipts by Source

Monthly Treasury Statement of Receipts and Outlays of the United States Government]
Social insurance
taxes and contributions

Income taxes

Corporation
Fiscal year
or month

Refunds

Net

income
taxes

Employment taxes and contributions
Old-age, disability, and
hospital insurance

266.046
281.805
302,554
314,803
322,463

1983
1984
1985
1986
1987
1988 (Est.)

1986-Sept
Oct
Nov
Dec
1987-Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Fiscal

1987

n.a.

24,707
29,556
24,242
30,733
26,375
25.486
27,608
26,943
24,823
25,526
31,596
25,008
24,569

322,463

83,585

FEDERAL FISCAL OPERATIONS
Table FFO-2.

- Onbudget and

Off-budget Receipts by Source-Continued

[In millions of dollars]

Social insurance
taxes and
contributions--

Excise taxes
Airport and airway trust fund

Con.

Fiscal year
or month

Net
social

Gross

Refunds

insurance
taxes and
contributions

1983
1984
1985
1986
1987

208,994
239,376
265,163
283,901
303,319

2,165
2,501
2,856
2,743
3,066

1988 (Est.).

331,846

n.a.

1986-Sept...
Oct
Nov
Dec
1987-Jan
Feb
Mar

June. .
July...
Aug. ...
Sept...

23,507
21,179
21,751
22,267
25,664
25,590
23,689
33,646
30,218
24,853
23,346
25,712
25,403

211
261
253
218
232
249
267
247
260
311

Fiscal 1987.

303,319

Apr.

May

280
280
208

Black lung disability
trust fund

Gross

Refunds

Highway trust fund

Net

Gross

Refunds

Miscellaneous

Gross

Refunds

Net

FEDERAL FISCAL OPERATIONS

BUDGET RECEIPTS BY SOURCE
FISCAL YEARS 1986 AND 1987
Source: Monthly Treasury Statement of Receipts and Outlays
of the United States

Government

400

3
i

300

«.

mh
:•

1986

n
l-l-l-l-

1987

200

Si'

I
I

100

a
,

s
>>>>

Individual

Income Corporation Income Social lnsurar>ca

1
Excise

TAXES

Estate and Gift

Customs Duties

Misc. Receipts

FEDERAL FISCAL OPERATIONS
Table FFO — 3. - On-budget and Off-budget Outlays by Agency
[In

miUions

Fiscal year
or month

Source:

of dollars.

Legislative
branch

The
judiciary

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

Executive
Office
of the

President

1,437
1,579
1,610
1,665
1,812

866
966
1.069
1,178

1988 (Est.)

2,215

1,431

103
158
113
130
88
179
169
171
119
138

1986-Sept
Oct
Nov
Dec
1987-Jan
Feb
Mar
Apr
May
June
July

263

Aug
Sept

134
150

87
73
73
118
78
76
110
112
96
128
79
130
104

1,812

1.178

Fiscal

1987

Fiscal

year or
month

Health and Human
Services Department

Except
Social
Security

94
95

787

1983
1984
1985
1986
1987

Social
Security
(off-budget)

HI
107
109

9
9
7

10
11

Agriculture Department

Funds appropriated
to the
President

Defense Department
Military

Education
Department

Energy
Department

Civil

8,080
11,080
12,050
11,377
10,626

52,404
42,015
55,523
58,666
49,593

1,925
1,894
2,140
2,084
2,156

204,430
220,840
245,371
265.636
274,007

18,891
19,540
18,831
20,480
20,659

14,558
15,511
16,682
17,673
16,800

10,590
10,991
10,537
11,025
10,688

10,656

46,215

2,427

289.277

22,270

19,223

10.864

1.600
1.014
1,641
881
368
1.185
720
810
862
877
828
348
1.091

5,758
5.734
5.178
5.985
6,433
3.877
4,629
4,754
2,935
1,818
4,193
3,325
733

158
166
159

151
109

23.288
22,525
20,197
23,498
21,598
22,857
24,073
23,758
22,836
24,012
23,477
23,707
21,470

1,771
1.709
1,717
1,737
1,704
1,679
1.703
1.687
1.725
1,695
1,792
1,766
1,743

1,550
1,455
1,543
1,817
1,392
1,629
1,540
1,312
1,233
1,210
819
1,538
1,313

675
839
907
1,037
809
874
965
738
951
1.101
821
872
774

2.156

274.007

20,659

16,800

10,688

49,593

Housing and
Urban Development
Department

Commerce
Department

Interior
Department

Justice
Department

Labor
Department

236
233
134
197
171

209
168

222

State
Department

TransporTreasury Department
tation
DepartInterGeneral
ment
est
revenue
on the
sharing

Environmental
Protection
Agency

publ ic

debt

1983
1984
1985
1986
1987

125.940
121.082
132.103
143,251
148,893

150,731
171.167
183.434
190,684
202,422

15.814
16.663
28.720
14,139
15,464

4,552
4,947
4,825
4,791
5,054

2,849
3,184
3,586
3,768
4,333

38.052
24,522
23,893
24,142
23,453

2,273
2,403
2,645
2.864
2,788

20,643
23,030
25,020
27,365
25,420

128,813
153,838
178,945
187,117
195,390

1988 (Est.)

148,952

215,299

19,783

4,598

5,827

24,508

3,664

25,371

10,472
14,141
9,933
13,398
12,461
12,031
11,180
14.355
12.120
12.412
14.540
10,529
11,795

16,418
15,764
16,619
16,992
16,049
16,993
16.954
15.449
17.443
19.932
16,012
17,219
16,997

833
1,312
1,450
1,418

608
639
372
509
368
309
373
422
323
386
324
549

1,641
1,259
1,784
2.182
2.318
2.033
2,356
2,155
1,933
2,047
2,034
2,013
1,341

239
236
324
266

1,107
1,173
1,064
1,678
801
1,576
1,542
1,054
1,287

299
337
308
367
246
363
304
377
336
362
505
335
495

148,893

202,422

15,464

5,054

4,333

23,453

1987-Sept
Oct
Nov

Dec
1987-Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Fiscal

1987.

See footnotes at end of table.

482

176

266
148
216
222
220
283
208
224

-17,059
-17,395
-18,397
-16,072
-15,122

4,312
4,076
4,490
4,869
4,903

204,968

-18,554

4.752

2,916
2,083
2,297
2,281
1,817
1,640
1,937
1,878
2.024
2,456
2,226
2,341
2,440

12,845
9,763
14,959
27,046
13,486
13,703
13,318
13,616
15,497
32,088
13,670
14,366
13,881

-3,853
-1,799
-850
-1,491
-498

443
382
459

25.420

195.390

4,614
4,567
4,584
5,114
76

-1

-1,400
-1,571
-1,299
-1,698
-1.349
-500
-2,738

2
2

-15,122

388

347
361
444
381
344
472
443
386
441

13
FEDERAL FISCAL OPERATIONS
Table FFO-3.

- Onbudget and

Off-budget Outlays by Agency-Continued

[In millions of dollars]

Fiscal
year or

General
Services
Administration

month

1983

1984
1985
1986
1987

206
-218
286
4

1988 (Est.).

1986-Sept...
Oct....
Nov
Dec
1987-Jan
Feb
Mar
Apr.

. .

May....
June. .
July...
Aug....
Sept...
Fiscal

1987.

187

-443

National
Aeronautics
and
Space
Administration

Office of
Personnel
Management

6,853
7,055
7,251
7,403
7,591

21,278
22,590
23,727
23,955
26.966

9,639

27,115

728
625

2,206
2,026
2,141
2,085
2,298
2.001
2,221
2,333
2,386
2.346
2,406
2,316
2,407

130
325

626

-403

442
669
583
525
661
699
671
645
698

142

226
-270
203
84
-298
141

167

746

Smal

Business
Administration

661

510
680
490
-72

279
30
-72
-82
-27
-32
-85
-12
2

-11

-26
-36

26,966

Less than $500,000.
Includes adjustment of $954 million of interest receipts for the
unemployment trust fund.
Note.

Outlays consist of disbursements less proprietary receipts

Veterans
Administration

Other
independent

agencies

Undistributed offsetting receipts
Employer
share,
employee
retirement

trust
funds

Interest
received
by

Rents and
royalties
on the Outer
Continental
Shelf lands

24,827
25.593
26,333
26,536
26,952

10,963
11,661
9,783
11.422
12,586

-23,484
-26,263
-27,217
-28,528
-30,726

-17,102
-20,354
-26,189
-27,873
-35,015

-10,491
-6,694
-5,542
-4,716
-4.021

28,486

10,552

-36,830

-39,988

822
3,484
790
3,645
2,240
2,066
1,149
2,382
2,049
2,457
3,380
1,133
2,178

2,770
rl,677
r978
r814
rl,364
r516
r2,675
rl,226
rl,472
r-941

-3,467
233
-2,218
3,390
-2,181
-1.328
-2,360 1/-14,433
-79
-2,434
-228
-2,484
-134
-2,466
-282
-2,477
-2,621
-1,702
-2,545
-19,554
-87
-2,536
-355
-2,522
-224
-3,882

26,952

12,586

311

602
1,889

-30,726

-35,015

Total

Other

Onbudget

outlays
Offbudget

-1,000
-2,821

661,219
685,968
769,515
806,291
808,315

147,108
165,813
176,807
183,498
193.832

-4,081

-5,004

829,703

202,591

-329
-1,475
-49
-333
-6
-224
-466
-179
-5
-524
-295
-242
-224

-38

66,614
r68,815
r63,721
l/r74,807
r68,162
r67,152
r67,892
r69,054
r66,103
r66,294
70,746
65,071
60,497

16,136
15,486
16.334
14,489
15,766
16,690
16,655
15,025
17,046
17,145
15,685
16,869
16,643

-2,821

808,315

193,832

-4,021

-18
-2

-905
-200
1
1

-102
1

-1,576
3
1

-6

from the public and certain intrabudgetary transactions.
On-budget
and off-budget estimates are based on the midsession review of the fiscal
1988 budget, released Aug, 17, 1987. by the Office of Management and
Budget.

14
FEDERAL OBLIGATIONS

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

The obligational stage of Government transactions is a strategic
point in gauging the inpact of the Government's operations on the
national economy, since it frequently represents for business firms the
Government commitment which stiimlates business investment, including
Disbursements may not
inventory purchases and e«f)loyment of labor.
occur for months after the Government places its order, but the order
itself usually causes iimiediate pressure on the private economy.

Table FO-1.

- Gross

Obligations are classified according to a uniform set of categorie!
based upon the nature of the transaction without regard to its ultimatf
purpose.
All payments for salaries and wages, for exan^le, are reportec
as personnel cotTf}ensation, whether the personal services are used ii
current operations or in the construction of capital items.
Federal agencies often do business with one another; in doing soJ
the "buying" agency records obligations, and the "performing" ageng
In table FO-1, obligations incurred within ttif
records reimbursements.
Government dre distinguished from those incurred outside the GovernTable FO-2 shows only those incurred outside.
ment.

Obligations Incurred Within and Outside the Federal Government
by Object Class, as of June 30, 1987

[In millions of dollars.
_Li

Source:

Standard Form 225, R'eport on Obligations, from agencies]
Gross obligations incurred

Object class

Within

Personal services and benefits;
,865

98,823
21,401

483

,823

Personnel condensation
Personnel benefits
Benefits for former personnel

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

560

4 727

814
766
101 981
40 890
7

600
1,072
4,011
455

5,799
11,825

29,678
17,710

131.659
58,600

5.350
1,865
208

58,121
13,178
28,469

16,427
459
33,680

130.164
278»251
167,972

4.16,j

1,221

Acquisition of capital assets:
771

Equipment
Lands and structures
Investments and loans

313
261

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

113,737
277,792
134,292
654

654

Other:

Unvouchered
Undistributed U.S. obligations

-1,450
3,005

885,284

Gross obligations incurred

For Federal budget presentation a concept of "net obligations
This concept eliminates transactions
incurred" is generally used.
within the Government and revenue and reimbursements from the public
which by statute may be used by Government agencies without approSurrmary figures on this basis
priation action by the Congress.
follow.
(Data are on the basis of Reports on Obligations

6,410

-1,448
9.415

1,018,747

presentation and therefore may differ somewhat from the Budget of the U.S.
Government.
1,018,747
Gross obligations incurred (as above)
Deduct:
Advances, reimbursements, other income, etc
Offsetting receipts
Net obligations incurred

-152. SOq
-133.03^1

732,903

;

FEDERAL OBLIGATIONS
Table FO-2.

- Gross Obligations Incurred Outside

the Federal

Government

by Department or Agency, as of June 30, 1987
Source: Standard Form 225, Report on Obligations, from agencies]

[In millions of dollars.

Contractual services and supplies

Personal services and benefits

Classification

Personnel
compensation

Legislative branch
The judiciary
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

357
*

170
3

1.943
710

Defense Department:
Mil itary

Department of the Army
Department of the Navy
Department of the Air Force
Defense agencies
Total

itary

24.813
18,111
14,941
1,981

59,845

Civil

Education Department
Energy Department
Health and Human Services, except Social
Security
Health and Human Services, Social Security
(of f -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

119

467

299
1,695
1,023
461
446
2,167

Personnel
benefits

Benefits
for
former
personnel

Travel and
trans-

portation
of persons

Transportalion of
things

Rent, comnwnications
and
utilities

Printing
and
repro-

duction

Other

FEDERAL OBLIGATIONS
Table FO-2. - Gross Obligations Incurred Outside
by

Department

Agency, as of June
[In mil] ions of dpi lars]

30,

the Federal

Government

1987-Continued

FEDERAL OBLIGATIONS

GROSS FEDERAL OBLIGATIONS
AS OF JUNE

/ /

Personal Services & Benefits

/ /

30,

1987

c^
l-

ontractual Services

.ly

.^ .^ I

- -i- i

-i^

Outside Government
Within

Government

& Supplies

Acquisition of Capital Assets

< /v < /^ < < < < <i

r
Grants & Fixed Charges

^^^^^^-:^<<<<<<^^^^-^^^^^-c<^<<<<-^^-^>^^^^^^

400

200
$ Billions

GROSS FEDERAL OBLIGATIONS INCURRED
OUTSIDE THE FEDERAL GOVERNMENT
AS OF JUNE 30,

1987

ontractual Services

& Supplies

18%

Acquisition of Capital Asset:

10%
ersonal Services

12%

Grants & Fixed Cfiarge

60%

& Benefits

600

18
ACCOUNT OF THE

U.S.

TREASURY

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

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

Table UST-1.

- Elements

Changes

Deposits to tax and loan accounts occur in the normal course of
business
under
uniform
procedure
a
applicable to all
financial
institutions whereby customers of financial institutions deposit with
them tax payments and funds for the purchase of Government securities.
In most cases the transaction involves merely the transfer of funds from
a customer's account to the tax and loan account in the same financial
institution.
On occasion, to the extent authorized by the Treasury,
financial
institutions are permitted to deposit in these accounts
proceeds from subscriptions to public debt securities entered for their
own account as well as for the accounts of their customers.

The tax and loan system permits the Treasury to collect funds
through financial institutions and to leave the funds in Note Option
depositaries and in the financial commjnities in which they arise until
such time as the Treasury needs the funds for its operations.
In this
way the Treasury is able to neutralize the effect of its fluctuating
operations on Note Option financial
institution reserves and the
economy.

Federal Reserve and Tax and Loan Note Account Balances

[In millions of dollars.

Source: F_inanciai Management Service]

FEDERAL DEBT
INTRODUCTION

Treasury securities

(i.e.,

public debt securities) comprise

most

the Federal debt, with securities issued by other Federal agencies
accounting for the remainder. In addition to the data on the Federal

debt presented in the tables in this section of the quarteriy Treasury
Bulletin, the Treasury publishes detailed data on the public debt
outstanding in the IVIonthly Statement of the Public Debt of the
United States and on agency securities and the investments of
Federal Government accounts in Federal securities in the Monthly
Treasury Statement of Receipts and Outlays of the United States

Government.

