Full text of Treasury Bulletin : December 1995
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3%0l)0408
DEPT.OFTKETREASUR:
DECEMBER 1995
FEATURES
Profile of the
Economy
Financial Operations
International Statistics
Special Reports
Produced and Published by
Department of the
Treasury'
Management
Service
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TREASURY BULLETIN STAFF
Regina M. Dennis-Downing
Stephen T. Wiley
Karen Y. Shepard
Bertha M. Butts
Bernice T. James
The Treasury Bulletin is issued quarterly in March, June, September, and December by the
Management Service. The Reports Management Division, Financial Information,
Financial
compiles
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data from sources within several Treasury departmental offices and bureaus.
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Contents
DECEMBER 1995
FINANCIAL OPERATIONS
PROFILE OF THE
ECONOMY
Analysis.— Summary of economic indicators
3
FEDERAL FISCAL OPERATIONS
FFO-A. -Chart; Montiily receipts and outlays
FFO-B.— Chart: Budget receipts by source
—Summary of budget results for
FFO-1.— Summary of fiscal operations
Analysis
7
7
the fourth quarter
and
all
of fiscal 1995; third-quarter receipts
8
10
FFO-2.— On-budget and off-budget receipts by source
FFO-3.-On-budget and off-budget outlays by agency
11
13
FEDERAL OBLIGATIONS
FO-1.— Gross obligations incurred within and outside the Federal Government by object
FO- A. -Chart: Gross Federal obligations incurred outside the Federal Government
FO-B.— Chart:
class
Total gross Federal obligations
15
16
16
FO-2. -Gross obligations incurred outside the Federal Government by department or agency
17
ACCOUNT OF THE
U.S. TREASURY
UST-1. --Elements of changes in Federal Reserve and tax and loan note account balances
19
FEDERAL DEBT
FD- .-Summary of Federal debt
FD-7. --Treasury holdings of securities issued by Government corporations and other agencies
FD-A. -Chart: Average length of marketable debt
FD-B. -Chart: Private holdings of Treasury marketable debt by maturity
22
23
24
25
26
26
27
29
30
PUBLIC DEBT OPERATIONS
TREASURY FINANCING
31
1
FD-2. -Interest-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
PDO-1.— Maturity schedules of interest-bearing marketable
and 52-week Treasury
PDO-2.-Offerings of bills
PDO-3. --Public
bills
public debt securities other than regular weekly
outstanding
34
41
offerings of marketable securities other than regular weekly Treasury bills
investor classes for public marketable securities other than bills
PD0-4A.— Allotments by
PD0-4B.— Allotments by
investor classes for public marketable securities for bills other than regular weekly series
43
46
48
SAVINGS BONDS AND NOTES
U.S.
SBN-
.--Sales and redemptions by
SBN-2. -Sales and redemptions by
cumulative
all series of savings bonds and notes combined
SBN-3.— Sales and redemptions by period, series E, EE, H, and HH
1
series,
period,
49
49
50
OWNERSHIP OF FEDERAL SECURITIES
OFS- .--Distribution of Federal securities by class of investors and type of issues
OFS-2.— Estimated ownership of public debt securities by private investors
1
52
53
MARKET YIELDS
MY- .-Treasury market bid yields at constant
MY-A.— Chart: Yields of Treasury securities
1
MY-2. -Average
and bonds
yields of long-term Treasury, corporate, and municipal
CURRENCY AND COIN OUTSTANDING AND
USCC-1.- Amounts
outstanding and
in circulation;
54
55
yields of long-term Treasury, corporate, and municipal bonds by period
MY-B. -Chart: Average
U.S.
maturities: bills, notes,
IN
bonds
56
59
CIRCULATION
currency, coin
60
IV
Contents
USCC-2.— Amounts
outstanding and in circulation; by denomination, per capita comparative totals
61
INTERNATIONAL STATISTICS
INTERNATIONAL FINANCIAL STATISTICS
IFS-1.--U.S. Reserve assets
65
66
IFS-2. --Selected U.S. liabilities to foreigners
IFS-3.-Nonmarketable U.S. Treasury bonds and notes issued to official institutions
and other residents of foreign countries
67
68
IFS-4. --Trade-weighted index of foreign currency value of the dollar
CAPITAL MOVEMENTS
LIABILITIES TO FOREIGNERS REPORTED BY BANKS
CM-1- .-Total
liabilities
CM-I-2. -Total
CM-I-3. -Total
CM-I-4. -Total
liabilities
1
by
by
by
by
IN
THE UNITED STATES
type of holder
70
type, payable in dollars
71
country
liabilities
type and country
CM-A. -Chart: U.S. liabilities to foreigners reported by U.S. banks, brokers, and dealers with respect to
liabilities
76
selected countries
CLAIMS ON FOREIGNERS REPORTED BY BANKS
72
74
IN
THE UNITED STATES
CM-II-1. -Total claims by type
CM-II-2. -Total claims by country
CM-II-3. -Total claims on foreigners by type and country
SUPPLEMENTARY LIABILITIES AND CLAIMS DATA REPORTED BY BANKS
77
78
80
IN
THE UNITED STATES
CM-III-1. -Dollar liabilities to, and dollar claims on, foreigners in countries and areas not regularly reported separately. ... 82
CM-B. -Chart: U.S. claims on foreigners reported by U.S. banks, brokers, and dealers with respect to selected countries ... 83
AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING BUSINESS ENTERPRISES
THE UNITED STATES
LIABILITIES TO,
IN
CM-IV-
.-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
91
CM-C. -Chart: Net
93
1
foreign purchases of long-term domestic securities by selected countries
84
85
87
89
TRANSACTIONS IN LONG-TERM SECURITIES BY FOREIGNERS REPORTED BY BANKS AND BROKERS
IN THE UNITED STATES
CM-V- .—Foreign purchases and sales of long-term domestic securities by type
CM-V-2 Foreign purchases and sales of long-term foreign securities by type
CM-V-3 --Net foreign transactions in long-term domestic securities by type and country
CM-V-4 —Foreign purchases and sales of long-term securities, by type and country (third quarter)
CM-V-5 --Foreign purchases and sales of long-term securities, by type and country (calendar year)
CM-D. -Chart: Net purchases of long-term foreign securities by U.S. investors
1
94
94
95
97
99
lOI
FOREIGN CURRENCY POSITIONS
CANADIAN DOLLAR POSITIONS
FCP-I- .-Weekly report of major market participants
FCP-I-2. -Monthly repoil of major market participants
FCP-I-3. -Quarterly report of large market participants
1
103
103
103
GERMAN MARK POSITIONS
FCP-Il-1.-- Weekly report of major market participants
FCP-Il-2.— Monthly report of major market participants
FCP-II-3. -Quarterly report of large market participants
104
104
104
Contents
JAPANESE YEN POSITIONS
FCP-III-1 .—Weekly report of major market participants
105
105
105
FCP-III-2. --Monthly report of major market participants
FCP-III-3. --Quarterly report of large market participants
SWISS FRANC POSITIONS
FCP-IV-1 —Weekly report of major market participants
FCP-IV-2. --Monthly report of major market participants
FCP-IV-3— Quarterly report of large market participants
106
106
106
STERLING POSITIONS
FCP- V- .-Weekly
report of major market participants
FCP-V-2. --Monthly report of major market participants
FCP- V-3. -Quarterly report of large market participants
107
1
1
07
107
EXCHANGE STABILIZATION FUND
ESF-1. -Balance sheet
ESF-2.— Income and expense
108
1
09
SPECIAL REPORTS
TRUST FUNDS
TF-A. -Chart: Major trust funds, total net increase or decrease
TF-B. -Chart; Total receipts of major trust funds
TF-C— Chart:
in assets
113
114
Total expenditures of major trust funds
115
TF-I.— Civil Service Retirement and Disability Fund
TF-2. --Federal Hospital Insurance Trust Fund
TF-3.— Federal Disability Insurance Trust Fund
TF-4.— Federal Old-Age and Survivors Insurance Trust Fund
TF-5.— Federal Supplementary Medical Insurance Trust Fund
TF-6.— National Service Life Insurance Fund
TF-7.— Railroad Retirement Account
TF-8. -Unemployment Trust Fund
TF-9.— Investments of specified trust accounts in public debt securities by issue
TF- 5a.— Highway trust fund, highway account
116
117
118
119
120
121
122
123
125
1
1
26
RESEARCH PAPER INDEX
127
GLOSSARY
128
ORDER FORM FOR TREASURY PUBLICATIONS AND SUBSCRIPTIONS
NOTES:
Definitions for words shown in italics can be found
rounding; p- Preliminary; n.a.= Not available; r= Revised.
in the glossary;
Inside back cover
Figures
may
not add to totals because of
VI
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
March
June
Sept.
Dec.
Federal Fiscal Operations
FFO-4.— Summary of
internal revenue collections
by States
and other areas
Special Reports
Consolidated Financial Statements of the United States
(Published following the release of the
Government (CFS) excerpt
CFS)
Statement of Liabilities and Other Financial Commitments
of the United States Government
Trust
Fund Reports:
Airport and Airway Trust
Fund
Aquatic Resources Trust Fund
Black Lung Disability Trust Fund
Civil Service Retirement
V
and Disability Fund
Federal Disability Insurance Trust Fund
V
Federal Hospital Insurance Trust Fund
V
Federal Old- Age and Survivors Insurance Trust Fund
V
Federal Supplementary Medical Insurance Trust Fund
V
Harbor Maintenance Trust Fund
V
Hazardous Substance Superfund
V
Highway
Trust
Fund
Inland Waterways Trust Fund
Investments of specified
trust
accounts
Leaking Underground Storage Tank Trust Fund
National Recreational Trails Trust Fund
National Service Life Insurance Fund
Nuclear Waste Fund
Oil Spill Liability Trust
Fund
V
Railroad Retirement Account
Reforestation Trust
Unemployment
Fund
Trust
Fund
Uranium Enrichment Decontamination and
Decommissioning Fund
Vaccine Injury Compensation Trust Fund
V
DPERATIDNS
Profile of the
"J
I
Economy
l4i(ir
Account oniielinVeasury
Federal Debt
Pnblic Debt Operations
U.S.
Savings Bonds and
Mes
Ownership of Federal Securities
U.S. (Currency
and Coin Outstanding
and
in Circulation
Profile of the
Real gross domestic product
Growth
in
8
real gross domestic product (Gdpi has
moderated through the first three quarters of this year from
very high rates at the end of 1994. It is expected to sustain a
modest expansionary pace that is consistent with the low inflation. So far in 1995, growth averaged 2.7 percent at an
annual rate on the conventional 1987 fixed-weight basis, or
1.8 percent
Economy
using chain weights.
The chain-weighted measure
Growth of Real
7
GDP
(Percent change, fourth quarter to fourth quarter)
6-
H
I
5
Fixed 1987 weights
I
Chain weights
4
will be featured
beginning
The old measure overgrowth as we move further from the base year 1987,
because of the shift towards goods whose prices are rising
slowly or declining, such as computers. The new measure
uses more current prices to derive real GDP and therefore
shows a slower rate of growth.
By either measure, GDP growth picked up sharply in the
third quarter. Consumer spending was strong, especially for
household durable goods and autos, and business investment continued to expand rapidly. An expected slowdown
in inventory accumulation did not occur, helping to boost
growth in the quarter.
Inflation as measured by the fixed-weight price index for
with the data for the fourth quarter.
3
states
GDP increased at
ter,
first
a 2.1 percent annual rate in the third quarwell below the 2.9 percent gain averaged during the
halfand
all
of 1994.
Consumer and producer
prices
remained relatively tame as the economy concluded its 55th month of expansion in October. Despite an
unemployment rate near 5-1/2 percent over most of the past
year, growth of wages has been subdued, putting little pressure on prices. The consumer price index (CPI) has increased at a 2.9 percent annual rate so far in 1995, up only
slightly from increases of 2.7 percent during each of the 2
previous years. Declining energy prices and a modest 2.5
percent rate of advance in food prices have contributed to
the favorable performance this year.
Core inflation, or the CPI less food and energy, has accelerated to a 3.3 percent annual rate through the first 10
months of 1995 from only 2.6 percent over all of 1994.
Inflation
2
1
ir.
87
88
-
89
90
*
Firsi
91
m
92
93
95*
94
ihree quarters al an annual rale
That had been the smallest rise since 1965. Growth this
year is still well contained and is essentially the same as registered during 1992 and 1993.
Growth of the producer price index (PPl) for finished
goods has averaged a .4 percent annual rate through the
1
10 months of 1995, a little below the 1.7 percent increase of 1994. Falling energy prices have helped this year.
The core finished goods index has accelerated to a still modest 2.4 percent rate of growth this year from 1 .6 percent last
first
year.
Real disposable personal income and consumer spending
Income growth has slowed so far this year, as gains in
employment have been trimmed from last year's rapid pace.
Disposable, or after-tax, personal income adjusted for inflation has risen at a 2.4 percent annual rate during the
three quarters of 1995,
cent during
all
down from
first
an increase of 4.4 per-
of 1994.
Consumer spending has
nual rate through the
first
also slowed to a 2.6 percent an-
three quarters from 3.5 percent
The deceleration of income growth, along with
consumer indebtedness, probably
contributed jointly to the slowdown.
The share of after-tax income devoted to personal saving
last year.
relatively high levels of
Consumer Prices*
(Percent change from a year earlier)
has edged up to an average of 4.4 percent in the first three
1
percent during each of the prior 2 years.
The personal saving rate has averaged 4.5 percent since
1987, down from an average of more than 7 percent between 1950 and 1986. Revisions to the national income and
product accounts scheduled for late December are likely to
reduce income results somewhat for 1994 and lower the saving rate, assuming no offsetting changes in spending.
quarters from 4.
87
'Year
88
tick
89
90
marks correspond
10
8
6
4i
2
-2^
-4
Producer Prices*
(Percent change from a year earlier)
91
withi
92
June data
Industrial production
Growth of
and capacity
utilization
minand utilities has slowed considerably in 1995 after expanding by 6.0 percent over the 12 months of 1994. In
industrial production in manufacturing,
ing,
October, the production index was only 1.0 percent at an annual rate higher than at the end of last year. Output in manufacturing, which accounts for 85 percent of the total, has
risen at only a 0.6 percent pace so far during 1995 after a
7.0 percent increase last year. Softer auto sales are partly responsible, leading to a 10.0 percent annual rate decline in
auto and light truck assemblies this year. Weakness has gen-
PROFILE OF THE ECONOMY
erally
Nonfarm productivity and unit labor costs
Growth of nonfarm productivity, or real output
been widespread, however, reflecting the general
in economic activity during 1995. Some indus-
slowdown
tries are
nonetheless continuing to grow strongly, especially
the computer, office equipment,
and
electrical
machinery
in-
dustries.
per workhour, rose at a 2.0 percent annual rate in the third quarter
and has averaged a 3.0 percent annual rate over the first
three quarters of 1995. This follows increases of 1.8 percent
The sluggishness
allowed the industrial capacity utilization rate to retreat from a 15-year
high of 85.5 percent reached in January to 83.6 percent in
October. The utilization rate remains above its long-run average of 82.0 percent.
in industrial output has
during
1.3 percent during 1993. The
numbers is tempered significantly when
measured by the new chain-weighted index to
of 1994 and
all
strength of recent
output is
be officially introduced in December 1995. That provides a
better measure of output and will show productivity growth
so far this year of about .5 percent, an increase last year of
percent, and a small decline in 1993.
less than
Productivity in manufacturing, a component of the nonfarm sector, soared at a 6.2 percent annual rate in the third
quarter and is up at a 4. 1 percent so far this year, in line
with the increases of the previous 2 years. Data are not yet
available to convert manufacturing productivity to a chainweighted basis.
Labor costs per unit of output remain low in 1995, helping to keep inflation in check. The currently published figures exaggerate the progress, however, because they
overstate productivity growth. Published numbers suggest
unit labor costs have risen at only a 0.5 percent annual rate
during the first three quarters of 1995, but that would be
translated into a 2.2 percent pace using chain-weighted productivity. This is still not a bad performance and is essentially the same as over the course of the previous 2 years.
real
1
Employment and unemployment
1
Job growth has slowed
in
1995 after accelerating
in
1994.
Last year employment growth as measured by the survey of
nonfarm establishments averaged 294,000 a month, totaling
3-1/2 million new jobs over the entire year. This pace continued through the first quarter of 1995, but from April
through October monthly job gains averaged just 101.000.
Ci\ilian
_
Unemployment Rate
,_-._.
('"
percentages)
Current account balance
J
A
S
O
400
Establishment Employment
(Monthly change
in
thousands)
The current account balance is the most comprehensive
measure of U.S. international transactions. The current account deficit has widened sharply since 1991 to $151 billion in 1994 and $165 billion at an annual rate in the first
half of 1995. Much of this reflects the economic recovery
here, which has been drawing in imports at a faster pace
than the rate of expansion in exports.
A larger merchandise trade deficit accounts for most of
the deterioration. That deficit reached
300
m
200
$166
billion in 1994.
and through the first half of 1995 climbed to an annual rate
of $188 billion. International trade in services shows a $63
billion surplus at an annual rate through the first half of this
year, in line with figures for the previous 3 years.
The balance on income payments, which includes
1
czi
JFMAMJJASO
—1
1
r-
inter-
dividends, and direct investment income, shifted from a
surplus of $9 billion in 1993 to a deficit of that same
amount in 1994, and remained at about that level in the first
half of 1995. Payments on foreign assets in the United
States increased much more sharply than receipts on U.S.
est,
assets abroad, as interest rates
try faster
and
profits rose in this
coun-
than they did overseas.
1995
Declines in manufacturing employment have held down
overall job growth. Factory jobs fell by 227,000 between
March and October after steady gains since early 1994. The
private service-producing sector has continued to add large
numbers of new jobs in 1995, but at a much slower pace
than last year. Increases in this sector averaged 215,000 per
month in 1994, and 138,000 per month through the first 10
months of 1995.
After dipping to a recent low of 5.4 percent in February,
the unemployment rate has hovered between 5.5 and 5.8
percent for several months. This is well below levels at the
start of 1994 and is quite low by historical standards.
Exchange rate of the dollar
The dollar declined steadily from January 1994 through
the middle of this year, but has
July.
The declines were
moved up moderately
particularly steep against the
since
yen
and the deutschemark, with more moderate decreases
against currencies of other trading partners. In the case of
Mexican peso, the
the Canadian dollar and especially the
dollar has appreciated.
The dollar declined by about 6-1/2 percent over 1994,
based on the Federal Reserve Board's trade-weighted index
of the dollar against G-10 cunencies. From the end of 1994
through July, the dollar declined by another 8-1/2 percent,
but has since rebounded by about 2-3/4 percent.
PROFILE OF THE
Many
factors determine the level of
The
ternational currency markets.
exchange
ECONOMY
Housing
Housing
rates in in-
large U.S. current ac-
up since April after contractMortgage interest rates
began to rise in 1994, limiting the demand for new homes,
but have receded through most of 1995. By November,
rates for a conventional 30-year loan were about 200 basis
points, or 2 percentage points, below the level of a year ago.
Home sales responded to the decline in mortgage rates,
rising sharply in the spring and summer months. Improved
consumer confidence also contributed to the rebound in
housing. New construction increased sharply as the pickup
in demand reduced the inventory of unsold new homes on
count deficit likely played a role in the downward
movement of the dollar. Underlying economic fundamentals in the United States remain sound, however.
ing in the
Interest rates
Long-term interest rates have declined since the beginning of the year as the pace of economic growth moderated
from rapid gains in the last half of 1994 and as inflation
pressures ebbed. The yield on the 30-year Treasury bond is
now under 6.3 percent, compared with a recent peak of 8.
percent in November 1994. Mortgage interest rates have
fallen roughly 200 basis points, or 2 percentage points,
from levels at the end of last year.
Short-term interest rates have also moved lower. In July
the Federal Reserve Board eased monetary policy slightly
with a 25 basis-point decrease in the target for the Federal
funds rate to 5-3/4 percent. The discount rate was left unchanged at 5.25 percent. The rate on the 3-month Treasury
bill subsequently declined and is now roughly in line with
the discount rate after holding above it through 1994 and
the first half of 1995.
activity has picked
first
3
months of
this year.
the market.
Housing
activity tailed off in the fall but
remained
at
a
high level. Favorable mortgage rates should continue
to support the housing market, but it is unlikely that there
will be additional large gains.
fairly
Federal budget deficit
budget deficit fell to $164 bil$39 billion lower than the $203 billion deficit in
1994 and $127 billion below the record $290 billion deficit
in 1992. The 3-year drop was the largest in history and the
In fiscal 1995, the Federal
lion, or
first
such successive declines since the
Truman Administra-
tion.
Strong economic growth and passage of the Omnibus
Budget Reconciliation Act of 1993 were responsible for the
improvement. Outlays rose by only 3.7 percent in 1995,
while revenues expanded by 7.4 percent.
The
GDP in
1995, well
in 16
years. By fiscal 2000, the deficit is prtyected to decline to
just 2.1 percent of GDP, based on the July Mid-Session Review of the Budget.
below
deficit represented 2.3 percent of
the 4.9 percent share in 1992
and the lowest
Net national saving and investment
National saving, net of depreciation used to replace obsowhich is available to expand the base of
lete capital, is that
equipment used by U.S. workers. Both net
saving and net investment as a share of net national product
(NNP) weakened during the 1980's and by 1992 had
reached post-World War II lows. In the first half of 1995,
net national saving rose to 4.1 percent of NNP from 3.4 percent in 1994 and 1.2 percent in 1992, but remained low
compared to the more than 8 percent averaged from the
structures and
2.5
II
III fTiTi
II
iiiiinnnrTiiTii M
I
II
iMii
iininininTTM m iMniinMnninninnTnniir
JFMAMJJ ASONDJFMAMJ JASON
I
1
1
1
I
1994
•Average
for
1995
week ending
Friday, Federal funds ending
Wednesday
I950"s through the 1970's.
Gains over the past 3 years are entirely the result of a narrowing of the Federal deficit, which has reduced Government dissaving to 1 .8 percent of NNP in the first half of
1995 from 2.2 percent in 1994 and a high of 4.8 percent in
1992. State and local governments run a slight surplus,
which has been essentially stable. Private saving, of households and businesses, was equivalent to 5.9 percent of NNP
in the first half of 1995, up a little from 1994 but about the
same as in the prior 3 years and still considerably below averages near 9 percent in the I960"s and 1970" s.
Long-terni Interest Rates
8.5
(In
percentages; Weekly data")
8
30-year bond
7.5
7
6.5
6
5.55
Net domestic investment equaled 5.8 percent of NNP in
first half of 1995, compared to 5.3 percent in 1994 and
lows just over 2 percent in 1991 and 1992. Foreign inflows
accounted for 2.7 percent of NNP or roughly 45 percent of
domestic investment so far this year. Investments from U.S.
sources were equivalent to only 3. 1 percent of NNP in the
first half of 1995, compared to averages above 8 percent
the
ni
I
IIIIIIIIIIIIIIIII
IIIIIIIIII
M
IIIIIIIII
M M
IIIIIIIIIIII
II
II
III
M
JFMAMJJ ASOND JFMAMJ JASON
I
1994
I
I
1995
I
I
I
during the 1950"s through the 1970"s.
INTRODUCTION: Federal
Budget authority usually takes the form of appropriations
nance operations within and between Government agencies
be incurred and payments to be made.
and are credited with collections from other Government
that allow obligations to
Reappropriations are Congressional actions that extend the
availability of unobligated
amounts
that
otherwise expire. These are counted as
in the fiscal
act
Fiscal Operations
is
new budget
authority
year of the legislation in which the reappropriation
included, regardless of when the amounts were originally
appropriated or
when
they would otherwise lapse.
Obligations generally are liquidated by the issuance of
checks or the disbursement of
accounts.
have expired or would
cash--oHr/flv.v.
Obligations
may
Intrabudgetaiy transactions are subdivided into three categories:
on public issues of Treasury debt
an increase
in
securities (including
redemption value of bonds outstanding); or by
the issuance of bonds, debentures, notes,
monetary
credits, or
electronic payments.
in the
other fund group; (2) Federal intrafund transactions-
payments and receipts both occur within the Federal fund
group; and (3) trust intrafund transactions— payments and receipts both occur within the trust fund group.
Refunds of collections generally are treated as reductions
its
in
excess of tax
during a fiscal year
part
liabilities are treated as outlays.
Outlays
may be for payment of obligations
incurred
years or in the same year. Outlays, therefore, tlow in
in prior
Offsetting receipts are generally deducted from budget
authority and outlays by function, subfunction, or agency.
There are four types of receipts, however,
from budget
are:
of collections, whereas payments for earned-income tax cred-
money
is
in
which the
spent. Total outlays include both budget
and
off-
budget outlays and are stated net of offsetting collections.
They
)
are collections from the public,
that are
deducted
totals as undistributed offsetting receipts.
They
agencies' payments (including payments by off-budget
entities)
employers
as
into
employees' retirement
funds; (2) interest received by trust funds; (3) rents and royalties
on the Outer Continental Shelf lands; and
(4) other interest
on Outer Continental Shelf money
that collected
(i.e.,
in
when such money is transferred into the budget).
The Government has used the unified budget concept as
deposit funds
a foundation for
1969.
its
The concept
Government's
Receipts are reported in the tables as either budget receipts
or offsetting collections.
( 1
Federal
from unexpended balances of prior year budget authority
and from budget authority provided for the year
interfund transactions-payments are from one fund
(either Federal funds or trust funds) to a receipt account
also be liquidated (and outlays recorded) by the accrual of
interest
( 1 )
group
budgetary analysis and presentation since
calls for the
fiscal transactions
budget to include
all
of the
with the public. Since 1971,
however, various laws have been enacted removing seseral
Federal entities from (or creating them outside of) the budget.
excluding receipts offset against outlays. These, also called
Other laws have moved certain off-budget Federal
governmental receipts, consist mainly of tax receipts (includ-
onto the budget. Under current law, the off-budget Federal
ing social insurance taxes), receipts
licenses,
from court
fines, certain
and deposits of earnings by the Federal Reserve
system. Refunds of receipts are treated as deductions from
entities consist of the
two Social Security
ance.
Although an off-budget Federal
Government accounts or
Federal
old-age and survivors insurance, and Federal disability insur-
gross receipts.
Offsetting collections from other
trust funds.
entities
and surplus or
entity's receipts, outlays,
deficit ordinarily are not subject to targets set
the public are of a business-type or market-oriented nature.
by the congressional resolution, the Balanced Budget and
They
Emergency
are classified as either collections credited to appropria-
tions or fund accounts, or offsetting receipts
deposited in receipt accounts).
(i.e.,
amounts
The former normally can be
used without appropriation act by Congress. These occur
two
instances:
(
1
)
when authorized by
law,
for materials or services are treated as
in
amounts collected
reimbursements
to
the
plus or deficit in calculating deficit targets under that act and
in calculating
are netted against spending,
deficit of the
Tables FTO-l, FFO-2, and
FFO-3 are published quartedy
and outlays are reported as the net
amount.
Offsetting receipts in receipt accounts cannot be used
without appropriation. They are subdivided into two categories: (1)
Government.
and cover 5 years of data, estimates for 2 years,
months, and
proprietary receipts, or collections from the public,
offset against outlays
excess deficit. Partly for this reason, attention
has focused on both on- and off-budget receipts, outlays, and
appropriations, and (2) in the three types of revolving funds
(public enterprise, intragovernmental, and trust); collections
Deficit Control Act of 1985 (commonly known as
Gramm-Rudman-Hollings Act) included off-budget sur-
by agency and by function, and
(2)
fiscal year-to-date data.
detail for 13
They 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.
They
tions affecting receipts
and outlays of the Government and
also detail accounting transac-
intra-govemmental funds, or payments into receipt accounts
off-budget Federal entities and their related effect on assets
from governmental appropriation or fund accounts. They
and
fi-
liabilities
of the Government. Data are derived from the
FEDERAL FISCAL OPERATIONS
Monthly Treasury Statement of Receipts and Outlays of the
span several tax
United States Government.
ments
• Table
FFO-1 summarizes
the
amount of
liability
years because they consist of prepay-
estimated tax payments and taxes withheld by
(i.e.,
employers for individual income and Social Security
total receipts,
outlays, and surplus or deficit, as well as transactions in
of payments
Federal securities, monetary assets, and balances in Treasury
ments made
operating cash.
with delinquent returns or on delinquent accounts).
•
FFO-2 includes on- and off-budget receipts by
Amounts represent income taxes, social insurance
made with
tax returns,
after tax returns are
taxes),
and of subsequent pay-
due or are
filed (i.e.,
payments
Table
source.
taxes, net contributions for other insurance
It is
important to note that these data do not necessarily
reflect the Federal tax
and retirement,
burden of individual States. Amounts
on the primary
excise taxes, estate and gift taxes, customs duties, and net
are reported based
miscellaneous receipts.
each taxpayer or reporting
• Table
FFO-3
details on-
and off-budget outlays by
the address
agency.
reported
• Table
FTO-4
(Fall issue)
summarizes
internal
reported are collections
made
in a fiscal year.
filing address
For
may reflect only the State where such a corporation
its
taxes from a principal office rather than other
States
They
may
vidual
reside in
one State and work
CHART FFO-A.Monthly Receipts and Outlays
(In billions of dollars)
On-budget
receipts
Off-budget
receipts
On-budget
outlays
Off-budget
outlays
N
provided by
inultistate corporations,
where income was earned or where individual income
and Social Security taxes were withheld. In addition, an indi-
revenue
collections by States and other areas and by type of tax.
