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Contents
FALL ISSUE, DECEMBER

1989

TREASURY ISSUES
Page

INTERNATIONAL AFFAIRS
3

The Strengthened Debt Strategy

ECONOMIC POLICY
The Outlook for the Savings and Loan

Industry after the Financial Institutions

Reform, Recovery, and Enforcement Act of 1989

FINANCIAL OPERATIONS
FEDERAL FISCAL OPERATIONS
Analysis -Budget results for the fourth quarter, fiscal 1989

FFO-1 .-Summary

of fiscal operations

Chart.-Monthly receipts and outlays

FFO-2.-On-budget and

budget receipts by source

Chart-Budget receipts by source
FFO-3-On-budget and off-budget outlays by agency

off

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
FD-1— Summary

of Federal

debt

FD-2.-lnterest-bearing public debt

FD-3 -Government account series

FD-4— Interest-bearing

securities issued by

Government agencies

FD-5.-Maturity distribution and average length of marketable interest-bearing public debt held by private investors

FD-6 -Debt subject

to statutory limitation

Chart— Average length of the marketable debt
Chart— Private holdings of Treasury marketable debt by maturity
FD-7 -Treasury holdings of securities issued by Government corporations and other agencies

TREASURY FINANCING OPERATIONS

32
33

PUBLIC DEBT OPERATIONS
PDO-1

-Maturity schedule of interest-bearing marketable public debt securities other than regular weekly

Treasury

PDO-2.-Olferings

bills

outstanding

of bills

and 52-week
38
41

III

Contents
Page
PDO-3. -Public

offerings of marketable securities other than regular weekly Treasury

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

for public

bills

marketable securities

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,

bonds and notes combined

and HH

OWNERSHIP OF FEDERAL SECURITIES
OFS-1 .-Distribution

Federal securities by class of investors and type of issues

OFS-2.-Estimated ownership

of public debt securities by private investors

MARKET YIELDS
MY-1 .-Treasury market

bid yields at constant maturities:

bills,

notes,

and bonds

Chart.-Yields of Treasury securities

MY-2.~Average
Chart-Average

yields of long-term Treasury, corporate,

yields of

and municipal bonds by period
long-term Treasury, corporate, and municipal bonds

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

67
68

foreigners

IFS-3— Nonmarketable US Treasury bonds and notes issued to official
IFS-4— Trade-weighted index of foreign currency value of the dollar

Institutions

and other residents

of foreign countries

68
69

CAPITAL MOVEMENTS
LIABILITIES

TO FOREIGNERS REPORTED BY BANKS

CM-l-1 -Total

liabilities

Chart— Liabilities

THE UNITED STATES
72

by type of holder

to foreigners

CM-l-2. -Total

liabilities

by type, payable

CM-l-3— Total
CM-l-4— Total

liabilities

by country

liabilities

by type and country

dollars

CLAIMS ON FOREIGNERS REPORTED BY BANKS

THE UNITED STATES

CM-ll-1, -Total claims by type

Chart— Claims on foreigners

CM-ll-2.-Total claims by country

Contents
Page
CM-ll-3. -Total claims on foreigners by type

SUPPLEMENTARY

LIABILITIES

CM-lll-1 .--Dollar claims

CM-lll-2.- Dollar

and country reported by banks

the United States

AND CLAIMS DATA REPORTED BY BANKS

THE UNITED STATES

on nonbank foreigners

liabilities to,

and

dollar claims on, foreigners in countries

and areas

not reported separately

AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING BUSINESS ENTERPRISES
THE UNITED STATES

LIABILITIES TO,

CM-IV-1. -Total

liabilities

and claims by type

CM-IV-2. -Total

liabilities

by country

CM-IV-3 -Total

liabilities

by type and country

CM-IV-4. -Total claims by country

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

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

domestic securities by type

sales of long-term foreign securities by type

CM-\/-3.-Net foreign transactions

Chart— Net purchases

of long-term

long-term domestic securities by type and country

domestic securities by selected countries

CM-V-4. -Foreign purchases and sales

CM-V-5 -Foreign purchases and sales

of long-term securities,

long-term securities, by type and country, latest date

by type and country,

latest

year

FOREIGN CURRENCY POSITIONS

SUMMARY POSITIONS
FCP-l-1 .-Nonbanking firms' positions

FCP-l-2. -Weekly bank positions

CANADIAN DOLLAR POSITIONS
FCP-ll-1. -Nonbanking firms' positions

FCP-ll-2. -Weekly

bank positions

GERMAN MARK POSITIONS
FCP-lll-1

-Nonbanking

FCP-lll-2. -Weekly

firms' positions

bank positions

96
96

JAPANESE YEN POSITIONS
FCP-IV-1 -Nonbanking

firms' positions

FCP-IV-2 -Weekly bank positions

97
97

SWISS FRANC POSITIONS
FCP-V-1 -Nonbanking

firms' positions

FCP-V-2 -Weekly bank positions

98
98

Contents
Page

STERLING POSITIONS
FCP-VI-1 .--Nonbanking

99
99

firms' positions

FCP-VI-2 -Weekly bank positions

U.S.

DOLLAR POSITIONS ABROAD

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

100

FCP-VII-2. -Weekly bank foreign office positions

100

EXCHANGE STABILIZATION FUND
ESF-1. -Balance sheet

103

ESF-2.-lncome and expense

103

SPECIAL REPORTS
TRUST FUNDS
Civil

service retirement

and

Federal disability insurance

disability
trust

108

fund

109

fund

Federal hospital insurance trust fund

110

Federal old-age and survivors insurance trust fund

111

Federal supplementary medical insurance trust fund

112

National service

life

113

insurance fund

Railroad retirement account

114

Unemployment

115

trust

fund

Chart. -Total receipts of major trust funds

Chart-Total expenditures
Investments of specified
Chart -Major

U.S.

trust

major

trust

accounts

trust funds, total net

117

funds

118

public debt securities

Nots.-Details of figures

Abbreviations:

may

not

add

to totals

because

securities by issue

119

investments

120

CIRCULATION

123

increase (decrease)

CURRENCY AND COIN OUTSTANDING AND

and agency

of rounding.

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

VII

Nonquarterly Tables and Reports
For the convenience of the Treasury

Bulletin user, nonquarterly tables

and

reports are listed below along

with the issues in which they appear.

Issues

Winter

Spring

Summer

Fall

Federal Fiscal Operations
FFO-4.-Summary

of internal revenue collections by States

and other areas

Federal Agencies' Financial Reports
FA-1 -Report on financial position

FA-3. -Report on accounts and loans receivable due from

tfie

public

FA-4. --Report on operations

FA-5— Report on cash

>
"V

flow

FA-6.-Report on reconciliation

Capital

Movements
and

CI^-lll-2 -Dollar liabilities to.

dollar claims on, foreigners in countries

and

areas not regularly reported separately

Special Reports

Consolidated Financial Statements of the United States Government

Statement
States
Trust

of Liabilities

and Other

Financial

Commitments

of the United

Government

Fund Reports;

Airport

and airway

Asbestos

trust

fund

trust

fund

Black lung disability trust fund
Civil

service retirement

and

disability

fund

Federal disability insurance trust fund
Federal hospital insurance trust fund

Federal old-age and survivors insurance

trust

fund

Federal supplementary medical insurance trust fund
Hartx>r

maintenance tmst fund

Hazardous substance superfund

Highway

toist

fund

Inland waterways trust fund

Leaking underground storage tank
National service

life

trust

fund

insurance fund

Nuclear waste fund

Railroad retirement account
Reforestation trust fund

Unemployment

trust

fund

Investments of specified

trust

accounts

TREASURY ISSUES

The Strengthened Debt Strategy
Nicholas F. Brady

Last spring this Ckimmittee agreed on major innovations
the debt strategy in order to reinforce the resolve of debtor
countries to pursue their economic reform efforts and to
encourage debtor countries and commercial banks to
negotiate new financial packages that Incorporate debt and
in

debt service reduction in addition to new money. It should be
a source of satisfaction for all of us that, over a relatively
short period of time, we have been able to turn the broad
outline of the strenghened strategy into clear progress in
individual countries.

Priority needs to be given by all parties to
negotiating agreements that assure finan-

support for those countries carrying
out significant reform programs.
cial

Our experience to date reaffirms that the basic thrust of
this strategy is sound and has benefits for both debtors and
creditors. Incentives for reform in debtor countries have been
increased; there are signs that flight capital will return to
countries making major adjustment efforts; and the strategy
is working to improve both the quality of creditors' assets and

creditworthiness

Our progress

due

to the cooperation of

many

parties.

should pay special thanks to the International Monetary
Fund (IMF) and World Bank for moving promptly to adopt
guidelines governing their support for debt and debt service
reduction and to help a number of debtor countries develop
medium-term economic reform programs as the basis for
extending this support. With these programs in place, and
prompt action by the Paris Club, the banks and debtor
nations have been able to negotiate financial support
packages. Both Mexico and the Philippines have reached
agreement with their commercial bank advisory committees.
We look forward to the early completion of these understandings as banks make the choice among the options agreed.

However, to be successful, the strategy must also reach
other debtors. Several other countries are now discussing
financial

packages with

their

commercial bank

creditors.

are optimistic that these discussions will lead to agreements
that take advantage of the new debt strategy.
Priority

needs

be given by

all

will

also require improvements

the current

the process

negotiations, including the efficacy of

Bank Advisory Ckjmmittee

structure.

However, the main challenge at the moment appears to
be the problem of unrealistic expectations-both among the
debtor countries and the banks. In one sense, improving
expectations was essential to restoring forward momentum
in the debt strategy. Progress had come to a halt, and there
was a growing sense of hopelessness. In another sense,

however, we must recognize that rising expectations need to
be tempered by realism on the part of both debtor countries
and the banks. This is part of the negotiating process-but in
this case time is money. Excessive expectations can only
promote delays, increase the risk of breakdown in negotiations, and ultimately raise the economic costs both to the
banks and debtor countries.

The foundation for external financial support-and for
improving growth in debtor nations-is the adoption of sound
macroeconomic and structural reform programs. These
should include measures which improve the climate for
foreign

and

domestic

can also play a useful

and encourage the
Workable debt/equity programs

investment

repatriation of flight capital.

role in this process.

IMF and World Bank technical and financial support for
these reform efforts is critical to the success of the debt
continue to believe both institutions can do more
strategy.
to address the problem of capital flight. Mexico's experience
after agreement was reached with its creditors is a compell-

example of the result we should seek. This is a strong
reason why debtor countries should accelerate their
implementation of policies that help repatriate flight capital
and liberalize domestic capital markets. Bold measures will
produce big results and reduce the need for external bank
financing. It will also lower financing costs and improve the
ing

management

of external obligations.

Conclusion
In conclusion, the process that we have put in place over
the past 6 months is working. am heartened by the decisive
actions taken to date, but we must persevere. Important
work remains. With continued cooperation, we can extend
I

the beachhead. Working together, the debt problem can be
made better, and we can advance our ultimate objectives of
sustained growth in the developing world and a stronger
international financial system.

parties to negotiating

that assure financial support for those countries
carrying out significant reform programs. This will require the
engagement of top-level policy people on both sides.

agreements

debtor countries.

Perhaps

presently followed

These were remarks by the Secretary of the Treasury,
September 24, 1989, before the Interim Committee of the
International Monetary Fund.

The Outlook

and Loan Industry
Reform, Recovery, and Enforcement Act of 1989

for the Savings

after the Financial Institutions

Robert R. Glauber

delighted to be here with you today to discuss

some major

provisions in the Financial Institutions Reform,
Recovery, and Enforcement Act of 1989 (FIRREA), particularly

as they relate

to the outlook for the

savings and loan

process is well underway. The RTC and the Oversight
Board have already accomplished much. To clarify the role
of each of these agencies, let me take a moment to describe
their respective duties and responsibilities.
tion

industry.

The RTC, which
FDIC,

will
thrift

responsibility to

ensure that the

thrift crisis

does not

focused on four major areas-improved capital standards,
structural reform, enhanced enforcement, and resolution of
thrifts.

and

be managed exclusively by the
cleanup. The RTC will determine

thrift

caseload, carry out the resolu-

any residual assets. In doing so,
must fulfill
the legislation's objectives of (1) maximizing returns on the
sale of institutions and assets, (2) minimizing the effects of
its activities on distressed local markets, and (3) maximizing
the affordability and availability of low-income housing. The
RTC, therefore, must meet objectives which will require untions,

reoccur required the administration to craft legislation that

insolvent

execute the

the prioritization of the

FIRREA's Focus
The

will

sell

avoidable tradeoffs.

Improved capital standards focused on changing the
structure under which thrifts are owned and
managed, requiring private sector capital at risk up front. In
addition, higher premiums for commercial banks and thrifts
will strengthen insurance fund integrity. Both changes increase the resources available before taxpayer funds are
incentive

The Oversight Board, chaired by the Secretary
Treasury, provides the policies to guide the RTC's

of the

activities,

furnishes funds, and monitors the
responsibilities.

RTC's execution of its
The Oversight Board does not work on

case-specific matters.

called on.

on the separation of the FedSavings and Loan Insurance Corporation (FSLIC) insurance function from its chartering function by assigning the
former to the Federal Deposit Insurance Corporation (FDIC)
and the latter to a newly reconstituted Office of Thrift Supervision (OTS), which is located in the Treasury and operates
under Treasury's general oversight.
Structural reform focused

eral

Enhanced enforcement provisions made
a year

better

address financial

activities.

for

available

Maximum

institution

fraud and other

legal penalties for

also greatly increased,

some cases to

funds to close, or
transfer the deposits of, 24 insolvent
thrifts and to lower the cost offunds at

need

illegal

its

Here are some of the
accomplishments to date:

RTC and

the Oversight Board's

such actions were

The Oversight Board has authorized and released to
over $18 billion for thrift resolutions, liquidity needs,
and replacement of high cost funds. These funds are avail•

$1 million per day.

to resolve insolvent thrifts resulted

the creation of the Resolution Trust Corporation (RTC), with
policies to be established and monitored by the Oversight
Board. Industry and taxpayer funds totaling $50 billion are to
be spent to dispose of the Institutions that fail over the next 3
its

years and their assets.

Oversight Board and

used

other institutions.

the
Finally, the

RTC has

$65

3 years to the Justice Department to help

million

The

RTC

FIRREA

funding plan, $20 billion in Treasury
fiscal 1989, and $30 billion to be
in 1990 and 1991. The funding plan
makes dollars immediately available to resolve thrift cases,
retains the full industry "self-help" contribution, and avoids
dismantling Gramm-Rudman-Hollings budget discipline.
able from the

and industry funding
raised by REFCORP

RTC Accomplishments
77705© were remarks by the

FIRREA was enacted

just

6 weeks ago, and the resolu-

for Finance,
cil

September

Under Secretary of the Treasury
Coun-

25, 1989, before the National

of Savings Institutions.

ECONOMIC POLICY
The RTC has used

•

deposits of, 24 insolvent
at other institutions.
•

for the

dures

its

thrifts

funds to close, or transfer the
and to lower the cost of funds

The Oversight Board has issued 12 interim policies
RTC, covering topics ranging from financial proceterms

to the

RTC

funding of

resolutions.

thrift

One

adopted last Thursday deals with limitaon guarantees.
would allow the RTC to enter into

interim policy just

tions

RTC Caseload

and Adequacy of Funding

Second, some have raised concern whether FIRREA
provides for adequate funding for case resolutions. We expect the RTC to merge or liquidate approximately 450 to 550
insolvent

thrifts,

with total assets of about

are institutions that have failed or

will fail

$300

billion.

These

from January 1989

through August 1992.

asset guarantees, capital loss coverage,
accommodate completion of an acquiror's
for no longer than 6 months. This policy is
financial risk and is in sharp contrast
guarantees that stretched up to 10 years.

or asset puts to

due diligence but
to limit the RTC's
to earlier FSLIC

• The Oversight Board has established a joint Oversight
Board-RTC policy development task force to make recommendations concerning strategies, policies, and goals for the

RTC

as well as the strategic plan for the RTC which the
Oversight Board must submit to Congress by December 31,
1989.
•
Most importantly, the Oversight Board and the RTC
have successfully begun an orderly, cooperative, and professional working relationship. This may be the most significant
initial

step

getting the job

done

The $50 billion available in the legislation is in line with
estimates of the size of the problem from the FDIC, Federal
Reserve, and OTS; also, the General Accounting Office did
not determine this amount to be inadequate. The numbers
and assumptions underlying this estimate were examined
fully during Congress' consideration of the bill and were not
adjusted.

The

inflation,

crease the cost

thrifts is

real estate prices.

of the

RTC

FIRREA

available

is in

real

resolution task-either by increas-

by adding a large

for

resolutions

addition to about

billion

most important, however, is that the RTC gets
delay is costly. To ensure additional funds
are available for resolutions. Treasury expects to begin marketing REFCORP bonds early in the next quarter. At the
administration's request, the Securities and Exchange Commission (SEC) has exempted the REFCORP bonds from
registration under the 1933 Securities Act and from regulation of trading under the 1934 Exchange Act. The exemp-

What

declining, and the prices of many institutions' stocks have begun to rise.

Questions about

economic
Should an unexpected
rates,

from 1992-99. This
which is allocated to
capitalizing Savings Association Insurance Fund.

are appearing

already—the cost offunds for

interest

of presently

amount

ofFIRREA

solvent institutions to the caseloadportion of an additional $24 billion in FIRREA funding

would

benefits

future

ing the cost of resolving the institutions or

some

The

relative stability of

economic scenario occur, such as a sharp recession or a
significant rise in interest rates, which would markedly in-

number

well.

depends on the

factors-tor example,

growth,

number

a number

ultimate cost of resolving such a large

institutions

on with the

job, for

tions recognize that the credit of the United States stands

Although the

underway,
some have raised certain ongoing questions about FIRREA.
First, with regard to capital standards, a dispute apparently
exists as to the meaning of the leverage limit capital standard. FIRREA requires that S&Ls maintain core capital to
assets of no less than 3 percent and that the standard be no
thrift

resolution process

well

behind

REFCORP

the principal. That

ment

securities.

interest, industry
will

The

funds having defeased

permit the bonds to trade as Governmarketing of REFCORP bonds by
exemptions should further reduce the

Treasury and the SEC
spread between Treasury securities and

REFCORP

bonds.

less stringent than that for national banks.

The Future

Chairmen Gonzalez and Riegle have

recently sent

Treasury setting forth their views that the thrift
standard in FIRREA is different from the existing Office of
the Comptroller of the Currency standard of 5.5-percent primary capital to assets and 6-percent total capital to assets.
ters to the

The

final

regulations establishing the

thrift

for Thrifts

let-

capital stand-

ard must reflect a careful reading of both the statutory lan-

guage and congressional intent. OTS is currently drafting
these regulations, and after receiving Treasury review and
approval, they will become effective by the statutory deadline
of December 7, 1989.