Federal agency borrowing from the Treasury, which

presented

and Outlays of the
United States Government. The Government-sponsored entities,
whose securities are presented in the memorandum section of table
FD-4, are not agencies of the Federal Government, nor are their
securities presented in table FD-4 guaranteed by the Federal
the Monthly Treasury Statement of Receipts

Government.

Table FD-5.-Maturlty Distribution and Average Length of
Marketable Interest-Bearing Public Debt Held by Private
Investors

Table FD-1 .--Summary of Federal Debt

The Federal debt outstanding is summarized as to holdings of
public debt and agency securities by the public, which includes the
Federal Reserve, and by Federal agencies, largely the social
security and other Federal retirement trust funds. Greater detail on
holdings of Federal securities by particular classes of investors is
presented in the ownership tables, OFS-1 and OFS-2, of the

Treasury Bulletin.

Table FD-2.-lnterest-Bearlng Public Debt
marketable and nonmari^etable Treasury
are presented as to type of security. The difference
between interest-bearing and total public debt securities reflects
outstanding matured Treasury securities on which interest has
ceased to accrue. The Federal Financing Bank (FFB) is under the
supervision of the Treasury, and FFB securities shown in this table
are held by a U.S. Government account.
Interest-bearing

securities

Table FD-3.-Government Account Series

The average maturity of the privately held marketable Treasury
debt has increased gradually since it hit a trough of 2 years, 5
months, in December 1975. In March 1971, the Congress enacted a
limited exception to the 4-1/4-perc8nt interest rate ceiling on
Treasury bonds that permitted the Treasury to offer securities
maturing in more than 7 years at current market rates of interest for
the first time since 1965. The exception to the 4-1/4-percent interest
rate ceiling has been expanded since 1971 to authorize the Treasury
to continue to issue long-term securities. The volume of privately
held Treasury marketable securities by maturity class reflects the
remaining period to maturity of Treasury bills, notes, and bonds, and
the average length comprises an average of remaining periods to
maturity, weighted by the amount of each security held by private
investors (i.e., excludes the Government accounts and Federal
Reserve banks).

Table FD-6.~Debt Subject to Statutory Limitation

The statutory debt ceiling is compared with the outstanding debt
subject to limit. The other debt category includes certain Federal
debt that the Congress has designated by statute to be subject to the
debt

ceiling.

The changes

non-interest-bearing debt

shown

the

Nonmarketable Treasury securities held by U.S. Government
accounts are summarized as to issues to particular funds within the
Government, tvlany of the funds invest in par-value special series
nonmarketables at statutorily determined interest rates, while others
whose statutes do not prescribe an interest rate formula invest in
market-based special Treasury securities whose terms mirror the

Treasury securities on nonbusiness
days, such as weekends and holidays. In that event. Treasury
securities are redeemed on the first business day following a
nonbusiness day.

terms of marketable Treasury securities.

Table

last

column

reflect maturities of

FD-7.-Treasury

Holdings

Securities

Issued

Government Corporations and Other Agencies
Table FD-4.-lnterest-Bearing Securities Issued by Government

Agencies
Federal agency borrowing has been declining in recent years,
because the Federal Financing Bank has been providing
financing to other Federal agencies. This table does not cover
in

part

Certain Federal agencies are authorized by statute to borrow
from the Treasury, largely to finance direct loan programs. In
addition, agencies such as the Bonneville Power Administration are
authorized to borrow from the Treasury to finance capital projects.
The Treasury finances such loans to the Federal agencies with
issues of public debt securities.

FEDERAL DEBT
Summary
[In

mllltons o( dollars. Source: Dally Treasury

of Federal Debt, Fiscal

StalemenI and Monlhly Treasury Statement

End

Reoelptt and Outlays

the Unlled Stales Governmenll

Securities held by:

Amount outstanding

The

Government accounts

fiscal

Years 1960-87

IMF and

public

month

inter-

national lending

year
Total

1960

293,100

1961

295.448

1962

306.128

1963

313,983

1964

320,344

1965

323.154

1966

329,474

1967

341,348

1968

369,769

1969

367,144

1970

382,603

1971

409,467

1972

437,329

1973

468,426

1974

486,247

1975

544,131

1976

631,866

T.Q

646,379

1977

709,138

1978

780.425

1979

833,751

1980

914,317

1981

1,003.941

1982

1.146.987

1983

1.381,886

1984

1,576.748

1985

1.827,470

1986

2.129,522

1987

2.354,286

Public debt

Agency

securities

286,331

Total

Public debt

Agency

securities

Total

Public debt

Agency

securities

organizations'

FEDERAL DEBT

FEDERAL DEBT OUTSTANDING
FISCAL YEARS 1960-87
2400

60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76T.Q.77 78 79 80 81 82 83 84 85 86 87

END OF FISCAL YEAR

Table FD-1,
[In

millions of dollars. Source:

FEDERAL DEBT
— Summary of Federal Debt

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

Amount outstanding
End
fiscal

Secunties held by:

Government accounts

year

month

Public

debt
secunties

Agency

The

public

FEDERAL DEBT
Table
[In millions of dollars.

End of
fiscal year
or month

Total

FD— 3. — Government

Airport and

Employees

ai rway

trust fund

insurance

ife

fund

8,596

Account Series

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

Exchange
Stabil ization
Fund

Federal
Deposit
Insurance

Corporation

Federal
disabil ity
insurance
trust fund

Federal
employees
retirement
funds

Federal
hospital
insurance
trust fund

Federal
Housing
Administration

Federal
old-age and
survivors
insurance
trust fund

FEDERAL DEBT
Table
[In

End of
fiscal year
or month

FD— 4. -

Interest-Bearing Securities Issued by Government Agencies

lions of dollars.
Source; Monthly Treasury Statement of Receipts and Outlays
of the United States Government and Financial Management Service]

FEDERAL DEBT
Table FD-5,

Maturity Distribution and Average Length of Marketable

Interest-Bearing Public Debt Held by Private Investors
[In millions of dollars.
End of

Source:

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

FEDERAL DEBT

E o

FEDERAL DEBT

28
FEDERAL DEBT

Table FD-7.
[In

minions

Treasury Holdings of Securities Issued by Government Corporations and Other Agencies

of dollars.

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

Education
Department

Agriculture Department
End of
fiscal year
or month

Total

Commodity
Credit
Corporation

1983
1984
1985
1986
1987

198,639
211,833
230,954
210,468
211,875

21,407
18,609
23,811
24,800
20,969

1986-Sept
Oct
Nov
Dec
1987-Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

210,468
194,233
195,221
199,881
204.783
203,710
206,386
209,667
210,640
211.482
205,138
208,048
211,875

24.800

Col lege

Electrification
Administration

Farmers
Home
Administration

8,686
8,616
8,624
8,624
8,624

6,821
9.383
11.732
14,202
19,667

2,687
2,687
2,625
2,587
2,049

Rural

housing
loans

Energy
Department

Bonneville
Power
Administration

1,165
1,405
1,340
1,459
1,844

Housing and Urban Development Department
Federal
Housing
Admi nistrat ion

Government
National
Mortgage
Association

TREASURY FINANCING OPERATIONS, JULY-SEPTEMBER

1987

JULY
Auction of 2-Year Notes

accepted from Government accounts and Federal Reserve

banks

July 15 the Treasury

announced

would auction
$9,750 million of 2-year notes to refund $9,553 million of
notes maturing July 31, 1987, and to raise about $200 million
of new cash. The notes offered were Treasury Notes of
Series AB-1989, dated July 31, 1987, due July 31, 1989,
with interest payable on January 31 and July 31 until
maturity. On July 22, the Treasury announced that
was
postponing the auction of the notes originally scheduled for
that date pending congressional action on debt
limit
legislation. On July 29, the Treasury announced that the
notes would be auctioned on July 30. An interest rate of
7-5/8 percent was set after the determination as to which
tenders were accepted on a yield auction basis.
that

Tenders for the notes were received until 1 p.m. EDST,
and totaled $28,696 million, of which $9,761 million
was accepted at yields ranging from 7.65 percent, price
99.954, up to 7.67 percent, price 99.918. Tenders at the high
yield were allotted 37 percent. Noncompetitive tenders were
accepted in full at the average yield, 7.66 percent, price
July 30,

These totaled $940 million. Competitive tenders
accepted from private investors totaled $8,821 million.
99.936.

addition to the $9,761

million of

the auction process, $950 million

for their

own

account.

tenders accepted in
to Federal

was awarded

Reserve banks as agents for foreign and
monetary authorities. An additional $613

international
million

was

52-Week

Bills

On June 26

tenders were invited for approximately
364-day Treasury bills to be dated July 9,
1987, and to mature July 7, 1988. The issue was to refund
$9,680 million of maturing 52-week bills and to raise about
$75 million of new cash. Tenders were opened on July 2.
They totaled $32,950 million, of which $9,779 million was

$9,750

million of

accepted, including $365 million of noncompetitive tenders
from the public and $2,915 million of the bills issued to
Federal Reserve banks for themselves and as agents for
foreign and international monetary authorities. The average
bank discount rate was 6.22 percent.

Public Debt Limit

Law No. 100-80 extended the
date for the temporary public debt limit of
$2,320,000,000,000 from July 17 through August 6, 1987.
This enabled the Treasury to resume the sale and issue of
U.S. savings bonds and State and local government series
securities which had been suspended effective July 18. The
delay in congressional action on debt limit legislation had
July 30, 1987, Public

expiration

caused the postponement of several announced auctions
and the replacement of the weekly bills that were to have
been issued on July 23 by bills actually issued on August 3.

AUGUST
August Quarterly Financing

announced that it was postponthe August quarterly financing
pending congressional action on debt limit legislation. On
August 10 the Treasury announced that it would auction
ing

July 29 the Treasury

announcement

the

of 3-year notes of Series U-1990, $9,250
10-year notes of Series B-1997, and $9,000 million
of 30-year bonds of 2017 to refund $10,750 million of
Treasury securities maturing August 15 and to raise about

$9,750

million

million of

$17,250

million of

new cash.

The notes of Series U-1990 were dated August 17, 1987,
due August 15, 1990, with interest payable on February 15
and August 15 until maturity. An interest rate of 7-7/8 percent
was set after the determination as to which tenders were
accepted on a yield auction basis.
Tenders for the notes were received until 1 p.m. EDST,
August 11, and totaled $35,014 million, of which $9,832
million was accepted at yields ranging from 7.93 percent,
price 99.856, up to 7.94 percent, price 99.830. Tenders at
the high yield were allotted 83 percent. Noncompetitive
tenders were accepted in full at the average yield, 7.94
percent, price 99.830. These totaled $846 million. Competitive tenders accepted from private investors totaled $8,986

addition to the $9,832 million of tenders accepted

own

account.

The notes of Series B-1997 were dated August 15, 1987,
issued August 17, 1987, and due August 15, 1997, with
interest payable on February 15 and August 15 until
maturity. An interest rate of 8-5/8 percent was set after the
determination as to which tenders were accepted on a yield
auction basis. Accrued interest of $0.46875 per $1,000,
covering the period from August 15 to August 17, 1987, was

payable with each accepted tender.

Tenders for the notes were received until 1 p.m. EDST,
August 12, and totaled $25,535 million, of which $9,258
million was accepted at yields ranging from 8.71 percent,
price 99.438, up to 8.74 percent, price 99.242. Tenders at
the high yield were allotted 70 percent. Noncompetitive
tenders were accepted in full at the average yield, 8.74
percent, price 99.242. These totaled $348 million. Competitive tenders accepted from private investors totaled $8,910
million.

addition to the $9,258 million of tenders acctp'ed

$100 million was accepted from
Government accounts and Federal Reserve banks for their

million.

was accepted from Federal
Reserve banks as agents for foreign and international
monetary authorities, and $870 million was accepted from
Government accounts and Federal Reserve banks for their

the auction process, $350 million

the

auction

own

account.

process,

TREASURY FINANCING OPERATIONS, JULY-SEPTEMBER
The notes of Series B-1997 may be held in STRIPS
The minimum par amount required Is $1,600,000.

form.

as to which
tenders were accepted on a yield auction basis. Accrued
interest of $0.48234 per $1,000, covering the period from
August 15 to August 17. 1987, was payable with each
accepted tender.
of 8-5/8

percent

was

addition to the $9,807 million of tenders accepted

the auction process, $790 million

2017 were dated August 15, 1987, issued
August 17, 1987, due August 15, 2017, with interest payable
on February 15 and August 15 until maturity. An interest rate

The bonds

1987
in

was accepted from Federal

Reserve banks as agents for foreign and international
monetary authorities, and $742 million was accepted from
Government accounts and Federal Reserve banks for their

own

account.

set after the determination

Tenders for the bonds were received until 1 p.m. EDST,
August 13, and totaled $30,063 million, of which $9,010
million was accepted at yields ranging from 8.87 percent,
price 100.050, up to 8.89 percent, price 99.842. Tenders at
the high yield were allotted 91 percent. Noncompetitive
tenders were accepted In full at the average yield, 8.89
percent, price 99.842. These totaled $397 million. Competitive tenders accepted from private Investors totaled $8,613
million.

The notes of Series L-1992 were dated September 3,
1987, due November 15, 1992, with interest payable on May
15 and November 15 until maturity. An Interest rate of 8-3/8
percent was set after the determination as to which tenders
were accepted on a yield auction basis.
Tenders for the notes were received until 1 p.m. EDST,
August 27, and totaled $19,116 million, of which $7,762
million was accepted at yields ranging from 8.46 percent,
price 99.582, up to 8.49 percent, price 99.458. Tenders at
the high yield were allotted 70 percent. Noncompetitive
tenders were accepted In full at the average yield, 8.46
percent, price 99.499. These totaled $361 million. Competitive tenders accepted from private Investors totaled $7,401
million.

addition to the $9,010 million of tenders accepted

the auction process, $75 million was accepted from Government accounts and Federal Reserve banks for their own

addition to the $7,762 million of tenders accepted

the auction process,

$770

million

Reserve banks as agents
monetary authorities.

account.

The bonds of 2017 may be held in STRIPS
minimum par amount required is $1,600,000.
Auction of 2-Year and

5- Year

form.

for

was awarded
foreign

and

to Federal

international

The

52-Week

Notes

Bills

24 tenders were invited for approximately $9,500
364-day Treasury bills to be dated August 6, 1987,
mature August 4, 1988. The Issue was to refund

July

million of

On August 19 the Treasury announced that it would
auction $9,750 million of 2-year notes of Series AC-1989,
and $7,750 million of 5-year 2-month notes of Series L-1992
refund $9,708 million of publicly held 2-year notes
maturing August 31, 1987, and to raise about $7,800 million
of new cash.
to

The notes of Series AC-1989 were dated August 31,
1987, due August 31, 1989, with interest payable on the last
day

February and August

7-3/4 percent

was

until maturity.

interest rate of

set after the determination as to which

and to
$10,167

million of maturing 52-week bills, resulting in a
paydown of about $675 million. On July 29 the Treasury
announced that the bills would be auctioned on August 4
rather than on the originally announced date of July 30.
Tenders totaled $41,762 million, of which $9,548 million was
accepted, including $445 million of noncompetitive tenders

from the public and $2,850 million of the bills Issued to
Federal Reserve banks for themselves and as agents for
foreign and international monetary authorities. The average
bank discount rate was 6.52 percent.

tenders were accepted on a yield auction basis.

Public Debt Limit

Tenders for the notes were received until 1 p.m. EDST,
August 26, and totaled $31,414 million, of which $9,807
million was accepted at yields ranging from 7.82 percent,
price 99.873, up to 7.86 percent, price 99.800. Tenders at
the high yield were allotted 79 percent. Noncompetitive
tenders were accepted in full at the average yield, 7.86
million.
percent,
price
99.800. These totaled $1,251
Competitive tenders accepted from private investors totaled
$8,556 million.