Amounts
entity.
700
D
1994
600
500
400
CHART FFO-B.- Budget
300
-
Receipts by Source,
through Fourth Quarter,
Fiscal Years 1994-1995
200
100
(In billions of dollars)
Source: "Monthly Treasury Statement of Receipts and Outlays of
the United States Government"
Individual
Corp
in another.
FEDERAL FISCAL OPERATIONS
Summary
A
of
Budget Results
for the Fourth Quarter
and
All of Fiscal
Federal budget deficit of
$40.
billion in the
1
founh
fiscal
Total On-
and Off-Budget Results and Financing
of the U.S.
Government
quailer brought the deficit for
(In millions ot dollars)
the entire fiscal year to $163.8
That figure was narrower by $39.3 billion than the
total for the prior year and was
billion.
ly
Total on-
As
On-budget receipts
Off-budget receipts
Total outlays
a share of
On-budget outlays
Off-budget outlays
gross domestic product (GDP),
Total surplus or deficit
at 2.3
was
The
percent the 1995 deficit
the smallest since
1979.
1995
was a
actual
deficit
On-budgel surplus
(-)
•
deficit
(-)...
Borrowing from the public
Reduction of operating cash
Other means
....
l\/leans of financing:
wider than the $160 billion
projected in the Mid-Session
in July but
(-)
or deficit
Off-budget surplus or
bit
Review released
results:
Total receipts
the smallest deficit in dollar
terms since 1989.
and off-budget
Total on-
and off-budget financing
was
considerably narrower than the
$192.5 billion
that
had been projected
in the
budget document
released in February.
The narrowing of
the deficit in 1995 resulted from a solid
increase of 7.4 percent in receipts and a rise of only 3.7 percent
in outlays.
As
shares of
GDP,
the year, the highest since
receipts reached 19.3 percent in
1982, while outlays were 21.6
More fundamentally, improvefrom three sources: the deficit
reduction package enacted in 1993, a strengthening economy,
and some special, one-time developments.
percent, the lowest since 1979.
ment
in the deficit resulted
The Omnibus Reconciliation Act of 1993 was estimated
at
passage to reduce the deficit by $83 billion
in
the time of
its
1995 from what otherwise would have developed. The deficit
reduction impact for 1994 had been placed at $47 billion. Thus,
billion of the improvement in 1995 from a year earlier
might be traceable to the deficit reduction package.
$36
A
solid
performance by the economy
in
1995 produced
rising taxable incomes, e.g., increases of 5.7 percent in
wages
and an estimated 10.8 percent in book (taxable)
profits. The former contributed to a 6.8 percent increase in
withheld individual income and employment tax receipts,
and
salaries
while the
latter
was
reflected in a
jump of
11.9 percent in
corporate income tax revenues. Stronger economic activity
and declining unemployment in the year were reflected in a
drop of $5.2 billion (17 percent) in unemployment insurance
outlays and in fairly narrow increases across a number of other
income support categories.
Special, one-time developments in the year included the
spectrum auction which netted $7.6 billion (counted as negative outlays in budget accounting). Also, there was improve-
ment of $10.3
billion in the deposit insurance account, as sales
of assets and fees paid by depository institutions far exceeded
gross outlays of the deposit insurance agencies. Finally, unusual timing had artificially boosted outlays in 1994 by about
$7
billion, so that
improvement
in
1995 was exaggerated by
-
Sept.
1995
FEDERAL FISCAL OPERATIONS
was a -$
Third-Quarter Receipts
1
made in the third quarter of fiscal
adjustment
.8 billion
1995.
The following capsule analysis of budget receipts, by source, for the third quarter of fiscal
1995 supplements fiscal data reported in the September issue of the "Treasury Bulletin." At the
time of that issue's release, not enough data
were available to analyze adequately collections
for the quarter.
—
Contributions for other insurance and retirement Contributions for other retirement were $1.1 billion for the third
There was a negligible change in receipts from the third
The growth in contributions will remain
flat over the next few years as the number of employees
covered by the Federal employees' retirement system (FERS)
grows slowly relative to those covered under the civil service
retirement system (CSRS).
quarter.
quarter of fiscal 1994.
Unemployment insurance
Indi\idual income taxes
were $167.6
— Individual
income
tax receipts
billion for the third quarter of fiscal 1995. This
is
an increase of $25.1 billion over the comparable quarter for
fiscal
1994. Withheld receipts increased by $8.4 billion and
non-withheld receipts increased by $22.
1
billion in this period.
There was an increase of $5.4 billion in refunds over the
comparable fiscal 1994 quarter. There was an increase of $0.2
billion in accounting adjustments between individual income
tax receipts and the Social Security and Medicare trust funds
in the third quarter of fiscal 1995 as compared to the third
quarter of fiscal 1994.
—
Corporate income taxes Net corporate receipts for the
$6 .5 billion. This was $9.0 billion higher
than net receipts for the comparable quarter of fiscal 994. The
third quarter totaled
1
1
$9.0 billion figure consists of $ 10.4 billion
and
final
payments
less $1.3 billion in
higher estimated
in
higher refunds. The
increase in net receipts mainly reflects higher corporate profits.
Employment
taxes
and contributions
— Employment taxes
and contributions receipts for the third quarter were $128.3
billion, an increase of $4.3 billion over the comparable prior
year quarter. Receipts to the Old-Age Survivors Insurance
decreased by $2.6 billion, while receipts to the Disability
Insurance and the Hospital Insurance trust funds increased by
$5.8 billion and $1.0 billion, respectively. There was a -$1.6
billion accounting adjustment for prior years'
liabilities
made
in the third quarter
of
fiscal
employment
tax
1994, while there
— Unemployment insurance
re-
were $14.0 billion, which is $0.7
billion more than they were for the comparable quarter of fiscal
1994. State taxes deposited in the U.S. Treasury increased by
$0.4 billion, while Federal Unemployment Tax Act (FUTA)
receipts increased by $0.3 billion. Railroad unemployment tax
receipts were approximately the same as in the comparable
ceipts for the third quarter
quarter of fiscal 1994.
Excise
ta.\es
were $14.3
—Net excise
tax receipts for the third quarter
an increase of $0.4 billion over the comparable prior year quarter. Total excise tax refunds for the quarter
were $0.5
billion,
an increa.se of $0.1 billion over the compa-
billion,
rable prior year quarter.
Estate and
gift
taxes
—
Estate and gift tax receipts were $4.3
These receipts represent an increase
over the previous quarter, and a decrease of $0.5
billion for the third quarter.
of $
1
.
1
billion
billion
over the same quarter
Customs duties
—Customs
in the
previous year.
were $4.4
of $0.4 billion
from the comparable prior year quarter. It is due to an increase
in refunds attributable to retroactive extension of the Generalized System of Preferences (GSP) and a decrease in tariffs
resulting from implementation of recent trade agreements.
billion for the third quarter.
Miscellaneous receipts
receipts net of refunds
This
is
a decrease
—
Net miscellaneous receipts for the
were $8.2 billion, an increase of $2.1 billion over
the comparable prior year quarter. The bulk of the increase is
attributable to higher deposits of Federal Reserve earnings. ()
third quarter
Third Quarter Fiscal 1995 Net Budget Receipts, by Source
Iln billions ol dollatsl
FEDERAL FISCAL OPERATIONS
10
TABLE FFO-l.--Summary of Fiscal Operations
[In
millions of dollars
Source "Monthly Treasuiy Statement
of
Receipts and Outlays of the United Stales Government"]
FEDERAL FISCAL OPERATIONS
TABLE FFO-2.-On-budget and Off-budget
lln
millions of dollars. Source: "Monthly Treasury
Statement
of
Receipts by Source
Receipts and Oullays of the United Stales Government"]
11
1
'
FEDERAL FISCAL OPERATIONS
12
TABLE FFO-2.~On-budget and Off-budget Receipts by Source, con.
(In
millions of dollars. Source: "Monthly
Statement of Receipts and Outlays
of tfie United States
Government"]
Social insurance
taxes and
contributions,
con.
Net social insur-
Excise taxes
and Airway Trust Fund
Fiscal year
ance taxes and
ormontti
contributions
Gross
Refunds
Net
Gross
Refunds
Net
Gross
Refunds
Net
Gross
Refunds
Net
(22)
(23)
(24)
(25)
(26)
(27)
(28)
(29)
(30)
(31)
(32)
(33)
(34)
Airport
Black Lung Disability Trust Fund
Highway Trust Fund
filiscellaneous
1991
396,01
4,919
10
4,910
652
-
652
17,331
352
16,979
20,472
582
19,890
1992^
413,689
4,660
15
4,645
626
-
626
17,287
574
16,713
24,562
977
23,585
1993
'
428,300
3.276
15
3,262
634
-
634
18.321
283
18.039
26,718
595
26,123
1994^
461,475
5,217
28
5,189
567
-
567
17,426
758
16.668
33,573
772
32,801
1995'
484,474
5,406
39
5,367
608
-
608
23,358
913
22,445
29,926
861
29,065
1996 -Est
509,315
5,877
-
5,877
645
-
645
22,894
-
22,894
27.778
268
1994 -Sept
40,371
545
-
545
31
-
31
1,438
1,169
3,540
•233
3,773
Oct
32,687
444
6
438
60
-
60
1,453
1
1,452
2,355
30
2,325
Nov
37,387
453
-
453
57
-
57
1,448
-
1,448
3,590
29
3,561
Dec
36,358
480
-
480
52
-
52
3,092
•
3,092
'1,337
255
'1,082
3
348
30
-
30
1,880
210
1,670
2,360
147
2,507
-
433
54
-
54
1.955
•
1,955
1,127
84
1,044
428
54
-
54
1,599
•
1,599
3,502
440
3,061
2,125
1995-Jan
Fiscal
27,778
40,442
351
Feb
38,653
433
ti/lar
39.379
428
Apr
53.839
430
419
53
•
53
2,216
211
2,005
1,953
-172
May
48,183
499
-
499
52
-
52
1,553
81
1,472
2.976
229
2,747
June
41,341
593
-
593
50
-
50
1,628
-162
1,789
2.716
252
2,464
July
36,499
467
5
461
53
-
53
2,565
244
2,320
2.023
-217
2,239
Aug
39,804
502
13
490
52
-
52
1,875
328
1,546
2.718
50
2,668
Sept
39.902
325
-
325
41
-
41
2,095
-
2,095
3,271
26
3,245
1995
484,474
5,406
39
5.367
608
-
608
23,358
913
22,445
29,926
861
29,065
11
Excise taxes,
Net miscellaneous receipts
con.
Deposits
Net
Fiscal year
month
of
Estate and
excise
gift
Customs du ties
taxes
earnings
Total receipts
by Federal
All
Resen/e banks
other
""Oiv
Off-
taxes
Gross
Refunds
Net
Gross
(35)
(36)
(37)
(36)
(39)
(40)
(41)
(42)
(43)
(44)
(45)
(46)
199l'
42,430
11,473
335
11,138
16,738
817
15,921
19,158
3,689
22,847
760.375
293,885
1992'
45,570
11,479
336
11,143
18,135
775
17,359
22,908
4,292
27,195
789,266
302,426
1993'
48,057
12,891
314
12,577
19,613
811
18.802
14,908
3,331
18,239
841,241
311,934
994
or
Refunds
Net
budget
Total
budget
'
55,225
1
5,607
382
1
5,225
20,973
874
20,099
18,023
4,018
22,041
922,161
335,026
1995'
57,485
15,144
380
14,764
21,067
1,767
19.300
23,378
3,928
27,306
999,496
351,080
1996 -Est
57,194
16,760
-
16,760
22,332
22,332
24,774
4,260
29,034
1,045,095
370,361
1,893
94
1,799
1.112
613
1,725
105.212
30,683
,961
114
1,848
1.954
345
2,300
65.384
23,639
2,811
62,083
25,590
'1.256
103,860
26.950
1
1994 -Sept
5,518
1,284
30
1,254
Oct
4,272
1
,234
28
1
Nov
5,518
1,263
42
1,220
1,965
138
1,827
2.587
Dec
'4,706
1,119
28
1,092
1,835
88
1,747
836
224
'420
4,555
1,028
23
1,005
1,639
100
1,539
1,507
332
1.839
101,036
30.765
Feb
3,485
957
42
916
1,512
77
1,435
1,857
274
2,131
54,405
28,139
1,781
311
1,470
3,015
597
3,612
61,970
30,562
,490
141
1,349
3,514
261
3,774
126.170
39.222
1.471
2,478
241
2,719
61.027
29.378
1995-Jan
Fiscal
,202
1
Mar
5,143
1,248
30
1,218
Apr
4,602
1
,938
32
1
May
4,770
1,371
32
1,339
1,652
180
June
4,897
1,071
31
1,040
1,752
169
1,583
1,426
247
1,674
115,998
31.870
July
5,074
1
,063
26
1
.759
156
1,603
2,049
271
2.320
65,788
26,961
Aug
4,757
1,538
38
1,500
1,993
199
1,794
1.743
338
2,081
69,264
27,296
Sept
5,706
1,314
25
1,289
1,728
93
1,634
411
378
789
112,510
30,710
1995
57,485
15,144
380
14,764
21,067
1.767
19,300
23.378
3,928
27,306
999,496
351,080
,906
,037
1
1
Data for the period do not reflect postyear adjustments published in the "Monthly Treasury
Statement of Receipts and Outlays of the United States Government." the source lor this table.
Note "On-budget and off-budget estimates are based on the
Management and Budget on February 6, 1995.
the Office of
fiscal
1996 budget, released by
FEDERAL FISCAL OPERATIONS
TABLE FFO-3.
[In
-On-budget and Off-budget Outlays by Agency
millions of dollars. Source. 'Monthly Treasury
Statement
ol
Receipts and Outlays of the United States Government']
13
FEDERAL FISCAL OPERATIONS
14
TABLE FFO-3.-On-budget and Off-budget Outlays by Agency, con.
[In
millions ot dollars.
Source "Monthly Treasury Statement
National
of
Receipts and Outlays of the United States Government")
Undistributed offsetting receipts
Rents and
Aeronautics
Rscal year
er
month
'
General
and
Office of
Small
Social
Other
Employer
Interest
royalties
Services
Space
Personnel
Business
Security
indepen-
stiare,
received
on the Outer
Adminis-
Adminis-
fi/lanage-
Adminis-
Admin-
dent
employee
tration
tration
ment
tration
istration
agencies
retirement
funds
Shelf lands
(22)
(23)
(24)
(25)
(26)
(27)
(28)
(29)
(30)
by
trust
Total outlays
Allow-
On-
Off-
Other
ances
budget
budget
(31)
(32)
(33)
(34)
Continental
1991
487
13,878
34,808
613
266,395
80,454
-36,206
-70,649
-3,150
-550
-
1,081,302
241,687
1992'
469
13,961
35,596
394
281,418
18,877
-36,782
-77,838
-2,498
"
-
1,129,336
252,559
1993'
743
14,305
36,794
937
298,349
-10,631
-34,601
-82,276
-2,785
"
-
1,142,110
266,012
1994'
334
13.694
38,596
779
313,881
11,524
-34,770
-85,698
-3,001
*
-
1,181,185
279,372
1995'
708
13,377
41,279
678
362,226
-2,555
-34,392
-93,176
-2,418
-7,645
-
1,225,724
288,665
1996 -Est
639
14,127
42,795
437
381,740
14,327
-33,927
-98,134
-3,036
-6,453
-380
1,307,105
305,023
1994 -Sept
222
1,393
3,340
96
26,905
4,933
-5,720
-164
-276
*
-
103,189
28,716
-651
845
3,410
65
26,989
1,892
-2,442
-611
-154
"
-
95,307
25,059
Nov
639
1,143
3,118
145
28,769
267
-2,416
-5,727
-160
'
-
99,464
25,452
Dec
462
1,203
3,460
64
31,237
-533
-2,564
-38,216
-106
'
'124,316
11,297
1995-Jan
-717
926
3,324
58
27,887
-1,481
-2,557
-95
-353
-
'90,883
25,282
Feb
431
1,072
3,337
64
29,836
-1,536
-2,491
-634
-197
-
-
'94,421
26,478
Mar
544
1,284
3,556
77
32,057
-710
-2,671
-251
-158
-
-
'117,123
25,951
Apr
-767
1.028
3,548
53
28,081
32
-2,554
-596
43
-610
-
90,628
25,045
f^ay
540
1,245
3,431
55
30,220
-232
-2,590
-5,524
-366
-
•
'103,184
26,773
June
387
1.166
3.647
59
36.248
-5,315
-2,696
-39,948
-431
'
-
'120,236
14.818
July
-684
1,032
3,557
14
28,313
895
-2,901
-129
-228
-7,034
-
80,931
25,397
Aug
299
1.236
3,482
-6
30,054
-839
-2,750
-1,134
-272
•
-
104.134
26,277
Sept
223
1,199
3,409
31
32,534
5,010
-5,760
-311
-36
•
-
105,098
30,836
1995
708
13,377
41,279
678
362,226
-2,555
-34,392
-93,176
-2,418
-7,645
-
1,225,724
288,665
Oct
Fiscal
Less than $500,000
Data for the period do not reflect postyear adjustments published in the "Monthly Treasury
Statement of Receipts and Outlays of the United States Government. the source for this table
"
'
'
Note -On-budget and ofl-budget estimates are based on the
Management and Budget on February 6, 1995.
the Office of
fiscal
1996 budget, released by
15
INTRODUCTION: Federal Obligations
The Federal Government controls
ment places
the use of funds
its
order, the order itself can cause
through obligations. Obligations are recorded when the Gov-
pressure on the private economy.
ernment makes a commitment to acquire goods or services.
Obligations are the first of four key events that characterize the
acquisition and use of resources: order, payment, delivery, and
consumption. In general, they consist of orders placed, con-
without regard to
awarded, services received, and similar transactions
requiring the disbursement of money.
tion of capital items.
An obligation
obligational stage of a
Government
transaction
is
all
salaries
Federal agencies often do business with one another. In
a
doing
.so, the "buying" agency records obligations and the
"performing" agency records reimbursements. In table FO-1,
gauging the impact of the Government's
operations on the national economy because it frequently
Government commitment
by the nature of the transaction,
the services are used in current operations or in the construc-
strategic point in
represents a
classified
ultimate purpose. For example,
and wages are reported as personnel compensation, whether
tracts
The
is
its
immediate
these transactions are presented. Conversely, table
that stimulates business
FO-2 shows
investments, such as inventory purchases and employment.
only those transactions incurred outside the Federal Govern-
Though payment may
ment.
not occur for months after the Govern-
TABLE FO-l.-Gross Obligations Incurred Within and Outside the Federal Government by
Object Class, June 30, 1995
[In
millions of dollars Source:
Standard Form 225, Report on Obligations, from agencies]
Gross obligations incurred
Object class
Outside
Within
(1)
Total
(2)
(3)
Personal services and benefits:
Personnel compensation
112.226
Personnel benefits
8,706
Benefits for former personnel
1,800
112,226
22,660
31,366
1,800
Contractual services and supplies:
Travel and transportation of persons
4,821
686
Transportation of Itiings
6,080
1,597
7,677
11,921
4,370
16,291
Rent, communications, and
utilities
.
and reproduction
Printing
5,507
924
491
1,400
130,109
36,403
166,512
35,266
18,618
53,884
Equipment
34,617
3,977
36,594
Lands and structures
10,958
140
11,098
Investments and loans
17,545
178
17,723
Grants, subsidies, and contnbutions
229,304
33,867
263,171
Insurance claims and indemnities
482,679
4,560
487,239
207,021
78,931
285,952
Otfier services
Supplies and matenals
Acquisition of capital assets:
Grants and fixed cfiarges:
Interest
,
and dividends
Refunds
334
334
Otfier:
Unvouchered
139
49
188
Undistributed U.S. obligations
6,803
9,504
16,307
'
1,301,238
216,031
1,517,269
Gross obligations incurred
Gross obligations incurred (as above)
1,517,269
Deduct;
Advances, reimbursements,
otfier
income, etc
-220,441
-219,349
Offsetting receipts
1,077,479
Net obligations incurred
For Federal budget presentation a concept of "net obligations incurred" is generally used This
concept eliminates transactions wittiin the Government and revenue and reimbursements from
the public, which by statute may be used by Government agencies without appropriation action
Summary
by Congress
figures
on
this
Obligations presentation and therefore
Government
")
basis follow
may
differ
(Data are on the basis
somewhat from
of
Reports on
the "Budget of the U.S.
FEDERAL OBLIGATIONS
16
CHART FO-A.- Gross
Personal services and
9%
benefits
Other
Federal Obligations
Contractual services
and supplies 15%
Incurred Outside the
Federal Government,
June
30, 1995
Acquisition
of capital
assets
5%
Grants and fixed charges
70%
CHART FO-B.-Total Gross Federal Obligations,
June
Personal services and benefits
30, 1995
Outside Government
-i
r
Within
Government
(In billions of dollars)
Contractual services and supplies
Acquisition of capital assets
Grants and fixed charges
Other
t
200
400
600
800
1000
FEDERAL OBLIGATIONS
17
TABLE FO-2.~Gross Obligations Incurred Outside the Federal Goveriunent
by Department or Agency, June 30, 1995
[In
millions of dollars
Source Standard Form 225. Report on Obligations, trom agencies)
Personal services and benefits
Benefits
Classification
Personnel
Personnel
compensation
benefits
personnel
(1)
(2)
(3)
492
Legislative branch
The
for
former transportation
1
^
judiciary
Executive Office of the President
128
14
Funds appropnated
416
40
Department
to the
President
of Agriculture:
Commodity
Credit Corporation
Other
Department
of
Commerce
Department
of
Defense;
2,973
2
1,212
31
2,171
58
f(/lilitary:
Department
of the
Army
Department
of the
Navy
Department
of the Air
Force
Defense agencies
Total military
Civil
Department
of
Education
Department
of
Energy
Department
of Health
and Human Services, except
Social Security
Human
Department
Secunty
of
Health and
Department
of
Housing and Urban Development
Department
Services, Social
1
,944
of the Inlenor
1
,746
Department
of Justice
1
,898
Department
of
Department
of State
Department
of
Department
of the Treasury:
Labor
591
878
Transportation
Interest
on the Public Debt
Interest
on refunds, etc
Other
Department
443
3,522
1,074
of
Veterans
Affairs
6,768
Environmental Protection Agency
715
General Services Administration
567
National Aeronautics and
990
Office of Personnel
Space Administration
l^anagement
Small Business Administration
1
166
95
193
Other independent agencies:
Postal Sen/ice
Tennessee Valley
Other
Total
18,696
Authority
661
192
1,799
177
^12,226
Contraclual services and supplies
Travel and
1
of
persons
(4)
12
Transpor-
Rent, ram-
Pnntingand
tation
munications,
reproduc-
Otfier
Supplies and
tion
sen/ices
materials
(7)
(8)
(9)
of things
(5)
and
utilities
(6)
17
365
1
FEDERAL OBLIGATIONS
18
TABLE FO-2.~Gross Obligations Incurred Outside the Federal Government
by Department or Agency, June 30, 1995, con.
[In millions ot dollars.
Source Standard Form 225, Report on Obligations. Irom agencies]
Grants and fixed charges
Acquisition of capital assets
Classification
Land
Invest-
and
ments and
Equipment
structures
loans
(10)
(11)
(12)
'
70
Legislative branch
The
^
judiciary
7
Executive Office of the President
Funds appropriated
Department
4,575
to the President
of Agriculture:
Commodity
17
Credit Corporation
124
Other
Department
of
Commerce
Department
of
Defense:
143
tvlilitary:
Department
of the
Army
Department
of the
Navy
Department
of the Air
1
1
,661
3,01
10,248
Force
—V784_
Defense agencies
2 6,704
=^=^
Total military
31
Civil
Department
of
Education
Department
of
Energy
16
452
of Health and
except Social Secunty
Human
Services,
Health and
Human
Services,
Department
Department
of
126
21
Social Security
Housing and Urban
(Development
Department
of
Department
of the Interior
122
Department
of Justice
168
Department
of
Department
of State
Department
of Transportation
Department
of the
12
23
Labor
53
385
Treasury:
Interest
on the Public Debt
Interest
on refunds, etc
87
Other
Department
of
Veterans Affairs
Environmental Protection Agency
General Services Administration
National Aeronautics
69
28
513
and Space
110
Administration
Office of Personnel
1
Management
Small Business Administration
2
2
Other independent agencies:
Postal Service
Tennessee Valley Authority
60
?i-
Other
r
511
34,617
,
Total
:^=^
Grants,
Insurance
subsid-
claims and
Interest
indem-
and
contnbutions
inities
dividends
(13)
(14)
(15)
ies,
and
Other
19
INTRODUCTION: Source and
Balance
The Treasury's operating cash
is
in
the Account of the U.S. Treasury
maintained
in
accounts
with the Federal Reserve banks (FRBs) and branches, as well
as in tax
and loan accounts
in other financial institutions.
Major
information sources include the Daily Balance Wire received
from the
FRBs and
branches, and electronic transfers through
the Letter of Credit Payment. Fedline Payment,
Deposit Systems. As the
FRB
and Fedwire
accounts are depleted, funds are
called in (withdrawn) from thousands of tax and loan accounts
at financial institutions
throughout the country.
Under authority of Public Law 95-147, Treasury implemented a program on November 2. 1978. to invest a portion
of
its
Availability of the
operating cash in obligations of depositaries maintaining
Note Option. The program permits 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 Treasury needs the funds for
this
way. Treasury
is
its
operations. In
able to neutralize the effect of
its
fluctu-
on Note Option financial institution reserves
and on the economy. Likewise, those institutions wishing to
remit the funds to the Treasury's account at FRBs do so under
the Remittance Option.
ating operations
Deposits to tax and loan accounts occur as customers of
financial institutions deposit tax
institutions use to
payments, which the financial
purchase Government securities. In most
and loan accounts. Under the Treasury tax and loan investment program, depositary financial institutions select the manner in which they will participate. Financial institutions
cases, this involves a transfer of funds
wishing to retain funds deposited into their tax and loan
funds in tax and loan accounts directly from the Treasury
tax
accounts
in interest-bearing obligations participate
under the
account to the tax and loan account
institution. Also.
account
at
the
Treasury can direct the
FRBs.
TABLE UST-1. —Elements of Change in Federal
Reserve
and Tax and Loan Note Account Balances
(In
millions of dollars- Source; Financial
Management
Service)
from a customer's
same financial
in the
FRBs to invest excess
20
ACCOUNT OF THE
U.S.
TREASURY
TABLE UST-l.-Elements of Change in Federal Reserve
and Tax and Loan Note Account Balances, con.
[In
millions of dollars Source: Financial
Management
Service]
21
INTRODUCTION: Federal Debt
Treasury securities
(i.e.,
public debt securities) comprise
most of the Federal debt, with
Federal agencies accounting for the
rest.
of the "Treasury Bulletin" reflect the
information
is
published
by other
securities issued
Tables in this section
total.
Further detailed
"Monthly Statement of the
in the
because the Federal Financing Bank has
in recent years, in part
provided financing to other Federal agencies. (Federal agency
borrowing from Treasury
presented in the "Monthly Treas-
is
ury Statement of Receipts and Outlays of the United States
Government.")
Public Debt of the United States." Likewise, information on
agency securities and on investments of Federal Government
accounts
in
Federal securities
is
published
in the
"Monthly
Treasury Statement of Receipts and Outlays of the United
States
•
Table FD-5 illustrates the average length of marketable
interest-bearing public debt held by private investors and the
maturity distribution of that debt. Average maturity has in-
creased gradually since
Government."
December 1975.
• Table
FD-1 summarizes
the Federal debt by listing
public debt and agency securities held by the public, including
the Federal Reserve.
It
also includes debt held by Federal
a
hit
it
low of 2 years, 5 months,
March 1971, Congress enacted
In
in
a limited
exception to the 4-1/4-percent interest rate ceiling on Treasury
bonds. This permitted Treasury to offer securities maturing in
more than 7 years
at
current market rates of interest for the
first
agencies, largely by the Social Security and other Federal
time since 1965. This exception has expanded since 1971
premium and
authorizing Treasury to continue to issue long-term securities,
discount are also listed by total Federal securities, securities
and the ceiling on Treasury bonds was repealed on November
Government accounts, and securities held by the
public. The difference between the outstanding face value of
the Federal debt and the net unamortized premium and dis-
10, 1988.