What of the
may make better

future for thrifts?

The problem

institutions

press copy, but from a longrun perspective
the more relevant statistic is the large number of profitable,
well-managed savings and loans operating today.

OTS reported that, at the end of the second quarter of
1989, approximately 2,000 thrifts were profitable-over 80
percent of all thrifts with tangible capital. These S&Ls had an
average return on assets of a respectable 56 basis points.
And

raising

capital

individual

thrift

capital levels will lead to

new

from outside the industry and consolidation within.

ECONOMIC POLICY
industry survive? think the answer is yes, a
housing finance will survive. Although no one
knows the precise future form of the industry, it will largely
depend on providing a product the customer wants at a reasonable price.

Will

system

thrift

•
Thrifts will retain special access to Federal Home
Loan Bank advances, even though commercial banks and

credit unions are

now allowed

to join the

system.

Future Organization of the Financial Services Industry

can be sure that demand will continue to exist for
home mortgages, as well as for the other financial products
that

Therefore, it seems reasonably clear that
be institutions successfully and profitably specializ-

S&Ls

offer.

there

will

ing in

housing finance.

The

well-capitalized,

provide these

that

well-managed savings and loans
surely will be the greatest

services

FIRREA. The industry that emerges from the
will be one with an attractive and viable
a clean, recapitalized insurance fund, and one

beneficiaries of

And what
as

that

of the

financial

broader financial landscape? It is logical
continue to diversify their

institutions

portfolios-and the administration is actively supporting responsible financial reform legislation that would encourage
this process-certain types of institutions will group together.

This grouping

may

not

such as membership
but rather

on the

be based on

artificial

distinctions,

a particular deposit insurance fund,

financial services the institutions provide.

resolution process
charter, with

prepared to provide

The

benefits of

funds
tions'

its

traditional support for

FIRREA

home

financing.

are appearing already-the cost of

for thrifts is declining,

stocks have begun to

and the prices

many

institu-

expect that community bankers could well find the thrift
attractive given the
markets that they serve.
Likewise, some of the large savings and loans might have
I

charter

common

with their commercial

bank counterparts.

rise.

Despite the landmark changes in thrift supervision and
legislation preserves many of the special
benefits of being a savings association.

Conclusion

regulations, the

have discussed today the tangible impact of FIRon the future of the thrift industry. However, the legislation also has an effect at a more intangible level-what the
President called "restoring public confidence." This may be
one of the bill's most important legacies, since Americans
must have faith in the savings and loan industry in order for
was created-financing the
to serve the purpose for which
American dream of homeownership.

REA

•

Thrifts

brokerage

will

risk.

can

engage in insurance and
denied to commercial banks.

still

activities

real estate

• Thrifts can continue to diversify their portfolios, which
help reduce their traditional vulnerability to interest rate

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

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
on the assets and 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.
first

three

Budget authority usually takes the form of "appropriations"
which permit obligations to be incurred and payments to be made.

Most appropriations

for current

operations are

made

available for

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

Government accounts or

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

They

are

classified

into

two

major

collections credited to appropriations
offsetting

receipts

categories;

amounts deposited

(i.e.,

(1) when authorized by law, amounts collected for
materials or services are treated as reimbursements to appropria-

tions

and

(2) in the three

and

types of revolving funds (public enterprise,
trust);
collections
are netted against

spending, and outlays are reported as the net amount.

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 authonty
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 appropnations are
appropriations related to multiyear budget requests.

When

budget authority 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
specific period of time,

when

the

amounts were

originally appropriated

when

they

would otherwise lapse.
Ouf/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, debentures, notes, monetary credits, or electronic payments. Refunds of
collections generally are treated 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 be for
in prior years or in the same year.
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

payment

of obligations incurred

Outlays, therefore, flow

in part

(2)

two instances;

Some

obligations

and

Collections credited to appropriation or fund accounts normally can
be used without appropriation action by Congress. These occur in

intragovernmental,

been attained (no-year appropriations).

offsetting

receipt accounts).

obligation only during a specified fiscal year (annual appropriations).

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

(1)

or fund accounts,

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 b>e 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
subdivided
into
three
categories; (1) interfund transactions, where the payments are from
one fund group (either Federal funds or trust funds) to a receipt
account in the other fund group; (2) Federal intrafund transactions,

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

deducted from budget authority
There are four
types of receipts, however, that are deducted from budget totals as
undistributed offsetting receipts. They are; (1) agencies' payments
(including 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)
other interest (i.e., interest collected on Outer Continental Shelf
money in deposit funds when such money is transferred into the
Offsetting receipts are generally

and outlays by

function, by subtunction, or by agency.

budget).
entities. -The

Federal Government has used
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
certain off-budget Federal entities onto the budget. Under current
law, the off-budget Federal entities consist of the two social security
Off-budget Federal

the unified budget concept as

the foundation

FEDERAL FISCAL OPERATIONS
trust funds.

Federal old-age and survivors insurance and Federal

and net miscellaneous receipts by source.

disability insurance.

The off-budget Federal

entities

controlled, but their transactions are

under provisions of law.
outlays,

and surplus or

When an
deficit

are

federally

owned and

excluded from the budget
entity is off-budget,

are not included

its

Table FFO-3.--On-budget and Off-budget Outlays by Agency

totals

receipts,

budget receipts,

Congress
[generally]

provides

[usually]

budget

authority

the form of appropriations, then

which

Federal agencies

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

budget outlays, or the budget deficit; its budget authority is not
included in the totals of budget authority for the budget; and its

obligate the

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

Table FFO-4.--Sumniary of Internal Revenue Collections by States and

Government instead

of the

table represent

Other Areas
This annual table provides data on internal revenue collections
classified by States

reported are

for

and other areas and by type of tax. The amounts
made in a fiscal year beginning in

collections

October and ending the following September.

on-budget amounts alone.

Fiscal year collections

This

table

summarizes the amount

total

receipts,

outlays, total surplus or deficit, transactions in Federal securities

monetary

assets,

span several tax

years because

liability

they consist of prepayments (e.g., estimated tax payments and taxes

Table FFO-l.--Summary of Fiscal Operations

and transactions and balances

total

and

Treasury

withheld by employers for individual income and social security
taxes), of payments made with tax returns, and of subsequent

payments made

due or are tiled
on delinquent accounts).

after tax returns are

with delinquent returns or

(e.g.,

payments

operating cash.
It

also important to note that these data do not necessarily

Budget receipts are taxes and other collections from the public
from the exercise of the Government's sovereign or
governmental powers. The amounts in this table represent income

Federal tax burden of individual States. The amounts are
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

taxes, social insurance taxes, net contributions for other insurance
retirement, excise taxes, estate and gift taxes, customs duties.

were withheld. In addition, an
work in another State.

reflect the

Table FFO-2.--On-budget and Off-budget Receipts by Source

that result

and

individual

may

reside

one State and

FEDERAL FISCAL OPERATIONS
Budget Results for the Fourth Quarter, Fiscal 1989

Summary
The Federal budget for the
was In deficit by about $46-1/2
lion

wider than

1989
more than $10 bil-

fourth quarter of fiscal
billion,

the comparable quarter of the preceding

year. For the entire fiscal year, the deficit

was $152

billion,

from a deficit of slightly more than $155 billion in fiscal
1988. Federal receipts for fiscal 1989 rose by 9 percent from
the year before, slightly more rapidly than an increase of
7-1/2 percent in Federal outlays.
off

In the fourth quarter of fiscal
1989, receipts totaled
$241-1/2 billion, up 6 percent from the corresponding quarter
of fiscal 1988. Outlays in the fourth quarter were about $288
billion, up 9-1/3 percent from a year earlier.

terms

of outlays

by functional category, spending

for

depressed by the special timing of payments.
Fourth-quarter spending on the commerce and housing function rose sharply (but not as much as projected) in conjuncartificially

enacted to resolve financial difficulsavings and loan industry. Net interest payments
and outlays for medicare in the fourth quarter both were up
by double-digit rates from year earlier figures. Spending on
the agriculture, energy, and natural resources functions in
the fourth quarter were below outlays a year ago.

tion with the legislation
ties in the

Net interest payments and outlays for
medicare were up by double-digit rates.

national defense rose by 7 percent during the fourth quarter
of fiscal

1989 from the year before when spending had been

million*]

July-Seplember
Total on-budget

and off^budget

results:

$241 .585

Total receipts

$990,789

On-budget receipts

178,540

727,123

Ott-budget receipts

63,044

263,666

288,039

1.142,777

232.390

931.556

55,648

211.221

TotaJ outlays

On-budget outlays
OH-budget outlays
TotaJ surplus (+) or deficit

On-budget surplus

Off-budget surplus (+) or

Means

-46,455

-151.988

{)

-53,850

-204.433

[-)

+7,395

+52,445

38,564

140,369

2,740

3,425

5,150

8.194

46,455

151,988

{-)

(+) or detictt

deficit

finsndng:

Borrowing from the public
Reduction

of operating

cash. Increase

(-)

Other means
Total on-budget

and off-budget financing.

Third-Quarter Receipts

The following capsule analysis of budget receipts, by source, for the third quarter of fiscal 1989 supplements
data earlier reported in the summer issue of the Treasury Bulletin. At the time of that issue's release, not
enough data was available to analyze adequately collections for the quarter.
fiscal

Income taxes.-lndividual income tax receipts
April through June 1989 were $26.4 billion
higher than the prior year comparable period. The large inIndividual

reflect

on balance a higher 1988 tax year

liability.

for the period

crease over the prior year reflects in part a disproportionate
amount of 1988 liability paid in the second calendar quarter
of 1989. Withheld receipts were up $3.1 billion, nonwithheld
receipts were up $18.2 billion, and refunds were down $5.1
billion. The higher nonwithheld receipts and lower refunds

Corporate income taxes.-Net corporate receipts for the
1989 totaled $37.2 billion, $5.2 billion
higher than the comparable prior year period. The largest
component of the increase was in estimated payments,
which rose by $3 billion. Final payments rose by $1.8 billion,
$1.1 billion of which was for prior liability exceeding 2 years

third quarter of fiscal

FEDERAL FISCAL OPERATIONS
ment were $50 million lower than in the comparable prior
year period due to decreased Federal employees retirement

(back taxes). Offsetting these increases in gross receipts,
corporate refunds were down by $0.4 billion.

contributions.

Employment taxes and contributions.-ln

the

third

Excise taxes.-Excise tax receipts for the April-June
1989 quarter were $9.2 billion, compared with $8.9 billion for
the same quarter of fiscal 1988. Year-to-year comparisons of
excise tax receipts have been affected by changes in the
timing of collections and refunds. The increase of $0.3 billion

employment taxes and contributions
an increase of $8 billion over the compayear period. Two adjustments were made to the

quarter of fiscal 1989,

were $94.6
rable prior

billion,

The Federal
Insurance Contributions Act trust fund was adjusted to reflect
actual withholding data from 1987. As a consequence, $1.3
billion was returned to the individual income tax account.
This correction exceeded a comparable adjustment to the
prior year by $1 billion. Based on tax returns from 1986, the
Self-Employment Contributions Act (SECA) trust fund was
increased by $0.1 billion, and the individual income tax account was reduced accordingly. The adjustment to the SECA
trust fund was about the same amount as an adjustment the
previous year.
Social Security trust funds during the quarter.

Unemployment lnsurance.--Unemployment

Customs duties.-Customs

insurance

1989 quarter were $10.3 bilcompared with $10.9 billion for the comparable prior

$4.2

billion for

1M9 Net

Budget Receipts, by Source

[In billions Ot

Individual

income taxes

dollare]

April

May

68.5

25.3

Corporate income taxes

14.7

Enployment taxes and contrbuttons
Unemployment insurance
Conttbutions lor other insurance and retirement

36.8
2.4
.3

Excise taxes

2.6

Estate and gift taxes
Customs duties

1.1

Miscellaneous recepts

1.2

Total budget receipts

billion.

for

from
Deposits of
billion

Federal Reserve earnings increased by $0.3 billion, while net
other miscellaneous receipts decreased by $0.2 billion.

retire-

TMid-Ouarlef Btctt

were
an in-

Miscellaneous receipts.-Net miscellaneous receipts

third quarter

1989, contributions for other insurance and

of the prior fiscal

the third quarter of fiscal 1989 increased by $0.1

the comparable prior year period to $5.2
of fiscal

part the

receipts net of refunds

the third quarter of fiscal 1989. This

crease of $0.3 billion over the same quarter
year and is due to an increase in imports.

year period. The decline in reported receipts for this source
is due to the widespread reduction in State unemployment
insurance tax rates for the 1989 tax year compared with
1988.

Contributions for other Insurance.-ln the

is in

these timing factors.

Estate and gift taxes.-Estate and gift tax receipts were
$2.7 billion in the April through June quarter of fiscal 1989.
This represents an increase of $0.8 billion over the previous
quarter and an increase of $0.5 billion over the same quarter
in the previous fiscal year. Most of the increase can be attributed to an increase in gift tax receipts in April and May.

tax receipts for the April-June
lion,

net excise receipts from the prior year level

result of

1.3

128.9

June

FEDERAL FISCAL OPERATIONS
Table FFO-1 .-Summary of Fiscal Operations
[In

millions of dollare. Source:

Monihly Treasury SlaiemenI

Recepls and Outlays

Total on-budqet and off-budget results
Fiscal year
or

month

Total

On-budget

receipts

(1)

(2)

Off budget
receipts

(3)

Total
outlays

On-budget
outlays

Off-budget

ot ihe

United Stales Governmenll

FEDERAL FISCAL OPERATIONS

MONTHLY RECEIPTS AND OUTLAYS
FISCAL YEARS 1988 AND 1989
Source: Monthly Treasury Statement of Receipts and Outlays
of the

United States Government

B
i

o
n
s

o
f

D
I

a
r

————— —

-87

J -88

M A M
FISCAL YEARS 1988

AND

1989

FEDERAL FISCAL OPERATIONS
Table FF0-2.--0n-budget and Off-budget Receipts by Source
[In

milltons ol dollars. Source: Monthly Treasury

Statement

Recetpis and Outlays of the United Stales Government]

,
.

FEDERAL FISCAL OPERATIONS
Table FF0-2.--0n-budget and Off-budget Receipts by Source-Continued
[In

millions of dollars]

Excise laxe

Social insurance

taxes and
contribut ions-

Airport

and airway

trust

fund

Con.
Fiscal year
or month

trust

Net
social

insurance
taxes and
contri-

butions

1985
1986
1987
1988
1989
1990

265.163

(Est.).,

1988 -Sept
Oct

Nov.
Dec.
1989- Jan
Feb.,
.

I^ar.,

Apr
May..
June
.

July

Aug.
Sept.
Fiscal

1989

Gross

Refunds

Net

H^hway

Blacl^ lung disability

Gross

trust

lund

Miscellaneous

fund

Refunds

Net

Gross

Refunds

Net

Gross

Refunds

FEDERAL FISCAL OPERATIONS

BUDGET RECEIPTS BY SOURCE
FISCAL YEARS 1988 AND 1989
Source: Monthly Treasury Statement of Receipts and Outlays
of the United States

Individual

Income

Corp. Income

Social Insurance

Excise

Government

Estate and Gift

Customs Duties

TAXES AND OTHER RECEIPTS

Misc. Receipts

FEDERAL FISCAL OPERATIONS
Table FF0-3.--0n-budget and Off-budget Outlays by Agency
[In

millions 0l dollars. Source:

Monlhly Treasury Slatemenl

Receipts and Outlays ot Ihe Unlled Slates Government]

FEDERAL FISCAL OPERATIONS
Table FF0-3.--0n-budget and Off-budget Outlays by Agency-Continued
[In

millions of dollars]

FEDERAL OBLIGATIONS

are the basis on which the use of funds is
the Federal Government. They are recorded at the point
at which the Government makes a firm commitment to acquire goods
or services and are the first of the four key events-order, delivery,
payment, and consumption-which characterize the acquisition and
use of resources. In general, they consist of orders placed, contracts
"Obligations"

controlled

awarded, services received, and similar transactions requiring the
disbursement of money.

order, but the order
private

itself

usually

causes immediate pressure on the

economy.

Obligations are classified according to a uniform set of
categories based upon the nature of the transaction without regard to
its
ultimate purpose. All payments for salaries and wages, for
example, are reported as personnel compensation, whether the
personal services are used in current operations or in the construction of capital items.

The
point

obllgational stage of

gauging the impact

Government transactions
of

a strategic
the Government's operations on the
is

economy, since
frequently represents for business firms
the Government commitment which stimulates business investment,
including inventory purchases and employment of labor. Disbursements may not occur for months after the Government places its
national

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

Table FO-1 .--Gross Obligations Incurred Within and Outside the Federal Government
by Object Class, as of June 30, 1989
[In

millions of dollars. Source:

Standard Fofm 225. Repon on Obligations, trom agencies]

Gross obligations incurred
Object class

Personal services ar>d berwfits:
Personnel compensation
Personnel benelits
Benefits for former personnel

102.915
6.237

102.929
23.534

14
17.297

673

Contractual services arxj supplies:
Travel and transportaton of persons
Transportation of things
Rent, communications, and utilities
Printing and reproduction
Otfier sen/ices
Supplies and materials

489

3.900
3.959
13.790

4.389
5,188
21.209

1.229
7.419
1.029
34.620
20.857

768
122.007
55.067

1.797
156.627
75.924

Acquisition of capital assets:

Equipment
Lands and structures
Investments and loans

52.704
11,518
24.318

4.280

163.586
310.078
156,985

25.114

56.984
13.312
24.341

1.794

Grants end fixed ciiarges
Grants. sutiskJies. and contributions
Insurance clairrc and indemnities
Interest and dividends
.

188,700
311.791
205.116

1.713
48.131

597

Refunds

597

Otfier:

Unvoucfiered

Undistributed U.S. obligations

Gross obligations Incurred

Less

tfian

3
7,412

9.202

16,614

$500,000.

For Federal budget presentation a concept of 'nel obligations Incurred" is generally used.
This concept eliminates transactions witfiin the Government and revenue and reimbursements from the public whicti by statute may be used by Government agencies without
appropriation action by the Congress. Summary figures on this basis follow. (Data are on
the basis of Reports on Obligations presentation and therefore may differ somewhat from
the Budget of the U.S. Government.)

Gross obligations incurred (as above)

1.209,801

Deduct:

Advances, reimbursements, other income,
Offsetting receipts

-211.312
-160.552

Net obligations incurred

837.937

etc.