On August 10, 1987, Public Law No. 100-84 raised the
temporary public debt limit to $2,352,000,000,000 through
September 23, 1987. This enabled the Treasury to resume
the sale and issue of U.S. savings bonds and State and local
government series securities which had been suspended
effective August 7.

SEPTEIUIBER
Auction of 2-Year,

4- Year,

and

7- Year

Notes

7-year notes of Series G-1994 to refund $15,417
Treasury notes maturing September 30 and to
raise about $7,825 million of new cash. On September 21
the Treasury postponed the auctions of the three notes
million of

million of

On September 16 the Treasury announced that it would
auction $9,250 million of 2-year notes of Series AD-1989,
$7,250 million of 4-year notes of Series P-1991, and $6,750

pending congressional action on debt

limit

legislation.

The

TREASURY FINANCING OPERATIONS, JULY-SEPTEMBER
auctions were rescheduled on September 28.

The notes of Series AD-1989 were dated September 30,
1987, due September 30, 1989, with interest payable on
March 31 and September 30 until maturity. The auction of

was originally scheduled for September 22 but was
rescheduled for September 29. An interest rate of 8-1/2
percent was set after the determination as to which tenders
were accepted on a yield auction basis.

the notes
later

Tenders for the notes were received until 1 p.m. EDST,
September 29, and totaled $24,375 million, of which $9,262

was accepted

at yields ranging from 8.55 percent,
up to 8.59 percent, price 99.838. Tenders at
the high yield were allotted 17 percent. Noncompetitive
tenders were accepted in full at the average yield, 8.57
99.874. These totaled $1,336 million.
price
percent,
Competitive tenders accepted from private investors totaled
$7,926 million.

million

price 99.910,

In addition to the $9,262 million of tenders accepted in
the auction process, $440 million was accepted from Federal
Reserve banks as agents for foreign and international

monetary authorities, and $917 million was accepted from
Government accounts and Federal Reserve banks for their
own account. An additional $300 million of maturing notes
held by Federal Reserve banks for their own account were
refunded by the issuance of special nonmarketable 15-day
Treasury bills to be rolled over into the 4-year notes to be
issued October 15.

1987, due October 15, 1994, with interest payable on April
15 and October 15 until maturity. In the original announcement the notes were to have been auctioned on September
24 and dated October 7. They were actually auctioned on
October 7 and dated October 15. An interest rate of 9-1/2
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,
October 7, and totaled $17,350 million, of which $6,760
million was accepted at yields ranging from 9.48 percent,
price 100.101, up to 9.54 percent, price 99.799. Tenders at
the high yield were allotted 8 percent. Noncompetitive
tenders were accepted in full at the average yield, 9.51
percent, price 99.950. These totaled $459 million. Competitive tenders accepted from private investors totaled $6,301
million.

52-Week

Bills

On August

tenders were invited for approximately
364-day Treasury bills to be dated September 3, 1987, and to mature September 1, 1988. The
issue was to refund $9,512 million of maturing 52-week bills.
Tenders were opened on September 1. They totaled
$32,203 million, of which $9,504 million was accepted,

$9,500

$494 million of noncompetitive tenders from the
and $2,900 million of the bills issued to Federal
Reserve banks for themselves and as agents for foreign and
monetary authorities. The average bank
international
including

public

rate of 9-1/8 percent

was

percent.

yield auction basis.

was accepted from Federal

Reserve banks as agents for foreign and international
monetary authorities, and $300 million was accepted from
Government accounts and Federal Reserve banks in
exchange for special nonmarketable 15-day Treasury bills
issued September 30.
of

Series

52-week

a paydown of about $575 million. The auction, originally
scheduled for September 29, was rescheduled for September 30. Tenders totaled $29,634 million, of which $9,263
million was accepted, including $378 million of noncompetitive tenders from the public and $2,000 million of the bills
issued to Federal Reserve banks for themselves and as
agents for foreign and international monetary authorities.
The average bank discount rate was 7.32 percent.

addition to the $7,293 million of tenders accepted
million

1987, and to

interest

million.

$270

18 tenders were invited for approximately

364-day Treasury bills to be dated October
mature September 29, 1988. The issue was

million of

to refund $9,831 million of maturing

Tenders for the notes were received until 1 p.m. EDST,
October 6, and totaled $22,675 million, of which $7,293
million was accepted at yields ranging from 9.22 percent,
price 99.691, up to 9.24 percent, price 99.626. Tenders at
the high yield were allotted 67 percent. Noncompetitive
tenders were accepted in full at the average yield, 9.24
percent, price 99.626. These totaled $817 million. Competitive tenders accepted from private investors totaled $6,476

the auction process,

On September
$9,250

actually

set after the determination as to

which tenders were accepted on a

The notes

was 6.74

September 23 and dated September 30. They were
auctioned on October 6 and dated October 15. An

million of

discount rate

Series P-1991 were dated October 15,
1987, due September 30, 1991, with interest payable on
March 31 and September 30 until maturity. In the original
announcement the notes were to have been auctioned on

The notes

1987

G-1994 were dated October

15,

bills,

resulting

Public Debt Limit

On September 29, 1987, Public Law No. 100-119
limit
to
public
debt
raised
the
permanently
$2,800,000,000,000. This enabled the Treasury to resume
the sale and issue of U.S. savings bonds and State and local
government series securities which had been suspended
effective September 24. The delay in congressional action
limit legislation had caused the postponement of
announced auctions and the replacement of the
weekly bills that were to have been issued on September 24
by bills actually issued on October 5.

on debt
several

PUBLIC DEBT OPERATIONS
INTRODUCTION

Background

52-week bill is a reopening of the existing 52-week bill. The
and average yields on accepted tenders and the dollar
value of total bids is presented, along with the dollar value of awards
on a competitive and a noncompetitive basis. The Treasury accepts
noncompetitive tenders of up to $1 million in each auction of
Treasury securities in order to assure that individuals and smaller

existing

high, low,

The Second Liberty Bond Act (31 U.S.C. 3101, et seq.)
provides the Secretary of the Treasury with broad authority to borrow
and to determine the terms and conditions of issue, conversion,
maturity, payment, and interest rate on Treasury securities. Data in
the "Public Debt Operations" section, which have been published in
the Treasury Bulletin in some form since its inception in 1939,
pertain only to marketable Treasury securities, currently

bills,

notes,

are discount securities that mature in 1
year or less, while Treasury notes and bonds have semiannual
interest payments. New issues of Treasury notes mature in 2 to 10
years, and bonds mature in over 10 years from the issue date. Each
marketable Treasury security is listed in the Monthly Statement of

and bonds. Treasury

bills

the Public Debt of the United States.

PDO-r -Maturity Schedule of Interest-Bearing Marketable
Public Debt Securities Other than Regular Weekly and 52-Week

Table

Treasury
All

Bills

unmatured Treasury notes and bonds are

listed in maturity

separate breakout is
provided for the combined holdings of the Government accounts and
Federal Reserve banks, so that the "All other investors" category

order, beginning with the earliest maturity.

includes

all

are able to participate in offerings of new marketable
Treasury securities. Noncompetitive bids are awarded at the average
yield on accepted competitive bids.
institutions

The results of auctions of marketable Treasury securities, other
than weekly bills, are listed in the chronological order of the auction
dates over approximately the most recent 2 years. This table
includes notes and bonds presented in table PDO-1 52-week bills in
table PDO-2, and data for cash management bills Treasury offers
cash management bills from time to time to bridge temporary or
seasonal declines in the cash balance. Cash management bill
maturities generally coincide with the maturities of regular issues of
,

Treasury

bills.

Table PDO-4.~Allotments by Investor
Marketable Securities, Parts A and B

private holdings.

Table PDO-2.~Offerlngs of

Table PDO-3.-Public Offerings of Marketable Securities Other
than Regular Weekly Treasury Bills

Bills

Data on

allotments

weekly auctions of 13- and 26-week bills and
bills every fourth week are presented in table
New issues of
PDO-2. Treasury bills mature each Thursday
13-week bills are reopenings of 26-week bills. The 26-week bill
issued every fourth week to mature on the same Thursday as an

The

results of

marketable Treasury

for

Public

securities

chronological order of the auction
date for approximately the most recent 2 years. These data have
appeared in the Treasury Bulletin since 1956. Tenders in each
Treasury auction of marketable securities other than weekly auctions
investor class are presented

auctions of 52-week

Classes

of 13-

bills are tallied by the Federal Reserve banks
classes described in the footnotes to the table.

and 26-week

into investor

PUBLIC DEBT OPERATIONS
Table PDO-1.
[In

—

Maturity Schedule of Interest-Bearing Marketable Public Debt Securities Other than
Regular Weekly and 52- Week Treasury Bills Outstanding, Sept. 30, 1987

millions of dollars. Source:

Monthly Stalemeni

of the Public

Debt

ot the United States,

the Secretary]

and Office

Government Finance and Market Analysis

the Office of

PUBLIC DEBT OPERATIONS

—

Maturity Schedule of Interest-Bearing Marketable Public Debt Securities Other
Table PDO-1.
than Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 1987—Continued
[In

Amount

millions of dollars]

Amount

of maturities

Date
Description

of final

Issue
date

Total

maturity

May
May
May

This item

a foreign-targeted Treasury note.
is eligible for stripping.

This security

Debt of the United States.

See

Govt

accounts and
Federal Reserve banks

of maturities

Held by

All

Date

other
investors

of final

maturity

U.S.

Descnption

Issue
date

Govt

accounts and
Federal Reserve banks

All

other
investors

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

Source:

HontMy Statement

Offerings of Bills
of the Public Debt of the United States and allotments]

36
PUBLIC DEBT OPERATIONS
Table PDO-2.
On total

Issue
date

Average
price per
hundred

4..

11..

18..

25..

July

2..

9..
16..

30..

Aug.

3..

6..

13..

20..
27..
Sept.

3..

10..
17..

98.531
96.916
98.587
96.972
98.559
96.992
98.574
97.002
98.529
96.967
98.579
97.128
98.697
97.199
98.448
96.866
98.664
97.065
98.493
96.891
98.501
96.896
98.491
96.906
98.436
96.886
98.435
96.795
98.370
96.603
98.402
96.643

SZ-Heek:

1986-Sept.
Oct.
Nov.
Dec.
1987-Jan.
Feb.
Mar.
Apr.
Hay

June
July
Aug.
Sept.

4..
2..
30..
28..
26..
22..
19..
19..
16..
14..
11..
9..
6..
3..

94.611
94.469
94.500
94.489
94.353
94.500
94.196
94.257
94.014
93.367
93.387
93.711
93.408
93.185

Offerings of Bills-Continued
On competitive bids accepted

bids accepted

Average
discount
rate
(percent)

Regular weekly;
1987-June

5.81

Average
investment
rate il
(percent)

High

Discount
rate
(percent

Price per
hundred

Discount
rate
(percent)

Price per
hundred

37
PUBLIC DEBT OPERATIONS
Table PDO-3.

Issue
date

Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills
Source: Bureau of the Public Debt]
[Dollar amounts in miinons.

Description of securities

Period to final
maturity
Bonths
(years
,

days) 11

9/18/85

Amount
tendered

Amount
issued 3/ 4/

Range of
accepted bi ds
for notes
and bonds

38
PUBLIC DEBT OPERATIONS
Table PDO-3.

Public Offerings of Marketable Securities Otfier than Regular Weekly Treasury Bills-Continued
[Dollar amounts

Aucti
date

7/02/87
7/30/87
8/04/87
8/11/87
8/12/87
8/13/87
8/26/87
8/27/87
9/01/87
9/29/87
9/30/87
10/06/87
10/07/87

Descr pt i on

Issue
date

09/37

7/ 31/87
8/ 06/37
8/ 17/87

1/8/ 17/87
1/8/ 17/37
8/ 31/87
9/ 03/87
9/ 03/87
9/ 30/87
10/ 01/87

10/ 15/87
10/ 15/87

6.221
7-5/8
6.52
7-7/8
8-5/8
8-7/8
7-3/4
8-3/8
6.74
8-1/2

7.32
9-1/8
9-1/2

Bil

Note
Bill
Note
Note
Bond
Note
Note
Bill
Note
1

Note
Note

minions]

Period
maturi
(years
days)

7/07/88
7/31/89-AB
8/04/88
8/15/90-U
8/15/97-8
8/15/17
8/31/89-ftC

11/15/92-L
9/01/88
9/30/89-AO
10/01/87
9/30/91-P
10/15/94-G

39
PUBLIC DEBT OPERATIONS
Table

PDO-4. - Allotments

by Investor Classes for Public Marketable Securities

Part A
[In mi

- Other
1

than

ions of dollars]

Bills

40
PUBLIC DEBT OPERATIONS
Table PDO-4.

Allotments by Investor Classes
Part B

Bills

for Public

Marketable Securities-Con.

Other than Regular Weekly Series
[Dollar amounts in millions]

41
U.S.

SAVINGS BONDS AND NOTES
notes were on sale May 1, 1967, through June 30,
were eligible for purchase by individuals with the
The principal terms
simultaneous purchase of series E savings bonds.
and conditions for purchase and redeti^jtion and information 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.

Series EE bonds, on sale since Jan. 1, 1980, are the only savings
Series HH bonds are issued in exchange for series
bonds currently sold.
Series A-D were sold from
and EE savings bonds and savings notes.
E
Apr.
Series E was on sale from May 1,
30, 1941.
Mar. 1, 193S, through
1979 {through June 1980 to payroll savers
31.
1941. through Dec.
Series F and G were sold from May 1, 1941, through Apr. 30,
only).
Series H was sold from June 1, 1952, through Dec. 31, 1979.
1952.
Series HH bonds were sold for cash from Jan. 1, 1980, through Oct. 31,
1982. Series J and K were sold from May 1, 1952, through Apr. 30, 1957.

Table SBN-1.

1970.

U.S. savings
The notes

Sales and Redemptions by Series, Cumulative through Sept. 30, 1987

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

Sales plus
accrued
discount

3,949
254,413
28,396
3,556

1,054
100,644
1,125
198

5,003
355,057
29,521
3,754

5,002
256,679
29,518
3,753

862

439

1,301

2,013

286

296,965

97,290

Sales 1/

Redemptions

Interestbearing debt

_!/

Matured
non-interestbearing debt

Savings bonds:
Series A-D 2/
Series E, ET, H, and HH.
Series F and 6
Series J and K

Savings notes
Total

redemption figures include exchange of minor amounts of
matured series E bonds for series G and K bonds from May 1951
through April 1957; (2) series F and J bonds for series H bonds
beginning January 1960; and (3) U.S. savings notes for series H

1/ Sales and

(1)

Table

SBN-2. - Sales and Redemptions

1,238
3
1

1,243

bonds beginning January 1972; however, they exclude exchanges of series
E bonds for series H and HH bonds.
2/ Details by series on a cumulative basis and by period of series A-D combined will be found in the February 1952 and previous issues of the
Treasury Bulletin.

by Period,

All

Series of Savings

Bonds and Notes Combined

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

[In millions of dollars.

Sales

Accrued
discount

Fiscal years:

1935-85
1986
1987

272 ,626
8 , 300
10,280

Calendar years:
1935-84
1985
1986

268,536
5,441

U ,909

1986-Sept
Oct
Nov
Dec

1987-Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

,088

1,397
2,742
827
700
622
724
674
601
526

538
456
473

91,529

Sales plus
accrued
discount

Amount outstanding

Redemptions
Total

Sales
price \J

Accrued
discount

Interestbearing
debt

Matured
non-interestbearing debt

42
U.S.

Table

SBN-3. -

SAVINGS BONDS AND NOTES

Sales and Redemptions by Period, Series

EE, H, and

Source: Monthly Statement of the Public Debt of the
[In millions of dollars.
United States; Market Analysis Section, United States Savings Bonds Division]

Redemptions
Sales

Accrued
discount

Sales plus
accrued
discount

Series

Fiscal years;

1941-85
1986
1987

223.106
8,301
10,317

Calendar years;
1941-84
1985
1986
1986-Sept
Oct
Nov
Dec

1987-Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

219,026
5,444
11,888
1,101
1,385
2,718

853
710
646
703
706
602
543
517

461
474

89,151

Exchange of
bonds for

Amount outstanding

Sales
price

and EE

Accrued
discount

H and HH bonds

Interestbearing debt

Matured
non-interestbearing debt

OWNERSHIP OF FEDERAL SECURITIES
INTRODUCTION

Federal securities presented in these tables comprise public
debt securities issued by the Treasury and debt issued by other
Federal agencies under special financing authorities. See the
Federal debt (FD) series of tables for a more complete description of
the Federal debt.