The volume of
securities
by maturity class
The
retirement trust funds.
net unamortized
held by
count
is
classified as the accrual
amount. For greater detail on
(
holdings of Federal securities by particular classes of investors, see the
ownership
tables,
maturity of Treasury
length
is
interest-bearing market-
able and nonmarketable Treasury securities.
between interest-bearing and
flects
total public
The
securities that
the supervision of Treasury,
its
Bank
securities are held
is,
unre-
is
under
by a U.S.
Government account.
• In table
remaining period to
and bonds. The average
comprised of an average of remaining periods
amount of each
to
security held by
Government accounts and
the Federal Reserve
difference
have matured and are no longer
accruing interest. Because the Federal Financing
notes,
banks.
debt securities re-
outstanding matured Treasury securities— that
deemed
reflects the
private investors. In other words, computations of average
OFS-1 and OFS-2.)
FD-2 categorizes by type
bills,
maturity, weighted by the
length exclude
• Table
privately held Treasury marketable
• In table
FD-6, the debt ceiling
compared with the
is
outstanding debt subject to limitation by law. The other debt
category includes Federal debt Congress has designated as
being subject to the debt ceiling. Changes
bearing debt
shown
in the last
column
in the non-interest-
reflect maturities
Treasury securities on nonbusiness days, which can be
FD-3, nonmarketable Treasury securities held
deemed on
of
re-
the next business day.
by U.S. Government accounts are summarized by issues to
particular funds within
in
par value special
Government. Many of the funds invest
series
nonmarketables
determined by law. Others invest
in
at
interest rates
market-based special
Treasury securities whose terms mirror those of marketable
securities.
• Table FD-7 details Treasury holdings of securities issued
by Government corporations and other agencies. Certain Federal agencies are authorized to
ury,
borrow money from the Treas-
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
• Table FD-4 presents interest-bearing securities issued by
Government agencies. Federal agency borrowing has declined
projects. Treasury, in turn, finances these loans
Treasury securities to the public.
by
selling
FEDERAL DEBT
22
TABLE FD-l.-Summary of Federal Debt
[In
millions ot dollars
Source "Monthly Treasury Statement
of
Receipts and Outlays of the United States Government"]
FEDERAL DEBT
TABLE FD-2.
[In
23
-Interest-Bearing Public Debt
millions of dollars. Source: "Monthly
Statement
of the Public
Debt
of the United States")
FEDERAL DEBT
24
TABLE FD-3.~Government Account Series
[In
millions of dollars. Source: 'Monthly
Statement
of tfie Public
Debt
of the
United States"]
FEDERAL DEBT
25
TABLE FD^.—Interest-Bearing Securities Issued by Government Agencies
[In
End
fiscal
or
Of
year
month
millions of dollars
Source "Monthly Treasury Statement
of
Receipts and Outlays of the United Slates Government" and Financial
Management
Service]
FEDERAL DEBT
26
TABLE FD-5,— Maturity Distribution and Average Length of Marketable
Interest-Bearing Public Debt Held by Private Investors
[In
millions of dollars. Source; Office of
Market Finance]
Amount
End
fiscal
or
outstanding
of
year
f^alurity
Witfiin
privately
month
field'
1
(1)
year
(2)
classes
1-5
5-10
10-20
20 years
years
years
years
and over
Average length
(3)
(4)
(5)
(6)
(7)
1990
1,841,903
626,297
630,144
267,573
82,713
235,176
6yrs.
1991
2,113,799
713,778
761,243
280.574
84,900
273,304
6yrs.
1992
2,363,802
808,705
866,329
295,921
84,706
308,141
5yrs.
11
1993
2,562,336
858,135
978,714
306,663
94,345
324,479
5yrs.
10 mos.
1994
2,719,861
877,932
1,128,322
289,998
88,208
335,401
5yrs.
8 mos.
1994-Sept
mo.
1
Omos.
mos.
2,719,861
877,932
1,128,322
289,998
88,208
335,401
5 yrs.
8mos.
Oct
2,750,705
904,001
1,144,298
279,896
88,058
334,451
5 yrs.
7 mos.
Nov
2,782,099
926,834
1,149,907
290,468
84,856
330,035
5
yrs.
6 mos.
Dec
2,737,789
906,618
1,130.084
288,781
84.157
328,150
5yrs.
6mos.
1995 -Jan
2,791,905
927,146
1,169,586
280,372
84,832
329,970
5
yrs,
5 mos.
Feb
2,829,671
950,006
1,170,648
283,190
96,284
329,543
5
yrs.
6 mos.
f^ar
2,841,506
963,767
1,171,125
280,798
96,284
329,533
5
yrs.
5 mos.
Apr
2,795,125
952,570
1
,148,083
269,784
95,990
328,699
5
yrs.
5 mos.
May
2,851,360
980,967
1,173,686
278,581
89,857
328,269
5
yrs.
5 mos.
June
2,847,129
980,975
1,170,628
277,926
89,447
328,153
5
yrs.
4 mos.
July
2,878,926
1,007,159
1,174,571
278,600
89,897
328,699
5yrs.
3 mos.
Aug
2,896,671
999,545
1,187,061
290,211
86,847
333,006
5
yrs.
5 mos.
Sept
2,870,781
1,002,875
1,157,492
290,111
87,297
333,006
5yrs.
4mos.
TABLE FD-6.
[In
End
fiscal
of
year
ormontfi
millions of dollars
-Debt Subject to Statutory Limitation
Source "f^onihly Statement
trie
United States")
Debt outstanding
Interest-bearing debt
debt
subject to limitation
subject to limitation
limit
Total
Public debt
(1)
(2)
(3)
Other debt
(4)
^
Non-interest-bearing
public debt subject
Public debt
Other debt
to limitation
(5)
(6)
(7)
3,568,964
336
3,567,793
336
1,171
3,972,276
302
3,970,891
302
1,385
4,315,571
4,315,358
213
4,313,976
213
1,382
4,900,000
4,605,338
4,605,226
112
4,603,700
112
4,900,000
4,884,605
4,884,51 8
87
4,863,076
87
21 ,442
4,145,000
3,569,300
1992
4,145,000
3,972,578
1993
4,900,000
1
994
1
995
1
,526
4,900,000
4,605,338
4,605,226
112
4,603,700
112
1,526
Oct
4,900,000
4,646,368
4,646,254
114
4,644,762
114
1
Nov
4,900,000
4,690,304
4,690,187
117
4,688,691
117
1,496
Dec
4,900,000
4,711,004
4,710,888
116
4,681,657
116
29,231
4,900,000
4,726,369
4,726,310
59
4,724,438
59
1,872
Feb
4,900,000
4,764.890
4,764,829
61
4,762,800
61
2,029
filar
4,900,000
4,774,497
4,774,432
65
4,772,614
65
1,818
Apr
4,900,000
4,763,157
4,763,087
70
4,744,114
70
18,973
1995 -Jan
,492
f^ay
4,900,000
4,81 5, 1 53
4,81 5,075
78
4,81 3,31 6
78
1
June
4,900,000
4.861,342
4,861,261
81
4.859,554
81
1,707
July
4,900,000
4,870,31 3
4,870,229
84
4,868,559
84
1
Aug
4,900,000
4,881,088
4,881,005
83
4,879,298
83
1,707
Sept
4,900,000
4,884,605
4,884,518
87
4,863,076
87
21,442
Beginning September 1976 tfie maturity distribution and average lengtfi was calculated on
the interest-bearing marketable debt privately held Published data was changed for the end
'
the Public Debt of
Statutory
1991
1994-Sept
of
years back ttirougti 1967
Consists of guaranteed debt issued by the Federal Housing Administration
of Itie fiscal
'
,759
,670
FEDERAL DEBT
TABLE FD-7.~TVeasury Holdings of Securities
Issued by Government Corporations and Other Agencies
[In
millions ot dollars. Source: "Monthly Treasury
Stalement
of
Receipts and Outlays of the United Stales Government")
27
FEDERAL DEBT
28
TABLE FD-7. -TVeasury Holdings of Securities
Issued by Government Corporations and Other Agencies, con.
[In
millions of dollars. Source: 'Monthly Treasury
Slatemanl of Receipts and Outlays
of the
United Slates Government']
FEDERAL DEBT
29
CHARTS FD- A.- Average Length of Privately Held
Marketable Debt
[Charts are plotted from llgiires
Table FD-5.]
in
Years
6
Sept. 30, 1995
5 Years, 4 Months
5.5
FMAMJ
M
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
II
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
11
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
ASOND
r-
T
J
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
II
I
I
I
I
I
I
I
I
I
I
I
45 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95
FEDERAL DEBT
30
CHART FD-B.
-Private Holdings of
IVeasury Marketable Debt, by Maturity*
(In billions of dollars)
3000
1984
1985
1987
1986
As
*
1989
1988
of
1990
December
1991
1992
31
Source; Department of the Treasury, Office of Market Finance
1993
1994
31
INTRODUCTION:
Public Debt Operations
The Second Liberty Bond Act (31 U.S.C. 3101, et seq.)
allows the Secretary of the Treasury to borrow money by
issuing Treasury
securities.
The Secretary determines
the
terms and conditions of issue, conversion, maturity, payment,
and
interest rate.
New
issues of Treasury notes mature in 2 to
10 years. Bonds mature
in more than 10 years from the issue
Each marketable security is listed in the Monthly Statement of the Public Debt of the United States. The information
mature on the same Thursday as an existing 52-week bill is a
reopening of the existing 52-week bill. New issues of cash
nuuiagement bills are also presented. High, low, and average
on accepted tenders and the dollar value of total bids are
made on both
competitive and noncompetitive basis.
yields
presented, with the dollar value of awards
date.
in this section
of the "Treasury Bulletin" pertains only to
marketable Treasury securities, current
• Table
PDO-1
bills, notes,
and bonds.
Treasury accepts noncompetitive tenders of up to $1 million for bills
smaller institutions.
provides a maturity schedule of interest• Table
bearing marketable public debt securities other than regular
weekly and 52-week bills. All unmatured Treasury notes and
bonds are listed in maturity order, from earliest to latest. A
.separate breakout is provided for the combined holdings of the
Government accounts and Federal Reserve banks, so that the
"all
other investors" category includes
• Table
13- and
PDO-2
26-week
all
as well as auctions of
52-week
week
New
bills.
13-week
issues of
The 26-week
bill
bills are
bills,
reopenings of 26-
issued every fourth
week
lists
the results of auctions of marketable
weekly
bills, in
chronological order over
the past 2 years. Included are: notes and
bonds from
to
table
PDO-1; 52-week bills from table PDO-2; and data for cash
management bills. The maturities of cash management bills
presents the results of weekly auctions of
bills,
PDO-3
securities, other than
coincide with those of regular issues of Treasury
private holdings.
are held every fourth week. Treasury bills mature each
which
Thursday.
and $5 million for notes and bonds in each auction
to encourage participation of individuals and
of securities
• Table
PDO-4
indicates the total
bills.
amount of marketable
The Federal Re-
securities allotted to each class of investor.
serve banks tally into investor classes the tenders in each
auction of marketable securities other than weekly auctions of
13-
and 26-week
bills.
TREASURY FINANCING: JULY-SEPTEMBER
and $287 million was accepted from Federal
Reserve banks for their own account.
The notes of Series N-2000 were dated July 3 1995, due
July 31, 2000, with interest payable January 31 and July 31
until maturity. An interest rate of 6-1/8 percent was set after
the determination as to which tenders were accepted on a yield
tary authorities,
JULY
Auction of 2-Year and 5-Year Notes
July 19 Treasury announced
it
would auction $17,750
million of 2-year notes of Series AG- 1 997 and $ 1 1 ,500 million
of 5-year notes of Series N-2000 to refund $ 6,62 million of
1
1
1
auction basis.
Tenders were received prior to 12 noon, e.d.t., for noncompetitive tenders and prior to p.m., e.d.t., for competitive
tenders on July 25, and totaled $41,095 million, of which
$17,754 million was accepted. All competitive tenders at
yields lower than 5.955 percent were accepted in full. Tenders
at 5.955 percent were allotted 43 percent. All noncompetitive
and successful competitive bidders were allotted securities at
the high yield of 5.955 percent with an equivalent price of
99.85 The median yield was 5.938 percent; and the low yield
was 5.882 percent. Noncompetitive tenders totaled $857 million. Competitive tenders accepted from private investors to1
1
taled
.
$16,897 million.
$17,754 million of tenders accepted in
$868 million was accepted from Federal
agents for foreign and international mone-
In addition to the
the auction process,
Reserve banks as
,
auction basis.
1
securities maturing July 3 and to raise about $ 2,625 million
of new cash.
The notes of Series AG-1997 were dated July 31, 1995,
due July 31, 1997, with interest payable January 31 and July
3 until maturity. An interest rate of 5-7/8 percent was set after
the determination as to which tenders were accepted on a yield
1
1
Tenders were received prior to 12 noon, e.d.t., for noncompetitive tenders and prior to p.m., e.d.t., for competitive
tenders on July 26, and totaled $30,196 million, of which
$11,501 million was accepted. All competitive tenders at
yields lower than 6.219 percent were accepted in full. Tenders
at 6.219 were allotted 96 percent. All noncompetitive and
successful competitive bidders were allotted securities at the
high yield of 6.2 9 percent with an equivalent price of 99.601
The median yield was 6.198 percent; and the low yield was
6.180 percent. Noncompetitive tenders totaled $287 million.
Competitive tenders accepted from private investors totaled
1
1
$11,214 million.
In addition to the $1 1,501 million of tenders accepted in
$550 million was accepted from Federal
Reserve banks as agents for foreign and international monetary authorities, and $275 million was accepted from Federal
Reserve banks for their own account.
the auction process,
52-Week
Bills
July 14 tenders were invited for approximately $18,250
million of 364-day Treasury bills to be dated July 27, 1995,
and to mature July 25, 1996. The issue was to refund $16,963
PUBLIC DEBT OPERATIONS
32
TREASURY FINANCING: JULY-SEPTEMBER, con.
million of maturing 52-week bills and to raise about $1,275
million of new cashi. The bills were auctioned on July 20.
1 1 million, of which $
8,294 million was
accepted, including $825 million of noncompetitive tenders
from the public and $4,976 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 5.38 percent.
Tenders totaled $43.7
1
The bonds of August 2025 were dated August 15, 1995,
due August 15, 2025, with interest payable February 15 and
August 15 until maturity. An interest rate of 6-7/8 percent was
set after the determination as to which tenders were accepted
on a yield auction basis.
Tenders for the bonds were received prior to 12 noon,
e.d.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for
competitive tenders on August 10, and totaled $27,340 million,
of which $
,500 million was accepted at yields ranging from
6.895 percent, price 99.748, up to 6.909 percent, price 99.572.
Tenders at the high yield were allotted 67 percent. Noncompetitive tenders were accepted in full at the average yield,
6.906 percent, price 99.610. These totaled $352 million. Competitive tenders accepted from private investors totaled
$11,148 million.
1
AUGUST
August Quarterly Financing
August 2 Treasury announced it would auction $18,000
million of 3-year notes of Series Y-1998. $13,000 million of
10-year notes of Series C-2005, and $ 1 1 ,500 million of 30-year
bonds of August 2025 to refund $29,997 million of Treasury
securities
maturing August 15 and to raise about $12,500
new cash.
The notes of Series Y-1998 were dated August
15, 1995,
due August 15, 1998, with interest payable February 15 and
August 15 until maturity. An interest rate of 5-7/8 percent was
set after the determination as to which tenders were accepted
on a yield auction basis.
Tenders were received prior to 12 noon, e.d.t., for noncompetitive lenders and prior to p.m., e.d.t., for competitive
tenders on August 8, and totaled $37,624 million, of which
$18,003 million was accepted at yields ranging from 5.950
percent, price 99.797, up to 6.019 percent, price 99.610. Tenders at the high yield were allotted 14 percent. Noncompetitive
tenders were accepted in full at the average yield, 5.997
percent, price 99.670. These totaled $848 million. Competitive tenders accepted from private investors totaled $17,155
1
million.
In addition to the $18,003 million of tenders accepted in
$199 million was accepted from Federal
Reserve banks as agents for foreign and international monetary
authorities, and $4,180 million was accepted from Federal
Reserve banks for their own account.
the auction process,
The notes of Series C-2005 were dated August 15, 1995,
due August 15, 2005, with interest payable February 15 and
August 15 until maturity. An interest rate of 6-1/2 percent was
set after the determination as to which tenders were accepted
on a yield auction basis.
Tenders were received prior to 12 noon, e.d.t., for noncompetitive tenders and prior to p.m., e.d.t., for competitive
tenders on August 9, and totaled $32,033 million, of which
$13,006 million was accepted at yields ranging from 6.498
percent, price 100.01 5, up to 6.508 percent, price 99.942. Tenders at the high yield were allotted 95 percent. Noncompetitive
tenders were accepted in full at the average yield, 6.501
percent, price 99.993. These totaled $449 million. Competitive tenders accepted from private investors totaled $12,557
1
million.
In addition to the
$13,006 million offenders accepted
in
$200 million was accepted from Federal
Reserve banks as agents for foreign and international monetary
authorities, and $1,800 million was accepted from Federal
Reserve banks for their own account.
The notes of Series C-2005 may be held in STRIPS
The minimum par amount required is $400,000.
form.
offenders accepted in
$1,100 million was accepted from Federal
In addition to the $1 1,500 million
the auction process,
Reser\e banks for their
million of
the auction process,
1
own
account.
The bonds of August 2025 may be held in STRIPS form.
The minimum par amount required is $320,000.
Auction of 2-Year and 5-Year Notes
August 16 Treasury announced it would auction $17,750
million of 2-year notes of Series AH- 1 997 and $ 1 ,500 million
1
of 5-year notes of Series P-2000 to refund $16,852 million of
securities maturing August 31 and to raise about $12,400
million of new cash.
The notes of Series AH- 1 997 were dated August 31,1 995,
due August 31, 1997, with interest payable the last calendar
day of February and August until maturity. An interest rate of
6 percent was set after the determination as to which tenders
were accepted on a yield auction basis.
Tenders were received prior to 12 noon, e.d.t., for noncompetitive tenders and prior to 1 p.m., e.d.t., for competitive
tenders on August 22, and totaled $48,693 million, of which
$17,794 million was accepted. All competitive tenders at
yields lower than 6.090 percent were accepted in full. Tenders
at 6.090 percent were allotted 48 percent. All noncompetitive
and successful competitive bidders were allotted securities at
the high yield of 6.090 percent with an equivalent price of
99.833. The median yield was 6.080 percent; and the low yield
was 6.050 percent. Noncompetitive tenders totaled $903 million. Competitive tenders accepted from private investors totaled $16,891 million.
$17,794 million of tenders accepted in
was accepted from Federal
Reserve banks as agents for foreign and international monetary
authorities, and $375 million was accepted from Federal Reserve banks for their own account.
In addition to the
the auction process, $1,167 million
The notes of Series P-2000 were dated August 3
1995,
due August 31, 2000, with interest payable the last calendar
day of August and February until maturity. An interest rate of
6-1/4 percent was set after the determination as to which
tenders were accepted on a yield auction basis.
Tenders were received prior to 12 noon, e.d.t., for noncompetitive tenders and prior to
p.m., e.d.t., for competitive
tenders on August 23, and totaled $27,653 million, of which
$11,503 million was accepted. All competiti\e tenders at
yields lower than 6.370 percent were accepted in full. Tenders
at 6.370 percent were allotted 44 percent. All noncompetitive
1
1
,
PUBLIC DEBT OPERATIONS
33
TREASURY FINANCING: JULY-SEPTEMBER, con.
and successful competitive bidders were allotted securities at
the high yield of 6.370 percent with an equivalent price of
99.493. The median yield was 6.344 percent; and the low yield
was 6.320 percent. Noncompetitive tenders totaled $322 million. Competitive tenders accepted from private investors totaled $11,181 million.
In addition to the $
1
1
.503 million of tenders accepted in
$50 million was accepted from Federal
Reserve banks as agents for foreign and international monetary
authorities, and $350 million was accepted from Federal Reserve banks for their own account.
the auction process,
52-Week
Bills
August 11 tenders were invited for approximately
$18,250 million of 364-day Treasury bills to be dated August
24, 1995, and to mature August 22, 1996. The issue was to
refund $ 6,837 million of maturing 52-week bills and to raise
about $ .425 million of new cash. The bills were auctioned on
August 7. Tenders totaled $5 1,318 million, of which $ 8.289
million was accepted, including $852 million of noncompetitive tenders from the public and $5,155 million of the bills
issued to Federal Reserve banks for themselves and as agents
for foreign and international monetary authorities. The average
bank discount rale was 5.55 percent.
1
1
1
Cash Management
1
Bills
August 29 tenders were invited for approximately
$ 1 8.000 million of 20-day bills to be issued September 1 1 995,
representing an additional amount of bills dated September 22,
1994, maturing September 21, 1995. The issue was to raise
,
new
cash. Tenders were opened on August 31. They totaled
$65,751 million, of which $18,031 million was accepted. The
average bank discount rate was 5.58 percent.
and successful competitive bidders were allotted secuhigh yield of 5.860 percent with an equivalent price
of 99.796. The median yield was 5.820 percent; and the low
yield was 5.790 percent. Noncompetitive tenders totaled $862
million. Competitive tenders accepted from private investors
totaled $16,890 million.
petitive
rities at the
In addition to the
the auction process,
Auction of 2-Year and 5-Year Notes
September 20 Treasury announced it would auction
$ 1 7,750 million of 2-year notes of Series AJ- 1 997 and $
,500
million of 5-year notes of Series Q-2000 to refund $16,943
million of securities maturing September 30 and to raise about
$12,300 million of new cash.
1
1
The notes of Series AJ- 997 were dated October 2, 995,
due September 30, 1997, with interest payable March 31 and
September 30 until maturity. An interest rate of 5-3/4 percent
was set after the determination as to which tenders were
accepted on a yield auction basis.
Tenders were received prior to 12 noon, e.d.t., for noncompetitive tenders and prior to p.m., e.d.t., for competitive
tenders on September 26, and totaled $36,255 million, of
which $17,752 million was accepted. All competitive tenders
at yields lower than 5.860 percent were accepted in full.
Tenders at 5.860 percent were allotted 3 percent. All noncom1
1
1
in
Reserve banks as agents for foreign and international monetary
authorities, and $511 million was accepted from Federal Reserve banks for their own account.
The notes of Series Q-2000 were dated October 2, 1995,
due September 30, 2000, with interest payable March 31 and
September 30 until maturity. An interest rate of 6-1/8 percent
was set after the determination as to which tenders were
accepted on a yield auction basis.
Tenders were received prior to 12 noon, e.d.t., for noncompetitive tenders and prior to p.m., e.d.t., for competitive
tenders on September 27, and totaled $27,034 million, of
which $1 1,500 million was accepted. All competitive tenders
at yields lower than 6.141 percent were accepted in full.
Tenders at 6. 141 percent were allotted 67 percent. All noncompetitive and successful competitive bidders were allotted secu1
high yield of 6. 14 1 percent with an equivalent price
of 99.932. The median yield was 6.120 percent; and the low
yield was 6.080 percent. Noncompetitive tenders totaled $272
million. Competitive tenders accepted from private investors
rities at the
totaled $11,228 million.
In addition to the
$11,500 million of tenders accepted
in
$50 million was accepted from Federal
Reserve banks as agents for foreign and international monetary
authorities, and $450 million was accepted from Federal Rethe auction process,
serve banks for their
52-Week
SEPTEMBER
$17,752 million of tenders accepted
$818 million was accepted from Federal
own
account.
Bills
September 8 tenders were invited for approximately
$ 1 8,250 million of 364-day Treasury bills to be dated September 2 1, 1995, and to mature September 19. 1996. The issue was
to refund $16,805 million of maturing 52-week bills and to
raise about $1,450 million of new cash. The bills were auctioned on September 14. Tenders totaled $57,720 million, of
which $18,359 million was accepted, including $827 million
of noncompetitive tenders from the public and $5,097 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 5.21 percent.
Cash Management
Bills
September 5 tenders were invited for approximately
$5,000 million of 8-day bills to be dated September 7, 1995,
and to mature September 15, 1995. The issue was to raise new
cash. Tenders were opened on September 6. They totaled
$30,076 million, of which $5,000 million was accepted. The
average bank discount rate was 5.65 percent.
A
PUBLIC DEBT OPERATIONS
34
TABLE PDO-l.-Maturity Schedules of Interest -Bearing Marketable Public Debt Securities
Other than Regular Weekly and 52-Week TVeasury
[In
millions of dollars. Source: "Monthly
Statement of
tfie
Bills
Outstanding, Sept. 30, 1995
Public Debt of the United Slates."
and
Office of f^arket Finance]
Amount
Date
of final maturity
of maturilies
PUBLIC DEBT OPERATIONS
35
TABLE PDO-l,~Maturity Schedules of Interest-Bearing Marketable Public Debt Securities
Other than Regular Weekly and 52-Week IVeasury
[In
millions of dollars. Source: "Monthly
Statement
ot the Public
Debl
Bills
Outstanding, Sept. 30, 1995, con.
of the United Slates."
and
Ottice ol Market Finance]
Amount
of maturities
Held by
U.S.
Date
of final maturity
accounts and Federal
All otfier
Description
Issue date
Total
Reserve banks
investors
(1)
(2)
(3)
(4)
(5)
1996, con.
Dec. 31
7-1/2%-AP note
.
Total
1997
Jan. 15..
Jan. 31
Jan. 31
8%-D
note
.
,
Feb. 15..
Feb. 28..
Feb. 28..
Mar. 31
Mar. 31
Apr. 15
Apr.
30
Apr. 30
.
.
.
.
.
May 15..
May 15..
May
31
.
May
31
.
June 30
.
June 30
.
July 15..
July 31
.
July 31
.
Aug. 15..
Aug. 15.
Aug. 31
Aug. 31
.
.
Sept. 30
.
Oct. 15..
Oct. 31
.
Nov. 15.
Nov. 15..
Nov. 30..
Dec. 31
.
1998
Jan. 15.
Jan. 31
.
Feb. 15..
7-7/8%-E note
5-5/8%-J note
'8- 1/8%- A note
Feb. 15.
7-1/4%-W note
Feb. 28.
5-1/8%-K note
Mar. 31
5-1/8%-L note
Apr. 15.
7-7/8%-F note
Apr.
30
May
15
Government
5-1/8%-M note
'
9%-B
note
01/03/95
PUBLIC DEBT OPERATIONS
36
TABLE PDO-l.~Maturity Schedules of Interest-Bearing Marketable Public Debt
Other than Regular Weekly and 52- Week TVeasury
[In
millions of dollars. Source: "Monthly
Statement of
thie
Bills
Securities
Outstanding, Sept. 30, 1995, con.
Public Debt of the United States."
and
Office of Market Finance]
Amount
Date
of final
matunty
of maturities
PUBLIC DEBT OPERATIONS
37
TABLE PDO-l.~Maturity Schedules of Interest-Bearing Marketable Public Debt Securities
Other than Regular Weekly and 52-Week Treasury
[In
millions of dollars. Source: "Monthly
Statement
of the Public
Debt
Bills
Outstanding, Sept. 30, 1995, con.
ot the United Slates,"
and OHice
of
Market Finance]
Amount
Date
of final maturity
Description
issue date
(1)
(2)
of maturilles
PUBLIC DEBT OPERATIONS
38
TABLE PDO-l. —Maturity Schedules of Interest-Bearing Marketable Public Debt
Other than Regular Weekly and 52-Week TVeasury
[In
millions of dollars
Source "Monthly Statement
of the Public
Debt
Bills
Securities
Outstanding, Sept. 30, 1995, con.
of the United States,"
and Office
of f^arket Finance]
Amoufit of maturities
Held by
Date
of final maturity
Description
PUBLIC DEBT OPERATIONS
39
TABLE PDO-l.-Maturity Schedules of Interest-Bearing Marketable Public Debt
Other than Regular Weekly and 52-Week Tkieasury
[In
millions of dollars. Spurce: "Monthly
Statement
of the Public
Debt
Bills
Securities
Outstanding, Sept. 30, 1995, con.
of the United Stales."
and
Office of Market Finance]
Amounl
of maturities
Held by
U.S.
Government
accounts and Federal
Date
of final maturity
Total
Reserve banks
investors
(1)
(2)
(3)
(4)
(5)
Feb. 15-
11-1/4% bond
02/15/85
Aug, 15.
M 0-5/8% bond
08/15/85
9-7/8% bond
11/15/85
'
Total
2016
Feb, 15.
Ii/layl5,
Nov. 15.
2017
I^ayl5.
Aug. 15,
2018
I^ayl5.
Nov. 15.
2019
Feb, 15,
Aug, 15,
2020
Feb. 15.
H/lay
15
Aug. 15.
2021
Feb, 15,
I^ay15,
Aug. 15.
Nov. 15,
2022
Aug, 15,
Nov, 15,
2023
Feb, 15.
Aug. 15.
2024
Nov. 15,
other
Issue date
2015
Nov. 15.