FEDERAL OBLIGATIONS
Table FO-2.--Gross Obligations Incurred Outside the Federal Government by
Department or Agency, as of June 30, 1989
pn millions

of dollars.

Source: Standard Form 225. Report on Obligaflions, Irom agencies]

Personal services and benefits

Classification

Contractual services and supplies

FEDERAL OBLIGATIONS
Table FO-2. "Gross Obligations Incurred Outside the Federal Government by
Department or Agency, as of June 30, 1989--Continued
[In

minions of doHars]

Grants and fixed charges

Other

AcguisiTion of
capffal assets

Classification

Equpment

Lands
and

Invest-

strjc-

ments
and

tures

loans

Grants.
subsidies,

Insurance

daims

and

and con-

and indem-

dividends

Irbutions

niliee

Unvouchered

Interest

Undistrib-

Total

uted U.S.

gross
obHgalens

obliga-

tons

incurred

Legislative branch

Executive Office of the President
Funds appropriated to the President:
International development assistance

Other

35
47

257

1.464

Other

Commerce Dept

4.401

Agriculture Department:
ConvTtxJity Credit Corporation

25
59

13.578
3.660

19.325
17,107

178

28
5.532
18

1.606
71

131

Defense Department:
Military:

Department of the Amiy
Department of the Navy
Department of the Air Force
Defense agencies
Total military

Civi

Education Depanment

7.408
19.370
20.081
1 .363

.020

8S8

42
29
42

15.165

1.0"4

474

48.221

3.395

677

Energy Department
Health and Human Services, except
Social Security

637

1,109

1,943

114

9
64
65
10
38

3.582

Health and Human Services. Social
Security (off-budget)

Housing and Urban Development

Departmem.
Interior

Justice

Depanment
Depanment

Labor Department
State Department
Transportation Department
Treasury Department:
Interest on the public debt
Interest

on refunds,

etc

Other
Environmental Protection Agency
General Services Administration
National Aeronautics and Space
Administration
Office of Personnel

473

538
4
2
48
93

Management

Small Business Administration
Veterans Administration
Other independent agencies:
Postal Service

108
5

211

187

225

5
1

212

1.532

579
29

Oiher

236
148
57

Total

52.938

12,097

Tennessee Valley Authority

184

15.340

FEDERAL OBLIGATIONS

GROSS FEDERAL OBLIGATIONS AS OF JUNE

Personal Services & Benefits

Contractual Services

30,

1989

Outside Government

Within Government

Supplies

Acquisition of Capital Assets

Grants & Fixed Charges

[

200

400

600

$ Billions

GROSS FEDERAL OBLIGATIONS INCURRED
OUTSIDE THE FEDERAL GOVERNMENT
As

June 30, 1989
:ontractual Services

and Supplies

19%
Acquisition of Capital Asset:

8%
ersonal Services

11%

Grants and Fixed Chargei

62%

and Benefits

800

ACCOUNT OF THE
SOURCE AND

AVAILABILITY OF THE

BALANCE

The operating cash of the Treasury Is maintained in Treasury's
accounts with the Federal Reserve banks and branches and in tax
and loan accounts. Major information sources include the Daily
Balance Wire received from the Federal Reserve banks and
branches, and electronic transfers through the Letter of Credit
Payment, Fedline Payment, and Fedwire Deposit Systems. As the
balances in the accounts at the Federal Reserve banks become
depleted, they are restored by calling in (withdrawing) funds from
thousands of financial institutions throughout the country authorized
to maintain tax and loan accounts.

Law 95-1 47, the Treasury implemented
1978, to invest a portion of its operating cash
in obligations of depositaries maintaining tax and loan accounts.
Under the Treasury tax and loan investment program, depositary
financial institutions select the manner in which they will participate
in the program. Depositaries that wish to retain funds deposited in
their taix 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.
Under

authority of Public

a program on Nov.

Deposits

to tax

U.S.
IN

TREASURY

THE ACCOUNT OF THE

business under a uniform

U.S.

TREASURY

procedure applicable

all

financial

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
institutions

same

occasion, to the extent authorized by
in these
accounts proceeds from subscriptions to public debt securities
entered for their own account as well as for the accounts of their
customers. Also, Treasury can direct the Federal Reserve banks to
invest excess funds in these accounts directly from its account at the
Federal Reserve banks.
financial institution.

the Treasury, financial institutions are permitted to deposit

and loan accounts occur

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

the normal course of

Table UST-1 .--Elements of Changes
[In

Federal Reserve and Tax and Loan Note Account Balances

millions of dollars. Source: Financial

Managemeni

Service]

ACCOUNT OF THE
Table UST-1. "Elements of Changes

U.S.

TREASURY

Federal Reserve and Tax and Loan Note Account Balances-Con.
[In

millions of dollars]

Balances

End

of period

Fiscal year

Federal

Tax and

monih

Reserve

loan note

accounts

During period

High

Average

Federal

Tax and

Federal

Tax and

Federal

Reserve

loan note

Reserve

loan note

Reserve

accounts

1985
1986
1987
1988
1989

4.174
7.514
9,120
13,023
13,452

12.886
23.870
27.316
31.375

19.877
19.087
29.688

27.521

25.444

1988 -Sept.
Oct..

13,023
6,151
5.198
8.656
11.766
6.298

31.375
24,499
16.234
25.044
30.069
18.528

19.101

4.462
22.952
5.288
12.153
5.312
6,652
13,452

10.211

Nov
Dec

1989- Jan..
Feb..
Mar..
Apr.
.

May.
June.
July

Aug

Sept.

30.508
26.776
31.560
16.837
18,732
27,521

19.101

13,023
6.792
10,156
15.325
8.984
6.421
22.952
25.444
19.822
12.153
7.775
13.669

22.398
25,139
28,553
32.188
32,214
31.582
31,375
19.150

X,527
M.301
28,496
20.039
30.508
32,214
31.756
31.660
20.614
31.591

loan note

1.429

311

1,518
851
2.698

3,754
2,436

1.960
3.007
3,207
2.698
3.650
3.901
3.430
4,242
3.670
4.157
4.280
3.787
3.368

6,155

accounts

255

17,631

4,055
5,230
4,676
18,528
6,401

255
26,776
7.849
11.123
551
5.344

4,162
4.546
6.584
5.028
7.328

11.649
12.208
18.485
19.718
19.030

7.684
5.954
5.268
5.364
8.303
5.713
5.155
8.798
14.126
10.072
6.067
5.437
7.679

20.176
24.245
12.663
17.815
20,748
21,795

* Includes U.S. savings bonds, savings notes, retirement plan

U.S.

Less ttian $500,000.
Represents transfers from tax and loan note accounts, proceeds Irom sates of securities
other than Government account series, and taxes.
^ Represents ched^s paid, wire transfer payments, drawdowns on tellers of credit,
redemptions of securities other than Government account series, and inveelment (transfer)
of excess funds out of this account lo the tax and loan note accounts.
^ Special depositaries are permitted to make payment in the form of a deposit credit for the
purchase price of U.S. Governmenl securities purchased by them for their own account, or
for the account of their customers who enter subscr^tions through them, when this method
of payment is permitted under the terms of the circulars inviting subsalptions to the issues.
Effective Oct. 1. 1989, public debt securities, including U.S. savings bonds, will no longer be
settled through the tax and loan note accounts.

Tax and

accounts

savings notes

first

offered for sale as of

May

13,991
14.378
31.531

20.856
18.868
12,705
18.763

and lax

and

toss bonds.

1967, and were discontinued after

June 30, 1970. Retirement plan bonds first offered for sale as of Jan. 1,1963; tax and toss
bonds first issued in March 1968.
^ Taxes eiigble for credit consist of those deposited by taxpayers in the lax and loan
depositaries, as follows: Withheld income taxes beginning March 1948; taxes on enployers
and employees under the Federal Insurance Contributions Ad beginning January 1950. and
under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes
tieginning July 1953; estimated corporation income taxes beginning April 1967; ail
corporation income taxes due on or afler Mar. 15. 1968; FUTA taxes beginning April 1970.
and individual estimated income taxes t>eginning October 1988,

FEDERAL DEBT
INTRODUCTION

Treasury securities (i.e., public debt securities) comprise most of
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 quarterly Treasury
Bulletin, the Treasury publishes detailed data on the public debt
outstanding in the Monthly Statement of the Public Debt of the

agency borrowing from the Treasury, which is presented in the
Monthly Treasury Statement of Receipts and Outlays of the United

eral

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 Government.

United States and on agency securities and the investments of FedGovernment accounts in Federal securities in the Monthly
Treasury Statement of Receipts and Outlays of the United States

Table

Government.

Marketable Interest-Bearing Public Debt Held by Private Investors

eral

Table FD-1.--Summary of Federal Debt

The Federal debt outstanding is summarized as to holdings of
and agency securities by the public, which includes the

public debt

Federal Reserve, and by Federal agencies, largely the social secuand 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
rity

Bulletin.

Table FD-2.--Interest-Bearing Public Debt
Interest-bearing

marketable

and

nonmarketable

Treasury

securities are presented as to type of security. The difference between interest-bearing and total public debt securities reflects out-

standing matured Treasury secunties on which interest has ceased
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.

FD-5.-Maturity

Distribution

and

Average

Length

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-percent 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
had been expanded since 1971 to authorize the Treasury to continue
to issue long-term securities. The 4-1/4-percent interest rate ceiling
on Treasury bonds was repealed on November 10, 1988. The volume of privately held Treasury marketable secunties 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 matunty, weighted by the amount of each security held by private investors (i.e., excludes the Government accounts and Federal Reserve banks).

Table FD-6.-Dcbt Subject to Statutory Limitation

Table FD-S.-Government Account Series

is compared with the outstanding debt
other debt category includes certain Federal
debt that the Congress has designated by statute to be subject to the
debt ceiling. The changes in non-interest-bearing debt shown in the

The

statutory debt ceiling

subject to

limit.

The

column reflect maiunties of Treasury securities on nonbusiness
such as weekends and holidays. In that event. Treasury
securities are redeemed on the first business day following a nonlast

Nonmarketable Treasury securities held by U.S. Government
accounts are summarized as to issues to particular funds within the
Government. Many 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
terms of marketable Treasury securities.

Table

FD-4.--Interest-Bearing

Securities

Issued

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 Fedin

part

days,

business day.

Table FD-7.--Treasury Holdings of Securities Issued by Government
Corporations and Other Agencies
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 is-

sues

of public

debt secunties.

FEDERAL DEBT
Table FD-1. "Summary of Federal Debt
[In

millions of dollars. Source: Monthly Treasury

Amount outstanding
End

fiscal

year

Statemeni

Receipts and Oullays ol the United Slates Governmenl]
Securities held by:

FEDERAL DEBT
Table FD-3.--Government Account Series
[In millions of dollars.

Source: Monthly SlalemenI

of the Public

Debl

of Iha United Slates)

FEDERAL DEBT
Table FD-4.--lnterest-Bearlng Securities Issued by Government Agencies

FEDERAL DEBT
Table FD-5.--Maturity Distribution and Average Length of iVIarketabie
Interest-Bearing Public Debt Held by Private Investors
[In

End

fiscal

year

month

millions of dollars. Source: Oftice of

Amount

Market Finance]
Maturity classes

outstanding
privately

held

Within
1 year

1-5

years

5-10
years

10-20
years

20 years
and over

Average length

FEDERAL DEBT

E o

FEDERAL DEBT

E o

FEDERAL DEBT
Table FD-7. "Treasury Holdings of Securities Issued by Government Corporations and Other Agencies
[In

End

fiscal

millions ot dollars. Source:

year

month

Total

Monthly Treasury Slatement

Receipts and Outlays of the United Slates Govemfnenf]

TREASURY FINANCING OPERATIONS, JULY-SEPTEMBER
JULY

1989

million of 364-day Treasury bills to be dated July 6,
1989, and to mature July 5, 1990. As the 52-week bills
maturing on July 6 were outstanding in the amount of $9,234
million, this issue resulted in a paydown of about $225 mil-

$9,000

Auction of 7- Year Notes

Tenders were opened on June 29. They totaled $21,714
which $9,003 million was accepted, including $641
million of noncompetitive tenders from the public and $2,800
million of the bills issued to Federal Reserve banks for their
own account. The average bank discount rate was 7.58
lion.

announced

would auction
$7,250 million of 7-year notes to refund $4,437 million of
notes maturing July 15, 1989, and to raise about $2,825
million new cash. The notes offered were Treasury Notes of
Series G-1 996, dated July 1 7, 1 989, due July 1 5, 1 996, with
interest payable on January 15 and July 15 until maturity. An
July 5 the Treasury

interest rate of 7-7/8 percent

was

Tenders

for the

and

was accepted

$20,456

until

million, of

p.m.

private

investors

totaled

$6,951

million.

In addition to the $7,289 million of tenders accepted in
the auction process, $150 million was accepted from Federal
Reserve banks as agents for foreign and international

monetary authorities, and $286 million was accepted from
Federal Reserve banks for their own account.

Auction of 2- Year Notes

July 19 the Treasury

announced

that

would auction

2-year notes to refund $10,569 million of
notes maturing July 31, 1989, and to pay down about $1,575
million. The notes offered were Treasury Notes of Series
AC-1 991, dated July 31, 1989, due July 31, 1991, with interest payable on January 31 and July 31 until maturity. An
interest rate of 7-3/4 percent was set after the determination

$9,000

million of

as to which tenders were accepted on a yield auction basis.

Tenders for the notes were received until 1 p.m. EDST,
July 26, and totaled $28,675 million, of which $9,007 million
was accepted at yields ranging from 7.73 percent, price
100.036, up to 7.75 percent, price 100.000. Tenders at the
high yield were allotted 49 percent. Noncompetitive tenders
were accepted in full at the average yield, 7.75 percent, price
100.000. These totaled $1,491 million, including $750 million
to Federal Reserve banks as agents for foreign and
international monetary authorities. Competitive tenders accepted from private investors totaled $7,516 million.

awarded

addition to the $9,007 million of tenders accepted in

the auction process,

Resen/e banks

S2-Week

$787

for their

million

own

was accepted from Federal

account.

August Quarterly Financing

On August 2

the Treasury announced that it would auc3-year notes of Series T-1992, $9,750
million of 10-year notes of Series C-1999, and $9,750 million
of 30-year bonds of 2019 to refund $15,904 million of Treasury securities maturing August 15 and to raise about $13,600
million of new cash.

tion

$10,000

million of

The notes of Series T-1992 were dated August 15, 1989,
due August 15, 1992, 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 8, and totaled $28,608 million, of which $10,031 million was accepted at yields ranging from 7.92 percent, price
99.882, up to 7.94 percent, price 99.829. Tenders at the high
yield were allotted 9 percent. Noncompetitive tenders were
accepted in full at the average yield, 7.93 percent, price
99.856. These totaled $566 million. Competitive tenders
accepted from private investors totaled $9,465 million.
In

addition to the $10,031 million of tenders accepted

the auction process,

$922

million

was accepted from Federal

Reserve banks as agents for foreign and international
monetary authorities, and $2,534 million was accepted from
Federal Reserve banks for their own account.

The notes of Series C-1999 were dated August 15, 1989,
due August 15, 1999, with interest payable on February 15
and August 15 until maturity. An interest rate of 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 9, and totaled $18,682 million, of which $9,763 million was accepted at yields ranging from 8.02 percent, price
99.864, up to 8.05 percent, price 99.661 Tenders at the high
yield were allotted 4 percent. Noncompetitive tenders were
accepted in full at the average yield, 8.03 percent, price
.

99.796. These totaled $344 million. Competitive tenders
accepted from private investors totaled $9,419 million.

Bills

On June

AUGUST

at yields

accepted from

tenders

percent.

EDST,

which $7,289

ranging from 7.88 percent,
price 99.974, up to 7.90 percent, price 99.868. Tenders at
the high yield were allotted 37 percent. Noncompetitive
tenders were accepted in full at the average yield, 7.89 percent, price 99.921. These totaled $338 million. Competitive
million

million, of

yield auction basis.

notes were received
totaled

set after the determination

which tenders were accepted on a

July 12, 1989,

that

23 tenders were

invited

for

approximately

addition to the $9,763 million of tenders accepted

TREASURY FINANCING OPERATIONS, JULY-SEPTEMBER
the auction process,

Reserve banks

$400

tor their

million

own

was accepted from Federal

was

percent

set after the determination

were accepted on a

account.

The notes of Series C-1999 may be held in STRIPS
The minimum par amount required is $25,000.

form.

The bonds of 2019 were dated August 15, 1989, due
August 15, 2019, with interest payable on February 15 and
August 15 until maturity. An interest rate of 8-1/8 percent
was set after the determination as to which tenders were
accepted on a yield auction basis.
Tenders for the bonds were received until 1 p.m. EDST,
August 10, and totaled $20,100 million, of which $9,752 million was accepted at yields ranging from 8.13 percent, price
99.944, up to 8.15 percent, price 99.721. Tenders at the high
yield were allotted 53 percent. Noncompetitive tenders were
accepted in full at the average yield, 8.14 percent, price

These totaled $374 million. Competitive tenders
accepted from private investors totaled $9,378 million.

1989
as to which tenders

yield auction basis.

Tenders for the notes were received until 1 p.m. EDST,
August 23, and totaled $26,150 million, of which $7,800 million was accepted at yields ranging from 8.24 percent, price
99.976, up to 8.26 percent, price 99.893. Tenders at the high
yield were allotted 60 percent. Noncompetitive tenders were
accepted in full at the average yield, 8.26 percent, price
99.893. These totaled $341 million. Competitive tenders
accepted from private investors totaled $7,459 million.
In

addition to the $7,800 million of tenders accepted

the auction process,

$450

was awarded

million

Reserve banks as agents
monetary authorities.

foreign

for

and

to Federal

international

99.833.

In addition to the $9,752 million of tenders accepted in
the auction process, $200 million was accepted from Federal

Reserve banks

for their

own

account.

The bonds of 2019 may be held in STRIPS
minimum par amount required is $320,000.

Auction of

2- Year

On August 16

and

5- Year

form.

Legislation enacted on August 7, 1989,
temporarily increased the statutory debt
limit to $2,870,000 million through October 31, 1989.