Table OFS-1 .-Distribution of Federal Securities by Class of
Investors and Type of issues
Holdings of Treasury mari<etable and nonmari^etable securities
and of debt issued by other Federal agencies are presented for
Government accounts, the Federal Reserve banks, and private
investors. Government account holdings largely reflect investment by
the social security and Federal retirement trust funds. The Federal
Reserve banks acquire Treasury securities in the market as a means
of executing monetary policy.

Table OFS-2.-Estimated Ownership of Public Debt Securities
by Private investors
Privately held Treasury securities sire those held by investors
other than the Government accounts and Federal Reserve banks.
Treasury obtains information on private holdings from a variety of
sources, such as data gathered by the Federal financial institution
regulatory agencies. State and local holdings and foreign holdings
include special issues of nonmarketable securities to municipal
entities and foreign official accounts, as vtrell as municipal and

and private holdings of marketable Treasury
Data on foreign holdings of marketable Treasury
securities are presented in die capital movements tables in the
foreign

official

securities.

Treasury

Bulletin.

categories.

See

the footiiotes for descriptions of the investor

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
of
fiscal year
or month
EniJ

ig83
1984
1985
1936
1987

Total
Federal

securities
outstanding

1
1

.381 .886
.576 ,748

1.827,470
2
2

1986-Sept
Oct
Nov
Dec
1987-Jan
Feb
Mar
Apr
May
June
July
Aug
Sept

Total

129 .522
.354 .286
.

2 .129.522

2.142.993
2.183.571
2 .2 18 .869
2

.225.846

2. 245. 095

2.250.717
2.271.945
2.291.319
2 .313.097
2.310.784
2 .348. 300
2

.354.286

Held by U.S. Government accounts

outstanding

Public
issues
held by
Federal
Reserve
banks

239,023
263.084
316,545
382,859
457.167

5,887
4,994
6.134
20,844
17,481

233.136
258.090
310.411
362,015
439,686

155.423
155.018
169.702
190.751
211.941

2,122,684
2,136,596
2,167,058
2,212,034
2,208,974
2,228,408
2,244,023
2,265,559
2,274,341
2,306.705
2.304.494
2.341.659
2.347.750

382.859
390.394
390.616
403.091
405.712
409,714
407,453
419,604
426,023
438,146
438,948
443,120
457,167

20,844
20,173
20,313
20.255
20.259
17.179
17.170
16.964
16.964
17.564
17.484
17.386
17.481

362,015
370,221
370.303
382.836
385.453
392.535
390.283
402.640
409.059
420.582
421,464
425,734
439,686

190.751
189.995
196.293
211.316
202.486
194.178
196.409
218.883
207.304
212.306
208.170
207.238
211.941

Held by private investors
Total

Nonmarketable

1.375.751
1.559.570
1.821.010
2.122.684
2.347,750

Interest-bearing public debt securities--Con.
End of
fiscal year
or month

Marketable

Nbnmarketable

Matured
public
debt
and debt
bearing n
interest

Agency securities
Total

outstanding

Held by

MARKET YIELDS
INTRODUCTION

The tables and charts in this section present yields on Treasury
marketable securities and compare long-term Treasury market yields
with yields on long-term corporate and municipal securities.

are discount securities, are the coupon equivalent yields of bank
discount rates at which Treasury bills trade in the market. The Board
of Governors of the Federal Reserve System also publishes the
Treasury constant maturity data series in its weekly H.I 5 press
release.

MBY-1 .-Treasury Market Bid
Maturities: Bills, Notes, and Bonds

Table

Yields

Constant

The Treasury yield curve, presented in the chart that accompanies table MBY-1, is based on current market bid quotations on
the most actively traded Treasury securities as of 3:30 p.m. each
business day. The Treasury obtains quotations from the Federal
Reserve Bank of New York, which composites quotations provided
by five primary dealers. This yield curve reflects yields based on
semiannual interest payments and is read at constant maturity points
to develop a consistent data series. Yields on Treasury bills, which

Table AY-I.-Average Yields of Long-Term Treasury, Corporate,
and Municipal Bonds

The long-term Treasury rate is the 30-year constant maturity
presented in table MBY-1. The corporate and municipal bond
series are developed by the Treasury, using reoffering yields on new
long-term securities rated Aa by Moody's Investors Service. See the
rate

footnotes for further explanation.

46
MARKET BID YIELDS ON TREASURY SECURITIES
Table

MBY-1. - Treasury Market
[

Source:

1-yr.

Monthly average

Bid Yields at Constant Maturities: Bills, Notes, and Bonds*

Office of Government Finance and Market Analysis in the Office of the Secretary]
2-yr.

3-yr.

5-yr.

7-yr.

lO-yr.

20-yr.

30-yr.

47
MARKET BID YIELDS ON TREASURY SECURITIES

AVERAGE YIELDS OF LONG-TERM BONDS
Table AY-1 .--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds
[Source: Ottlca o1 Government Finance and Markel Analysis

Period

Treasury

New Aa

30-yr.

corporate

bonds

munlclpai

the Ottlce of the Secretary)

Treasury

New Aa

Treasury

30-yr.

corporate

municipal

30-yr.

bonds

corporate

bonds

MOtfTHLY SERIES-AVERAGES OF DAILY OR WEEKLY SERIES

municipal

Treasury

New Aa

30-yr.

corporate

municipal

bonds

New Aa

AVERAGE YIELDS OF LONG-TERM BONDS

AVERAGE YIELDS OF LONG-TERM TREASURY,
CORPORATE, AND MUNICIPAL BONDS
Monthly Averages
20

Treasury 30-yr. bonds

Ili

um
77

III

iiii

iiin

ii|ii

ii|i ii

i i

municipal bonds

corporate bonds

|ii ii

iii

n |i ii ii|iii

i|ii ii i|i ii

iii

I
I

i|iii

[

FEDERAL AGENCIES' FINANCIAL REPORTS
INTRODUCTION

4 of the Budget and Accounting Procedures Act of
3513a) requires ttie Secretary of the Treasury to
prepare reports on the financial operations of the U.S. Government
and provides that each executive agency must furnish the Secretary
of the Treasury such reports and information relating to the agency's
financial condition and operations as the Secretary may require. The
provisions do not apply to the legislative and judicial branches of the
Federal Government; however, these entitles are encouraged to
submit the prescribed reports so the Secretary of the Treasury can
Section

1950

(31

1 1

use.

prepare comprehensive reports on

all

the financial activities of the

U.S. Government.

The Treasury

Financial

Manual

TFM

2-4100) sets the

criteria

submission of annual and quarterly financial reports and
schedules in accordance v^lth the Reporting Entitles Listing (Bulletin
No. 86-04). Reports and schedules are provided for six fund types:
Revolving funds, trust revolving funds, 15 major trust funds, all other
trust funds, all other activity combined, and consolidated reports of
for the

unit. The financial transactions supporting the
required reports and schedules are to be accounted for on the
accrual basis. The Report on Operations can be submitted on a cash
TFM 2-4180.20). Reports
basis under certain circumstances (see

an organizational

are to be prepared from a budgeting and accounting system which
contains an Integrated data base that Is part of the agency's
Integrated financial management system as required by the Office of
Management and Budget (OMB) Circular No. A-1 27.

appropriation

equities relating to

reports should Include
all

programs and

all

assets,

activities

liabilities,

and

under control of the

reporting entity, except for the assets of disbursing officers, which
are reported by the Treasury. Reports should include transfer

other agencies,

foreign

currencies,

Requirements provide that Federal agencies submit to Treasury
supplemented by three supporting schedules
which are consolidated and published annually In the winter Issue of
the Treasury Bulletin. These reports are: Report on Financial
Position (TFS 220), Report on Operations (TFS 221), Report on
Cash Flow (TFS 222), and Report on Reconciliation (TFS 223). The
three supporting schedules are: Direct and Guaranteed Loans
Reported by Agency and Program Due from the Public (Schedule
220.8), Report on Accounts and Loans Receivable Due from the
Public (Schedule 220.9), and Additional Financial Information
(Schedule 220.1). The schedule on Direct and Guaranteed Loans is
submitted to Treasury quarteriy, and annually for publication In the
Treasury Bulletin. Information captured in Schedule 220 8 Is shown
four financial reports

the following table:

Table FA-2.--Dlrect and Guaranteed Loans
This report reflects the direct loans and guaranteed loans to the
public through the Federal Credit Program to support credit activities.
Actual control of credit program levels remains with authorizing

and appropriations acts. The schedule on Direct and
Guaranteed Loans also provides the Federal Reserve Board
information to monitor the flow of funds. An accompanying chart
depicts direct loans and guaranteed loans for the third quarter of
legislation

The required

accounts from

operations conducted in the territories or overseas, and any
monetary assets or property received, spent, or otherwise accounted
for by the reporting entity. Amounts are reported to the dollar.

fiscal

1987.

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-2.
[In

thousands

—

Direct

of dollars. Source:

and Guaranteed Loans, June 30, 1987

Schedule 220 8 compiled by the Financial Management Service]

Guarantees or insurance

Direct loans or credit

Agency and program

Amount

Maximum

Amount

Maximum

outstanding

authority

outstanding

authority

594,729

1,435,861
4,040,441
148,750

— Wholly owned Government enterprises
U.S. dollar loans

=unds appropriated to the President:
Guaranty reserve fund
Foreign military sales credit
lylililary

credit sales to Israel

Emergency
(

i
i

Total

Department

Funds appropriated

45,999

68,065

21,662,157

to the President

of Agriculture:

Commodity Credit Corporation:
Commodity Loans
Loans to Foreign Governments and Private Trade
Export Credit Sales Program
Storage Facility and Equipment Loans
:

2,744,381
15,935,089

307,198
78,774
2,744,383
17,273,850

307,198
78,774

security assistance to Israel

Housing and other credit guaranty programs
Alliance for progress loan fund
Other programs
Overseas Private Investment Corporation:
Overseas Private Investment Corporation

1,807,234
148,750

Guaranteed Foreign Loans
Rescheduled Claims on Guarantee loans

Entities

16,573,337
10,932,783
799,532
83,931

2,235,149

Rural Electrification Administration:

Revolving Fund Electncal Systems

35,187,548
1,455,709
19,362

Bank
Rural communication development fund
Rural Telephone

Farmers

Home

Administration:

7,634,764

Farm Ownership Loans

HA:

6,387,723

Oper Lns
Farmers Home Administration:
Emergency Loans
Other Loans
Rural development insurance loans

13,543,942

591,606
8,390,262
29,504,226
38,379

Rural housing insurance loans

Other loans
Total

Department

133,378,261

of Agriculture

Department of Commerce:
Loan revolving fund

568,490

Economic Development Administration:
Trade Adjustment Assistance
Drought Assistance
International Trade Administration
Coastal energy impact fund
Federal ship financing fund, fishing vessels
Other loans
Total

Department

Commerce

4,363
86,342
9,292
85,650
25,462
10,919

790,520

1,282,548

309,997
1,592,545

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-2.

—

Direct and Guaranteed Loans,

June

30,

1987

— Continued
Guarantees or insurance

Direct loans or credit

Agency and program

Amount

Maximum

Amount

Maximur

outstanding

authority

outstanding

authont

— Wholly owned Government enterprises
U.S. dollar loans

Department

of Defense:
Ryul<yu Islands, construction of

power systems

Total

Department

Defense

of Education;

Office of Poslsecondary Education:
Ottier

Funds

College housing loans
Higher education facilities loan and insurance fund
Total

Department

of Education

Department of Energy:
Department of Energy

Department

Total

Department

of Health

Energy

Human

and

Services:

Health professions graduate student loan fund

guarantee and loan fund
Student loan program
Other HRSA loans
tvledical facilities

Total

Department

of Health

and Human Services

Department of Housing and Urban Development:
Federal Housing Administration Fund
Housing for the elderly or handicapped
Low-rent public housing program
Other housing loans
Ivlanagement and liquidating functions
Guarantees of mortgage-backed securities
Rehabilitation loan fund

Urban renewal programs
Total

Department

3,997

857

Defense production guarantees

Housing and Urban Development

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-2.

—

Direct and Guaranteed Loans,

June

30,

1987

— Continued
Guarantees or insurance

Direct loans or credit

Agency and program

-I

Amount

Maximum

Amount

Maximum

outstanding

authority

outstanding

authority

100,627
401,627

136,990
497,989
32,488
107,362

— Wholly owned Government enterprises
U.S. dollar loans

Department

of the Interior:

systems
Reclamation projects
Drought Emergency
Irrigation

Revolving fund for loans

Guam Power

36,000
27,295

Authority

Virgin Islands Construction
Total

15,423
107,362

Department

of the Interior

Department of Labor:
Pension Benefit Guaranty Corporation
Total

Department

Right-of-way revolving fund

Federal Highway Admin:
Highway trust funds

Maritime Admin
Federal Ship Financing Fund
Total

Department

of Transportation

of the Treasury:

Federal Financing Bank

Loans

to foreign

Total

1,025

883

governments

Department

of the

Treasury

Environmental Protection Agency
Other funds
Total Environmental Protection

Agency

General Services Administration:
Federal buildings fund
Other funds
Total General Services Administration

Small Business Administration:
Business loan and investment fund
Economic opportunity loans
Slate and local development loans
Investment assistance program
Other loans
Disaster loan fund

.--

Total Small Business Administration

50,471

50,471
111,307

300,000

38,343

380,000

Admin

Railroad Rehabilitation and improvement fund ..
Urban Mass Transportation Admin:
Washington Metropolitan Area Transit Authority

Department

2,342

1,908

of State

.Department of Transportation:
Purchase of Aircraft

Federal Railroad

2,342
2,342

Labor

Department of State
Emergencies in Diplomatic & Consular Service
Loans to the United Nations
Total

625,040

535

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-2.

—

Direct

and Guaranteed Loans, June 30, 1987

— Continued
Guarantees or insurance

Direct loans or credit

Agency and program

Amount

Maximum

Amount

outstanding

authority

outstanding

— Wholly owned Government enterprises
U.S. dollar loans

Veterans Administration:
Loan guaranty revolving fund ..
Direct loan revolving fund
Service-disabled veterans insurance fund
Veterans reopened insurance fund
Education loan fund
National service life insurance fund ....
Veterans special life insurance fund
Ottier funds
.

Other independent agencies:
District of Columbia:
to

DC Government

Export-Import Bank of the United Stales

Federal Savings and Loan Insurance Corporation fund
National Credit Union Administration

Share insurance fund
Tennessee Valley Authority fund
Interstate Commerce Commission

Total Other independent agencies
Total

Pan

—

Wholly owned Government enterprises
Loans repayable in foreign currencies

Loans repayable

Agency

foreign currencies

Development:
Other development loans
United Stales Information Agency
for International

Total Part

III

— Privately owned Government-

sponsored enterprises
Privately

owned Government-sponsored

enterprises:

Student Loan Ivlarketing Association
Federal National lylortgage Association

Banks

for

cooperatives

Federal intermediate credit banks
Federal land banks
Federal
Federal

home loan banks
Home Loan Mortgage

Total Part

Grand

III

total, all

parts

40,929
941,729
74,131
23,465

2,578.563

Total Veterans Administration

Loans

1,324,074
108,284
38,558
27,392

Corporation

Maximufl
authont

FEDERAL AGENCIES' FINANCIAL REPORTS

DIRECT AND GUARANTEED LOANS
FISCAL YEAR 1987, THIRD QUARTER
Agriculture

25%

Education 6%"

UD 5%

AP4%
Eximbank
Direct

Loans

Other 61%'

A9%

Guaranteed Loans

HUD 79%-

International Statistics

59
INTERNATIONAL FINANCIAL STATISTICS
Table IFS-3 shows U.S. Treasury nonmarket abl e bonds and
notes issued to official institutions and other residents of
foreign countries.