All
Description
'9-1/4% bond
PUBLIC DEBT OPERATIONS
40
TABLE PDO-l.-Maturity Schedules of Interest-Bearing Marketable Public Debt
Other than Regular Weekly and 52- Week TVeasury
[In
Dale
millions of dollars
of final maturity
Source "Monthly Statement
of tfie Public
Debt
Bills
Securities
Outstanding, Sept. 30, 1995, con.
of the United Stales,"
and Office
of
Market Finance]
PUBLIC DEBT OPERATIONS
TABLE PDO-2.-Offerings of Bills
[Dollar figures in millions Source: "Monthly
Statement
of the Public
Debt
of the
United States" and allotments]
41
PUBLIC DEBT OPERATIONS
42
TABLE PDO-2.
[Dollar figures in millions
-Offerings of Bills, con.
Source "Monthly Statement
of the Public
Debt
of the United States"
and allotments]
PUBLIC DEBT OPERATIONS
43
TABLE PDO-3.--Public Offerings of Marketable Securities
Other than Regular Weekly TVeasury
(In millions
of dollars- Source:
Bureau
of the Public Debt]
Bills
44
PUBLIC DEBT OPERATIONS
TABLE PDO-3.-Public Offerings of Marketable Securities
Other than Regular Weekly Treasury
[In
millions ot dollars
Source Bureau
Bills,
of the Public Debt]
con.
PUBLIC DEBT OPERATIONS
45
TABLE PDO-3.
-Public Offerings of Marketable Securities
Other than Regular Weekly TVeasury Bills, Con
Currently, all issues are sold at auction For bill issues, the rate shown is the average bank
discount rate For note and bond issues, the rate shown is the interest rale For details o1 bill
see table PDO-2
From date
^
In
''
Includes securities issued to
foreign
and
international
"^
Accepted yields ranged up
to
" Accepted
case
of additional issue in
reopenings the amount issued
"*
of a
*^
amount
of original offerings.
U S Government accounts and Federal Reserve banks, and
monetary
authorities,
6
yields ranged up to
Accepted yields ranged up to 7
"^
Accepted yields ranged up lo 6
reopening
addition to the
is in
27% (pnce 99 963) in this single-price auction.
91% (price 99 854) in this single-price auction.
6 55% (price 99 908) in this single-pnce auction.
Accepted yields ranged up to 6
'
ofterings,
whether
in
exchange
tor
lo
Accepted yields ranged up
maturing securities or
7 55°o (price 99 795)
to
Yields accepted ranged from 7
average at 7 41% (pnce 99 907).
*^
began
to
accrue before the issue date (settlement date)
Accepted yields ranged up
^
to
3 94^^ (price 99 876)
83%
(price
3.94%
(price
^
Accepted yields ranged up
to 4
^
Accepted yields ranged up
to
°
Accepted yields ranged up
99 648)
99 876)
m
m
Ihis single-price
Yields accepted ranged from
average at 4 44% {price 99 819)
auction
"
auction
single-price auction
in this
this single-price
up
to
up
to
4
46%
auction
(pnce 99 764) with the
Yields accepted ranged from 5
average at 5 69% (price 100 424)
(price 100.499)
5
69%
(price
100 424) with the
^Accepted yields ranged up
to
4
27% (price 99 962) m this smgle-price auction
20% (price 99.673) m this single-price auction
28% (price 99 943) in this single-price auction
^
Accepted yields ranged up
to
5
19%
(price
'
Accepted yields ranged up
to 4
1
1%
(price
99 717)
99 791)
"
Accepted yields ranged up
lo 5.1
0%
(price
99 564)
^
Accepted yields ranged up
lo
*
Accepted yields ranged up
to 5
4
Yields accepted ranged from 5
at 5 92% (price 99 664)
91%
(price 99,739)
this single-price
to
auction
^'^
up
to
5
93%
(price
99 590) with the
97 763) up
to
6
43%
(price
97 633) with the
average
^'
43%
97 633)
up to 4 66°o
Accepted yields ranged up to 5 61%
at
6
^ Accepted
^^
6.42%
Yields accepted ranged from
average
(price
(price
yields ranged
(price
(price
to
Accepted yields ranged up
to 5
^^
Accepted yields ranged up
to 5.59°o (price
^^
Accepted yields ranged up
to
^^
^^
5
single-pnce auction,
6
99 832)
in this
60% (price 99 580) in
54% (price 99 893)
Yields accepted ranged from 6
at 6 54°o (price 99 893)
this
up
Yields accepted ranged from 7
average at 7 36% (price 99 230)
^ Accepted
^'
to
5
to
6
yields
yields
ranged up
to
^ Accepted
yields ranged up to
^Accepted
yields
(price
99 439) up
to
6 17°o (price 99 917)
'^Accepted yields ranged up
to
6
^^
at
6
61%
in this
98% (price 99 563) in
59% (price 99 759)
Yields accepted ranged from 6
average
^
single-pnce auction
^'
6
55%
(price
99 866) with the
to 7
40%
(price
99 953) with the
to
7
57%
79%
Yields accepted ranged from 7
at 7 65% (price 99 708)
(price
(price
65%
(price
99 708) up
to 7
66%
(price
99 591
)
at
with the
yields ranged up to 6
with the
6 165*.= (price 99 892)
Yields accepted ranged from 6
Accepted yields ranged up
576%
(price
99 449) up
70%
(price
99 917)
1
m
to
this
6
680%
(price
98 702) with the
smgle-pnce auction
6 250°o (price 100 000)
in this smgle-pnce auction
Accepted yields ranged up to 5 690°'o (price 99 879) in this smgle-pnce auction
Accepted yields ranged up to 5 905% (price 99 872) in this smgle-pnce auction
to
^ Accepted
yields ranged up to 5 955% (price 99 851) in this smgle-pnce auction
Accepted yields ranged up to 6 219% (price 99 601) in this smgle-pnce auction
^"
Yields accepled ranged from 5 950% (price 99 797) up to 6 019% (pnce 99 610) with the
average at 5,997% (price 99 670)
" Yields accepted ranged from 6 498% (price 100 015) up to 6 508°o (price 99 942) with the
average at 6.501% (price 99 993)
this single-price
up
"
"
to
6
62%
'*
auction
(price
99 678)
with the
with the
895%
(price 99.748)
090%
(price
6.370%
(price
Yields accepted ranged from 6
average
single-pnce auction
at
6
906%
to
6
Accepted yields ranged up
to
Accepted
up
to
6.909% (pnce 99.572)
with the
(pnce 99 610)
ranged up
yields
99 833)
99 493)
in this
smgle-pnce auction.
in this
smgle-pnce auction.
(pnce 99 705)
Yields accepted ranged from 7
at 7 33°o (price 99 440)
32%
(price
99 510) up
to 7
33%
(price
99 440)
Yields accepted ranged from 7
average at 7 56% (pnce 99 256).
55%
(price
99 373) up
lo
7
59%
(price
98 904) with the
average
^
to 7
^^
33%
ranged up
^
Accepted yields ranged up
Accepted yields ranged up
99 593)
999% (pnce 99 772) in this smgle-price auction
"^
Accepted yields ranged up to 7 125% (price 100 000) in this single-pnce auction
^ Accepted yields ranged up to 6 717% (price 99 830) in this smgle-pnce auction
^^
Accepted yields ranged up lo 6 994% (price 99 505) in this smgle-pnce auction
"^
Accepted yields ranged up to 6 524% (pnce 99.956) in this smgle-pnce auction
^'
Accepled yields ranged up to 6 815% (price 99 729) in this smgle-pnce auction
^^
Yields accepted ranged from 6 140% (price 99.959) up to 6.200% (price 99 798)
^^
94% (price 99 879) in this single-price auction
78% (price 99 875) m this single-pnce auction
6 04% (price 99 926) in this single-price auction
6 77% (price 99 916) in this single-pnce auction
ranged up
Accepted yields ranged up
^ Accepted
lo 7 85''o (price
99 872) in this smgle-pnce auction
99 837) in this single-pnce auction
Yields accepted ranged from 7 30°o (price 99 867) up to 7 34% (price 99 762) with the
average at 7 34°o (price 99 762)
^ Yields accepted ranged from 7.54% (pnce 99.723) up to 7 55% (price 99 653) with the
average at 7 54% (pnce 99 723)
single-price auction
to
ranged up
average at 6 608% (price 99 219)
" Accepled yields ranged up to 6
average
^
yields
to 7
"
^^
single-price auction
in this
(pnce 99 354) with the
smgle-price auction,
average
single-price auction
in this
15% (price 99 953) in this single-price auction
91% (price 99 850) m this single-pnce auction
Accepted yields ranged up
^''
99 934)
99 526)
97%
to
in this
^'
^"
4 83°'p (pnce 99 779) with the
7
up
99 881) with the
^Accepted
^ Accepted
99 807) up
(price
single-price auction,
smgls-price auction
(price
42%
in this
m
m
82%
(price 99.489)
single-price auction
to 7
in this
average
Yields accepted ranged from 4
at 4 83% (price 99 779)
in this
99 934) up
single-price auction
single-price auction
average
single-price auction.
single-price auction.
in this
Accepted yields ranged up
in this
this
(price
in this
in this
30% {pnce 99 908)
"^Accepted yields ranged up to 7 81% (price 99 756)
'^
Accepted yields ranged up to 7 57% {price 99 873)
^^
68%
'
7.95%
Yields accepted ranged from
average at 7 96% (price 99 421)
of this loan
this single-price
81% (price 99 736) in
4 42% (price 99 875)
to 4
'
^
40%
*"
new cash
^Eligible for STRIPS
lor
^Interest
18% (price 99 772)
88% (price 99 991)
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
46
PUBLIC DEBT OPERATIONS
TABLE PDO-4A.
-Allotments by Investor Classes
for Public Marketable Securities
[In
millions of dollars- Source: Office of
Other than
Market Finance]
Bills
PUBLIC DEBT OPERATIONS
TABLE PDO^A.-Allotinents by Investor Classes
for Public Marketable Securities Other than Bills, con.
[In millions of dollars.
Source Office
of
Market Finance]
47
48
PUBLIC DEBT OPERATIONS
TABLE PDO-4B.~AIIotments by Investor Classes for Public Marketable Securities
for Bills Other than Regular
[Dollar
amounts
in millions.
Weekly
Series
Source: Bureau of Public Debt]
49
INTRODUCTION: Savings Bonds and Notes
Series EE bonds, on sale since January 1, 1980, are the
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 March 1
935, through April
30, 1941. Series E was on sale from May 1, 1941, through
December 31, 1979 (through June 1980 to payroll savers only).
94 through April 30,
Series F and G were sold from May
1952. Series H was sold from June 1, 1952, through December
31,1 979. Series HH bonds were sold for cash from January
1 980, through October 31,1982. Series J and K were sold from
1
,
1
,
1
1
,
1
May
1952, through April 30, 1957. U.S. savings notes were
May 1. 1967, through June 30, 1970. The notes were
eligible for purchase by individuals with the simultaneous
purchase of series E savings bonds.
on
1,
sale
The principal terms and conditions for purchase and redemption and information on investment yields of savings
notes appear in the "Treasury Bulletin"s of March 1967 and
June 1968; and the Annual Report of the Secretary of the
Treasury for
fiscal
1974.
TABLE SBN-l.~Sales and Redemptions by Series, Cumulative through Sept. 30,
[In millions of dollars.
1995
Source: "Monthly Statement of the Public Debt of the United States", Market Analysis Section, U.S. Savings Bonds Division]
Amount oulslanding
Sales plus
Sales
Series
'
(1)
Matured
Accrued
accrued
discount
discount
(2)
(3)
(4)
5,003
504,403
5,002
322,712
29,517
3.753
Redemptions
'
Interest-
non-inleresl-
bearing debt
beanng debt
(5)
(6)
Savings bonds:
Senes A-D '
Seres E, EE, H, and HH
Series F and G
Series J and K
3,949
333.896
28,396
3,556
1,054
170,507
1,125
198
29.521
3,754
1,993
3
-
862
629
1^491
VI39
348
370.659
173,513
544,168
362.123
181.529
Savings notes
1
-
181,181
^_
1.997
,pjj,gl
^
HH bonds
bonds
^
Details by series on a cumulative basis
for series
in
the February 1952
Sales and redemption figures include exchange of minor amounts of (1) matured series E
lor series G and K bonds from May 1 951 through April 1 957, (2) series F and J bonds
H bonds beginning January 1960; and (3) U S savings notes lor series H bonds
beginning January 1972. however, they exclude exchanges of series E bonds for series H and
and previous issues
and by period
of the
of series
A-D combined can be found
'Treasury Bulletin
"
TABLE SBN-2.-Sales and
All Series of Savings
[In millions of
dollars
Source "Monthly Statement
of the Public
Debt
Sales plus
Period
Accrued
accrued
Sales
discount
discount
(1)
(2)
(3)
Fiscal years:
1935-90
1991
9.154
13,591
1992
1993
1994
1995
17,262
9,485
7,222
Calendar years:
1935-90
1991
1992
1993
1994
1994 -Sepi
Oct
Nov
Dec
1995 -Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
^
313.968
126.664
9,852
8,739
9,292
9,437
9,481
440,632
19,006
22,330
26,554
18,922
16,703
28,736
9,907
8,816
9,453
9,446
444,729
9,494
17,659
13.370
8.999
532
602
677
784
768
562
648
577
615
515
494
509
470
750
954
707
735
836
765
754
956
704
723
829
763
753
1,282
31 5,992
1
Because there is a normal lag in classifying redemptions, the distribution
between sales price and accrued discount has been estimated
19,401
26,475
22,822
18,445
1,556
1,384
1,519
1,604
1,327
1,402
1,633
1,319
1,238
1,323
1,272
1,223
of
Redemptions by Period,
Bonds and Notes Combined
redemptions
of the United Stales'. Maritet Analysis Section,
U S Savings Bonds
Division]
50
U.S.
SAVINGS BONDS AND NOTES
TABLE SBN-3.-Sales and Redemptions by Period, Series E, EE, H, and HH
[In
millions of dollars. Source: "Monthly
Statement
of the Public
Debt
of the United Slates";
Market Analysis Section, U.S. Savings Bonds Division]
Amount outstanding
Period
Redefnptions
Accrued
accrued
Sales
Accrued
Sales
discount
discount
Total
price
discount
(1)
(2)
(3)
(4)
(5)
(6)
Series E and
Fiscal years:
1941-90
1991
264,485
9,154
1992
13,591
1993
17,262
1994
9,485
1995
7,222
Calendar years:
1941-90
266,516
1991
9,494
1992
17,659
1993
13,370
1994
8,999
1994 -Sept
532
Oct
602
Nov
Dec
677
784
1995 -Jan
768
Feb
562
Mar
648
Apr
577
May
615
June
515
July
494
Aug
509
470
Sept
Exchange
Sales plus
124,265
EE
E bonds
Matured
of
Interest-
non-interest-
H and HH bonds
bearing debt
beanng debt
(7)
(8)
(9)
for
51
INTRODUCTION: Ownership
Federal securities presented in the following tables are
public debt securities such as savings bonds,
that the
bills,
and notes
Treasury issues. The tables also detail debt issued by
of Federal Securities
The Federal Reserve banks acquire Treasury securities in
means of e.xecuting monetary policy.
• Table OFS-2 presents the estimated amount of public
the market as a
other Federal agencies under special financing authorities.
debt securities held by private investors. Information
(See the Federal debt (FD) tables for a more complete descrip-
tained from sources such as the Federal financial institution
tion of the Federal debt.)
regulatory agencies. State, local, and foreign holdings include
• Table
OFS-1
presents Treasury marketable and nonmar-
ketable securities and debt issued by other Federal agencies
held by
Government accounts,
the Federal Reserve banks, and
private investors. Social Security and Federal retirement trust
fund investments comprise
holdings.
much
of the Government account
is
ob-
special issues of nonmarketable securities to municipal entities
and foreign
official accounts.
They
also include municipal,
foreign official, and private holdings of marketable Treasury
securities. (See footnotes to the table for description of investor
categories.)
4
6
OWNERSHIP OF FEDERAL SECURITIES
52
TABLE OFS-1.— Distribution of Federal Securities by Class of Investors and Type of Issues
[In
millions of dollars
Source Financial Management Service, Financial Reports Branch]
Interest-bearing public debt securities
Total
Endot
fiscal
or
year
month
Federal
Public issues
Held by U.S. Government accounts
held by Federal
securities
Total
outstanding
outstanding
Total
Marketable
Nonmarketable
Resen/e banks
(1)
(2)
(3)
(4)
(5)
(6)
1991
3,683,054
3,662,759
919,573
11.318
908,255
264,708
1992
4,082,871
4,061,801
1,016,330
5,522
1,010,808
296,397
1993
4,436,171
4,408,567
1,116,713
3,225
1,113,488
325,653
1994
4,721,293
4,689,524
1,213,115
1,426
1,211,689
355,150
1995
5,000,945
4,950,644
1,320,800
1,519
1,319,281
374,114
1994 -Sept
4,721,293
4,689,524
1.213,115
1,426
1,211,689
355,150
Oct
4,760,604
4,730,969
1
9,609
1,584
1,218,025
355,928
Nov
4,805,282
4,775,318
1,223,252
1,584
1,221,668
365,700
Dec
4,826,916
4,769,171
1,257,048
1,584
1,255,464
374,084
4,842,572
4,812,208
1,259,092
1,584
1,257,508
364.997
Feb
4,880,753
4,850,521
1,258,572
1,519
1,257,053
365,631
Mar
4,890,575
4,860,502
1,254,674
1,519
1,253,155
369,300
Apr
4,878,806
4,831,533
'1,271,236
1,519
'1,269,717
371,304
May
4,930,589
4,900,346
'1,278,619
1,519
'1,277,100
373,578
June
4,978,233
4,947,814
'1,316,581
1.519
'1,315,062
388,965
July
4,987,006
4,956,625
1
5.204
1,519
1,313,685
375,524
Aug
4,997,778
4,967,192
1,310,019
1,519
1,308,500
372,873
Sept
5,000,945
4,950,644
1
,320,800
1,519
1,319,281
374,114
1995 -Jan
,21
.31
Agency
Matured
debt
End
fiscal
or
of
Held by private investors
bearing no
Total
Federal Reserve
private
Nonmarketable
interest
outstanding
banks
investors
(9)
(10)
(11)
Total
(7)
Marketable
(8)
accounts and
Held by
(12)
(13)
17,751
176
17,575
2,819
18,250
123
18,127
2,922
24,682
21
24,661
2,478,478
2,114,634
363,844
2,544
1992
2,749,074
2,375,557
373.517
1993
2,966,201
2,576,032
390,169
1994
3,121,259
2,735,026
386,233
995
3,255.730
2,884,81
370,91
3,121,259
1994 -Sept
Government
and debt
1991
1
U.S.
Interest-bearing public debt securities, con.
year
month
securities
Held by
public
3,226
28,543
17
28,526
23,339
26,962
16
26,946
2,735,026
386,233
3,226
28,543
17
28,526
Oct
3,1
55,432
2,769,088
386,345
3,
98
26,437
17
26,420
Nov
3,186,366
2,801,459
384.907
3,203
26,762
17
26,745
Dec
3,138,039
2,750,367
387,673
30,979
26,766
17
26,749
3,188,119
2,806,817
381,302
3,619
26,745
17
26,728
Feb
3,226,318
2,844,780
381,539
3,777
26,455
17
26,438
Mar
3,236,528
2,856,515
380,013
3,614
26,459
17
26,442
Apr
'3,188.993
2,809,430
'379,562
20,795
26,479
17
26,462
May
'3,248,149
2.866,367
'381,781
3,580
26.663
17
26,646
June
'3,242,268
2.862,136
'380,132
3,558
26,861
17
26.844
July
3,265,897
2,893,934
371 ,963
3,527
26,854
17
26,837
Aug
3,284,300
2,911,665
372,635
3,564
27,022
16
27,006
Sept
3,255.730
2,884,814
370,916
23,339
26,962
16
26,946
1995 -Jan
1
OWNERSHIP OF FEDERAL SECURITIES
53
TABLE OFS-2.~Estiniated Ownership of Public Debt Securities by Private Investors
[Par values
tn billions of
dollars
Source OHice
of fylarket Finance]
Nonbafik investors
Money
Individuals'
End
of
month
Total
pri-
vately held
(1)
1985-Mar
Commercial
banks
Savings
'
Total
Total
(3)
(4)
bonds
'
Other
Insurance
market
securities
companies
funds
(6)
(7)
State and
Corporations
local
Foreign
govern- and
ments
'
inter-
national
Other
investors
(8)
(9)
(10)
(11)
145.1
75.4
69.7
66.6
26.7
50.8
199.8
199.6
372.8
1,096.4
148.7
76.7
72.0
69.1
24.8
54.9
213,4
213,8
371,7
1,142.0
151,4
78,2
73,2
73.4
22.7
59,0
226.6
222,9
386.1
189.4
1,227,8
154.8
79.8
75.0
80.5
25.1
59,0
299.0
224,8
384,6
413.1
(2)
1,254.1
192,6
1,0615
June....
1,292,0
195.6
Sept
1,338.2
196,2
Dec
1,417.2
1986-Mar
(5)
(12)
1,473,1
194.3
1,2788
157.8
81,4
76.4
85.8
29.9
59.6
300.0
232.6
June....
1,502.7
194.4
1,308.3
159.5
83,8
75.7
87.9
22.8
61.2
317.4
250.9
408.6
Sept
1,553.3
194.8
1,358.5
158.0
87.1
70.9
93.8
24.9
65.7
329.0
265.5
421.6
Dec
1,602.0
197.7
1,404.3
162.7
92.3
70.4
101.6
28.6
68.8
342.1
263.4
437.1
1987-Mar
1,641.4
193.6
1,447.8
163.0
94 7
68,3
106,3
18,8
73.5
3590
272.8
454.5
June....
1,658.1
192.5
1,465.6
165.6
96.8
68.8
104.7
20.6
79.7
375.4
281.1
438,4
Sept
1,680,7
198,4
1,482,3
167.7
98.5
69.2
106.2
15.5
81.8
386.5
279.5
445.1
Dec
1,731.4
194.4
1,537.0
172.4
101,1
71,3
108,1
14.6
84,6
403,9
299,7
453.7
1988-Mar
1,779.6
195,6
1,584.0
178.1
104,0
74,1
110.2
15.2
86.3
413.5
332.5
448.1
June...
1,786.7
190.8
1,595.9
182.0
1062
75,8
113.5
13.4
87,6
423,5
345.4
430.5
Sept
1,821.2
191.5
1,629.7
186.8
107.8
79,0
115,9
11,1
85,9
428,5
345.9
455.6
Dec
1,858.5
185.3
1,673.2
190.4
109,6
808
118,6
11,8
860
435,4
362,2
468,8
1989 -Mar
1,903.4
192.4
1,711.0
204.2
112.2
92.0
119.7
13.0
89.4
435.0
376.6
473.1
June...
1,909.1
178.4
1,730.7
211.7
1140
97.7
120.6
11.3
910
439.2
369.1
487.8
Sept
1,958.3
166.9
1,791.4
213.5
115.7
97.8
121.2
12.9
90.9
442.5
394.9
515.5
Dec
2,015.8
165.3
1,850.5
216.4
117.7
98.7
123.9
14.9
93.4
442.5
429.6
529.8
1990-Mar
2,115.1
178.8
1,936.3
222.8
119,9
102,9
132,3
31.3
94.9
455.6
421.8
577.6
June...
2,141.8
177,3
1,964,5
229,6
121,9
107,7
133,7
28,0
96,9
464,4
427.3
584.6
Sept
2,207.3
180.0
2,027.3
232.5
123.9
108.6
136.4
34.0
102.0
460.9
440.3
621.2
Dec
2,288.3
172,1
2,116,2
233,8
126,2
107,6
138,2
45,5
108,9
462,5
458,4
668,9
1991 -Mar
2,360,6
187,5
2,173,1
238,3
129,7
108,6
147,2
65,4
114,9
466,7
464,3
676.2
June....
2,397,9
196,2
2,201,7
243,5
133.2
110,3
156,8
55,4
130,8
471,3
473.6
670.2
Sept
2,489.4
217.5
2,271,9
257,5
135,4
122,1
171,4
64,5
142,0
472,9
477,3
686,3
Dec
2,563,2
232,5
2,3307
263,9
138,1
125,8
181,8
80.0
150.8
485.1
491.7
677.4
1992 -Mar
2,664.0
255,9
2,408,1
268,1
142,0
126,1
188,4
84,8
166,0
484,0
507,9
708,9
June,,,,
2,712.4
267.0
2,445.4
275.1
145 4
129,7
192,8
79.4
175.0
488.1
529.6
705.5
Sept
2,765.5
287.5
2,478.0
281,2
150,3
130.9
194.8
79.4
180.8
479.5
535.2
727.1
Dec
2,839.9
294.4
2,545.5
289.2
157,3
131.9
197.5
79.7
192,5
476,7
549,7
760.2
1993-Mar
2,895.0
310,2
2,584,8
297,7
163,6
134,1
208,0
77,9
199,3
488,8
564,2
'749,0
June,,..
2,938.4
307.2
2,631,2
303,0
166.5
136.4
217,8
76,2
206,1
505,4
567,7
755,0
Sept
2,983.0
313.9
2,699.1
305.8
169.1
136.7
229,4
74,8
215.6
513.8
591.3
738.3
Dec
'3,047,4
322,2
'2,725,2
309,9
171,9
137,9
234,5
80,8
213,0
508,9
623.0
'755.1
1994 -Mar
3,094.6
344.9
2,749,7
315,1
175,0
140,1
234 5
69,3
216,3
509,5
632.2
'772.8
June....
3,088.2
330,8
2,7574
321,1
177,1
144.0
'239.9
59.9
226.3
'492.2
633,1
'785,0
Sept
3,127,8
313,9
2,8139
327,2
1786
148,6
246,2
'59,9
229,3
'472.2
655.5
'823.6
Dec
3,168.0
290,6
2,877,4
'331,2
180,5
'150,7
242,8
67,6
226,5
'4408
688,6
'879,9
1995-Mar
'3,239,2
'307,5
'2,931,7
'342,8
181.4
161,4
'249.2
67,7
230.3
'402.7
72ftO
'910.0
'3,245.0
'297.7
'2,947,3
344,2
182,6
161,6
'253.5
58.7
227.7
'375.8
'784.1
'903.4
3,279.5
"295,0
2,984,5
345,9
183,5
162.4
"255.0
"64.2
'224.1
"370.0
"847.8
"877.5
June...
Sept
us
savings bonds, series A-F and J, are included at current redemption value
Includes domestically-chartered banks,
brancties and agencies of foreign banks, New
York investment companies maiority owned by foreign banks, and Edge Act corporations owned
by domestically chartered and foreign banks
'
Includes padnerships and personal trust accounts
"includesUS savingsnotes Sales began fvlay 1 1967 and were discontinued June 30 1970
^
Exclusive of banks and insurance companies
^ State and local government estimate includes State and local government series
as well as
'
'
US
'
State and local pension funds
Consists of tlie investments of foreign and international accounts (botli official and private)
i" 'he United Stales public debt issues Estimates reflect 1 978 bencfimark to September 1 984;
the 1984 benchmark lo September 1989: and the 1989 benchmark to date
^ Includes savings and loan associations, credit unions, nonprofit institutions, mutual savings
banks, corporate pension trust funds, dealers and brokers, certain Government deposit
accounts, and Government-sponsored enterprises
54
INTRODUCTION: Market
The
tables
and charts
in this section present yields
equivalent yields of bank discount rates at which Treasury bills
trade in the market. The Board of Governors of the Federal
Reserve System publishes the Treasury constant maturity data
series in its weekly H.15 press release.
on
Treasury marketable securities, and compare long-term yields
on Treasury securities with yields on long-term corporate and
municipal securities.
• Table
MY-1
accompanying chart
in the
is
based on current market bid
quotations on the most actively traded Treasury securities as
of 3:30 p.m. on the
last
business day of the calendar quarter.
Treasury obtains quotations from the Federal Reserve
New York, which compiles quotations provided by
five primary dealers. Treasury uses these composite quotations
to derive the yield curve, based on semiannual interest payments and read at constant maturity points to develop a consistent data series. Yields on Treasury bills are coupon
Bank of
TABLE MY-l.-Treasury Market
[In
Date
• Table lVTY-2 shows average yields of long-term Treasury,
corporate, and municipal bonds. The long-term Treasury average yield is the 30-year constant maturity yield. The corporate
bond average yield is developed by Treasury by calculating
Treasury market bid yields at constant
notes, and bonds. The Treasury yield curve
lists
maturities for bills,
Yields
new long-term securities maturing in at
20 years and rated Aa by Moody's Investors Service. The
municipal bond average yield prior to 1991 was compiled by
Treasury. Beginning with January 1991, the average yield is
the "Municipal Bond Yield Average," published by Moody's
Investors Service for 20-year reoffering yields on selected
Aa-rated general obligations. See the footnotes for further
reoffering yields on
least
explanation.
Bid Yields at Constant Maturities:
percentages Source: Office
of
Bills,
Notes,
and Bonds*
10-yr.