The

52-Week

2-Month Notes

the Treasury announced that
would auc$9,500 million of 2-year notes of Series AD-1991 and
$7,750 million of 5-year 2-month notes of Series L-1994 to
refund $10,619 millioft of publicly held 2-year notes maturing
August 31, 1989, and to raise about $6,625 million of new
it

tion

cash.

were invited for approximately $9,000
364-day Treasury bills to be dated August 3, 1989,
and to mature August 2, 1990. The issue was to refund
$9,287 million of maturing 52-week bills and to pay down
about $275 million. Tenders were opened on July 27. They
totaled $31,641 million, of which $9,037 million was acJuly 21 tenders

million of

Tenders for the notes were received until 1 p.m. EDST,
August 22, and totaled $24,016 million, of which $9,501 million was accepted at yields ranging from 8.35 percent, price
99.819, up to 8.38 percent, price 99.765. Tenders at the high
yield were allotted 46 percent. Noncompetitive tenders were
accepted in full at the average yield, 8.37 percent, price
99.783. These totaled $1,033 million. Competitive tenders
accepted from private investors totaled $8,468 million.
In addition to the $9,501 million of tenders accepted In
the auction process, $650 million was accepted from Federal

Reserve banks as agents for foreign and international
monetary authorities, and $892 million was accepted from
Federal Reserve banks for their own account.

The notes of Series L-1994 were dated September 1,
1989, due November 15, 1994, with interest payable on May
15 and November 15 until maturity. An interest rate of 8-1/4

$550

noncompetitive tenders
the bills issued to Federal Reserve banks for themselves and as agents for foreign

cepted,

The notes of Series AD-1991 were dated August 31,
1989, due August 31, 1991, with interest payable on
February 28 and August 31 until maturity. An interest rate of
8-1/4 percent was set after the determination as to which
tenders were accepted on a yield auction basis.

Bills

including

million

from the public and $2,226 million

and international monetary
discount rate

was 7.22

authorities.

The average bank

percent.

On August

18 tenders were invited for approximately
364-day Treasury bills to be dated August
31, 1989, and to mature August 30, 1990. This issue was to
refund $9,21 1 million of maturing 52-week bills and to raise
about $50 million of new cash. Tenders were opened on
August 24. They totaled $27,546 million, of which $9,264
million was accepted, including $535 million of noncompetitive tenders from the public and $2,880 million of the bills
issued to Federal Reserve banks for themselves and as
agents for foreign and International monetary authorities. An
additional $10 million was issued to Federal Reserve banks
as agents for foreign and international monetary authorities
for new cash. The average bank discount rate was 7.68

$9,250

million of

percent.

Cash Management

On August

Bills

tenders were

invited

for

approximately

TREASURY FINANCING OPERATIONS, JULY-SEPTEMBER
million of 45-day bills to be issued August 7, 1 989,
representing an additional amount of bills dated March 23,
1989, maturing September 21, 1989. The issue was to raise
new cash. Tenders were opened on August 3. They totaled
$23,855 million, of which $5,002 million was accepted. The

$5,000

1989

addition to the $9,754 million of tenders accepted

the auction process, $980 million

was accepted from

i^ederal

Reserve banks as agents for foreign and international
monetary authorities, and $650 million was accepted from
Federal Reserve banks for their own account.

average bank discount rate was 7.98 percent.

On August 2

tenders were invited for approximately
$10,000 million of 247-day bills to be issued August 15,
1989, and to mature April 19, 1990. On August 7, 1989, the
offering announcement was amended to increase the
amount offered by $5,000 million to $15,000 million. The
issue was to raise new cash. Tenders were opened on
August 10. They totaled $45,312 million, of which $15,020
million was accepted. The average bank discount rate was
7.88 percent.

Public Debt Limit

The notes of Series Q-1993 were dated October 2, 1989,
due September 30, 1993, with interest payable on March 31
and September 30 until maturity. An interest rate of 8-1/4
percent

was

on August

1989, temporarily increased the statutory debt limit to $2,870,000 million through
October 31,1989. This enabled the Treasury to resume the
issue of time depxjsit State and Local Government Series
securities which had been suspended effective July 20,
7,

1989.

yield auction basis.

Tenders for the notes were received until 1 p.m. EDST,
September 27 and totaled $21,675 million, of which $7,787

was accepted

million

at yields

ranging from 8.34 percent,

up to 8.35 percent, price 99.666. Tenders at
the high yield were allotted 86 percent. Noncompetitive
tenders were accepted in full at the average yield, 8.35 percent, price 99.666. These totaled $474 million. Competitive
price 99.699,

accepted

tenders
Legislation enacted

set after the determination as to which tenders

were accepted on a

from

private

investors

totaled

$7,313

million.

addition to the $7,787 million of tenders accepted

the auction process, $620 million

was accepted from Federal

Reserve banks as agents for foreign and international
monetary authorities, and $316 million was accepted from
Federal Reserve banks for their own account.

SEPTEMBER
52-Weelc

Auction of 2- Year and 4- Year Notes

On September 20

the Treasury announced that

would

auction $9,750 million of 2-year notes of Series AE-1991 and
$7,750 million of 4-year notes of Series Q-1993 to refund

$16,529 million of Treasury notes maturing September 30
and to raise about $975 million of new cash.

The notes of Series AE-1991 were dated
1989, due September 30, 1991, with interest
March 31 and September 30 until maturity. An
of 8-3/8 percent was set after the determination

October 2,
payable on
interest rate

Bills

On September 15 tenders were invited for approximately
$9,500 million of 364-day Treasury bills to be dated September 28, 1989, and to mature September 27, 1990. The
issue was to refund $9,419 million of maturing 52-week bills
and to raise about $75 million of new cash. Tenders were
opened on September 21. They totaled $25,560 million, of
which $9,506 million was accepted, including $470 million of
noncompetitive tenders from the public and $2,340 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 7.61 percent.

as to which

tenders were accepted on a yield auction basis.

Cash Management
Tenders for the notes were received until 1 p.m. EDST,
September 26, and totaled $26,773 million, of which $9,754
million was accepted at yields ranging from 8.37 percent,
price 100.009, up to 8.40 percent, price 99.955. Tenders at
the high yield were allotted 29 percent. Noncompetitive
tenders were accepted in full at the average yield, 8.39 percent, price 99.973.

tenders
million.

These

accepted from

totaled $1,131 million. Competitive
private

Investors

totaled

$8,623

On August 29

Bills

tenders were invited for approximately
8-day bills to be issued September 6, 1989,
representing an additional amount of bills dated March 16,
1989, maturing September 14, 1989. The issue was to raise
new cash. Tenders were opened on August 31. They totaled
$25,180 million, of which $4,011 million was accepted. The
average bank discount rate was 8.25 percent.

$4,000

million of

PUBLIC DEBT OPERATIONS
INTRODUCTION
Background

52-week bill is a reopening of the existing 52-week
low, and average yields on accepted tenders and the

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 ot issue, conversion,
matunty, 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, permarketable Treasury securities, currently bills, notes, and
bonds. Treasury bills 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 the Public
Debt of the United States.
tain only to

Table PDO-l.-Maturity Schedule of Interest-Bearing Marketable
Public Debt Securities Other than Regular Weekly and 52-Week
Treasury
All

Bills

unmatured Treasury notes and bonds are

order, beginning with the earliest maturity.

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
includes

all

private holdings.

securities. Noncompetitive bids are awarded
accepted competitive bids.

The

at the

average

yield

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.-Allotnients by Investor Classes for Public Marketable

Bills

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

high,

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

tor

auctions of 52-week

The

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 institutions
are able to participate in offerings of new marketable Treasury

Securities, Parts

Table PDO-2.-Ofrerings of

bill.

dollar value of

and B

Data on allotments of marketable Treasury securities by invesclass are presented in chronological order of the auction date for

approximately the most recent 2 years. These data have appeared in
tfie Treasury Bulletin since 1 956. Tenders in each Treasury auction
of marketable securities other than weekly auctions of 13- and 26week bills are tallied by the Federal Reserve banks into investor
classes described in the footnotes to the table.

PUBLIC DEBT OPERATIONS
Table PDO-1 .--Maturity Schedule of Interest-Bearing Marketable Public Debt Securities Other than
Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 1989
[In

millions of dollars. Source: Monthly

Amount

Date

Slalemenl

of maturities

of the Public

Debt

ol Ihe

United Stales, and Office ol Market Finance]

Amount

of maturities

PUBLIC DEBT OPERATIONS
Table PDO-1. -Maturity Schedule of Interest-Bearing Marl<etabie Public Debt Securities Other than
Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 1989-Continued
[In

Amount

ot maturities

Held by

Date

millions of dollars]

Amount

of maturities

PUBLIC DEBT OPERATIONS
Table PDO-1 .--Maturity Schedule of Interest-Bearing Marketable Public Debt Securities Other than
Regular Weekly and 52-Week Treasury Bills Outstanding, Sept. 30, 1989-Continued
[In

millions o( dollarsl

PUBLIC DEBT OPERATIONS
Table PD0-2.--0fferings of
[Dollar

amounls

In millions.

Description ol
Maturity

Number

tlste

days

maturity

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

new

Source: Monthly Slalement

of Ihe Public

Issue

Debl

Amounts

Bills
of ihe
ol bids

United States and allolmentsl

accepted

Amounl
of

Amount

tiids

tendered

Total

On com-

On noncom-

amount

petltive basis ^

petitive basis

PUBLIC DEBT OPERATIONS
Table PD0-2.--0fferings of Bills-Continued

PUBLIC DEBT OPERATIONS
Table PD0-3.--Publlc Offerings of Marketable Securities Other than Regular Weekly Treasury
[Dollar

Issue
date

Auction
dale

9/03/87
9/30/87
10/01/87
10/16/87
10/15/87
11/02/87
10/29/87
11/16/87
^11/16/87
11/16/87
11/30/87
11/27/87
12/01/87

9/01/87
9/29/87
9/30/87
10/06/87
10/07/87
10/21/87
10/22/87
11/03/87
11/04/87
11/05/87
11/18/87
11/19/87
11/24/87
12/17/87

12C4/87
12«1/87

12«2/87

12/31/87
1/15/88
1/21/88
2A)l/88
2/16/88

12/23/87
1/06/88
1/14/88
1/27/88
2/02/88
2/03/88
2/04/88
2/11/88
2/24/88
2/25/88
3/10/88
3/23/88
3/24/88
3/25/88
3/30/88
4/07/88
4/12/88
4/27/88
5/05/88
5/10/88
5/11/88
5/12/88
5/25/88
5/26/88
6/01/88
6/02/88
6/22/88
6/23/88
6/30/88
7/12/88
7/27/88
7/28/88
8/09/88
8/10/88
8/11/88
8/23/88
8/24/88
8/25/88
8/30/88
9/22/88
9/27/88
9/28/88
10/12/88
10/20/88
10/26/88
11/08/88
11/09/88
11/10/88
11/17/88
11/17/88
11/22/88
11/23/88
12/15/88
12/28/88
12/29/88
1/11/89
1/12/89
1/25/89
2/07/89
2/08/89
2/09/89
2/14/89
2/22/89
2/23/89
3/09/89
3/28/89
3/29/89
3/30/89
4/06/89
4/12/89
4/26/89
6/04/89

See tootnoies

^2/16/88
2/16/88
2/18/88
2/29/88

3«3/88
3/17/88
3/31/88
3A)l/88
3/30/88
4/04/88
4/14/88
4/16/88

5«2/88
5/12/88
5/16/88

"5/16/88
'5/16/88
5/31/88
6A)1/88
6A)7/88
61O9/88
6/30/88
6/30/88
7/07/88
7/15/88
8/01/88
8/04/88
8/15«e8
8/15/88
8/15/88
8/31/88
9/01/88
9AD1/88
9fl2/88
9/29/88
9/30/88
9/30/88
10/17/88
10/27/88
10/31/88
11/15/88
11/15/88
,11/15/88
'11/22/88
11/25/88
11/30/88
12A)l/88

12«2/88
1/03/89
1/03/89
1/17/89
1/19/89
1/31/89
2/15/89
2/15/B9
2/15/89
2/16/89
2/28/89
3A)3/89
3/16/89
3/31/89
3/31/89
4/03/89
4713/89
4/17/89
5A)l/89
5/1 1/89

end

of table.

amounis

Description ot securii^s

in millions.

Source: Bureau

Period totinal

Amount

Range

maturity

tendered

issued

accepted bids
for notes
and bonds

(years.months.
^
days)

6.74%

blll-9/01/88

Bills

of Ihe Public Debt]
ot

PUBLIC DEBT OPERATIONS
Table PD0-3.--Publlc Offerings of Marketable Securities Other than Regular Weekly Treasury Bills--Con.
(Dollar

amounls

millions]

PUBLIC DEBT OPERATIONS
Table PD0-3.--Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills--Con.
^ Yields accepted ranged from 8.70% (price 99.619) up to 8.72% (price 99.537) with the
"Yields accepted ranged from 9.06% (price 99.892) up to 9.08% (price 99.857) with the
average at 9.08%
^Vields accepted
average at 9. 18%
^^elds accepted
average at 8.91%
^^YieWs accepted
average at 8.91%
^*Yields accepted

ranged from 9.17% (price 99.884) up to 9.19% (price 99.833) with the

at 8.72% (price 99.537).
^' Yields accepted ranged from
8.25% (price 100.000)

(price 99.859).

average

ranged from 8.90% (price 99.837) up to 8.92% (price 99.706) with the

™ Yields accepted

average

(price 99.857).

(price 99.771).

average

ranged from 8.90% (price 99.740) up to 8.95% (price 99.223) with the

(price 99.636).

average

ranged from 9.47% (price 99.831) up to 9.50% (price 99.777) with the

average al 9.49% (price 99.795).
^Vields accepted ranged from 9.48% (price 99.996)
average at 9.49% (price 99.955).
^^ields accepted rariged from 9.84% (price 99.840)
average al 9.87% (price 99.787).
^Viekjs accepted ranged from 9.69% (price 99.789)
average at 9.70% (price 99.756).
^^ Yields accepted ranged from 9.38% (price 99.975)
average

9.39%

ranged from 9.30% (price 99.91

at 9.34% (price 99,839).
^* Yields accepted ranged from 9.1

(price 99.955) with the

9.88%

(price 99.769) with the

(price 99.717)

9.18%

9.70%

(price 99.756) with the

average

at 9.1

9.35%

(price 99.822) with the

up to 9.12%

(price 99.691) with the

average

9.19%

(price 99.581) with the

(price 97.653)

9.12%

(price 97.453) with the

8.83%

(price 99.856)

8.85%

(price 99.820) with the

8.84% (pnce

99.838).

7.75%

(price 99.974)

7.90%

(price 99.868) with the

7.93%

(price 100.036)

7.75%

(price 100.000) with

(price 100.000).

(price 99.856).

8.03%

8.02%

(price 99.864)

up to 8.05% (price 99.661) with the

(price 99.944)

8.15%

(price 99.721) with the

(price 99.819)

8.38%

(price 99.765) with the

(price 99.976)

up to 8.26%

(price 99.796).

ranged from 8.13%
8.14% (pice 99.833).
ranged from 8.35%
average at 8.37% (price 99.783).
" Yields accepted ranged from 8.24%

™ Yields

(price 99.964) with the

ranged Irom 7.92% (price 99.882) up to 7.94% (price 99.829) with the

^ Yields accepted
at

826%

(price 99.893)

wHh the

(price 99.893).

accepted ranged from 8.37% (price 100.009) up to 8.40% (price 99.955) with the
at

8.39%

(price 99.973).

Yields accepted ranged from

average

9.10%

7.88%

accepted ranged from 7.73%

8.27%

(price 99.921).

" Yields accepted

average

(price 97.553).

Yields accepted ranged from

7.89%

Yields accepted ranged Irom

average

up to 9.40% (price 99.874) with the

(price 99.645).

^® Yields accepted ranged from

ranged from 8.19% (pries 99.782) up to 8.20% (price 99.749) with the

9% (price 99.782).

" Yields accepted

average

^ Yields

average

at 8.1

(price 99.982).

Yields accepted ranged from

average

at 9.12% (pnce 99.691).
^^ Yields accepted ranged from 9.17% (price 99.709)

8.26%

the average at

up 10 9.49%

(price 99.924).

" Yields accepted

8.35%

8.34%

(price 99.699)

up to 8.35%

(price 99.666) with the

(price 99.666).

Note.-All notes and bonds, except for foreign-targeted issues, were sold at auction
through competitive and noncompetitive bidding. Foreign-targeted issues were sold at
auction through competitive bidding only.

PUBLIC DEBT OPERATIONS
Table PDO-4.--Allotments by Investor Classes for Public Marketable Securities
Part A--Otherthan Bills
[In

millions of dollars]

PUBLIC DEBT OPERATIONS
Table PDO-4.--Allotments by Investor Classes for Public Marketable Securities-Con.
Part B--Bills Other than Regular Weekly Series
pollar amounis

in mill'ons]

48
U.S.

SAVINGS BONDS AND NOTES

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

sold from

May

1952, through Apr. 30, 1957.

U.S. savings notes were on sale May 1, 1967, through June 30,
1970. The notes were eligible for purchase by individuals with the
simultaneous purchase of series E savings bonds. The principal
terms and conditions for purchase and redemption and information
on investment yields of savings notes appear in the Treasury
Bulletins of

March 1967 and June 1968; and the Annual Report

the Secretary of the Treasury for fiscal year 1974.

Table SBN-1.--Sales and Redemptions by Series, Cumulative through Sept. 30, 1989
[In

millions of dollars. Source:

Monthly Sialemeni

of ihe Public

Debl

of Ihe Unrted Slates;

Market Analysis Section. United Slales Savings Bonds Division]

Amount outstanding
Accrued
discount

Sales plus
accrued
discount

Redemptions

Interest-

Matured

bearing debt

non-inlerest-

bearing debt

Savings bonds:
Series A-D^

3.949

SeriesE, EE. H.
Series F and G
Series J and

Savings notes

Total

andHH.

49
U.S.

SAVINGS BONDS AND NOTES

Table SBN-3.--Sales and Redemptions by Period, Series
[In

millions ol dollars. Source:

Monthly SlalemenI

of Ihe Public

Debl

ol Ihe

Redemptions
Accrued
discount

Period

EE, H, and

United Slates; Market Analysis Section. United Stales Savings Bonds Diyision]

Sales plus
accrued

Sales

Accrued

discount

price

discount

Exchange of
E bonds for
H and HH bonds

Amount outstanding
Interest-

Matured

bearing debt

non-inierest-

beahng debt

Series E and

Rscal years;
1941-87
1988
1989

241,724
7,264
7,923

Calendar years;
1941-86
1987
1988

1988 -Sept
Oct

Nov
Dec
1989 -Jan

Feb
Mar
Apr

May
June
July

Aug
Sept

236.358
7.022
7.407

519
548
587
667
808
691

713
634
695
623
607
622
528

100.916

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 deswiption 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 nonmarketable 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.-Estlmated Ownership of Public Debt Securities Held by
Private Investors
Privately held Treasury securities are 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 w/ell as municipal and foreign

and private holdings of marketable Treasury securities Data
on foreign holdings of marketable Treasury securities are presented
in the capital movements tables in the Treasury Bulletin. See the
official

footnotes for descriptions of the investor categories.