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

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

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 rollHons of dollars]

End of calendar
yesr or month

1983
1984
1985
1986r

1986-Oct.
Nov.
Dec.

1987-Jan.

r
.

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

INTERNATIONAL FINANCIAL STATISTICS
Table IFS-2.

Selected U.S. Liabilities to Foreigners

[In millions of dollars]

Liabilities to foreign countries
Official

End of
cal endar
year or
month

Total

(1)

(2)

institutions

HarketLiabil i- able U.S.
ties
Treasury
reported bonds
by banks and
in U.S.
notes 2/
(3)

(4)

61
INTERNATIONAL FINANCIAL STATISTICS
Table IFS-4.

Weighted Average

Exchange Rate Changes

for the Dollar

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

Trade-weighted average appreciation (+}
(-) of the U.S. dollar 1/ vi's-a-vis

or depreciation

End of calendar
year or month

Currencies of 46 main
trading countries

Currencies of
OECO countries 2/

1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986

-10.3
-14.6
-21.5
-18.4
-15.0
-3.4
+9.2
+21.8
+41.9
+35.6
+28.9

-1.0
-1.0
-4.1
+6.6
+21.3
+5B.9
+141.2
+446.4
+1.853.3
+5,053.9
+5,962.7

1986-Oct
Nov
Dec
1987-Jan
Feb
Mar
Apr
May
June.
July
Aug

+29.5
+29.9
+28.9
+23.4
+24.1
+21.2
+20.7
+24.0
+24.8
+29.1
+26.4
+26.7
+23.8

+6,019.7
+6,050.5
+5,962.7
+6.335.8
+7,677.1

. .

Sept. p.
Oct. p..

1/
""

(E02)

Where:

Ut^Mic^

X^-ZEX is U.S. exports to country i, as
a proportion of total U.S. exports to
all countries in the set.

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

M^/EM is U.S. imports from country i, as
proportion of total U.S. imports from
all countries in the set.

Where:

[(E^ * m/m+x)M-l}] + [E^

x/m+x]

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

E_ i-; the weighted average of percentage
changes in the dollar cost of individual
foreign currencies;

M^/IM)

&J/fc^- is the percent change in the dollar
cost of foreign currency i; and

E„ is the weighted average of percentage
cRanges in the foreign currency cost of
dollars;
Afc,-/$ is the percent change in the
foreign currency i cost of dollars; and

The equations used are as follows:

E^ =i:Mfc^/$ * X^/EX)

Where:

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

{EQD

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

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

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.

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

Vn.a.

set.
2/ Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France,
*"
Germany, Creece, Iceland, Ireland, Italy, Japan, the Netherlands, New
Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, and United

Kingdom.
The currencies of 46 tMF member countries which account for approximately
90 percent of U.S. total trade.
4/ This series has been discontinued pending revision and recalculation.

~3/

CAPITAL MOVEMENTS
INTRODUCTION

Background
movements between the United States
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
Data

and

relating to capital

foreign countries

Treasury

Bulletin.

used in the Treasury
have been revised a
number of times to meet changing conditions and to increase the
usefulness of the published statistics. The most recent, general
of

the

reporting.

Banks, other depository institufions, 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 Decemtier 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
1984. Uie specified
vis-a-vis foreigners. Effective January 31.
exemption level applicable 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.
.

The reporting forms and instructions
International Capital (TIC) Reporting System

revision

United States, including the branches, agencies, subsidiaries, and
other affiliates in the United States of foreign banking and nonbanking firms. Enfifies that have reportable liabilities, claims, or securities
transactions below specified exemption levels are exempt from

report forms

became

effective with

the banking

and with the nonbanking reports as of
December 31, 1978. Revised forms and instructions are developed
with the cooperation of other Government agencies and the Federal
Reserve System and in consultations with representatives of banks,
securities firms, and nonbanking enterprises.
reports as of April 30, 1978,

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.

Basic Definitions
by exporters, importers, industrial
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
Quarterly reports are

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 U.S. banks and business
concerns; the central governments, central banks, sind other

official

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 t>ehalf of foreigners.
institutions of foreign countries,

In general, data are reported opposite the foreign country or
geographical area 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 t>e aware of the country of domicile of the
U.S. liabilities arising from
ultimate beneficiary. Furthermore,
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

Data pertaining

another country.

branches or agencies of foreign

official

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."
institutions

and commercial concerns,

filed

financial institutions other than

March 31, 1982, this exemption level was set at $10
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.
basis. Effective
million,

Description of Statistics
presents data on liabilities to foreigners reported by
Section
banks, other depository institutions, brokers, and dealers in tiie
United States. Beginning April 1978, the following major changes
were made in the reporting coverage: Amounts due to banks' own
foreign offices are reported separately; a previous distinction
between short-term and long-term liabilities was eliminated; a
separation was provided of the liabilities of the respondents
I

their custody liabilities to foreigners; and foreign
currency liabilities are only available quarteriy. 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 nonb>anking enterprises.

themselves from

Section II presents the claims on foreigners reported by banks
the United States. Beginning with data reported as of the end of
April 1978. a distinction was made between banks' claims held for
in

own account and claims held for their domestic customers. The
former are available in a monthly series whereas the latter data are

Reporting Coverage

their

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

collected on a quarteriy 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

maturity basis as

opposed

Copies

o( the reporting

Data Management. Office

forms and instructions

may be

obtained from the Office

the Assistant Secretary for International Affairs. Department

of trie Treasury, Wasliington. D.C.

20220. or from

district

Federal Reserve banks.

the historic original

Foreign currency claims are also collected on
a quarteriy basis only. Beginning March 1981, this claims coverage
was extended to certain items in the hands of brokers and dealers in
above concerning the
the United States. See notes to section
matijrity classification.

CAPITAL MOVEMENTS
reporting of

thrift

institutions.

reported as of

December

31, 1978, financial

liabilities

reporting enterprises are distinct from their commercial

Another important change in the daims reporting, beginning
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

with

new

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 majorityowned 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.
countries.

and items are collected on a time remaining to maturity basis
instead of the original maturity basis used previously.

claims;

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 IFS-3). The data
cover new issues of securities, transactions in outstanding issues,
and redemptions of securities. They indude 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
dassified as direct investments in the balance of payments
accounts. Also, see notes for section
above concerning the
I

reporting of

Section

III

thrift institutions.

includes supplementary statistics on U.S. banks'

and claims on, foreigners. The supplementary data on
banks' loans and credits to nonbank foreigners combine selected

transactions

information from the TIC reports with data from the monthly Federal
Reserve 2502 reports submitted for major foreign branches of U.S.

differ

The

liabilities to,

banks. Other supplementary data on U.S. banks' dollar liabilities to,
dollar claims on, countries not regularly reported
separately are available semiannually in the June and December
issues of the Treasury Bulletin.

and banks' own

Section IV shows the liabilities to, and claims on, unaffiliated
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
foreigners

and claims of
liabilities and

breakdown of the data on securities
shows the country of domicile of the foreign buyers and

geographical

case of outstanding issues, this may
from the country of the original issuer. The gross figures

sellers of the securities; in the

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 indude
foreigners of different countries.

The data published

some

transactions

between

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

with their

movements between

own branches and

subsidiaries abroad or with their foreign

parent companies, and capital transactions of the U.S. Government.
Consolidated data on all typ)es of international capital transactions
are published by the Department of Commerce in its regular reports
on the U.S. balance of payments.

64
CAPITAL
Section

Liabilities to Foreigners

Table

CM-l-1. -

MOVEMENTS
Reported by Banks

Total Liabilities by

[In millions

Type

the United States

of Holder

dollars]
I nternat
onal
regional 2/
i

Foreign countries
Official

institutions

Payable
End of

and

Memoranda
Total liabilities
to all foreigners
reported by IBF's

Banksan d other foreigners
Payable

Payable

CAPITAL MOVEMENTS

TO FOREIGNERS
CALENDAR YEARS 1982-87

LIABILITIES

Reported by International Banking

Facilities

and by Banks

the

United States

1984

1985

END OF PERIOD

1987, 3dQtr.

66
CAPITAL
Table

CM — 1-2. -

MOVEMENTS

Total Liabilities by Type, Payable in Dollars

Part A

—

Foreign Countries

[In millions

dollars]

67
CAPITAL MOVEMENTS
Table

CM-1-3- -

Total Liabilities by Country

[Position at end of period

millions of dollars]

Cal endar year

Country
May

Europe:
Aust ri

617

Belgium-Luxembourq
Bulgaria
Czechoslovakia
Oenmarlc

Finland
France
German Democratic Republic
Germany
Greece
Hungary
Italy

Netherl ands
Norway
Pol and

Portugal
Romani a
Spai

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

Europe

Canada
Latin America and Caribbean:

Argentina
Bahamas
Bermuda
Brazi

British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamai ca
Mexico
Netherlands Antilles
Panama
Peru

Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Cari bbean
Total Latin Ameri ca
and Cari bbean
As1 a:
Chi na:

HainUnd
Taiwan
Hong Kong
Indi

Indonesi

Israel

Japan
Korea
Lebanon
Mai aysi a
Pak istan
Phi 1 i ppi nes
Si

ngapore

Syri
Thai

a
I

and

-export ng countries
Other Asi a
Oi

Total
Af

_!_/

ca:

Egypt
Ghana
Li

beri

Morocco
South Af ri ca
Zaire
Oi -export ng countries TJ
Other Africa
i

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...
nternat
Total
and regional
i

Grand total

onal

July

Aug.

Sept.

68
CAPITAL MOVEMENTS
Table

CM-l-4. -

Total Liabilities by Type and Country, as of Sept. 30, 1987, Preliminary
[PosUion

Total

of dollars]

Liabilities payable in dollars
Totals

Payable

In
Banks'
Custody
foreign own lia- liabilcurren- bllities ities
cies 1/

dollars

To foreign official
institutions and
unaffiliated foreign banks

Deposits

ShortOther
term U.S. liabi)
Time 2j Treasury ities
obligations
(7)

(1)

7,848

mJIHons

liabilities

7,563

(8)

{9)

Liabilities to
MemoLiabilall other foreign'
randum
ities to
banks'
Deposits
Short
Other
Negotiown
term U.S. liabil- able
foreign Demand Time 2] Treas MTi
ities
CD's
offices
oblig
held
tions
for all
foreigners
(14)

(15)

CAPITAL MOVEMENTS
Section

II.

- Claims

on Foreigners Reported by Banks

CM-ll-1. -

Table

the United States

Total Claims by Type

[Position at end of period in millions of doTTars]

Calendar
year
1984r

1985

1986

Sep

Type of claim
Total

claims

Payable

dollars

own claims on foreigners...
Foreign public borrowers
Unaffiliated foreign banks:
Deposits
Other
Own foreign offices
All other foreigners

Banks'

Claims of banks' domestic
customers
Deposits
Negotiable and readily
transferable instruments
Collections and other

Payable in foreign currencies
Banks' own claims on foreigners...
Claims of banks' domestic
customers

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

445.631

447,363

442,008

433,078

430.489

420.982

400,162
62,237

401,608
60.507

395,938
61,335

49,226
75.706
156,216
56.777

48,372
68,282
174,261
50.185

45,594
65,592
173.472
49.946

32.916
3.380

28.881
3.335

25,044
2,494

23,805
5,732

19,332
6.214

17,859
4,692

12,553
11.984

16,874
16.294

21,026
19,600

569

580

1.426

195.272
188,436
6,836

194,438
186,231
8,207

205,637
192,164
13,473

37,103

28,487

28.663

jstomer liability on acceptances
with rema ni ng
maturity of 1 year or less:
On foreign public borrowers
On all other unaffiliated
foreigners

CI a

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

23.912

26,302

23.884

144,687

134,522

129,751

38,695

34,512

37,080

37,399

32,567

31,529

Establishment of International Banking Facilities
beginning December 1981.

(IBF's)

permitted

456

June

CAPITAL MOVEMENTS

CLAIMS ON FOREIGNERS

CALENDAR YEARS
Reported by International Banking

1982-87

Facilities

and by Banks

the

United States
550
K<^^-'^^<<^

International

liTlTiTlTiTiTiTJ

BanKs

Banking

Facilities

mrnm

500
I

450

wvm

B
400

350

o
n

300

250

200

o
150
I

m
m

100

\ \ \ \

m.
\ \ N \
/ / /

1982

m
m
m

m
m
m
m
•

m
\ N \ N
x y y y

1983

11
y y y y

WW
V--W
-WW
-WW

m
m
WW
•WW
\ N N \

1984

li
WW
\ N \ \

.W\'

/ / / /

rf!*^

>>>>

m
"w |W

It
1985

END OF PERIOD

\ \ N

m
m
1986

i
1987, 2d Qtr.

CAPITAL
Table CM-ll-2.

MOVEMENTS
Total Claims by Country

[Position at end of period

iri

millions of dollars]

Cal endar

Country

year

June

Sept.

1985

Eu rope:

Austria
Bel gi um-Luxembourg
Bulgaria
Czechoslovakia
Denmark
France
German Democratic Republic
Germany
Greece
Hungary

Spai

26
16

42
32

916
985
10,536

1,127
1,275
10,266

971
,045

1,084
1,145
11,738

993
999
13,018

177

161

307

162

155

147

139

2,509
1,077

1,842
934
596
8,532
2,406
973

2,708

2,664
678

2,848

2,510

2,249

1,251
663

1,251
663
9,703
910
822
172
,071
76
,101
,544
,688

2,101
2,544
3,688
1,253

1,253

82,149

671

8,740
2,142

11,027

743
554

8,166
3,148

515

111

4,470

9.254
68
30
907
1,039

11,703

502
547

10,023
2,797

11,133
6,463
848

817
113

126

746
189
759
115

2,735
3,230
1,628
75,686

2.181
2,605
4,045
1,989
78,743

2,195
2,719
3,093
1,609
87,042

1,632
2,136
3,497
1,578
85,567

2,780
2,633
1,635
79,937

2,623
2,962
1,848
85,150

702

387
,908
632

416
1,870
1.035

814
1,789

143,125

134,780

148,970

194

182

2,011
1,047

472
2,052
1,208

2,050
1,314

445
1,910
924

132,823

126,155

132,308

139,627

767
201
750
113
1,931

Chi le
Col ombi

Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Ca ri bbean

11,634
60,116

506

25,653
41,021
6,719
3,351

11,622
57,478
462
25,877
39,169
6,659
3,007

12,281
58,421

12,349
62,712

361

321

25,443
43,247
6,635
2,958

25,402
44,489
6,581
2,808

12,507
60,936
476
26,075
49,,757
6,,660
2,,972

12,490
55,113

340

25,868
47,808
6,459
2.790

2,438
210
237

2,438
210

2,488

2.510

2,532

2,547

2,465

174

162
255

159

235

149
208

143
201

120
188

31,939
408
6,710
1,662

31.315
1,326
5,746
1,689

30,632
1,241
5,771
1,623

31,362
1,472
5,313
1,587

186

195

177

175

1,065
11,400

962
11,198

990
11,370

970
11,094

777

834

2,058

2, 817
10, 466

1,418
3,047
10,539
633
705
1,687
64,421
6,325

237
175

223
32,204
1,165
6,419
1,830

194

135

32.017
1,249
6,173
1,793
200

971
11,116

971

970

941

11,116

II ,488

11,592

32 .175

1,503
6,827
1,967

2,012

Mainland
Taiwan
Hong Kong

704

954

538

1,708
8,139

1.708
8.139
490

I,,583

10,,107

1,406
9,340

528
816
1,782

522
749
1,922

40,880
9,649

45,270
9,346

25
271
193

276
224

286
214
2,182

490
797
2,123
35,633
9,596

2,123
35,633
9,596

423

Stan

216

2,242
5,526

428
216
2,242
5,526

2,359
5,082

2,429
5,686

1.000
4,670
483

1,000
4,670
483

858
3,811
414

790
3,911
330

73,866

79,371

India
Indones ia
Israel
Japan
Korea
Lebanon
Mai aysi

Philippines
Singapore
ri a

Thai and
1

-export ng countries
Other Asia
1

\_l

Asia

Total

797

,007
462
771

1,762
48,320
8,229

6,872
66
707

3.956

388

776
1,785
67,847
7,586
83
398
228
2,234
7,552

215
189

2,300
6,070

649
4,314

5.494

564

329

354

247

3,529

108,362

103.986

624

598

645

Africa:
Egypi;

Ghana
Li

beri

Morocco
South Africa
Zaire
Oi -export ng countries 2J
Other Africa
i

Total

757
26

689
32

405

591

2,074

458
659
1,864

421
657

2,074

406
663
,086

370
624
1,685

476
600
1,743

777

1,875

838
1,165

338
1,165

635
1,155

592

687
896

866
898

1,039
813

1,239

3,227

2,133

40
28

754
100
28

314

40
28

53
27

16
51
14

1,032

Africa

Other countries:
Aust ral a
other
Al
i

Total other countries....
Total

foreign countries..