Market Finance)
3-mo.
6-mo.
1-yr.
2-yr.
3-yr.
5-yr.
7-yr.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
1994 -Oct
5.10
5,62
6.11
6.73
7.04
7.40
7.58
7.74
7.94
Nov
5.45
5.98
6-54
7.15
7.44
7.72
7.83
7.96
8.08
30-yr.
(9)
Monthly average
Dec
5.76
6.50
7.14
7.59
7.71
7.78
7.80
7.81
7.87
1995 -Jan
5.90
6.51
7.05
7.51
7.66
7,76
7.79
7.78
7.85
Feb
5.94
6.31
6.70
7.11
7.25
7,37
7.44
7.47
7.61
Mar
5.91
6.17
6.43
6.78
6.89
7,05
7.14
7.20
7-45
Apr
5.84
6.05
6.27
6.57
6.68
686
6.95
7.06
7.36
May
5.85
5-93
6.00
6.17
6.27
6,41
6.50
6.63
6.95
June
5.64
5.66
5.64
5.72
5.80
5,93
6.05
6.17
6.57
July
5.59
5.62
5.59
5.78
5.89
6,01
6.20
6.28
6.72
Aug
5.57
5.65
5.75
5.98
6.10
6,24
6,41
649
6.86
Sept
5.43
5.54
5.62
5.81
5.89
6,00
6,13
6.20
6.55
1994 -Oct
5.20
5.72
6.18
6.84
7.10
7,48
7,65
7.81
7.97
Nov
5.72
6.22
6.91
7.40
7,62
7,79
7,84
7,91
7.99
Dec
5.68
6.51
7,20
7.69
7.80
783
7,84
7.84
7.89
1995 -Jan
-6.00
6.40
6.84
7.26
7.39
7,54
7,58
7.60
7.71
Feb
5.94
6.19
6.44
6.79
6.90
7.06
7,15
7.22
7.46
Mar
5.88
6.13
6.49
6.80
6.92
7.08
7,17
7.20
7.44
Apr
5.87
6.08
6.32
6.60
6.72
6.88
6,95
7.07
7.34
May
5.81
5.83
5.80
5.89
5.95
6.08
6.18
6.30
6.67
June
5.60
5.59
5.65
5.79
5.88
5.98
6.12
6.21
6.63
July
5.60
5.63
5.67
5.88
6.02
6.16
6.35
6.45
6.86
Aug
5.45
5.53
5.65
5.85
5.95
6.07
6.21
6.28
6.65
Sept
5.40
5.57
5.65
5.83
5.91
6.01
6.11
6.17
6.49
End
of
month
Rates are from the Treasury yields curve
MARKET YIELDS
55
CHART MY- A.- Yields of TVeasury Securities,
Sept. 30, 1995 *
Based on closing
bid quotations (in percentages)
1
97 99 01 03 05 07 09
11
r
\
13 15 17 19 21 23 25
Years
The curve is based only on the most actraded issues. Market yields on coupon Issues due in less than 3 months are excluded.
Note:
tively
*
Source Depanmpnt
ot the
Treasury Of*ire
of M.qrkpl
Ft^in
MARKET YIELDS
56
TABLE MY-2.— Average Yields of Long-Term Treasury, Corporate, and
[In
Period
percentages Source: Office
of
Market Finance]
Municipal Bonds
MARKET YIELDS
58
^
TABLE MY-2.— Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con.
(In
percentages Source: Office
of
Market Finance]
MARKET YIELDS
59
CHART MY-B.- Average Yields of Long-Term Treasury,
Corporate, and Municipal Bonds
Monthly averages
(in
percentages)
18
Treasury 30-Yr. Bonds
Aa Municipal Bonds
Aa Corporate Bonds
16
14
12
10-
8
(Year
1
85
\
86
\
87
\
\
\
88
89
90
\
91
Calendar Years
\
92
tick
marks correspond
\
93
with
\
94
June
data.)
i
95
60
INTRODUCTION:
U.S. Currency
CuTTencv and Coin Outstanding
Outstandine and
The U.S. Cuirency
tion
(USCC)
in Circula-
statement informs the public of the total face
value of currency and coin used as a
is
and Coin Outstanding and
medium of exchange
that
end of a given accounting month. The
in circulation at the
statement defines the total amount of currency and coin outstanding and the portion
includes
or that
some old and
may do
deemed
to be in circulation,
current rare issues that
do not
money.
It
also gives an estimated average of
currency and coin held by each individual, using estimates of
population from the Bureau of the Census.
has been published by Treasury since
and
separately until
because the issues were originally intended
1983,
when
"Treasury Bulletin." The
compiled by Treasury
it
USCC
1
USCC
information
888, and was published
was incorporated
into the
comes from monthly
offices, various U.S.
Mint
reports
offices, the
Federal Reserve banks, and the Federal Reserve Board.
for general circulation.
TABLE USCC-1.— Amounts Outstanding and in Circulation, Sept. 30,
[Source Financial
Currency
Ci rculation
nrovides a description
descrinti
USCC statement provides
of the various
issues of paper
circulate,
so to a limited extent. Treasury includes them
in the statement
The
in
Management
Service's General Ledger Branch]
1995
U.S.
CURRENCY AND COIN OUTSTANDING AND
TABLE USCC-2.
-Amounts Outstanding and
[Source Financial
Currency
in circulation
by denomination
$1
$2
$5
$10
$20
$50
$100
$500
$1,000
$5,000
$10,000
Fractional parts
Partial
notes
Total currency
Management
Total
(1)
IN
CIRCULATION
in Circulation, Sept. 30,
Sen/ice's General Ledger Branch)
1995
61
T A T
I
S T
I
C
Internalional Financial Ntalislics
('apitalMi)vemenls
Foreign (uiTeniy Positions
Exchange Stabilization Fund
65
INTRODUCTION:
The
International Financial Statistics
and
IFS-2 contains statistics on liabilities lo foreign official
and selected liabilities to all other foreigners, which
the U.S. balance of payments statistics.
• Table
tables in this sectitm provide statistics on the U.S.
inter-
institutions,
national financial position. All monetary figures are in dollars or
are used in
dollar equivalents.
• Table IFS-3 shows nonmarketable bonds and notes that
Treasury issues to official institutions and other residents of
Government's reserve
assets, Habihties lo foreigners,
its
IFS-1 shows reserve assets of the United States,
including gold stock and special drawing rights held in the Special
Drawing account in the International Monetaiy Fund (IMF). The
table also shows U.S. reserve holdings and holdings of convertible
• Table
foreign countries.
• Table IFS-4 presents a measure of weighted-average
changes in exchange rates between the U.S. dollar and the currencies of certain other countries.
foreign currencies in the IMF.
TABLE IFS-l.-U.S. Reserve Assets
[In
millions of dollars
Source Oftice
ot International Financial Analysis]
Total
End
ol
calendar
year or month
reserve
assets
(1)
Special
Gold
stock
drawing
'
_J2L
rights
(3)
'
'
'
INTERNATIONAL FINANCIAL STATISTICS
66
TABLE IFS-2.-Selected U.S. Liabilities to Foreigners
[In
millions ot dollars Source:
OHice
of Inlernational Financial Analysis!
Liabililies to foreign
__^
counlries
Liabilities to
other forei gners
Official insti tutions
Nonmarket-
f^arket-
able
End
of
year
or
month
able
LiabSi^
US.
readily
ties
market-
reported
Treasury
monetary
by
bonds
international
and
and regional
Liabilities
Treasury
Treasury
reported by
bonds
bonds
able
Liabili-
and
and
liabili-
ties to
banks
calendar
US,
in
Liabili-
MarkeT
Oltier
banks
able
in
Total
Total
United States
notes'
notes'
ties'
banks'
Total
United States
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
U
S-
ties
non-
to
notes-' organizations'
(10)
(1f)
1990
1,192,827
334,915
119,367
202,905
4,491
8,152
611,088
232,151
93,625
138,526
14,673
1991
1,215,772
349,905
131,088
204,096
4,858
9,863
597,123
250,754
93,732
157,022
17,990
1992
1,311,325
389,661
159,563
210,972
4,532
14,594
619,613
282,107
94,026
188,081
19,944
1993
1,462,643
458,081
220,908
212,278
5,652
19,243
670,081
312,884
102,741
210,143
21,597
1994 -Sept
1,596,497
498,677
221,075
247,885
5,990
23,727
736,922
339,322
120,577
218,745
21,576
Oct
1,618,614
508,929
227,465
250,732
6,031
24,701
743,036
344,944
119,655
225,289
21,705
Nov
1,609,762
501,460
216,752
253,492
6,069
25,147
732,095
355,083
119,486
235,597
21,124
Dec
1,649,537
498,112
212,601
254,100
6,109
25,302
769,789
362,055
115.102
246,953
19,581
1995 -Jan
1,655,681
494,907
207,374
255,929
6,138
25,466
766,682
373,970
118,594
255,376
20,122
Feb
1,678,667
505,175
214,897
258,039
6,094
26,145
767,909
386,209
119,558
266,651
19,374
Mar
1,704,593
520,215
225,413
262,061
6,135
26,606
780,571
382,605
110,869
271,736
21,202
Apr
1,717,434
530,036
231,981
265,219
6,174
26,662
776,276
390,489
115,495
274,994
20,633
May
1,736,013
535,960
239,434
263,445
6,210
26,871
774,901
404,702
113,366
291,336
20,450
June
1,784,970
554,114
246,100
274,295
6,245
27,474
790,801
418,588
115,707
302,881
21,467
July
1,818,976
578,316
253,397
291.075
6,287
27,557
771,017
445,514
128,031
317,483
24,129
Aug
1,860,893
586,844
262,261
290,711
6,329
27,543
789,184
463,088
118,799
344,289
21,777
Sept
1,845,986
593,510
273,074
286,195
6,366
27,875
774,133
454,229
116,367
337,862
24,114
Bank for Inlernational Settlements
Deriwed by applying reported transactions to benchmark data
Includes current value of zero-coupon Treasury bond issues to foreign governments as
follows Mexico, beginning March 1988. 20-year maturity issue and beginning f^arch 1990.
30-year maturity issue Venezuela, beginning December 1990. 30-year maturity issue. Argentina. beginning April 1993. 30-year maluiity issue
Also, see loolnoles to table IFS 3
Includes debt securities of
Government corporations, federally sponsored agencies, and
'
Includes
^
US
private corporations.
Includes liabilities payable in dollars to foreign banks and
currencies to foreign banks and to "other foreigners."
liabilities
payable
in
foreign
Includes marketable US Government bonds and notes held by foreign banks.
Principally the International Bank lor Reconstruction and Development, the Inter-American
Development Bank, and the Asian Development Bank
'
'
Note -Table is based on Department of Treasury data and on data reported to the
Department of Treasury by banks, other depository institutions, and brokers in the United
Data correspond generally to statistics lollowing in this section and in the "Capital
Movements" section Table excludes International Monetary Fund "holdings of dollars" and
holdings of U S Treasury letters of credit and nonnegotiable noninterest-bearing special US
"o'^s held by other international and regional organizations
States
INTERNATIONAL FINANCIAL STATISTICS
67
TABLE IFS-3.— Nonniarketable U.S. TVeasury Bonds and Notes Issued
to Official Institutions
[In
and Other Residents of Foreign Countries
millions ol dollars or dollar equivalent Source. Office ol International Financial Analysis!
Payable
End
of
calendar
year or month
Grand
total
(1)
Argentina
Total
(2)
(3)
in
dollars
Mexico
(4)
'
Venezuela
(5)
1990
4,491
4,491
3,790
701
1991
4,858
4,858
4,099
759
1992
4,532
4,532
3,715
817
1993
5,652
5,652
3,949
885
1994 -Sept.,
5,990
5,990
863
4,1E
939
Oct,
6,031
6,031
869
4.216
946
Nov.
6,069
6,069
874
4,243
952
Dec.
6,109
6,109
879
4,271
959
1995 -Jan.
6,138
6,138
885
4.288
965
Feb..
6.094
6,094
890
4,233
971
Mar..
6.135
6.135
895
4,262
978
Apr.
6,174
6,174
900
4,290
984
May.
6,210
6,210
906
4,319
985
6,245
6,245
911
4,343
991
July.
6,287
6,287
917
4,372
998
Aug.
6,329
6,329
922
4,402
1,005
Sept,
6,366
6,366
928
1,427
1,011
June
,
Beginning April 1993, includes current ualue principal and accrued interest o( zero-coupon,
SO-year maturity Treasury bond issue to ttie government of Argentina Face value of issue is
$6,685
million
Includes current value of the following zero-coupon Treasury bond issues to the government
beginning fvlarch 1988. 20-year maturity issue. Face value is $2,185 million.
of fvlexico;
beginning f^arcti 1990, 30-year maturity issue Face value of issue is $24,010 million.
^
Beginning December 1990, indicates current value of zero-coupon, 30-year maturity Treasury
bond issue to the Republic of Venezuela f^ace value of issue is $7,162 million-
'
68
INTERNATIONAL FINANCIAL STATISTICS
TABLE irS-4.-1Vade-Weighted Index of Foreign Currency Value of the Dollar
[Source: Oftice of Foreign
Exchange Operations-International
Affairs]
Index of industrial
Date
Annual Average
(1980 = 100)'
1985
country currencies
69
INTRODUCTION:
Treasury collects information about the transference of
Capital
foreigners
and other portfolio capital movements between
the United States and foreigners, and has since 1935. Commercial banks and other depository institutions, bank holding
companies, securities brokers and dealers, and nonbanking
enterprises in the United States file capital movement reports
with district Federal Reserve banks.
Forms and instructions are developed with the cooperation
of other Government agencies and the Federal Reserve System, and in consultation with representatives of banks, securities firms, and nonbanking enterprises. Copies of the reporting
forms and instructions may be obtained from the Office of
quarter.
International Financial Analysis, Office of the Assistant Secretary for Economic Policy, Department of the Treasury,
data on
financial assets
district Federal Reserve
banks.
In general, information is reported opposite the country or
geographical area where the foreigner is located, as shown on
records of reporting institutions. However, information may
not always reflect the ultimate ownership of assets. Reporting
institutions are not required to go beyond addresses shown on
their records, and so may not be aware of the actual country of
domicile of the ultimate beneficiary.
United States liabilities arising from the deposits of dollars
with foreign banks appear as liabilities to foreign banks, although the liability of the foreign bank receiving the deposit
may be to foreign officicil iustiiiiiions or to residents of another
country.
Transactions with branches or agencies of foreign official
institutions, wherever located, are reported opposite the country that has sovereignty over the institutions. Transactions with
international and regional organizations are not reported opposite any country, but are accounted for in regional groupings
of such organizations. The only exception is information pertaining to the Bank for International Settlements, which is
reported opposite 'Other Europe."
Banks and other depository institutions, bank holding companies. International Banking Facilities (IBFs), securities brokers and dealers, and nonbanking enterprises in the United
States must file reports. These enterprises include the
branches, agencies, subsidiaries, and other affiliates in the
United States of foreign banking and nonbanking firms. Those
with liabilities, claims, or securities transactions below speci-
Washington, D.C., 20220, or from
exemption levels are exempt from reporting.
Banks and other depository institutions, and some brokers
and dealers, file monthly reports covering their dollar liabilities to, and dollar claims on, foreigners in a number of countries. Twice a year, June 30 and December 3
they also report
the same liabilities and claims items to foreigners in countries
not shown separately on the monthly reports. Quarterly reports
are filed for liabilities and claims denominated in foreign
currencies in relation to foreigners. The exemption level applicable to these banking reports is $15 million.
Banks and other depository institutions, securities brokers
and dealers, and other enterprises report monthly their transactions with foreigners in long-term securities. They must
fied
1 ,
report securities transactions with foreigners
purchases or their aggregate sales amount to
during the covered month.
if
their aggregate
at least
$2 million
Exporters, importers, industrial and commercial concerns,
financial institutions (other than banks, other depository institutions,
file
and brokers), and other nonbanking enterprises must
reports quarterly
if liabilities to,
or claims on, unaffiliated
Movements
amount
to
$10 million or more during the covered
Nonbanking enterprises also report each month their U.S.
denominated deposit and certificates of deposit claims
of $10 million or more on banks abroad.
The data in these tables do not cover all types of reported
capital movements between the United States and other countries. The principal exclusions are the intercompany capital
transactions of nonbanking business enterprises in the United
States with their own branches and subsidiaries abroad (own
dollar
foreign offices) or with their foreign parent companies, and
capital transactions of the U.S.
Government. Consolidated
types of international capital transactions are published by the Department of Commerce in its regular reports
on the United States balance of payments.
• Section I presents liabilities to foreigners reported by U.S.
banks and other depository institutions, as well as brokers and
dealers. Dollar liabilities are reported monthly; those denominated in foreign currencies are reported quarterly. Respondents report certain of their own liabilities and a wide range of
all
custody liabilities to foreigners.
• Section II presents claims on foreigners also reported
their
by
U.S. banks and other depository institutions, brokers, and
dealers. Data on bank claims held for their own account are
collected monthly. Information on claims held for their domestic customers as well as foreign currency claims, is collected on a quarterly basis only. Maturity data are reported
according to time remaining to maturity. Reporting also covers
certain items held by brokers and dealers in the United States.
• Section III contains supplementary data on dollar liabilities to, and dollar claims on, countries not listed separately on
the monthly reports submitted by banks, other depository
institutions, brokers and dealers in the United States. The
supplementary reports are filed semiannually as of the end of
June and December. (Note: Beginning with the September
1994 issue of the "Treasury Bulletin," former table CM-IIl-1,
Dollar Claims on Nonbank Foreigners, will no longer appear.
Former table CM-III-2, Dollar Liabilities to, and Dollar
Claims on. Foreigners in Countries and Areas Not Regularly
Reported Separately, has been redesignated as table CM-III- 1
This semiannual data series will now appear in each issue of
the "Treasury Bulletin.")
• Section IV shows the liabilities to, and claims on, unaffiliated foreigners by exporters, importers, industrial and commercial concerns, financial institutions (other than banks,
other depository institutions, and brokers), and other nonbanking enterprises in the United States. Information does not
include accounts of nonbanking enterprises in the United
States with their own branches and subsidiaries abroad or with
their foreign parent companies. These are reported by business
enterprises to the Department of Commerce on its direct
investment forms. Data exclude claims on foreigners held
through banks in the United States.
• Section V contains information on transactions in all types
of long-term domestic and foreign securities with foreigners
reported by banks, brokers, and other entities in the United
States. The data cover transactions executed in the United
States for the accounts of foreigners, and transactions executed
abroad for the accounts of reporting institutions and their
domestic customers. This includes transactions in newly issued securities as well as transactions in, and redemptions of,
outstanding issues. Also, some transactions classified as direct
investments in the balance of payments accounts may be
'
CAPITAL MOVEMENTS
70
included. However, the data do not include nonmarketable
Treasury bonds and notes shown in table lFS-3.
In the case of outstanding securities, the geographical
breakdown of the transactions data does not necessarily reflect
the ultimate owners of or the original issuers of the securities.
This is because the path of a security is not tracked prior to its
being purchased from, or after it is sold to, a foreigner in a TIC
reportable transaction. That is, before it enters and after it
departs the reporting system, ownership of a security may be
transferred between foreigners of different countries. Such
transfers may occur any number of times and are concealed
among the net figures for U.S. transactions opposite individual
countries. Hence, the geographical breakdown shows only the
country of domicile of the foreign buyers and sellers of securities in a particular round of transactions.
SPECIAL NOTICE THIS ISSUE: In an ongoing effort to
improve the completeness and accuracy of the Treasury International Capital (TIC) data, including the data comprising the
tables and charts in this chapter, a mandatory "Survey of
Selected Foreign Financial Assets" was conducted recently for
the Treasury by the Federal Reserve Bank of New York. The
aim of the survey was to measure U.S. residents' holdings of
foreign short-term financial instamients and banking assets as
of March 31, 1994. The survey was tiled by current respondents to the TIC reporting system, as well as by other U.S.
firms and institutions identified as potential TIC respondents.
The survey returns of current TIC respondents were compared
with similar TIC-reported data for the end-March 1994 reporting period. Where significant errors and omissions were revealed, respondents were requested to file revised TIC reports
starting with the end-December 1993 reporting period. Similarly,
survey respondents
reports were instructed to
who should have been filing TIC
commence filing as of end-Decem-
ber 1993. Overall, the survey identified nearly $75 billion net,
or some 1 1.5 percent, in additional banking and nonbanking
claims as of the March 31, 1994, survey date, consisting
largely of financial assets held by custodians for their domestic
customers. Substantial portions of these net additional claims
are currently reflected in the claims data series in sections II
and IV. The remaining revisions and a comprehensive report
on the survey are planned for publication in the March issue
of the "Treasury Bulletin".
SECTION I.-Liabilities to Foreigners Reported
by Banks
United States
CM-M.-Total Liabilities by Type of Holder
in the
TABLE
[In
millions of dollars. Source: Office of International Financial Analysis]
H/lemorand a
Total
Foreign countries
International
'
End
Total
of
Payable
Payable
Payable
in
in
in
Payable
foreign
Payable
foreign
all
liabilities
foreigners
reported by IB Fs
and regional
Banl<s and olfier foreigner s
Otficlal institutions
to
Payable
foreign
Payable
in
Payable
foreign
calendar
liabil-
in
curren-
in
curren-
in
curren-
in
curren-
year or month
ities
Total
dollars
cies'
Total
dollars
cies'
Total
dollars
cies'
dollars
cies'
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
1990
830,192
119,367
119,367
704,713
634,430
70,283
6,113
5,918
195
315,220
56,613
1991
831,195
131,088
131,088
690,855
615,997
74,858
9,252
8,981
271
299,179
61,129
1992
883.055
159,563
159,563
713,639
641,346
72,293
9,853
9,350
503
315,697
58.394
.005,052
220,908
220,908
772,822
694,949
77,873
11,322
10,936
386
316,048
62,669
82,557
11,810
10,923
887
346,370
67,522
1
993
1
r
1994
Sept.
^
221,075
857,499
1.101,260
227.465
227,465
862,691
780,134
82,557
11,104
10,217
887
346,402
67.522
1,078,806
216,752
216,752
851,581
769,024
82.557
10,473
9,586
887
346,001
67.522
Deer
1,106,634
212,601
212,601
884,891
795,840
89,051
9,142
8,606
536
357.967
67.447
89,051
10,357
9,821
536
356,790
67,447
r
Nov.
1995
221,075
r
Oct.
•
1,090,384
r
774,942
1,103,007
207,374
207,374
885,276
796,225
Feb.r
1,111,255
214,897
214,897
887,467
798,416
89,051
8,891
8,355
536
351,890
67,447
li/larr
1,127,468
225,413
225,413
891,440
796,602
94,838
10,615
9,263
1,352
350,011
73,680
Aprr
1,133,814
231,981
231,981
891,771
796,933
94,838
10,062
8,710
1,352
338,881
73,680
l\/1ay
1,1
37,629
239,434
239,434
888,267
793,429
94,838
9,928
8,576
1,352
344,651
73,680
June
1,163,370
246,100
246,100
906,508
801,425
105,083
10,762
9,776
986
356,605
85,089
July
1,165,386
253,397
253,397
899,048
793,965
105,083
12,941
11,955
986
353,830
85,089
Aug.p
1,181,193
262,261
262.261
907,983
802,900
105.083
10,949
9,963
986
367,856
85,089
Sept.p
1,176,930
273,074
273,074
890,500
785,417
105,083
13,356
12,370
986
358,095
85,089
Jan.
Includes
r
Bank
for International Settlements.
Principally the International
Bank
tor
Reconstruction and Development and the
I
American Development Bank.
Data as of preceding quarter
for
non-quarter-end months
CAPITAL MOVEMENTS
TABLE CM-I-2.
71
-Total Liabilities by Type, Payable in Dollars
Part A.~Foreign Countries
[In
millions of dollars- Source: Office of International Financial Analysis]
Banks
Official institutions
Treasury
Total
End
of
foreign
bills
Deposits
calendar
coun-
year or month
tries
Demand
(1)
(2)
Time
(3)
Other foreigners
U.S.
U.S.
and
Other
Treasury
lia-
Deposits
bili-
icates
ties-
Demand
Time'
(4)
(5)
(6)
(7)
79,424
23,597
10,053
88,541
Treasury
lia-
To own
certif-
bili-
foreign
icates
ties-'
offices
Demand
(9)
(10)
(11)
109,874
321,667
bills
certif-
U.S.
Other
and
bills
Deposits
and
Other
lia-
certi-
bili-
Time*'
icates
ties'
(12)
(13)
(14)
9,710
64,086
6,339
13,490
753,797
1,940
14,405
1991
747,085
2,626
16,504
92,692
19,266
8,648
82,857
7,471
94,190
329,099
9,004
57,574
8,841
18,313
1992
800,909
1,302
17,939
104,596
35,726
10,170
90,296
11,087
104,773
330,994
10,310
48,936
10,053
24,727
915,857
1,601
21,654
151,100
46,553
9,719
105,192
10,712
148,206
318,379
10,238
45,406
10,652
36,445
1990
1993
r
1994
-
996,017
1,691
26,961
138,451
53,972
10,047
101,430
11,013
160,518
371,357
11,251
46,575
14,362
48,389
1,007,599
2,028
23,847
148,039
53,551
11,023
106,204
10,785
162,376
370,091
11,477
47,758
14,047
46,373
Nov.r
985,776
1,682
20,661
143,222
51,187
11,259
105,998
11,793
160,098
360,390
10,976
48,794
13,541
46,175
Deer
1,008,441
1,564
23,511
139,570
47,956
10,633
111,156
11,219
151,815
395,915
11,150
48,435
11,756
43,761
Jan.
1.003,599
1,598
22,924
133,014
49,838
10,275
111,896
10,992
156,655
387,813
11,539
49,277
12,384
45,394
Sept.
r
Oct.
1995
-
10,669
r
r
Feb.
r
1,013,313
1,587
25,614
134,341
53,355
10,996
107,157
12,328
157,946
390,431
11,472
49,362
13,277
45,447
l^ar.
r
1,022,015
1,705
23,925
141,716
58,067
10,878
107,507
15,723
154,368
397,257
10,132
48.793
12,385
39,559
1,028,914
1,485
25,788
146,417
58,291
10,701
100,613
15,717
162,429
391,978
10,550
51,841
12,643
40,461
liflay
1,032,863
1,575
27,462
154,575
55,822
11,406
103,681
14,437
163,214
387,325
10,552
49,640
12,524
40,650
June
1.047.525
1.398
27,426
154,517
62,759
10,554
111,674
15,021
153,577
394,892
10,160
51,655
12,354
41,538
July
1,047,362
1,429
29,502
159,654
62,812
12,121
104,806
15,535
160,013
373,459
10,507
52,454
12,881
52,189
Aug. p
1,065,161
1,547
31,740
157,516
71,458
10,061
110,287
15,489
160,950
387,314
10,123
51,608
13,487
43,581
Sept. p
1.058,491
1,362
31,978
163,093
76,641
11,817
98,967
16,170
156,864
385,232
10,502
52,403
13,094
40.368
Apr.
r
PART B.—Nonmonetary International and Regional Organizations
[In millions
End
of dollars. Source. Office of International Financial Analysis]
of
calendar
year or month
Total
(1)
1990
5,918
1991
8,981
1992
9,350
1993
10,936
1994 -Sept
10,923
Oct
10,217
Nov.r
9,586
Deer
8,606
1995 -Jan
Feb.
9,821
r
Mar
Apr.
9,263
r
May
June
July
Aug. p
Sept.p
^
8,355
Bank for International Settlements,
Time deposits exclude negotiable time certificates
8,710
8,576
9,776
11,955
9,963
12,370
Includes
liabilities."
of deposit, wtiich are included in 'Other
'
CAPITAL MOVEMENTS
72
TABLE CM-I-3.-Total Liabilities by Country
[Position at
end
of period in millions of dollars.
Calendar year
Country
Europe;
Austria
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
Germany
Greece
Hungary
Ireland
Italy
Neltierlands
Nonway
Poland
Portugal
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom
USSR,'
Yugoslavia
Other Europe
Europe
Total
Canada
Latin
America and Caribbean:
Argentina
Bahamas
Bermuda
Brazil
British
West
Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and
Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
America
and Caribbean
Total Latin
See footnotes
at
end
of table
1992
Source; Office of International Financial Analysis]
1995
CAPITAL MOVEMENTS
73
TABLE CM-I-3.-Total Liabilities by Country, con.
[Position at
end
of period in millions of dollars.