OWNERSHIP OF FEDERAL SECURITIES
Table OFS-1 .--Distribution of Federal Securities by Class of Investors and Type of Issues
[In

mlllbns

of dollare.

Source: Financial Managemeni Service]

OWNERSHIP OF FEDERAL SECURITIES
Table 0FS-2.-Estimated Ownership of Public Debt Securities by Private Investors
[Par values

in billions of dollars.

Source: Otiice

Market Finance]

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.

a consistent data

series. Yields

on Treasury

which are discount
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.
securities, are the

coupon equivalent

bills,

yields of

Table MY-1.--Treasury Market Bid Yields at Constant Maturities:
Bills,

Notes,

and Bonds

The Treasury

presented in the chart that accompanies table MY-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
yield curve,

Table MY-2.--Averagc Yields of Long-Term Treasury, Corporate, and
Municipal Bonds

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

footnotes for further explanation.

MARKET YIELDS
Table MY-1 .--Treasury Market Bid Yields

Constant Maturities:

Bills,

Notes, and Bonds*

[Source: Office of Market Finance]

Date

Monthly average

3-mo.

6-mo.

-yr.

2-yr.

3-yr.

5-yr.

7-yr.

0-yr.

30-yr.

MARKET YIELDS

MARKET YIELDS
Table MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds
[Source: Office

Period

Market Finance]

Treasury

New Aa

Treasury

New Aa

30-yr.

coiporaie
?

muntclpal

30-yr.

corporate
2

municipal

bonds

Treasury

MARKET YIELDS

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

Treasury 30-Yr. Bonds

Aa Municipal Bonds
Aa Corporate Bonds

iiiiiiii i iiiiiiiii

n riiiiiiiiiiiiriiiii

i i

iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii i i iii iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii

CALENDAR YEARS

FEDERAL AGENCIES' FINANCIAL REPORTS
INTRODUCTION
1950

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.

U.S. Government.

Requirements provide that Federal agencies submit to Treasury
reports supplemented by three supporting reports
which are consolidated and published annually in the winter issue of
the Treasury Bulletin. These reports are; Report on Financial Position (SF 220), Report on Operations (SF 221), Report on Cash Flow
(SF 222), and Report on Reconciliation (SF 223). The three supporting reports are; Direct and Guaranteed Loans Reported by Agency
and Program Due from the Public (SF 220-8), Report on Accounts
and Loans Receivable Due from the Public (SF 220-9), and Additional Financial Information (SF 220-1). The report on Direct and
Guaranteed Loans is submitted to Treasury quarterly, and annually
for publication in the Treasury Bulletin. The Report on Accounts and
Loans Receivable Due from the Public is submitted quarterly on a

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
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; how/ever, these entities are encouraged to
submit the prescribed reports so the Secretary of the Treasury can
prepare comprehensive reports on all the financial activities of the

Manual (I TFM 2-4100) sets the criteria
annual and quarterly financial reports in accordance writh the Reporting Entities Listing (Bulletin No. 88-11). Reports 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 an organizational unit. The
financial transactions supporting the required reports are to be accounted for on the accrual basis. The Report on Operations can be
submitted on a cash basis under certain circumstances (see TFM
2-4180.20). Reports 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-127.

The Treasury

for the

submission

Financial

tions

four financial

selected basis, and by
the

SF 220-8

shown

all

entities annually. Information

captured

the following table;

The required
equities relating to

reports should include
all

programs and

all

assets,

activities

liabilities,

under control

and

of the

reporting entity, except for the assets of disbursing officers, which

are reported by the Treasury. Reports should include transfer appropriation accounts from other agencies, foreign currencies, opera-

Table FA-2.--Direct and Guaranteed Loans
This report reflects the direct loans and guaranteed loans to the
Program to support credit activities.

public through the Federal Credit

Actual control of credit program levels remains with authorizing legislation and appropriations acts. The report 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

fiscal

1989.

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

— Direct and Guaranteed Loans, June 30,

thousands

of dollars

Source:

220-8. compiled by Financial

Management

Direct loans or credit

Agency and program

Maximum

Amount

Maximum

outstanding

authority

outstanding

authority

U.S. dollar loans
to the President:

1,706,739

Guaranty reserve fund
Foreign military sales credit
Military sales credit to Israel

Emergency secunty assistance to Israel
Housing and other credit guaranty programs
Alliance tor Progress loan fund

Other programs

Overseas Pnvate Investment Corporation
Total

Department

Funds appropnated

to the President

of Agriculture:

Commodity loans
Rural electnfication and telephone revolving fund
Rural Telephone

Bank

Rural communication development fund
Agncultural credit insurance loans

Rural development insurance loans
Rural housing insurance loans

development loans

Self-help housing

Rural development loans

Other Farmers

Home

Administration loans

Total Department of Agnculture

of Commerce:
Economic development loans

Department

Coastal energy impact fund
Federal ship financing fund

Other loans
Total Department o(

Department

Commerce

of Defense:

Army loans
Total Department of

Department

Defense

Education

College housing loans
Higher education

facilities

loan and insurance fund

Other loans
Total Department of Education

Department

Energy:

Bonneville Power Administration loans

Other loans
Total Department of Energy

Department

of Health

and Human Services:

Health professions graduate student loan fund

Medical

facilities

guarantee and loan fund

Student loan program

Other Health Resources and Services Administration loans

Nurse

training fund

Health maintenance organization loan fund
Total Department of Health

and Human Services

Guarantees or insurance

Amount

I— Wholly owned Government enterprises

Funds appropriated

1989

Sen/ice]

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-2.— Direct and Guaranteed Loans, June 30, 1989— Con.

Direct loans or credit

Agency and program

Maximum

Amount

Maximum

outstanding

authonty

outstanding

authority

— Wholly owned Government enterprises
U.S. dollar loans

Department

Housing and Urban Development;

Federal Housing Administration fund

Housing

for the elderly or

5.709.810

handicapped

Low-rent public housing programs

Other housing loans

Guarantees

mortgage-backed secunties

Rehabilitation loan fund

Urban renewal programs

Community disposal operations fund
Community planning and development loans
Nonprofit sponsor assistance
Flexible subsidy fund

Total Department of Housing

Department

and Urban Development

of the Intenor

Reclamation projects
Indian affairs revolving fund for loans
Indian loan guaranty

Guam Power

and insurance fund

Authonty

Virgin Islands construction

Total Department of the Interior

Department

of Labor-

Pension Benefit Guaranty Corporation
Total

Department

Labor

of State:

Emergencies

diplomatic

and consular service

Total Department of State

Department

of Transportation:

Federal Aviation Administration

—purchase of
— nght-of-way revolving fund
aircraft

Federal Highway Administration

Federal Railroad Administration loans

Urban Mass Transportation loans
Mantime Administration— Federal shtp financing fund
Total Department of Transportation

Department

of the Treasury:

Federal Financing Bank

Loans

governments

to foreign

Total Department of the Treasury

Department

Veterans

Affairs:

Loan guaranty revolving fund
Direct loan revolving fund

Service-disabled veterans insurance fund

Veterans reopened insurance fund
Vocational rehabilitation revolving fund

Education loan fund

Other

trust

funds

National service

Veterans special

life
life

insurance fund
insurance fund

Compensation and benefits
Other loans
Total Department of Veterans Affairs

Guarantees or insurance

Amount

FEDERAL AGENCIES' FINANCIAL REPORTS
Table FA-2.— Direct and Guaranteed Loans, June 30, 1989— Con.

Guarantees or insurance

Direct loans or credit

Agency and program

Amount

Maximum

Amount

Maximum

outstanding

authonty

outstanding

authority

I— Wholly owned Government enterprises
U.S. dollar loans
Environmental Protection Agency:

76.565

Loans
Total Environmental Protection

Agency

General Services Administration:
Federal buildings fund

20.009

Other funds
Total General Services Administration

20.009

Smalt Business Administration:

Business loans
Disaster loan fund

Other loans
Total Small Business Administration

Other independent agencies:

Loans

D C Government

Export-Import Bank of the United States

Federal Savings and Loan Insurance Corporation
National Credit Union Administration

Tennessee Valley Authonty
Total Other independent agencies

Total

Pan

II— Wholly

owned Government

Loans repayable
Loans repayable

Agency

enterprises

foreign currencies

tor International

Development

United Slates Information Agency
Total Part

Ill— Privately

147.409

234.365

518

1.228

owned Government-sponsored

enterprises
Privately

owned Government

sponsored enterprises:

Student Loan Marketing Association
Federal National Mortgage Association

Banks tor cooperatives
Farm credit banks
Federal home loan banks
Federal Home Loan Mortgage Corporation
Total Part

Grand

7.584,325

103.309,000

10.014.589

10,014,589

40.720.790

40,720.790

161.873.797

19.517,949

19.517.949

343,020,450

III

total, all

7,584.325

103.309.000

parts

549,249,205

FEDERAL AGENCIES' FINANCIAL REPORTS

DIRECT AND GUARANTEED LOANS, JUNE

30,

Wholly owned Government Enterprises--U.S. Dollar Loans
Agriculture

Direct

Loans
her

13%

Agriculture

Guaranteed Loans

1989

INTERNATIONAL STATISTICS

INTERNATIONAL FINANCIAL STATISTICS
The

tables

in this

reserve assets and

section are designed to provide data on U.S.

liabilities

and other

statistics related to the U.S.

Table IFS-2 brings together
cial institutions,

and selected

statistics

liabilities to all

liabilities to

foreign

offi-

other foreigners, which

balance of payments and international financial position.

are used

Table IFS-1 shows the reserve assets of the United States, inits gold stock, special drawing rights held in the Special
Drawing Account in the International Monetary Fund, holdings of

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

cluding

convertible foreign currencies,
tional f^onetary

and reserve

position

the U.S. balance of

statistics.

countries.

the Interna-

Fund.

Table IFS-4 presents a measure of the general foreign ex-

change value

of the U.S. dollar.

Table IFS-1 .--U.S. Reserve Assets
[In

millions of dollars]

Special

End of calendar
year or month

payments

Total

reserve
assets 1

Gold slock 2

drawing
rights

INTERNATIONAL FINANCIAL STATISTICS
Table !FS-2.--Selected U.S.
[In

Liabilities to

Foreigners

millions of dollars]
Liabilities to foreign

countries
Liabilities to

Official institutions

Liabili-

End

ties

reported

calendar
year or

month

by banl^
Total

(2)

U.S.

(3)

Mariwtable U.S.
Treasury

Other

Non marketable U.S.

readily

bonds
and

Treasury

marketable

Liabili-

bonds and

liabili-

ties to

notes 2

notes 3

ties *

banks

(5)

(6)

(7)

(8)

INTERNATIONAL FINANCIAL STATISTICS
These indices are presented to provide measures of the general
exchange value of the dollar that are broader than those
provided by single exchange rate levels. They do not purport to
represent a guide to measuring the impact of exchange rate levels
foreign

on U.S. international transactions. The indices are computed as
geometric averages of individual currency levels with weights
derived from the share of each country's trade with the United States
during 1982-83.

Table IFS-4.--Trade- Weighted Index of Foreign Currency Value of the Dollar
[Source: Office of Foreign Exchange Opefalions--lnl9rnational Attairel

Date

Index of industrial
country currencies

Annual average
(1980= 100)2
1979
1980

ItXJ.O

1981

109.1

98.8

1982
1983
1984
1985
1986
1987
1988

End

119.7
.125.2

133.5
139.2
119.9
107.5
100.4

of period

(Dec. 1980 s 100)

1979
1980

9B.4
100.0
109.5
119.5
127.9
140.8
127.8
1 14,4
97.8
98.4

1981

1982
1983
1984
1985
1986
1987
1988
1

988

Oct

May

99.3
96.8
98.4
99.9
99.8
101.5
101.0
105.3

June

ri04.9

July

101.7
104.3

Nov
Dec
1989

Jan

Feb
Mar
Apr

Aug
Sept
Oct

Each index covers (a) 22 currencies ol countries represented In the Organization lor
EconomlcCooperalion and Development (OECO); Australia. Austria, BelglunvLuxembourg.
Canada, Denmart^, Finland. France. Germany. Greece. Iceland, Ireland, Italy, Japan, the
Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, and the
'

102.1

102.3

United Kingdom; and (b) currencies of 4 major trading economies outside the OECD: Hong
Kong. Korea, Singapore, and Taiwan. Exchange rales are drawn Irom the InternalionaJ
Monetary Fund's 'Iniernational Financial Statistics" when available.
^ Index Includes average annual rates as reported in "Iniernational Financial Stallstlcs."

CAPITAL MOVEMENTS
INTRODUCTION

Background

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

Data relating to capital movements between the United States
and foreign countries have been collected in some form since 1935.
Reports are filed with district Federal Reserve banks by commercial
banks, other depository institutions, bank holding companies,
securities brokers and dealers, and nonbanking enterprises in the
United States. Statistics on the principal types of data by country or
geographical area are then consolidated and are published in the

Treasury

Bulletin.

reporting.

Banks, other depository institutions, and some brokers and
dealers tile monthly reports covering their dollar liabilities to, and
dollar claims on, foreigners in a number of countries. Twice a year,
as of June 30 and December 31, they also report the same liabilities
and claims items with respect to foreigners in countries not shown

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

separately on the monthly reports. Quarteriy reports are filed with
respect to liabilities and claims denominated in foreign currencies
vis-a-vis foreigners.
Effective January 31, 1984, the specified
exemption level applicable to the monthly and quarteriy banking

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

The

reporting forms

and

instructions!

International Capital (TIC) Reporting

revision

the

report

reports as of April 30, 1978,

was raised from $10 million to $15 million. There
separate exemption level for the semiannual reports.

institutions, securities brokers and
and other enterprises report monthly their transactions in
long-term securities with foreigners. The applicable exemption level
is $500,000 with respect to the grand total of purchases and to the
grand total of sales during the month covered by the report.

Banks, other depository

dealers,

Basic Definitions

Quarteriy reports are

The term "foreigner" as used in the Treasury reports covers all
institutions and individuals domiciled outside the United States,
including US. citizens domiciled abroad, and the foreign branches,
subsidiaries, and other affiliates abroad of U.S. banks and business
concerns; the central governments, central banks, and other official
institutions of foreign countries, wherever located; and international
and regional organizations, wherever located. The term "foreigner"
also includes persons in the United States to the extent that they are
known by reporting institutions to be acting on behalf of foreigners.
In general, data are reported opposite the foreign country or
geographical area in whicJh the foreigner is domiciled, as shown on
the records of reporting institutions. For a number of reasons, the
geographical breakdown of the reported data may not in all cases
reflect the ultimate ownership of the assets. Reporting institutions
are not expected to go beyond the addresses shown on their
records, and so may not be aware of the country of domicile of the
Furthermore, U.S. liabilities arising from
ultimate beneficiary.
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 anotlner country.

Data pertaining

branches or agencies

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

filed

and commercial concerns,
other

depository

enterprises

institutions,

their liabilities to, or

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

Copies

of the

reponing forms and instructions may be obtained from

Data Management, Office

of Ifie Treasury, Wasfiington,

ttie

Assistant

ttie

Office of

Secretary for intefnational Affairs. Department

D.C. 20220, or from

district

Federal Reserve banl(s.

and other nonbanking
claims on, unaffiliated foreigners at

brokers,

quarterend exceed specified exemption levels. Effective March 31,
1982, this exemption level was set at $10 million, up from $2 million.

Nonbanking enterprises also report

for

each monthend

their U.S.

dollar-denominated deposit and certificates of deposit claims of $10
million or more on banks abroad.

Description of Statistics

Section
presents data on liabilities to foreigners reported by
banks, other depository institutions, brokers, and dealers in the
United States. Beginning Apnl 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
themselves from 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 nonbanking enterprises.
I

presents the claims on foreigners reported by banks,
and brokers and dealers in the United
States. Beginning with data reported as of the end of April 1978, a
distinction was made between banks' claims held for their own
account and claims held for their domestic customers. The former
are available in a monthly series whereas the latter data are
collected on a 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 to maturity basis as opposed to the historic original
maturity classification. Foreign currency claims are also collected on
a quarteriy basis only. Beginning March 1981, this claims coverage
Section

other depository institutions,

Reporting Coverage

by exporters, importers, industrial

financial institutions other than banks,

CAPITAL MOVEMENTS
was extended

to certain

items

the hands of brokers and dealers in
above concerning the

the United States. See notes to section
reporting of thrift institutions.

Another important change in the claims 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
countries. The term "foreign public borrower" encompasses central
governments and departments of central governments of foreign
countries and of their possessions; foreign central banks, stabiwith

new

lization

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,

and local governments of foreign countries and their
and agencies; and any international or regional
organization or subordinate or affiliated agency thereof, created by
treaty or convention between sovereign states.
provincial,

departments

Section

III

exclude claims held through banks in the United States.
Beginning with data reported as of December 31, 1978, financial
liabilities and claims of reporting enterprises are distinct from their
commercial liabilities and claims; and items are collected on a time
remaining to maturity basis instead of the original maturity basis
also

used previously.
Section V contains data on transactions in all types of long-term
domestic and foreign securities by foreigners as reported by banks,
brokers, and other entities 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 include transactions
executed in the United States for the account of foreigners, and
transactions executed abroad for the account of reporting institutions

domestic customers. The data include some transactions
are classified as direct investments in the balance of
payments accounts.

and

their

which

The

includes supplementary statistics on U.S. banks'

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

geographical

liabilities to,

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

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

figures for total transactions represent transactions by foreigners

Section IV shows the
foreigners

exporters,

liabilities to.

importers,

and claims on, unaffiliated
and commercial

industrial

concerns; financial institutions other than banks, other depository
institutions, and brokers; and other nonbanking enterprises in the
United States. The data exclude the intercompany accounts of
nonbanking enterprises in the United States with their own branches
and subsidiaries abroad or with their foreign parent companies.
(Such transactions are reported by business enterprises to the
Department of Commerce on its direct investment forms.) The data

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

sellers of the securities; in the

contain
with

some

US.

countries

offsetting transactions

between

foreigners.

The net

residents; but the net figures for transactions of individual

and areas

may

include

some

transactions

between

foreigners of different countries.