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

Grand total
*
_!_/

Less than $500,000.
Includes Bahrain, Iran,

Iraq,

12,615
57,714

26,441
47,367
6,551
2,863

Asia:
China:

642

539

Total Latin America
and Caribbean

226
671
103
2,126

23,010

Latin America and Caribbean:
Argent na
Bahamas
Bermuda
Brazi
British West Indies

571
588

Canada

Pak

1,029
1,103
13,933

801
201
770

690
182
932
153
2,096

2,011
1.047

Europe

Total

861
10,890

7,555

52
23

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

735

8,169

38
26

172
1,071

Portugal
Romani a

844
8,458

600
6.460

22
24

9,703
1,910
822

Italy
Netherl ands
Norway
Poland

662
6,609

22
24

662

Finl and

675

6,609

48
22
28

2.474

72
CAPITOL MOVEMENTS
Table CM-ll-3. - Total Claims on Foreigners
by Type and Country Reported by Banks in the United States, as of June 30, 1987
[Position at end of period in millions of dollars]
Claims of banks'
domestic customers

Reporting banks' own claims

Total

Claims on
Total
banks

f
'

Total

c1 ai ms

aims
(2)

Europe:
Austria

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

Netnerlands
Norway
Pol and

Portugal
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Otner Europe

539
6,522

l.IU

2,510

2,129
472

999
431
503
7.223
3.763
703
204
618
55
1,286

549

581

381

327
30

143

1,181
1,980

2,449

2.203

279
289

278

10
22

41
44
561

217
262
183
43

200
255

502
547

11,133
6,463
848
226
671
103

2.126
2,623
2,962
1,848
85,150
814
1,789

a
1

Asia
624
25

464
582
1,604
70

802

ri ca

Other countries:
Austral a
AI
other
i

Total international
and regional

Grand total

45
28

4,539

and
Other Asia

foreign countries..

124

Singapore

Total

(8)

137

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

139

ippi nes

other countries....

219
3,270

dollars

227

Pakistan

Total

(6)

Total

56
147

Taiwan
Hong Kong
India
Indonesi a
Israel
Japan
Korea
Lebanon

Total Af

Payable

iabil ity

660
888
7.496

China:
Hainl and

Other Africa

Asi a:

Zai re

acceptances

944
1,073
13.147

Total Latin America
and Caribbean

Africa;
Egypt
Ghana
Li beria
Morocco
South Africa

Customers

payab e
in foreign
currenc es

Trinidad and Tobago
Uruguay
Venezuel a
Other Latin America
and Caribbean

Total

offices

cl ai ms

1.029
1,103
13,933

Peru

Syri
Thai

own
f orei gn

42
14

Netherlands Antilles
Panama

(5)

Hexi CO

Phi

(3)

815
10,856

Colombia
Cuba
Ecuador
Guatemal a
Jamaica

Hal aysi

Canada
Latin America and Caribbean:
Argent na
Bahamas
Bermuda
Brazil
British West Indies
Chile

861
10.890

Europe

Total

orei gn publ

borrowers and
unaf f
ated
f orei gners

,331
29

546

10,853
6.174
784
226
667
101

1,909
2.361
2.779
1.806

1
1

64.613

2,086
1,798
1,633
32,867

26,880

602
1.757

582
1,601

154

244
812
153

256
510
996

430

86
30
786

85
29
761

186

154

790

1.199

168

20.537

20.431

234
438
245

212

211

173
43

foreign
currencies

CAPITAL MOVEMENTS
Section

III.

- Supplementary

Liabilities

Table CM-lll-1.

and Claims Data Reported by Banks
Dollar Claims on

[Position at end of period

the United States

Nonbank Foreigners

millions of dollars]
Dollar claims of U.S.

offices
cl aims of
1 ar
U.S. -based banks'

Dol

End of calendar

year or month

Total dollar
claims on nonbank foreigners
(1)

1982
1983
1984'
1985
1986r
1986-Aljg.

Sept.
Oct.
Nov.
Dec.
1987-Jan.
Feb
Mar.
Apr
May

r
r
r
r
r
r
r

June
July

Aug.

U.S. -based

U.S. agencies
and branches of

banks

foreign banks

(2)

(3)

major foreign
branches ZJ
(4)

165.730
186.923
199,950
191,928
176,160
166,380

43,656
64,543
76,113
75,952
63,880
68,681

36.645
42,493
44.970
43,062
46,812
41,254

85,429
79,887
78,867
72,914
65,468
56,445

167,333
167,297
166,980
166,666
166,380
163,839
162,831
163,728
167,659
164,148
163,191
162.138
160,178

63,785
63,357
65,701
66,171
68,681
65,738
65,551
66,854
70,766
66,283
72,449
68,938
66,647

42,449
43,235
41,920
42,600
41,254
41,894
40,829
41,313
40,775
41,016
35,338
40,801
41,196

61,099
60,705
59.359
57,895
56,445
56,207
56,451
55,561
56,118
56,849
55,404
52,399
52,335

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

74
CAPITAL MOVEMENTS
Table CM-lll-2.
in

Dollar Liabilities to,

and Dollar Claims

on, Foreigners

Countries and Areas Not Regularly Reported Separately
[Position

end of

Total

period 1n millions of dollars]

liabilities

Total

banks'

Country
Ca

1984

Other Europe
Cyprus
Iceland
Ireland
Monaco

Other Latin America and Caribbean:
Barbados
Bel ize

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

Honduras
Nicaragua
Paraguay
Suriname
Other Asi a:
Afghanistan
Bangladesh
Brunei
Burma
Cambodia (formerly Kampuchea)...
Jordan
Macao
Nepal
Sri Lanka

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

All

Cal endar year

endar year
1985

June

1984

1985

own claims

75
CAPITAL
Section

IV.

Liabilities to,

MOVEMENTS

and Claims on, Foreigners Reported by Nonbanking Business Enterprises
Table

CM-IV-1. -

[Position

Total Liabilities and Claims by

Type

1984

June

29,374

25.126

986

Sept.r

1987
Dec.

Type of liability or claim
1

abi

ies

Pay able in dollars

Financial
Commerc al
Trade payables
Advance receipts and other.
i

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

Total

aims

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

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

the United States

end of period in millions of dollars]

Calendar year

Total

22,233

26.117

25,478

June

76
CAPITAL
Table

CM-IV-2. -

MOVEMENTS

Total Liabilities by Country

[Position at end of period

millions of dollars]

Calendar year
Country

Europe:
Austria

Belgium-Luxembourg
Bulgaria
Czechoslovaltia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
Italy
Netnerl ands
Norway
Poland
Portugal
Romania
Spai

1983

1984

?7
557

46
364

58
391

519

448

499

236
1,309

225
1,043

403
871

224
984

290

368

53
317

1,382

1,280

1,433

935

929

1,127

1.041

840

956

992

957
103

897

23
1

483
1,056

512
889

487
835

114

162

182

65
227

1,020

324
1,221
217

360
1,321

340
1,197

353
1,065

192

193

174

412
1,008
236

94
52

16
79

111
116

194
110
789

204
104
898

41
156

42
141
139

40
185
159

1,162

1,257

137
80

.159

727

124
826

4,123

3,571

4,392

5,230

5,197

6,843

6,448

6,599

7,560

21
27

22
24

21
49

30
97

29
113

21
144

118

164

174

150
1.000

84
753
80

,135

864
308

879

646

176

87
,933
127
159

133
91

1.059

1,046

2,136

1,461

1,336

1,211

697
297
106
1,634

43
98

33
166

27
21

29
28

29
20

33
19

920
131
88

125

31
87

24
22
4

557

208
158
50

25
28
798
127
92
61

36
26

446
115

265
68

215

234

212

49
12
10

73
16
28

953
136
114
55

10
10

756

556

773

12
4

86
25

216

491

212

218

226

3,129

2,837

242
125
138

264

Asia:
China:
Mai nl and

Thailand
Oi -export ng countries
Other Asia
i

199
157
153
29
59
188

3,424

3,895

535

492

13
13

21
13
16

19
13
15

193

161

214

238

165
160
1,941
227

274
,465
499

2,997
631

3,365
480

200
3.581
507

139
10
53
244

14
10
53

55
50
36

14
22

302

356

184

112

5,672

,348

2,911

2,028

1.495

1,676

1,938

54
.527
49

Singapore
Sy

113
112
24
74
198

40
185
150
28
137
187
,238
356

117
159
166

Mai ays i a
Pak istan
ppi nes
Phi

106

203
159
32
191

Total Asia

232
140
175
39

130
198

198
120
122
54
107
179

34
55

103

7.861

7,008

6,688

6,811

7,550

148

155

209

Af ri ca:

Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Oi -export ng countries^/
Other Africa
i

Total Africa

Other countries;
Aust ral a
Al
other
i

Total other countries..
Total

foreign countries

International and regional
International
European regional
Latin American regional.
Asi an

regi onal

African regional
Middle Eastern regional.
Total international
and regional

Grand total

58
199
136
,000
25

Total Latin America
and Cari bbean

Taiwan
Hong Kong
India
Indonesi a
Israel
Japan
Korea
Lebanon

179

10,333

255
1,231

352

1,108
236

Canada
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazi
British West Indi es
Chile
Col ombia
Cuba
Ecuador
Guatemala
Jamaica
Mexi CO
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean

20
78

Eu rope

26
345

135

Total

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

June

160

188

245

147

162

141

171

195

167

168

277
42

167
46

234
48

238

215

178

198
42

172

77
CAPITAL MOVEMENTS
Table CM-IV-3. -

as of June 30, 1987, Preliminary

Total Liabilities by Type and Country,
[Position at end of period

millions

of dollars]
Fi

nancial

abi

1 i

ties

Commerc a
liabilities
i

Total

liabilities

Payab
in foreign
1

Payabl

dol

Total

ars

(1)

25
368

257

Europe:

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

Europe

Total

23
111
4

4
1
1

61
171

84
812
21
30!

255
1.231
31

897

419

103

709

155

591
179

179

412
1.008
236

Italy

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

currencies

(2)

669

631

380
339
162
1

40
135
159
.257

40
143
151
554

42
7

703

126

577

380

6.194

7.560

.367
1

174

14.158

174

4.956

9,202

1.250

Canada

Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazil
British West Indies
Chile
C

omb i

398

379

67
17

Cuba
Ecuador
Guatemala
Jamaica
Hex CO
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay

39
13

244

1,223

1.195

87
64
65
17
*
7
4

183
99
33

29
36

28
36

154
63
20
13
2

2
1
1

Venezuela
Other Latin America and Caribbean. _
Total Latin America and Caribbean_
Asi

410
245
109
1.287

202

208

1.685

China:

162

150
25
57
180

India
Indonesia
Israel
Japan
Korea
Lebanon
Mai ays

4.183
622

436
333

1,231

289
1

7
7

13
11

215

176

Thailand
Other Asi
Total

1.666
333

Asia

Africa
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Other Africa

143
1.892

7,886

2,046

143
.835

171

Total

Africa

172

1
I

1
1

other countries

Total

foreign countries

191

Australia
All other
Total

157

Other countries:

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

162
150
25
57
180
.517

Pakistan
Philippines
Singapore
Syri

220

Mainland
Taiwan
Hong Kong

390

379

577
90

international and regional.

Grand total
Less than $500,000.

3,345

14,676

78
CAPITAL MOVEMENTS

CM-IV-4. -

Table

Total Claims by Country

[Position at end of period in millions of dollars]
Calendar year
Country

June

1933

Europe:

Austria
Bel g1 um-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary

173

25
180

46
50

608

Netherlands
Norway
Portugal
Romani a
n

Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R
Vugosl avia
Other Europe

513
130

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

Mai aysi

35
.876

6,626

5.927

38
82
36

116

140

3.300
292
320

3,267
79

1S2
1

106
48
84

10.073

48
198
175
78

195
260
1,200
255
24
36
18

Pakistan
Philippines
Singapore
Syri

108

242
9

Thailand
Oi -export ing countries
Other Asi a
1

Total

54
_1^/

766
83

3,748

Africa:
Egypt
Ghana
Li

beri

Morocco
South Af rl ca
Zaire
Oi -export ng countries^/
Other Africa

29
32
137
12

Total

Af ri ca

Other countries;
Aust ral a
Al
other
i

Total

other countries

Total

foreign countries..

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

Grand total

117
16
49
9

Asia:
China:
Mai nl and
Taiwan
Hong Kong
India
Indones ia
Israel
Japan
Korea
Lebanon

405
130
30
69

196
105
337
58

48
190
96
28

Peru

525
400

1,049

Mexi CO

120

426

259
95
355

Canada
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazi
British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica

598

267
131
467

Europe

Total

65
43
566
18

51
13

111
35
67
12

Pol and

53
40
608

535

465
447

Italy

Spai

166

28,725

39
41

79
CAPITAL MOVEMENTS
Table CM-IV-5.

Total Claims by

Type and Country,

as of June 30, 1987

[Position at end of period in millions of dollars]
F

Total
f nanci

Total

Country

ims

Europe

Canada

ars

dol

orei gr

currencies

ai ms

5
4

38
25
431
29
524
54

154

147

55
27

92
28

430
249
114

419

75
40

174
74

11
47
16

192
100
281

9,192

8.317

875

13.529

984
59
73
64

157
66

176
99
186
54

10,176

1,278

2,051

,585
132
301
.309
64

,572

2,565

126
198

103
,296

102

4.295

131

76
42
80
484
69
216

27
24
48
167
58

27
23
46
166
58

55
23

211
49

20
116

183
238

14
61

HI
49
18
33

316
10

6
7

22
119

205
357

Latin America and Caribbean^

China:

India
Indonesia
Israel
Japan
Korea

1,379
221

Pakistan
Philippines
Singapore
Syri

Total Asia

_
_

Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Other Africa

34
55

445

34
55
362

Africa

181

30
35
44
103
5

29
503

450

3.305

14
61

239

208

182
40

foreign countries

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

167
39

other countries

Total

21.487

42
3

42
3
1

International and regional.

Less than $500,000.