Source Office
ol International Financial Analysis]
Calendar year
1992
Counlry
1993
r
1995
1994
r
May
June
July
Aug. p
Sept. p
22,345
Asia:
China:
Mainland
3,275
4,011
10,066
9,459
10,651
11,980
13,280
Taiwan
8,460
10,684
9,953
9,289
9,793
9,205
9,872
10,282
20,639
17,724
17,939
23,308
23,881
25,974
24,991
22,688
Hong Kong
India
1,404
1,123
2,340
1,943
2,108
2,273
2,659
2,916
Indonesia
1,494
2,001
1,610
2,356
2,141
1,988
2,285
2,388
Israel
3,785
4,453
5,158
5,329
4,573
4,599
4,723
4,207
Japan
77,735
79,241
88,586
110,891
117,221
119,674
122,955
138,120
Korea
5,538
3,367
4,963
5,226
5,131
5,082
5,161
4,976
Lebanon
417
469
503
483
474
426
471
436
Malaysia
1,775
1.833
1,704
2,027
1.885
1,994
2,211
1,952
Pakistan
Philippines
Singapore
Syria
Thailand
Oil-exporting countries
\
.
Other Asia
Total Asia
989
1,216
1,309
1,412
1.747
1,544
1,612
1,944
2,294
2.041
2,722
2,713
2,546
2,660
2,800
2,793
10,566
8.746
8,525
10,227
11,291
10,366
13,263
12,350
245
365
608
679
718
808
850
847
5,587
6,155
6,475
11,589
11,504
11,246
11,179
11,805
21,469
15,945
15,528
15,692
17,056
16,659
15,964
17,076
2,104
2,783
3,315
3,198
2,697
2,702
2,519
2,294
165,605
163,753
181,567
215,726
225,368
229,259
236,610
259,981
Africa:
Egypt
2,475
2,218
1,873
2,046
2,144
1,841
1,925
2,128
Ghana
107
153
233
251
224
207
230
240
Liberia
372
816
323
344
353
342
330
333
80
100
97
72
90
94
87
79
191
451
440
547
594
1,000
744
465
Morocco
South Africa
Zaire
Oil-exporting countries
\
.
Other Africa
19
12
9
10
18
13
15
9
1,362
1,308
1,381
1,345
1,459
1,405
1,707
1,832
1,328
1,612
2,222
2,160
1,952
2,115
2,000
1,996
8,695
5,934
Total Africa
Other countries:
Australia
All
other
Total other countries
Total foreign countnes.
International
and
regional:
International
European regional
Latin
American regional
.
.
7,676
7,179
7,478
8,901
11,043
80
51
53
94
231
148
338
1,676
3,276
798
1,538
930
960
1,165
Asian regional
183
274
194
116
97
156
136
African regional
238
503
170
656
561
592
572
39
39
46
42
42
43
11,322
9,142
9,928
10,762
12,941
10,949
Middle Eastern regional
,
.
Total international
and regional
Grand
total
9,853
'
4
.
CAPITAL MOVEMENTS
74
TABLE CM-W.-Total
Liabilities
[Position
by Type and Country, Sept. 30, 1995, Preliminary
millions of dollars. Source:
in
OMice
ol International Financial Analysis]
payable
Liabilities
To
foreign
official
institutions
Total
and
unaffiliated foreign
liabilities
in dollars
Memo-
Liabilities to
banks
all
randum
other foreigners
"
Liabil-
Payable
Totals
in
Country
Payable
foreign
in
curren-
Total
dollars
(1)
(2)
cies
'
(3)
Banks'
own
Custody
Deposits
Stiort-
ities to
Short-
term U.S.
banks'
term U.S.
Other
Treasury
lia-
Treasury
Other
own
obliga-
liabil-
foreign
bilities
ities
Demand
Time'
tions'
ities
offices
(4)
(5)
(6)
(7)
(8)
(9)
(10)
lia-
liabili-
Deposits
obliga-
Demand Time
(11)
2
(12)
Negoti-
able
CDs
held for
bil-
all for-
tions
ities
eigners
(13)
(14)
(15)
'
Europe:
5,906
5,221
685
1.630
3,591
91
927
3,506
387
238
15
33
21
3
13
28,644
24,035
4,609
20,290
3,745
172
7,944
2,972
3,306
8.296
415
231
79
620
405
137
707
14
25
702
96
4
285
792
50
13
792
188
27
254
26
128
125
28
357
508
49
43
245
208
10,968
Austria
Belgium-Luxembourg...
844
844
Czechoslovakia
1,081
1,077
Denmark
2,633
2,476
157
1,888
Finland
2,314
1,972
342
1.685
588
287
France
45,881
38,094
7,787
27.179
10.915
Germany
Bulgana
37,754
31,385
6,369
22,082
9,303
Greece
2,131
2,105
26
1,060
1,045
Hungary
1.312
1.310
2
86
1.224
1
1
5
9
2
23
1,839
172
23
7
774
696
13
8
9,047
5,618
9.586
420
270
430
1.398
232
5.089
8,793
11,293
4.643
168
409
302
180
141
227
1,025
455
40
58
229
7
15
4
456
2
2
4
75
2.370
2.213
157
1,316
897
253
617
173
36
113
94
790
79
Italy
12,711
8,935
3,776
8.064
871
50
304
803
87
3.745
555
2.725
921
159
294
18
214
116
Netherlands
1
.408
7,364
5,742
71
2.800
4,474
2.177
2.258
109
111
705
401
44
444
567
33
41
260
501
12
23
23
2
116
10
50
Ireland
4.51
1
3.
1
06
1
Norway
1.012
1.011
Poland
5.458
5.251
207
3.996
1
.255
28
98
1,255
3,582
266
6
15
Portugal
3.262
3.032
230
1
,274
1
,758
41
635
1.725
280
181
20
90
227
227
-
227
17
25
98
86
6.367
6.367
-
2.067
4,300
216
341
4.295
1,422
38
16
28
1
10
4
11,154
10,050
1.104
7,738
2,312
278
2.655
1,880
3,760
518
86
765
61
47
11
Romania
Russia
Spam
Sweden
Switzerland
Turkey
United Kingdom
YugoslaviaOther Europe
Total Europe
1
3,230
3.143
87
2,974
169
186
807
99
897
1,023
10
44
31
46
25
41.375
2.211
13,569
27,806
551
2.117
24,992
4,873
6,576
134
787
918
427
1,054
4,019
3,935
84
1,802
2,133
91
680
2,098
733
247
17
43
20
6
164.191
140.014
24.177
124,142
15,872
1,230
29.021
6,758
17,901
72,297
804
1,951
1.545
8.507
215
215
-
215
17
73
3
17
14,111
13,013
1,09 8
9.609
3.404
144
4,331
3.037
4.393
835
360.406
54.52 1
261.123
99.283
4,596
73,314
79,389
68.472
109,114
'30,704
28,750
1,954~ 21,241
7,509
227
3,580
3,167
3,501
12,832
America
and Caribbean:
Argentina
11,193
11,114
79
6,238
4,876
Bahamas
Bermuda
93,261
92,566
695
80,187
12,379
6,220
6,051
169
3,286
2,765
Brazil
27,751
27,580
171
24,282
3,298
243,479 234,613
8,866
147,444
87.169
Indies
4-4-
Chile
2,738
2,689
49
2,426
Colombia
3,302
3,254
48
2.738
263
516
Cuba
4
Ecuador
1.138
1,130
8
874
256
Guatemala
1,211
1,196
15
999
197
500
484
16
416
68
22,115
22,041
74
13,167
8,874
Netherlands Antilles ...
5,447
5,014
433
4,322
Panama
4,862
4,661
201
4.127
692
534
921
908
13
519
1
885
453
23
520
1.878
1.837
41
1.716
121
12.344
11,905
439
11,283
622
Jamaica
(Mexico
Peru
Tnnidad and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
™nd^Caribtean"^^
..
101
414,927
Latin
West
21
1
43.586
Qgpgijg
British
1
66
6,317
6,252
65
5.293
959
445^201
433,818
11.383
310.140
123,678
21
4
2,944
CAPITAL MOVEMENTS
TABLE CIVI-I-4.-Total
Liabilities
[Position
in
by Type and Country, Sept. 30, 1995, Preliminary, con.
millions ol dollars
Source Otlice
ol Inlernalional Financial Analysis]
Liabililies
To
foreign
in
dollars
and
banks
unaffiliated foreign
liabilities
payable
official
institutions
Total
75
all
Liabilities to
Memo-
other foreigners
randum
Liabil-
Payable
Totals
in
Country
Payable
foreign
in
curren-
Total
dollars
(1)
(2)
Banks'
own
Custody
(3)
ities to
Stiort-
term U.S.
banks'
term U.S.
Other
Treasury
lia-
Treasury
Other
own
Deposits
obliga-
liabil-
foreign
bilities
ities
Demand
Time-
tions'
ities
offices
(4)
(5)
(6)
ly)
(8)
(9)
(10)
lia-
liabil-
'
cies
Deposits
Stiort-
obliga-
Demand Time(11)
CDs
field for
bil-
all fer-
ities
eigners
(14)
(15)
'
tions
(13)
(12)
Negoti-
able
Asia:
Ctiina:
Mainland
22,345
22,273
72
5,246
17.027
277
918
5,213
15,370
190
23
226
21
35
16
Taiwan
10,282
10,229
53
6,906
3,323
2.146
2.946
2,937
412
145
1,210
26
117
197
Hong Kong
22,688
21,838
850
17,378
4,460
290
437
1,565
1,882
3.228
10,789
375
2,876
81
605
608
India
2,916
2,912
4
891
2,021
186
29
1,670
406
350
72
80
3
116
6
Indonesia
2,388
2,362
26
1,539
823
230
93
785
440
330
50
432
Israel
4.207
4,204
3
1,734
2,470
130
38
2,081
651
772
51
350
Japan
138,120
104,247
33,873
48,817
55,430
1,060
7,647
49,846
10.121
29,711
473
Korea
5,538
5,438
100
4,426
1,012
300
551
397
1.233
1,696
32
Lebanon
436
436
423
13
27
18
273
5
19
81
Malaysia
1,952
1,649
296
Pakistan
1
Philippines
Singapore
6
117
14
135
590
2,308
2,491
852
1,212
4
13
14
1,198
451
169
62
433
400
264
25
,944
1,501
443
69
416
197
992
23
40
2,793
2,785
1,091
1,694
174
200
43
881
1.058
59
102
402
9
57
12,350
10,757
10,285
472
443
2,124
202
2.189
5,242
112
220
96
129
847
847
845
2
170
227
4
18
2
1.388
10,410
182
42
9,873
1.004
594
21
2,722
549
1,992
2,255
4,353
9,055
211
80
447
134
182
37,084 120.124
102,773
4,693
17,695
78.880
44,286
60,461
1,738
8,560
2,809
3,775
2,150
1.100
1.027
71
228
1,016
682
58
14
52
6
6
209
31
28
30
30
44
4
15
1
30
196
7
4
17
37
Syria
,944
1
Thailand
11,805
11,798
Other Asia
19,37
19.178
Total Asia
303
2
259,981
222:897
1,593
7
192^
16.456^
426
7
1
1
2
1
202
Africa;
Egypt
2,128
2,127
Ghana
240
240
Liberia
333
323
231
92
79
79
76
3
14
465
465
361
104
87
9
9
3.828
3.784
44
11.415
10.638
137
54
,002
876
Morocco
South Africa
Zaire
Other Africa
Total Africa
1
10
1
1
100
46
220
1
5
3,523
261
982
599
238
1,355
777
10,394
244
55
3,749
243
6,591
83
30
24
4
126
875
1
3
2
7,082
Other countries:
Australia
All
other
Total other
countries
Total foreign
countries
International
and
regional:
International
European regional
Latin
American regional
1
Asian regional
1
African regional
632
Middle Eastern regional
Total international
and regional
Grand
total
33
33
22
111
632
121
511
1
37
37
n occ
12,370
13,356
m-jn
1,176,930 1.070.861
11,479
24
401
2
37
986
1
26
471
46
87
40
588
354
7,763
37
891
64
4
4,189
266
31
4
1
1
3
2
16
13
1
1
129
65
192
7
,
CAPITAL MOVEMENTS
76
CHART CM-A.-U.S. Liabilities to Foreigners
Reported by U.S. Banks, Brokers, and Dealers
with Respect to Selected Countries
(In billions of dollars)
400
300 -
200
100 -
t
H
1991
I
I
nH
1992
United Kingdom
Japan
1993
im
^U
All
other Europe
All
other Asia
1,
,
,1
Sept. 1995
Caribbean banking centers
All
other countries
millions of dollars]
[In
Country
1994
1991
1992
1993
1994
United Kingdom
113,920
125,388
150,912
187,103
164,191
other Europe
170,505
221,194
273,822
255,606
250,736
284,480
260,020
292,265
360,697
353,269
71,888
77,735
79,241
88,586
138,120
76,676
87,870
84,512
92,981
121,861
717,469
772,207
880,752
984,973
1,028,177
Ail
Caribbean banl<ing centers
'
.
Japan
other Asia
All
Subtotal
Sept. 1995
other countries
113,726
110,848
124,300
121,661
148,753
Grand
831,195
883,055
1,005,052
1,106,634
1,176,930
All
Includes
total
Bahamas, Bermuda,
U.S. banking
British
West
Indies, Netherlands Antilles,
liabilities to foreigners,
and Panama.
excluding
a further $70.3 billion in the
first
three quarters of
liabilities
represented by long-term securities, are
highly concentrated in international financial cen-
As of September 1995, U.S. liabilities to foreigners in the United Kingdom, other Europe, and
The chart and table show that about two-thirds
more of U.S. liabilities are reported opposite the
United Kingdom, the rest of Europe, and, most no-
the Caribbean banking centers had declined
ters.
or
banking centers in the Caribbean.
Also significant are the U.S. liabilities to foreigners
reported against Japan and the rest of Asia.
Total U.S. liabilities to foreigners, which have
increased steadily over the period shown, expanded
tably, the offshore
1995.
from
1993 or 1994. U.S. liabilities to
Japan, other Asia, and the remaining countries, however, were up sharply as of the third quarter by $49.5
billion, $28.9 billion, and $27. billion, respectively,
reaching record highs for each of these areas. These
figures suggest a shift of magnitude in the geographical allocation of U.S. liabilities.
yearend peaks
in
1
CAPITAL MOVEMENTS
SECTION n.—Claims on Foreigners Reported
by Banks
TABLE CM-n-l.-Total Claims by Type
77
in the
United States
CAPITAL MOVEMENTS
78
TABLE CM-n-2.-Total Claims by Country
[Position at
end
of
Calendar year
Country
1992
Europe:
879
Austria
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
Germany
Greece
Hungary
Ireland
Italy
Nettierlands
Norway
Poland
Portugal
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom
U.S.SR,
'
^
Yugoslavia
Other Europe
Total
Europe
Canada
Latin
America and Caribbean;
Argentina
Bahamas
Bermuda
Brazil
British
West
Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad
and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
America
and Caribbean
Total Latin
See footnotes
at
end
of table
penod
jn millions of dollars.
Source: Office of International Financial Analysis]
1994
1993
Deer
Mar.
r
Juner
1995
Sept.
r
Deer
Mar.
Junep
CAPITAL MOVEMENTS
TABLE CM-n-2.-Total Claims by Country, con.
79
CAPITAL MOVEMENTS
80
TABLE CM-n-3.-Total Claims on Foreigners by Type and Country, June 30,
[Position at
end
of period in millions of dollars.
Source: Office of International Financial Analysis]
Reporting banks'
Country
own claims
1995
CAPITAL MOVEMENTS
TABLE CM-II-3.-Total Claims on Foreigners by Type and Country, June 30,
(Positron at
end
of period
m
millions of dollars
Source Office of International Financial Analysis)
Reporting banks'
Country
own
claims
81
1995, con.
CAPITAL MOVEMENTS
82
SECTION in.-Supplementary Liabilities and Claims Data
Reported by Banks
in the
United States
TABLE CM-in-I.~Doilar Liabilities to, and Dollar Claims on, Foreigners
in Countries
[Position al
Country
end
and Areas Not Regularly Reported Separately
of period in millions of dollars.
Source: Office of International Financial Analysis]
CAPITAL MOVEMENTS
CHART CM-B.-U.S. Claims on Foreigners
Reported by U.S. Banks, Brokers, and Dealers
with Respect to Selected Countries
(In billions of dollars)
250
200 150 H
100
50
83
'
....
CAPITAL MOVEMENTS
84
SECTION rV.~Liabilities to, and Claims on,
Foreigners
Reported by Nonbanking Business Enterprises
in the United States
TABLE CM-IV-l.~Total Liabilities and Claims by Type
[Position at
Type
Total
of liability or claim
liabilities
Payable
in
dollars
Financial
Commercial:
Trade payables
Advance
Payable
in
receipts
and
ottier.
.
foreign currencies
Financial
Commercial:
Trade payables
Advance
receipts
and
other.
.
Total claims
Payable
in
dollars
Financial:
Deposits
Oilier
Commercial:
Trade receivables
Advance payments and other
Payable
in
foreign currencies
Financial:
Deposits
Other
Commercial:
Trade receivables
Advance payments and other
See
special notice in
trie
Introduction
end
of
penod
in millions of dollars
Source Office
of International Financial Analysis]
CAPITAL MOVEMENTS
85
TABLE CM-rV-2.-TotaI LiabiUties by Country
[Position at
end
of period in millions of dollars.
Calendar year
Country
Europe:
Austria
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
FInlanrJ
France
Germany
Greece
Hungary
Ireland
Italy
Neltierlands
Nonway
Poland
Portugal
Romania
Spain
Sweden
Switzerland
Turkey
United Kingdom
U.S.S.R.'
Yugoslavia
^
Other Europe
Total Europe
Canada
Latin
America and Caribbean:
Argentina
Bahamas
Bermuda
Brazil
British
West
Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad
and Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
America
and Canbbean
Total Latin
See
footnotes at end of table.
1990
Source: Office of International Financial Analysis}
1994
1995
'
"
CAPITAL MOVEMENTS
86
TABLE CM-rV-2.-Totai Liabilities by Country, con.
[Position a t
end
ot period in millions of dollars-
Source Office
of Inlernational Financial Analysis)
1993
1992
1991
1995
1994
Calefidaryear
1990
Country
June
r
Sept.
r
Deer
r
June p
Mar.
Asia:
China:
Mainland
468
621
566
723
682
584
612
665
614
Taiwan
639
773
810
579
593
746
853
437
453
Hong Kong
806
801
884
785
647
717
805
700
659
29
61
164
91
57
41
59
100
137
127
176
207
363
313
299
325
309
358
India
Indonesia
173
124
181
229
120
141
141
168
94
Japan
7.716
7,837
8,362
8,934
9.149
11,182
11,814
11,675
11,141
Korea
1,556
1,549
1,722
1,701
1,657
1,722
1,736
1,668
1,723
Lebanon
3
3
16
22
23
28
14
17
21
Malaysia
124
304
613
475
285
285
178
211
231
Pakistan
38
25
21
26
21
28
27
26
39
50
68
75
629
748
Israel
Singapore
Syria
Thailand
Oil-exponing countries
Other Asia
jQ,gl ^5|g
53
25
10
Philippines
57
57
51
626
578
590
778
730
668
667
53
2
50
11
38
24
24
21
23
277
255
179
259
328
309
194
246
314
2,022
1,511
1,908
1,557
1,858
1,711
1,638
1,827
1,835
IIJ
ZO
?§
Z?
M
]M
68
81
14,779
14,715
16,412
16,669
16.662
18,650
19,205
18,848
18.594
173
158
89
111
88
46
48
62
56
-
-
1
1
-
-
3
6
-
-
15
129^
Africa:
Egypt
Ghana
"
Libena
1
-
2
1
-
20
36
28
41
30
21
29
22
37
123
79
59
55
67
48
32
42
41
6
3
5
-
1
422
331
101
m
309
82
86
92
99
74
120
103^
847
721
574
586
519
601
563
619
633
Australia
1,108
974
503
517
492
391
372
409
332
other
482
108
88
148
75
160
153
137
127_
1.590
1.082
591
665
567
551
525
546
459_
46.166
44,667
45,494
50,312
55,249
57,089
54,542
51,057
50,532_
40
17
18
101
101
44
35
]
:
:
:
:
:
226
41
17
18
101
101
44
35
33
46,392
44,708
45,511
50,330
55,350
57,190
54,586
51,092
50,565
Morocco
South Africa
Zaire
Oil-exporting countries
Other Africa
jQ,3i;^(rlga
1
290
387
241
379
370
1
374
Other countries:
All
Total other countries
Total foreign countries
International
and
184
European regional
Latin
-------
regional:
International
41
33
American regional
Asian regional
African regional
*
Middle Eastern regional
Total international
and regional
Grand
•
Less
'
Beginning
Itian
total
^ Includes Bahrain, Iran. Iraq. Kuwait,
$500,000
witfi
series for
republics of the former
:
December 1992
USSR
^ Beginning with series for
lonward, data are tor Russia only. Data for
are reported under "Other Europe
December 1992
Bosnia and Herzegovina, Croatia, and
all
other
"
forward, data for the former Yugoslav republics of
"
Slovenia are reported under "Other Europe
1
Oman. Qatar. Saudi Arabia, and the United Arab Emirates
fTrucial States)
Includes Algeria. Gabon, Libya, and Nigeria
CAPITAL MOVEMENTS
87
TABLE CM-rV-3.-Total Liabilities by Type and Country, June 30,
[Position at
end
of
period
in millions of dollars
Source Office
1995, Preliminary
of Internationaf Financial Analysis]
Financial
liabilities
Payable
Total
Country
Payable
liabilities
Total
(1)
(2)
dollars
in
(3)
in
foreign
Commercial
currencies
liabilities
(4)
(5)
Europe:
Austria
Belgium-Luxembourg
48
27
27
1,066
778
335
Bulgaria
7
Czectioslovakia
6
Denmark
598
21
443
288
7
6
502
502
96
Finland
210
9
3
6
201
France
1,682
1,101
531
570
581
Germany
2,164
1,589
697
892
575
5
2
2
417
334
286
Greece
21
Hungary
Ireland
Italy
Nettierlands
Nora/ay
387
61
10
51
530
416
114
333
7
1
6
14
Portugal
38
5
6
Spain
145
42
4
Sweden
244
7
7
1,490
1,056
419
60
19
19
14,035
11.133
7,297
United Kingdom
Yugoslavia
120
38
637
434
3,836
2,902
41
5
5
69
Europe
America and Caribbean:
Argentina
91
9
9
Bahamas
854
851
851
Bermuda
539
138
138
Brazil
166
58
58
1,130
1,118
976
Chile
46
19
19
Colombia
57
18
2
2
9
1
1
British
West
Indies
Cuba
1
Ecuador
Guatemala
Jamaica
15
Mexico
431
3
3
Netherlands Antilles
657
600
600
Panama
16
Peru
43
Trinidad and
Tobago
Uruguay
Venezuela
12
3
208
Other Latin America
and Canbbean
America
and Caribbean
Total Latin
See
103
237
Canada
Latin
326
^
Other Europe
Total
476
5
6
Switzerland
326
-
26
126
Turkey
83
14
12
'
Russia
3
48
1,006
Poland
Romania
21
footnotes at end of table.
368
142
CAPITAL MOVEMENTS
88
TABLE CM-IV-3.-Total Liabilities by Type and Country, June 30,
(Position at
Country
end
of period in millions of dollars
Source Office
1995, Preliminary, con.
of International Financial Analysis)
CAPITAL MOVEMENTS
TABLE CM-rV^.
[Position al
end
of period
in
Europe:
Austria
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
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
Canada
Latin
America and Caribbean:
Argentina
Bahamas
Bermuda
Brazil
British
West
Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and
Tobago
Uruguay
Venezuela
Other Latin America
and Canbbean
Total Latin America
and Canbbean
See
tootnotes at
end
ol table
1990
-Total Claims by Country
millions ol dollars. Source: Office ol International Financial Analysis]
Calendar year
Country
89
1994
1995
..
.
CAPITAL MOVEMENTS
90
TABLE CM-rV^.
[Position at
end
-Total Claims by Country, con.
ot period in millions of dollars
Source: Office
of International Financial Analysis]
Asia:
China:
163
Mainland
Taiwan
Hong Kong
India
Indonesia
Israel
Japan
Korea
Lebanon
Malaysia
Pakistan
Ptiilippines
Singapore
Syria
Ttiailand
Oil-exporting countries
'.
.
Ottier Asia
Total Asia
Africa:
Egypt
Ghana
Liberia
Morocco
South Africa
Zaire
Oil-exporting countries
''.
.
Other Africa
Total Africa
Other countries:
Australia
All
other
Total other countries
Total foreign countries.
International
and
regional:
International
European regional
Latin
American regional
.
.
.
.
Asian regional
African regional
Middle Eastern regional
Total international
and regional
Grand
total
1991
1992
1995
1994
Calendar year
1990
Country
1993
r
Juner
Sept.
r
Dec.
r
Mar.
Junep
CAPITAL MOVEMENTS
91
TABLE CM-rV-5.-Total Claims by Type and Country, June 30,
[Position at
end
ol
period
in millions of dollars
Source OHice
1995, Preliminary
ol InlernalJOnal Financial Analysis)
Financial claims
Denominated
Denominated
Total
in
foreign
Commercial
claims
Total
(1)
(2)
Austria
101
27
22
74
Belgium-Luxembourg
297
81
72
216
Bulgaria
25
12
10
Czechosloval<ia
51
4
Country
in
dollars
(3)
currencies
claims
(4)
(5)
Europe:
Denmark
1
13
47
75
17
Finland
111
3
France
2.379
706
698
1,673
Germany
1,378
355
292
1,023
138
63
61
75
Greece
Hungary
Ireland
15
1
144
51
17
58
108
1
14
43
93
878
1,021
143
130
Netherlands
950
601
565
349
Non«ay
263
19
2
244
Italy
Poland
Portugal
Romania
95
40
39
55
156
112
112
44
17
2
2
15
Russia
239
46
33
193
Spain
533
66
11
467
Sweden
260
80
75
180
1,119
499
488
620
^
Switzerland
Turkey
United Kingdom
Yugoslavia
214
3
3
211
6,969
4,510
4,128
2,459
^
10
Other Europe
Total Europe
Canada
Latin
America and Caribbean:
Argentina
382
Bahamas
Bermuda
Brazil
British
West
Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and
Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
America
and Caribbean
Total Latin
See
lootnoles at end ol table
10
CAPITAL MOVEMENTS
92
TABLE CM-rV-5.-Total Claims by Type and Country, June 30,
[Position at
Country
end
ot pericxj in millions ol dollars
Source Otiice
1995, Preliminary, con.
of lnternational_Financial Analysis]
CAPITAL MOVEMENTS
93
CHART CM-C.--Net Foreign Purchases of Long-Term
Domestic Securities by Selected Countries
(In billions of dollars)
160
140
H
(Note:
To
facilitate
comparison
prior years, tfie ctiart depicts
120
of net
data for
purcfiases during 1995 witfi tliose
periods at an annualized rate.)
in
all
100
8060-
-20
1992
1994
1993
1
995
1
Jan.- Sept.
I
I
I
I
United Kingdom
t--
:>'i
All
Japan
WM
All
other Europe
other Asia
fin millions
Country
I
I
July
995
-
Sept.
Caribbean banking centers
All
other countries
of dollars)
1992
1993
1994
United Kingdom
33,304
30,442
55,870
92,150
35,880
Europe
-1,171
430
26,548
14,658
13,460
Caribbean banking centers
2.112
12,345
-3,374
19,351
11,165
Japan
5,769
32,464
36,194
31,166
8,204
24,428
20,089
21,423
28,016
8,765
64,442
95,770
136.661
185,341
77,474
All otiier
All ottier
Asia
Subtotal
All otfier
=
Grandlotal
^
Includes
As
15,360
8J90
countries
Bahamas. Bermuda,
British
West
Indies,
'''''
Netherlands
Antilles,
reported by U,S. banks, brokers and other
mestic securities are conducted largely through in-
The
JJi^E.
July -Sept. 1995
3,994
11,327
127
140,655
196,668
77,601
and Panama
persons, foreigners' transactions in long-term doternational financial centers.
^
Jan. -Sept, 1995
table presents
purchases opposite the United Kingdom, which
slowed marginally in 1993, surged heavily in 1994
and through the third quarter of 1995. Moreover,
exceptionally high net purchases in the third period
may
continue. Net pur-
aggregate net purchases on an annual basis for 1992
alone suggest this trend
through 1994, and on a year-to-date and most recent
chases opposite Japan expanded notably
quarter basis for 1995.
The
figures
has been overall a steady increase
show
that there
in foreigners' net
in
1993 and
1994. While year-to-date figures for 1995 indicate
strong continuing activity, net purchases in the third
The other
purchases, or gross purchases minus gross sales, of
quarter slackened considerably.
U.S. securities.
centers, principally in the Caribbean. Europe,
Of
particular interest are the net purchases of
U.S. securities by foreigners located in the United
Kingdom and
Japan.
The
historically strong net
financial
and
Asia, displayed varying patterns of net purchases
activity over the period
shown.