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

Commerce

in its

regular reports

CAPITAL
Section

Liabilities to

Table

MOVEMENTS

Foreigners Reported by Banks

CM-l-1. -

Total Liabilities by

Type

the United States

of Holder

[In millions of dollars]

Internal ona
and regional 2/
i

Foreign countries

Memoranda
Total

to all

Official

institutions

Payabl
End of
ca lendar

year
or month

Payable

Total
liat.i 1i

(1)

Total

dol

ars

(3)

Payabl

foreign
currenci es

(4)

Total
(5)

dol

ars

Payable

Payabl

orei gn
cur renf

(7)

iabi ities
forei gner s

reported by

Banks and other foreigners

orei gn

Payable

curren-

dollars

ci es

dol

(8)

(9)

Payabl

Total

(10)

ars

(11)

foreign
currenci es

(12)

CAPITAL MOVEMENTS

TO FOREIGNERS
CALENDAR YEARS 1984-89

LIABILITIES

Reported by International Banking

Facilities

and by Banks

the

United States
800

750

-i

700

-i

International

Banking

Facilities

650Banks

600

-i

550

I
m

500

450

400
350

300

250

200
150

a
r

100

s
50

1984

1985

1986

1987

END OF PERIOD

1988

1989, 3dQtr.

74
CAPITAL
Table

CM-l-2. -

MOVEMENTS

Total Liabilities by Type, Payable

Foreign Countries
[In millions of dollars]

Part

Dollars

75
CAPITAL MOVEMENTS
Table

CM-l-3. -

Total Liabilities by Country
In millions of dollars]

[Position at end of period

Calendar yea

Country
1987

982

May

Jjly

Aug.

76
CAPITAL

MOVEMENTS

Table CM-l-4. - Total Liabilities by Type and Country, as of Sept. 30, 1989, Preliminary
[Position

millions of dol lars]
Liabilities payable in dollars

liabilities

Total

foreign official
institutions and
unaffiliated foreign banks
To

Totals
Total

Payable

in
Banks'
Custody
foreign own lia- liabilDeposits
curren- bilities ities
cies 1/
Demand Time

dollars

Country

2_/

Liabilities to
banks'
ShortOther
own
term U.S. liabil- foreign
Treasury ities
offices
obligations

Liabilities to
all other foreigners
Deposits

ShortOther
term U.S. liabilTime 2J Treasury ities
obi igations

Memorandum

Negotiable
CD's
held
for all
for-

eigners
(1)

Europe:
Austri a
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republic.
Germany
Greece
Hungary
Ireland
Italy
Netherlands
Norway
Poland
Portugal
Romania
Spain
Sweden
Switzerland
Turkey
Un 1 ted Ki ngdom
U.S.S.R
Yugoslavia
Other Europe

(3)

1 .490
12,287
SO

,409
548
?5 918
357
1

10,298
798
218
833
16,335
5.703
1,747
49
?,210
64
5,327
1

,752

31,003
1.177
1 12 ,891
533
774

12.983

Total Europe

Canada
Latin America and Caribbean
Argentina
Bahamas
Bermuda
Brazil
British West Indies
Chile
Colombia
Cuba
Ecuador
Guatemal a
Jamaica

Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuel a
Other Latin America
and Caribbean

8,537
91.925
2,228
5,903
125,130
2,850
4,236
14

1,370
1

,299

233
14,522
7.083
4 ,608
1

.845
355

? .346
9 .995

Latin America
and Caribbean

Total

Asia:
China
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
Pakistan
Philippines
Si ngapore
Syria
Thailand
Other Asia
Total Asia

Africa
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Other Africa

1.866

24,139
14,241
893
1,049
1,059
111,596
3.087
386
857
843
1.063
1 1

.824
112

1,434
14,580
189,031

576
79

453
96
256

Total Africa

Other countries;
Australia
All other
Total other countries..
Total

foreign countries

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

international
and regional

3,550
91

1,245
80
171
1_

Total

Grand total

5,139

760.812

1.314

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(15)

77
CAPITAL MOVEMENTS
Section

II.

Claims on Foreigners Reported by Banks
Table

CM-ll-1. -

the United States

Total Claims by Type

[Position at end of period in miMions of dollars]
Cal endar
year

1986

Type of claim
Total

507,338

claims

Pay able in dollars

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

other foreigners

All

Claims of banks' domestic
customers
Oeposi ts
Negotiable and readily
transferable instruments.
Collections and other

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

Memoranda
Claims reported by IBFs
Pay able in dollars
Payable in foreign currencies...
:

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

Sept.

June

CAPITAL MOVEMENTS

CLAIMS ON FOREIGNERS

CALENDAR YEARS
Reported by International Banking

1984-89

Facilities

and by Banks

the

United States

1984

1985

1986

1987

END OF PERIOD

1988

1989, 2d Qtr.

79
CAPITAL

MOVEMENTS

Table CM-ll-2. - Total Claims by Country
[Position at end of period in millions of dollars]
year
1986

Europe:
Austria
Belgium- Luxembourg
Bulgaria

888
10.733
48

JJ3
8,458

Czechoslovakia
Denmark
Finland
France
German Democratic Republic
Germany
Greece
Hungary
Ireland
Italy
Netherlands

*|
32

''^
1.039
13.»18

985
1,180
15,146

159

134

^'^f?
|'»

3,807
523
472

'15
"'

11.115
4,466

943
9,337

903
8,986

917
10.396

S3
32

1.216
865
14,285
124
3,695

954
1,135
14,080
139
4,596
639
392
n.a
8,552
3,448

64
26
891
1.534

747

402

n.a

9,401
3,462

8,229

S»eden
Snitzerland
Turkey
United Kingdom
U.S.S.R
Yugoslavia
Other Europe

\-"l
2.156
'•???

2,019
2,569
3,640

1,5 78

1.767

85,564

80.598

387

631

474
1.728
677

3,577
703
235
432
73
1,937
2,918
2,940
1,638
74,438
435
1,697
831

Total Europe

1^3,499

142,064

131.782

"""^y

SP'-i"

'If
25,086

'!"I?i
5,656
2. '57

2.410
,«o
1"

foreign countries

and regional

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

750

2,305
2,836
6,146
2,411
85,977
1,314
1,406
633

160,698

155,912

12,107
76,022
733
26,255
64,351
5,574
2,912

11,399
68,884
416
26,352
72,245
5,118
2,750

24.066

12,786
63,436
469
26,521
59,316
6,341
2,806

12,956
57,422
822
26,754
56,916
6,154
3,247

12.809
66.446
678
26,145
61,306
5,928
3,168

12,322
69,057
484
26.348
60.705
5,466
3,146

2,381
160
207
29,609
1,297
3,540
1,298

2,270

2,316

2,210
208
220
26,852
1,464
2,802
1,036

156
193

162
194

27,870
1,394
2,726
1,169

27,913
1,286
2,432
1,087

1,981
206
291

2,124
205
256

25,766

26,364
1,096
2,693
963

155

164

11.192

947
11,050

908
11,108

901

1,741

1,743

1,584

1,593

1,542

1,604

1,257
2,642
886
180
914
10,947

1,428

233,664

215.679

225,397

1,058
4,696
10.920
574
639
1.485
95.946
5.261

1.148
3.665
10.986
654
754
1.406
102.349
5.226

,?3
398

87
135
199

85
150
190

JJ"
t'II,

2.088
8.271

2.099
8,165

636
3,694
319

726
4,842
298

837
6.764
328

927

6,396
646

1,045
5.610
617

1,104
6,793
616

137,596

141,563

157.365

170,910

188,311

197,134

179,172

546

503

628

527

559

.585

642
5.227
319

549
4,313
154

108.511

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

419

2,591
3,115
4,856
2,610
92,949
1,422
1,492

157

'f,
52

Other countries:
Australia
All other
Total other countries

785
234

927
11,065

Total Africa

157,773

516
223
376

150

Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Oil-exporting countries^/
Other Africa

137,863

351

673
9,623
2,860

919
11,168

68,095

Asia

597

93,676
1,398
1,418
733

367

660
8,128
3,620

168

'•!??

_!_/

156

965
11,284

,,„,„

5,605
614

162

.l-°l°
10.^56
388

Korea
Lebanon
Malaysia
Pakistan
Philippines
Singapore
Syria
Thailand
01 -exporti ng countries
Other Asia

4,884

1,109
1,360
18,680
170
5,916
658

1.003
11.088

Inlonesia
Israel

int'l

155
195

31.034
1.155
5.370
1.357

115
39

858
1,098
18,541

1'5

Asia:
China:

135.969

68
25
837
1,256
15,456
468

75
26

'"
1.

India

2,105
2,463
3,450
1,443
79,547
590
1,493

5,746
1.589

Mainland
Taiwan
Hong Ko-ig

4,193
1,543
77,405
606
1,645
815

984

9,020

469
377
615
9,391
3,435
503
232
382
48
1,967
2,473
4,631
2,797

29.179
12.520
66.477
485
26.447
54.408
6.492
2.898

'?.*?5
60,935

\°]
,,o
'',;;

Mexico
Netherlands Antilles
Panama
P^r„
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
Total Latin America
and Caribbean

•

727

225
363
69
2,003
2,458

?5,547_

"miUa

Total

l.'M

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

Total

493

Canada

Total

981
239

Ill
18'
^59
115

Poland
Portugal
Romania

14.356
160
3.681
549
400
396
7.643
3.959
582
224
338

957
8,903

604

9,633

,„„
598

1,155
4,053
11,856
533
833
1,355

115,798
5,110
76

102
241
2,085

8,269

893
3,283
10,643
585
817
3,973
126,475
5,239
90
209
236
2.036
8.464

824
4,270
12,411
600

1,041
4,265
9,985
607

979
4,210
10,819
568

719

686
6,094
152,424
5,265

6,099
130,052
5,735

102
160
975
1,936
6,265

264
1,009
1,784
8,322

6,203
138,673
5,310
71

130
387
1,897

8,813

706

548

535
560
1,586

562
495

687
525
1,757

941

370
524
1.583
54
860
898

579
508
1,540

1.055
542
1,803

1,619
882

1,559
858

1,562
774

5,126_
2.561
1.'08

1,188
727

1,297
777

1,400
841

609
490
1,781
32
1,505
814

5,198

5,290

5,770

5,804

6,045

6,278

6,318

2,840

2.265
1.832

2,461
1,654

2,002
1,424

2.081
1.466

2,661
1.514

1,959
1,718

3.425

3.547

4.175

3,677

546.271

571.594

605.757

628.426

599,792

2.258

.191

3,478

.818

".569

4,097

504.030

534,136

fi
53
27

1,766

3.716

2.481

5,845

51
14

5.933

2.270

549.136

577.527

630.695

14
11

:_
3.3 08

819

507.338

549.457

Iraq, Kuwait, Oman. Qatar.

550
1,773

Saudi

47
60
14
11

Arabia and the United Arab Emirates (Trucial
Includes Algeria. Gabon. Libya and Nigeria.

51
14

63
105

603.458

States).

CAPITAL

MOVEMENTS

Table CM-ll-3. - Total Claims on Foreigners
by Type and Country Reported by Banks In the United States, as of June 30. 1989
[Position dt end of period in millions of dollars]

Country

CAPITAL MOVEMENTS
Section

III.

- Supplementary

Liabilities

Table CM-lll-1.

and Claims Data Reported by Banks
Dollar Claims on

the United States

Nonbank Foreigners

[Position at end of period in millions of dollars]

Dollar claims of U.S. offices
Do
ar cl aims of
U.S. -based banit s
major foreign
branches \J
1

Tot

End of cal endar
year or month

dollar

claims on nonbank forei gners

U.S. agencies
and branches of
U. S

-based banks

(1)

foreign banks
(3)

(4)

1985
1986
1987
1988r

176,226
166,711
157,978
146,436

68,164
68,630
66,443
65,343

42,528
41,636
41,098
39,041

65,534
56,445
50,437
42,052

1988-Aug. r.
Sept. r
Oct. r.

149,752
152,412
149,866
150,708
146,436
147,682
147,748
143,695
144,980
143,942
144,496
144,445
148,091

64,057
67,784
67,058
69,021
65,343
67,319
67,053
63,617
65,315
64,484
65,200
64,446
64,446

39,698
39,377
39,160
38,877
39,041
38,857
39,137
38,734
38,948
38,568
38,784
38,548
39,652

45,997
45,251
43,648
42,810
42,052
41,506
41,558
41,444

Nov.
Dec.

r.
r.
r.
r.
r.

1989-Jan.

Feb.
Mar.
Apr
May
June
July p.
Aug. p.
.

Federal

Reserve Board data.

40,7 16

40,890
40,512
41,451
43.993

CAPITAL MOVEMENTS
Table

CM — III — 2. —
in

Dollar Liabilities to, and Dollar Claims on, Foreigners

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

Other Europe:
Cyprus
Iceland
Ireland X/
Monaco
Other Latin America and Caribbean:
Barbados
Belize
Bolivia
Costa Rica
Dominican Republic
El Salvador
French West Indies and French Guiana..
Guyana

59
7 4

86
324
111

208

28
436
684
857
627

436
661
699
691

35
32

182

Honduras
Nicaragua
Paraguay
Suriname

490
110
489

Nepal
Sri Lanka

Vietnam
Yemen (Aden)
Yemen (Sanaa)
Other Africa:
Angola
Burundi
Cameroon
Ethiopia, including Eritrea
Guinea
Ivory Coast
Kenya
Madagascar
Mauritania
Mauritius
Mozambique
Ni

ger

Rwanda
Sudan
Tanzania
Tunisia
Uganda
Zambia
other:
New Zealand
Papua New Guinea
U.S. Trust Territory
of the Pacific Islands
Vanuatu (formerly New Hebrides)

'^^
119

Haiti

Other Asia:
Afghanistan
Bangladesh
Brunei
Burma
Cambodia (formerly Kampuchea)
Jordan
Macau

liabilities

Calendar year

Country

85
72

53
18

96
211
575
94

540
58

66
99
18
14

101
17

187
22

30
72
163

161

II
II

25
45
37

?7
14
14
33
12
55

22
60

85
63

27
10
97

45
2?
58
48
20 3

15
58
25
66
51
42

348
49

648
29

133

All

Total

banks'

Calendar year

own claims

CAPITAL
Section

IV.

Liabilities to,

MOVEMENTS

and Claims on, Foreigners Reported by Nonbanking Business Enterprises
Table

CM-IV-1. -

Total Liabilities and Claims by

the United States

Type

[Position at end of period in millions of dollars]
1988

Calendar year
1987

1986

June

Sept.

1989
r

Dec.

Mar.

June

Type of liability or claim

27.825

25.587

28.302

30.107

32,196

33.417

36.986

36.579

Payable in dollars
Financial
Commerci a
Trade payables
Advance receipts and other

24.296
11.257

21.749
9.609

22.785
8.643

24.805
10.234

26.967
11.283

27.831
11.049

31,195
13.084

31.604
12,882

5.711
7.328

5.166
6.974

5.754
8,388

5.254
9.317

4.961
10.723

4.873
11.908

5.354
12.758

5,282
13.441

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

3.529
2,343

3.838
2,524

5.517
3,781

5,302
3,660

5.229
3,594

5.586
3,868

5.790
4,080

4,975
3,762

974
212

1.284

1,551
185

1,514
128

1,519

1.581

116

137

1,567
143

946
267

28,876

36,265

30,964

37,641

38.114

33.412

31,482

34,272
32,097

Total

liabilities

Total

;

claims

Payable in dollars

26,574

;3,867

28,502

35,613

35,695

31,164

29,254

14,911
2.330

19,331
5.005

13,775
4.646

18,775
5.886

18,145
6,990

14,744
4,995

13.886
4.007

16,337
4,213

8,206

8,405

1.127

1,125

9.084
997

9,948
1.005

9.590
970

10.352
1.073

10.136
1.226

10,377
1,169

2.302

2.399

2.462

2.028

2.419

2,249

2,227

2,175

615
1,035

585
1,352

1,128
814

718
895

934
942

1,019
724

847
874

879
818

490
163

377
84

451
68

384

519
23

493

469

450
28

Fi nanci al

Deposits
Other
Commerc i al
Trade receivables
Advance payments and other
Payable in foreign currencies
Deposits
Other
Commerci al
Trade receivables
Advance payments and other

CAPITAL MOVEMENTS
Table

CM-IV-2. -

Total Liabilities by Country

[Position at end of period in millions of dollars]
Cal endar year

Country
June

Sept.

Europe:
Austria

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

519

58
411

Latin America and Caribbean:
Ar genti na
Bahamas
Bermuda
Brazil
British West Indies
Chile
Col ombia
Cuba
Ecuador
Guatemal a
Jamaica
Mexi CO
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuel a
Other Latin America
and Caribbean
Total Latin America
and Caribbean

544

42
460

429

454

473

50
202

809

200
726

52
192

233
808

40
201
779

823

1,083

1,460

1,295

1,673

2,248

192

172

192

265

1,734
213

1,610
214

317
1,433

236
1,309

224
1,013

1,127

983

70
9

342
965
201

n.a.
384
1,289
136

n.a.
444

1,370
140

n.a.
389
1,643
160

n.a.
497

835
182

352
1,224
236

10
39
181

18
37

19
37

224
237
1,120
101
7,972

189
300
1,173
69

Europe

345

n.a.
487

Canada

370

2
*

n.a

n. a

Ill
116
124

137

826

220
136
989

41
157
151

1,031

1,117

4,392

5,281

6,481

7,145

9,353

1,469
156
69
16
38
220
318

1,579
74
8,481

206
795

n.a

n.a.

433
1,601
233

450
1,521
190

11
37

24
36

240
343
1,411
215

240
342
1,391
176
10,487

11,564

22
145

46
105

27
102

21
113

20
123

30
97

158

213

10,746

11,774

12,363

13,825

14,752

16,983

17,059

19,914

18,631

2,837

2.288

,804

1,661

,580

1,540

,868

1,768

1,663

1,933

1,135

337
168
71

2,136

1,887

842

233
286
95
679

10
77

49
27

21
30

224
426
102
502
40

54
,182
46
23

257
223
58

199

81
87

646
160
93
1,196
34

311

127
159

166

797
68

273

388
538
663
21
60

36
26
7

953
136

446
115

114
55

6
4
2

239

202

259

180

86
25
22

30
12

14
15

180
417

212
28

3
3

198
619

10
10

12
10
11

773

216

140

204

177

179

184

6,957

4,272

2,868

2,053

2,483

2,054

2,357

1,938

3,065

106

232
140
175

264
113
112

284
426
449
148
19

261

26
133

4,620
785

4,990
845

5,198
829

5,654
687

396
564
649
62
42
127
5,998
868

420
550
639

25
79
198

233
347
334
124
32
303

318
516
575

204
249
208
92
14
295

79
18

96
21

135

154

178

17
16

194

Asia:
China:

Mainland
Taiwan
Hong Kong

203
159

India

32
191

Indonesia
Israel

Japan
Korea
Lebanon
Malaysia
Pakistan
Philippines
Singapore
Syria
Thailand
Oil-exporting countries
Other Asia
Total

Asia

Africa:
Enypt
Ghana
Liberia
Morocco
South Africa
Zaire
Oil-exporting countries
Other Africa
Total

_1_/

_2_/

Africa

64
69
90

274
2,465
499

130
198
2,997
631

55
50
36

39
17
15

356

184

215

279

314

377

397

344

101

2,527

2,911
103

1,686

1,971
192

1,331
209

102
1,302
188

136
,388
164

200
1,527
188

317
46
197
1,441
68

7,063

7,861

6,885

9,017

9,207

9,720

10,223

11,157

10,779

145

156

209

162

141

165

158

179

160

158

136

25
137

14
22

3,440
572
13
14

5,779
882

212
2

234
48

238

198
42

136
64

116
.116

107

202
44

275
64

255
124

602

Other countries:

Australia
Al
other
1

Total

other countries....