131
934
220

Total

Grand total

120
167
66

39
37
46

Other count ri es
Australia
All other

Total

Thailand
Other Asia

Total

Lebanon
Mai ay si

103
122
261
73
111
186

Mainland
Taiwan
Hong Kong

•

39
33

Commerci

(5)

{3)

Total

135

585
30
616
83

British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America and Caribbean. _

Asi

Denomi nated

Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazi

Oenomi nated
al

Italy

Total

cl ai ms

nci a1

35
141

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

ins

(2)

(1)

Europe:
Austria

30.994

80
CAPITAL
Section

Transactions

Table CM— V-1.
[In millions of dollars;

MOVEMENTS

Long-Term Securities by Foreigners Reported by Banks and Brokers

—

Foreign Purchases and Sales of Long-Ternn Domestic

negative figures indicate net sales by foreigners or

the United States

Securities by Type

net outflow of capital

from the Um'ted States]

81
CAPITAL MOVEMENTS
Table

CM-V-3. -

[In (nilHons of dollars;

Net Foreign Transactions

Long-Term Domestic Securities by Type and Country

neqatiwe figures indicate net sales by foreigners or

Marketable Treasury

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

bonds and notes

net

outflow of capital

Corporate bonds

from the United States]

Corporate stock

1967

1987

Country

Calendar Jan.
Calendar Jan.
July
July
Calendar Jan.
July
Calendar Jan.
July
year
through through year
through through year
through through year
through through
1986r
1986r
Sept.p Sept.p
Sept.p Sept.p
19a6r
1986r
Sept.p Sept.p
Sept.p Sept.p
Europe;

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

-176

349

291
253
-673

7.670
179
13

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

1,283
911
•
3

969
132
329
-

4.681

Europe

Canada
Latin America and Caribbean:
Argentina
Bahamas
Bermuda
Brazi

British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Me«'CO
Netherlands Antilles
Panama
Peru
Trinidad and Tobago

-3

-8

520
859
24
-250
-20

-103
-383

-5
-37

-164

-1

67
41

142

130
-96
-9

-201
-10
-26

-5

-1

9
3
•

-20
-108
-26
-14
3

2*7-3-46
-3
_i

.
2

-16

162

-1,133

-1.268

-49

-664

-36

-3

-64
-11

121
65
111

328

-33

-I

•

-6

3*2 225 2*5
48
152

226

72
130

682
226

CAPITAL MOVEMENTS

NET PURCHASES OF LONG-TERM DOMESTIC
SECURITIES BY SELECTED COUNTRIES
Calendar Years 1984 through 1987, Third Quarter
50

n
40

'K.

Canada
Germaji^
Japan_ . _

\
,

Switzerland
United

Kingdom

D
o
I

a
r

1984

1986

1985

YEARS

1987,3c

83
CAPITAL MOVEMENTS
Table

CM-V-4. -

Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During Third Quarter 1987, Preliminary
[In mill

ons of dpi

ars

Gross sales by foreigners

84
CAPITAL MOVEMENTS
Table

CM— V— 5. —

Foreign Purchases and Sales of Long-Term Securities

by Type and Country, During Calendar Year 1986
[In ml

Hons

do! larsl

FOREIGN CURRENCY POSITIONS
INTRODUCTION

Background

partnerships"

"Majority-owned foreign

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

are

those

organized

under the laws of a foreign country in which one or more nonbanking
concerns or nonprofit institutions in the United States, directly or
indirectly, own more than 50 percent profit interest. "Majority-owned
foreign subsidiaries" are foreign corporations in which one or more
nonbanking business concerns or nonprofit institutions located in the
United States, directly or indirectly, own stock with more than 50
percent of the

total

entitled to vote, or

combined voting power of all classes of stock
more than 50 percent of the total value of all

classes of stock.

Reporting Threshold

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

Common

Definitions

last

business

and Concepts

The term "Uniled States" means the States of the United
Commonwealth of Puerto Rico,
American Samoa, Midway Island, the Virgin Islands, and Wake
Island. The term "foreign" means locations other than the "United
States." The term "worldwide" is used to desCTibe the sum of "United
States" and "foreign" data.
States, the District of Columbia, the

The

exemption

level

applicable

banks

was $10 million equivalent through January
was raised to $100 million. The exemption level
institutions

and

banking

1982, when it
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 Novembev 1976 through September 1978. The exemption level was raised
to $3 million on foreign subsidiary positions on June 30, 1977, and
for positions held in the United States on September 30, 1978. The
exemption level for nonbanking firms was raised to $100 million on
positions in the United States in January 1982 and on foreign branch
and subsidiaries positions in March 1982.
Firms must report their entire foreign currency position

Data

for the United States include

amounts reported by

sole

and corporations in the United States
and subs'diaries of foreign nonbanking
"nonbanking firms' positions," and the

proprietorships, partnerships,

including the U.S. branches

concerns, in the case of
agencies, branches, and subsidiaries located
foreign

banks and banking

institutions,

the United States of

the case of the weekly

"bank positions."
for "foreign branches" and "abroad" include amounts
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
except through intercompany accounts. The data include the foreign
subsidiaries of a few foreign-owned U.S. -based corporations.

Data

reported

Assets, liabilities, and foreign exchange contract data are
reported on the 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.

specified foreign currency

a specified U.S.

dollar equivalent value

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

branches, partnerships, and subsidiaries with reportable positions

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 of woridwide net positions in all of the
currencies reported. Sections II through VI each present data on a
specified foreign currency. Section VII presents the U.S. dollar
positions of the foreign branches and subsidiaries of U.S. firms
which are required to report in one or more of the specified foreign
currencies.

FOREIGN CURRENCY POSITIONS

— Summary Positions
Section
FCP— I— 1. - Nonbanking Firms'
I.

Table

Positions^

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

[In millions of

Report
date

Canadi an
dollars

German
mark s
(2)

3/31/87

Japanese
yen
(3)

Swiss
francs
(4)

British
pounds
(5)

U.S.

dollars 2/
(6)

87
FOREIGN CURRENCY POSITIONS
Section

II.

- Canadian

Table FCP-ll-1.
[In

Dollar Positions

- Nonbanking
minions

Firms' Positions

dollars]
Net

Report
date

Liabilities 2J

Exchange bought

4_/

Exchange sold

posi1

1/30/87
2/27/87

4,«27
4,445

r51,888
4,372

4/30/87.
5/29/87.

6/30/87

(2)

(3)

(4)

(5)

734
333

3,533
4,162

4,137
4,415

3,089
3,309

Exchange
rate 6/
(6)

0.7476
0.7497

Position
hel

In;

88
FOREIGN CURRENCY POSITIONS
Section

III.

Table FCP-lll-1.

- German Mark Positions
- Nonbanking Firms' Positions-

[In millions

Report
date

marks]
Net

Assets

Liabilities

_2^/

Exchange bought^/

_3^/

Exchange sold^/

position

Exchange
rate 6/

Position
held

in:

(1)

(2)

1/30/87
2/27/87

1,743
1,698

4,464
4,957

31,135
34,671

20,191
24,459

8,223
6,953

1.8332
1.8265

United States
United States

3/31/87

r44,104
1,146

r45,023
4,946

r7,205
35,953

r5,354
25,769

r932
6,384

1.8045
1.8045

Abroad
United States

r7,316

1.8045

Worldwide

(3)

(4)

(5)

r43,158

(6)

4/30/87
5/29/87

1,024
1,341

4,398
4,303

36,003
39,798

26,544
32,188

6,085
4,648

1.7860
1.8205

United States
United States

6/30/87

41,879
1,513

41,373
6,538

6,097
43,296

4,667
28,542

1,936
9,729

1.8300
1.8300

Abroad
United States

47,911

49,393

33,209

11,665

1.8300

Worldwide

Table FCP-lll-2.

Weekly Bank Positions

[In millions

marks]
World-

Assets 8/
Li abi it ies 9/
Report
date
United Foreign World- United Foreign WorldStates branch
wide
States branch
wide
1

(1)

(2)

(3)

(4)

(5)

Exchange bought 10/

Exchange sold 10/

(6)

(8)

Worldwide

United
States

(9)

(10)

Foreign
branch
(11)

Worldwide
(12)

6,257
6,409
6,528
6,876

85,995 92,252
89,904 96,313
96,047 101,575
92,682 99,558

6,713
6,858
7,423
7,635

79,002
83,595
88,802
86,211

85,715
90,453
96,225
93,846

198,508
225,629
208,498
233,342

252,052
267,406
271,574
272,248

450,560
493,035
430,072
505,590

197,741
224,691
203,492
233,565

259,994
274,035
278,464
276,643

457,735
498,726
486,956
610,208

2/04/87.
2/11/87.
2/18/87.
2/25/87.

7,662
7,859
7,585
8,319

91,711
99,373
96,852 104,711
94,370 101,955
95,555 103,874

8,177
8,214
7,695
8,390

84,997
90,913
87,944
89,615

93,174
99,127
95,639
98,005

231,965
233,344
225,297
227,295

278,925
281,119
261,288
259,367

510,890
519,463
486,585
486,662

232,370
239.672
227,616
229,695

283,096
286,187
267,038
264,917

515,466
525,859
494,654
494,612

3/04/87.
3/11/87.
3/18/87.
3/25/87.

8,901
8,701
9,073
9,507

95,832
92,948
94,439
93,966

104,733 9.539
101,649 9,526
103,512 9,947
103,473 10,911

90,253
88,256
88,642
87,426

99,792
97,782
98,589
98,337

232,459
247,833
207,087
219.855

237,394
264,102
235,272
232,682

469,853
511,935
442,359
452,537

235,990
252,723
211,834
223,520

243,429
269,420
241,671
239,522

479,419
522,143
453,505
463,042

4/01/87.
4/08/87.
4/15/87.
4/22/87.
4/29/87.

9,430
9,666
7,461
7,432
7,470

97,972
97.990
97,790
95,275
95,570

107,402 10,084
107,656 10,111
105,251
8,305
102,707
8,475
103,040 8,071

90,354 100,438
91,591 101,702
93,815 102,120
88,562 97,037
89,525 97,596

221,732
223,867
216,702
247,233

249,213
251,679
244,928
229,835
257,227

470,995
473,476
468,795
446,537
504,460

226,175
227.653
227,543
220,685
250,345

256,492
258,916
249,829
236,423
262,508

482,667
486,569
477,377
457.108
513,353

5/06/87.
5/13/87.
5/20/87.
5/27/87.

7,754
7,996
8,301
7,938

95,641 103,395
91,098 99,094
95,222 103,523
96,211 104,149

89,479
36,116
88,754
88,216

97,979
94,707
97,604
96,997

235,800
234,572
249,194
264,190

241,198
227,407
235,267
270,026

476,998
461,979
484,461
534,216

238,980
237,841
251,941
267,110

246,378
231,933
239,936
276,888

485,358
469,329
491,377
543.998

6/03/87.
6/10/87.
6/17/87.
6/24/87.

7,811
7,832
10,026
7,257

89,390 97,778
89,045 98,227
91,516 102,613
93,513 101,913

268,432
260,462
332,990
263.585

276,400
270,777
306,108
281,915

544,832

271,902
263,107
336,153
266,306

282.166
276.556
312,240
237,561

554.068
539.663
643,393
553,867

96,551
96,473
98,579
99,950

104,362
8,388
104,305
9,182
108,605 11,097
107,207
8,400

Exchange
posirate 12 /
tion 11/
net

United Foreign
States branch

1/07/87.
1/14/87.
1/21/87.
1/28/87.

8,500
8,591
8.850
8,781

wi de

221 ,797

531 ,239

639,098
545,500

(13)

1
1

(14)

89
FOREIGN CURRENCY POSITIONS
Section

- Japanese Yen Positions
- Nonbanking Firms' Positions

IV.

Table FCP-IV-1.

[In billions

Report
date

yen]

Exchange 5old£/

Exchange bought ~
4/

Liabilities ~
3/
(1)

(2)

(3)

(4)

1/30/87
2/27/87

300
224

770
777

1.878
1 ,214

1,459
945

3/31/87

rl3,617
r252

n. a.
n. a.

n. a
n. a.

1,493

4/30/87..
5/29/87...
6/30/87

position

Exchange

Position

rate 6/

held in:

(5)

(6)

-51

-284

153.6800
153.2400

United States
United States

n.a.
n.a.

145.8400
145.8400

Abroad
United States

8,098

146.3400

Worldwide

238
205

759
689

2,089
,294

1,716
2,044

-149
-233

139.4500
143.9500

United States
United States

2,221
330

1,898
884

230
1,947

164

1,543

390
-149

147.0500
147.0500

Abroad
United States

240

147.0500

Worldwide

2,178

2,551

Table FCP-IV-2.

- Weekly Bank

[In billions

Assets 8/

Report
United Foreign
date
States branch
(2)

Li abi

ies

World- United Foreign
wide
States branch
(3)

Positions-

yen]

Exchange sold 10/

Exchange bought 10/

Worldwide

United
States

Foreign
branch

Worldwide

States

Foreign
branch

Worldwide
(12)

Worldwide
net

Exchange

position 11/

rate

(13)

(14)

(9)

(10)

(11)

17,648
20,571
20,056
20,296

r34,294
39,785
r37,568
r38,694

rl6,537
19,052
rl7,481
rl8,332

18.425
21.417
20,900
20,881

r34.963
40,469
r38,381
r39,212

208
275
289

168.1500
152.9600
153.3000
151.4900

rl7,867
19,324
rl9,933 r21,603
rl7,460
19,295
17.821
19,637

r37,191
41,636
r36,766
37,358

rl7,932
rl9,929
17,413
17.683

20.045
r22.350
20,095
20,255

r37,977
42,278
r37.509
37.938

138
138
38
114

152.6600
153.6500
153.7800
163.4400

(7)

(4)

(5)

(6)

3,541
3,807
4,058
4,213

5,815
6,217
6,542
6,811

rl6,646
19,214
rl7,512
rl8,398

(8)

1/07/87.
1/14/87.
1/21/87.
1/28/87.

r2,292
2,448
r2,581
r2,717

4,400
4,727
4,936
4,901

r6,692
7,176
r7,617

2,274
2,410
2,484
2,597

2/04/87.
2/11/87.
2/18/87.
2/25/87.

r2.735
r2,637
r2,530
2,697

4,825
4,864
4,584
4,652

r7,569
7,491
r7,114
7,349

2,583
2,664
2,604
2,692

4,063
4,046
3,819
3,963

6,636
6,610
6,323
6,655

3/04/87.
3/11/87.
3/18/87.
3/25/87.

2,562
2,812
2,961
2,945

4,639
4,812
4,733
4,864

7,201
7,624
7,695
7,808

2,592
2,846
2,974
2,945

3,839
4,026
3,941
4,160

6,431
6,873
6,915
7,105

16.818
17,557
18,179
19,389

18,386
19,367
19,837
21,907

35,204
36,914
38,016
41,296

16,676
17,414
17,986
19,228

19,213
20,077
20,521
22,466

35.889
37,490
38,507
41,695

85
175
289
304

163.7200
153.6300
161.7500
149.1200

4/01/87.
4/08/87.
4/16/87.
4/22/87.
4/29/87.

2,856
3,031
3,056
2,864
3,015

5,109
5,167
5,281
040

7,965
8,198
8,337
7,904
8,623

2,839
2,978
3,031
2,889
3,102

4,398
4,338
4,401
4,183
4,886

7,237
7,316
7,432
7,073
7,988

18,733
19,171
20,955
20,668
24,164

21 ,941
21 ,918

40,674
41,089
45,241
41,024
50,476

18,700
19.053
20,814
20,606
23,884

22,684
22,677
25,113
21,143
27,036

41,284
41,730
45,927
41,649
50,919

118

24,286
20,367
26,312

240
219
207
191

146.8600
146.6500
142.0600
142.3000
140.7000

23,383
20,216
21,668
22,166

24,749
24,012
23,726
27,509

48,131
44,227
45,394
49,666

23,104
19,980
21.409
22,039

25,341
24.571
24.196
28,199

48,444
44.651
45.605
50,238

317
271
272
39

139.1500
140.1500
139.6000
144.0600

5/06/87.
5/13/87.
5/20/87.
5/27/87.