CAPITAL MOVEMENTS
94
SECTION V.~Transactions in Long-Term Securities by Foreigners Reported by Banks
and Brokers
in the
United States
TABLE CM- V-1. —Foreign Purchases and Sales of Long-Term Domestic Securities by Type
[In
millions of dollars; negative tigures indicate net sales by foreigners or a net outtlow ot capital from the United States Source. Office of International Financial Analysis]
US, Government
Marketable Treasury bonds and notes
Net foreign purchases
rations
month
Gross
tional
foreign
Net
Gross
Gross
foreign
foreign
pur-
foreign
pur-
pur-
Other
insti-
for-
Total
tutions
eigners
gional
chases
sales
(1)
(2)
(3)
(4)
(5)
(6)
year
or
Interna-
cial
Calendar
Corporate and other securities
corpo-
federally
Bonds
sponsored a gencies
Foreign countries
Offi-
and
and
re-
chases chases
(7)
(8)
Net
Gross
Gross
foreign
foreign
foreign
pur-
sales
(9)
Stocks
Net
Gross
Gross
foreign
foreign
Gross
pur-
foreign
pur-
pur-
foreign
chases
chases
sales
chases
chases
sales
(10)
(11)
(12)
(13)
(14)
(15)
1991
19,865
1,190
18,496
178
2,017,815
1,997,951
10,244
67,161
85,935
69,020
11,091
211,207 200,116
1992
39,288
6,876
31,059
1,353
2,241,537
2,202,249
18,291
111,186
92,895 20,789 103,736
82,947
•5,136
221,367 226,503
1993
23.552
1,306
22,062
184
2,609,055
2,585,503
35,428 149,097 113,669 30,572 134,727
104,155
21,578
319,664 298,086
78,796
41,822
36,810
164
2,709,605
2,630,809
21,680 159,270 137,590 38,269 130,344
92,075
1,910
350,558 348,648
123,323
32,095
90,909
319
2,275,276
2,151,953
25,132
93,104
76,956
7,539
332,857 325,318
11,941
4,671
7,358
-88
209,041
197,100
-798
9,116
9,914
3,056
10,142
7.086
-1,644
28,819
30,463
10,226
2,847
6,544
209,477
199,251
824
9,906
9,082
2,497
10,010
7,513
-2,041
27,811
29,852
Nov
Dec
1995-Jan
Feb
Mar
13,118
2,760
10,308
835
50
242,159
229,041
2.986
10.390
7,404
3,930
11,957
8,027
1,043
28,696
27.653
11,752
608
11,356
-212
186,425
174,673
2,040
9.294
7,254
2,189
9,637
7,448
-1,633
28,094
29.727
9,578
1,829
8,423
-674
236,033
226,455
1,997
9.413
7,416
4,624
9,834
5,210
-896
25,000
25.896
14,103
2,110
11,275
718
265,180
251,077
1,943
9.654
7,711
4,512
13,155
8,643
•240
29,445
29.685
9,211
4,022
5,085
104
256,520
247,309
2,569
10.332
7,763
5,269
15,058
9,789
-2,321
35,332
37,653
Apr
6,400
3,158
3,258
-16
181,310
174,910
2,086
7,470
5,384
1.966
10,693
8,727
876
30,082
29,206
H/lay
14,519
-1,774
16,342
-49
293,589
279,070
1,684
9,458
7,774
4.537
13,372
8,835
2,682
38,769
36,087
June
22,578
10,850
11,545
183
294,659
272,081
2,607
11,448
8,841
6.553
16,486
9,933
2,230
45,429
43,199
July
31,865
16,780
14,602
483
239,373
207,508
2,717
10,970
8,253
6.151
12,841
6,690
2,435
42,444
40,009
Aug. p
26,082
-364
26,806
-360
274,042
247,960
4,444
11,885
7,441
3.557
12,857
9,300
2,542
41,908
39,366
Sept. p
-11,013
-4,516
-6,427
-70
234,570
245,583
5,085
12,474
7,389
3.505
13,334
9,829
231
44,448
44,217
1994
r
1995-Jan, -Sept. p ...,
1994-Sept
Oct
^
Data include transactions
of States
and
in directly
56,917 16,915
67,972 40,674 117,630
placed issues abroad by U.S. corporations and issues
municipalities
TABLE CM-V-2.~Foreign Purchases and Sales of Long-Term Foreign Securities by Type
[In
millions of dollars, negative figures indicate net sales by foreigners or a net outflow of capital from the United States
Net foreign
Calendar year
or
month
Source Office
of International Financial Analysis]
CAPITAL MOVEMENTS
TABLE CM-V-3.~Net
Foreign Transactions in Long-Term Domestic Securities
by Type and Country
[in
millions of dollars, negative ligures indicale net sales
by toreigners or a net outtlow o! capital from the United Stales- Source: Otiice of International Rnancial Analysis]
Marketable Treasury
bonds and notes
Country
Europe:
Austria
Belgium-Luxembourg
Bulgaria
Czechoslovakia
Denmark
Finland
France
Germany
Greece
Hungary
Ireland
Italy
Netherlands
Nonvay
Poland
Portugal
Romania
Russia
'
Spain
Sweden
Switzerland
Turkey
United Kingdom
Yugoslavia
^
Other Europe
Europe
Total
Canada
Latin
America and Caribbean:
Argentina
Bahamas
Bermuda
Brazil
British
West
Indies
Chile
Colombia
Cuba
Ecuador
Guatemala
Jamaica
Mexico
Netherlands Antilles
Panama
Peru
Trinidad and
Tobago
Uruguay
Venezuela
Other Latin America
and Caribbean
Total Latin
America
andCanbbean
95
...
.
CAPITAL MOVEMENTS
96
TABLE CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities
by Type and Country, con.
millions ot dollars: negative ligures indic ate net sales by foreigners or a net outflow of capital from tfie United States. Source: Office of International Financial Analysis]
[In
Marketable Treasury
U.S.
bonds and notes
Government corporations
and Federal agency bonds
1995
Country
Calendar
Jan,
July
year
through
through
Sept.
Sept. p
1994
Corporate bonds
1995
Corporate stocks
1995
1995
Calendar
Jan.
July
Calendar
Jan.
July
Calendar
Jan.
July
year
through
through
year
through
through
year
through
through
Sept.
Sept. p
Sept.
Sept. p
1994
Sept.
Sept. p
1994
r
1994
r
Asia:
Ctilna;
Mainland
12,205
1,888
1,120
498
806
158
104
13
-1
•21
-11
Taiwan
-2,068
-2,922
-3,551
1,043
-294
-261
10
15
4
•158
156
•60
Hong Kong
1,372
4,496
1,387
334
-150
-150
1,820
842
384
•117
•4
India
265
-135
-35
3
-3
•5
Indonesia
289
-281
315
-59
-3
57
-5
5
3
•25
8
10
-351
1,580
-288
-152
6
•10
315
156
70
•97
•168
•24
Japan
29,518
31,357
8,067
3,303
2,725
937
2,183
690
733
1,190
•3,606
1,533
Korea
1,328
171
92
56
49
-4
•3
-24
•15
Israel
420
1,646
347
225
Lebanon
-1
8
10
-4
Malaysia
1,632
1
65
-11
2
7
Pakistan
2
-47
-4
1
3
1
196
-77
-15
405
27
2,850
7,996
499
838
-50
268
76
713
-10
Philippines
Singapore
Syria
Oil-exporting countries
*.
Other Asia
Total Asia
•18
5
12
13
-54
•69
14
22
5
9
4
2
31
-5
-3
1
8
5
1,372
•855
115
-1,451
5,028
1,603
-3
Ttiailand
30
•14
-30
1
8
-1
63
8
4
1
-38
5,610
5,422
512
1,538
713
259
202
157
-1,142
•461
-106
483
-48
-295
75
101
65
259
146
1
662
305
179
47.042
51,148
13,757
7,001
6,039
1,620
5,923
1,239
1,504
-2,349
756
110
109
2
118
113
29
12
Africa:
Egypt
-6
Ghana
-5
Liberia
111
64
•29
•2
•3
Zaire
66
•22
2
•1
1
47
•96
1
•50
2
"*.
2
133
Other Africa
20
7
1
3
3
61
7
3
1
4
1
3
Oil-exporting countries
1
•21
1
79
•100
•34
•36
•47
11
171
•12
31
20
240
Total Africa
Other countries:
Australia
All
other
Total other countries.
.
Total foreign countries
International
and
regional:
International
European regional
Latin
American regional
.
Asian regional
African regional
Middle Eastern regional
Total international
and regional
Grand
total
.
26
•1
Morocco
South Africa
•4
526
•14
•25
343
•373
-61
•220
•81
20
•25
52
52
•154
238
83
16
48
2
3
7
•152
•88
105
•3
54
-1
-12
-4
-4
-4
•1
49
36
•32
340
•16
-6
-11
39
9
51
35
10
164
319
53
1
-110
-113
5
728
-290
25
157
-77
-101
10
•152
3
CAPITAL MOVEMENTS
TABLE CM-V^.~Foreign Purchases and Sales of Long-Term Securities,
by Type and Country, During Third Quarter 1995, PreUniinary
[In millions of dollars.
Source: Office of International Financial Analysts]
97
CAPITAL MOVEMENTS
98
TABLE CM-V-4.~Foreign Purchases and
Sales of
Long-Term
Securities,
by Type and Country, During Third Quarter 1995, Preliminary, con.
[In
millions of dollars. Source: Office of International Financial Analysis]
Gfoss purchases by foreigners
Domestic securities
Country
CAPITAL MOVEMENTS
99
TABLE CM-V-5.~Foreign Purchases and Sales of Long-Term Securities,
by Type and Country, During Calendar Year 1994
[In
millions ol dollars
Source Qftice
Gross purchases by foreigners
Country
of Inlernational Financial Analysis]
Gross sales by foreigners
CAPITAL MOVEMENTS
100
TABLE ClVI-V-5.— Foreign Purchases and Sales of Long-Term Securities,
by Type and Country, During Calendar Year 1994, con.
millions of dollars Source: Office of International Financial Analysis]
[In
Gr oss purchases by foreigners
Gross sales by foreigners
Domestic securities
Domestic securities
Marl<etable
Bonds
Treasury
& Federal
Country
ing
corp,
Bank
and
Corporate
Foreign
and other
securities
bonds
sponsored
chases
& notes
agencies
(1)
(2)
(3)
Bonds
Treasury
of U.S.
Gov't.
Financ-
federally
pur-
Marketable
& Federal
U.S. Gov't.
FinancTotal
of
ing
corp.
Bank
Total
bonds
and
Corporate
federally
^nd
sponsored
Bonds
Stocks
Bonds
Stocks
sales
& notes
(4)
(5)
(6)
(7)
(8)
(9)
agencies Bonds
(10)
(
Foreign
other
11)
securities
Stocks
Bonds
Stocks
(12)
(13)
(14)
Asia:
China:
Mainland
21,542
19,526
529
156
68
1,112
51
9,138
7,321
131
52
89
906
Taiwan
14,434
10,448
1,546
162
662
1,128
488
15,134
12,516
503
152
820
766
377
114.288
72,204
1,960
2,800
4,408
9,524
23,392
111,010
70,832
1,626
980
4,408
7,368
25,796
970
759
3
2,710
1,802
HongKong
India
Indonesia
1
60
1
74
32
101
1,116
494
-
154
175
518
4,061
1,513
60
1
3
639
69
29
523
179
821
1,485
11,696
9,531
240
455
582
294
594
14.224
9,882
392
140
679
2,104
1,027
Japan
523,160
395,085
17,411
7,974
18,870
36,233
47,587
504,394
365,567
14,108
5,791
17,680
38,946
62,302
Korea
1,690
8,592
3,282
254
67
98
1,521
3,370
144
10
4
15
101
13
31,327
25,628
17
275
662
Israel
7,218
3,702
479
159
128
1,060
Lebanon
189
9
-
11
87
82
Malaysia
32,301
27,260
6
251
532
119
Pakistan
Philippines
Singapore
Syria
Thailand
Other Asia
Total Asia
125
2
-
27
94
258
...
586
49
90
119
3,667
2,131
410
43
290
487
306
3,530
1,935
5
12
289
523
766
133,220
111,982
1,566
2,299
3,513
7,855
6,005
128,396
109,132
728
927
4,964
6,631
6,014
18
-
•
•
17
12
-
3
9
-
-
4,394
2,393
•
17
147
4,124
2,125
47
84
186
1,672
1
1
4,133
1
357
1,480
10
1
4,159
48,493
27,971
6,406
3,418
8,441
1,317
940
49,624
27,526
5,819
3,418
10,245
1,726
890
918,425
684,805
30,658
17,806
38,000
59,777
87,379
885,084
637,763
23,657
11,883
40,349
62,292
109,140
26
2
41
12
20
Africa:
Egypt
192
Ghana
58
Liberia
1,914
Morocco
South Africa
Other Africa
Total Africa
18
22
149
32
-
10
75
•
-
-
58
96
5
-
-
-
290
129
325
258
36
1,743
765
224
•3---1
876
5
-
884
28
4
Zaire
83
•
4
-
-
24
47
156
320
332
1,636
1
1
121
375
1
209
90
49
---115
-
21
7
-
1
143
20
3
95
881
496
2,231
1,358
22
23
215
470
143
1,838
1,225
56
2 05
174
167
5,288
2,288
318
241
783
1,066
592
5,493
2,048
280
286
754
1,278
847
54,866
34,694
79
427
3,031
9,023
7,612
55,704
33,879
51
377
2,401
9,926
9,070
10,084
4.650
1,325
134
706
2,442
827
12,142
6,035
793
90
565
3,116
1,543
64,950
39,344
1,404
561
3,737
11,465
8,439
67,846
39,914
844
467
2,966
13,042
10,613
4,496,860
2,629,074
158,063
130,043
350,189
843,161
386,330
4,414,292
2,550,442
137,111
91,931
348,289
852,901
433,61 8
33,525
77,524
478
612
82,304
76,998
135
16
320
4,278
557
651
...
4,402
1,021
370
-
978
871
25
1 1
Other countries:
Austria
All
other
"""rountnes
^roumrfes"
International
and
regional:
International
European regional
Latin
...
.
187
322
-82
American
1,736
1,210
72
91
38
325
1,821
1,364
56
90
32
279
Asian regional
593
506
54
9
9
15
-
634
594
-
13
7
17
3
African regional
880
248
603
14
15
-
490
199
263
25
3
-
-
392
392
341
341
regional
Middle Eastern
regional
^"andreqionar^'
Grand
^
total
88,147
80,531
1,207
301
369
5,127
612
86,568
80,367
479
144
359
4,659
560
4,585,007
2,709,605
159,270
130,344
350,558
848,288
386,942
4,500,860
2,630,809
137,590
92,075
348,648
857,560
434,178
Beginning with series for December 1992 forward, data
R, are reported under "Other Europe."
U.S S
for
all
other republics of the former
^ Beginning with series for
December 1992 forward, data for former Yugoslav republics
"
Bosnia and Herzegovina, Croatia, and Slovenia are reported under "Other Europe
of
CAPITAL MOVEMENTS
101
CHART CM-D.-Net Purchases of Long-Term Foreign
by U.S. Investors *
Securities
(In billions of dollars)
160
140
(Note;
To
facilitate
during 1995
comparison
wilfi Itiose in
picts data for
all
penods
of net purcfiases
pnor years,
at
ttie ctiart
de-
an annualized rate)
120
100-
80-
60-
Jl
40
20
1980-89
1995
1995
1994
1993
1992
Jan.- Sept.
I
I
Foreign bonds
Foreign stocks
[In
1980-89'
Type
I
I
July
-
Sept.
Total foreign securities
millions of dollars]
1992
1993
1994 Jan. -Sept. 1995
July -Sept.
1995"
Foreign bonds
4,883
15,605
80,377
9,272
30.250
13,770
Foreign stocks
2^834
32,259
62,691
47.236
35,884
21.585
,
,
,
Total
66,134
143,068
35.355
7.717
47.864
56. 508
r=^=^=!=;^=^z^^=i=:^=^^^:;=^=^=^=^=r=:^^^^^^=^^^^=;=^=
Net purchases by U S investors equal net sales by foreigners, or gross sales
minus gross purchases ol securities
'
Annual average
U.S. net purchases of foreign stocks and bonds
in recent years stand in
marked
contrast to the
com-
paratively low levels of average annual activity
throughout the 1980's. The robust growth in U.S. net
purchases of foreign securities
is
due largely
to a
trend toward international diversification among
U.S. institutional mvestors. The table presents ag-
gregate net purchases on an annual average net basis
for 1980 - 1989, on an annual basis for 1992 - 1994.
and on a year-to-date and most recent quarter basis
1995. The data show that U.S. investors' net
purchases of foreign securities have been substantial
for
in the 1990' s, particularly in 1993 when net purchases of both foreign bonds and foreign stocks
reached yearend record highs. In 1994, U.S. net
purchases of foreign bonds plunged. As of September 1995, net purchases of foreign bonds had reversed substantially, with heavy activity in the third
period alone. U.S. net purchases of foreign stocks
also declined in 1994, but then remained stable on
an annualized basis through September 1995. U.S.
investors returned aggressively to foreign stocks in
the third quarter, as evidenced by the surge in net
purchases.
102
INTRODUCTION: Foreign Currency Positions
The "Treasury Bulletin" publishes
series
on foreign cur-
rency holdings of large foreign exchange market participants.
The
series provide
information on positions
in
derivative
instruments, such as foreign exchange futures and options, that
are increasingly used in establishing foreign
tions but
were not covered
exchange posi-
in the old reports.
more than $1
billion equivalent in foreign exchange contracts
on the last business day of any quarter the previous year (end
March, June, September, or December). Exemptions from
filing the quarterly report are given to major nonbank market
participants that file weekly and monthly reports, and banking
institutions that tile FFIEC 035 reports.
This information
published in five sections correspond-
The information is based on reports of large foreign exchange market participants on holdings of five major foreign
currencies (Canadian dollar. Gentian mark, Japanese yen,
Tables
Swiss franc, and pound
a
reported weekly by major market participants. Tables 1-2
consolidated report for their domestic and foreign subsidiaries,
through V-2 present more detailed currency data of major
sterling).
U.S. -based businesses
file
branches, and agencies. U.S. subsidiaries of foreign entities
file
only for themselves, not for their foreign parents. Filing
is
required by law (31 U.S.C. 5315; 31 C.F.R. 128, Subpart C).
I-l
market participants, based on monthly Treasury and FFIEC
reports. Tables 1-3 through V-3 present quarterly consoli-
dated foreign currency data reported by large market partici-
more than $50
foreign exchange contracts on the last
are defined as market participants with
billion equivalent in
FFIEC
reporters
which do not
file
is
reported as part of purchases or sales of foreign
exchange. Such principal
is
The
also separately noted
and quarterly
(end March, June, September, or December). Such contracts
delta-equivalent value of an options position,
include the amounts of foreign exchange spot contracts bought
the relationship
sold, foreign
reports.
Principal exchanged under cross currency interest rate
swaps
business day of any calendar quarter during the previous year
and
weekly
reports must be filed throughout the
calendar year by major foreign exchange market participants,
which
through V-1 present the foreign currency data
035
pants and
Weekly and monthly
is
ing to each of the major currencies covered by the reports.
exchange forward contracts bought and
sold,
reports.
on monthly
net options position, or the net
is
an estimate of
between an option's value and an equivalent
currency hedge. The delta equivalent value
is
defined as the
foreign exchange futures bought and sold, and one half the
product of the
amount of foreign exchange options bought and sold.
Exemptions from filing the monthly report are given to banking institutions that file the Federal Financial Institution Examination Council (FFIEC) 035 report ("Monthly
Consolidated Foreign Currency Report").
formula (with respect to the price of the underlying currency)
notional
first partial
derivative of an option valuation
multiplied by the notional principal of the contract.
The
substantial revisions in this issue's quarterly reports of
large market participants correct for an error in the
that aggregates data for publication.
A
quarterly report must be filed throughout the calendar
year by each foreign exchange market participant that had
affect the underlying data series or other Foreign
Positions tables.
program
This adjustment does not
Currency
FOREIGN CURRENCY POSITIONS
SECTION I.--Canadian Dollar Positions
TABLE FCP-I-1.- Weekly Report of Major Market Participants
[In
Report
date
millions ol
Canadian
dollars.
Source: Office ol Inlernalional Financial Analysis!
103
FOREIGN CURRENCY POSITIONS
104
SECTION n.-German Mark Positions
TABLE FCP-ni.
[In
Report
date
millions of
-Weekly Report of Major Market Participants
German marks Source
Office ol International Financial Analysis!
FOREIGN CURRENCY POSITIONS
105
SECTION in.-Japanese Yen Positions
TABLE FCP-m-1.
[In billions of
-Weekly Report of Major Market Participants
Japanese yen. Source:
Oftice of International Financial Analysis]
Spot, forward,
and
Exchange
future contracts
Net options
Report
date
rate
(Yen
per
US.
Purchased
Sold
positions
dollar)
(1)
(2)
(3)
(4)
120,206
121,020
119,530
120.079
122,262
122,816
626
121,362
122,150
702
726
113,939
111,436
112,640
111,725
113,230
116,218
113,260
114,615
113,714
115,041
829
769
708
764
910
83-7000
112,217
112,950
108,495
109,642
114,531
114,809
110,122
111,756
785
909
802
755
84.7100
84,4500
84 1000
85,7000
07/05/95
07/12/95
104,532
114,670
07/26/95
114,035
856
722
889
935
84.9000
87.4200
07/19/95
106,835
113,155
116,893
116,270
08/02/95
08/09/95
116,677
116,196
119,028
118,673
1,015
91-0000
91-6100
08/16/95
129,039
08/23/95
126,498
121,876
988
975
125,059
1,030
08/30/95
126,167
129,016
1,207
09/06/95
127,920
137,924
130,997
140,073
1,334
133,249
138,078
135,704
140,658
1,017
04/05/95
04/12/95
04/19/95
04/26/95
05/03/95
05/10/95
05/17/95
05/24/95
05/31/95
06/07/95
06/14/95
06/21/95
06/28/95
110,901
09/13/95
09/20/95
09/27/95
86,1000
83.7000
81-4000
83.7300
711
83-9200
86 9000
87-2500
84.6000
87.3700
87.8800
97-7100
96 6400
99.0400
98.8800
102.8000
102.7500
100.5000
1,272
1,019
TABLE FCP-m-2.--Monthly Report of Major Market Participants
[In billions of
Japanese yen Source
Office of International Financi al Analysis]
Options positions
Cross
currency
Spot, forward,
and future contracts
Report
date
Purchased
Sold
(2)_
(1J
1995 -Jan
129,627
131,473
Feb
124,651
l^ar
125,329
Apr
l^ay
Non-capital items
Puts
Calls
Assets
Liabilities
Bought
(3)
(4)
(51
Written
Exchange
rate
interest
(Yen
Net delta
rate
per U.S.
dollar)
Bought
Written
equivalent
svifaps
(7)
(8)
(9)
(10)
(11)
18,200
17,506
12,607
11,598
14.401
16,090
1,047
126,544
19,344
18,076
13,421
12,469
14,298
15,752
1,089
30,626
96.7600
126,783
20,277
18,710
13,694
12,839
14,802
16,316
722
29,845
86.6000
116,862
118,746
20,478
18,447
12,190
11,728
13,861
15,715
742
30,031
84.2000
115,184
117,049
20,524
19,142
12,350
11,939
14,677
16,558
901
30,492
84.6000
June
111,418
114,282
21,016
19,098
11,345
10,849
25,152
26,543
797
30,962
84.7300
July
113,384
116,309
20,600
19,137
12,361
11,555
26,973
29,540
1,004
30,976
88.4000
Aug
129,739
132,916
21,392
19,819
15,356
14,535
21,821
23,245
1,242
33,274
97.4500
Sept
131,476
134,518
22,536
20,576
15,241
15,569
22,143
24,163
1,101
33,663
99.6500
TABLE FCP-ra-3.
-Quarterly Report of Large Market Participants
[In billions of
Japanese yen. Source:
Office of International Financial Analysis]
Options positions
Spot, fora/ard,
and
Report
date
future contracts
Non-capital items
Calls
Puts
30,461
99.6900
FOREIGN CURRENCY POSITIONS
106
SECTION rV.-Swiss Franc
Positions
TABLE FCP-rV-1.- Weekly Report of Major Market
Participants
millions of Swiss francs. Sourc»: Office of International Financial Analysis]
[In
Exchange
Spot, forward,
and
future contracts
rate
Net options
(Francs
per U.S.
Purchased
Sold
positions
dollar)
(1)
(2)
(3)
(4)
349,173
357,445
366,120
3,081
1.1238
3,271
1,1532
04/19/95
342,988
350,524
359,589
3.717
1.1335
04/26/95
353,222
358,934
3,827
1.1315
05/03/95
335,213
343,699
360,187
351,744
336,780
340,703
348.335
367.312
359,430
344.724
4,423
1.1345
4,143
1.1502
4,831
5,814
1.2065
1.2002
6,986
1.1675
1,1587
1.1560
330,051
7,108
6,543
1.1445
06/28/95
342,848
352,098
323,282
336,149
7,346
7,159
06/21/95
335,509
344,460
316,990
07/05/95
07/12/95
292,455
298,449
308,963
1.1455
07/19/95
325,712
07/26/95
311,371
330,692
318,004
5,737
6,302
6,034
6.381
1-1520
08/02/95
08/09/95
328,657
325,641
336,537
339,138
341,197
334,772
332,294
342,976
345,070
347,188
6.078
6,175
4.735
4,477
5,332
1.1585
1,2140
5,918
1,2198
09/27/95
373,581
336,859
357,176
358,414
379,779
5,672
09/20/95
330,532
350,503
351,269
Report
date
04/05/95
04/12/95
05/10/95
05/17/95
05/24/95
05/31/95
06/07/95
06/14/95
303,881
08/16/95
08/23/95
08/30/95
09/06/95
09/13/95
1.1605
1.1680
1.1471
1
1.2265
1,2127
7,656
7,462
1
millions of
Swiss francs Source Office
of International Financial Analysis]
Cross
Options positions
currency
Spot, fora/ard,
and
Report
date
future contracts
Purchased
(1]
Sold
(2)
Assets
(3)
Liabilities
(4)
Puts
Calls
Non-capital items
Bought
(5)
Written
(6)
Bought
(7)
interest
Written
(8)
1725
1.1530
TABLE FCP-rV-2.-Monthly Report of Major Market Participants
[In
1636
1.2306
Net delta
rate
equivalent
swaps
(9)
(10)
1995 -Jan
372,700
376,525
23,666
27,508
40,225
36,897
36,285
37,774
2,211
Feb
380,467
385,030
24,951
28,516
42,348
39,548
40,811
40,947
2,739
l^ar
353,641
357,848
23,578
27,079
39,075
35,441
32,780
35,539
2,206
Apr
348,978
352.199
22,864
27,217
39,123
34,725
34,338
37,925
3,317
l^ay
348,572
355,863
25,287
27,451
44,804
40,460
37,331
41,153
7,111
June
325.683
329,617
24,519
27,681
29,792
23,838
27,562
29,257
5,372
July
317,312
320,646
25,149
27,941
30,912
25,430
30,247
32.576
6,135
Aug
350,391
356,093
24,542
28,966
34.268
30,652
35,851
35,259
5,629
Sept
362,668
369,289
26,589
30,097
34,828
31,043
34,186
40,204
6.942
FOREIGN CURRENCY POSITIONS
SECTION V.-Sterling Positions
TABLE FCP-V-1.
[In
Report
date
mtltions of
-Weekly Report of Major Market Participants
pounds
sterling.
Source: Office of international Financial Analvsisl
107
108
INTRODUCTION: Exchange
To stabilize the exchange value of the dollar, the Exchange
Fund (ESF) was established under the Gold Re-
Stabilization
Fund
of the fund. The figures are in U.S. dollars or their equivalents
Stabilization
based on current exchange rates computed according to the
serve Act of January 30, 1934(31 U.S.C. 822a), which author-
accrual
ized establishment of a Treasury Department fund to be
the original capital appropriated to the fund
operated under the exclusive control of the Secretary, with
billion,
approval of the President.
the initial U.S. quota subscription to the
Subsequent amendment of the Gold Reserve Act modified
the original purpose somewhat to reflect termination of the
fixed exchange rate system.
Resources of the fund include dollar balances, partially
Government securities. Special drawing rights
method of accounting. The
minus a subsequent
are reflected in
• Table
pay for
IMF. Gains and losses
the cumulative net income (loss) account.
ESF-2 shows
the results of operations by quarter.
Figures are in U.S. dollars or their equivalents computed
according to the accrual method. "Profit (loss) on foreign
exchange" includes realized
(SDRs), and balances of foreign currencies. Principal sources
held.
and foreign exchange, as well as
ESF-1 presents
• Table
interest
SDRs
earned on assets.
the assets, liabilities,
TABLE ESF-l.
[In
and
by Congress of $2
transfer of $1.8 billion to
invested in U.S.
of income (losses) for the fund are profits (losses) on
capital account represents
"Adjustment
for
change
profits or losses
in valuation
cdlocations" reflects net gain or loss
on currencies
of SDR holdings and
on revaluation of
SDR
holdings and allocations for the quarter.
capital
-Balances as of Mar. 31, 1995, and June 30, 1995
thousands of
dollars.