Total

foreign countries..

International and regional:
International
European regional
Latin Am ericanregional

Asianregional
African regional
Middle Eastern regional
Total

int'l

Grand total

and regional

---.*-*--------547
42

599
38

616

425

436

444

448

*
*

347
94

443

440

462

589

62?

66^^

4_53

456

482

522

29,374

27,825

25,587

28,302

30,107

32,196

33,417

36,986

36,579

CAPITAL

MOVEMENTS

Table CM-IV-3. - Total Liabilities by Type and Country, as of June 30, 1989, Preliminary
[Position at end of period in millions of dollars]

Country

Payabl

Total

Liabilities

Total

do1

ars

Payable
in foreign
currenci es

Commercial
liabilities

(21

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

Total

Europe

473

357

13
30

66
206
795
67
1,610
214

66
274

66
244

Brazi

Col ombi
Cuba

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

834

645

24
36
240
342
1,,391
176

17
17

936

520

India

Indonesia
Israel

213

18,631

199
388

538
663
21

60
13
3
3

198
619

602

14
15
2

184
125

1,378

420
550
639
64
69
90

Asia

10.779

Total

.082
333

178
17
16

317
46
197
1.509

3.841

25
137
2

380

Africa

Other countries:
Australia
A11 other
Total

other countries

Total

foreign countries

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

international and regional.

Grand total

2,638
3

5.779
832

Total

416

24
36
223
325
456
176

Japan
Korea
Lebanon
Malaysia
Pakistan
Philippines
Singapore
Syria
Thailand
Other Asia

Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Other Africa

135

10,487

Latin America and Caribbean

Taiwan
Hong Kong

n.a.
397
687
177
31

Asia:
China:

Mainland

n.a.
25
189

Latin America and Caribbean:

British West Indies
Chile

1.140
214
3

n.a

Canada

Argentina
Bahamas
Bermuda

66
139
SZl
67

134

450
1,521
190

64
116
3
2

448
74

522

36.579

16,644

715
333

CAPITAL MOVEMENTS
Table

CM-IV-4. -

Total Claims by Country

[Position at end of period in millions of dollars]

CAPITAL

MOVEMENTS

Table CM-IV-5. - Total Claims by Type and Country, as of June 30, 1989
[Position at end of period in millions of dollars]
Financial claims

Total

Country

claims

Total

Oenomi nated

Denomi nated
in foreign

in dollars

currencies

Commerci
cl aims

(21

Europe:
Austria

Luxembourg

Bel gi urn-

Bulgaria
Czechoslovakia
Denmark
Finland
France
German Democratic Republ
Germany
Greece
Hungary

958
22
871
37
11

n.a
537

Italy

Netherlands
Norway
Poland
Portugal
a

Sweden
Switzerland
Turkey
Uni ted Ki ngdom
U.S.S.R
Yugoslavia
Other Europe
Total

30
155

56
50

Irel and

Roman i
Spai n

72
354

20
1

10
191

154

233

209

135
11

100

263
195
288

18
60
70

283
40

11
19
12

79
14

57
13

8.977

,644

7,195

448

164
1,889
360
393

26
1,875
125

1,374

123
70

6.523

6.494

6,472

106
160

50
23
13
114
35

50
23

87
126
65

Latin America and Caribbean:

Brazi

Total
Asi

93
37

53
541
45
47
53
13

112

35
14

*
31
33

31
31

Latin America and Caribbean

China:

Mainland
Taiwan
Hong Kong
India

Indonesia
Israel

Japan
Korea
Lebanon
Mai ay si

Pakistan
Phi

1 i

ppi nes

Singapore
Syria

150
363
210
122
101
137
,957
441

15
14

376

99
79

*
6

224
56
553

Zai re

1.372
86
1

107

17.

Other Africa

249

Africa

Other countries:
Austral i
All other
Total

other countries

Total

foreign countries

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

international and regional.

Grand total

19
14

28
975
95

Total Asia

Africa:
Egypt
Ghana
Li beria
Morocco
South Africa

Total

97
34

Thailand
Other Asia

Total

112
48

41.
74

41
767
22
639
32
11

Europe

British West Indies
Chile
Colombi a
Cuba
Ecuador
Guatemal a
Jamaica
Mexico
Netherlands Ant i lies
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America and Caribbean.

n.a.
516
191
93

n.a.

Canada

Argentina
Bahamas
Bermuda

42
200
12
55

21
290
42

482

30
134

245
134
218
83
1,333
86

CAPITAL
Section

—

Transactions
Table

MOVEMENTS

Long-Term Securities by Foreigners Reported by Banks and Brokers

CM-V-1. -

Foreign Purchases and Sales of Long-Term Domestic

negative figures indicate net sales by foreigners or

[In millions of dollars,:

net outflow of capital

U.S. Gov't corporations
and federally sponsored
agenci es

Marketable Treasury bonds and notes
Net foreign purchases

the United States

Securities by Type
from the United States]

Corporate and other securities
Bonds

Stocks

Foreign countries
InternaOther
tional
instiforand retutions eigners gional

Official

year
or month

Total
(1)

29,208
19,388
25,587
r
48,868
igsg-Jan-SeptP 47,568

1985
1986
1987
1988

1988-Sept..
Oct..
Nov.

,934
,193
,648
348
,828
,783
,639
29
.043
,202

Dec.
1989-Jan.

Feb.
Mar.
Apr.
May. ..
June.
July..
Aug.
Sept.
1

,317

,979

[

,787

(31

(2)

8,135 20,633
14,214
6,278
-176
31,064
26,624 21,582
24,878 23,135
-776
1,481
-821
577
2,196
6,107
141
2,243
2,019
20
4,299
5,608
6,549
1 ,747
-842
1,133
1,068
6,588
449 5.768
2,819
3.592
9.957 12.449
695
4.950

(4)

Gross
foreign Gross
purforeign
chases
sales
(5)

498,587

440

Net
foreign
purchases

(6)

(7)

469.379 4,340

1,103 1,084.326 1,064.938 6,976
•5,302 1,337,447
661 1 ,560,051
-444 1,572,927

124,508
133,482
133.022
94,625
139,542
152,111
149,708
142,989
188,541
220,614
204,714
224.101
150,608

322
2,437
345

2,035
788

1,124
344
-262
1,523
117

-544
-427
-858

1,311,861 5,047
1,511,184 6,727
1,525,359 9,141
126,442
131,288
124.374
94,277
136,714
143,328
141,068
142,960
181,498
225,816
206,031
202,123
145,320

1,071
748
509
1,211
1,203
1,898
928
1,759
-517
594
344
1,506
1,424

Gross
foreign Gross
purforeign
chases
sales
(8)

(9)

Gross
foreign foreign Gross
purpurforeign
chases
chases
sales
Net

Net
Gross
foreign foreign Gross
purpurforeign
chases chases
sales

110)

(U)

(12)

(13)

39,792
43,672
22,497
21,241
12,853

61,627
86,063
63,029
54,969
50,359

21,835
42,391
40,533
33,727
37,506

4,941
18,719
16.272
-2,000
10,679

81.995
148,114
249,122
181,185
161,005

4,422
4,760

3,626
2,724
2,819
2,335
3,001
2,837
3,510
2,597
5,800
5,999
4.392
5,013
4,357

-591

11,979
13,239
11,983
11,238
11,928
18,397
15,819
14,101
17,904
24,311
17,115
22,097
19,333

24,960
37.105
42,827
31,395
34,615

20,620
30,130
37,780
24.668
25,473

3.028
2.792
2,485
2,817
2,959
3,797
4,443
4,432
2.459
3,638
3,479
5,540
3,867

1.957

795

2.044
1,976
1,606
1,756
1,899
3.515
2.673
2.976
3.044
3.134
4,033
2,443

2.036
2,346
2,771

5,165
5,606
3,178
5,813
5,980
5,304
5,870
7,218
6,565
5,403
5,028

177

2,975
2,470
2,707
70

1,219
2,174
390
671

-1,620
108

-1.247
134

-103
372
-141
1,058
3.671
2.031

1.158
2.493

(15)

(14)

77,054
129,395
232,849
183,185
150,326
,571

,859
,875
,435
,794
,500
,447
,241
,846
,640
,084
,939
,834

Data include transactions in directly placed issues abroad
by U.S. corporations and issues of States and municipalities.

CM-V-2. -

Table

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

negative figures indicate net sales by foreigners or

[In millions of dollars;

foreign
purchases

Calendar year
or month

19e9-Jan-Sept.

orei gn

securities

Net
f

Orel gn

purchases

Gross
foreign
purchases

Gross
f

orei gn

sales

-502
-830
663
-1,760
-261
-432
-653
-196
-107
-1,524
-1,414
993
-1,836

25,377
20,570
21,562
20,582
14,922
18,705
23.395
15,525
17.242
21,016
20,206
24,077
18,300

25,830
21,399
20,898
22,342
15,183
19,137
24,047
15,721
17,350
22.540
21,621
23,084
20,136

-69
-238
-236
-1,104
-901
-634
-153
-947
-1,322
-2,077
-748
-1,489
-657

5,104
6,108
7,747
7,472
6,856
8,070
9,477
6,686
7,748
9,111
7,595
9,487
8.449

-1 ,066

-805
-1,143
-1,430
-3,601
-2,163
-496
-2.493

p
p

5,173
6,346
7,983
8,576
7,758
8,704
9,630
7,633
9.070
11.188
8.343
10,976
9.106

-1,918
-8,929

20,861
49,149
95,458
75.211
73.478

May
June
July
Aug.
Sept.

24,803
51,002
94,377
77,128
82,407

(5)

-3,941
-1,853

Feb.
Mar.
Apr.

Gross
foreign
sales

85.214
170,677
207,035
225,153
178,818

1989-Jan.

Gross
foreign
purchases

81.216
166,992
199,089
217,932
173,387

-572
-1,068
427
-2,864
-1,162

Net
foreign
purchases

-3,999
-3.685
-7,946
-7,221
-5,431

r
r

from the United States]

-7.940
-5.538
-6.865
-9,138
-14,360

Oct.
Nov.
Dec.

1988-Sept.

net outflow of capital

Foreign stocks

(I)

1985
1986
1987
1988

Foreign bonds

Net

1,081

CAPITAL MOVEMENTS
Table
^In

milHons

CM-V-3. -

of dollars;

Net Foreign Transactions

Long-Term Domestic Securities by Type and Country

negative figures indicate net sales by foreigners or

Marketable Treasury
bonds and notes

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

net outflow of capital

Corporate bonds

from the United States]

Corporate stocks

Country

Calendar Jan.
July
Calendar Jan.
July
Calendar Jan.
July
Calendar Jan.
July
year
through through year
through through year
through through year
through through
1988 r
Sept.
Sept. p 1988
Sept.
Sept. p 1988 r
Sept.
Sept. p 1988 r
Sept.
Sept. p
Europe:
Austria

Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
''ranee

German Democratic Republic...
Germany
Greece
Hungary
Ireland
Italy

Netherlands
Norway
Poland
Portugal
Romani
Spain

Sweden
Switzerland
Turkey
United Kingdom

145

341

923

838

390
1.911

-5,268
144
-10
n.a.
671

-49

134

41
.2

26 2

•

-1,155
408
1,840

-361
-14

553
67

368
104
33

164

4.383
-40

5,6 36

353

-120

-3

990

12
-5
93

27
12

20
n.a.

-3
46
n.a.
29

-15
74

59
32

7-1

158
46
75

199

5 4

-15

13
131

-2

12
16

-281

-202

-81

-204

218

-386

-591
-22

•

n.a.
62

29
151

1,706

132
47

29
10

1.466
-133

48
112

505

1,2 32

-32

•

-1

-356

-535

-15

-21

122

•

-1

-44
-11

-5

-27
82

471

-17
145

249

127

-2.243

-2,289

-2

2,266

-954

4,067

2,188

130

179

•

5.309
-323
-1,074

2.300

-78

-82

166

24
-51

55
20

2.419

1.014
302
-735

-60

-3
339

9,674

16.060

11,226

1.191

2,947

1,0 38

11,8 98

9,633

951

123

Brazi

157
128
8
11
•
3

190
308
-51
2
*

-109
30

170
-15

-31
306
359

Ecuador
Guatemal a
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean

186

-417

Argentina
Bahamas
Bermuda

-2

-737

121

Latin America and Caribbean:

Col ombi
Cuba

-252

162
396
1.091

Total Europe

-61

*-_ _•, *._ 155

1.0 59

Canada

British West Indies
Chile

26
153

-6

Yugoslavia
Other Europe

316
711

3
_

-306

CAPITAL MOVEMENTS

NET PURCHASES OF LONG-TERM DOMESTIC
SECURITIES BY SELECTED COUNTRIES
Calendar Years 1985 through 1989, Third Quarter
HJ

B
i

o
n
s

D
I

a
r

CAPITAL
Table

CM-V-4.

MOVEMENTS

- Foreign Purchases and Sales of Long-Term Securities,

by Type and Country, During Third Quarter 1989, Preliminary
[In mi

ons of dol

ar s]

Gross purchases by foreigners

Gross sales by foreigners

Oomestic securities

Domestic securities

Harlietalils

Bonds

Treasury 8
Federal
Financ-

of U.S.

Gov't
corp.
and Fed
erally
'"9
Corporate
Banit
sponand other
bonds
sored
notes
agencies Bonds
8
Stoclis

Country
Total

chases

131

urope:

151

Foreign
securities
Bonds
(61

1,139
2,942

142

225

Bulgaria......
Czechoslovakia

435

310

105

132

12,588

2,082
2,395
6,433

228

404

1,845

12,855

324

1,921

4,039

184

I 1

Oen^iirk

3,347

2."9

frarice

German Oem Rep

19.758
249

Greece
Hungary

"aly
Poland
Portugal
Romania

888
553
7.249
2,706

71
25

201

185

•

,;.931
14,008
2.951

211

27
96

447

147,186

2,758

7,813

,?.;J5
15,449
10.613

2,444
2,409
6,101

554

14,646

7,219

219

172

•

642

270

111

65
273

196

143
346

5.5

121

1,366

43
332

214
629

1.'345

678

492
878
166

8.444
2.357

273

191
41

5.492

700
1,084
755

872

8,251
14.810
12.154

6,918
13.706
3.686

156

•

13,287

21,446

9,737

188,828

135,960

1,720

2-1
...

202.227
5,135

4,877

Europe.

305,172

216.566

31,763

15,177

G'lada

795
432
5.543

173
1,702

93
20

2,047

197
840

262

519
83
186

832

,716

808

2,307

2.076

23
259

11
6

Bsr"""!*

'"'l

Brit West Ind.
<^1'1 =

Colombia
Cuba
Ecuador
Guatemala
Jamaica

92
341
893
109

278
333
691

56
128

750
904
816

156

320

Uruguay

144

33,815

13.375

282.532

194 .524

7.861

25.059

36,636

15.661

6,154

8.381

1,366

32,721

15,055

306

6.401

9,114

1,777

54
511

191

629

360

leneiueU
Other Lat
8 Caribbean.

29
511

2.293

2.79

260
540

1,637
6.132
693
3,883

758

3.359
588
1,225

173

68
311
20
224

112
86

72
24
14

253

1.362

15
21

22
25

--••__
324841
**lll*
3

1,421

4,094
284

1.326
40

55
80
994
111

20
117
295

•

22
138
549

2,371
684

50
142
252

372

8,154

113
396

204

118
294

1,165

1,341

3,545
252

45
779
75

Africa:
Egypt

Liberia
Morocco
South Africa

709

627

408

106

6_14

1_06

981

137

26,797

10,875

1,792

2,275

8.965

1,653

1,236

24,397

10,306

1.551

1.798

5*14

222
585

88
339

•

222

179

188

•

15.223

155

Total Africa.

Other countrie
Austral ia.
All other...
.

other

foreign
countries.

Total

and reg:

13.529

473

108

947
25

268

267

•

451
_

725

418

•

Other Africa

International.
European reg..
Lat Amer reg..

26
69

Zai re

•

55
354
72

*.*2**

1,089

222

20
30

._..
34182*
148
22

41
501

920

43
334
60
164

22
52

Tot Lat Amer

Caribbean

10 218

3,999

87
106

24 284

82
517

Tobago.

4,160

''anama

'""

11099

52
92

9,298

1378

...'.'g'
548

790
2.807
623
1.432

195
590

5.798

15
73

6.561
688
4.016

•

361
58

178

27.137

542

Neth Antilles.

Int'l

200
212
1,017
101

143

21
26

"e'fo

Total

94
18

4.209 10,070

138
1,764

Bahamas

528

•

42
IS

Caribbean:

"gentina

3,531
2.667
12,635

823
2.231

Switzerland...
T^riey
United Kingdom
U-S.S.R
Vugoslavia
Other Europe..

Trin

604

Stoclis

(Ml

113)

_**"""

1,292
5,756

Bonds

l"i"

•

1,177
1,652
9.836
3.013
•

S"I!<IS"

Amer

344
104
3,074

(12)

Foreign
securities

•*._•-_*
7*173
-•.__.
.*

'•S^Un-l

Lat

780

(U)

(10)

|g)

60
314

-18 11-

Netherlands...

Total

147

Total
sales
(8)

----__

1.615
6,367

f'hl""

Stocks
(7)

^'•^l^^'
Be g.um-Lu<...