6/03/87..

069
002
008
3,146

,608

,283
,229
,383
,261

r7 ,517

8,352
8,231
8,391
8,409

3.096
3,062
3,073
3,176

4,626
4,574
4,835
4,622

7,722
7,636
7,908
7,798

162

90
FOREIGN CURRENCY POSITIONS
V. — Swiss Franc Positions
V—
1. — Nonbanking Firms' Positions
FCP—

Section

Table

[In millions of

Report

1/30/87.
2/27/87.

3/31/87..

4/30/87..
5/29/87..

n. a.
n. a
.

francs]

92
FOREIGN CURRENCY POSITIONS
VII. - U.S. Dollar Positions
FCP-VII-1.
Nonbanking Firms' Foreign

Section

Table

[In millions

Report
date

Assets 2/

Liabilities

Subsidiaries' Positions-'

dollars]

Exchange bought

Abroad

_4_/

Exchange sold

POS

_4_/

tion
(2)

(1)

3/31/87
6/30/37

r44,517
42,897

(3)

r44,647
36,962

(4)

r6,770
5,752

Table FCP-VII-2.

[In millions

Assets 8/

Li abi

ties

hel

8,025

dollars]

Exchange bought 10/

Exchange sold

Report
Date

Worldwide
net
pos
t on
1

(3)

(4)

(5)

1/07/87
1/14/87
1/21/87
1/28/87

r280,744
r288,280
r287,362
r291,661

r297,569
r303,156
r302,486
r306,531

418,058
470,068
476,997
478,008

396,823
449,072
456,766
458,711

r4,410
6,120
6,107
r4,427

2/04/87
2/11/87
2/18/87
2/25/87

r283,351
r294,950
r298,911
r297,202

r296,497
r309,734
r313,260
r311,614

471 ,577

r491.855
499,174
471,298

452,557
r472,388
478,076
450,328

r5,874
r4,683
r6,749
r6,558

3/04/87
3/11/87
3/18/87
3/25/87

r287,789
r294,678
r297,294
r284,929

r301 ,484

452,059

431,917

r6,447
r5,538
r5,030
r4,338

4/01/87
4/08/87
4/15/87
4/22/87
4/29/87

292,640
293,880
300,265
305,080
307,653

319,463
321 ,990

6/06/87
5/13/87
5/20/87
5/27/87

307,178
302,011
313,390
311,545

6/03/87
6/10/87
6/17/87
6/24/87

303,383
313,623
316,778
309,999

See footnotes on following page.

r307,905
r311 ,894

in:

Abroad
Abroad

rl ,519

Foreign Office Positions-

(5)

r5,121
3,662

- Weekly Bank

Posi
5/

n. a.

r300,355

482,363
488,723

462,733
468,959

306,534
307,517

494,237
496,912

474 ,146

311 ,700

521 ,971

489,627
560,369

479,018
502,617
469,824
540,891

6,197
4,257
8,019
5,420
5,141

319,848
314,638
326,429
325.927

528,317
514,456
525,557
601,438

511,280
497,376
509,924
583,613

367
553
694
443

397,725
410,020
408,820
401,049

642,536
666,683
684,046
686,091

543,763
566,976
587,196
589,884

431
310
809
157

FOREIGN CURRENCY POSITIONS
Footnotes to Tables FCP-I through FCP-VII

SECTION

Worldwide nel positions on Ihe
business concerns

business day

last

of the

calendar quarter

nonbanKIng

the United Stales and their foreign branches and majority-owned

partnerships and subsidiaries. Excludes receivables and Installment paper which have been
sold

discounted

before

maturity.

U.S.

parent

companies"

majority- owned foreign subsidiaries, fixed assets (plant

investment

and equipment), and

assets

and

(plant

equipment),

and

parents'

investment

majority -owned

foreign

subsidiaries.
'^

their

Capitalized plant

and equipment leases are excluded.

Includes both spot and fonward exchange rates.

capitaiized

leases for plant and equipment.

Columns

Representative rates on the report date. Canadian dollar and United Kingdom pound rates

Foreign branches and majority-owned partnerships and subsidiaries only.

and 3 less columns 2 and

are expressed

Weekly worldwide
and

their foreign

and

liabilities.

net positions of

banks and banking

institutions in the

branches and majority-owned foreign subsidiaries. Excludes

United States,

U.S. dollars per unit ot foreign currency,

Banks and banking
majority -owned

Foreign branches and majority-owned subsWiaries only.

institutions in the

subsidiaries. In

Vlt,

foreign

subsidiaries only.

Excludes capital assets,
II

THROUGH

q
VII

Excludes capital

liabilities.

Includes both spot and forward exchange contracts.

Positions of nonbanking business concerns

the United States and their foreign

branches and majority-owned partnerships and subsidiaries.
foreign branches

and majority-owned partnerships and subsidiaries

Exdudes receivables and

others

foreign units per U.S.

United States and their foreign branches and

section

SECTIONS

all

dollar.

capital assets

section VII positions of
only.

installment paper sok] or discounted before maturity, fixed

Columns 3 and 9

See footnote 6.

less

columns 6 and

12.

branches

and

majority-owned

EXCHANGE STABILIZATION FUND
INTRODUCTION
Background

statements as liabilities, they
the event of liquidation of,

The Exchange Stabilization Fund (ESF) was established under
the Gold Reserve Act of January 30. 1934(31 U.S.C. 822a). This act
authorized the establishment in the Department of the Treasury of a
stabilization fund to

be operated under the exclusive control of the

Secretary of the Treasury, with the approval of the President, for the
purpose of stabilizing the exchange value of the dollar. Subsequent
amendment of the Gold Reserve Act modified the original purpose
somewhat to reflect termination of the fixed exchange rate system.

must be redeemed by the ESF only

or U.S. withdrawal
or cancellation of SDRs.

Department of the IMF

from,

the

SDR

SDR certificates-Issued to the Federal Reserve System
against SDRs when SDRs are "monetized" and the proceeds of the
monetization are deposited in an ESF account at the Federal
Reserve Bank of New York.
Description of Tables

The resources of the fund consist of
invested in U.S. Government securities,

dollar balances, partly

special

drawing rights

(SDRs), and balances of foreign currencies.

The

sources of income or losses for the
losses on holdings of and transactions in
foreign exchange, and the interest earned on assets.

been

principal

profits or

ESF have
SDRs and

Table ESF-1 presents the assets, liabilities, and capital of the
ESF. Data are presented in U.S. dollars or U.S. dollar equivalents
based on current exchange rates computed according to the accrual
method of accounting. The capital account represents the original
capital appropriated to the ESF by Congress of $2 billion, less a
subsequent transfer of $1.8 billion to pay for the initial U.S. quota
subscription

the

Inception are reflected

Subsequent gains and losses since
the cumulative net income (loss) account.

IMF.
in

Definitions

Table ESF-2 presents the results of operations by quarter. Data
Special drawing nphfs.-lnternational assets created by the
International
Monetary Fund (IMF). They serve to increase
international liquidity and provide additional international reserves,
and may be purchased and sold among eligible holders through the
IMF.

SDR

allocalions. -The counterpart of

based on members' quota

SDRs

issued by the IMF

the IMF. Although

shown

ESF

are presented

in U.S. dollars or U.S. dollar equivalents computed
the accrual method of accounting. The "Profit (loss) on
foreign exchange" includes realized profits (losses) on sales of

according

as well as revaluation gains (losses) on currencies
for change in valuation of SDR holdings and
allocations" reflects the net gain (loss) on revaluation of SDR
foreign currencies
held.

"Adjustment

holdings

and

allocations for the quarter.

EXCHANGE STABILIZATION FUND
Table

ESF-1. -

Balances as

of Mar. 31,

1987, and June 30, 1987

[In thousands of dollars]

Mar.

Assets, liabilities, and capital

31,

1987.

through
June 30, 1987

Mar. 31, 1987

June 30, 1987

Assets
U.S. dollars:
Held at Federal

Reserve Bank of New York.
Held with Treasury:
U.S. Government securities
Other
Special drawing rights \J
Foreign exchange and securities 2J
German marks

876,363

1,693,456

2,469,819

493,156
1,067,000
8,740,449

6,723

499,879
1,067,000
8,855,788

115,339

Japanese yen
Pounds sterling
Swiss francs
Mexican pesos
Argentine austral s
Accounts recei vable
Total

208,598
344,221

(396,553)
(1,291,647)

14,827
23,477

381
53

225,000
124,835

(2,077)

61,127

(2,020)

3,812,045
2,052,574
15,208
23,530

225,000
122,758

assets

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

on IMF)

1,067,000

59,107

1,067,000

Total current liabilities

1,128,127

(2,020)

1,126,107

Other liabilities:
Special drawing rights certificates
Special drawing rights allocations

5,018,000
6,298,981

(37,265)

5,018,000
6,261,716

11,316,981

(37,265)

11,279,716

200,000
6,472,818

64,960

200,000
6,537,778

6,672,818

64,960

6,737,778

19,117,926

25,675

19,143,601

Total other liabilities

Capital
Capital account
Net income (loss)

(see table ESF-2)

Total capital

Total

liabilities and capital

See footnotes at end of table ESF-2.

Table ESF-2.

- Income and Expense

[In thousands of dollars]

Current quarter
Apr. 1, 1987,
through
June 30, 1987

Year to date
Oct. 1, 1986,

through
June 30, 1987

Income and expense:
Profit (loss) on:
Foreign exchange

(51,075)

633,262

Adjustment for change in valuation of SDR holdings
and allocations \J

(17,308)

120,186

36,007
35,417
61,919

106,652
52,281
230,907

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

Net

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.
Excludes
foreign
exchange
21
transactions for future and spot delivery.
A non-i ntcrest-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.
\J

64,960

1,143,288

Note. --Annual balance sheets for fiscal years 1934 through 1940 appear
in the 1940 Annual Report of the Secretary of the Treasury and those for
succeeding years appear in subsequent reports through 1980. Quarterly
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.

Special Reports

TRUST FUND REPORTS

100
Civil
[In millions of dollars.

Source:

Service Retirement and Disability Fund
Monthly Treasury Statement of Receipts and Outlays of the United States Government]

Receipts

Fiscal year
or month

101
Federal Disability Insurance Trust Fund
[In millions of dollars.

Source: Monthly Treasj-'y Statement of Receipts and Outlays of the United States Government]

Expenditures other than investments

Receipts
Fiscal year
or month

Appropriations

Deposits
by States

Total

Interest
and profits on

investments

1983
1984
1985
1986
1987

21,894
17,812
18.062
20,179
20,113

16,661
14,480
15,200
16,075
18,500

1988 (Est.)

22,801

21,889

1,415
1,394
1,805
1,818
1,624
1,622
2,166
1,578
2,073
1,503
1,429
1,686

1,204
1,225
1,317
1,604
1,568
1,605
2,115
1,558
1,676
1,467
1,500
1,661

145
151
123
163

20,113

18,600

648

1986-Oct
Nov
Dec
1987-Jan
Feb
Mar
Apr
May
June
July
Au9
Sept
Fiscal

1987

1,931
1,618
1,587
1,885
648

437
558
580
631
795

2,865
1,156
695
1,585
166
177

35
5

15
3

11
4

8
361

59
3

365

-7
-1

11
5

48
10

23
-75
21

166

18,279

Benefit
payments

102

103
Federal Old-Age and Survivors Insurance Trust Fund
[In millions of dollars.

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

Receipts
Fiscal year
or month

Appropriations

Deposits by

104
[In millions of dollars.

105
National Service Life Insurance Fund
[In millions of dollars.

Source:

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

106

107
Unemployment Trust Fund
[In millions of dollars.

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

Receipts
State

Fiscal year
or month

108
Investments of Specified Trust Accounts

Public Debt Securities and Agency Securities

by Issue, as of Sept. 30,
[In millions of dollars]

Investment securities

Type and rate

Payable
date

1987

us.

CURRENCY AND COIN OUTSTANDING

AND IN CIRCULATION

110
U.S.

CURRENCY AND COIN OUTSTANDING AND

CIRCULATION

INTRODUCTION

Purpose and Scope
The U.S. Currency and Coin Outstanding and

Definition of
in

Circulation

prepared on a monthly basis to inform the public of the
face value of currency and coin which are used as a medium of
exchange and the total thereof, as of the end of a given accounting
month. End-of-quarter data are then published in the Treasury

Statement

Bulletin.

The

Terms

"Amounts outstanding and in circulation"
Issues by the Bureau of ttie Mint which are purposely
intended as a medium of exchange. Therefore, coins sold by the
Bureau of the Mint at premium prices are excluded. However,
uncirculated coin sets, sold by the Mint at face value plus a handling
charge, are included.
includes

classification

all

The statement defines the total amount of currency and coin
outstanding and the portion of which is deemed to be in circulation.
Although it still includes some old and current rare issues of coin and
currency which do not circulate or may do so to a limited extent,
Treasury policy is to continue their inclusion in the statement since
such issues were originally intended for general circulation. The
statement also provides a brief description of the various issues of
U.S. paper money and further presents a comparative amount of

The term "Federal Reserve notes" refers to issues by the U.S.
Government to the public through the Federal Reserve banks and
their member banks. These notes represent U.S. Government
obligations. Currently, the item "Federal Reserve notes-amounts
outstanding" consists of new series issues. The Federal Reserve

money

issued

circulated

relation to population.

History
Monthly statements of currency and coin outstanding and in
have been published by the Department of the Treasury
since 1888. These statements were originally prepared by the
Division of Loans and Currency, which was then under the Office of
the Secretary of the Treasury but later became part of the Public
Debt Service (currently known as the Bureau of the Public Debt) in
1929. The statement was published with the title "Circulation
Statement of United States Money" from 1923 through December
31, 1965. Concurrently, from December 31, 1919, to September 30,
1951, the Office of the U.S. Treasurer published a statement entitled
"Monthly Statement-Paper Currency
of
Each Denomination
Outstanding." Two months after the Office of the U.S. Treasurer
assumed publication of the "Circulation Statement of United States
Money," a revision was made to the statement to include denomination detail of the currency in circulation. Publication of the "Monthly
Statement-Paper Currency of Each Denomination Outstanding" was
discontinued, and the revised version which combines information
from both statements is now known as the United States Currency
and Coin Outstanding and in Circulation Statement. The statement in
1983 ceased to be published as a separate, monthly release and
instead was incorporated into the quarterly Treasury Bulletin as a
circulation

special report.

note

the only class of currency currently issued.

known as

and were
lssue-1862 ($5 to
$1,000 notes), (b) Second lssue-1862 ($1 to $2 notes), (c) Third
lssue-1863 ($5 to $1,000 notes), (d) Fourth lssue-1863 ($1 to
$10,000 notes), and (e) Fifth lssue-1901 ($10 notes).
"U.S. notes" are also
in five

different issues;

legal tender notes

namely,

(a) First

The column for "Currency no longer issued" consists of gold
(old and new series), silver certificates (old and new
series). Federal Reserve notes (old and new series), national bank
notes (old and new series), and Treasury notes (1890 series).

certificates

"Dollar coins' include standard silver coins

and nonsilver

coins.

"Fractional coins' include subsidiary coins in denominations of
50 cents, 25 cents, and 10 cents and minor coins (5 cents and 1
cent).

Reporting Sources
Data used in the preparation of the U.S. Currency and Coin
Outstanding and in Circulation Statement is derived from monthly
reports required from Treasury offices, various U.S. Mint offices, the
Federal Reserve banks, and the Federal Reserve Board. Such
reports convey information about the amount, class, and denomination of new issues of cun-ency and/or coin, of destroyed and replaced
currency, and of currency and coins withdrawn from circulation.
Estimates of population from the Bureau of the Census are used in
the calculation of money circulated per capita.

Ill

U.S.

Currency and Coin Outstanding and
[Source

Financial

Management

AMOUNTS OUTSTANDING AND

Service]

CIRCULATION

Circulation

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