Source: Office of the Secretary of the Treasury]
Mar, 31,1995,
Assets,
liabilities,
and
Mar. 31,1995
capital
through June 30, 1995
June
30,
1995
Assets
US.
dollars:
Held at Federal Reserve Bank
of
New
York
4,224,286
-3,099,585
1,124,701
Held with Treasury:
405,170
5,765
410,935
11,651,365
217.212
11,868,577
German marks
8,148,830
-995,615
7,153,215
Japanese yen
13,196,349
-352.454
12,843,895
4,000,000
5,000,000
9,000,000
208,960
-37,371
171,589
US
Government
securities
'
Special drawing
rigtits
Foreign exchange and securities:
^
Mexican pesos
Accounts receivable
41,834,960
Total assets
Liabilities
Current
and
capital
liabilities:
Accounts payable
Total current
Other
liabilities
liabilities:
Special drawing rights certificates
Special drawing rights allocations
Total other
liabilities
Capital:
Capital account
Net income (loss) (see table ESF-2)
Total capital
Total
liabilities
and
capital
EXCHANGE STABILIZATION FUND
109
TABLE ESF-2.~Inconie and Expense
[In
thousands
ot dollars
Source Office
ol the
Secretary
o( the
Treasury]
Current quarter
Apr.
1
,
1
995, througti June 30,
Fiscal year to date
1
995
Oct.
1
,
1
994, ttirougfi June 30,
Income and expense
Profit (loss) on:
Foreign exctiange
Adjustment
for
cfiange
valuation of
in
SDR
fioldings
and allocations
276,492
2,861,950
21,003
258,951
47,709
124,898
36.889
234,410
318,205
668,631
Interest (net ctiarges) on:
Special drawing rights
U.S.
Government
.
securities
Foreign excfiange
Commissions
17
Income from operations
Net income
(loss)
1
995
REPORTS
tel Funds
TRUST FUNDS
113
INTRODUCTION
The
tables
and charts
in this section present the
most
recent data available on various trust funds administered by
the Treasury. Trust funds are
moneys held by
the
Government
accounts established by law or by trust agreement for
specific purposes and designated by law as being trust funds.
in
many sources and provides
manner
The Civil Service Retirement and Disability Fund is operated by the Office of Personnel Management. The Federal
This report compiles data from
information
in a
consolidated
Hospital Insurance and Federal Supplementary Medical Insur-
ance Trust Funds are under the auspices of the Department of
Health and Human Services" Health Care Financing Administration. The Federal Old-age and Survivors Insurance and
Federal Disability Insurance Trust Funds are administered by
Social Security.
In addition, the Department of Veterans Affairs' Veterans
Benefits Administration disburses the National Service Life
Insurance Fund. And the Department of Labor, Employment
and Training Administration is responsible for the Unemployment Trust Fund.
Data for the Railroad Retirement Trust Fund are also
included in this section. That trust fund is administered by the
Railroad Retirement Board, an independent agency.
The following tables are published in the December issue
of the Treasury Bulletin each year Most of the data for the
came from the "Monthly Treasury Statement of Receipts
and Outlays of the United States Government," in which
monthly data are published. Estimated figures are based on the
appendix tables in the Mid-Session Review of the "Budget of
the United States Government, Fiscal Year 1996," released
September 1995.
tables
CHART TF-A.-Major Trust Funds
Total Net Increase or Decrease in Assets
(In billions of dollars)
1995
1994
D
i
1
Civil
Federal
Service
Retirement
and
Disability
Fund
Federal
Federal
Hospital
Disability
Old-age
Federal
Supple-
Insurance
Insurance
and
mentary
Life
Trust
Trust
Fund
Medical
Insurance
Insurance
Fund
Survivors
Insurance
Trust
Fund
Trust
Fund
National
Service
Fund
r
Unemployment
Retirement
Trust Fund
Railroad
Account
TRUST FUNDS
114
CHART TF-B.-Total Receipts of Major Trust Funds
(In billions of dollars)
400
1995
1994
n
350
300
250
200
150
100
IP
Railroad
Retirement
Account
Unemploymeni
Trust Fund
TRUST FUNDS
115
CHART TF-C.-Total Expenditures of Major Trust Funds
(In billions of dollars)
300
250
200
150
100
Civil
Federal
Federal
Federal
Service
Retirement
Hospital
Disability
Insurance
Insurance
Old-age
and
and
Trust
Trust
Survivors
Disability
Fund
Fund
Fund
'..::>
,^^<?^?7.^
insurance
Trust
Fund
National
Railroad
Service
Retirement
mentary
Life
Account
tyiedical
Insurance
Insurance
Fund
Federal
Supple-
Trust
Fund
Unemployment
Trust Fund
TRUST FUNDS
116
TABLE TF-l.-Civil Service Retirement and Disability Fund
[In
millions of dollars. Source: "Monlhly Treasury
Statement of Receipls and Outlays
Receipts
ol the United States
Government")
TRUST FUNDS
117
TABLE TF-2.-Federal Hospital Insurance TVust Fund
[In
millions of dollars. Source: "Monthly Treasury
Statement
Receipts and Outlays of the United States Governmenl"]
of
Receipts
Fiscal year
month
Interest anid profits
Total
Net appropriations
Federal payments
Deposits by States
on investments
Other
(1)
(2)
(3)
(4)
(5)
(6)
1991
83,686
74,627
-631
8,992
1992
92,591
81,005
706
10.054
822
1993
95.219
82,682
495
10,581
1,460
1994
106,114
91,513
2,247
10.593
1,762
1995
114,786
97,489
4,504
10.870
1,922
1996 -Est
122,407
105,898
5,499
10.939
71
1994 -Oct
or
7,574
7,437
Nov
8,224
8,093
5
127
Dec
14,023
8,600
5.305
119
9,207
7,929
28
120
Feb
7,438
7,295
8
134
Mar
8,570
7,817
592
26
135
Apr
12,847
11,025
1,679
16
128
May
7,724
7,586
June
14,999
8,548
July
7,413
Aug
7,617
Sept
9,150
8,444
1995
114,786
97,489
1995 -Jan
Fiscal
696
128
1,129
11
127
5,407
492
7,296
4
113
7,421
30
166
551
22
134
4,504
10.870
1,922
552
Expenditures other than investments
Fiscal year
or
month
Net increase,
Benefit
Administrative
Total
payments
expenses
Other
(7)
(8)
(9)
(10)
Assets, end of period
Unexpended
decrease
or
(•),
assets
Total
Investments
balance
(11)
(12)
(13)
(14)
in
1991
70,742
68,705
937
,101
12,944
107,983
109,327
1,344
1992
81,971
80.784
1.188
1
10,620
118,602
120,647
-2,044
1993
91,604
90,738
866
3,615
122,218
126,078
-3,860
1994
102,770
101,535
1,235
3,344
125,562
128,716
-3,154
1995
114,883
113.583
1.297
-97
125,465
129,864
-4,399
1996 -Est
122.503
120,821
1,262
-96
133,205
133,205
1994 -Oct
419
7.834
7,737
96
-260
125,303
129,218
Nov
8,942
8,850
92
-718
124,585
128,695
•4,110
Dec
9,757
9,645
112
4,266
128,851
133,541
-4,690
1995 -Jan
8,630
8.540
89
577
129,428
133,316
•3,888
Feb
8,838
8.722
116
-1,400
128,028
132,132
•4,104
Mar
11,171
11.065
106
-2,601
125,427
129,750
•4,323
Apr
8.680
8.530
150
4,167
129.595
133,765
•4,170
May
10,394
10,312
81
-2,670
126,925
131,222
•4,297
June
11,440
11,357
82
3,559
130,484
135,559
•5,075
July
8,157
8,042
116
-745
129,740
134,013
•4,273
Aug
10,770
10,629
140
-3,154
126,586
130,931
•4,345
Sept
10,271
10,154
116
•1,121
125,465
129,864
•4,399
1995
114,883
113,583
1,297
-97
125,465
129,864
4,399
Fiscal
Less than $500,000.
Note -Estimates are based on the appendix tables m the Mid-Session Review of the "Budget
Government, Fiscal Year 1996." released September 1995, by the Office
fyianagement and Budget
of the United Slates
of
-3,915
TRUST FUNDS
118
TABLE TF-3.-Federal Disability Insurance TVust Fund
[In
millions of dollars Source: "Monthly Treasury
Statement
of
Receipts and Outlays ot the United States Governmenr'1
Receipts
Fiscal year
or
month
Expenditures other than investments
TRUST FUNDS
TABLE TF-4.~Federal Old- Age and Survivors Insurance TVust Fund
[In
millions ot dollars. Source; 'Monlhly Treasury
Statemem
of
Receipts and Oullavs o! Iha United Slates Government';
119
TRUST FUNDS
120
TABLE TF-5.-Federal Supplementary Medical Insurance TVust Fund
[In
millions ot dollars- Source: "Monthly Treasury
Statement
of
Receipts and Outlays of the United States Government"]
Receipts
Fiscal year
or
monlh
Total
(1)
Expenditures other than investments
TRUST FUNDS
121
TABLE TF-6.~NationaI Service Life Insurance Fund
[In
millions of dollars-
Source "Monlhly Treasury Slalement
ol
Receipls and Outlays of the United Slates Governmenl"!
Expenditures other
than investments
Receipts
(benefits,
Transfers from
Premiums and
general and
Total
other receipts
special funds
(1)
(2)
(3)
Fiscal year
or
month
1991
1,483
417
1992
1,494
421
1993
1,480
1994
1995
interest
and
profits
net lending,
refunds, and
on investments and dividends)
(4)
(5)
1,064
1,247
Net increase.
or
Assets, end of period
decrease
(), in
assets
(6)
236
Unexpended
Total
Investments
balance
(7)
(8)
(9)
11,160
11,150
10
TRUST FUNDS
122
TABLE TF-7.
[In
-Railroad Retirement Account
millions of dollars. Source: "Monthly Treasury
Stalemeni
of
Receipts and Outlays of the United States Governmenr)
TRUST FUNDS
123
TABLE TF-8.--Unemployment IVust Fund
[In
millions o( dollars- Source: "Monthly Treasury Statement ot Receipts
and Outlays
ot the
United States Governmenl"]
Receipts
Slate
Federal
Advances from the
Deposits by Railroad
Total
unemployment taxes
unemployment taxes
general fund
Retirement Board
on investments
(1)
(2)
(3)
(4)
(5)
(6)
Fiscal year
or
month
Interest
and
profits
1991
25,527
15,296
5,328
3,964
185
4,324
1992
29,247
17,605
5,608
2,188
136
3,710
1993
42,235
20,966
5,437
13,148
64
2,619
1994
33,816
22,484
5,460
3,321
27
2,523
1995
32,820
23,158
5,696
1,233
24
2,710
31 ,723
22,419
5,756
736
23
2,789
5
32
1996
-
Est
1994 -Oct
1,105
791
277
*
Nov
3,351
2,814
435
57
1
Dec
1,543
185
45
103
•
1,077
626
437
*
6
2,707
2,094
533
61
1995 -Jan
Feb
8
19
ivlar
1,044
243
80
683
*
39
Apr
3,102
2.144
914
•
4
41
10,750
8,675
1,925
97
2
1,628
319
1
68
•
IVlay
June
Fiscal
45
1,210
51
1,240
July
1,660
1,150
480
20
5
4
Aug
4,517
3,907
547
56
*
6
Sept
336
210
24
87
*
14
1995
32,820
23,158
5,696
1,233
24
2,710
TRUST FUNDS
124
TABLE TF-8.~Unemployment TKist Fund, con.
[In
millions of dollars
Source "Monthly Treasury Statement
of
Receipts and Outlays
of
the United Slates Government'
TRUST FUNDS
125
TABLE TF-9.~Investments of Specified TVust Accounts in Public Debt Securities
by
|ln
Issue, as of Sept. 30, 1995
millions ot dollars. Source: 'Monihly Treasury
Slalemenl
ol
Receipts and Oullays o( Ihe Uniled Slates Government"!
Federal Old-age Federal Supple-
Investment ot se curities
Type and
rate
Federal Dis-
Federal Hos-
ability Insur-
pital Insur-
Payable date
Issue date
ance Trust Fund
ance Trust Fund
(1)
(2)
(3)
(4)
and Survivors mentary
Retirement
Unemployment
Fund
Trust Fund
Account
Trust Fund
(6)
(7)
(8)
Trust
(5)
Bonds:
11/15/98
10/03/60
7-5/8
02/15/02-07
02/15/77
10
8
08/15/96-01
08/16/76
26
8-1/4
05/15/00-05
05/15/76
4
11-3/4
02/15/05-10
02/15/80
30
5
75
Total
Government account
series:
Certificates:
6-1/8%
10/02/95
09/01/95
6-1/2
06/30/96
09/01/95
3,677
6-5/8
06/30/96
08/02/95
1,469
7
06/30/96
07/05/95
7-1/8
06/30/96
06/30/95
6-1/4%
06/30/96-08
06/30/93
6-1/2
06/30/96-10
06/30/95
7-1/4
06/30/96-09
06/30/94
7-3/8
06/30/97-07
06/30/92
8-1/8
06/30/97-06
06/30/91
8-3/8
06/30/97-01
06/30/86
8-5/8
06/30/97-02
06/30/87
8-3/4
06/30/96-05
06/30/79, 89
9-1/4
06/30/96-16
06/30/88,95
9-7/8
Bonds:
11/15/15
Various
10-3/8
06/30/96-00
06/30/85
10-5/8
08/15/15
Various
10-3/4
06/30/96-05
10/10/90-83
11-1/4
02/15/15
Various
11-5/8
11/15/04
Various
11-7/8
11/15/03
Various
12
05/15/05
05/09/84
12-3/8
05/15/04
04/27/88
13
06/30/96
06/30/81
13-1/4
06/30/96-97
06/30/82
13-3/4
06/30/96-04
Various
Zero-coupon
1
1/15/09-12
Various
Total
Total securities
262
Railroad
Insurance
Public issues:
3-1/2%
Ivledical
Insurance
19,461
TRUST FUNDS
126
TABLE TF-15A.- Highway TVust Fund, Highway Account
The following information
provisions of the Byrd
is
Amendment
released according to the
to the Intermodal Surface
for fiscal 1995.
latest
The "24-month revenue estimate" includes
the
estimate received from the Department of Treasury's
Transportation Efficiency Act of 1991 and represents data
concerning only the highway account of the Highway Trust
Office of Tax Analysis for excise taxes, net of refunds.
Fund. The figure described as "unfunded authorizations" is the
latest estimate received from the Department of Transportation
ginning
fin
represents net
millions of dollars. Source: Financial
at
highway
receipts for the
It
24-month period be-
the close of fiscal 1995.
Management
Service]
Unfunded authorizations (EOY)
37,473
24-month revenue estimate
41,333
TECHNICAL PAPERS
127
Research Paper Series
Available through the Office of the Assistant Secretary for
9001.
"Some Economic Aspects of the
U.S. Health Care System." James E. Duggan. August 1990.
9002. "Historical Trends in the U.S. Cost of Capital." Robert Gillingham and John
S.
9003. "The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look
at
John
S.
9004.
Greenlees.
Economic Policy
Greenlees.
December 1990.
the Evidence." Robert Gillingham and
December 1990.
"An Econometric Model of Capital Gains
Realization Behavior." Robert Gillingham, John S. Greenlees, and Kimberly
D. Zieschang. August 1990.
9101. "The Impact of Government Deficits on Personal and National Saving Rates." (Revised) Michael R. Diu-by, Robert
Gillingham, and John
S.
Greenlees. February 1991.
9102. "Social Security and the Public Debt." James E. Duggan. October 1991.
9201. "Issues
in
Eastern European Social Security Reform." John C. Hambor. June 1992.
9202. "Life-Health Insurance Markets." John
S.
Greenlees and James E. Duggan. July 1992.
9203. "Property-Casualty Insurance Markets." Lucy Huffman and David Bernstein. August 1992.
9301. "The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability."
Michael Cayton. February 1993.
9302. "The Returns Paid to Early Social Security Cohorts." James E. Duggan, Robert Gillingham, and John S. Greenlees.
April 1993.
9303. "The Social Security Benefit Notch:
A Mirage?" James E.
Duggan, Robert Gillingham. and John
S. Greenlees.
April 1995.
9501 "Progressive Returns to Social Security?
.
Gillingham, and John
S.
Greenlees.
November
An Answer from
Social Security Records."
1995.
Copies may be obtained by writing
Ann
Bailey.
to:
Department of the Treasury
1500 Pennsylvania Ave,. NW..
Washington.
Room 4422
DC. 20220
Telephone (202) 622-2010. or fax (202) 622-1294 or 522-2633.
James E. Duggan, Robert
Revised
—A
128
Glossary
With References to Applicable Sections and Tables
—
Accrued discount (SBN-1, -2, -3) Interest that accumulates
on savings bonds from the date of purchase until the date of
redemption or final maturity, whichever comes first. Series A,
B, C, D, E, EE, F, and J are discount or accrual type bonds
meaning principal and interest are paid when bonds are redeemed. Series G, H, HH, and K are current-income bonds,
and the semiannual
in
interest paid to their holders is not included
accrued discount.
Amounts outstanding and in circulation (USCC)
— Includes
all
—
Debt outstanding subject to limitation (FD-6) The debt incurred by the Treasury subject to the statutory limit set by
Congress. Until World War I, a specific amount of debt was
authorized to each separate security issue. Beginning with the
Second Liberty Loan Act of 1917, the nature of the limitation
was modified until, in 1941, it developed into an overall liinit
on the outstanding Federal debt. As of September 1995, the
debt limit was $4,900,000 million; the limit may change from
year to year.
issues by the
Bureau of the Mint purposely intended as a
medium of exchange. Coins sold by the Bureau of the Mint at
premium prices are excluded; however, uncirculated coin sets
The debt subject to limitation includes most of Treasury's
public debt except securities issued to the Federal Financing
sold at face value plus handling charge are included.
certain categories of older debt (totaling approximately
—
Average discount rate (PDO-2,
-3)
In Treasury bill auctions,
purchasers tender competitive bids on a discount rate basis.
The average discount rate is the weighted, or adjusted, average
of all bids accepted in the auction.
—
Budget authority ("Federal Fiscal Operations") Congress
passes laws giving budget authority to Government entities,
which gives the agencies the power to spend Federal funds.
Congress can stipulate various criteria for the spending of these
funds. For example. Congress can stipulate that a given agency
must spend within a specific year, number of years, or any time
Bank, upon which there
a limitation of $15 billion, and
$595
million as of February 1991).
—
Discount The interest deducted in advance when purchasing
notes or bonds. (See Accrued discount.)
—
Discount rate (PDO-2) The difference between par value and
the actual purchase price paid, annualized over a 360-day year.
Because this rate is less than the actual yield (coupon-equivalent rate), the yield should be used in any comparison with
coupon issue
securities.
Dollar coins
(USCC)
— Include standard silver and nonsilver
coins.
in the future.
Domestic
The
is
series (FD-2)
—Nonmarketable,
interest
and non-in-
basic forms of budget authority are appropriations,
terest-bearing securities issued periodically by Treasury to the
authority to borrow, and contract authority. The period of time
during which Congress makes funds available may be speci-
Resolution Funding Corporation (RFC) for investment of
funds authorized under section 2 B of the Federal Home Loan
BankAct(12U.S.C. 1441b).
fied as
may
1
-year, multiple-year, or no-year.
The
available
amount
be classified as either definite or indefinite; a specific
amount or an unspecified amount can be made
Authority
may
available.
also be classified as current or permanent.
Permanent authority requires no current action by Congress.
—The
cumulative amount by which
budget outlays (spending) exceed budget receipts (income).
Budget
deflcit
total,
Capital ("Federal Obligations")
ment, and financial reserves.
Cash management
bills
— Assets, such as land, equip-
(PDO-2)
— Marketable Treasury
bills
issues, is generally restricted to competitive bidders.
—
petitive tenders.)
—The issue of bonds or notes (public
Currency no longer issued (USCC) — Old and new
issue
debt).
series gold
silver certificates. Federal
notes,
and
1
890 Series Treasury
Reserve notes, national bank
notes.
—
Current income bonds ("U.S. Savings Bonds and Notes")
Bonds paying semiannual interest to holders. Interest is not
included in accrued discount.
—
eral funds or trust funds).
—
Federal Reserve notes (USCC) Issues by the U.S. Government to the public through the Federal Reserve banks and their
member
They represent money owed by
the GovernCurrently, the item "Federal Reserve
notes
amounts outstanding" consists of new series issues.
The Federal Reserve note is the only class of currency cur-
banks.
to the public.
—
rently issued.
—
Foreign ("Foreign Currency Positions," IFS-2, -3) (international Locations other than those included under the definition
of the United States. (See United States.)
)
Competitive tenders ("Treasury Financing Operations")
bid to purchase a stated amount of one issue of Treasury
securities at a specified yield or discount. The bid is accepted
if it is within the range accepted in the auction. (See Noncom-
and
Federal intrafund transactions ("Federal Fiscal Operations")
Intrabudgetary transactions in which payments and
receipts both occur within the same Federal fund group (Fed-
ment
of irregular maturity lengths, sold periodically to fund shortterm cash needs of Treasury. Their sale, having higher minimum and multiple purchase requirements than those of other
Coupon
1
—
Foreigner ("Capital Movements," IFS-2) All institutions and
individuals living outside the United States, including U.S.
citizens living abroad, and branches, subsidiaries, and other
affiliates abroad of U.S. banks and business concerns; central
governments, central banks, and other official institutions of
countries other than the United States, and international and
regional organizations, wherever located. Also, refers to perin the United States to the extent that they are
reporting institutions to be acting for foreigners.
sons
known by
—
Foreign official institutions ("Capital Movements") Includes central governments of foreign countries, including all
departments and agencies of national governments; central
129
Glossary
banks, exchange authorities, and all fiscal agents of foreign
national governments that undertake activities similar to those
of a treasury, central bank, or stabilization fund; diplomatic and
consular establishments of foreign national governments; and
any international or regional organization, including subordinate and affiliate agencies, created by treaty or convention
between sovereign states.
—
Foreign public borrower ("Capital Movements") Includes
foreign official institutions, as defined above, the corporations
and agencies of foreign central governments, including development banks and institutions, and other agencies that are
majority-owned by the central government or its departments;
and state provincial and local governments of foreign countries
and their departments and agencies.
—
Foreign-targeted issue (PDO-1, -3) Foreign-targeted issues
were notes sold between October 1984 and February 1986 to
foreign institutions, foreign branches of U.S. institutions, foreign central banks or monetary authorities, or to international
organizations in which the United States held membership.
Sold as companion issues, they could be converted to domestic
(normal) Treasury notes with the same maturity and interest
rates. Interest was paid annually.
—
Fractional coias (TJSCC) Coins minted in denominations of
50, 25, and 10 cents, and minor coins (5 cents and 1 cent).
Government account
series (FD-2)
—Certain
trust
fund
stat-
monies held
by these funds toward the issuance of nonmarketable special
securities. These securities are sold directly by Treasury to a
utes require the Secretary of the Treasury to apply
Government agency, trust fund, or account. Their rate
is based on an average of market yields on outstanding Treasury obligations, and they may be redeemed at the option of the
holder. Roughly 80 percent of these are issued to five holders:
specific
the Federal Old-age and Survivors Insurance Trust Fund; the
civil service
pital
the
retirement and disability fund; the Federal Hos-
Insurance Trust Fund; the military retirement fund; and
Trust Fund.
Unemployment
—
Interfund transactions ("Federal Fiscal Operations") Transactions in which payments are made from one fund group
(either Federal funds or trust funds) to a receipt account in
another group.
International Monetary
Fund ("E.xchange
Stabilization
Fund," IFS-1)— (IMF) Established by the United Nations, the
IMF promotes international trade, stability of exchange, and
monetary cooperation. Members are allowed to draw from the
fund.
have a final maturity of 30 years. Series
since January 1980) mature after 20 years.
—
—
Matured non-interest-bearing debt (SBN-1, -2, -3) The value
of outstanding savings bonds and notes that have reached final
maturity and no longer earn interest. Includes all Series A-D,
F, G, J, and K bonds. Series E bonds issued between May 94
and Noveinber 1965), Series EE (issued since January 1980),
Series H( issued from June 1952 through December 1979), and
savings notes issued between May 1967 and October 1970
(
1
bonds (issued
Noncompetitive tenders ("IVeasury Financing Operaat
—
Offers by an investor to purchase Treasury securities
the price equivalent to the weighted average discount rate
tions")
or yield of accepted competitive tenders in a Treasury auction.
Noncompetitive tenders are always accepted in full.
— An unpaid commitment
("Federal Fiscal Operations") —
Obligation ("Federal Obligations")
to acquire goods or services.
Off-budget Federal entities
Federally owned and controlled entities whose transactions are
excluded from the budget totals under provisions of law. Their
receipts, outlays, and surplus or deficit are not included in
budget receipts, outlays, or deficits. Their budget authority is
not included in totals of the budget.
—
Outlays ("Federal Fiscal Operations") (expenditures, net
disbursements) Payments on obligations in the form of cash,
checks, the issuance of bonds or notes, or the maturing of
interest coupons.
—
Own
foreign offices ("Capital Movements")
Refers to U.S.
reporting institutions" parent organizations, branches and/or
majority-owned subsidiaries located outside the United States.
Par value
—The face value of bonds or notes, including
inter-
est.
—
Quarterly financing ("Treasury Financing Operations")
Treasury has historically offered packages of several "coupon"
security issues on the 15th of February, May, August, and
November, or on
working day. These issues currently
the next
consist of a 3-year note, a 10-year note, and a 30-year bond.
Treasury sometimes offers additional amounts of outstanding
long-term notes or bonds, rather than selling new security
issues. (See Reopening.)
—
Funds collected
from selling land, capital, or services, as well as collections
from the public (budget receipts), such as taxes, fines, duties,
and fees.
Receipts ("Federal Fiscal Operations")
Reopening (PDO-3, -4)
amounts of outstanding
—The
offer for sale of additional
issues, rather than an entirely
new
A
reopened issue will always have the same maturity
date, CUSIP-number, and interest rate as the original issue.
issue.
Special drawing rights ("Exchange Stabilization Fund," IFSInternational assets created by IMF that serve to increase
1)
—
international liquidity and provide additional international reserves.
SDRs may
holders through
Intrabudgetary transactions ("Federal Fiscal Operations")
These occur when payment and receipt both occur within the
budget, or when payment is made from off-budget Federal
entities whose budget authority and outlays are excluded from
the budget totals.
HH
be purchased and sold
(See IMF)
among
eligible
IMF
SDR allocations are the counterpart to SDRs issued by IMF
based on members' quotas in IMF. Although shown in exchange stabilization fund (ESF) statements as liabilities, they
must be redeemed by ESF only in the event of liquidation of,
or U.S. withdrawal from, the SDR department of IMF or
cancellation of SDRs.
SDR
against
Reserve System
money. Proceeds of
certificates are issued to the Federal
SDRs when SDRs
are legalized as
monetization are deposited into an
Reserve Bank of New York.
ESF account
Spot ("Foreign Currency Positions")
livery within 2 workdays.
at the
Federal
— Due for receipt or de-
130
Glossary
—
and local government series (FD-2) (SLUGs) Special
nonmarketable certificates, notes, and bonds offered to State
and local governments as a means to invest proceeds from their
own tax-exempt financing. Interest rates and maturities comply with IRS arbitrage provisions. SLUGs are offered in both
time deposit and demand deposit forms. Time deposit certifiyear Notes mature in to 10
cates have maturities of up to
years. Demand deposit
years and bonds mature n more than
securities are 1-day certificates rolled over with a rate adjustState
1
1
i
ment
1
daily.
(FD-6)—By Act of Congress there is a
temporary or permanent, on the amount of public
debt that may be outstanding. When this limit is reached.
Treasury may not sell new debt issues until Congress increases
or extends the limit. For a detailed listing of changes in the
limit since 1941, see the Budget of the United States Government. (See Debt outstanding subject to limitation.)
Statutory debt limit
divided into principal and interest-paying components, which
may be transferred and sold in amounts as small as $1,000.
STRIPS are sold at auction at a minimum par amount, varying
for each issue. The amount is an arithmetic function of the
issue's interest rate.
—
Treasury bills The shortest term Federal security (maturity
dates normally varying from 3 to 12 months), they are sold at
a discount.
—
TVust fund transaction ("Federal Fiscal Operations") An
intra-budgetary transaction in which both payments and receipts occur within the same trust fund group.
limit, either
STRIPS (PDO-1, -3)— Separate Trading of Registered
Interest
and Principal Securities. Long-term notes and bonds may be
United States
—Includes the 50
States, District of
Columbia,
Commonwealth of Puerto Rico, American Samoa, Midway
Island, Virgin Islands, Wake Island, and all other territories and
possessions.
—
(USCC) Legal tender notes of five different issues:
1862 ($5-$l,000 notes); 1862 ($l-$2 notes); 1863 ($5-$ 1,000
notes); 1863 ($1-$I0,000 notes); and 1901 ($10 notes).
U.S. notes
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