268
1.964

Markctasie
eonds
Treasof U.S.
„,, j
Go^.j
Federal corp.
Financ- and Feding
erally
Corporate
Banli
sponand other
bonds
sored
8 notes agencies Bonds
Stocks

297

883,975

FOREIGN CURRENCY POSITIONS
INTRODUCTION

Background
Data have been collected since 1974 on the foreign currency
banks and nonbanking firms in the United States, and on
those of foreign branches, majonty-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 December 1975.
positions of

"Majority-owned foreign partnerships" 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 combined voting power of all classes of stock
entitled to vote, or more than 50 percent of the total value of all
classes of stock.

Reporting Threshold

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

tions

Common

tions held in the United States from

The

report forms

and

instructions

The exemption level applicable to banks and banking instituwas $10 million equivalent through January 1982, when was
raised to $100 million. The exemption level applicable to nonbanking
business concerns and nonprofit institutions was $1 million equivalent on all nonbank forms from March 1975 through November 1976.
It

was

raised to $2 million equivalent on the monthly reports of posi-

States, the District of Columbia, the

November 1976 through September 1978. The exemption level was raised to $3 million on foreign
subsidiary positions on June 30, 1977, and for positions held in the
United States on September 30, 1978. The exemption level for nonbanking firms was raised to $100 million on positions in the United
States in January 1982 and on foreign branch and subsidiaries positions in March 1982.

United States include amounts reported by sole
proprietorships, partnerships, and corporations in the United States
including the U.S. branches and subsidiaries of foreign nonbanking
concerns, in the case of "nonbanking firms' positions," and the
agencies, branches, and subsidiaries located in the United States of
foreign banks and banking institutions, in the case of the weekly
"bank positions."

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

Definitions

and Concepts

The term "United 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 describe the sum of 'United
States" and "foreign" data.
Data

for the

Data for "foreign branches" and "abroad" include amounts reported by the branches, majority-owned partnerships, and majorityowned 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.

specified foreign currency

partnerships,

and subsidiaries with reportable positions

the speci-

fied foreign currencies.

Description of Statistics

Data collected on the Treasury foreign currency forms are pubin the Treasury Bulletin in seven sections. The first section
presents a summary of worldwide net positions in all of the curthrough VI each present data on a
rencies reported. Sections
lished

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

tfie report.

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

one

of the specified foreign currencies.

FOREIGN CURRENCY POSITIONS
Section l.--Summary Positions

Table FCP-l-l.--Nonbanklng Firms' Positions
[In

Report
date

millions of loreign currency units, except yen,

which

is in billions]

Canadian

German

Japanese

Swiss

British

U.S

dollars

marks

yen

francs

pounds

dollars *

FOREIGN CURRENCY POSITIONS
Section ll.-Canadian Dollar Positions

Table FCP-ll-1.--Nonbanking Firms' Positions
[In

Report
date

millions of dollars]

FOREIGN CURRENCY POSITIONS
Section III.--German Mark Positions

Table FCP-lll-1.--Nonbanking Firms' Positions
Report
dale

FOREIGN CURRENCY POSITIONS
Section IV.--Japanese Yen Positions

Table FCP-lV-l.--Nonbanking Firms' Positions
[In billions of

Report
dale

yen]

Net
Assets 2

(1)

Liabilities 3

(2)

Exchange bought

(3)

Exchange

sold *

(5)

FOREIGN CURRENCY POSITIONS
Section V.--Swiss Franc Positions

Table FCP-V-l.--Nonbanking Firms' Positions
[In

Report
date

millions of francs]

FOREIGN CURRENCY POSITIONS
Section Vi.-Sterling Positions

Table FCP-VI-l.--Nonbanking Firms' Positions
[In millions of

Repon
dale

pounds]

100

FOREIGN CURRENCY POSITIONS
Section VII.-U.S. Dollar Positions Abroad

Table FCP-VII-1.--Nonbanking Firms' Foreign Subsidiaries' Positions
[In

millions of dollars]

101

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

SECTION I

Excludes receivables and installment paper sokl or discounted before maturity, fixed

Worldwide net positions on the
business concerns

last

business day of the calendar quarter

nonbanking

the United States 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

corrpanies"

majority- owned foreign subsidiaries, fixed assets (plant

investment

assets

Columns

and
and

their foreign

banks and banking

institutions in the

and forward exchange

and 3 less columns 2 and

United States,

branches and majority- owned foreign subsidiaries. Excludes capKal assets

dollar.

liabilities.

majority -owned

institutions

subsidiaries.

the United States

section

VII,

foreign

Excludes capital assets.

THROUGH VII

Excludes capital

10
Positions of nonbanking business concerns

the United

foreign branches

liabilities.

Includes both spot and forward exchange contracts.

States and their foreign

and majority-owned partnerships and subsidiaries

section VII positions of
only.

Columns 3 and 9

See

footnote 6.

all

others

automated representative rates changed as

of the

subsidiaries only.
Q

branches and majority -owned partnerships and subsidiaries.

foreign

rates.

U.S. dollars per unit of foreign currency,

The source

Banks and banking

majority -owned

Foreign branches and majority -owned subsidiaries only.

SECTIONS

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

Investment

capitalized

Foreign branches and majority-owned partnerships and subsidiaries only.

Weekly worldwide net positions

parents'

Capitalized plant and equipment leases are excluded.
Includes both spot

and equipment), and

and

their

leases for plant and equipment.

and equipment),

(plant

subsidiaries.

less

columns 6 and

and

foreign units per U.S.

June 30, 1988.

their foreign

branches

and

branches and
majority-owned

102

EXCHANGE STABILIZATION FUND
INTRODUCTION
Background

they must be redeemed by the ESF only in the
or U.S. withdrawal from, the SDR Department
of the IMF or cancellation of SDRs.

ments as

liabilities,

event of liquidation

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.

SDR
against

of,

to the Federal Reserve System
are "monetized" and the proceeds of the

certificates. -\ssuecl

SDRs when SDRs

monetization are deposited
serve Bank of New York.

an ESF account

at the Federal

Re-

Description of Tables

The resources of the fund consist of
invested in U.S. Government securities,
(SDRs), and balances of foreign currencies.
The

dollar balances, partly

special

drawing

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

rights

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

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

subscription to the IMF.
tion

are reflected

Definitions

Table ESF-2 presents the results
Special drawing r/g/7fs.-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.

are presented

allocations.-Jhe counterpart of SDRs issued by the IMF
based on members' quota in the IMF Although shown in ESF state-

operations by quarter. Data

exchange" includes realized profits (losses) on sales of foreign currencies as well as revaluation gains (losses) on currenaes
foreign

held. "Adjustment for

SDR

U.S. dollars or U.S. dollar equivalents computed
according to the accrual method of accounting. The "Profit (loss) on
in

change

valuation of SDR holdings and alon revaluation of SDR holdings

locations" reflects the net gain (loss)

and

allocations for the quarter.

103

EXCHANGE STABILIZATION FUND
Table ESF-1 .--Balances as of Mar. 31, 1989, and June 30, 1989
[In

Assets,

liabilities,

and

thousands

of dollars]

Mar. 31, 1989,
through

Mar. 31, 1989

capital

June

30,

1989

June 30, 1989

Assets
U.S. dollars:
Held at Federal Reserve Bank
Held with Treasury:
U.S. Government securities

New York

Other
Special drawing rights i
Foreign exchange and securities

86.561

521,286

357,878
1.067,000
9.443.008

7,812

365.690
1.067.000
9.034.260

(408,748)

German marks
Japanese yen
Pounds sterling

7,847,729
1 ,493,909
18.819
22.463

Swiss francs
Mexican pesos

(681,835)

7.165.894
5.048.678
17,817
22.522

3,554.769
(1,002)

Argentine australs
Ecuadorean sucres
Yugoslavian dinars

Venezuelan bolivars
Accounts receivable
Total assets

Liabilities

Current

and

(450.000)

188.694

2.150

190.844

20.976.061

2,544,491

23,520,552

82.923

354

capital

liabilities:

Accounts payable
Advance from U.S. Treasury (U.S. drawing
on IMF) 3
Total current

Other

450.000

liabilities

83,277

1.067.000

,067,000

1.149.923

354

1,150,277

5.368.000
6.333.685

3.150,000

8.518,000
6.106,703

.701 .685

2.923.018

14,624,703

200,000
7.924.453

(378.881)

200,000
7,545,572

8.124.453

(378,881)

7,745,572

liabilfiies:

Special drawing rights certificates
Special drawing rights allocations

Total other

liabilities

1 1

(226.982)

Capital:

Capital account

Net income (loss) (see table ESF-2)

Total capital

Total

See

liabilities

and

20.976,061

capital

2.544.491

23,520,552

footnotes at end of table ESF-2.

Table ESF-2."lncome and Expense
[In

thousands

of dollars]

Year

Current quarter
Apr. 1. 1989.
through

through

June

30.

1989

Oct.

to date
1.

1988.

30.

1989

Income and expense:
Profit (loss) on:

Foreign exchange

Adjustment

for

change

and allocations

valuation of

SDR

(500.553)

(510.067)

{113.905)

(117.988)

holdings

Interest (net charges) on:

Special drawing rights
U.S. Government securities
Foreign exchange

156.391

Income from operations

(378.881)

(5.254)

(378.881)

(5.254)

Net Income

1
Beginning July 1974, the International Monetary Fund (IMF) adopted a technique tor
valuing the special drawing rights (SDRs) based on a weighted average ot exchange rates
for the currencies of selected member countries. The U.S. SDR holdings and allocations
are valued on this basis beginning July 1974.
2 Excludes (oreign exchange transactions for future and spot delivery.
3 A non-interest-bearing liability to the U.S. Treasury resulting from the transfer to the
Exchange Stabilization Fund of foreign currencies drawn from the IMF by the United Stales.

61.165
18.021

175,250
75,646
371.905

Nole.-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

108
Civil
[In

Service Retirement and Disability Fund

millions oJ dollars. Source: Monthly Treasury

Slaiement

Receipts and Outlays

Ihe United Stales Governmenl]

109
Federal Disability Insurance Trust Fund
[In

millions of dollars. Source:

Momhiy Treasury Siatement

Receipts and Ouilays ol the United Stales Governmeni]

Expenditures other than investments

Receipts
Fiscal year
or month

Tola!

Appropriations

Deposits
by States

Total

Interest
and profits

Benefit

paytnents

invest-

ments

1.587
1.885

580

695

631

1.585

19.372
20.242

648
9

795

166

21.291

-622

1.757

745

335

22.360
23.487

18.657
19.530
20.435
21.416
22.556

28.029

819

156

24.307

23.490

1.584
1.549
1.700
2.144
2.091

5
14
316
4
15

45
4

1.798
1.792

5
9

Sep!

2.529
1.820
1.707
2.124

2.100
2.595
1.924
2.150
1.830
1.704
2.094

1989

24,547

23.466

1985
1986
1987
1988
1989
1990

(Est.)

1988 -Oct

Nov
Dec
1989

15.200
16.075
18.500
21.510
23.466

29.004
1.634
1.567

2.017
2.212
2.123
2.119

Jan

Feb
Mar
Apr

2.751
1.944

May
June
July

Aug

Fiscal

18.062
20.179
20.113
22.657
24.547

Expenditures other than investments-Continued

Fiscal year
or month

353
4

-14

1.866
1.870
1.892
1.937
1.933
1.990
1.959
1.977
2.121
1.965

-9

1.971

2.005

1.921
1.951

23.487

22.556

745

2
65
17
13

146

Assets, end of period

1.791

1.868
1.875
1.929
1.904
1.891

1.934
1.902

110
Federal Hospital Insurance Trust Fund
[In

millions of dollars. Source: Monthly Treasury

Slalement

Receipis and Outlays of the United Stales Governmenl]

111

Federal OlcJ-Age and Survivors Insurance Trust Fund
[In

millions ol dollars. Source:

Monthly Treasury Statemeni

Receipts and Outlays ot Ihe United States Governmenl]

112
Federal Supplementary Medical Insurance Trust Fund
[In

millions of dollafs. Source:

Monlhly Treasury Sratement

Receipts and Ouilays of the United Stales Governmenl]

Receipts
Fiscal year
or month

Expenditures other Than Investments

113
National Service Life Insurance
[In

millions of dollars. Soufce:

Monthly Treasury Slaiement

Receipis
Fiscal year
or month

Premiums and
other receipis

1985
1986
1987
1988
1989

1.305
1.365

1988 -Oct

Nov
Dec
1989 -Jan

Feb
Mar
Apr

May
June
July

Aug
Sept
Fiscal

1989

Interest

(benetfts. net lending,

(-). in

profits

refunds, and
dividends)

investments

882
924
946
982

956

1.430

1.018

1.096
1,174

1.419

392

1.025

1,197

36
34

35
32

527

28
43
28
40
32
37

43
29
42
34
40
537
39
34
34
1.430

1.038
1.031

Assets, end of period

decrease
assets

349
328
356
315
257

85
85

-49

437

103
98
122
100
98
103
97

-60
-69
-80
-65
-58

Total

10,924

10,388
10,337
10.762
10.714
10.649
10.568
10.505
10.438
10.859
10,818
10,752
10,694
10.694

3
507

38
34
33

101
91

-58
-66
-58

410

1.018

1.174

257

10.705

2
2

Note.-Estimates are based on the Budget of the United Slates Government. Fiscal
9. 1989, by the Office of Management and Budget.

-51

435

Unexpended
balance

9.7689
10.125
10.440
10,694

2
500

Invest-

ments

9.446
9.777
10.133
10.448
10.705

10.399
10.348
10.785
10,725
10.656
10.576
10.510
10.452
10.887
10.829
10.762
10.705

Less than $500,000.

Year 1990, released Jan.

and
on

Govemmenl]

Net increase,

Expenditures other
than investments

439
444
422
410

1.391
1.411

1990(Est.)

421

Translers from
general and
special funds

Fund

Receipis and Outlays of the United Stales

9.431

8
8
11

11
11

23
11

7
8
5
14

28
11

10
11

114
Railroad Retirement Account
[In

millions o) dollars. Source: Monthly Treasury

Statement

Receipts and Outlays ol the United States Government]

Receipts
Fiscal year
or month

Total

Appro-

Expenditures other than investments

115

Unemployment Trust Fund
[In

millions ot dollars. Source: Monthly

Treasury Statement

Receipts and Outlays

the United Stales Government]

Receipts

Fiscal year
or

month

State

Federal

Advances

Deposits

Interest

unemploy-

unemployment

and

Retirement

profits

taxes

from the
general
fund

by Railroad

ment

Board

on
invest-

ments
1985
1986
1987
1988
1989
1990

28,592

(Est.).

1988 -Oct

Nov
Dec.

1989 -Jan

Feb.
Maf
.

Apr.

May.
June
July

Aug

Sep).
Fiscal 1989.

116

Unemployment Trust Fund-Continued
[In

millions of dollars]

Expenditures other than investmenls-Continued
Railroad
Fiscal year
or

month

Assets, end ot period

117

TOTAL RECEIPTS OF MAJOR TRUST FUNDS
FISCAL YEARS

300

250
B
I

L
L

200

O
N
S

150

O
L
L

A
R

100

1988

AND 1989

118

TOTAL EXPENDITURES OF MAJOR TRUST FUNDS
FISCAL YEARS 1988 AND 1989

119

Investments of Specified Trust Accounts in Public Debt Securities and Agency Securities
by Issue, as of Sept. 30, 1989
[In

Investment securities

Tyf>e and rale

millions of dollars]

120

MAJOR TRUST FUNDS
TOTAL NET INCREASE (DECREASE)

INVESTMENTS

LEGEND
ClVILSERVICEREnREMENT AND DISABILITY
FUND
2 FEDERALDISABILITY INSURANCE TRUST FUND
3 FEDERAL HOSPITAL INSURANCETRUST FUND
4 FEDERAL OLD-AGE AND SURVIVORS
INSURANCE TRUST FUND
5 FEDERALSUPPLEMENTARY MEDICAL
INSURANCETRUST FUND
6 NATIONAL SERVICE LIFE INSURANCE FUND
7 RAILROAD RETIREMENT ACCOUNT
1

-10

UNEMPLOYMENTTRUSTFUND

BILLIONS OF DOLUKRS

us.

CURRENCY AND COIN OUTSTANDING

AND IN CIRCULATION

122
U.S.

CURRENCY AND COIN OUTSTANDING AND

CIRCULATION

INTRODUCTION
Purpose and Scope

Definition of

The U.S. Currency and Coin Outstanding and

Circulation

prepared 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.

Statement

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

money

circulated

The

Terms

"Amounts outstanding and In circulation"
issues by the Bureau of the 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 term "Federal Reserve notes" refers to Issues by the US
Government to the public through the Federal Reserve tjanks 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
note

the only class of currency currently Issued.

relation to population.

"U.S. notes" are also

History

Statements of currency and coin outstanding and In circulation
have been published by the Department of the Treasury since 1888.
These statements were originally prepared monthly 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 tfie 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 "IVIonthly
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 l^oney," a revision
was made to the statement to include denomination detail of the
currency in circulation. Publication of the "Ivlonthly Statement-Paper
Currency of Each Denomination Outstanding" was discontinued, and
the revised version which combines information from both statements became 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 special
report.

known as

legal tender notes

and were

Issues; namely, (a) First 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

issued

in five different

$10,000 notes), and

(e) Fifth

Issue- 1901 ($10 notes).

The column for "Currency no longer issued" consists of gold
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 senes).

certificates (old

"Dollar coins" Include standard silver coins

and nonsllver

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 denved from monthly
reports required from Treasury offices, various US. 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 currency 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.

123
U.S. Currency

and Coin Outstanding and
[Source: Financial

Management

AMOUNTS OUTSTANDING AND

Circuiation

Service]

CIRCULATION

Sepl. 30,

19B9

Currency

Coin'

Total

currency and

Total

coin

Amounts outstanding
Less amounts held by:
TheTreasury
The Federal Reserve banks

Amounts

in circulation

Federal Reserve notes

U.S. notes

Currency no

Total

Dollars '

longer Issued

Fractional
coin

$297,100,581,161

$278,265,511,263

$277,675,978,469

$322,539,016

$266,993,778

$18,835,069,898

$2,024,703,898

$16,810,366,000

441.411.614
49,080,302,488

37.011.475
48.600.771,042

4.652.593
48,600.745.197

32.154.039

213

204,843
25,632

404,400,139
479.531.446

329.328 268
123.033,107

356[498[339

247.578.867.059

229,627,728.746

229.070.680.679

290,384,764

266.763.303

17,951,138,313

1.572.342,523

16.378.795,790

CURRENCY

CIRCULATION BY DENOMINATION

COMPARATIVE TOTALS OF CURRENCY AND COIN
IN CIRCULATION-SELECTED DATES

Sept. 30, 1989

Denomination

Date
Total

Federal

Reserve
notes

75071871

U.S.
notes

Currency
no longer
issued

Amount

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